人民銀行 28 日在公開市場開展 3,013 億元人民幣七天期逆回購操作，操作利率 持平於 1.4%。有 3,750 億元逆回購到期，單日淨回籠 737 億元。A 股三大指數 低開高走。滬指全日收報 3,888 點，升 13 點或 0.3%，成交額 6,458 億元；深證 成指全日報 12,984 點，升 108 點或 0.9%，成交額 9,400 億元；創業板指全日收 報 3,052 點，升 21 點或 0.7%，成交額 4,567 億元。 美國感恩節假後復市，美股周五提早於下午一時收市。在減息預期升溫下，道 瓊斯工業平均指數高收 289 點或 0.6%，報 47,716 點；納斯達克指數收升 150 點 或 0.7%，報 23,365 點。標普 500 指數高收 36 點或 0.5%，報 6,849 點。 國統局公布，2025 年 11 月份內地非製造業商務活動指數為 49.5，比 10 月下降 0.6 個百分點，低於市場預期 50。11 月新訂單指數為 45.7，比 10 月下降 0.3 個 百分點，表明非製造業市場需求回落。分行業看，建築業新訂單指數為 46.1%， 比上月上升 0.2 個百分點；服務 ...

Core Viewpoint - Meituan-W (03690) has exceeded expectations in new business operating profit for Q3 this year, indicating a positive outlook for profitability recovery by 2026 as competition becomes more rationalized [1] Group 1: Financial Performance - The target price for Meituan is maintained at HKD 139 with a "Buy" rating [1] - The fourth quarter is expected to see strong growth in flash sales, with a double-digit growth forecast for in-store and travel services [1] - New business growth is projected to accelerate in Q4, with a year-on-year increase of 19% [1] Group 2: Future Projections - For 2026, core local business revenue is expected to grow by 12% year-on-year, with operating profit reaching RMB 18 billion [1] - New business revenue is anticipated to increase by 18% year-on-year in 2026 [1]

Core Viewpoint - Meituan-W (03690) has exceeded expectations in operating profit for new businesses in Q3 2023, indicating a positive outlook for profitability recovery by 2026 as competition becomes more rationalized [1] Group 1: Financial Performance - The operating profit for new businesses in Q3 2023 surpassed expectations [1] - The forecast for Q4 2023 includes strong growth in flash sales and double-digit growth in the dining and travel sectors [1] - New business growth is expected to accelerate in Q4 2023, with a year-on-year increase of 19% [1] Group 2: Future Projections - For 2026, core local business revenue is projected to grow by 12% year-on-year, with operating profit reaching 18 billion RMB [1] - New business revenue is anticipated to increase by 18% year-on-year in 2026 [1] Group 3: Investment Rating - The target price for Meituan is maintained at 139 HKD with an "Accumulate" rating [1]

Market Overview - The Hong Kong stock market opened higher on December 1, with the Hang Seng Index reporting 25,945.87 points, an increase of 86.98 points, or 0.34% [1] - The Hang Seng Technology Index also opened higher, reporting 5,617.67 points, with a gain of 0.33% [4] Company News - The Shenzhen Stock Exchange announced an adjustment to the Hong Kong Stock Connect securities list effective December 1, 2025, due to the end of the price stabilization period for Sirus (HK09927) and its A-share listing being active for 10 trading days [3] - Sirus opened over 4% higher today, reaching 120.90 HKD, with a gain of 5.13% [3] Sector Performance - The Hong Kong metals sector showed strong performance, with China Silver Group rising over 12%, Jiangxi Copper gaining over 8%, and other companies like China Nonferrous Mining and Minmetals Resources increasing over 6% [6] - Gold stocks also saw collective gains, with Zijin Mining and China Gold International rising over 5% [6] Strategic Insights - Huatai Securities indicated that the market is nearing a "bad news fully priced in" state, suggesting limited downside potential. They recommend focusing on sectors with improving fundamentals, particularly consumer goods and stable earnings in the pharmaceutical and internet sectors post-Q3 reports [9] - CITIC Securities believes that any short-term market declines could present better buying opportunities, advising a strategy focused on positioning for the year-end market [9] - Industrial and technological advancements are expected to remain priorities in China's high-quality transformation, with a focus on AI and domestic computing power industries benefiting from the "self-reliance in technology" narrative [10]

