证券研究报告|投资策略周报 [Table_Date] 2025 年 11 月 23 日 [Table_Title] 抖音电商 1-10 月 GMV 同比增速超 30%，中国澳门特区政府估算 2026 年赌收为 2360 亿澳门元 抖音本地生活服务业务在今年同样大幅增长，1-10 月 同比增速接近 60%，全年 GTV 预计将超 8000 亿元。 据《晚点 LatePost》，美团 2024 年的到店 GTV 为 1 万亿元左右，今年二、三季度受外卖大战等影响，增 速有所放缓。 在抖音电商板块，字节跳动高层在集团今年上半年的 全员会上，提出抖音电商当前阶段的新战略：耐用消 费品（包括家电、消费电子产品）实现市场份额突 破；通过优化流量分配机制，提升结算 GMV。 在本地生活板块，抖音到店业务份额不断增长，生活 服务靠用户主动搜索带来的下单率，约是刷短视频直 接下单的 10 倍；目前用户通过搜索后下单创造的 GMV 在抖音生活服务整体 GMV 中的占比已超过 50%。 ► 中国澳门特区政府发布《2026 年财政年度预算 案》法案，估算 2026 年博彩毛收入为 2360 亿元 11 月 18 日，中国澳门特区政府 ...

Core Insights - Douyin e-commerce's GMV growth exceeded 30% in the first ten months of this year, with an annual GMV projected to surpass 4 trillion yuan, approaching Pinduoduo's level [1] - Douyin e-commerce's advertising revenue has surpassed Alibaba's, making it the leading platform in China for over a year [1] Group 1 - Taobao's payment GMV is at 6 trillion yuan, indicating that if both platforms maintain their current growth rates, Douyin could catch up in a few years [1] - There is a significant gap between Douyin e-commerce and Taobao when considering the final settlement GMV due to return rates [1] Group 2 - Douyin's life services business has also seen substantial growth, with a nearly 60% increase in the first ten months of this year [1]

阿里美团大战外卖，抖音改造流量机制，同时进攻电商和本地生活市场。 文 丨 高洪浩 郑可书 编辑 丨 黄俊杰 今年，阿里巴巴、京东与美团的外卖大战已经耗去上千亿元，从奶茶打到快餐，再到 30 分钟送日杂 和线下到店消费。阿里在 8 月冲刺茶饮，外卖单量一度超过了美团。 抖音也有外卖与即时零售业务，规模在数百亿元的量级。今年也有团队调研了外卖市场，但没有卷入 外卖补贴战。与此同时，抖音同时在电商和到店消费市场蚕食三家的市场份额，默默成为混战赢家。 据《晚点 LatePost》了解，抖音电商今年前十个月的 GMV（完成支付的成交额）增速超 30%，全年 GMV 将迈过 4 万亿元关口，逼近拼多多水平。一年多以前，抖音电商的广告收入已超过阿里巴巴， 成为中国第一。 多位二级市场投资人分析，淘宝的支付 GMV 在 6 万亿元的体量。如果双方都保持目前的增速， 要不 了几年就会被赶上 。不过抖音电商的退货率远高于淘宝，如果看最终的结算 GMV，双方仍有较大差 距。 抖音生活服务业务在今年同样大幅增长，前十个月增速接近 60%，全年 GTV（主要为到店消费贡献 的成交额）预计将超 8000 亿元。据我们了解，美团 2024 ...

Core Viewpoint - The article discusses the complexities of market governance in the context of platform economies, highlighting the challenges posed by the dual nature of public and private rights within these platforms [2][3]. Group 1: Market Governance Issues - The recent actions by Douyin (TikTok) to combat false advertising related to low-priced Moutai have sparked a broader discussion on market governance, emphasizing the need for effective regulation in platform economies [2]. - The rise of platform economies has transformed traditional market structures, complicating the relationships between consumers, merchants, and platforms, leading to multi-party contractual disputes [2][4]. Group 2: Challenges in Rights and Responsibilities - There are significant challenges in determining who has the authority to recognize infringement in disputes between consumers and merchants, raising questions about the role of platforms versus regulatory bodies [4][6]. - The governance of platforms must balance the need for effective dispute resolution with the risk of platforms overstepping their regulatory roles, which could lead to market inefficiencies [4][6]. Group 3: Recommendations for Governance Structure - A proposed solution involves creating a balanced power-sharing mechanism that allows platforms to handle certain disputes while ensuring oversight from regulatory authorities to prevent abuse of power [6][7]. - The establishment of transparent procedures and accountability measures is essential to ensure that platforms act responsibly in their governance roles, promoting a fair market environment [6][7].

