从市场数据供应商视角看人工智能与即时零售

EquitiesInternet Software & Services AI and quick commerce throughthe lens ofamarketdata supplier China ◆Chatbot is the most used AIapp, dominated mainly byByteDance and DeepSeek Charlene Liu*Head of Internet and Gaming Research, Asia PacificThe Hongkong and Shanghai Banking Corporation Limited,Singapore Branchcharlene.r.liu@hsbc.com.sg+65 6658 0615 ◆Meituanregained some share infood deliverymerchantactivities in September Charlotte Wei*Analyst, Internet ResearchThe Hongkong and Shanghai Banking Corporation Limitedcharlotte.wei@hsbc.com.hk+852 2996 6539 ◆Prefer Tencent and BABA for AI potential, both rated Buy We hosted a conference call withAllen Chen, CEO of QuestMobile (QM)on 27Oct2025. Peishan Wang*Analyst, Internet ResearchThe Hongkong and Shanghai Banking Corporation Limitedpeishan.wang@hsbc.com.hk+852 3941 7008 Key trends in consumer AI applications:1)Higher concentration in top players:Chatbotis going strongbutdominated byByteDance,DeepSeek and,to asmaller extent,Tencent(Ex1&2).2)Impact on traditional search:BIDU saw more inactive youngusers,possibly because of attention shift to AI-native/other social apps. But userengagement of users aged above 40wasrelatively stable, helped bymore trafficallocationto AI search. Also, despitethepopularity of AI-native apps, the daily time spentper user on these apps is still low at c10 minutes. This suggests that the impact ontraditional search/productivity apps is still limited so far.3)New emergingAIapps:Invideo generation–QM observed ByteDance’s Jimenghas more app users than Kling,butacknowledged that Kling’s efforts in professionaland overseasusers isn’t reflected inthe tracking; QM also highlighted Ant's healthcare AI assistant AQ has moved up to thetop 10 AI native apps and a few education AI apps are being embraced readily byChineseusers.4)Integrating AI into existing apps:BABA's Quark saw accelerateduser growth after integratingAI into the app, over 50% of its users have tried its various AIfunctions. Tencent’s QQ Browser has a larger user base of 400m (vsQuark’s 110m) butits AI plugin development happened later than Quark. Its AI usage penetration is on therise,but is still relatively low. Ritchie Sun*, CFAAnalyst, Internet ResearchThe Hongkong and Shanghai Banking Corporation Limitedritchie.k.h.sun@hsbc.com.hk+852 2822 4392 * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulations Quick commerce(QC)competition:1)Meituan(MT)has turned a little moreresilientpost summer,where weekly session share on merchant apps improved slightlyfrom Augustto early October, whileEleme and JD trended down a little during the sameperiod(Ex8).2)QC boosted user growth and engagement,especially for Taobao,which added 47m yoy DAU in Sep, surpassing JD’s 34m andMT’s 8m, despite it has alarger base of users to start. Even though QC growth momentum appeared to havetapered in Sep on seasonality, 227m (23% MAU) on Taobao and 110m (18% MAU) onJD still usedQC(Ex 5&6).3)Taobao’s catching up quickly in lower-tier cities:QMobservedTaobao’s merchants asa percentageofMT’s has increasedfrom 58% in Jan to72% in Oct 2025due toexpansion in lower-tier cities(Ex7). Data showsthat c64% ofEleme’s new merchants were coming from tier 3 and below cities.4)Riders’capacitysaw a slightdecline in Sep. Taobao experienced significant y-o-y growth in daily activecrowdsourcing(+80%) andpriorityriders(专送+30%) in3Q25.MT's crowdsourcingriders increased by 35% y-o-y, whileits priorityriders decreased by 6%. Bulls on the march In-store competition:MAU of Douyin Laike merchant app surpassedMT’s in 2H24.Douyin turns out to be more competitive in lower-tier citiesbymerchant coverage, whileMTis more resilient in top-tier cities (Ex12). That said, competition seems to haveintensified since March2025 when Douyin stepped up investment in top-tier cities. The 21stedition of the EM Sentiment Survey Click to view Issuer of report:The Hongkong and ShanghaiBanking Corporation Limited, Singapore Branch Disclosures & DisclaimerThis report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part ofit. View HSBC Global Investment Research at:https://www.research.hsbc.com Key charts SpeakerBackground AllenChenis a founding partner of QuestMobile and has been working as the chief executiveofficer since November2014. Prior to starting thisventure,hewas VP of sales and corporateinnovation at iResearch for 5 years. Before that,Mr Chenwas a market research expert withNielsen China for 3 years and a regional sales director with Unilever China for 2 years.Mr Chenreceived his bachelor degree of physics and economics from Peking University. Valuation and risks Disclosure appendix AnalystCertification The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s) appear(s) as author of an