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Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [2][12]. Core Insights - The testing and launch of the "Gift" feature in WeChat Mini Stores is expected to meet users' daily needs for gifting, leveraging WeChat's extensive social ecosystem to facilitate rapid penetration into the e-commerce sector [2][12]. - The "Gift" feature is projected to tap into the trillion-yuan gifting market, with estimates suggesting that China's gift economy market size will reach 1.3777 trillion yuan in 2024 and 1.6197 trillion yuan by 2027 [12]. - The report highlights the significant commercialization potential of WeChat's social ecosystem, noting that the user base for WeChat has surpassed 1 billion in 2024, which enhances its ability to penetrate the e-commerce market [12]. - The evolution of the mini-program and video account ecosystems is anticipated to accelerate, with WeChat mini-programs achieving 949 million monthly active users and a quarterly GMV exceeding 2 trillion yuan, reflecting a 10%+ year-on-year growth [12]. Summary by Sections Industry Events - The "Gift" feature allows users to select gifts directly from product pages, streamlining the gifting process by eliminating cumbersome steps like asking for addresses [12]. - The report emphasizes the potential for WeChat to significantly increase its e-commerce penetration during upcoming holiday seasons, leveraging its vast social network [12]. Market Opportunities - The report suggests focusing on opportunities within the WeChat e-commerce supply chain, including service providers and e-commerce companies benefiting from increased traffic through WeChat channels, such as Dongfang Zhenxuan and Pop Mart [2][12]. - Attention is also drawn to the trends in AI model productization by Tencent and ByteDance, which could create additional opportunities within the industry [2][12].