从618看电商破局密码：AI、即时零售与简化促销

Investment Rating - The report maintains a positive outlook on Alibaba, JD.com, and Meituan, while holding a neutral stance on Pinduoduo [8][26]. Core Insights - The 2025 618 shopping festival demonstrated stable growth in China's e-commerce market, with total sales reaching 855.6 billion yuan, a year-on-year increase of 15.2%, and instant retail sales growing by 18.7% to 29.6 billion yuan [1][17]. - The simplification of promotional rules across platforms significantly enhanced the shopping experience, with 85% of consumers finding the process smoother than in previous years [5][22]. - AI technology is increasingly empowering the e-commerce ecosystem, leading to cost reductions and efficiency improvements for merchants, with Alibaba's AI tools reportedly increasing ROI by over 30% [7][25]. Summary by Sections E-commerce Performance - During the 2025 618 period, GMV growth rates for major platforms were as follows: JD.com at 17%, Douyin at 15%, Tmall at 4%, and Pinduoduo at 9% [2][17]. - JD.com saw a significant increase in user engagement, with order numbers exceeding 2.2 billion and daily active users reaching a historical high [2][18]. Promotional Strategies - Platforms like Taobao and Tmall introduced direct discounts, moving away from complex promotional rules, which improved consumer satisfaction [5][22]. - Instant retail emerged as a key growth area, with Meituan Flash Delivery achieving remarkable sales increases, indicating a shift towards immediate consumption models [5][23]. AI Integration - The report highlights the comprehensive application of AI in e-commerce, with tools that enhance marketing efficiency and customer engagement, leading to a transition from manual to intelligence-driven business models [7][25]. - JD.com provided merchants with free AI marketing tools, significantly reducing operational costs and improving conversion rates [7][25]. Market Outlook - The narrowing gap between GMV and parcel volume growth reflects improved transaction quality, although there are concerns about weaker consumption in June due to early promotional activities [8][26].