惠誉:中央非针对「社区团购」 料电商平台将增中小型零售商合作
评级机构惠誉的代表在网上记者会上指,今年内地线上销售势头继续领先线下零售,今年首十月线上零售占比达27%,认为内地消费者的购买力将随着经济增长而提升。该行指出阿里(09988.HK)、京东(09618.HK)及拼多多(PDD.US)今年上半年商品交易额市占率达95%,而竞争亦越来越激烈,认为五大主要营运商都有独特的商业模式及策略,当中阿里及拼多多主要盈利则是来自服务,其他企业的盈利则较多是来自商品销售,而腾讯(00700.HK)则透过投资电商企业间接与阿里竞争。该行相信由线下转向电商的趋势是将不可逆转,因为线上消费令生活更便利,相信用家在疫情後亦不会转回原先的购物模式。
至於官媒近日批评科网巨头等在「社区团购」的发展,该行认为「社区团购」其实有助提升零售效率并重塑内地农业及零售等,而近日各大平台亦积极扩张并推出回赠,加上「社区团购」本身会去除「中间人」的角色,故担心会造成失业问题,相信亦是遭官媒批评的原因。该行相信中央并非针对平台,而是希望加强线上线下的合作,相信阿里、美团(03690.HK)及京东等亦不会退出「社区团购」的市场,因为相关业务具策略重要性,而电商平台亦需要扩张及协同,但未来估计将会低调地运行并增加与中小型零售商合作等。
该行又相信未来内地的互联网及电商行业竞争将继续增加,不过阿里、腾讯及百度(BIDU.US)等巨头会继续努力维持市场领导地位,认为即使监管收紧他们亦会与监管机构紧密合作并维持良好关系,倘监管收紧至公司未能控制在岸业务等才有机会影响到评级。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.