Citigroup's research report lists the short-term e-commerce rankings, with JD.com (JD.US) as the top choice, followed by Alibaba (BABA.US), and finally pdd holdings (PDD.US). The firm has a target price of $52 for JD.com, rated as 'buy', while the target prices for Alibaba and pdd holdings are $135 and $147 respectively, rated as 'buy' and 'neutral' respectively, with the latter being considered high risk.

The firm pointed out that based on industry discussions, it was found that the november 11 shopping festival-related promotional period has become earlier and longer, with most discount vouchers being issued by e-commerce platforms. Merchants' gross profit has improved this year due to the government's 'exchange old for new' policy, strong demand for home appliances this year, and JD.com has emerged as the winner due to its deeper cooperation with local governments and different discount combinations. Additionally, the return rate this year is higher, partly due to the macro environment and low stock price competition, partly related to merchants using live broadcast to send free goods activities to increase the average transaction amount per commodity. The firm indicated that cosmetic and clothing sales increased by 20% and 11% respectively year-on-year, but due to the lower average selling price, merchants' gross profit may remain flat or even decrease.