文 ｜ 姜娅 陈聪 杨清朴 杜一帆 刘济玮 今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完善。近日国家税务总局发布离境退税管理 办法修订细则，三方面推动前期离境退税"即买即退"推广政策落地：①备案流程简化、时间缩短、资质放款，退税商店扩容覆 盖更广阔中小商家；②提额度+降起退点拓宽价格带场景，优质国货商品有望受益；③进一步提升退税便利度。根据我们测算 乐观假设下离境退税市场潜在空间近千亿级别，有望进一步提振消费扩大内需。建议密切关注政策效果显现，潜在受益板块包 括：传统零售板块中经营能力强、调改转型领先企业、消费基础设施和相关运营商、出行服务提供商、景区目的地。 ▍ 离境退税管理办法修订细则发布，"即买即退"推广加速落地。 4月2 6日国家税务总局发布关于修改《境外旅客购物离境退税管理办法（试行）》的公告，从推动退税商店增量扩容、丰富退 税商品供给、提升离境退税服务水平3个方面提出8条政策举措，有望推动"即买即退"推广加速落地。具体来看： 2）额度优化拓宽场景，品类明晰下优质国货受益。 额度上，单笔消费退税上限从5万元提升至1 0万元，现金退税限额从1万元 上调至2万元，起退点从同 ...

与会嘉宾展开深入探讨： 深化与升级中阿之间科技创新与产业合作 海南日报全媒体记者 王培琳 科技与创新在中阿双方合作中发挥着什么作用?未来，如何进一步深化与升级中阿之间的科技创新 与产业合作? 4月28日，在中国—阿拉伯国家合作论坛第十一届企业家大会暨第九届投资研讨会"深化科技创新 驱动产业升级"专题研讨会上，来自中阿双方的各界代表齐聚一堂，共同展开深入探讨。 阿卜杜拉·达尔马基表示，电子商务可以推动中国和阿拉伯国家之间的数字经济发展，譬如现在提 倡建立数字丝绸之路，中国目前有这样的技术可以促成中阿之间技术合作一体化。 在交通出行方面，滴滴出行政府事务副总裁陈楠表示，滴滴2021年9月已经进入埃及市场，接下来 滴滴将用AI优化埃及的交通系统，提高交通效率，降低城市整体拥堵率。 "在阿拉伯国家，我们认为中国是阿拉伯国家一个非常重要的合作伙伴，"阿卜杜勒·瓦哈卜·格尼姆 坦言，中国有很多工业城市、物流城市、人工智能中心等，中阿合作可以帮助阿拉伯国家发掘利用自身 优势，譬如光伏、太阳能等，双方也有必要通过建立产业园区的模式深化合作。 在中阿合作方面，天津泰达投资控股有限公司副总经理刘德胜介绍，由该公司投资建设的中埃· ...

Core Insights - The Qianhai Shekou Free Trade Zone has achieved significant economic growth, with foreign trade import and export value increasing from 71.2 billion to 537.98 billion yuan by 2024, averaging over 25% annual growth [1][2] - The zone has introduced 882 institutional innovation achievements, with 104 being replicated nationwide [1] - A series of key investment projects have been launched, including the Deep Hong Kong Cell Valley and the first wholly foreign-owned hospital in China [4][5] Economic Performance - The total foreign trade import and export value for 2024 is projected to reach 537.98 billion yuan, accounting for 72% of the Guangdong Free Trade Zone and nearly 6% of the entire province [2] - Cumulative actual foreign investment from April 2015 to December 2024 is 38.157 billion USD, representing 47.1% of Shenzhen's total and 16.3% of Guangdong's actual foreign investment [2] - Annual fixed asset investment has grown from 11.72 billion yuan before the establishment of the zone to 71.12 billion yuan in 2024, achieving over sixfold growth [2] Innovation and Development - The Qianhai Free Trade Account has surpassed 1 trillion yuan in cumulative transaction volume, with nearly 80% of cross-border receipts involving Hong Kong [3] - The annual container throughput at the port has increased from 9.94 million TEUs in 2015 to 15.989 million TEUs in 2024, totaling 117 million TEUs [3] - The establishment of the first cross-border data verification platform between mainland China and Hong Kong is set to enhance financial services for small and micro enterprises [3] Talent and Legal Framework - Qianhai has implemented policies to facilitate the employment of Hong Kong and Macau residents without the need for work permits, and has introduced tax incentives for high-end and scarce talents [3] - The Qianhai Court has the highest number of cases adjudicated under Hong Kong law in the country, and the Shenzhen International Arbitration Court has handled disputes totaling over 100 billion yuan for three consecutive years [3] Key Projects - The Deep Hong Kong Cell Valley project is the first practice of allowing foreign investment in human stem cells and gene diagnosis and treatment technology in Guangdong Free Trade Zone [5][6] - The Green Leaf Medical wholly foreign-owned hospital project is the first of its kind to be established following the release of the pilot program for expanding foreign investment in the hospital sector [6]

