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 for January-February 2024, indicating a negative growth trend influenced by VAT, personal income tax, and export tax rebates [7] - The report notes that while fiscal spending remains high, driven by the issuance of government bonds for infrastructure projects, there is a slowdown in government fund revenue growth [7] - 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 weaker infrastructure work volume [7] Group 2 - The report discusses the performance of major stock indices, noting that the A-share market experienced a decline, with the Shanghai Composite Index closing at 3,048.03 points, down 0.95% [26] - It mentions that the Hang Seng Index and the Hang Seng Tech Index also saw significant declines, with the former dropping 2.16% [24] - The report indicates that the U.S. stock market showed mixed results, with the Dow Jones down 0.77% and the Nasdaq up 0.16%, reflecting varied sector performances [13] Group 3 - The report emphasizes the resilience of Huazhu Group's operations during the off-season, with Q4 2023 revenue exceeding expectations, growing by 50.7% year-on-year to 5.585 billion yuan [23] - It highlights that Meituan's core local business saw a profit margin decline of 2.1 percentage points, attributed to investments in live streaming and self-operated models [25] - The report notes that ZTO Express achieved a net profit increase of 28.5% to 8.75 billion yuan in 2023, aligning with previous expectations, and plans to enhance shareholder returns through increased dividends [25] Group 4 - The report indicates that China Nuclear Power plans to invest 121.6 billion yuan in 2024, a 52% year-on-year increase, primarily for nuclear power unit construction and renewable energy investments [27] - It suggests that the acceleration of approvals in the nuclear sector could lead to steady investment growth, benefiting related equipment and component manufacturers [27] - The report recommends focusing on companies that will benefit from increased nuclear investment and technological upgrades, such as China First Heavy Industries and China Nuclear Power [27]