September 27th, Gelonghui | Citigroup's report indicates that further cooperation between Alibaba and jd.com logistics may indicate their focus on improving user and merchant experiences, strengthening brand awareness between partners and stakeholders, and becoming more inclusive industry participants. Citigroup believes that this collaboration may also mean that leading internet companies are joining forces to lead consumer recovery. More importantly, it improves the synergy of merchants' multi-store operations to help reduce operating costs and increase merchant profits. This may also indicate that major platforms will prioritize user and merchant experiences while maintaining healthy and necessary competition and avoiding excessive, irrational competition. In addition to a series of supportive regulatory policy announcements, Citigroup believes that the Chinese internet industry will face multiple revaluations, and the basic profit margin situation may enter an upward cycle with the economic rebound.