高盛：探索中国互联网-电子商务与热门 400 应用追踪

20 May 2025 | 7:33AM HKT Navigating China Internet: eCommerce & Top 400 app tracker Apr industry online GMV up 6% on strong trade-in category sales; steady overall app time-spent growth In our latest eCommerce & top 400 app tracker, we highlight 1) healthy April industry online retail growth, with sustained momentum at 6% growth in Apr, in line with 1Q25, despite softer overall retail sales. We expect potentially strong May online retail growth yoy on further front-loading of this year's 618 shopping festiv ...