中国互联网_从市场数据供应商视角看人工智能与即时零售-China Internet AI and quick commerce through the lens of a market data supplier

Summary of Conference Call on China Internet Equities Industry Overview - Industry: China Internet Equities - Key Focus: AI applications and quick commerce (QC) trends Key Trends in Consumer AI Applications 1. Concentration of Top Players: - Chatbot applications are primarily dominated by ByteDance and DeepSeek, with Tencent having a smaller share [1][7] 2. Impact on Traditional Search: - Baidu (BIDU) has seen a decline in young user engagement, attributed to a shift towards AI-native and social apps. However, user engagement for those aged over 40 remains stable due to increased traffic to AI search [1][7] - Daily time spent on AI-native apps is approximately 10 minutes, indicating limited impact on traditional search and productivity apps [1][7] 3. Emerging AI Applications: - ByteDance's Jimeng leads in video generation app users, while Ant's healthcare AI assistant AQ has entered the top 10 AI-native apps. Education AI apps are also gaining traction among Chinese users [1][7] 4. Integration of AI into Existing Apps: - Alibaba's (BABA) Quark app saw over 50% of users engaging with its AI features post-integration, while Tencent's QQ Browser, with a larger user base, is experiencing slower AI plugin development [1][7] Quick Commerce (QC) Competition 1. Market Resilience: - Meituan (MT) has shown resilience in QC, with a slight improvement in weekly session share from August to early October, while Eleme and JD have seen declines [2] 2. User Growth and Engagement: - Taobao added 47 million year-over-year daily active users (DAU) in September, surpassing JD's 34 million and MT's 8 million. Despite seasonal tapering, 23% of Taobao's monthly active users (MAU) and 18% of JD's are utilizing QC [2] 3. Expansion in Lower-Tier Cities: - Taobao's merchant percentage compared to MT increased from 58% in January to 72% in October, driven by growth in lower-tier cities. Approximately 64% of Eleme's new merchants are from tier 3 and below cities [2] 4. Rider Capacity Trends: - Taobao experienced significant year-over-year growth in daily active crowdsourcing (+80%) and priority riders (+30%) in Q3 2025, while MT's priority riders decreased by 6% [2] In-Store Competition - Douyin's Competitive Edge: - Douyin Laike's MAU surpassed MT's in the second half of 2024, particularly excelling in lower-tier cities, while MT remains strong in top-tier cities. Competition intensified since March 2025 due to Douyin's increased investment in top-tier cities [3] Investment Recommendations - Preferred Stocks: - Tencent and Alibaba are recommended for their AI potential, both rated as "Buy" [7] Additional Insights - User Engagement Metrics: - MAU of AI-generated content applications reached 287 million in September [8] - Market Dynamics: - The competitive landscape is evolving with significant shifts in user engagement and merchant coverage, particularly in the context of lower-tier city expansion and AI integration [2][3] This summary encapsulates the key points discussed during the conference call, highlighting the competitive landscape and emerging trends within the China Internet Equities sector.