Goldman Sachs released a research report stating that the 618 shopping festival of major e-commerce platforms this year ended yesterday (20th). It is expected that during the one-month event period, based on the net GMV calculation of transactions, the industry GMV will achieve a mid-to-high single-digit growth, and the total GMV may reach a low double-digit growth rate. However, due to the higher return rate compared to the same period last year, there may be a significant difference between the two figures. The bank pointed out that although China's online retail GMV increased by 13% in May this year, it is believed that most of it comes from the advance start of the 618 event and the pre-sales cancellation that resulted in pre-sales promotion. Online retail GMV is expected to increase by 3% in June. Throughout the 618 period, Goldman Sachs predicts that the total GMV of Alibaba Taotean Group will increase by double digits, while JD.com's net GMV is expected to increase by a single-digit percentage year-on-year between May 21 and June 18.