Core Viewpoint - Cao Cao Mobility's stock surged over 13% following the release of its interim results, reaching a new high of HKD 92.5, with a current trading price of HKD 89.7 and a transaction volume of HKD 37.95 million [1] Financial Performance - The company reported a revenue of RMB 9.456 billion for the first half of the year, representing a year-on-year increase of 53.5% [1] - Adjusted net loss was RMB 330 million, a reduction of 34% compared to the previous year [1] - Loss attributable to shareholders decreased to RMB 495 million, down 35.45% year-on-year [1] - Gross margin improved from 7.0% in the first half of 2024 to 8.4% in the first half of 2025 [1] Business Expansion - As of June 30, 2025, Cao Cao Mobility's operations expanded to 163 cities, with a total Gross Transaction Value (GTV) of RMB 11 billion, marking a year-on-year growth of 53.6% [1] - The GTV contribution from customized vehicles reached RMB 2.5 billion, reflecting a year-on-year increase of 34.7% [1] - Vehicle sales surged from 2,826 units in the first half of 2024 to 7,993 units in the first half of 2025 [1]

Report Information - Report Title: Export Throughput Maintains Resilience, Price Trends Diverge [1] - Report Date: August 25, 2025 - Analysts: Zhang Jiqiang, Wu Jing, Wu Yuhang - Contact: Li Zihao Core Viewpoints - In the third week of August, external demand showed high throughput year-on-year, but freight rates were weak with a widening decline. The real estate market had mixed performance in transactions, with new and second-hand housing sales continuing to decline year-on-year, and housing prices yet to stabilize. On the production side, the industrial freight volume was good, coal prices rose, and production maintained a differentiated resilience. In the construction industry, cement supply and demand improved marginally, while black metal supply and demand were weak. In the consumption sector, travel remained resilient, and automobile consumption increased slightly. Prices of crude oil were significantly affected by external factors, and the fundamentals restricted black metal prices, while Powell's dovish signals supported copper prices [2]. Summary by Category Consumption - Travel maintained a high level, with increases in subway ridership, congestion delay index, and flight operation rates similar to the previous year. Automobile consumption increased slightly, textile consumption recovered, and express delivery pick-up volume remained high [3]. Real Estate - Real estate transactions were differentiated. New housing transactions were basically flat, with second-tier cities leading. Second-hand housing transactions recovered, especially in Beijing, Shanghai, Shenzhen, and Chengdu. The listing price and quantity of second-hand housing both decreased, and the land premium rate increased while land transactions decreased [4][6]. Production - Freight volume remained high, and the data of operating rates were differentiated. In the power sector, coal consumption increased, hydropower decreased, and coal prices rose. In the construction industry, the funds in place increased year-on-year, cement supply and demand improved, black metal supply and demand declined, and asphalt operating rates decreased [5][13][14]. External Demand - Port throughput remained high, but freight rates declined. The cumulative cargo throughput and container throughput of ports were at a high level. The RJ/CRB index increased year-on-year, the Baltic Dry Index (BDI) decreased, and international route freight rates weakened. South Korea's exports in the first 20 days of August increased by 7.62% year-on-year, and Vietnam's exports in the first half of August increased by 15.56% year-on-year [5]. Prices - The prices of agricultural products, crude oil, and cement increased, while the prices of black metals were differentiated, and the prices of non-ferrous metals and glass decreased. The increase in crude oil prices was due to geopolitical risks and increased demand, while the differentiation of black metal prices was affected by supply and demand and policies [20][21].

