618：商户扶持加码，竞争维度延展

Investment Rating - The report maintains an "Overweight" rating for the internet sector [7] Core Insights - The 618 e-commerce promotion in 2025 is characterized by increased merchant support and an extension of competitive dimensions, with platforms focusing on user engagement and reducing merchant burdens while optimizing subsidy rules [1] - The report highlights a shift from aggressive price competition to a multi-dimensional approach that emphasizes product quality and user experience [3][4] - AI tools are becoming increasingly integrated into merchant operations, enhancing efficiency and effectiveness in marketing and sales [5][25] Summary by Sections Trend 1: Simplification of Rules and Efficiency Improvement - The 618 promotion period has been extended, but many platforms have simplified their promotional rules to reduce user behavior that leads to high return rates, thus enhancing user experience [2][11] Trend 2: Intense C-end Competition - Competition for consumer attention remains fierce, but platforms are moving away from heavy C-end subsidies to strategies that leverage instant retail and multi-channel marketing [3] Trend 3: National Subsidy Actions - The national subsidy program has significantly boosted consumption, with over 1.2 billion people benefiting from subsidies, leading to increased sales in categories like 3C digital products [4][31] Trend 4: Maturity of AI Tools - AI capabilities are increasingly being utilized in daily merchant operations, with platforms like Alibaba enhancing their advertising services through AI-driven solutions [5][26] Merchant Support Initiatives - Platforms are implementing measures to reduce the burden on small and medium-sized merchants, including lowering penalties for false shipping claims and simplifying participation in promotional activities [20][21]