Core Insights - Douyin E-commerce has announced significant progress on nine merchant support policies, aimed at reducing operational costs for merchants [1] - In October, the platform reduced operational costs for merchants by over 3.3 billion yuan [1] - In the first ten months of this year, Douyin E-commerce has provided a total of over 25 billion yuan in subsidies to merchants [1] Summary by Categories - **Merchant Support Policies** - Douyin E-commerce has implemented nine merchant support policies to assist businesses [1] - The measures include lowering freight insurance costs, expanding commission-free scales, and increasing traffic incentives [1] - **Cost Reduction Achievements** - In October alone, the platform managed to lower operational costs for merchants by more than 3.3 billion yuan [1] - Cumulatively, in the first ten months of the year, the total subsidies provided to merchants exceeded 25 billion yuan [1]

Core Insights - The "2025 Douyin Mall Double 11 Goods Festival Data Report" highlights the significant impact of the all-domain interest e-commerce model on the real economy, with 67,000 brands experiencing a year-on-year sales increase and over 100,000 merchants doubling their live sales [1] - The report emphasizes the role of small and medium-sized influencers, who contributed over 80% of total sales during the event, showcasing their importance in driving growth [1] - Douyin E-commerce's algorithmic recommendation technology has improved user shopping experiences, reduced operational costs for merchants, and created new opportunities for traditional industries [1] Group 1 - During the Double 11 period, the driving force of quality content scenarios became increasingly evident, significantly contributing to economic growth [1] - The number of products with sales exceeding 100 million yuan increased by 129% year-on-year, while the number of live-streaming stores with sales over 10 million yuan grew by 53% [1] Group 2 - The popularity of quality knowledge-driven content emerged as a new highlight in cultural consumption, with 42 knowledge influencers participating in the "Expert Plan" during the event [2] - The efficiency of short videos from related influencers increased by 19 times, and the viewing rates for e-commerce live streams and short videos rose by nearly 150% [2] - Over 540,000 influencers achieved year-on-year sales growth, with small influencers (under 1 million followers) contributing over 80% of total sales [2] Group 3 - The algorithmic recommendation mechanism has provided rapid growth opportunities for new merchants, with over 20,000 merchants achieving live sales exceeding 1 million yuan for the first time during the Double 11 event [2] - Douyin E-commerce continues to implement supportive policies such as commission waivers, reduced shipping insurance costs, and promotional fee refunds to lower operational barriers for merchants [2][3]

优质知识带货内容同样受欢迎，文化消费成新亮点。活动期间，抖音电商"行家计划"累计邀约混子哥、 蔡志忠、浪花姜等42位知识达人参与，通过知识分享、文创开发等方式，打造标杆场次和系列热点话 题。平台数据显示，相关达人短视频引流效率增长19倍，电商直播和短视频观看率增长近150%。体育 运动、工业和农业技术、生活等图书类目最受欢迎。在传统工艺方面，超1.2万非遗相关商家直播销售 额同比增长2倍，景德镇陶瓷、宜兴紫砂、福州大漆、江苏苏绣、苏州核雕等非遗好物深受消费者青 睐。 11月12日，《2025"抖音商城双11好物节"数据报告》（以下简称"报告"）发布。报告显示，10月9日至 11月11日，全域兴趣电商模式有效拉动实体经济新增量，平台上有6.7万个品牌销售额同比翻倍，超过 10万商家直播销售额同比翻倍。此外，中小达人成为助推增长的中坚力量，在整体达人带货中贡献超八 成销售额。 抖音电商借助算法推荐技术，持续优化用户购物体验，帮助商家降低运营成本、提升经营效率，同时也 为传统产业带来新的发展机遇。据介绍，平台推出商品卡免佣、降低运费险、推广费返还等一系列扶持 政策，仅在10月份就为商家节省成本超过33亿元。 优质内 ...

Core Viewpoint - The article discusses the complexities of market governance in the context of platform economies, highlighting the challenges posed by the dual nature of public and private rights within these platforms [2][3]. Group 1: Market Governance Challenges - The recent actions by Douyin (TikTok) to combat false advertising related to low-priced Moutai have sparked a broader discussion on market governance issues, particularly in platform economies [2]. - The rise of platform economies has transformed traditional market structures, complicating the relationships between consumers, merchants, and platforms, leading to multi-party contractual disputes [2]. Group 2: Legal and Regulatory Implications - There are significant risks associated with determining infringement qualifications, particularly regarding who has the authority to recognize infringement in disputes between consumers and merchants [4]. - The governance of platforms is critical; if platforms lack the authority to address public externality disputes, it could lead to market degradation, where poor quality drives out good quality [4]. Group 3: Platform Authority and Responsibility - Platforms like Douyin have a legitimate role in evaluating disputes and defining false advertising, which can enhance the efficiency of market regulation without undermining regulatory authority [5]. - Granting platforms initial technical recognition rights for public externality disputes involves a power-sharing issue, necessitating a balanced responsibility framework to prevent abuse of power by platform operators [6]. Group 4: Future of Market Governance - A transparent mechanism for delegating dispute resolution authority to platform operators is essential, alongside a regulatory framework to oversee platform governance practices [6]. - The evolution of market governance is seen as an internal logic that adapts to market dynamics, with technological advancements facilitating lower transaction costs in addressing public externality issues [6].

Core Insights - During the 2025 "Double 11" shopping festival, 67,000 brands saw their sales double year-on-year, with the number of products exceeding 100 million yuan increasing by 129% [1] Group 1: Sales Performance - Sales of Shandong Rizhao blueberries increased by 418% year-on-year [1] - Sales of Jiangsu Donghai tomatoes grew by 236% year-on-year [1] Group 2: Market Expansion - Local agricultural specialty products have successfully entered the national market through Douyin e-commerce [1]

北京商报讯（记者 何倩）11月12日，抖音发布《2025"抖音商城双11好物节"数据报告》（以下简称"报 告"）。报告显示，10月9日至11月11日，抖音平台上有6.7万个品牌销售额同比翻倍，超过10万商家直 播销售额同比翻倍。此外，超过54万达人实现带货销售额同比翻倍，中小达人在整体达人带货中贡献超 八成销售额。 ...