Gelonghui, December 18 | According to a report issued by J.P. Morgan Chase, as of November this year, online retail sales in the mainland increased 11% year on year to nearly 14 trillion yuan. Since the beginning of the year, the online penetration rate of physical product sales has reached a record high of 27.5%, even up 0.3 percentage points from the same period last year. However, the online penetration rate surged last year due to the pandemic. This shows that compared to offline retailers, e-commerce platforms are gaining momentum. The bank's first choice in this industry is still Pinduoduo, followed by Vipshop, followed by Alibaba and JD. Motong believes that the continued increase in the penetration rate of online sales indicates that e-commerce should remain more flexible, while the lower valuation of e-commerce stock prices (with the exception of Pinduoduo) should provide some downward support.