智通财经APP获悉，花旗发布研报称，双十一首阶段主要电商平台整体商品交易总额（GMV）同比增长超过4%，若计入即时零售则同比增长约10%，符合行业预期。各平台表现分化，抖音增长最快，天猫表现优于淘宝。该行维持阿里巴巴-W(09988)、京东集团-SW(09618)及拼多多(PDD.US)“买入”评级。
花旗指出，抖音受惠于货架电商较快增长及战术性网红支持，成为增长最快的平台；天猫凭借88VIP会员贡献及品牌广告开支增长，表现优于淘宝。京东在平衡利润的同时，继续维护自营3C及家电业务的竞争优势；拼多多优先考虑产业带供应质量，而非补贴。该行认为，虽然人工智能应用提升了商户营销及成本效率，但消费场景仍处于早期阶段，不足以扭转宏观经济逆风。整体而言，电商平台正优先考虑可持续、有纪律的商业化变现，而非价格战。
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