新力量NewForce总第6885期

Investment Rating - The report assigns a "Buy" rating to multiple companies within the industry, indicating a positive outlook for their stock performance [15]. Core Insights - The implementation of the new advertising law on October 1 has reclassified traffic acquisition costs as advertising and promotional expenses, impacting tax deductions for businesses [4][6]. - The policy aims to curb short-term operational models reliant on heavy spending for traffic, encouraging businesses to focus on brand building and long-term operations [4][6]. - During the National Day holiday, significant increases in travel and consumption were reported, with high engagement on platforms like Gaode and Fliggy [7][9]. - Tencent has demonstrated strong confidence in its long-term value by repurchasing approximately HKD 609.6 billion worth of shares this year, reflecting a robust cash flow situation [10]. - JD.com has reported impressive sales growth during its Double Eleven promotion, with significant increases in various product categories and user engagement [11]. - ByteDance's Seed team has made substantial advancements in AI technology, showcasing a strong output despite organizational changes [12][13]. Policy Impact - The new advertising law affects different market participants variably, with live commerce platforms facing the most significant challenges due to their reliance on traffic acquisition costs [6]. - Major platforms are adapting by introducing new promotional tools and optimizing their merchant structures to mitigate the impact of the policy [6]. Company Performance - Alibaba's performance during the National Day holiday was highlighted by a 48% increase in GMV for travel services compared to the previous year [9]. - Tencent's share buyback program is expected to exceed HKD 800 billion for the year, positioning it as a leading example of shareholder returns in the Hong Kong market [10]. - JD.com has seen a 70% increase in orders for electronic products during its promotional period, indicating strong consumer demand [11]. Market Trends - The report notes a shift in focus among businesses from short-term traffic acquisition to sustainable brand development, driven by regulatory changes [4][6]. - The travel and consumption sectors are experiencing a resurgence, with significant increases in user engagement and spending during holiday periods [7][9].