Core Viewpoint - Geely Automobile announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Buyback Details - The company will repurchase 90,000 shares at a total cost of HKD 1.364 million [1] - The buyback price ranges from HKD 15.13 to HKD 15.22 per share [1]

Group 1 - The Hang Seng Index closed up 0.28%, while the Tech Index fell by 0.69% [1] - Tech stocks experienced a volatile session, with JD Health (06618.HK) dropping by 6.2% and Alibaba (09988.HK) declining by 2.8% [1] - Other major tech companies such as Meituan (03690.HK), JD.com (09618.HK), and NetEase (09999.HK) also saw declines of over 1% [1]

该行认为，香港公用事业板块在市场不明朗因素增加时往往更具韧性，其监管回报更具防御性甚至与通 胀挂钩。鉴于中东冲突升级，该行偏好以下投资方向，具备高收益及HALO(Heavy Assets，Low Obsolescence)("重资产、低淘汰率")主题的避险资产，此类资产在滞胀环境下亦能表现良好;对能源独立 的关注日增，可能推动可再生能源更好增长。相反，该行避开可能受天然气及煤炭成本长期高企影响的 企业。 美银证券发布研报称，将中电控股(00002)评级上调至"买入"，目标价80港元。因对其自由现金流转趋 乐观。这带动股息前景改善，2025财年业绩证明管理层在长期盈利稳健增长下，仍能将每股股息同比提 升1.6%。该行认为其4.4%的股息率在板块同业中最具吸引力。 ...

该行认为，香港公用事业板块在市场不明朗因素增加时往往更具韧性，其监管回报更具防御性甚至与通 胀挂钩。鉴于中东冲突升级，该行偏好以下投资方向，具备高收益及HALO(Heavy Assets，Low Obsolescence)("重资产、低淘汰率")主题的避险资产，此类资产在滞胀环境下亦能表现良好; 对能源独立 的关注日增，可能推动可再生能源更好增长。相反，该行避开可能受天然气及煤炭成本长期高企影响的 企业。 智通财经APP获悉，美银证券发布研报称，将中电控股(00002)评级上调至"买入"，目标价80港元。因对 其自由现金流转趋乐观。这带动股息前景改善，2025财年业绩证明管理层在长期盈利稳健增长下，仍能 将每股股息同比提升1.6%。该行认为其4.4%的股息率在板块同业中最具吸引力。 ...

后补贴时代下的外卖大战，美团和淘宝携带"有限子弹"下的攻防战。以下是一位外卖服务商 视角下的外卖战争样貌，所谓各家依靠自身最有优势的地方或攻击或防守。辗转腾挪，好不 热闹。 "反击策略还是那两项，加供给质量，保运力"，一位北方的美团外卖城市服务商跟我们讲到，3月2日， 美团区域经理跟各服务商单独开了线上宣讲会，这也可以算是美团外卖在26年开年的一种经营策略定 调。 这位服务商还提到说到，"美团现在的资金也很吃紧，后续大概率不太可能有补贴大战了"。 "美团有基层组织度，供给和运力，会导致客户的回流"。 2025年11月底，美团外卖向城市代理商们下达了抢夺市占率的KPI，之后的一个月，美团外卖的核心策 略是：主要抓新签供给，其次是运力保障。而在市场上，广为熟悉的是，美团外卖顺势推出了"一对一 急送"和签约了周杰伦作为代言人。 "一对一急送"是为了强化30元以上客单价的护城河吗？并不是，这位服务商说到，一对一急送算是探索 运力增收的手段。"高单价客户的维护，本质护城河还是供给，配送时间算是一部分，但是没那么主 要，因为现有的配送时间基本也够了"。 再延伸开来，供给的开拓则源自于美团外卖多年以来建构的地面部队。 事实 ...

