Citi Research issued a research report listing its short-term e-commerce rankings, with JD.com, Inc. being its top pick, followed by Alibaba Group Holding Limited and PDD Holdings Inc. .

The broker rated JD.com/ Alibaba/ PDD at Buy/ Buy/ Neutral, with target prices of US$52/ US$135/ US$147 each, with the latter assigned a High Risk rating.

Based on its interactions with the industry, Citi Research found that the promotion periods for Double 11 became earlier and longer, with most of the discount coupons being offered by e-commerce platforms, according to the report.

Merchants' gross profit margins improved this year due to the government's trade-in policy, which led to strong demand for home appliances this year, with JD emerging as a winner due to its deeper cooperation with local governments and its different coupon combination.

In addition, return rates were higher this year, partly due to the macro environment and low price competition, and partly related to merchants' efforts to increase their average GMV through the live streaming freebie promotions.