人民财讯12月1日电，近日，58同城与美的集团（000333）达成战略合作，双方将基于共同的市场愿景 与资源优势，围绕业务拓展选址、智慧楼宇智慧商办建设以及生态协同等方向展开深度合作，携手推动 中国智慧商办市场的发展。 ...

Core Insights - Meituan reported a revenue of 95.5 billion RMB for Q3 2025, a 2% year-on-year increase, but faced a core local business operating loss of 14.1 billion RMB due to intensified competition [1][2][3] - The company emphasized prioritizing market scale, user engagement, and long-term competitiveness over short-term profits [1][3] Financial Performance - Revenue for Q3 2025 was 95.5 billion RMB, with a breakdown of core local business revenue at 67.4 billion RMB, including delivery service revenue of 23.0 billion RMB, commission revenue of 26.4 billion RMB, and online marketing service revenue of 14.2 billion RMB [2][4] - The operating loss for the core local business was 14.1 billion RMB, attributed to increased direct subsidies in the food delivery sector to counter irrational competition [3][4] User Engagement and Market Position - The number of transaction users on the platform exceeded 800 million in the past 12 months, with daily active users (DAU) growing over 20% year-on-year [1][5] - Meituan maintained a leading position in the mid-to-high price order market, capturing over 70% of orders above 30 RMB [5] New Business Growth - New business segment revenue grew by 15.9% year-on-year to 28 billion RMB, although operating losses increased by 24.5% to 1.3 billion RMB [6] - The company is expanding its international presence, with Keeta achieving profitability in Hong Kong and entering new markets in the Middle East and Brazil [6][7] Technological Advancements - Meituan is advancing its AI initiatives, launching tailored AI tools for restaurant businesses and a smart assistant app for users, aimed at enhancing operational efficiency and user experience [9] - The company plans to continue its "retail + technology" strategy to meet user needs and drive sustainable industry growth [9]

Global Market Overview - The S&P 500 Shiller PE ratio has risen to 40.42, approaching the historical peak of 44.19 from December 1999, indicating high valuation levels in the U.S. stock market [1][12][18] - The recent rebound in U.S. markets follows a significant decline, with the Nasdaq index PE ratio increasing to 41.79, and the TAMAMA technology index PE rising to 36.9, suggesting ongoing valuation pressures in tech stocks [1][12][18] - European markets are expected to experience volatility due to high price-to-book ratios and weak economic conditions, with major indices like DAX and CAC40 likely to remain range-bound [1][12][18] U.S. Market Performance - The S&P 500, Dow Jones, and Nasdaq indices all saw gains of 3.73%, 4.91%, and 3.18% respectively over the past week, reflecting a broad market recovery [2][12][18] - Within the S&P 500, the communications services sector had the highest weekly gain at 5.88%, while the energy sector had the smallest increase at 0.99% [12][18] - Notable stocks in the S&P 500 included Kohl's, Nektar Therapeutics, and Broadcom, with weekly gains of 56.52%, 20.14%, and 18.45% respectively [16][18] Hong Kong Market Performance - The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Chinese Enterprises Index all increased by 2.53%, 2.36%, and 0.85% respectively, indicating a recovery in the Hong Kong market [24][30] - The Hang Seng Technology Index rose by 3.77%, with the materials sector showing the largest gain at 4.28% while the energy sector declined by 0.7% [27][30] - Key performers in the Hang Seng Index included Sands China, Xiaomi, and Meituan, with increases of 11.17%, 7.72%, and 7.27% respectively [29][30] Economic Data Insights - In November 2025, the Eurozone industrial confidence index was reported at -9.3, down from -8.5, indicating a decline in economic sentiment [2][43] - The U.S. core PPI year-on-year growth remained stable at 2.9%, while core retail sales month-on-month growth decreased to 0.27% from 0.6% [37][39] - Japan's unemployment rate held steady at 2.6%, but the industrial production index year-on-year growth fell to 1.49% from 3.76% [39][41]