Core Viewpoint - APOLLO Outing (00860.HK) announced a board meeting scheduled for August 29, 2025, to approve the interim results for the six months ending June 30, 2025, and to consider the payment of an interim dividend, if any [1] Group 1 - The board meeting will take place at the company's main office in Hong Kong [1] - The interim results to be approved will cover the period ending June 30, 2025 [1] - The consideration of an interim dividend will be part of the meeting agenda [1]

Valuation Summary - The overall PE of the A-share market is 20.5 times, positioned at the historical 86th percentile [2][3] - The PE of the Shanghai 50 Index is 11.5 times, at the historical 60th percentile [2][3] - The PE of the ChiNext Index is 36.2 times, at the historical 23rd percentile [2][3] - The PE of the Science and Technology Innovation 50 Index is 147.1 times, at the historical 100th percentile [2][3] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Building Materials, Power Equipment (Photovoltaic Equipment), National Defense and Military Industry, and Light Industry Manufacturing [2][3] - The Electronic industry has a PB valuation above the historical 85th percentile [2][3] - The Shipping and Port industry has both PE and PB valuations below the historical 15th percentile [2][3] Industry Midstream Prosperity Tracking New Energy - In the photovoltaic sector, the upstream polysilicon futures price increased by 4.1%, while downstream battery and silicon photovoltaic module prices showed weak price increases [2][3] - In the battery sector, lithium prices saw significant increases, with lithium carbonate rising by 15.9% and lithium hydroxide by 13.1% [2][3] Financial Sector - The non-performing loan ratio of commercial banks was 1.49% in Q2 2025, down by 2.2 basis points from Q1 [2][3] - The net interest margin was 1.42%, down by 1.3 basis points from Q1 [2][3] Real Estate Chain - The national commodity housing sales area decreased by 4.0% year-on-year from January to July 2025, indicating a gradual end to the previous backlog of demand [2][3] - Real estate development investment completed from January to July 2025 decreased by 12.0% year-on-year [2][3] Consumer Sector - The average price of live pigs increased by 0.4%, while the wholesale price of pork decreased by 1.8% [2][3] - Retail sales from January to July 2025 grew by 4.8% year-on-year, with July's growth rate of 3.7% falling short of expectations [2][3] Midstream Manufacturing - Manufacturing investment and narrow infrastructure investment grew by 6.2% and 3.2% year-on-year, respectively, from January to July 2025 [2][3] - The output of industrial robots increased by 32.9% year-on-year from January to July 2025 [2][3] Technology TMT - The domestic integrated circuit output grew by 10.4% year-on-year from January to July 2025 [2][3] Cyclical Industries - The price of Brent crude oil futures decreased by 0.3%, closing at $66.13 per barrel [2][3] - The price of thermal coal increased by 2.3%, closing at 698 yuan per ton [2][3]

Group 1: Autonomous Driving and AI in Pharmaceuticals - LoBo Fast Run has partnered with Lyft to provide autonomous driving services in Europe, with plans to deploy its sixth-generation autonomous vehicles in Germany and the UK by 2026, expanding to thousands of vehicles across Europe [1] - LoBo Fast Run has deployed over 1,000 autonomous vehicles in 15 cities, achieving over 170 million kilometers of safe driving and serving over 11 million users globally [1] - Crystal Technology has signed a cooperation order with DoveTree worth approximately HKD 47 billion, marking a record in the AI and new drug development sector [2][3] Group 2: Renewable Energy and Storage Solutions - Sungrow Power Supply has secured a new order to provide PowerTitan 2.0 solutions for Galp's energy storage projects in Spain and Portugal, totaling approximately 74MW/147MWh [3] - Galp is constructing five battery energy storage systems (BESS) projects, with four in Portugal totaling 60.5MW/120.4MWh, partially funded by a €100 million EU subsidy [3] Group 3: International Expansion and Retail - Zhuanzhuan Group has signed a memorandum of cooperation with Dubai Airport Free Zone to establish a regional headquarters, aiming to create a cross-border supply chain center for second-hand goods in the Middle East [4] - Lingji has opened three overseas stores and signed contracts for 18 more, expanding its presence in the US, Malaysia, and Cambodia [4] - Meituan's Keeta has launched a founding partner program in the UAE, offering strategic advantages to early restaurant and retail partners [5] Group 4: Technology and Media - Bilibili has launched an AI original voice translation feature to enhance overseas user experience, currently supporting English and aiming to expand to other languages [6][7] - The technology aims to accurately preserve original styles and match voice lengths, addressing challenges in translating specialized terms in gaming and anime [6] Group 5: Manufacturing and Investment - Sungrow Power Supply plans to build a hydrogen electrolyzer factory in Oman to support the country's green energy transition [8] - Crystal Group plans to establish a 1.5 million square meter textile factory in Egypt, leveraging local raw materials to create a high-value supply chain [9] - Tencent has co-led a $65.5 million funding round for Uzbekistan's e-commerce company Uzum, which has over 17 million monthly active users [10][11] - XGIMI Technology is planning to list in Hong Kong to enhance its international brand recognition and competitiveness [12]

