Navigating China Internet: Ecommerce Tracker

The report tracks China's e-commerce performance for May 2026, noting a 3% YoY increase in online retail GMV. It highlights a shift towards more disciplined industry operations and reiterates a preference for Cloud/Data Center sectors.

Key Takeaways

• 1.May national online retail goods GMV grew +3% yoy, with sequential stabilization in online spending for food and apparel.
• 2.E-commerce industry is shifting toward more disciplined operations and straightforward discounting for '618' events instead of aggressive, complex price competitions.
• 3.Cloud & Data Centers remains the top sub-sector preference on AI token demand; JD is a key eCommerce idea for 2H26 as 2Q is expected to be the last tough quarter for comps.

Table of Contents

• Navigating China Internet / AI models
• Addressing investor focuses/debates around Alibaba's recent share price weakness:
• Other highlights in May by category/segment:
• Key numbers for May
• Temu GMV & engagement data
• Express delivery
• Price Target Risks and Methodology - Alibaba Group
• Price Target Risks and Methodology - JD.com Inc.
• Price Target Risks and Methodology - PDD Holdings
• Price Target Risks and Methodology - Meituan

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