智通财经网·2025-10-21 06:17Group 1 - The core viewpoint of the article indicates that the e-commerce sector is experiencing growth, with adjusted online retail sales in the physical e-commerce sector increasing by 7.5% year-on-year in Q3 [1] - The postal bureau anticipates a 12% year-on-year increase in express delivery volume in September, indicating stable growth [1] - The extended promotional period for the Double Eleven shopping festival is expected to drive growth in instant retail [1] Group 2 - The report forecasts that Alibaba's e-commerce GMV growth in September will align with the market average, while customer management revenue (CMR) growth will outpace GMV growth [1] - JD Group is expected to maintain steady retail growth in Q3, with improvements in average unit economics (UE) for its delivery services [1] - Kuaishou is projected to achieve a 15% year-on-year increase in e-commerce GMV in Q3 [1] Group 3 - Pinduoduo is expected to see marginal improvements in the second half of the year due to supportive policies and national subsidies [1] - The report provides price-to-earnings ratios for 2025: Alibaba at 19.7x, JD at 11.8x, Pinduoduo at 12.5x, and Kuaishou at 14.1x [1] - Alibaba's e-commerce market share is stabilizing, with a focus on restructuring its e-commerce framework through investments in instant retail and AI [1]