在优惠玩法上，各大平台呈现"化繁为简"的趋势。过去令消费者头疼的"满减叠券""先涨后降"等复杂规 则逐渐退场，取而代之的是立减、直降等透明方式。这种转变背后，是电商平台对消费体验的深度重构 ——通过简化决策流程，让优惠感知更直接。与此同时，跨平台协同成为新亮点，淘天、小红书、京东 等平台在双十一期间实现运营联动，构建起更流畅的购物链路。 这场变革的深层动力，源于消费者需求的结构性转变。当人口红利从"人一口"向"人N口"演进，电商平 台开始突破线上边界，将即时零售作为新的增长极。以阿里为例，其通过高德扫街榜拓展线下场景，结 合闪购和团购业务，形成"即时零售+货架电商"的双轮驱动。这种模式不仅延长了消费周期，更创造了 线上线下联动的"全域满减"新体验——消费者可通过多种消费行为累积优惠，形成"随机补贴"的盲盒效 应。 一年一度的双十一购物节再次拉开帷幕，作为观察消费市场的重要风向标，这场年度大促不仅承载着电 商平台的业绩期待，更折射出行业发展的深层变革。今年双十一迎来第十七个年头，从最初的单日促销 演变为横跨月余的购物季，各大平台在时间维度、优惠模式和运营策略上均展现出新特点。 行业观察指出，双十一已从单纯的线上 ...

Core Viewpoint - The new brand strategy of the company is not merely a cost-intensive investment but a strategic reuse and upgrade of its existing core capabilities, including IP resources, marketing, and live streaming [1] Group 1 - The company aims to leverage its strong IP resources, event marketing capabilities, and live streaming abilities to brand high-quality supply chain white-label products [1] - There will be a deep integration of online sales with the brands, providing services such as live streaming, e-commerce shelf space, private domain sales, and content slicing [1] - The strategy is expected to enhance the overall live streaming duration, frequency, and efficiency of the company [1] Group 2 - The company plans to connect the brands with offline channels, establishing a multi-dimensional sales system through instant retail and traditional supermarkets [1]

Core Viewpoint - Oriental Selection (01797) has experienced a significant stock price fluctuation, with a drop of over 6% recently, despite having doubled in price since early July. As of the latest report, the stock is down 5.16% at HKD 26.08, with a trading volume of HKD 793 million [1]. Group 1: Market Reactions and Business Adjustments - Recent consumer dissatisfaction has emerged regarding Sam's Club's product adjustments, leading to criticism on social media [1]. - Hema's membership stores will cease operations, indicating a complete withdrawal from its Costco-like membership business [1]. Group 2: Company Strategy and Performance - Tianfeng Securities noted that Oriental Selection possesses attributes of both shelf e-commerce and social e-commerce, aiming to establish itself as an online version of Sam's Club, potentially leveraging market changes for further growth [1]. - Zheshang Securities highlighted that Oriental Selection, along with brands like Pang Donglai and Sam's, focuses on consumer-centric product development, offering high-quality and cost-effective products to meet health needs, which drives stable repurchase rates [1]. Group 3: Financial Performance - New Oriental reported its fourth-quarter earnings for the fiscal year 2025, with revenue of USD 150 million, reflecting a year-on-year decline of approximately 30%, although the decline rate has narrowed compared to the previous quarter [1]. - Non-GAAP operating profit was approximately RMB 79 million, with an operating profit margin of about 7%, showing a quarter-on-quarter improvement [1]. - The company is undergoing a transformation from being driven by influencers to focusing on product-driven strategies, following the challenges of talent departures and business restructuring [1].

Group 1 - The core viewpoint is that the live e-commerce sector in China is experiencing significant growth, with a GMV of 1.98 trillion yuan in the first nine months of the year, representing a year-on-year increase of 60.6% [1] - The live e-commerce accounted for 18.3% of the total online retail sales of 10.8 trillion yuan and 21.9% of the physical online retail sales of 904.35 billion yuan [1] - The growth rate of live e-commerce GMV is expected to be around 35-40% for the year, driven by emerging channels such as short video feeds, shelves, and search, rather than solely by live streaming [1][5] Group 2 - Kuaishou's GMV for the first half of 2023 was 490.2 billion yuan, with a year-on-year growth rate of 33.8%, and the GMV from live streaming is projected to grow at a rate of 15-20% for the year [3][5] - The growth of live e-commerce is anticipated to normalize, with the live streaming channel's growth rate expected to decline to around 10% as platforms shift focus to brand self-broadcasting [5][6] - The broader live e-commerce market, including shelf models, is expected to increase its market share to 30% over the next 3-5 years, with a potential market size of approximately 7 trillion yuan [5][6] Group 3 - The live e-commerce model is characterized by high operational costs, making it less favorable for small and medium-sized businesses, while the shelf model is seen as more accommodating for these merchants [7] - Instant retail, although not included in physical online retail statistics, is identified as a significant growth market for the next seven years [7]