You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》中金:抖音、快手及淘寶在內地直播三足鼎立 直播電商發力貨架商城可帶動行業增長
中金發表研究報告指出,直播電商憑借「所見即所得」的差異化體驗,實現商品成交金額(GMV)滲透率迅速提升,並帶動產業鏈中上游蓬勃發展。根據星圖數據,去年「雙11」期間,直播電商GMV按年增長146%,直播電商GMV佔全網GMV的比例達16%,佔比較2021年同期翻倍。 該行認為,平台端抖音、快手-W(01024.HK)和淘寶直播三足鼎立,抖音及快手具備顯著流量優勢,通過直播帶貨深化變現,目前電商相關業務已成為最重要的收入增長引擎。其中抖音基於公域流量算法推薦強項打造「貨找人」的「興趣電商」;快手依托私域粉絲高粘性特點發展「信任電商」;淘寶在商品和基礎設施方面壁壘深厚,意圖通過直播打破流量樽頸,超頭主播在早期階段功不可沒,但當前成為潛在隱患。 此外,該行指直播電商進入下半場,三大平台戰略佈局各有側重,戰略重點分別為發力貨架商城、挖潛直播電商、完善主播生態,相信有望帶動行業整體持續增長。當中,抖音直播電商正逐步接近頂端,去年起發力貨架電商探尋新增量。內地成熟的電商產業基礎為抖音貨架模式加速發展提供得天獨厚的土壤;快手計劃繼續挖潛直播電商,下一步深耕貨品理解、流量分發和算法優化,暫時推遲貨架模式上線;淘寶直播仍未擺脫「流量焦慮」,大力引入外部主播和MCN並支持店舖自播,激活用戶直播觀看需求並促進主播生態平衡。 中金預計,三大平台下單口徑GMV合計值有望在2025年達到7.24萬億元人民幣,2021至2025財年的年均複合增長為24%,抖音、快手和淘寶直播的複合增長分別為28%、23%和16%。另對阿里(09988.HK)及快手H股的評級同為「跑贏行業」,目標價各為137元及93元。
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.
uSMART
Wealth Growth Made Easy
Open Account