Core Viewpoint - 如祺出行's stock price has reached a new low, indicating potential market concerns about its performance and future prospects [1] Company Overview - 如祺出行 is a leading travel technology and service company in China, focusing on comprehensive travel solutions including ride-hailing and Robotaxi services [3] - The company was founded by 广汽集团 and 腾讯, with strategic support from 小马智行, enhancing its market insights and technological capabilities [3] - The company operates primarily in nine key cities, mainly in the Greater Bay Area, utilizing a "ripple model" for market expansion [3] Financial Performance - As of June 30, 2023, the registered user count for the travel service platform reached 21.6 million [3] - Revenue from travel services increased from RMB 399.7 million in 2020 to RMB 1,249.8 million in 2022, with a compound annual growth rate (CAGR) of 76.8% [3] - Total revenue rose from RMB 404.0 million in 2020 to RMB 1,368.4 million in 2022, with a CAGR of 84.0% [3] - R&D expenditure as a percentage of total revenue was 10.7% in 2020, 11.5% in 2021, 7.7% in 2022, and 6.3% for the first half of 2023 [3] Market Position and Recognition - The company achieved over 30% user penetration in the Greater Bay Area and ranked second in market share as of December 31, 2022 [3] - It was the first globally to launch a mixed operation of human-driven ride-hailing and Robotaxi services in October 2022 [3] - The company has received multiple awards for innovation and leadership in the industry, including recognition as a "new unicorn enterprise" by Forbes China in 2023 [3]

Core Viewpoint - Analysts have become optimistic about Uber due to its strong defensive capabilities and potential for robust growth supported by consumer behavior trends [3][4]. Financial Performance - Since receiving a "Strong Buy" rating, Uber's stock has outperformed the market by over 30%, indicating strong company performance [4]. - Uber's revenue and profit have been consistently rising, with record sales and accelerating growth in recent quarters [6][8]. - The company reported significant year-over-year revenue growth, with Q4 2024 revenue reaching $11.96 billion, a 20.36% increase [7]. Growth Drivers - Uber's core competitive advantages include strong network effects, solid technological execution, and the successful Uber One membership program, which has seen a 60% year-over-year increase in total members [9][10]. - Analysts expect Uber's revenue to achieve mid-to-low double-digit growth in the foreseeable future, with an average EPS growth rate of 20% over the next few years [10]. Valuation - Uber's current P/E ratio is only 3.5 times, indicating that its valuation is relatively low compared to its growth potential [11]. - The company is expected to maintain stable financial performance, which should support its stock price against market volatility [11]. - Analysts believe that paying 17 times the projected earnings for FY27 is a sound capital allocation given Uber's strong market position [13]. Conclusion - Overall, Uber appears to be undervalued, especially considering its organic growth and strong business execution [15].

Lyft(LYFT.O)：预计今年夏天在亚特兰大市中心推出自动驾驶出租车服务。 ...

