BOCOM INTL: The growth rate of e-commerce in the fourth quarter is stable, with the promotion of trading in old for new driving the acceleration of growth in the household appliance industry in December.

BOCOM INTL released a research report stating that the internet industry is leading in ratings. After adjusting the online retail sales volume of physical e-commerce in the fourth quarter, it increased by 3.5% year-on-year. The bank estimates a 7% increase in industry gross merchandise volume (GMV) for the whole year of 2024, with Alibaba-SW (09988) increasing by 6%, JD-SW (09618) increasing by 7%, Pinduoduo increasing by 18%, and Kuaishou-W (01024) increasing by 17%. Looking ahead to 2025, the bank will continue to pay attention to the impact of the old-for-new subsidy program on Alibaba's Taotian and Jingdong's appliance categories, Pinduoduo's policy of reducing billions and subsidies, and the potential impact on profit expectations. Data from WeChat Open Class shows that the GMV of WeChat Mini Stores increased by 1.92 times in 2024, and in the future, it will connect with other components in the WeChat ecosystem, including mini programs and service accounts, to jointly build an e-commerce ecosystem.