Zhejiang Securities: Differentiated traffic+reduced commission rate+streamlined channel hierarchy. Temu may affect Amazon's leading position. According to a research report released by the social service team of Zhejiang Securities, a fully managed platform represented by Temu directly controls the source of goods, grafting on the advantages of the main station's supply chain, management, and operation, making investment and exposure more efficient. Overseas warehouses and shipping logistics reduce the difficulty of fulfilling contracts, and the cost side enjoys China's complete supply chain and engineer dividends, The core is higher efficiency and stronger scale advantage. The trend of increasing overseas online penetration rate is increasing, and countries such as Europe and America have strong consumption capabilities. Under the high customer orders, commission rates, and channel markup levels of Amazon (AMZN. US), Temu has obvious differentiation advantages and is expected to make better than expected profits.