$Alibaba (BABA.US)$ Different from the lively atmosphere of the Spring Festival in previous years, there is no grand November 11 Gala and scrolling transaction data on the digital screen this year.
Compared to previous years, this November 11th seems to be much quieter!
And the GMV transaction volume that everyone pays special attention to every year, major e-commerce platforms have chosen not to disclose it in unison this year.
How is the performance of the 14th year of November 11th?
After the conclusion of November 11th, Taobao modestly stated that it was stable and growing, with transaction volume comparable to last year, without disclosing specific data. JD.com, on the other hand, claimed to have exceeded industry growth rates this year, set new records, and reached a new high in shopping users.
Everyone is in unison and tacitly avoids mentioning GMV.
The November 11 shopping festival began in 2009, when Taobao turned this "Singles' Day" in everyone's mouth into an annual large-scale shopping and hoarding festival.
The first attempt brought a surge in user volume and transaction records, which made Taobao taste the sweetness.
In the first Singles' Day sales festival, the GMV was only 52 million yuan. With the rapid development of e-commerce for more than ten years, the GMV reached 965.12 billion yuan in 2021, approaching the trillion mark, and can be described as reaching a new historical high.
However, after reaching its peak, the Singles' Day sales festival seemed to have touched its limit. The growth rate of GMV began to slow down and even declined year by year.
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$Meituan ADR (MPNGY.US)$ Meituan is becoming more and more like a supermarket.
If we analyze Meituan (03690.HK) $Meituan-W(03690)$ financial report using the traditional approach to traditional e-commerce, we are unlikely to come to any optimistic conclusions.
As of the past twelve months until the third quarter of this year, Meituan's transaction users reached 0.687 billion, only a 2.9% year-on-year increase. The corresponding figures disclosed in the second quarter and first quarter reports were 0.685 billion and 6.92 billion respectively. Considering the third-quarter year-on-year profit-turning situation, achieving a revenue of 62.618 billion and a net profit of 12.17 billion yuan (mainly driven by new businesses), with the core local business realizing an operating profit of 9.321 billion yuan, it easily raises the following question:
Besides the improvement of new business, does Meituan's core local business still have long-term investment value?
After reviewing Meituan's third-quarter report, we found that many numbers have already given a positive answer to the above question: for example, the number of active merchants, the total number of four consecutive quarterly financial reports continues to grow; and for example, the transaction volumes of instant delivery in this quarter have increased by 16.2% and 22.5% year-on-year and quarter-on-quarter, respectively.
From these data, it can be seen that merchants' trust in Meituan has increased. In the case of little change in or even a slight decrease in the total number of users, there is a significant increase in demand for Meituan. Simply evaluating Meituan based on local e-commerce or even dining delivery...

$Hang Seng Index (800000.HK)$ $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ Hong Kong stock market
The Hang Seng Index opened 0.07% higher at 17,673.20 points; the Hang Seng Tech Index fell 0.15%. $TENCENT (00700.HK)$ Fall by 1.2%, Meituan-W (03690) and Alibaba-SW (09988) dropped slightly. Longfor Group (00960) rose nearly 3%, Country Garden (02007) rose over 1%.
US stock market
November 24th (Thursday) is the Thanksgiving holiday in the USA, and the U.S. stock market is closed for one day. November 25th (Friday) is the day after Thanksgiving, and the U.S. stock market will close 3 hours early, at 02:00 Beijing time the next day.
Major European stock indices rose collectively on Thursday, with the German DAX30 Index up 0.78%, the UK FTSE100 Index up 0.02%, the France CAC40 Index up 0.42%, and the Europe Stoxx50 Index up 0.39%.
Futures market
On Thanksgiving Day in the USA, WTI is closed with no settlement price; Brent January crude oil futures fell by $0.07, a decrease of 0.08%, to $85.34 per barrel.
Energy ministers from EU member states will meet on the 24th to discuss a natural gas price intervention plan, due to Belgium, Spain, Italy...

$Hang Seng Index (800000.HK)$ Hong Kong stock market
On November 24th, the Hang Seng Index opened 0.92% higher, and the Hang Seng Tech Index rose 1.13%. Real estate and technology sectors led the gains. $COUNTRY GARDEN (02007.HK)$ Rising more than 6%, leading the blue-chip stocks, Longfor Group's stock rose more than 5% $NTES-S (09999.HK)$ rising nearly 4%.
US stock market
US stocks closed higher on Wednesday. The minutes of the Fed meeting showed that most officials believed that the pace of rate hikes could be slowed down "soon," and Fed economists believe that the likelihood of a US recession next year is as high as 50%. Initial jobless claims data and October durable goods orders index both exceeded expectations last week, and the consumer confidence index for November fell to 56.8.
At the close, the Nasdaq Composite Index rose by 0.99%; the Dow Jones Industrial Average rose by 0.28%, reaching a new closing high since April 21; the S&P 500 Index rose by 0.59%.
Large-cap technology stocks collectively rose, with Apple (AAPL) up 0.59%, Amazon (AMZN) up 1.00%, Meta Platforms (META) up 0.72%, Google (GOOG) up 1.45%, Microsoft (MSFT) up 1.04%, and Netflix (NFLX) up 1.68%.
New energy vehicle stocks generally rose, with Tesla up nearly 8%. What should I buy today?