<p>中國消費者最終開始增加消費，儘管增速低於預期。最終，一旦經濟信心恢復，消費者將增加他們的消費。綠色新芽正在出現，現在是購買中國零售股票的絕佳時機。</p>
<p>上漲的主要原因有兩個。首先，中國擁有全球最高的電子商務滲透率之一，網購滲透率達到 83.8%。由於高滲透率，中國零售股票是全球最大的在線零售商之一。此外，這些零售商正在利用中國的製造實力參與跨境貿易。</p>
<p>其次，中國零售股票的交易價格顯著低於發達市場同行。雖然 <strong>亞馬遜</strong>（納斯達克：<strong>AMZN</strong>）的前瞻市盈率為 42 倍，但這些中國企業的前瞻市盈率為個位數和低兩位數。</p>
<p>最終，與發達市場同行相比的估值差距將會縮小或消失。如果這些中國零售股票的市盈率重新調整為與發達國家同行相似的水平，它們將很容易從當前水平翻倍。</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>來源：zhu difeng / Shutterstock.com</p>
<p>市場偶爾會提供具有下行保護和巨大上行空間的低估寶石。截至撰寫本文時，<strong>阿里巴巴</strong>（紐約證券交易所：<strong>BABA</strong>）提供了這樣一個機會。作為銷售額最大的電子商務零售商，其九倍的前瞻收益使其價格便宜。</p>
<p>事實上，阿里巴巴是買入上漲的最佳中國零售股票之一。首先，它主導着其母國中國以及東南亞等關鍵市場。其電子商務平台，如淘寶和天貓，擁有極其廣泛的產品範圍。因此，它們享有推動流量增長的實質網絡效應。</p>
<p>在當前的估值下，投資者正在為零增長定價阿里巴巴。然而，該公司將受益於電子商務滲透率的增長。此外，該零售商正在投資以推動更多增長。例如，它正在在其平台上整合人工智能工具，以改進推薦引擎並個性化購物體驗。</p>
<p>阿里巴巴股票的另一個基本推動因素是吸引人的股東回報。隨着自由現金流的改善，阿里巴巴已向股東返還了大量資金。在 2 月 8 日，它宣佈了 250 億美元的回購計劃。因此，它在截至 3 月 31 日的季度回購了價值 48 億美元的股票。回購活動證明管理層將繼續專注於未來的股東回報。</p>
<h2>京東（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>來源：Michael Vi / Shutterstock.com</p>
<p><strong>京東</strong>（納斯達克：<strong>JD</strong>）是最佳中國零售股票之一。與阿里巴巴不同，該零售商更專注於銷售諸如電子產品之類的有價值商品。通過專注於這一利基，京東創造了一個利潤豐厚的領域，在這個領域它是領先者。事實上，該公司以銷售來自知名供應商和製造商的產品而聞名。</p>
<p>儘管銷售在 2022 年和 2023 年下滑，但最近的財務數據表明復甦即將到來，這可能推動股價上漲。在 2024 年第一季度，營收同比增長 7%，這是由活躍用户的強勁增長推動的。京東繼續專注於提供最佳選擇、速度、質量和價格組合，繼續吸引更多客户。</p>
<p>儘管增長出現反彈，京東的估值卻處於歷史低位。根據 Seeking Alpha 的數據，它的前瞻非通用會計準則市盈率為 8，而 5 年平均值為 32。這種巨大折扣意味着它是最佳的中國零售股票之一。</p>
<p>此外，管理層意識到股價便宜，並一直在積極回購股票。從 1 月 1 日到 5 月 15 日，該公司回購了 9830 萬股 A 類普通股，價值 13 億美元，約佔流通普通股的 3.1%。在這種低估值下，這些回購是增值的，使京東股票成為一個買入的選擇。</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>來源：shutterstock.com/Markus Mainka</p>
<p>最後，今天最值得購買的中國零售股票之一是拼多多的母公司，<strong>拼多多控股</strong>（納斯達克：<strong>PDD</strong>）。這家電子商務零售商由於在中國和國際市場上的市場份額增長而擁有最快的增長率。隨着它繼續成功挑戰現有企業，股價將飆升。</p>
<p>在 2024 年第一季度，拼多多控股再次展現出令人印象深刻的執行能力，並受益於宏觀環境的改善，實現了 131% 的營收增長。這一增長是由在線營銷和交易服務推動的，分別增長了 56% 和 327%。</p>
<p>展望未來，該零售商正在大力投資以支持高質量消費。為此，它正在擴大高質量供應，並與全球頂級品牌合作。此外，它正在投資技術工具，以降低賣家成本並吸引更多商家加入其平台。</p>
<p>拼多多控股還看到其國際業務的巨大機會。自 2022 年 9 月推出跨境電子商務平台以來，迄今為止，它取得了巨大成功。一個重要亮點是 Temu 在美國和歐洲的強勁消費者接受度。</p>
<p>由於其一流的增長，拼多多控股是值得獲得溢價倍數的中國零售股票之一。以 11 倍的前瞻收益計算，PDD 股票是一個不言而喻的買入選擇。更重要的是，PEG 非通用會計準則倍數為 0.50，進一步證明這是一個被低估的增長股票。</p>
<p><em>在本文發佈之日，Charles Munyi 沒有持有（直接或間接）本文提到的證券中的任何頭寸。本文中表達的觀點屬於作者個人，受到 InvestorPlace.com 的發佈準則約束。</em></p>
<p>Charles Munyi 在多個行業擁有豐富的寫作經驗，包括個人理財、保險、科技、財富管理和股票投資。他為多家金融網站撰寫過文章，包括 Benzinga、The Balance 和 Investopedia。</p>
<p>電子商務、消費者耗費品、零售</p>
<p>低估股票</p>

