互联网行业月报：国补持续拉动4月电商平稳增长，1季报超预期

Industry Rating - The report assigns a "Leading" investment rating to the internet industry, indicating an expectation of attractive performance relative to the benchmark index over the next 12 months [1][16]. Core Insights - The report highlights that the e-commerce sector experienced stable growth in April, driven by government subsidies, with a year-on-year increase in online retail sales of physical goods adjusted to 6.1% [4][6]. - The report notes that various platforms are adapting their promotional strategies for the 618 shopping festival, focusing on a balance of price, quality, and experience rather than solely on low prices [4]. - The first quarter earnings reports from major platforms such as Alibaba, JD.com, and Pinduoduo exceeded expectations, with notable growth in retail revenue and profit [4]. Summary by Sections E-commerce Performance - In April 2025, the online retail sales of physical goods grew by 6.1% year-on-year, with categories like communication equipment and home appliances showing significant growth rates of 20% and 39% respectively [4][6][7]. - The logistics sector also saw a robust performance, with express delivery volumes increasing by 19% year-on-year in April [10]. Promotional Strategies - Platforms like Alibaba and JD.com extended their promotional periods for the 618 shopping festival, simplifying promotional activities and emphasizing straightforward discounts [4]. - The report indicates that Alibaba's CMR growth rate has accelerated for two consecutive quarters, while JD.com reported strong growth in its retail business [4]. Earnings Reports - Alibaba's first-quarter results showed a better-than-expected growth in CMR, driven by increased monetization rates [4]. - JD.com reported strong revenue and profit growth, particularly in categories benefiting from the government's "trade-in" policy [4]. - Pinduoduo's revenue growth has slowed due to investments in its e-commerce ecosystem, while Kuaishou's GMV increased by 15% year-on-year in the first quarter [4]. Valuation Overview - The report provides a valuation overview for key companies, with projected price-to-earnings ratios for 2025: Alibaba at 11.1x, JD.com at 7.8x, Pinduoduo at 9.0x, and Kuaishou at 10.2x [4].