拼多多-买入评级，国内市场增长面临竞争挑战

19 November 2025 PDD Holdings (PDD US) Buy: Competition challenges domestic market growth Investing for long-term growth: 3Q25 revenue met expectations as the domestic segment was weaker on keener competition (exhibits 8) but overseas recovery beat on improved Temu performance. We trim domestic growth assumptions on intensified competition with peers' hefty investment into quick e-commerce despite continuing to expect a reduced government subsidy effect in 2026. We lift expected contributions from transacti ...