金吾财讯 | 摩根大通发布研报指，在“双11”期间，中国的快递包裹量创历史新高，同比增长25%，同时定价趋势稳定。电商市场正在进入新阶段，预计2025年竞争将更加温和。传统平台如淘宝/天猫和京东稳定市场地位，而拼多多通过提供性价比高的商品持续增长。该行续指，10月份的数据显示，电商增长受益于刺激政策和“双11”提前开始，线上零售销售同比增长10%，家电销售增长39%。行业数据显示包裹量、实物商品GMV和零售销售的增长率重新加速，对经济刺激作出积极反应。另外，逆向物流趋势日益重要，具备强大物流能力的企业最能从中受益，尤其是那些能有效管理退货并利用网络提升服务质量的企业。物流领域的竞争格局正在重塑，有利于那些在逆向物流和直播电商方面有更多曝光，并且能够通过AI提高效率或规模优势降低成本的企业，如京东物流(02618)和中通快递(02057)，均予“增持”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.