电商出清期：回归商业本质方能穿越周期

派特尔电商2025-12-10

对懂周期的投资者来说，行业真正的转折信号从不在明朗数据里，而藏在供需失衡的细微裂痕与市场结构的悄然重构中。如今，曾被奉为 “流量永动机” 的电商行业，正用一份份 “增收不增利” 的财报，宣告黄金增长时代落幕 —— 京东利润缩水、拼多多增速降至个位数，小红书、B 站等新玩家纷纷入局，表面热闹的背后，电商行业已正式迈入出清期。供需失衡下的行业变局行业周期的核心始终是供需关系，电商的转折也源于此。需求侧...

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