If Hormuz supply risks ease materially, markets may rotate into lower energy-input beneficiaries such as airlines, chemicals, logistics and consumer sectors, while crude volatility and oil-linked equities could soften. However, positioning still depends on OPEC responses and broader geopolitical durability.

PDD’s revenue mix shift suggests Chinese e-commerce platforms are increasingly monetising fulfilment, logistics and transaction ecosystems over advertising alone, potentially pressuring peers like Alibaba Group and JD.com to deepen integrated commerce and merchant-service strategies.