【光大研究每日速递】20250528

Group 1: Real Estate Sector - The public fund's holdings in the real estate sector are significantly underweight, with a total market value of approximately 54.84 billion yuan, accounting for about 0.17% of net value and 0.79% of stock investment value, which is underweight by approximately 0.49 percentage points compared to the standard industry allocation [3] Group 2: Beike-W (2423.HK) - Beike, originally founded as Beijing Lianjia in 2001, has evolved into the largest real estate transaction and service platform in China, launching its "one body and three wings" strategy in 2023 to transform from a traditional real estate service platform to a comprehensive living service provider [4] Group 3: Lenovo Group (0992.HK) - For FY2025, Lenovo reported revenues of 69.077 billion USD, a year-on-year increase of 21%, with non-PC revenue accounting for nearly 47% of total revenue, up by approximately 5 percentage points year-on-year; the net profit attributable to shareholders was 1.384 billion USD, up 37% year-on-year [5] Group 4: Tmall (6110.HK) - Tmall's FY2025 revenue and net profit attributable to shareholders decreased by 6.6% and 41.9% respectively, with a payout ratio of 135%; the company plans to focus on improving operational efficiency and cost reduction in FY2026 amid external uncertainties [6] Group 5: Miniso (9896.HK) - In Q1 2025, Miniso achieved revenue of 4.427 billion yuan, an increase of 18.9% year-on-year, but net profit decreased by 28.9%; adjusted net profit was 5.87 billion yuan, down 4.8% [7] Group 6: Lao Bai Xing (603883.SH) - Lao Bai Xing is focusing on integrating its digital intelligence system and exploring diversification for its second growth curve, while optimizing store layout and steadily developing its franchise business [8]