2026年"双11"大促已在各平台启动。华泰证券认为今年有三项核心变化：一是大促周期由普遍延长转向分化，多数成熟头部平台缩短活动周期，新兴平台则有所延长，淘宝天猫、快手保留预售；二是官方直降仍是主流，通用满减逐步退出，平台依托自身优势通过主题活动与分层会员权益承接不同消费需求；三是AI应用延伸至更多消费决策与商家运营环节，从智能问答走向智能托管、从单点提效走向全链路协同，如淘宝天猫通义AI导购、京东AI Pay与京麦AI经营中心、抖音豆包购物功能。平台竞争正由促销时长与价格力度转向品牌供给、用户服务能力与商家运营效率的全方位比拼。
The 2026 'Double 11' shopping festival has kicked off across platforms. Based on each platform's event schedule, we identify three core changes this year: 1) Event durations have shifted from broad-based extension to divergence - most established leaders are shortening their campaigns, while most emerging platforms are extending theirs. 2) Direct official discounts remain the norm, while universal tiered-threshold discounts are being phased out; platforms are leveraging their own strengths to capture different consumer demand through themed events and tiered member benefits. 3) AI applications are reaching more stages of consumer decision-making and merchant operations. We think that platform competition is extending beyond promotional duration and price intensity towards an all-round contest over brand supply, user service capability and merchant operational efficiency. We suggest watching Alibaba (BABA US/9988 HK), which has well-established AI deployment and whose e-commerce profit