Core Viewpoint - BYD's profitability is driven by a combination of increased sales volume, cost reduction through scale effects and supply chain integration, and strategic pricing in the competitive automotive market [1][3][10]. Financial Performance - In 2024, BYD achieved a revenue of 777.1 billion yuan, a year-on-year increase of 29%, and a net profit of 40.25 billion yuan, up 34% from the previous year [1][9]. - The automotive business maintained a gross margin of 21.02%, which is higher than competitors like Li Auto (19.8%) and Xpeng (14.3%) [5][6]. Pricing Strategy - The average selling price of BYD vehicles decreased to 144,500 yuan in 2024, down approximately 15,000 yuan from 2023 [3]. - BYD has engaged in aggressive pricing strategies, including launching models at significantly lower prices, which has influenced the entire industry [3][8]. Cost Management - BYD's scale effect allowed it to reduce costs significantly, achieving a global sales volume of 4.27 million vehicles, a 41% increase year-on-year [6][10]. - The company emphasizes vertical integration in its supply chain, producing a majority of critical components in-house, which enhances its bargaining power and reduces costs [7][10]. R&D Investment - BYD's R&D expenditure reached 54.16 billion yuan in 2024, a 36% increase, significantly exceeding its net profit [10][11]. - The company has consistently invested more in R&D than its net profits over the years, with a cumulative investment exceeding 180 billion yuan [10][12]. Product Development and Market Position - BYD has launched several advanced technologies, including the fifth-generation DM and high-level intelligent driving systems, contributing to its competitive edge in electric and smart vehicle markets [12]. - The company aims to enhance its product matrix with new models and improve its pricing power in the high-end segment [8][12]. Future Outlook - BYD's sales target for 2023 is set at 5.5 million vehicles, with a significant focus on expanding its overseas market [13]. - The company anticipates that government policies promoting vehicle upgrades and the integration of artificial intelligence in automotive technology will further boost demand for its products [13].

Core Viewpoint - Mango TV has reduced the number of devices that can be used simultaneously for new subscribers, changing from 2 devices to 1 device starting from March 25, 2025 [3][4]. Group 1: Membership Changes - Mango TV has categorized membership into three levels: old members, new members, and intimate members, with new members allowed to log in on 4 devices but use only 1 device simultaneously [4]. - The intimate member accounts allow sharing with friends and family, providing a one-stop entertainment experience, with each main account able to create sub-accounts that have independent login credentials and viewing histories [4]. - Existing old members who subscribed before March 25, 2025, will retain their rights to log in on 4 devices and use 2 devices simultaneously [4]. Group 2: Financial Performance - As of the end of last year, Mango TV had 73.31 million effective members, with annual membership revenue exceeding 5 billion yuan, a year-on-year increase of over 18% [5]. - The net profit of Mango Super Media is expected to decline significantly, with projected annual operating profit between 1.666 billion yuan and 2.026 billion yuan, representing a year-on-year change of -8.41% to +11.38% [5]. - The net profit attributable to shareholders is projected to be between 1.610 billion yuan and 1.250 billion yuan, indicating a decline of 54.72% to 64.85% year-on-year [5]. Group 3: Industry Trends - Other video platforms such as iQIYI, Tencent Video, and Bilibili have also adjusted their membership device usage limits, with iQIYI allowing 2 devices for existing members but limiting new members to 1 device [6].

Core Viewpoint - The stock prices of China Merchants Bank (CMB) fell over 5% following the release of its annual report, indicating market disappointment with the bank's performance, particularly regarding its revenue and net interest margin [1][2]. Financial Performance - CMB reported operating revenue of 337.49 billion yuan, a year-on-year decrease of 0.48% [2] - The net profit attributable to shareholders was 148.39 billion yuan, reflecting a year-on-year increase of 1.22% [1] - This marks the second consecutive year of revenue decline for CMB, with expectations of continued negative pressure on revenue due to factors like bond market adjustments and loan repricing [2]. Market Reaction - The decline in stock prices was attributed to concerns over the bank's future profitability, driven by a drop in revenue and a weakening consumer confidence [1]. - The net interest margin for 2024 is projected to be 1.98%, down 17 basis points year-on-year, indicating pressure on the bank's interest income [2]. Dividend Policy - CMB announced a dividend plan for 2024, proposing a cash distribution of 50.44 billion yuan, which represents 35.32% of the net profit attributable to shareholders, slightly up from 35.01% in 2023 [3]. - The bank also plans to implement a mid-term dividend for the first time since its listing, scheduled for early 2026 [3]. Valuation Context - As of March 26, CMB was the only bank among 42 listed A-share banks with a price-to-book ratio greater than 1, while 98% of the others were trading below their book value [3]. - CMB's stock has seen a cumulative increase of 52.04% in 2024, with a year-to-date rise of 14.73%, ranking it first among A-share listed banks [3]. Industry Outlook - Analysts emphasize the need for banks to improve their fundamentals, including business transformation and expansion of intermediary services, to enhance market confidence and overall valuation [5].

