BOCOM International·2025-07-16 09:51Investment Rating - The report assigns a "Buy" rating to major companies in the e-commerce sector, including Alibaba, JD.com, Pinduoduo, and Kuaishou [2][3]. Core Insights - The e-commerce industry is experiencing accelerated growth in Q2 2025, with online retail sales of physical goods showing a year-on-year increase of 6.3%, up from 5.7% in Q1 [1][3]. - Instant retail is a key investment theme, with major platforms increasing their investments to drive high-frequency consumption and cross-selling opportunities [3]. - The report anticipates continued growth trends in the industry, with specific expectations for Alibaba, JD.com, Pinduoduo, and Kuaishou regarding their performance and profitability [3]. Summary by Sections E-commerce Growth - In Q2 2025, the online retail sales of physical goods are projected to maintain a year-on-year double-digit growth, benefiting from improved penetration and technology service fees [3]. - The report highlights that the demand for home decoration is recovering, with furniture sales growing by 29% year-on-year [1]. Company Performance - Alibaba's daily peak orders for its flash purchase service exceeded 80 million, with a DAU surpassing 200 million, reflecting a week-on-week growth of 15% [3]. - JD.com reported that nearly 200 restaurant brands achieved sales of over one million, launching a "Double Hundred Plan" to support more brands [3]. - Pinduoduo plans to launch instant delivery services in select first-tier cities, focusing on high-frequency categories like fresh produce and fast-moving consumer goods [3]. Market Outlook - The report projects that the overall e-commerce market GMV will grow by 5% year-on-year in 2025 [11]. - The logistics sector is also expected to see growth, with the postal bureau estimating a 19% year-on-year increase in express delivery volume for the first half of 2025 [9].