According to Zhongjin's report, the mainland's 618 shopping festival came to an end this year and e-commerce has remained resilient this year. Except for JD.com, all other platforms no longer disclose their 618 performance. In the first five months, the online physical commodity retail sales increased by 11.5% year-on-year to 4.8 trillion yuan, increasing significantly faster than the total social retail sales of commodity, mainly benefited from e-commerce platforms focusing more on consumers and actively adjusting their own strategies to cater to user choices, and further enhancing their competitiveness in terms of price, user experience, and service. The bank determines that the performance of major e-commerce platforms' GMV on the main shelf in the second quarter may exceed expectations. The bank pointed out that after the growth of content e-commerce traffic and GMV slowed down, and the channel increase became less, it is expected that sellers' motivation to take the inventory channel profit subsidy to increase the channel may decrease, and when content e-commerce attempts to transform into the shelf model, it enters the advantage ability range of the shelf e-commerce, and the input of the shelf e-commerce on price, consumer experience and service further consolidates its own advantages. Looking forward, some e-commerce platforms will increase the screening of merchants and the strength of survival of the fittest. The mode of traditional profit subsidy for the inventory channel to increase the channel may be difficult to sustain, and the merchants lacking competitiveness in quality, price, service and other aspects may face challenges. The bank maintains profit forecasts, target prices and ratings for each company, among which Alibaba and Kuaishou are rated as "outperforming the industry," with target prices of HK$109 and HK$75, respectively.