Core Insights - The summer consumption trend in China has significantly increased since July, with a notable rise in spending across major cities and popular tourist destinations [1][2] - Various consumption patterns such as night economy, cooling economy, and home economy have emerged, contributing to the growth of small and medium-sized businesses [1] Group 1: Consumption Trends - The order volume on Taobao Flash has surged, particularly in cities like Wuhan, Changsha, and Xi'an, with a strong performance in events related to local sports [1][2] - Night economy has shown remarkable growth, with over 100% month-on-month increase in night orders across 127 cities, predominantly in the central and western regions [2] - Popular food items during the summer include barbecues, local snacks, and desserts, with significant order increases in cities like Kunming and Changsha [2] Group 2: Product Categories - Sales of cooling products such as ice cream machines and air conditioning fans have risen over 200%, while air conditioning units have seen a 150% increase [3] - Ice cream consumption has surged, with ice slush orders increasing by 98% and ice cream machine orders skyrocketing by 879% [3] - The demand for pet supplies and outdoor sports equipment has also seen substantial growth, with orders in certain categories increasing by over 600% [2]

Core Viewpoint - Taobao Flash Sale has launched a 500 billion subsidy plan to enhance consumer spending and create business growth opportunities for merchants, significantly increasing daily order numbers and active users [1][3]. Group 1: Order Growth - Taobao Flash Sale has achieved over 80 million daily orders, with non-food orders exceeding 13 million and daily active users surpassing 200 million [1]. - The daily order count increased from 40 million at the end of May to 60 million by the end of June, and reached 80 million by July 2 [2][1]. Group 2: Subsidy Impact - The 500 billion subsidy plan is set to directly benefit consumers and merchants over the next 12 months, stimulating domestic consumption and expanding market capacity [3]. - The combination of Taobao Flash Sale's online capabilities and Ele.me's strong supply chain has led to a rapid increase of nearly 20 million daily orders due to the subsidy effect [3].

Core Viewpoint - Temu is focusing on semi-managed and self-operated businesses while gradually restoring its full-managed operations in the U.S. market [2][4]. Group 1: Business Operations - Temu's full-managed operations in the U.S. are set to fully resume by the end of July, with some links already being restored since June, albeit slowly [2]. - The company has opened semi-managed local warehouses in Germany and Poland, which are rented and operated by Temu itself, differing from the full-managed pre-staging warehouses [2]. - Temu has been providing subsidies to merchants for using its warehouses, with the subsidy for official shipping labels dropping from $0.5 to $0.3 per order since April [2]. Group 2: Logistics and Supply Chain - The logistics for semi-managed operations include a subsidy of $1-2 per order, but this is only available to select high-quality merchants or specific categories that Temu aims to support [2]. - Following the implementation of T86, Temu ceased direct shipments from China to the U.S. and began selling products from local warehouses, having prepared a significant inventory in advance [4]. - The company is adjusting its strategies to navigate the challenges posed by the current market conditions and is expected to continue monitoring policy stability before making further investments [3].

Core Viewpoint - eBay shares have increased by approximately 7.5% since the last earnings report, outperforming the S&P 500, raising questions about the sustainability of this positive trend leading up to the next earnings release [1] Group 1: Earnings Report Insights - Recent earnings report indicates that estimates for eBay have trended upward over the past month, suggesting positive momentum [2] - The stock has a strong Growth Score of A, but a lower Momentum Score of C, and a Value Score of C, placing it in the middle 20% for the value investment strategy [3] Group 2: Future Outlook - The upward trend in estimates is promising, and eBay holds a Zacks Rank of 3 (Hold), indicating expectations for an in-line return in the coming months [4]

Core Viewpoint - Temu has implemented a local warehousing strategy in the U.S. to mitigate the impact of regulatory changes, with significant inventory management efforts underway to adapt to market conditions [2][3]. Group 1: Warehousing Strategy - Temu's overseas front warehouse has officially started operations, with a substantial inventory prepared for three months of full custody in the U.S. [2] - Following the implementation of T86 on May 2, Temu ceased direct shipments from China to the U.S., resulting in a one-third reduction in traffic and a 50% decrease in daily GMV, although semi-custody GMV now accounts for 80% [2] - The front warehouse is managed by Temu itself, and its scale remains largely undisclosed, with estimates suggesting significant storage needs based on the top-selling products across thirteen categories [2] Group 2: Operational Adjustments - Temu has introduced upgraded operational models, including the Y2 and X2 modes, to lessen the impact of the full custody closure in the U.S. [3] - The X2 model is being slowly rolled out, offering merchants more favorable pricing and increased traffic, while the Y2 model has seen a decline in daily orders from over 50,000 to around 30,000 [3] - The company is also expanding its recruitment efforts for non-U.S. markets, particularly in Mexico, Australia, and Poland, to enhance its operational capabilities [4]