<p>中国消费者最终开始增加消费，尽管增速低于预期。最终，一旦经济信心恢复，消费者将增加他们的消费。绿色新芽正在出现，现在是购买中国零售股票的绝佳时机。</p>
<p>上涨的主要原因有两个。首先，中国拥有全球最高的电子商务渗透率之一，网购渗透率达到 83.8%。由于高渗透率，中国零售股票是全球最大的在线零售商之一。此外，这些零售商正在利用中国的制造实力参与跨境贸易。</p>
<p>其次，中国零售股票的交易价格显著低于发达市场同行。虽然 <strong>亚马逊</strong>（纳斯达克：<strong>AMZN</strong>）的前瞻市盈率为 42 倍，但这些中国企业的前瞻市盈率为个位数和低两位数。</p>
<p>最终，与发达市场同行相比的估值差距将会缩小或消失。如果这些中国零售股票的市盈率重新调整为与发达国家同行相似的水平，它们将很容易从当前水平翻倍。</p>
<h2>阿里巴巴（BABA）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>来源：zhu difeng / Shutterstock.com</p>
<p>市场偶尔会提供具有下行保护和巨大上行空间的低估宝石。截至撰写本文时，<strong>阿里巴巴</strong>（纽约证券交易所：<strong>BABA</strong>）提供了这样一个机会。作为销售额最大的电子商务零售商，其九倍的前瞻收益使其价格便宜。</p>
<p>事实上，阿里巴巴是买入上涨的最佳中国零售股票之一。首先，它主导着其母国中国以及东南亚等关键市场。其电子商务平台，如淘宝和天猫，拥有极其广泛的产品范围。因此，它们享有推动流量增长的实质网络效应。</p>
<p>在当前的估值下，投资者正在为零增长定价阿里巴巴。然而，该公司将受益于电子商务渗透率的增长。此外，该零售商正在投资以推动更多增长。例如，它正在在其平台上整合人工智能工具，以改进推荐引擎并个性化购物体验。</p>
<p>阿里巴巴股票的另一个基本推动因素是吸引人的股东回报。随着自由现金流的改善，阿里巴巴已向股东返还了大量资金。在 2 月 8 日，它宣布了 250 亿美元的回购计划。因此，它在截至 3 月 31 日的季度回购了价值 48 亿美元的股票。回购活动证明管理层将继续专注于未来的股东回报。</p>
<h2>京东（JD）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>来源：Michael Vi / Shutterstock.com</p>
<p><strong>京东</strong>（纳斯达克：<strong>JD</strong>）是最佳中国零售股票之一。与阿里巴巴不同，该零售商更专注于销售诸如电子产品之类的有价值商品。通过专注于这一利基，京东创造了一个利润丰厚的领域，在这个领域它是领先者。事实上，该公司以销售来自知名供应商和制造商的产品而闻名。</p>
<p>尽管销售在 2022 年和 2023 年下滑，但最近的财务数据表明复苏即将到来，这可能推动股价上涨。在 2024 年第一季度，营收同比增长 7%，这是由活跃用户的强劲增长推动的。京东继续专注于提供最佳选择、速度、质量和价格组合，继续吸引更多客户。</p>
<p>尽管增长出现反弹，京东的估值却处于历史低位。根据 Seeking Alpha 的数据，它的前瞻非通用会计准则市盈率为 8，而 5 年平均值为 32。这种巨大折扣意味着它是最佳的中国零售股票之一。</p>
<p>此外，管理层意识到股价便宜，并一直在积极回购股票。从 1 月 1 日到 5 月 15 日，该公司回购了 9830 万股 A 类普通股，价值 13 亿美元，约占流通普通股的 3.1%。在这种低估值下，这些回购是增值的，使京东股票成为一个买入的选择。</p>
<h2>拼多多控股（PDD）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>来源：shutterstock.com/Markus Mainka</p>
<p>最后，今天最值得购买的中国零售股票之一是拼多多的母公司，<strong>拼多多控股</strong>（纳斯达克：<strong>PDD</strong>）。这家电子商务零售商由于在中国和国际市场上的市场份额增长而拥有最快的增长率。随着它继续成功挑战现有企业，股价将飙升。</p>
<p>在 2024 年第一季度，拼多多控股再次展现出令人印象深刻的执行能力，并受益于宏观环境的改善，实现了 131% 的营收增长。这一增长是由在线营销和交易服务推动的，分别增长了 56% 和 327%。</p>
<p>展望未来，该零售商正在大力投资以支持高质量消费。为此，它正在扩大高质量供应，并与全球顶级品牌合作。此外，它正在投资技术工具，以降低卖家成本并吸引更多商家加入其平台。</p>
<p>拼多多控股还看到其国际业务的巨大机会。自 2022 年 9 月推出跨境电子商务平台以来，迄今为止，它取得了巨大成功。一个重要亮点是 Temu 在美国和欧洲的强劲消费者接受度。</p>
<p>由于其一流的增长，拼多多控股是值得获得溢价倍数的中国零售股票之一。以 11 倍的前瞻收益计算，PDD 股票是一个不言而喻的买入选择。更重要的是，PEG 非通用会计准则倍数为 0.50，进一步证明这是一个被低估的增长股票。</p>
<p><em>在本文发布之日，Charles Munyi 没有持有（直接或间接）本文提到的证券中的任何头寸。本文中表达的观点属于作者个人，受到 InvestorPlace.com 的发布准则约束。</em></p>
<p>Charles Munyi 在多个行业拥有丰富的写作经验，包括个人理财、保险、科技、财富管理和股票投资。他为多家金融网站撰写过文章，包括 Benzinga、The Balance 和 Investopedia。</p>
<p>电子商务、消费者耗费品、零售</p>
<p>低估股票</p>

