CITIC Securities: E-commerce big promotion ends smoothly, introducing new variables into instant retail.

A research report from CITIC Securities stated that by the end of the "Double 11" promotion in 2025, combined with data from three-party platforms and CITIC Securities' tracking of the growth rates of various platforms this year, it is expected that the year-on-year growth rate of GMV in the e-commerce sector during the "Double 11" period will remain steady compared to last year's overall "Double 11". In this year's promotion, instant retail platforms represented by Meituan Flash Purchase and Taobao Flash Purchase actively participated and achieved impressive growth rates, which are worth continuous attention. In terms of product categories, during the promotion period, home appliances and 3C digital products stimulated by national subsidies achieved steady growth against the high base of the same period last year, while optional consumer products such as cosmetics and clothing also showed signs of recovery, indicating a positive trend in overall consumer demand. Looking ahead, it is recommended to focus on the layout of e-commerce core participating platforms in terms of supply chain capabilities, core user investment, and AI empowerment, as well as the continuous evaluation of the synergistic effects of investment in delivery & instant retail and e-commerce.