A significant policy document aimed at promoting the high-quality development of e-commerce has been jointly issued by six government departments, including the Ministry of Commerce. The guidelines propose fostering the integration of "Artificial Intelligence + E-commerce," encouraging e-commerce enterprises to enhance research, development, and application of technologies such as AI large language models. A quality e-commerce cultivation initiative will be implemented to establish standard systems and encourage e-commerce platforms to optimize mechanisms like traffic allocation and search rankings.
The guidelines also encourage cooperation between financial institutions and e-commerce companies to innovate credit products and services. They support qualified e-commerce firms in issuing bonds for financing, optimizing financing and policy processes, and facilitate listings for eligible companies both domestically and internationally.
An official from the Ministry of Commerce's E-commerce Department stated that e-commerce is deeply rooted in and grows alongside the real economy, serving as both a vital component of and a key enabler for the real economy. Better serving the real economy is the fundamental purpose and essential requirement for the high-quality development of e-commerce.
China has maintained its position as the world's largest online retail market for 13 consecutive years. E-commerce development now covers 26 million domestic merchants and serves 3.2 billion consumers globally, with an accelerating integration of online and offline channels. By 2025, the R&D intensity of major e-commerce platforms is expected to exceed 8%. China's cloud computing and big data service revenues grew by 13.6%, becoming a new driver for cultivating advanced productive forces. Online retail sales of agricultural products increased by 9.9%, with over 2,000 "E-commerce + Industrial Belt" initiatives empowering industrial transformation and upgrading. Cooperation with 36 "Silk Road E-commerce" partner countries spans five continents, with cross-border e-commerce imports and exports accounting for over 6% of total goods trade, indicating deepening open collaboration. The sector has boosted employment to 79 million people, and courier business volume grew by 13.6%, demonstrating increasingly significant ripple effects.
A growing number of internet companies are positioning AI as a new shopping gateway. Domestically, ByteDance's Doubao is testing AI shopping capabilities. When users input queries like "recommend a suitable shoe for running" in the dialog box, the system not only provides text suggestions but also directly displays product cards from the Douyin Mall. Clicking a card leads directly to the product detail page, where ordering and payment can be completed within the app without redirecting to the Douyin Mall. Public data shows Doubao reached a peak of 145 million daily active users during the 2026 Spring Festival. Once the shopping feature is fully launched, ByteDance will possess a massive AI-driven consumer entry point.
Alibaba is developing AI as a unified entry point for its entire consumer ecosystem. The Qianwen App surpassed 100 million monthly active users in early 2026 and has been gradually integrated with services like Taobao, Ele.me, Fliggy, and Amap. Users can query restaurants, plan routes, purchase goods, and book hotels all within the same AI conversation interface. Qianwen is less a chat tool and more akin to the "AI version of a super app" that Alibaba is building.
Meituan launched its "Ask Xiaotuan" AI search assistant on January 22, 2026, embedding it in the top search bar of its app. Powered by its self-developed LongCat large model, it can understand complex natural language requests such as "restaurants for New Year's Eve dinner that allow pets." Leveraging Meituan's real-time local life data, it provides precise recommendations, automatically applies coupons, and enables smart price comparisons, with results directly linked to ordering, covering scenarios like food delivery, dining, and hotel booking, positioning itself as a one-stop intelligent decision-making tool for local services.
Globally, Google is experimenting with making AI a cross-platform shopping gateway. It previously collaborated with companies like Shopify, Walmart, and Target to introduce the "Universal Commerce Protocol" (UCP). Under this model, when users express shopping needs in Gemini or AI Search, the AI can automatically browse products across multiple platforms, compare prices, claim coupons, and complete payments. Theoretically, users can complete the entire shopping process through a single conversation.
Analysts from Shenwan Hongyuan previously noted that platform competition is expanding, with continued investment in instant retail and the AI track. Instant retail is shifting towards more rational competition, while AI large models are iterating and enhancing deployment capabilities on the device side, building momentum for medium to long-term growth. "AI+" is empowering traditional consumption in multiple ways. Supported by policies, the transformation and upgrading needs of retail enterprises and the application deployment demands of AI technology companies are creating a two-way connection. The synergy between online and offline channels is shaping new consumer experiences, potentially driving an upward inflection point in retail company performance.
**Related Concept Stocks:**
**Jihong股份 (02603):** The group released its annual results for the period ending December 31, 2025. It reported revenue of RMB 6.722 billion, a year-on-year increase of 21.56%. Profit attributable to owners of the parent company was RMB 277 million, up 52.16% year-on-year. Basic earnings per share were RMB 0.67. A final dividend of RMB 0.18 per 10 shares was proposed. In 2025, revenue from cross-border social e-commerce business reached RMB 4.373 billion, an increase of 29.9% compared to the previous year, primarily due to further market expansion, continuous investment in brand building, and strategic adjustments in advertising allocation regions and scale, especially in areas with significant currency fluctuations.
**Alibaba (09988):** A leading domestic e-commerce company, with its Taobao and Tmall platforms dominating the B2C market. The company is at the forefront of integrating its AI large model (Tongyi Qianwen) with e-commerce scenarios, having already launched applications like AI shopping guides and intelligent customer service.
**JD Group-SW (09618):** On March 5, JD Group released its Q4 and full-year 2025 results. In Q4 2025, JD Group's revenue was RMB 352.3 billion, a year-on-year increase of 1.5%. Non-GAAP net profit attributable to ordinary shareholders was RMB 1.1 billion. For the full year 2025, JD Group achieved revenue of RMB 1.31 trillion, up 13% year-on-year. Non-GAAP net profit attributable to ordinary shareholders was RMB 27 billion. The core retail segment remains the primary revenue pillar. JD Retail recorded full-year 2025 operating profit of RMB 51.4 billion, a year-on-year increase of 25.1%, with the operating profit margin improving to 4.6% from 4.0% in 2024. Additionally, JD Retail's annual active user count exceeded 700 million, with quarterly active users and user purchase frequency both increasing over 30% year-on-year. JD Group CEO Sandy Xu stated on the earnings call that total investment in the food delivery business in 2026 is expected to be lower than in 2025.
**Meituan-W (03690):** On March 26, Meituan released its Q4 and full-year 2025 results. The company disclosed during its earnings call that the trend of reduced losses in its food delivery business would continue into the first quarter, stating, "Since the beginning of Q1, Meituan has maintained its leading position in GTV for mid-to-high-priced orders." Notably, the State Administration for Market Regulation held its first enterprise fair competition symposium of 2026, emphasizing the need to deeply address "involution-style" competition, deepen institutional openness in the competition field, and more strongly support companies in exploring international markets and achieving high-quality development. Citi upgraded Meituan's Hong Kong stock rating to Buy and raised its target price from HK$94 to HK$110, citing that thanks to the strategic focus on high-order-value and high-quality users, the unit economics (UE) of the company's food delivery business achieved considerable sequential improvement in Q4 2025 and are expected to improve further in Q1 2026. Analysts including Alicia Yap noted in a report that Meituan demonstrates solid execution in overseas markets, with unit economics in the Saudi Arabian market expected to turn positive by the end of 2026.
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