可转债发行优化融资成本，回购加大缓和股价影响

Investment Rating - The report assigns a "Buy" rating to JD, Alibaba, and Trip.com, indicating a positive outlook for these companies in the internet sector [2][10]. Core Insights - The issuance of convertible bonds by JD, Alibaba, and Trip.com is seen as a strategy to optimize financing costs and mitigate the impact of stock dilution through concurrent share buybacks [1][2]. - The report highlights that the financing will support overseas expansion and enhance supply chain networks, which is expected to improve operational efficiency and explore new markets [1][2]. - The companies' current stock prices are viewed as being at the lower end of their valuation ranges, with JD and Alibaba trading at 8.8x and 9.2x forward P/E ratios, respectively [2]. Summary by Relevant Sections Convertible Bond Issuance - JD plans to raise $2 billion with a 0.25% interest rate and a conversion price of $45.7 per share, primarily for share buybacks and overseas business expansion [5][6]. - Alibaba aims to raise $5 billion at a 0.5% interest rate with a conversion price of $105.04 per share, focusing on share buybacks and establishing capped call options [6][7]. - Trip.com is set to raise $1.5 billion with a 0.75% interest rate and a conversion price of $66.46 per share, intended for repaying existing financial debts and supporting overseas business [8][9]. Financial Health and Market Position - JD's cash reserves are reported at $13.6 billion, which will be bolstered by the new financing, aiding in share buybacks and international expansion [1]. - Alibaba has a cash reserve of $30.1 billion, with a remaining buyback capacity of $31.9 billion, indicating strong financial health [1]. - Trip.com has cash reserves of approximately $617 million, which will help in optimizing loan costs and supporting operational needs [1]. Market Outlook - The report anticipates that despite intense competition in the industry, improvements in user experience and technological investments will enhance business health and operational efficiency for JD and Alibaba [2]. - Trip.com is expected to benefit from the gradual release of travel demand, with structural changes in travel preferences leading to new demand increments [2].