Hong Kong stock concept tracking | Six departments release heavyweight documents to promote high-quality development of e-commerce AI + e-commerce usher in new opportunities (including concept stocks)

According to the Ministry of Commerce website news on April 6, the Ministry of Commerce and five other departments released the "Guiding Opinions on Better Serving the Real Economy and Promoting the High-Quality Development of E-commerce." It proposed developing "AI + e-commerce" to guide e-commerce companies to strengthen the research and application of technologies such as artificial intelligence large models; implementing actions to cultivate quality e-commerce, building a standard system, and promoting the optimization of e-commerce platforms' traffic allocation, search ranking mechanisms, and more. The guiding opinions also encourage financial institutions to collaborate with e-commerce companies to innovate credit products and services. They support eligible e-commerce companies to issue bonds for financing, optimize financing policy processes, and support eligible e-commerce companies in listing financing both domestically and internationally. The person in charge of the Ministry of Commerce's E-commerce Department explained during the interpretation of the "Opinions" that e-commerce is rooted in the real economy, grows in the real economy, is an important component of the real economy, and is also an important lever for empowering the real economy. Better serving the real economy is the original mission and rightful duty of the high-quality development of e-commerce. Currently, China has been the world's largest online retail market for 13 consecutive years, with e-commerce development covering 26 million domestic businesses and serving 3.2 billion consumers globally. By 2025, the research intensity of major e-commerce platforms will exceed 8%, cloud computing and big data service revenue in China will grow by 13.6%, becoming a new driving force for nurturing new productive forces; Shenzhen Agricultural Power Group's online retail volume growth reached 9.9%, with over 2,000 "e-commerce + industrial belts" empowering industry transformation and upgrading; 36 "Silk Road e-commerce" partner countries are spread across five continents globally, with cross-border e-commerce accounting for over 6% of total goods imports and exports, and open cooperation continuing to deepen; driving the employment scale to 79 million, with a 13.6% increase in express delivery volume, and more significant spillover effects. An increasing number of internet companies are integrating AI as a new shopping gateway. Domestically, ByteDance's Douyin has begun testing AI shopping capabilities. When users input "recommend a pair of shoes suitable for running" in the dialogue box, the system not only provides text suggestions but also directly displays product cards from Douyin's shopping mall. Clicking on the card allows users to enter the product details page, place orders, and make payments within the app without needing to redirect to the Douyin shopping mall. Public data shows that Douyin reached a peak daily active user base of 145 million during the 2026 Spring Festival, and once the shopping function is fully open, ByteDance will have a significantly large AI consumer gateway. Alibaba is making AI the unified gateway for its entire consumer ecosystem. The Qianwen app surpassed 100 million monthly active users in early 2026 and gradually connected to Taobao, Ele.me, Fliggy, and Amap businesses. In the same AI dialogue interface, users can inquire about restaurants, plan routes, purchase goods, and book hotels. Rather than a chat tool, Qianwen could be seen as the "AI version super gateway" that Alibaba is constructing. Meituan launched the "Ask Xiaotuan" AI search assistant on January 22, 2026, integrated into the app's top search box. Based on the self-developed LongCat large model, it can understand complex natural language queries such as "restaurants with pet-friendly Chinese New Year dinner." Leveraging real-time data from Meituan's local life, it can provide precise recommendations, automatically claim coupons, intelligently compare prices, and directly connect users to place orders, covering scenarios like food delivery, dining, and travel, emphasizing one-stop intelligent decision-making for local living. Google is trying to make AI a cross-platform shopping gateway. Previously, in collaboration with businesses like Shopify, Walmart, and Target, they introduced the "Universal Commerce Protocol" (UCP). Under this model, users can express shopping needs in Gemini or AI searches, where AI can automatically browse products across multiple platforms, compare prices, claim coupons, and complete payments. In theory, users could complete the entire shopping process with just one conversation. Shenwan Hongyuan Group previously pointed out that platform competition dimensions are extending, with continued investment in instant retail and AI tracks, rational competition in instant retail, AI large model iteration and enhanced deployment of end-side applications. Under policy support, the retail industry upgrading and the application demand for AI technology companies are mutually connected, collaborating to shape new consumer experiences and potentially drive retail enterprise performance positively. Related stocks: Xiamen Jihong Package Technology (02603): The group released its annual performance up to December 31, 2025, with revenues of 6.722 billion yuan, a 21.56% year-on-year increase; net profit attributable to owners reached 277 million yuan, a 52.16% year-on-year increase; basic earnings per share of 0.67 yuan; proposed final dividend of 1.8 yuan per 10 shares. In 2025, the group achieved revenues of 4.373 billion yuan from cross-border social e-commerce business, a 29.9% increase from the previous year, mainly due to further market expansion, continued brand building, adjustment of market strategies in regions with significant exchange rate fluctuations, and strategic adjustments in advertising placement regions and scales. Alibaba (09988): Domestically leading e-commerce, with Taobao and Tmall dominating the B2C market. The company is at the forefront of integrating AI large models (Qianwen) with e-commerce scenarios, having already launched AI shopping guides, intelligent customer service, and other applications. JD-SW (09618): On March 5, JD Group released its fourth-quarter and full-year performance for 2025. In the fourth quarter of 2025, JD Group's revenue was 352.3 billion yuan, a 1.5% year-on-year increase; non-GAAP net profit attributable to ordinary shareholders was 11 billion yuan. For the full year of 2025, JD Group achieved revenues of 1.31 trillion yuan, a 13% year-on-year increase; non-GAAP net profit attributable to ordinary shareholders was 27 billion yuan. The core retail sector remains the revenue pillar for JD Group. JD Retail recorded an operating profit of 51.4 billion yuan for the full year of 2025, a 25.1% year-on-year increase, with an operating profit margin of 4.6%, further optimizing from 4.0% in 2024. Additionally, JD Retail's annual active users exceeded 700 million, with quarterly active users and user shopping frequency increasing by over 30% year-on-year. JD Group's CEO, Xurong, stated during the financial report call that the total investment in food delivery is expected to decrease in 2026 compared to 2025. Meituan-W (03690): On March 26, Meituan released its fourth-quarter and full-year performance for 2025, revealing that the trend of reduced losses in food delivery would continue in the first quarter. "Since the beginning of the first quarter, Meituan has maintained a leading position in the high-end order market GTV." It is worth mentioning that the State Administration for Market Regulation convened the first fair competition symposium for enterprises in 2026, emphasizing the need to address "jackpot-style" competition, deepen systemic openness in the competition field, and support enterprises in exploring international markets and achieving high-quality development with greater effort. Citi upgraded Meituan's Hong Kong stock rating to buy, raising the target price from 94 HKD to 110 HKD, citing the strategic focus on high-value customers and high-quality users, substantial improvement in the economic efficiency of the company's takeout business in the fourth quarter of last year, and a further improvement expected in the first quarter of 2026. Analysts like Alicia Yap stated in their report that Meituan has strong execution in overseas markets, with expected positive economic efficiency in the Saudi Arabia market by the end of 2026.