野村发布研究报告称，该行中国网络团队近日举办了2025年中国网络洞察专家电话会议。共13位业界专家受邀从电商、本地服务、教育、广告等各个垂直领域分享见解。

　　野村报告称，其总结了专家电话会议中的要点。该行优先考虑三只电子商务股票，分别是京东（JD.US，09618，买入）、阿里巴巴（BABA.US，09988，买入）和拼多多（PDD.US，买入）以及网易（NTES.US，09999，买入）。

　　该行称，截至2024财年，抖音电商的GMV（商品交易总额）增长了31%，其中直播和市场GMV分别增长了16%和65%。专家预测，2025年抖音电商规模将增长20-25%。专家表示，抖音电商面临的最大挑战是用户流量停滞，导致其核心直播电商业务大幅放缓，而其新的市场模式难以与市场现有企业区分开来。

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