微信和淘宝广告流量直连对阿里和腾讯来说具有重要意义。这种直连可以实现两个平台之间的无缝对接，使得广告主能够更加高效地投放广告，提升广告效果。同时，这也为阿里和腾讯带来了更多的广告收入，增强了它们在广告市场的竞争力。 对于广告主来说，微信和淘宝广告流量直连意味着他们可以更加精准地定位目标受众，提供更加个性化的广告内容。这样一来，广告主能够更好地吸引用户的注意力，提高广告的点击率和转化率。 对于阿里和腾讯来说，微信和淘宝广告流量直连意味着它们能够更好地整合资源，提供更加全面的广告解决方案。这样一来，它们能够吸引更多的广告主，增加广告投放量，进一步扩大市场份额。 总之，微信和淘宝广告流量直连对阿里和腾讯来说是一项重要的战略举措，能够带来更多的广告收入和市场份额，提升竞争力。同时，对广告主来说，这也是一个机会，能够更好地实现精准投放，提高广告效果。

On September 25th, the "Alimama UD X Tencent Advertising" deep cooperation exchange meeting was successfully held in Shanghai. At the meeting, both parties announced that their cooperation will be further deepened, achieving comprehensive direct connection between WeChat and Taobao advertising traffic, and launching the "Double 11 Super Explosion Plan".

Analysts pointed out that the substantial connection between Tencent and Alibaba's ecosystems and the further deepening of their core business cooperation is a substantial step taken by both parties in the face of common competitors and the trend of interconnection, which is beneficial to the mutual benefit and win-win situation of Tencent and Alibaba.

CICC maintains its revenue and profit forecasts for Tencent and Alibaba, reiterating its "outperform" rating and target price of HKD 475 for Tencent, and maintaining its "outperform" rating and target price of HKD 137 for Alibaba-SW.

Tencent Advertising is expected to expand

For Tencent, the further deepening of cooperation with Alibaba not only allows them to obtain a larger share of the advertising budget on e-commerce platforms, but also improves the core indicators such as conversion rate of Tencent's products in the e-commerce industry. The share acquisition is expected to extend from e-commerce platforms to merchants, achieving a larger scale of business growth.

During the 3-year cooperative ecosystem construction between Tencent Advertising and Alimama UD, Tencent Advertising's consumption growth rate increased by 278% and the number of merchants grew by 358%.

It can be seen that Tencent is continuously driving the growth of advertising revenue. Firstly, they are good at leveraging the product leverage of WeChat, further exploring the ecological and commercial value of WeChat through features such as Video Accounts and Mini Programs. Secondly, they actively open up new opportunities by seeking incremental growth in previously weaker industries, with e-commerce being a typical example. Thirdly, they seize the wave of technological progress. With the release of the Hybrid Assistant large model, AI is expected to further integrate into Tencent's advertising business, achieving further efficiency improvement and driving continuous growth of the advertising business.

Alibaba opens up traffic space

The full opening of advertising traffic on WeChat's Video Accounts, Moments, and Mini Programs will inject new volume into the operation of Taobao merchants. For Taobao merchants, this year's Double 11 will bring opportunities for multidimensional growth in terms of expanding the scale of user assets and explosive transactions.

CICC stated that Alibaba's traffic space is opening up, and the user and merchant ecosystem is expected to grow healthily.

As an online trading platform, Alibaba naturally has a strong demand for traffic, and the lack of traffic has made Alibaba weak in dealing with competition from content platforms.

From the current perspective, traffic is the starting point of the "expand user scale and achieve positive cycle" strategy of the Taobao Group. Tencent is one of the largest traffic pools in China's Internet, with QM data showing that the MAU reached 1.05 billion in August 2023, with an average daily usage time of 91 minutes per person.

For the Taobao app, WeChat has 270 million exclusive MAU. WeChat's traffic attributes and compatibility with Taobao and Tmall are relatively superior. The deepening cooperation between Tencent and Alibaba is expected to promote the healthy growth of the platform's merchant and user ecosystem.