招银国际每日投资策略-20250516

Company Analysis - Alibaba (BABA US) reported total revenue of 236.5 billion RMB for 4QFY25, a year-on-year increase of 6.6%, aligning with expectations [2] - Adjusted EBITA reached 32.6 billion RMB, up 36% year-on-year, driven by improved profitability across all business segments [2] - The company is optimistic about the Taobao Group's steady profit growth in 1QFY26, supported by increased commission rates and healthy GMV growth [2] - Alibaba's cloud and AI sectors are identified as key strategic growth areas for the coming years [2] - NetEase (NTES US) reported a total revenue of 28.8 billion RMB for 1Q25, reflecting a year-on-year growth of 7%, which met market expectations [7] - Operating profit increased by 37% to 10.4 billion RMB, exceeding market expectations by 25%, primarily due to effective control of operating expenses [7] - The gaming segment showed a 12% year-on-year revenue growth, surpassing market forecasts, indicating a recovery in growth momentum [7] - Beike (BEKE US) achieved a revenue of 23.3 billion RMB in 1Q25, a 42% year-on-year increase, outperforming market expectations [7] - The company reported a significant increase in transaction volumes for both existing and new homes, with respective year-on-year growth of 28% and 53% [7] - However, concerns arose from the company's cautious guidance for 2Q25, projecting a revenue of approximately 26 billion RMB, representing a 12% year-on-year increase [7] - Geely Automobile (175 HK) reported a net profit of 5.7 billion RMB for 1Q25, in line with previous profit forecasts [8] - The company achieved a 25% year-on-year revenue growth, with a notable improvement in cost control reflected in a 12% decrease in selling and administrative expenses [9] - Geely's overall performance is bolstered by the strong profitability of its Zeekr brand, which achieved a historical high gross margin of 21.2% in 1Q25 [9] Market Overview - The Hang Seng Index closed at 23,641, up 2.30% for the day and 38.68% year-to-date [4] - The Hang Seng Tech Index rose by 2.13%, reflecting a year-to-date increase of 42.97% [4] - The Shanghai Composite Index increased by 0.86%, with a year-to-date growth of 14.42% [4] - The US markets showed mixed results, with the Dow Jones down 0.21% and the S&P 500 up 0.10% [6]