交银国际每日晨报-20250417

Group 1: Company Insights - Tongcheng Travel is expected to achieve Q1 2025 performance growth in line with expectations, with a continued trend of rapid revenue growth and year-on-year profit margin improvement in the OTA sector [1] - The upcoming May Day holiday is anticipated to drive new highs in travel demand, boosting investor sentiment [1] - The target price for Tongcheng Travel has been raised from HKD 24 to HKD 25.5, maintaining a "Buy" rating, indicating a potential upside of 13.8% [1] Group 2: E-commerce Industry Trends - In Q1 2025, the adjusted year-on-year growth rate of physical e-commerce online retail sales is 5.7%, with January-February and March showing growth rates of 5.0% and 6.9% respectively [2] - The expansion of national subsidies is driving accelerated growth in communication equipment, while demand for home appliances is recovering month by month as the home decoration season begins [2] - The e-commerce industry is expected to continue its growth trend, benefiting from national subsidies and recovering demand in home appliances, with projected GMV growth rates of +6% for the industry, +6% for Alibaba, +10% for JD.com, +13% for Pinduoduo, and +15% for Kuaishou [2][3] Group 3: Investment Insights - Continuous attention is recommended on the impact of national subsidies on home appliances and 3C categories on platforms like Taobao and JD.com [3] - Monitoring Alibaba's stable market share in e-commerce and the acceleration of revenue growth in Alibaba Cloud, along with breakthroughs in AI technology, is advised for potential valuation uplift [3] - Kuaishou's progress in commercializing its business model is also highlighted as an area of interest [3]