传媒：电商市场发展稳中向好，消费习惯逐步形成

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the e-commerce industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 index [1]. Core Viewpoints - The e-commerce market is developing steadily, with consumer habits gradually forming. The global economic recovery and the impact of the pandemic and digital technology have catalyzed growth in the e-commerce sector, with global retail sales increasing from $2.4 trillion in 2017 to $5.5 trillion in 2022 [1]. - The report highlights that the cross-border e-commerce industry in China has maintained a growth rate exceeding 20% year-on-year from 2017 to 2021, with a projected compound annual growth rate of 16.4% over the next three years, aiming to surpass ¥10 trillion by 2025 [1]. - Domestic e-commerce user consumption habits are evolving, driven by diverse innovations. The report notes that during the 618 shopping festival, online retail and express delivery volumes showed growth, with daily active users reaching 667 million, surpassing last year's figures [1]. Summary by Sections Market Development - The report discusses the opening of the first Google Cross-Border E-commerce Acceleration Center in Xiamen, which aims to enhance market activities and content planning in the region [1]. - It emphasizes the increasing recognition and trust of Chinese brands overseas, providing ample growth space for cross-border e-commerce [1]. User Behavior and Trends - According to QuestMobile data, the active user base of major e-commerce platforms has shown stable growth, with platforms like Douyin and Kuaishou becoming significant advertising channels during promotional periods [1]. - The report indicates that consumers are increasingly focusing on long-term value and quality rather than short-term discounts during major sales events [1]. Investment Recommendations - The report suggests focusing on companies such as BlueFocus Communication Group, Yuanlong Yatu, and Tianyu Digital Science, among others, as they are expected to benefit from the steady development of the cross-border e-commerce market [1].