Core Insights - The report from CICC highlights the challenges faced by overseas data centers, particularly the "difficulty in finding electricity," with waiting times for congested power grids in some regions of Europe and the U.S. reaching up to 7 years. This situation is influencing capital flows, with Nordic, Southern European, and emerging markets attracting attention from large developers. In the U.S. and Europe, self-supply of electricity is shifting from optional to essential in certain FLAP-D market areas, prompting exploration of various new power supply solutions. The supply-demand imbalance overseas presents an accelerated opportunity for Chinese manufacturers to expand internationally and capture high-elasticity market opportunities. The report suggests focusing on three investment directions: on-site power supply (such as gas turbines), grid equipment, and solid-state transformers (SST) [1]. Power Supply Side - On-site power supply is becoming a mainstream solution, with gas turbines expected to see a rise in both order volume and price by 2025. Leading overseas manufacturers are experiencing supply tightness, with delivery times exceeding 3 years, creating market breakthrough opportunities for Chinese manufacturers. Dongfang Electric's G50 gas turbine achieved its first export last year. Additionally, various forms such as SOFC, SMR, and geothermal systems each have unique characteristics. The combination of self-supply and grid solutions is viewed as a highly feasible direction for the future [1]. Grid Side - The global electricity cycle is witnessing a significant increase in China's transformer exports. As AIDC scales up to the hundred-megawatt level and requires dedicated substations, slow approval processes have historically hindered effective development of transmission in Europe and the U.S., leading to a supply gap in core equipment like transformers. By 2025, China's transformer export value is expected to reach a new high, with Chinese companies that possess complete industrial chains and rapid delivery capabilities likely to continue expanding their market presence [2]. Data Center Side - Solid-state transformers (SST) are expected to facilitate AIDC's integration with the power grid. SSTs can adapt to scenarios requiring coordinated computing and electricity, working alongside energy storage systems to provide auxiliary services such as peak shaving and frequency regulation. SSTs leverage power electronics technology for rapid response and active control, mitigating the impact of AI model training on the power grid. Chinese manufacturers with strong grid understanding and market channel capabilities are anticipated to stand out in this area [3]. Recommended Companies - The report recommends focusing on strong overseas-capable grid equipment companies, including: - Siyuan Electric (002028.SZ) - Igor (002922.SZ) - Mingyang Electric (301291.SZ) - Jinpan Technology (688676.SH) - Huaming Equipment (002270.SZ) - China XD Electric (601179.SH) - TBEA (600089.SH) Additionally, companies like Sifang Co. (601126.SH) and Dongfang Electric (600875.SH) are expected to see export breakthroughs [4].

消息面上，3月3日，四环医药发布公告，集团旗下非全资附属公司轩竹生物科技股份有限公司自主研发 的创新药吡洛西利片(商品名：轩悦宁®)联合芳香化酶抑制剂(AI)一线治疗激素受体阳性(HR+)、人表皮 生长因子受体2阴性(HER2-)(HR+/HER2-)晚期乳腺癌的新适应症上市申请(sNDA)，已获得中国国家药品 监督管理局(NMPA)批准上市。 这是吡洛西利继联合氟维司群、单药治疗适应症获批后，在中国获批的第三个适应症，至此吡洛西利成 为中国首个且唯一覆盖HR+/HER2-晚期乳腺癌一线、二线、后线全疗程的同类药物。吡洛西利获批适 应症扩展至HR+/HER2-晚期乳腺癌一线治疗，显著扩大了患者覆盖范围，有效提升了产品的临床价值 与药物可及性，为其后续销售规模增长提供了有力支撑。 四环医药(00460)午前涨超5%，截至发稿，涨5.19%，报1.42港元，成交额1946.91万港元。 ...