此次率先发起动议的是反对泰国王室的泰国第一大政党、最大的反对党人民党，随后前军政府时期 的副总理巴逸领导的公民力量党加入，后者为保皇派。这是佩通坦自上台执政以来最大的危机，因此， 她本人、他信、为泰党都严阵以待。执政联盟拥有约60%的国会议员席位。 在去年当选总理之前，从来没有担任过公职、没有执政经验的佩通坦表示，拥有丰富从政经验的父 亲准备好为她提供建议。23年过去，他信依然保持着对泰国政坛的巨大影响力，以农民为主的平民阶层 继续支持他信家族。 他信共有3个子女，佩通坦是最小的女儿。佩通坦8岁时，他信步入政坛。佩通坦在去年初演讲时表 示，从他信参政开始，政治也成为她生活的一部分。佩通坦进入泰国朱拉隆功大学学习政治学时，也是 泰国军方发动政变将他信赶下台之时。佩通坦把在朱拉隆功大学读书的经历称做自己最艰难的经历，持 续"被仇恨包围"。 泰国总理佩通坦挺过不信任动议投票，反对党指控 其父他信"摄政" 当地时间3月26日，泰国下议院就反对党集体提出的针对总理佩通坦及其政府的不信任动议进行投 票。最终在所有319张投票中，只有161票支持该动议，未获通过。 此前两天，下议院就该不信任动议进行辩论。反对党指出，执政联 ...

美的系新能源公司一喜一忧：合康新能扭亏，科陆 电子连亏四年 美的集团(000333.SZ)新能源板块两家上市公司陆续公布年报。 3月25日晚间，合康新能(300048.SZ)交出了营收47亿元，净利润1029万元的年报。其中，营收同比 大增220%，并实现扭亏为盈。 在四天前，科陆电子(002121.SZ)披露的年报显示，该公司连续第四年亏损，累计亏损17.4亿元，其 中去年亏损额为4.6亿元，相较于2023年有所收窄。 2020年和2023年，美的集团先后收购合康新能与科陆电子，将其纳入新能源板块。美的集团持有合 康新能18.69%的股权，对于科陆电子的持股比例为22.79%。 美的集团以洗衣机、冰箱等家电产品起家，目前也在培育面向工业市场的TO B业务，并将其视为 业务持续增长的引擎。新能源、智能建筑和机器人业务，均为其TO B业务的成员，2023年，美的集团 TO B业务营收占比已超过25%。 根据中关村储能产业技术联盟的统计，去年国内2小时磷酸铁锂储能系统全年中标均价0.628 元/Wh，同比下降43%。磷酸铁锂是电化学储能系统的主要技术路线。去年，科陆电子曾因为在展会上 打出"0.598(元/Wh) ...

Core Viewpoint - Ant Group has reduced its holdings in two A-share listed companies, Obsidian Technology and Yong'an Xing, to enhance capital efficiency and focus on investments in frontier technology and globalization, resulting in a total cash-out of over 775 million RMB [3]. Group 1: Ant Group's Actions - Ant Group has sold 8.822 million shares of Obsidian Technology, accounting for 2.21% of the total share capital, generating approximately 556 million RMB [3]. - After the reduction, Ant Group still holds 10% of Obsidian Technology, making it the second-largest shareholder [3]. - Ant Group's total investment return from these reductions has exceeded 775 million RMB [3]. Group 2: Obsidian Technology - Obsidian Technology focuses on 3D visual perception technology and has collaborated with Alipay in the NFC business sector [3]. - The company has reported a loss of 60.31 million RMB for the first three quarters of 2024, with a net loss of 102 million RMB after excluding non-recurring losses [3]. - As of March 26, Obsidian Technology's stock price was 56.68 RMB, reflecting a decrease of 1.72% [4]. Group 3: Yong'an Xing - Ant Group transferred its 6% stake in Yong'an Xing for 219 million RMB, reducing its holding from 7.86% to 1.43% [4]. - Yong'an Xing is known as the "first A-share shared bicycle stock" and is expected to report a net loss of between 55 million and 80 million RMB for 2024, with a reduction in losses compared to the previous year [5]. - As of March 26, Yong'an Xing's stock price was 18.7 RMB, down 6.22% [5].

