商贸零售行业研究：微信小店“送礼物”功能上线，社交+电商模式有望跑通

Investment Rating - The industry is rated as "Buy" with an expectation of an increase exceeding 15% over the next 3-6 months [7]. Core Insights - The launch of the "Gift" feature in WeChat Mini Store is expected to enhance Tencent's social e-commerce model, leveraging its vast user base and social connections for rapid viral growth, similar to the success of WeChat red envelopes [4][16]. - The feature simplifies the gifting process for users, enhancing privacy and convenience, which is likely to drive user engagement during peak holiday seasons [4][16]. - For merchants, this feature provides innovative marketing channels and may reduce price sensitivity among consumers, potentially increasing profit margins [4][16]. - The integration of the "Gift" feature within the WeChat ecosystem strengthens connections across various platforms, offering a seamless shopping experience and increased exposure for merchants [4][16]. Summary by Sections Section 1: Core Insights - The "Gift" feature in WeChat Mini Store is anticipated to drive traffic to the e-commerce ecosystem, fostering shopping habits among users [4][16]. - The user experience is enhanced by simplifying the gifting process, allowing for easy selection and payment without needing to input delivery addresses [4][16]. - Merchants can benefit from increased sales through emotional-driven purchases, with the potential for higher profit margins due to reduced price sensitivity [4][16]. - The feature enhances the synergy within the WeChat ecosystem, facilitating the flow of product information and creating more sales opportunities for merchants [4][16]. Section 2: Company Dynamics - Tencent's "Gift" feature is expected to invigorate its social e-commerce activities, contributing to growth in e-commerce and payment services [16]. - Meituan is positioned to benefit from improved market conditions, with rapid profit release anticipated from its food delivery and in-store services [16]. - The overall macroeconomic recovery is expected to positively impact Meituan's performance, particularly in the food delivery sector [16].