传媒：微信小店新功能促进内外流量双循环

Investment Rating - The industry investment rating is "Leading the Market" which indicates an expected outperformance of over 10% compared to the relevant market index in the next 6-12 months [5]. Core Viewpoints - The introduction of the "Gift Giving" feature in WeChat Stores is expected to enhance both internal and external traffic circulation, thereby boosting sales [2]. - WeChat's user base and the stable development of video accounts provide a solid foundation for WeChat Stores, with an average monthly active user (MAU) of 1.062 billion in Q3 2024 [2]. - The gross merchandise volume (GMV) of video accounts has tripled compared to 2022, with a 244% increase in order quantity, indicating strong growth in the e-commerce sector [2]. - The integration of various WeChat services is anticipated to improve user engagement and sales conversion rates, creating a more efficient operational environment for merchants [2]. Summary by Sections Event Overview - On December 18, 2024, the WeChat team announced the gray testing of the "Gift Giving" feature for WeChat Stores, which will automatically enable this feature for eligible products priced under 10,000 yuan [2]. User and Market Data - The female user proportion among purchasing users is 78%, with apparel orders accounting for 38% of total orders, marking the highest share in the industry [2]. - The GMV from brands on video accounts has increased by 226%, with the number of brands growing by 281% [2]. Advertising and Revenue Growth - Tencent's marketing services revenue is projected to grow by 17% to 30 billion yuan in Q3 2024, driven by increased demand for advertising inventory on video accounts and mini-programs [2]. E-commerce Evolution - The report outlines the evolution of e-commerce from shelf-based models to content-driven and private domain e-commerce, highlighting the need for platforms to adapt their strategies in a competitive market [2]. Investment Recommendations - The report suggests focusing on companies such as Weimeng Group, Youzan, Yuanlong Yatu, and Tencent Holdings, which are well-positioned to benefit from the evolving e-commerce landscape [2].