阿里巴巴

京东-SW

阿里巴巴-WR

京东

阿里巴巴-W

拼多多

<p>随着消费支出的增加，中国零售股成为亮点。中国高电子商务渗透率和折扣股价有助于提升潜力。建议考虑阿里巴巴、京东和拼多多控股</p>

<p>The Chinese consumer is finally returning to spending, albeit at a slower-than-expected rate. Eventually, once economic confidence is restored, consumers will increase their spending. Green shoots are emerging, making it an opportune time to buy Chinese retail stocks.</p>
<div class="lb-trans"><p>中国消费者最终开始增加消费，尽管增速低于预期。最终，一旦经济信心恢复，消费者将增加他们的消费。绿色新芽正在出现，现在是购买中国零售股票的绝佳时机。</p>
</div><p>There are two primary reasons for upside. First, China has one of the highest e-commerce penetration worldwide, with an online shopping penetration rate of 83.8%. Due to the high penetration rate, Chinese retail stocks are some of the largest online retailers globally. Furthermore, these retailers are leveraging China’s manufacturing strength to participate in cross-border trade.</p>
<div class="lb-trans"><p>上涨的主要原因有两个。首先，中国拥有全球最高的电子商务渗透率之一，网购渗透率达到 83.8%。由于高渗透率，中国零售股票是全球最大的在线零售商之一。此外，这些零售商正在利用中国的制造实力参与跨境贸易。</p>
</div><p>Secondly, Chinese retail stocks are trading at significant discounts to their developed market peers. While <strong>Amazon</strong> (NASDAQ:<strong>AMZN</strong>) has a forward price-to-earnings multiple of 42, these Chinese players are at single-digit and low-teens forward P/E multiples.</p>
<div class="lb-trans"><p>其次，中国零售股票的交易价格显著低于发达市场同行。虽然 <strong>亚马逊</strong>（纳斯达克：<strong>AMZN</strong>）的前瞻市盈率为 42 倍，但这些中国企业的前瞻市盈率为个位数和低两位数。</p>
</div><p>Eventually, this valuation gap against developed market peers will narrow or close. If these Chinese retail stocks re-rate to similar P/E multiples as their developed world peers, they will easily double from current levels.</p>
<div class="lb-trans"><p>最终，与发达市场同行相比的估值差距将会缩小或消失。如果这些中国零售股票的市盈率重新调整为与发达国家同行相似的水平，它们将很容易从当前水平翻倍。</p>
</div><h2>Alibaba (BABA)</h2>
<div class="lb-trans"><h2>阿里巴巴（BABA）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: zhu difeng / Shutterstock.com</p>
<div class="lb-trans"><p>来源：zhu difeng / Shutterstock.com</p>
</div><p>Occasionally, the market offers undervalued gems with downside protection and substantial upside. As of this writing, <strong>Alibaba</strong> (NYSE:<strong>BABA</strong>) presents such an opportunity. The largest e-commerce retailer by sales is dirt cheap at nine times forward earnings.</p>
<div class="lb-trans"><p>市场偶尔会提供具有下行保护和巨大上行空间的低估宝石。截至撰写本文时，<strong>阿里巴巴</strong>（纽约证券交易所：<strong>BABA</strong>）提供了这样一个机会。作为销售额最大的电子商务零售商，其九倍的前瞻收益使其价格便宜。</p>
</div><p>Indeed, Alibaba is one of the best Chinese retail stocks to buy for upside. First, it dominates its home market, China, and key markets across Southeast Asia. Its e-commerce platforms, such as Taobao and Tmall, feature an extremely wide breadth of products. As a result, they enjoy substantial network effects that drive traffic growth.</p>
<div class="lb-trans"><p>事实上，阿里巴巴是买入上涨的最佳中国零售股票之一。首先，它主导着其母国中国以及东南亚等关键市场。其电子商务平台，如淘宝和天猫，拥有极其广泛的产品范围。因此，它们享有推动流量增长的实质网络效应。</p>
</div><p>At today’s valuation, investors are pricing Alibaba for no growth. However, the company will benefit from growing e-commerce penetration. Furthermore, the retailer is investing to drive more growth. For instance, it’s integrating AI tools on its platform to improve the recommendation engine and personalize the shopping experience.</p>
