媒体Ⅱ：微信小店测试“送礼物”功能，微信内部社交与电商生态有望进一步盘活

Investment Rating - The report maintains a "Positive" investment rating for the industry [16]. Core Insights - The WeChat Mini Store has launched a "Gift" feature in a gray testing phase, which is expected to enhance customer acquisition opportunities for merchants and deepen the integration of social and e-commerce [4][9]. - The WeChat ecosystem is gradually building a comprehensive e-commerce framework, leveraging user traffic advantages to validate its commercialization potential [10]. - The introduction of the "Gift" feature is anticipated to innovate consumer purchasing behaviors and social interactions, potentially altering the competitive landscape of e-commerce [9][10]. Summary by Sections - Event Description: The WeChat Mini Store has initiated a gray test for the "Gift" feature across nearly all categories, excluding jewelry and education, with a price limit of 10,000 yuan for eligible products [7][8]. - Merchant Opportunities: Merchants can utilize the new consumption scenarios to attract more customers, especially during major holidays and the year-end shopping season, enhancing user engagement and purchase frequency [8]. - Social and E-commerce Integration: The "Gift" feature connects social interactions with e-commerce, creating a new social commerce model that capitalizes on WeChat's extensive user base [9]. - E-commerce Ecosystem Development: Tencent's ongoing upgrades to the WeChat Mini Store and its integration with other WeChat features are expected to accelerate growth in various e-commerce models [10]. - Investment Recommendations: The report suggests continued investment in Tencent Holdings, which is actively releasing value from the WeChat ecosystem, as well as opportunities in e-commerce operations, SaaS, and advertising marketing companies [4][14].