环球市场动态

Group 1 - The report highlights a decline in China's general public fiscal revenue by 2.3% year-on-year in January-February 2024, primarily due to decreases in VAT, personal income tax, and export tax rebates, reflecting structural pressures on the economy and residents' income [2][10] - Fiscal expenditure remains high, driven by intensive issuance of government bonds, leading to double-digit growth in infrastructure-related project spending [2][10] - The theme of fiscal policy in 2024 is characterized by "central expansion, local tightening," suggesting a potential moderation in the growth of urban investment debt, although risks of weak infrastructure work volume may accompany this trend [2][10] Group 2 - The report notes that the onshore RMB fell below 7.2, causing fluctuations in A-shares and significant declines in Hong Kong stocks, while European markets showed mixed results [3][11] - The US stock market exhibited mixed performance, with the Dow and S&P 500 declining, while the Nasdaq rose, influenced by earnings reports from major companies like Nike and Lululemon [12][14] - The report indicates that the investment-grade segment of Chinese dollar bonds is stabilizing, while high-yield real estate bonds are experiencing significant declines, with Fitch downgrading Vanke to junk status [11][45] Group 3 - The report discusses the performance of Meituan, which saw a 22.6% year-on-year revenue growth in Q4 2023, driven by strong growth in its takeaway and in-store services, although the profit margin in its core local business declined by 2.1 percentage points [39] - The report emphasizes that Meituan plans to optimize its business model in 2024 to reduce losses in its Meituan Preferred segment, focusing on user experience and reducing subsidies [39] - The report also highlights that China Nuclear Power plans to invest 121.6 billion yuan in 2024, a 52% increase year-on-year, primarily for nuclear power unit construction and renewable energy investments, signaling positive growth in the nuclear sector [41]