环球市场动态

Group 1 - The report highlights that China's general public fiscal revenue decreased by 2.3% year-on-year in January-February 2024, indicating a negative growth trend, primarily due to declines in value-added tax, personal income tax, and export tax rebates [30] - The report notes that while fiscal expenditure remains high, government fund revenues have stabilized at low levels, with a significant slowdown in expenditure growth attributed to the slow issuance of special bonds [30] - The theme of fiscal policy for 2024 is characterized as "central expansion, local tightening," suggesting a potential convergence in the growth of urban investment debt, albeit with risks of weak infrastructure work volume [30] Group 2 - The report indicates that the stock market in mainland China, Hong Kong, and the Philippines performed poorly, with the Hang Seng Index and CSI 300 Index dropping by 2.16% and 1.01% respectively [20] - The report mentions that the A-share market continued its downward trend, with major indices opening lower and closing with significant declines, reflecting a broader market weakness [41] - The report also highlights that the performance of major sectors in the Hong Kong stock market was uniformly negative, with large technology and financial stocks showing particularly weak performance [38] Group 3 - The report discusses the performance of Meituan, which exceeded expectations in Q4 2023 with total revenue growth of 22.6% year-on-year, reaching 73.7 billion RMB, driven by strong growth in its delivery and in-store services [39] - The report notes that Meituan's core local business saw a decline in profit margins, primarily due to investments in live streaming and self-operated store models, indicating a competitive landscape in the food delivery market [39] - The report anticipates that Meituan will optimize its business model in 2024 to reduce losses, focusing on user experience and price premiums [39] Group 4 - The report highlights that China National Nuclear Power plans to invest a total of 121.6 billion RMB in 2024, a 52% increase year-on-year, primarily for nuclear power unit construction and renewable energy investments [42] - The report suggests that the acceleration of approvals in the nuclear sector will lead to steady investment growth, benefiting companies involved in core equipment and components related to nuclear power [42] - The report recommends focusing on companies that will benefit from increased nuclear investment and technological upgrades, such as China First Heavy Industries and China National Nuclear Power [42]