2024 上半年电商行业渗透率同比继续提升,低价竞争持续平台收入均有所承压,供过于求背景下各平台强调用户体验为先、加大投入优化服务,同时商家竞争加剧ROI 要求降低,平台货币化/议价能力提升,上半年利润整体超预期。展望下半年,各平台追求GMV 增长同时全年利润有望保持韧性,此外阿里、京东等高额股东回报有望延续,估值底部看好优质消费互联网电商龙头价值提升空间,推荐阿里巴巴、京东、拼多多、唯品会。行业...
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