互联网双十一趋势观察：GMV增速好于预期

Investment Rating - The report maintains a "Buy" rating for Alibaba, Pinduoduo, and JD.com, indicating a potential upside of over 15% in stock prices over the next 12 months [10]. Core Insights - The overall GMV growth during the Double Eleven period (October 14 - November 11) was 11.4%, which is better than the previously expected low single-digit growth, suggesting that Q4 e-commerce GMV growth may exceed market expectations [1][2]. - The competition in live-streaming e-commerce continues to weaken, with platforms like Douyin and Pinduoduo still gaining market share, while JD.com is lagging behind [2]. - Taobao and Tmall's user-centric strategy has proven effective, with significant growth in 88VIP membership and brand performance during the Double Eleven period [3]. - JD.com has successfully tapped into the demand for home appliance upgrades, with a notable increase in user numbers and sales during the shopping festival [4]. - Pinduoduo continues to solidify its low-price strategy while expanding into higher-priced categories, showing strong performance in various product segments [4]. Summary by Sections E-commerce Performance - Major e-commerce platforms recorded varying GMV growth rates during the Double Eleven period, with Douyin at 18.8%, Pinduoduo at 15.8%, Tmall at 10.2%, and JD.com at 7.0%, indicating a trend towards industry average growth [2][6]. - The overall trend shows that live-streaming platforms are aligning more closely with the industry growth rate, reflecting a maturing market [2]. Taobao and Tmall - Taobao and Tmall have seen a significant increase in their core user base, with 88VIP membership orders growing over 50% year-on-year, and 589 brands achieving over 100 million yuan in sales during the Double Eleven period, a 46.5% increase [3]. JD.com - JD.com reported over 20% growth in shopping users and a 3.8 times increase in live-streaming sales orders, with over 90% of rural consumers participating in the appliance upgrade program [4]. Pinduoduo - Pinduoduo's strategy of enhancing low-price offerings while expanding into higher-value categories has resulted in a strong performance, particularly in fresh food and beauty products [4].