Finance and Economics Intelligence APP learned that Guotai Junan International released a research report stating that with the recent introduction of a series of stimulus economic policies by the country, including subsidies for trade-ins nationwide, the domestic e-commerce large cap is expected to see a recovery, thereby driving the valuation repair of the e-commerce sector. Currently, the average PE ratio of the Chinese e-commerce industry in 2025 is around 10x, which is attractive, maintaining a "buy" rating for the industry. At the same time, considering that the results of the USA elections may lead to an increase in cross-border e-commerce risks, it is recommended to focus more on domestic business-oriented e-commerce platforms in the short term, which have a higher safety margin.

Singles' Day sales total online sales increased by 26.6%, with home appliances, electronics, beauty products, and outfits leading the growth: This year's Singles' Day promotion has come to an end. According to Xingtu data statistics, the total online sales reached 1441.8 billion yuan (from October 14 to November 11, 2024), up by 26.6% compared to last year (up by 2.1% from October 24 to November 11, 2023). Among them, comprehensive e-commerce platform sales increased by 20.1%, and live streaming e-commerce sales increased by 54.6%. Looking at the sales of comprehensive e-commerce platforms by category, thanks to the recent nationwide subsidies for trade-ins, sales of household appliances grew strongly, with a year-on-year growth rate of 26.5%, followed by mobile gadgets, personal care and beauty products, and outfits, with year-on-year sales growth rates of 23.1%, 22.5%, and 21.4%, respectively.

According to research data compiled by Guotai Junan International, the year-on-year growth rates of transaction volumes for major e-commerce platforms are expected to be: Alibaba up more than 10%, jd.com up more than 15%, pdd holdings up more than 20%, and Douyin up more than 30%. Overall, the Singles' Day sales data exceeded expectations, indicating a recovery in the e-commerce sector.

National express delivery volume increased by more than 20% year on year: According to data from the State Post Bureau, from October 21 to November 10, 2024, the national express collection volume was approximately 12.082 billion items, an increase of 21.4% year on year; the cumulative delivery volume was approximately 12.124 billion items, an increase of about 25.3% year on year.

Alibaba: Beauty products + electronics driving growth, record number of buying users. During the entire period of Tmall Singles' Day, 589 brands achieved sales exceeding a billion, a 46.5% year-on-year increase over last year, setting a new record. Sectors such as beauty products, 3C electronics, home appliances, and furnishings led the growth in sales; core audience continued to expand, with more than 50% year-on-year growth in 88VIP orderers, while 88VIP members maintained a double-digit growth; sales exceeding a billion in 119 live broadcast rooms, and 49 of them experienced over 100% year-on-year growth in sales; Taobao's hundred billion subsidies had an order volume exceeding 0.15 billion, with a 50% year-on-year increase in total orders.

jd.com: Growth of shopping users exceeded 20%, strong growth of small and medium-sized vendors. During jd.com's Singles' Day, the number of shopping users increased by over 20% year-on-year, and the transaction volume of jd.com's live broadcasts increased by 3.8 times year-on-year. Over 17,000 brands saw sales increase by over 5 times year-on-year, and over 30,000 small and medium-sized vendors experienced more than a 2-fold year-on-year increase in sales.

Related symbols: alibaba (09988), jd.com (09618), pdd holdings (PDD.US).