Core Insights - Bohai Bank is actively implementing its mission of "finance for the people, serving the real economy" by providing a closed-loop financial service solution for Capital Airlines, amounting to 50 million yuan [1] - The aviation industry, a crucial strategic sector of the national economy, faces significant financial challenges, including high asset operation costs and seasonal fluctuations in financing needs, particularly with fuel costs exceeding 30% of total expenses [1] Group 1 - Bohai Bank has innovatively developed a comprehensive service solution called "Aviation Fuel Certificate," which integrates domestic letters of credit and buyer's agent forfaiting, transforming the roles of airlines, banks, and China Aviation Oil Group into a collaborative ecosystem [2] - The solution allows airlines to lock in future ticket sales revenue as a repayment source, providing a 90-day deferred payment period for fuel purchases, thus alleviating short-term financial pressure [2] - The design of the solution addresses both the airlines' need for deferred payments and the fuel suppliers' need for immediate cash flow, creating a new ecosystem of shared risks and mutual benefits [2] Group 2 - The successful implementation of the "Aviation Fuel Certificate" relies on a comprehensive risk control system embedded throughout the business process, ensuring a robust financial operation [3] - Bohai Bank employs a three-way verification mechanism involving transaction contracts, fueling receipts, and ticket revenue data to ensure that financing corresponds to actual fuel consumption and transportation services [3] - The bank's new comprehensive fund management system enables online operations throughout the process, with a dedicated approval channel and a 7x12 hour agile service team, reducing the total processing time to under 24 hours [3] Group 3 - Bohai Bank plans to accelerate the replication and promotion of the "Aviation Fuel Certificate" model in key aviation hub areas and extend its service philosophy to other segments such as aircraft maintenance, material leasing, and aviation logistics [3] - The goal is to gradually build a comprehensive financial service ecosystem covering the entire aviation industry chain, providing robust and intelligent financial support for the growth of China's aviation sector [3]

Core Viewpoint - The independent listing platform of Haidilao Group, Tehai International, forecasts a significant increase in net profit for 2025 primarily driven by foreign exchange gains, while restaurant operations are expected to decline due to a proactive discount strategy [1] Financial Performance - Tehai International anticipates revenue of no less than $840 million for 2025, with net profit attributable to shareholders expected to be at least $34 million, compared to $780 million in revenue and $21.8 million in net profit for the same period in 2024 [1] - The forecasted net profit growth is largely attributed to foreign exchange gains, with expected net foreign exchange gains rising from a loss of $19.7 million in 2024 to a gain of $14 million in 2025 due to currency fluctuations [1] Restaurant Operations - The operating profit margin in the restaurant segment is expected to decline as the company implements a proactive discount strategy to maintain table turnover and customer traffic amid intense competition [1] - Despite the discount strategy, restaurant traffic and turnover rates have shown growth, with total customer traffic reaching 8.1 million in Q3 2025, a year-on-year increase of 9.5%, and the average turnover rate improving from 3.8 times per day in Q3 2024 to 3.9 times in Q3 2025 [2] Cost Pressures - Tehai International is facing ongoing cost pressures, particularly in labor, with employee costs increasing by 9.7%, 12.1%, and 7.9% year-on-year in the first three quarters of 2025 [2] Competitive Landscape - The international Chinese restaurant market is becoming increasingly fragmented, with notable competitors accelerating their overseas expansion, marking a shift from a "hotpot monopoly" to a "multi-category competition" phase [2]

Group 1 - The core point of the article is that Meituan has officially launched its spring campus recruitment for 2026, aiming to hire 6,000 graduates and offering over 3,000 internship positions for 2027 graduates across various roles and locations [1][2] - The recruitment covers ten major categories including technology, product, business analysis, operations, finance, retail, functions, marketing, design, sales, customer service, and support, with opportunities in cities like Beijing, Shanghai, Shenzhen, Chengdu, Guangzhou, Hong Kong, and Dubai [1] - Meituan has introduced three special plans in this recruitment, including the "Beidou Plan" aimed at recruiting top technology talents globally, focusing on advanced technology areas such as large model applications and autonomous driving [1] Group 2 - The "Food and Grocery Retail Management Trainee Program" has been launched to cultivate high-potential retail management talents, providing a structured and immersive training experience [2] - Management trainees will undergo a clear rotation and growth path, with opportunities to become area managers within two years and city managers or transition to other core functions within four years [2] - Meituan has established a systematic training mechanism for campus recruits, including mentorship programs and diverse job opportunities to align with individual interests and career planning [2]