【光大研究每日速递】20260320

Group 1: Macro Insights - The recent FOMC meeting decided to pause interest rate cuts, aligning with market expectations, highlighting a more optimistic view on inflation, suggesting that the recent energy supply shock is likely a one-time event [5] - Concerns about potential stagflation were raised, with the Fed increasing its PCE inflation forecast, noting that the absolute level of new job creation is too low, posing risks [5] - Powell's comments on his future at the Fed depend on whether the new chairman, Waller, can receive timely Senate confirmation and whether the Trump administration will conclude its investigations [5] Group 2: Geely Automobile (0175.HK) - In 2025, Geely's total revenue increased by 25.1% year-on-year to 345.23 billion RMB, slightly below the forecast of 353.07 billion RMB [6] - The gross margin remained stable at 16.6%, while net profit attributable to shareholders rose by 0.2% to 16.85 billion RMB, below the forecast of 17.74 billion RMB [6] - Core net profit attributable to shareholders saw a significant increase of 36% year-on-year, reaching 14.41 billion RMB [6] Group 3: Haitian International (1882.HK) - Haitian International reported a revenue of 17.73 billion RMB for 2025, reflecting a year-on-year growth of 10.0% [6] - The net profit attributable to shareholders was 3.30 billion RMB, marking a year-on-year increase of 7.2%, with earnings per share at 2.07 RMB [6] - The company's overall gross margin was 32.7%, up by 0.2 percentage points year-on-year, while the net margin decreased by 0.5 percentage points to 18.6% [6]