<div class="lb-trans"><p>在当前的估值下，投资者正在为零增长定价阿里巴巴。然而，该公司将受益于电子商务渗透率的增长。此外，该零售商正在投资以推动更多增长。例如，它正在在其平台上整合人工智能工具，以改进推荐引擎并个性化购物体验。</p>
</div><p>Another fundamental driver for Alibaba stock is the attractive shareholder returns. As free cash flow improves, Alibaba has returned a substantial portion to shareholders. On February 8, it announced a $25 billion buyback. Consequently, it repurchased shares worth $4.8 billion in the quarter ended March 31. The buyback activity proves that management is focused on shareholder returns going forward.</p>
<div class="lb-trans"><p>阿里巴巴股票的另一个基本推动因素是吸引人的股东回报。随着自由现金流的改善，阿里巴巴已向股东返还了大量资金。在 2 月 8 日，它宣布了 250 亿美元的回购计划。因此，它在截至 3 月 31 日的季度回购了价值 48 亿美元的股票。回购活动证明管理层将继续专注于未来的股东回报。</p>
</div><h2>JD.com (JD)</h2>
<div class="lb-trans"><h2>京东（JD）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: Michael Vi / Shutterstock.com</p>
<div class="lb-trans"><p>来源：Michael Vi / Shutterstock.com</p>
</div><p><strong>JD.com</strong> (NASDAQ:<strong>JD</strong>) is one of the top Chinese retail stocks. Unlike Alibaba, the retailer focuses more on sales of valuable goods such as electronics. By focusing on this niche, JD.com has created a lucrative segment where it’s the leader. Indeed, the company is renowned for its high-quality goods since it sells products from established suppliers and manufacturers.</p>
<div class="lb-trans"><p><strong>京东</strong>（纳斯达克：<strong>JD</strong>）是最佳中国零售股票之一。与阿里巴巴不同，该零售商更专注于销售诸如电子产品之类的有价值商品。通过专注于这一利基，京东创造了一个利润丰厚的领域，在这个领域它是领先者。事实上，该公司以销售来自知名供应商和制造商的产品而闻名。</p>
</div><p>Although sales slumped in 2022 and 2023, recent financials suggest a recovery is imminent, which could boost the stock. In Q1 2024, revenues increased by 7% year-over-year (YOY), driven by robust growth in active users. JD.com’s focus on offering the best selection, speed, quality and price combination continues to attract more customers.</p>
<div class="lb-trans"><p>尽管销售在 2022 年和 2023 年下滑，但最近的财务数据表明复苏即将到来，这可能推动股价上涨。在 2024 年第一季度，营收同比增长 7%，这是由活跃用户的强劲增长推动的。京东继续专注于提供最佳选择、速度、质量和价格组合，继续吸引更多客户。</p>
</div><p>Despite the rebound in growth, JD.com is at a rock bottom valuation. According to Seeking Alpha, it trades at a forward non-GAAP P/E multiple of 8 compared to a 5-year average of 32. The steep discount means it’s one of the best Chinese retail stocks to buy.</p>
<div class="lb-trans"><p>尽管增长出现反弹，京东的估值却处于历史低位。根据 Seeking Alpha 的数据，它的前瞻非通用会计准则市盈率为 8，而 5 年平均值为 32。这种巨大折扣意味着它是最佳的中国零售股票之一。</p>
</div><p>Moreover, management recognizes the bargain share price and has been aggressively buying back shares. From January 1 to May 15, the company bought back 98.3 million Class A ordinary shares worth $1.3 billion, about 3.1% of ordinary shares outstanding. These buybacks are accretive at these low valuations, making JD stock a buy.</p>
<div class="lb-trans"><p>此外，管理层意识到股价便宜，并一直在积极回购股票。从 1 月 1 日到 5 月 15 日，该公司回购了 9830 万股 A 类普通股，价值 13 亿美元，约占流通普通股的 3.1%。在这种低估值下，这些回购是增值的，使京东股票成为一个买入的选择。</p>
</div><h2>PDD Holdings (PDD)</h2>
<div class="lb-trans"><h2>拼多多控股（PDD）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif" alt="" original-src="https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/></p>
<p>Source: shutterstock.com/Markus Mainka</p>
<div class="lb-trans"><p>来源：shutterstock.com/Markus Mainka</p>