Summary of Conference Call for Dida Chuxing 2024 Performance Company Overview - **Company**: Dida Chuxing - **Industry**: Ride-hailing and transportation services Key Financial Metrics - **Total Revenue**: RMB 787 million for 2024 [5] - **Net Profit**: Adjusted net profit of RMB 211 million, with a net profit margin of 26.8% [7] - **Order Amount**: Total order amount exceeded RMB 7.36 billion, with an order volume of 120 million [2] - **Service Costs**: Total service costs were RMB 220 million, a 5% increase year-on-year [5] - **Gross Profit Margin**: 72%, a decrease of 2.3 percentage points year-on-year [5] Business Model and Strategy - **Focus on Light Asset Model**: Dida Chuxing maintains a light asset model to ensure stable profitability amidst market competition [1] - **Safety Measures**: Emphasis on user safety with proactive management to reduce dangerous driving incidents and enhance safety efficiency [2] - **Product Innovation**: Introduction of differentiated services such as station-based carpooling and peer-invitation modes to improve user experience [2][4] Market Position and Future Outlook - **Expansion in Cities**: Services offered in 97 cities with strategic partnerships in 71 cities [3] - **Growth Potential in Carpooling**: Belief that the carpooling market is still in a developmental stage with untapped demand [3] - **Dynamic Pricing Strategy**: Implementation of dynamic pricing to enhance competitiveness against ride-hailing services [12] Cost Structure - **Third-party Service Costs**: Increased by 66.2% to RMB 100 million, accounting for 12.9% of total revenue due to commissions paid to platforms like Tencent and Baidu [5] - **Sales and Marketing Expenses**: Decreased by 26.8% to RMB 217 million, reflecting a cautious promotional strategy [6] - **R&D Expenses**: Increased by 14.3% to RMB 140 million, representing 17.7% of total revenue [6] Additional Insights - **User Engagement**: Strategies to enhance user engagement and loyalty through tailored services for private car owners [4] - **Environmental Impact**: Carpooling contributes to better vehicle utilization and supports national low-carbon policies [3] - **Technological Integration**: Ongoing efforts to digitize taxi services and improve operational efficiency through technology [11][12] Conclusion Dida Chuxing is navigating a competitive landscape with a focus on safety, innovation, and strategic partnerships while maintaining a strong financial position. The company is poised for growth in the carpooling segment and is adapting its pricing strategies to remain competitive in the evolving ride-hailing market.

Core Viewpoint - 如祺出行 has reported its first financial results since its IPO, showing a revenue of 2.463 billion yuan for 2024, a 14% year-on-year increase, but still incurring a net loss of 564 million yuan, although this loss has narrowed compared to the previous year [2][7][8] Financial Performance - Revenue for 2024 reached 2.463 billion yuan, marking a 14% increase from the previous year [2][7] - The net loss for 2024 was 564 million yuan, a reduction from the previous year's loss [2][7] - Cumulative net losses over four years amount to 2.569 billion yuan [8] - Gross loss for 2024 was 35.4 million yuan, a 76.5% improvement year-on-year, with a gross loss margin improving from -7% in 2023 to -1.4% in 2024 [2][9] Business Operations - The number of ride service orders reached 113 million in 2024, a 15.7% increase year-on-year [9] - Average transaction value per order decreased by 5.71% to 26.4 yuan [9] - The platform's registered users grew by 45% to 34.5 million [9] Investment and R&D - R&D expenditure for 2024 was 140 million yuan, an 18.8% increase, primarily focused on Robotaxi and operational research [10] - The company is exploring low-altitude travel services, including flying cars, to create a comprehensive smart travel platform [2][15] Market Position and Future Outlook - 如祺出行 continues to operate in a "burning money" state, similar to many other ride-hailing platforms [6] - The company aims to expand its ride-hailing and Robotaxi services internationally and improve operational efficiency [9] - The company is leveraging its operational capabilities and data services to support 广汽集团's autonomous driving research and development [11][13] Stock Market Performance - Following its IPO, 如祺出行's stock price fell over 10% on the first trading day, closing at 33.9 HKD per share [16] - As of March 28, 2025, the stock price was reported at 11.5 HKD per share, with a total market capitalization of 2.347 billion HKD [16]

