Goldman Sachs released a report stating that the "618" Shopping Festival in mainland China ended on June 20th. The duration of the event was longer, with sales more dispersed or lacking peaks. The competition among platforms in terms of price and subsidies is more intense, and the return rate has increased due to the policies of various platforms that favor returns/user benefits. In addition, the upgrade of advertising technology continues to bring upward monetization space in the long term.

The bank believes that due to the lower base, e-commerce will have more opportunities starting in the second half of this year. They gave a "buy" rating to Alibaba (09988.HK), PDD Holdings (PDD.US), and Kuaishou (01024.HK). They believe that compared to the "38 Festival", Kuaishou's "618" Shopping Festival (May 20th to June 18th) has a slightly slower trend in data growth, but it is still confident to buy and set the target price at 80 yuan.