BOCOM International: Q3 e-commerce recovery is in line with expectations. The Double 11 Shopping Festival may boost demand

The increasing trend of e-commerce platform profit margin will continue. It is expected that in Q3, the decline of Alibaba's mainland e-commerce GMV will narrow to 2%, and the pace of recovery will be consistent with the overall market; The performance of $JD.com(JD.US)$ Supermarket category is resilient, with a year-on-year increase of 8% in self support; $PDD Holdings(PDD.US)$ is expected to maintain double-digit growth by virtue of its cost-effective user mentality and more demanding category structure; $KUAISHOU-W(01024.HK)$ GMV increased by 26%, and the commission rate may slightly increase compared with the same period.