中航证券：AI重构电商运营逻辑与增长范式 未来有望持续释放“效率红利+估值弹性”双重价值

Core Viewpoint - AI technology has fully penetrated the e-commerce business chain, significantly enhancing efficiency and experience across key nodes such as content generation, intelligent recommendations, customer service response, supply chain management, and logistics fulfillment [1][2] Group 1: AI's Role in E-commerce Transformation - The e-commerce industry is transitioning from a traffic-driven model to an intelligence-driven model, with AI technology becoming a core variable for new growth [2] - Consumption has become the main driver of economic growth, with e-commerce's penetration rate rising from approximately 24% in 2013 to 78% in 2023, making it a crucial channel for stable consumption growth [2] - AI is driving efficiency upgrades in product production, supply chain, and customer service, creating a closed-loop capability for intelligent operations [2] Group 2: Policy and New Economic Models - Policy support is focused on expanding domestic demand and encouraging the integration of e-commerce with AI technology [2] - New models such as the "first-release economy" and scenario-based consumption are accelerating, supported by AI-enabled content production and scenario innovation [2] Group 3: Efficiency, Cost Reduction, and Revenue Growth - On the supply side, AI assists e-commerce in upgrading through efficiency improvements and cost reductions, with platforms like Alibaba, Pinduoduo, and Amazon leveraging AI for product selection, content generation, and operational optimization [3] - The integration of AI with SaaS is enhancing merchant management efficiency and user engagement, thereby strengthening platform service capabilities [3] - AI applications in cross-border e-commerce, including product selection, translation, and logistics forecasting, are helping Chinese merchants efficiently expand into overseas markets [3] Group 4: User Experience and Consumer Decision-making - AI is reshaping user experience and consumer decision-making through personalized recommendations, virtual fitting, and voice interaction, enhancing the shopping experience [3] - The upgrade of customer service and shopping guidance through AI-driven customer service and product selection is improving user satisfaction and conversion rates, establishing a new path for "goods finding people" [3]