</div><p>Lastly, one of the best Chinese retail stocks to buy today is Temu’s parent, <strong>PDD Holdings</strong> (NASDAQ:<strong>PDD</strong>). This e-commerce retailer has the fastest growth rate due to its market share gains in China and internationally. As it continues to successfully challenge incumbents, the stock will soar.</p>
<div class="lb-trans"><p>最后，今天最值得购买的中国零售股票之一是拼多多的母公司，<strong>拼多多控股</strong>（纳斯达克：<strong>PDD</strong>）。这家电子商务零售商由于在中国和国际市场上的市场份额增长而拥有最快的增长率。随着它继续成功挑战现有企业，股价将飙升。</p>
</div><p>In Q1 2024, PDD Holdings again showed impressive execution and profited from an improving macro to achieve a 131% revenue growth. This increase was driven by online marketing and transaction services, which grew 56% and 327%, respectively.</p>
<div class="lb-trans"><p>在 2024 年第一季度，拼多多控股再次展现出令人印象深刻的执行能力，并受益于宏观环境的改善，实现了 131% 的营收增长。这一增长是由在线营销和交易服务推动的，分别增长了 56% 和 327%。</p>
</div><p>Looking forward, the retailer is investing heavily to support high-quality consumption. To this end, it’s broadening its high-quality supply and working with top brands across the globe. Furthermore, it’s investing in technology tools to reduce seller costs and attract more merchants to its platform.</p>
<div class="lb-trans"><p>展望未来，该零售商正在大力投资以支持高质量消费。为此，它正在扩大高质量供应，并与全球顶级品牌合作。此外，它正在投资技术工具，以降低卖家成本并吸引更多商家加入其平台。</p>
</div><p>PDD Holdings also sees a significant opportunity in its international business. So far, since launching its cross-border e-commerce platform in September 2022, it has enjoyed tremendous success. A key highlight has been the strong consumer adoption of Temu in the U.S. and Europe.</p>
<div class="lb-trans"><p>拼多多控股还看到其国际业务的巨大机会。自 2022 年 9 月推出跨境电子商务平台以来，迄今为止，它取得了巨大成功。一个重要亮点是 Temu 在美国和欧洲的强劲消费者接受度。</p>
</div><p>Due to its best-in-class growth, PDD Holdings is one of the Chinese retail stocks that deserves a premium multiple. At 11 times forward earnings, PDD stock is a no-brainer buy. Even better, a PEG non-GAAP multiple of 0.50 reinforces that this is an undervalued growth stock.</p>
<div class="lb-trans"><p>由于其一流的增长，拼多多控股是值得获得溢价倍数的中国零售股票之一。以 11 倍的前瞻收益计算，PDD 股票是一个不言而喻的买入选择。更重要的是，PEG 非通用会计准则倍数为 0.50，进一步证明这是一个被低估的增长股票。</p>
</div><p><em>On the date of publication, Charles Munyi did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.</em></p>
<div class="lb-trans"><p><em>在本文发布之日，Charles Munyi 没有持有（直接或间接）本文提到的证券中的任何头寸。本文中表达的观点属于作者个人，受到 InvestorPlace.com 的发布准则约束。</em></p>
</div><p>Charles Munyi has extensive writing experience in various industries, including personal finance, insurance, technology, wealth management and stock investing. He has written for a wide variety of financial websites including Benzinga, The Balance and Investopedia.</p>
<div class="lb-trans"><p>Charles Munyi 在多个行业拥有丰富的写作经验，包括个人理财、保险、科技、财富管理和股票投资。他为多家金融网站撰写过文章，包括 Benzinga、The Balance 和 Investopedia。</p>
</div><p>E-Commerce, Consumer Discretionary, Retail</p>
<div class="lb-trans"><p>电子商务、消费者耗费品、零售</p>
</div><p>Undervalued Stocks</p>
<div class="lb-trans"><p>低估股票</p>
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3 Chinese Retail Stocks That Remain a Bright Spot as China Struggles

- 中国消费者开始逐渐增加消费，尽管增速低于预期。一旦经济信心恢复，消费者将增加支出。
- 中国零售股票存在两大上涨原因：电子商务渗透率高达 83.8%，中国零售股票交易价格显著低于发达市场同行。
- 阿里巴巴（BABA）是值得买入的中国零售股票之一，以九倍前瞻收益率提供下行保护和巨大上涨潜力。

在中国经济挣扎之际，仍然表现突出的三只中国零售股票