Trade Overview - In the first seven months of 2025, China's total trade value with the United States was 2.42 trillion yuan, a decrease of 11.1% [1] - ASEAN became China's largest trading partner with a total trade value of 4.29 trillion yuan, an increase of 9.4% [1] - The EU ranked as the second-largest trading partner with a trade value of 3.35 trillion yuan, growing by 3.9% [1] Import and Export Statistics - China's total goods trade import and export value reached 25.7 trillion yuan in the first seven months of 2025, a year-on-year increase of 3.5% [2] - Exports amounted to 15.31 trillion yuan, growing by 7.3%, while imports were 10.39 trillion yuan, down by 1.6% [2] - In July 2025, the total trade value was 3.91 trillion yuan, reflecting a growth of 6.7% [2] Robotics Industry Growth - The revenue of China's robotics industry increased by 27.8% year-on-year in the first half of 2025 [4] - Industrial and service robot production grew by 35.6% and 25.5% respectively, maintaining China's position as the largest industrial robot application market globally for 12 consecutive years [4] E-commerce and User Growth - Temu's monthly active users in Southeast Asia surpassed 22 million, with significant growth in the Philippines and Thailand [4] - Temu is rapidly approaching Shein's user base of 24 million, despite registration restrictions in Indonesia and Vietnam [4] Strategic Partnerships - Roborace announced a strategic partnership with Lyft to provide autonomous driving services in Europe, with plans to deploy their sixth-generation vehicles in Germany and the UK by 2026 [5] International Expansion of Brands - Heytea's overseas store count has increased more than sixfold in the past year, now exceeding 100 locations globally [6] - The brand has expanded into eight countries, including the US, with significant growth in the American market from 2 to over 30 stores [6] Summer Product Sales - Taobao reported a surge in cross-border sales of summer products, with portable fans, sunshades, and sunglasses being the most popular items, exceeding one million units sold in two months [8] - The cooling product category saw a 77% year-on-year increase in GMV, with ice cream machines experiencing a remarkable growth rate of 95% [9] E-commerce Financial Performance - Mercado Libre reported a net revenue of $6.8 billion for Q2, a 34% year-on-year increase, exceeding analyst expectations [10] - Wayfair's Q2 revenue reached $3.27 billion, a 5% increase year-on-year, marking the highest growth rate since 2021 [11] - Zibuyu expects a mid-term net profit growth of 10% to 20%, with revenues projected between 1.9 billion to 2.047 billion yuan, reflecting a 30% to 40% increase [12]

Core Viewpoint - The competition in the Brazilian food delivery market is intensifying as Meituan and Didi both aim to capture market share from the dominant local player, iFood, with Meituan planning a significant investment of $1 billion to establish its service, Keeta, in Brazil [4][16][22]. Market Opportunity - The Brazilian food delivery market is valued at $12 billion and is the fifth largest globally, growing at a rate of 20% annually [6]. - A survey indicated that 40% of Brazilians have used food delivery services, with the percentage rising to 51% among the 15 to 28 age group [6]. - The emergence of "ghost kitchens," which operate solely for delivery, is becoming a trend, with 30% of businesses adopting this model [6]. Competitive Landscape - iFood, established in 2011, is the only major player in the Brazilian market, having previously outperformed Didi's 99 Food, which struggled to gain market share [7][9]. - Didi's 99 Food had to exit the market due to operational challenges and regulatory issues but is now re-entering with a stronger foundation [10][12]. Regulatory Environment - New regulations in Brazil prohibit exclusive agreements between delivery platforms and merchants, creating a more favorable environment for new entrants like Meituan and Didi [10][12]. Strategic Moves - Meituan's CEO in Brazil, Qiao Guangyu, has a background in Didi's Latin American operations, indicating a strategic advantage in understanding the local market [11]. - Meituan has been preparing for its entry into Brazil since 2020, including trademark registration and market research [16]. Technological Edge - Meituan plans to leverage its advanced data algorithms and delivery management systems, which have been tested in other markets, to optimize operations in Brazil [17]. - The company has experience with drone delivery, which it intends to introduce in Brazil, potentially enhancing delivery efficiency [18]. Recruitment and Market Penetration - Keeta plans to hire over 1,000 employees in Brazil and will focus on food delivery, with potential future expansions into other sectors [21]. - The competition for delivery personnel will be fierce, as both Keeta and 99 Food will need to attract riders from the existing pool [19]. Future Outlook - Both Meituan and Didi aim to create "super apps" in Brazil, similar to their operations in China, with the initial focus on food delivery as a gateway to broader service offerings [22]. - The battle for market share against iFood will be critical for both companies, as they seek to establish a foothold in a lucrative and growing market [22].

