MEITUAN(HK:03690) Guodu Securities Hongkong·2025-05-14 02:15Market Overview - The Hong Kong stock market has shown a lack of direction following the initial positive response to the temporary tariff reduction agreement between China and the US, with the Hang Seng Index experiencing a decline of over 400 points [2][3] - The Hang Seng Index closed at 23,108, down 441 points or 1.9%, while the National Index fell by 2% to 8,386, and the Tech Index dropped by 3.3% to 5,269 [3] Macro & Industry Dynamics - UBS has downgraded its outlook on the US stock market from "bullish" to "neutral," citing that the market has already priced in too many trade-related concerns, with the S&P 500 index rising 11% since April 10 [6] - UBS expects that the recent tariff negotiations will lead to an upward revision of China's economic growth forecast from 4% and a reduction in the trade war's drag on growth from 2 percentage points to approximately 1 percentage point [6][7] - Nomura has upgraded its rating on Chinese stocks to "tactical overweight," indicating that the recent tariff agreement will support positive risk sentiment in Asian markets and enhance the attractiveness of Chinese stocks [8] Company News - Meituan's subsidiary, Keeta, plans to enter the Brazilian market with an investment of $1 billion (approximately 7.8 billion HKD) over the next five years, aiming to enhance consumer experience and create job opportunities [10] - Nissin Foods reported a 6.71% year-on-year decrease in net profit for the first quarter, with a profit of 110 million HKD, despite a revenue increase of 11.31% to 1.072 billion HKD [11] - Shengye announced a placement of up to 17.48 million new shares at a discount of 6.91% to raise approximately 210 million HKD, which will be used to accelerate the expansion of its platform technology services [12]