国证国际：未来拳头级Agent产品仍将出现在现有互联网平台 即时零售和货架电商融合趋势确定

Group 1 - The core viewpoint of the report is that Alibaba's various products, including Taobao, Tmall, Quark, DingTalk, and Gaode, have successfully integrated Agent capabilities, while Meituan is also developing Agent capabilities within its ecosystem [1] - The report highlights a confirmed trend of integration between instant retail and shelf e-commerce, with Taobao's flash purchase service entering the traditional e-commerce space, which is expected to enhance the overall channel layout for e-commerce merchants [1] - Alibaba's management anticipates that Taobao's flash purchase will generate over 1 trillion yuan in incremental transaction volume over the next three years, indicating strong growth potential for the platform [1]