Community ecommerce connects online traffic to neighborhood infrastructure (retail stores/pick-up points/mini warehouses) with better fulfillment efficiency than existing e-comm, and increases online supply at lower prices through supply chain restructuring. Community e-comm used to focus on online grocery penetration, but with the increasingly tough e-comm market outlook, large Internet platforms have started to cross-sell more categories by leveraging highfrequency grocery transactions, lifting total addressable market (TAM) and monetization opportunity to achieve profit earlier. We think the market underappreciates this potential, as represented in the low valuations of both pureplays (P/GMV) and large platforms (implied in SOTP), which provide good headroom for re-rating once the continuous growth and/or loss-cutting unfolds next year. We prefer exposure via large platforms or their subsidiaries, with Dada as our top-pick followed by Meituan/PDD. We’re more selective on independent players, and believe the inexplicably big valuation gap offers a pairtrade opportunity to long MissFresh (initiate with OW)/Dada versus short DDL (initiate at non-consensus UW) in the next 3-6 months after DDL’s lockup expires.