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减 少占比小幅下跌。 （文章来源：界面新闻） 2025年3月26日，新天绿能(600956.SH)发布2024年年度报告。截至2025年3月25日，共有11个机构 投资者披露持有新天绿能A股股份，合计持股量达20.90亿股，占新天绿能总股本的49.71%。其中，前 十大机构投资者包括河北建设投资集团有限责任公司、香港中央结算有限公司、新华人寿保险股份有限 公司-传统-普通保险产品-018L-CT001沪、新华人寿保险股份有限公司-传统-普通保险产品-018L-CT001 沪、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金、南方天辰(北京)投资管理有 限公司-南方天辰景晟1期私募证券投资基金、深圳市新亿圣科技股份有限公司、南方工业资产管理有限 责任公司、深圳市新亿圣科技开发有限公司、中国人寿保险股份有限公司-传统-普通保险产品-005L- CT001沪，前十大机构投资者合计持股比例达49.70%。相较于上一季度，前十大机构持股比例合计下跌 了0.10个百分点。 机构风向标 | 新天绿能(600956)2024年 ...

机构风向标 | 中海油服(601808)2024年四季度已披露 前十大机构累计持仓占比56.18% 2025年3月26日，中海油服(601808.SH)发布2024年年度报告。截至2025年3月25日，共有22个机构 投资者披露持有中海油服A股股份，合计持股量达26.87亿股，占中海油服总股本的56.31%。其中，前 十大机构投资者包括中国海洋石油集团有限公司、中国证券金融股份有限公司、香港中央结算有限公 司、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金、中国银行股份有限 公司-招商瑞文混合型证券投资基金、中信银行股份有限公司-招商优质成长混合型证券投资基金 (LOF)、中国建设银行股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基金、鹏华基金- 中国人寿保险股份有限公司-传统险-鹏华基金国寿股份成长股票传统可供出售单一资产管理计划、招商 品质发现混合A、鹏华精选成长混合A，前十大机构投资者合计持股比例达56.18%。相较于上一季度， 前十大机构持股比例合计下跌了0.71个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计7个，主要包括招商优质成长混合(LOF) ...

外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.26%。 2025年3月26日，华灿光电(300323.SZ)发布2024年年度报告。截至2025年3月25日，共有15个机构投资 者披露持有华灿光电A股股份，合计持股量达9.86亿股，占华灿光电总股本的60.77%。其中，前十大机 构投资者包括京东方科技集团股份有限公司、珠海华发科技产业集团有限公司、义乌和谐芯光股权投资 合伙企业(有限合伙)、NEW SURE LIMITED、浙江华迅投资有限公司、浙江灿融科技有限公司、香港 中央结算有限公司、招商银行股份有限公司-南方中证1000交易型、招商银行股份有限公司-南方中证 1000交易型、上海国富永钦投资合伙企业(有限合伙)，前十大机构投资者合计持股比例达60.73%。相较 于上一季度，前十大机构持股比例合计下跌了0.69个百分点。 公募基金方面，本期较上一季度新披露的公募基金共计5个，包括博时湖北新旧动能转换ETF、中信保 诚中证智能家居指数(LOF)A、1000增强ETF、财通资管中证1000指数增强A、1000ETF增强。本期较上 一季未再披露的公募基金共 ...

李在明暂时闯过"生死关"，尹锡悦弹劾案宣判进一 步推迟 在韩国总统尹锡悦弹劾案迟迟未宣判之际，尹锡悦的最大对手、在野党共同民主党党首李在明先一 步暂时解套。 3月26日，韩国首尔高等法院对李在明涉嫌违反《公职选举法》案作出二审宣判，推翻一审法院的 判决，判定李在明无罪。 这一决定暂时为李在明扫清了今后参加韩国大选的障碍。如果二审被判罪名成立，李在明将丧失国 会议员资格，无法参加韩国下届总统大选。 检方对李在明的指控涉及韩国上一次大选。检方指控李在明在2021年12月作为总统候选人接受采访 时，谎称不认识城南城市开发公社第一开发处处长金文基。李在明还否认曾与金文基一起打高尔夫。金 文基牵涉城南市的一起地产开发贪腐案，在接受调查期间死亡。涉案地产项目推进期间，李在明任城南 市市长。检方还指控李在明2021年10月接受国会审查时，就另一个房地产开发项目所涉用地规划问题作 虚假陈述。 根据韩国《公职选举法》，在竞选期间以当选为目的而进行虚假陈述的候选人将面临最高5年监 禁。 去年11月，首尔中央地方法院一审认定李在明违反《公职选举法》，判处他1年监禁，缓刑2年。这 一判决也意味着他无法参加下一次总统大选，李在明随后向 ...