海外行业动态研究：双十一更新：周期拉长，投入加码，精细运营

Investment Rating - The report maintains a "Buy" rating for the industry, specifically recommending Alibaba-W, JD Group-SW, Pinduoduo, and Douyin [1]. Core Insights - The report highlights that the recent promotional activities from major e-commerce platforms are expected to accelerate consumer recovery, supported by government incentives and increased subsidies from platforms [9]. - The report emphasizes the strong performance of various product categories during the promotional events, particularly in home appliances, beauty products, and 3C electronics, with significant year-on-year growth [22][30]. Summary by Sections Event - Major e-commerce platforms have announced their promotional rules for the 2024 Double Eleven event, with significant merchant-friendly policies and impressive preliminary sales reports expected to boost consumer spending [15]. Insights on Major Platforms 1. Alibaba-Tmall: - The promotional period has been extended, with the pre-sale starting on October 14, 2024, and various consumer incentives introduced, including a total of 300 billion yuan in coupons and red packets [16][19]. - The government subsidy combined with Tmall's discounts is expected to lead to substantial price reductions in home appliances, with discounts potentially reaching as low as 60% [16]. - The introduction of WeChat Pay is anticipated to simplify the purchasing process and enhance user engagement [20]. 2. JD Group: - JD's promotional activities for Double Eleven began on October 12, 2024, with a focus on "old-for-new" initiatives and enhanced consumer rights through various discount schemes [24][25]. - The platform has reported significant sales growth in categories such as sportswear and electronics, with some brands seeing sales increase by over 100% [30]. 3. Pinduoduo: - Pinduoduo launched its "100 Billion Consumption Coupons" campaign, enhancing its promotional strategies to attract consumers with deep discounts [31]. - The platform has implemented measures to reduce merchant costs, including service fee reductions and improved refund support [34]. 4. Kuaishou E-commerce: - Kuaishou is focusing on a multi-phase promotional strategy, providing substantial traffic subsidies and support for various merchant categories [7]. 5. Douyin E-commerce: - Douyin has adopted a strategy of selling available stock without pre-sales, emphasizing direct discounts and merchant support [8]. Industry Rating and Investment Strategy - The report maintains a "Buy" rating for the industry, anticipating a recovery in performance for traditional e-commerce and live-streaming platforms due to increased consumer activity and government support [9].