传媒行业：微信小店风起，春节有望裂变

Investment Rating - Industry investment rating: "Increase Holding" (maintained) [3] Core Viewpoints - The upgrade of WeChat Store's private domain incentive plan is expected to drive significant growth during the Spring Festival, with eligible merchants receiving incentives such as e-commerce growth cards or reductions in technical service fees [2][3][11] - The incentive plan is designed to encourage merchants to participate by providing clear activity timelines and participation methods, while also preventing fraudulent activities such as order brushing and external plugins [4][5] Summary by Sections Incentive Plan Details - Eligible merchants can receive incentives based on actual settlement order amounts after the refund period, with the incentives distributed in the form of reduced technical service fees or e-commerce growth cards [3][10] - The activity period for the incentive plan is from January 1, 2025, to March 31, 2025, and merchants must have a store rating greater than 4.2 to qualify [4][7] - Specific scenarios for incentives include sharing scenarios, public account/service account scenarios, mini-program scenarios, and service notification scenarios [5][6] Incentive Calculation and Distribution - The incentive calculation for sharing, public account, and mini-program scenarios involves reducing the technical service fee rate to 1%, while service notification scenarios will provide equivalent e-commerce growth cards [7][10] - Incentives will be directly deducted from the order settlement at the time of transaction, with e-commerce growth cards issued monthly based on the cumulative incentive amount [10] Industry Performance - Over the past twelve months, the industry has shown a relative return of -11.29% and an absolute return of 0.06% [8]