Gelonghui November 13th | China Merchants Securities released a research report indicating that according to industry data, this year's singles' day sales saw a 26.6% year-on-year growth in total online sales, reaching 1.44 trillion yuan. Among them, traditional e-commerce platforms generated sales of 1.11 trillion yuan, a 20.1% year-on-year increase; live streaming e-commerce platforms achieved sales of 332.5 billion yuan, a 54.6% year-on-year growth. The company stated that compared to this year's June 18th shopping festival and last year's singles' day, this year's singles' day growth rate has slightly increased, partly due to the extension to 7 to 10 days. In addition, the proportion of live streaming e-commerce sales to total online sales has increased from 19% in last year's singles' day to 23% this year, but it has decreased compared to this year's June 18th which was at 27%. As for home appliances, mobile digital products, outfits, and beauty and personal care products, their year-on-year growth rates all exceeded 20%. The company predicts that the average revenue growth of the e-commerce companies it covers in the fiscal years 2024 and 2025 will reach 18% and 10% respectively; profit growth rates will be 22% and 10% respectively. The average PEs for the fiscal years 2024 and 2025 will be 9.2 and 8.6 times, respectively, and they recommend holding Alibaba as the industry's top choice.