CITIC Securities: The overall valuation of the e-commerce sector is at a low level.

CITIC Securities research report states that the e-commerce sector's valuation is overall at a low level. Cross-border e-commerce is driven by tightening small-parcel tariff policies in the US and Europe, leading to iteration in fulfillment models, and industry concentration is expected to increase; attention should be paid to the low-valuation allocation window. An inflection point in local life services competition has emerged, platform UE continues to recover, and the industry is shifting toward efficiency and service competition. Domestic e-commerce maintains excess growth, with platform competition shifting from low prices to subsidy ROI optimization. AI e-commerce is prioritizing cost reduction on the B2B side, while C-end transactions remain at an early stage.