阿里巴巴

京東-SW

阿里巴巴-WR

京東

阿里巴巴-W

拼多多

<p>隨着消費支出的增加，中國零售股成為亮點。中國高電子商務滲透率和折扣股價有助於提升潛力。建議考慮阿里巴巴、京東和拼多多控股</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>中國消費者最終開始增加消費，儘管增速低於預期。最終，一旦經濟信心恢復，消費者將增加他們的消費。綠色新芽正在出現，現在是購買中國零售股票的絕佳時機。</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>上漲的主要原因有兩個。首先，中國擁有全球最高的電子商務滲透率之一，網購滲透率達到 83.8%。由於高滲透率，中國零售股票是全球最大的在線零售商之一。此外，這些零售商正在利用中國的製造實力參與跨境貿易。</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，中國零售股票的交易價格顯著低於發達市場同行。雖然 <strong>亞馬遜</strong>（納斯達克：<strong>AMZN</strong>）的前瞻市盈率為 42 倍，但這些中國企業的前瞻市盈率為個位數和低兩位數。</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>最終，與發達市場同行相比的估值差距將會縮小或消失。如果這些中國零售股票的市盈率重新調整為與發達國家同行相似的水平，它們將很容易從當前水平翻倍。</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>來源：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>市場偶爾會提供具有下行保護和巨大上行空間的低估寶石。截至撰寫本文時，<strong>阿里巴巴</strong>（紐約證券交易所：<strong>BABA</strong>）提供了這樣一個機會。作為銷售額最大的電子商務零售商，其九倍的前瞻收益使其價格便宜。</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>事實上，阿里巴巴是買入上漲的最佳中國零售股票之一。首先，它主導着其母國中國以及東南亞等關鍵市場。其電子商務平台，如淘寶和天貓，擁有極其廣泛的產品範圍。因此，它們享有推動流量增長的實質網絡效應。</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>在當前的估值下，投資者正在為零增長定價阿里巴巴。然而，該公司將受益於電子商務滲透率的增長。此外，該零售商正在投資以推動更多增長。例如，它正在在其平台上整合人工智能工具，以改進推薦引擎並個性化購物體驗。</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個基本推動因素是吸引人的股東回報。隨着自由現金流的改善，阿里巴巴已向股東返還了大量資金。在 2 月 8 日，它宣佈了 250 億美元的回購計劃。因此，它在截至 3 月 31 日的季度回購了價值 48 億美元的股票。回購活動證明管理層將繼續專注於未來的股東回報。</p>
</div><h2>JD.com (JD)</h2>
<div class="lb-trans"><h2>京東（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>來源：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>京東</strong>（納斯達克：<strong>JD</strong>）是最佳中國零售股票之一。與阿里巴巴不同，該零售商更專注於銷售諸如電子產品之類的有價值商品。通過專注於這一利基，京東創造了一個利潤豐厚的領域，在這個領域它是領先者。事實上，該公司以銷售來自知名供應商和製造商的產品而聞名。</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>儘管銷售在 2022 年和 2023 年下滑，但最近的財務數據表明復甦即將到來，這可能推動股價上漲。在 2024 年第一季度，營收同比增長 7%，這是由活躍用户的強勁增長推動的。