Lyon: It is estimated that the total GMV of major e-commerce platforms on June 18 will increase by 15% annually. Alibaba and JD.com are expected to outperform the market with a "buy" rating.

Lyon released a research report indicating that according to data from a data company, the total GMV of major e-commerce platforms on June 18 this year increased by 15% year-on-year to 855.6 billion yuan. Benefiting from longer promotion periods, higher brand participation, and subsidies for trade-ins, major e-commerce platforms in mainland China all recorded double-digit growth in GMV, with Alibaba and JD.com experiencing faster growth in GMV compared to last year. This year, the focus of promotions has shifted from low-priced products to more brand products, and platform discounts have also decreased year-on-year. In addition, the application of AI tools has increased merchants' return on investment and reduced return rates. The bank expects Alibaba's customer management revenue and JD.com's retail revenue to maintain robust growth in the next quarter, with a target price of $165 for Alibaba, $45 for JD.com, 67 Hong Kong dollars for Kuaishou, and 645 Hong Kong dollars for Tencent, all with a "outperforming the market" rating.