2025 年双十一大促跟踪点评：聚焦体验与效率，即时零售和 AI 成双十一新引擎

Investment Rating - The report maintains a positive outlook on the e-commerce sector, suggesting a focus on Alibaba, JD.com, Meituan, and Pinduoduo as key players for potential growth opportunities in the upcoming Double Eleven shopping festival [4][32]. Core Insights - The 2025 Double Eleven shopping festival has seen an extended promotional period and simplified gameplay, shifting from a "pulse explosion" model to a "long-cycle operation" model, aimed at enhancing user retention and optimizing operational pressure [3][6][25]. - AI technology has been integrated across platforms, enhancing user experience and operational efficiency, with significant increases in AI tool usage reported [10][12][19]. - The competition has intensified, with platforms focusing on user retention and ecosystem efficiency rather than solely on price competition [3][15][28]. Summary by Sections 1. Extended Cycle and Simplified Gameplay - The promotional period for Double Eleven has been extended, with platforms like Douyin and JD.com increasing their promotional days significantly [6][9]. - Simplified discount strategies have replaced complex rules, enhancing consumer decision-making efficiency and building long-term user trust [10][11]. 2. Instant Retail and Ecosystem Synergy - Instant retail has been emphasized, with Taobao's flash sales achieving significant order growth and integrating deeply with Alibaba's ecosystem [15][19]. - JD.com has introduced various innovative business models, leading to substantial increases in order volumes across its platforms [19][21]. 3. Strong Opening Sales - The initial sales data from the Double Eleven event shows remarkable growth across platforms, with many brands achieving record sales within the first hours [25][26]. - Categories such as beauty, 3C electronics, and home appliances have shown particularly strong performance, indicating shifting consumer preferences [28][29]. 4. Investment Analysis Opinion - The report suggests that the extended promotional cycle and simplified gameplay will stimulate consumer demand, positioning instant retail and AI as focal points for competition in the e-commerce sector [4][32].