京東繼續專注於提供最佳選擇、速度、質量和價格組合，繼續吸引更多客户。</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>儘管增長出現反彈，京東的估值卻處於歷史低位。根據 Seeking Alpha 的數據，它的前瞻非通用會計準則市盈率為 8，而 5 年平均值為 32。這種巨大折扣意味着它是最佳的中國零售股票之一。</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，管理層意識到股價便宜，並一直在積極回購股票。從 1 月 1 日到 5 月 15 日，該公司回購了 9830 萬股 A 類普通股，價值 13 億美元，約佔流通普通股的 3.1%。在這種低估值下，這些回購是增值的，使京東股票成為一個買入的選擇。</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>來源：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>最後，今天最值得購買的中國零售股票之一是拼多多的母公司，<strong>拼多多控股</strong>（納斯達克：<strong>PDD</strong>）。這家電子商務零售商由於在中國和國際市場上的市場份額增長而擁有最快的增長率。隨着它繼續成功挑戰現有企業，股價將飆升。</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，拼多多控股再次展現出令人印象深刻的執行能力，並受益於宏觀環境的改善，實現了 131% 的營收增長。這一增長是由在線營銷和交易服務推動的，分別增長了 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>展望未來，該零售商正在大力投資以支持高質量消費。為此，它正在擴大高質量供應，並與全球頂級品牌合作。此外，它正在投資技術工具，以降低賣家成本並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>拼多多控股還看到其國際業務的巨大機會。自 2022 年 9 月推出跨境電子商務平台以來，迄今為止，它取得了巨大成功。一個重要亮點是 Temu 在美國和歐洲的強勁消費者接受度。</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>由於其一流的增長，拼多多控股是值得獲得溢價倍數的中國零售股票之一。以 11 倍的前瞻收益計算，PDD 股票是一個不言而喻的買入選擇。更重要的是，PEG 非通用會計準則倍數為 0.50，進一步證明這是一個被低估的增長股票。</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>在本文發佈之日，Charles Munyi 沒有持有（直接或間接）本文提到的證券中的任何頭寸。本文中表達的觀點屬於作者個人，受到 InvestorPlace.com 的發佈準則約束。</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 在多個行業擁有豐富的寫作經驗，包括個人理財、保險、科技、財富管理和股票投資。他為多家金融網站撰寫過文章，包括 Benzinga、The Balance 和 Investopedia。</p>
</div><p>E-Commerce, Consumer Discretionary, Retail</p>
<div class="lb-trans"><p>電子商務、消費者耗費品、零售</p>
</div><p>Undervalued Stocks</p>
<div class="lb-trans"><p>低估股票</p>
</div>

3 Chinese Retail Stocks That Remain a Bright Spot as China Struggles

- 中國消費者開始逐漸增加消費，儘管增速低於預期。一旦經濟信心恢復，消費者將增加支出。
- 中國零售股票存在兩大上漲原因：電子商務滲透率高達 83.8%，中國零售股票交易價格顯著低於發達市場同行。
- 阿里巴巴（BABA）是值得買入的中國零售股票之一，以九倍前瞻收益率提供下行保護和巨大上漲潛力。

在中國經濟掙扎之際，仍然表現突出的三隻中國零售股票