润物有声VI：2024-2025年中国互联网数字经济发展报告

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights that China's digital economy is experiencing a slowdown in growth, with innovation and effective transformation becoming bottlenecks [18][19] - The digital economy's scale is influenced by technological innovation, policy support, and market demand, with a projected growth in digital economy size to 57 trillion yuan by 2024 [25][27] - The core industries driving economic growth include cloud computing, big data, and artificial intelligence, which are essential for the digital transformation of various sectors [30] Summary by Sections 01 Macro Environment - China's economic development is in a transitional phase characterized by a need for structural optimization of GDP, with a focus on enhancing effective demand [9][10] - The report emphasizes the importance of government intervention as a demand driver during this transition [9][12] 02 Digital Economy - The digital economy's growth has slowed, with a need for deeper analysis of various vertical industries to understand the underlying causes [19][20] - The digital economy's core industries, such as cloud computing and AI, are expected to continue driving growth, with significant market potential [30][31] 03 Market Segment - The mobile internet sector shows low growth, with 1.43 billion monthly active devices, indicating a saturation point in user engagement [42][44] - Communication and short video sectors lead in user engagement, while emerging sectors like artificial intelligence are gaining traction [48][49] 04 Market Focus - The live e-commerce market is evolving, with brand-led live streaming expected to dominate, accounting for 54.2% of the market by 2024 [76][77] - Instant delivery services are projected to exceed 417.6 billion yuan in 2024, reflecting strong growth driven by consumer demand [89][90] - The cross-border e-commerce sector is anticipated to grow steadily, with a projected market size exceeding 10 trillion yuan by 2025 [85][86]