★ 宏观动态 ★ 国家出台方案支持重点群体就业 国务院就业促进和劳动保护工作领导小组发布《加力重点领域、重点行业、城乡基层和中小微企业岗位挖潜扩 容支持重点群体就业创业实施方案》。根据方案，我国将从七方面推进实施岗位开发计划：挖掘先进制造等新 质生产力就业潜力，推动消费新热点转化为就业新渠道，放大重大工程项目建设就业增量，围绕保障重点民生 服务促进就业，拓宽劳动者城乡基层服务空间，提高民营企业和中小微企业就业吸引力，稳定机关事业单位和 国有企业招聘规模。从六方面加大重点群体就业创业支持：加大减负稳岗支持力度，鼓励企业更多吸纳就业， 强化自主创业政策支持，推进就业服务提质增效，开展大规模职业技能培训，切实保障劳动者合法权益。 三部门：重点培育智能家居、智能穿戴、智能骑行、智慧养老等消费端场景 工业和信息化部、教育部、市场监管总局印发轻工业数字化转型实施方案的通知。深化人工智能赋能应用。支 持家电、家具、照明等行业骨干企业，基于特定场景开展数据模型开发、应用测试验证，在智能制造、智能家 居等领域打造一批人工智能技术应用场景。鼓励行业协会、科研院所等组织推广人工智能技术场景化应用，重 点培育协同设计、智能生产、在线 ...

Core Viewpoint - Dida Chuxing, the first ride-hailing company to go public, reported a decline in both revenue and gross profit in its first annual report post-IPO, with a significant drop in stock price exceeding 70% from its issue price [3][9]. Financial Performance - In 2024, Dida Chuxing's revenue was 787 million yuan, a decrease of 3.4% from 815 million yuan in the previous year [4][9]. - The company's gross profit fell to 567 million yuan, down 6.3% year-on-year [3][4]. - Despite the decline in revenue and gross profit, net profit surged by 234.4% to 1.004 billion yuan, primarily due to significant changes in the fair value of preferred shares [3][9]. - Adjusted net profit, excluding the impact of preferred shares, was 211 million yuan, a decrease of 6.6% from 226 million yuan in the previous year [3][9]. Business Segment Analysis - The ride-hailing segment generated 754 million yuan in revenue, a decline of 2.7%, accounting for 95.7% of total revenue [4][5]. - Service costs for the ride-hailing segment increased to 207 million yuan, up approximately 20 million yuan from the previous year [4]. - Incentives for drivers and passengers were significantly reduced, totaling 38.463 million yuan compared to 67.074 million yuan in the previous year [4]. - The ride-hailing segment's profit was 508 million yuan, down 2.3% year-on-year, indicating a slower decline in profit compared to revenue [4]. Strategic Outlook - Dida's CFO indicated that the ride-hailing industry is still developing in China, with untapped market demand, and plans to collaborate with third-party platforms for growth [5]. - The company aims to expand its user base through targeted marketing strategies and explore various ride-hailing scenarios, such as employee commuting and student transportation [5]. - As of the end of 2024, Dida provided ride-hailing services in 366 cities, with 18.9 million certified private car owners, a year-on-year increase of 21.4% [5]. Marketing and Cost Management - Marketing expenses decreased by 26.8% to 17.1 million yuan, attributed to a cautious promotion strategy and more precise marketing through algorithms [6]. - The effectiveness of future marketing and promotional activities in driving user growth and revenue remains a critical point of interest [6]. Taxi Business Performance - Dida's smart taxi service revenue significantly declined to 6.154 million yuan in 2024, a drop of 45.7%, representing only 0.8% of total revenue [7][8]. - The management stated that the revenue decline was due to a strategic shift from online ride-hailing to a new integrated approach [7]. - The taxi segment is currently operating at a loss, with a gross loss of 3.098 million yuan in 2024, although this loss has narrowed compared to the previous year [8]. Market Position and Challenges - Dida's business model is heavily reliant on the ride-hailing segment, which constitutes only about 5% of the overall ride-hailing market, limiting growth potential [10][11]. - The company faces challenges in diversifying its business and developing new revenue streams to enhance its market position [11].