該行認為，微信小店成為微信電商生態的重要閉環，承載騰訊的電商戰略，未來數字化與智能化的電商營運將更為重要，SaaS+AI在商業品牌精細化營運、客戶洞察、內容營銷等領域潛力巨大。該行建議關注光雲科技(688365.SH)、邁富時(02556.HK)、 微盟(02013.HK)、有贊(08083.HK)。 (wl/u)HAITONG INT'L recently released a report stating that Tencent (00700.HK) has launched the "Gift Giving" feature on WeChat, simplifying the gift-giving process and opening new growth channels for businesses. The firm believes that for users, the gift-giving feature has strong social interaction properties and significantly enhances the convenience of giving gifts; for businesses, this feature expands sales channels, increases exposure and sales success rates, and has low entry barriers.
The firm indicated that Tencent is upgrading its e-commerce strategy around WeChat Mini Stores, integrating multiple traffic sources within the WeChat ecosystem. WeChat has been laying out its e-commerce ecosystem for ten years, transitioning from a previously fragmented e-commerce layout to using WeChat Mini Stores as a top-level design, integrating various traffic and e-commerce projects within the WeChat ecosystem to form a synergistic effect. According to the "WeChat Mini Store Admission Rules" released on August 19, store and product information can circulate in various WeChat scenarios such as Public Accounts (Subscription Accounts, Service Accounts), Video Accounts (Live Broadcasts, Short Videos), Mini Programs, search, and chats. To attract businesses, WeChat has implemented encouraging measures such as simplifying the admission process, lowering barriers, and guaranteeing deposits. According to information from Tencent's Q3 earnings report conference call cited by domestic media, Tencent is looking to upgrade the entire e-commerce strategy around WeChat Mini Stores, hoping to create a unified and trustworthy transaction experience based on the WeChat ecosystem. WeChat Mini Stores will be fully integrated into the WeChat ecosystem, benefiting from traffic support from social interactions such as one-on-one chats, group chats, Moments, as well as Public Accounts, WeChat search, and Video Accounts. The firm believes that the "Gift Giving" feature is aimed at directing users from social interaction to WeChat e-commerce, and combined with the traffic support from Video Accounts within the WeChat ecosystem, businesses can gain broader exposure and further enhance the characteristics and competitiveness of WeChat e-commerce.
HAITONG INT'L pointed out that e-commerce Saas and AI technologies have rich application scenarios and growth potential. E-commerce Saas can serve the full range and entire chain of e-commerce businesses, including commodity and store management, customer service, data applications, and marketing, meeting the diverse needs of businesses and helping them achieve digital operations.
The firm believes that WeChat Mini Stores have become an important closed-loop in the WeChat e-commerce ecosystem, supporting Tencent's e-commerce strategy. The importance of digitalization and intelligence in e-commerce operations will grow, and the potential of Saas + AI in fine-tuned business brand operations, customer insights, and content marketing is immense. The firm recommends paying attention to Hangzhou Raycloud Technology Co.,Ltd (688365.SH), Maifushi (02556.HK), Weimeng (02013.HK), and Youzan (08083.HK). (wl/u)
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