Market Overview - On November 28, the Hang Seng Index fell by 0.34%, closing at 25,858.89 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 2.727 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 60.238 billion, with a net buy of HKD 2.727 billion [1][3] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 37.898 billion, with a net buy of HKD 0.933 billion; in the Shenzhen Stock Connect, the trading volume was HKD 22.339 billion, with a net buy of HKD 1.794 billion [1][3] - The most actively traded stock in the Shanghai Stock Connect was Alibaba-W, with a trading volume of HKD 4.408 billion and a net buy of HKD 0.800 billion, closing up by 0.60% [1][2] - Tencent Holdings and Pop Mart were also among the top traded stocks, with trading volumes of HKD 1.528 billion and HKD 1.305 billion, respectively [1][2] Net Buy/Sell Analysis - In the Shenzhen Stock Connect, Tencent Holdings had the highest net buy amount of HKD 0.435 billion, while the stock closed flat [2] - The stock with the highest net sell amount was SMIC, with a net sell of HKD 0.162 billion, while its stock price increased by 0.66% [2]

Core Viewpoint - Meituan's CEO Wang Xing emphasized that the ongoing price war in the food delivery industry is unsustainable and does not create value, asserting that the current irrational competition is temporary [3]. Group 1: Financial Performance - Meituan reported a steady recovery in its market share for food delivery orders, maintaining a leading position in the mid-to-high price order market, with over 66% share in orders above 15 yuan and over 70% in orders above 30 yuan [3]. - The retention of core users remains high, with increasing consumer frequency and loyalty [3]. Group 2: Business Development - The Keeta business in Hong Kong achieved profitability in October, reaching this milestone 29 months after launch, ahead of the initial three-year target [5]. - Meituan expects losses from new business segments to not exceed those of 2025 [5]. - The company is focusing on instant retail, leveraging its platform for high conversion rates and incremental sales, with plans to enhance user education during major marketing events [5]. Group 3: Operational Strategy - Meituan aims to maintain its advantages in supply chain, user reach, and fulfillment, with a focus on achieving reasonable and sustainable profit margins in the medium to long term [6]. - The company is enhancing its AI capabilities, with ongoing improvements to its internal language model [6].

Core Insights - Meituan's CEO Wang Xing emphasized that the recent price war in the food delivery sector is unsustainable and does not create value for the industry, asserting that the current irrational competition is temporary [1] - Meituan has seen a steady recovery in its market share for food delivery orders, maintaining a leading position in the mid-to-high price order market, with over 66% share in orders above 15 yuan and over 70% in orders above 30 yuan [1] - The company reported that its core user retention remains high, with increasing user consumption frequency and stickiness [1] Overseas Business Development - Meituan's Keeta business in Hong Kong achieved profitability in October, reaching this milestone 29 months after its launch, ahead of the previously set three-year target [3] - The company views Keeta and grocery retail as significant growth opportunities, with expectations that losses in the new business segment will not exceed those projected for 2025 [3] Instant Retail Business - Meituan claims a clear advantage in instant retail, providing high conversion rates and incremental sales for merchants [4] - The company has solidified its market share among core user groups and plans to continue investing in supply-side operations to enhance user experience [4] - Meituan aims to educate users about the additional value it offers during major marketing events like Double 11, while maintaining confidence in its supply chain and fulfillment capabilities for sustainable profitability [4] AI Business Development - In the third quarter, Meituan continued to iterate on its core dimensions and further trained its internal large language model, enhancing its AI capabilities [4]