1. The e-commerce platform is under pressure, the valuation anchor is missing, and the improvement of fundamentals may lead to valuation repair
The strong in the industry pattern is always strong, and the zero proportion of physical e-commerce agencies continues to increase. We believe that the core focus is still on the state of the existing platform in the future development. Whoever can account for greater commercial interests will take the lead. From the perspective of the current competition pattern, there are no new competitors that can challenge the capacity of the existing platform. Therefore, the competition of subsequent e-commerce platforms is still fierce, or it may trigger a major reshuffle of the order of the top companies in the current industry.
2. Policies such as interconnection and data supervision have more advantages than disadvantages for head SaaS service providers
We believe that under the background of platform interconnection, commercial digitization will attract much attention. For brands, the integration of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) and the opening of various channels and platforms from the consumer operation level need professional service providers to provide systematic services.
3. The high base will put pressure on H1 next year, the trend of overseas online penetration will not change, and the industry β Seek below α Excess return
We are optimistic about the model of cross-border e-commerce track brands and service providers. In the past quarter, it was more disturbed by the U.S. consumption environment, because there were subsidies last year, and the resumption and suspension subsidies this year have a great impact on consumption. However, we pay more attention to the improvement of overseas penetration, the completeness of China’s supply chain and the adjustment of the way consumer goods go to sea in the future are the main reasons why we are optimistic about the cross-border e-commerce track. The process of disturbance is the process of finding the bottom.
4. The positioning of service providers presents a professional trend, pays attention to content output, and the global operation ability has become the core competitiveness
The cultivation of e-commerce live broadcast anchor is luck, and the solid degree of brand supply chain and the specialization of live broadcast room operation are the performance of reproducible systematic output ability. The regional operation capability may become the core competence index for assessing service providers and operators in the future.
5. The three “long cycles” lay the foundation, the medium cycle catalyzes the high boom of gold, and the old brand Huanxin vs new consumer brands go hand in hand
Among the commonalities of jewelry enterprises in product structure, jewelry is a clear consumption trend. In terms of opportunities driven by new materials (i.e. cultivating drill), we mainly focus on the target of the brand end.