Core Viewpoint - The launch of the new Taobao membership system marks a significant step for Alibaba in transitioning from an e-commerce platform to a comprehensive consumer platform, integrating various services such as food delivery, travel, and transportation [6] Group 1: Membership System Overview - The Taobao membership system is designed to cover all users and is divided into six levels: Bronze, Silver, Gold, Platinum, Diamond, and Black Diamond [1] - Users can check their membership level and corresponding benefits through the Taobao app, with levels automatically updated quarterly based on their activity [1][5] Group 2: Membership Benefits - Each membership level offers different exclusive benefits, with the Gold membership providing over 12 benefits including daily shopping red envelopes and travel perks [2] - Higher membership levels, such as Platinum and Black Diamond, offer enhanced benefits like discounts on Taobao subsidies and unlimited late check-outs on travel bookings [2] Group 3: Integration and User Engagement - Future purchases across Taobao, Ele.me, and Fliggy will earn users corresponding activity points, encouraging more frequent spending [5] - The 88VIP membership has also been upgraded, providing additional benefits that complement the new Taobao membership system [5] - The integration of e-commerce, local services, and travel signifies Alibaba's effort to create a comprehensive consumption ecosystem, enhancing user experience and engagement [6]

Core Insights - The U.S. gig economy is demonstrating strong profitability, with major platforms Uber, DoorDash, Lyft, and Airbnb collectively generating $4.2 billion in free cash flow, exceeding expectations [1][10] Group 1: Company Performance - Uber leads the industry with $2.475 billion in free cash flow, a 44% year-over-year increase, and revenue of $12.7 billion, up 18% [2][3] - DoorDash's revenue grew 25% to $3.28 billion, surpassing expectations, with a total market value of orders reaching $24.2 billion, a 23% increase [6][7] - Airbnb reported a 13% revenue increase to $3.1 billion and a net profit of $642 million, with a new $6 billion stock buyback plan announced [8][9] - Lyft's revenue of $1.59 billion was slightly below expectations, but it achieved a free cash flow of $329 million, indicating a higher profitability level than Uber [4][5] Group 2: Industry Trends - The gig economy is experiencing deep expansion, with non-employer businesses growing at an average rate of 2.7% annually from 2012 to 2023, significantly outpacing traditional employer businesses at 1.1% [11][12] - The transportation and warehousing sectors are primary drivers of this growth, with over 200,000 new non-employer businesses added between 2022 and 2023 [11] - Despite some sectors like retail contracting, non-employer businesses contribute approximately $1.8 trillion to GDP, accounting for 6.4% of the U.S. economy [12]

Core Insights - The U.S. gig economy is demonstrating strong profitability, with major platforms Uber, DoorDash, Lyft, and Airbnb collectively generating $4.2 billion in free cash flow, exceeding expectations [1] Group 1: Uber - Uber leads the gig economy with a free cash flow of $2.475 billion, a year-on-year increase of 44%, and revenue of $12.7 billion, up 18% [2] - The total bookings for Uber's ride-hailing and delivery services grew by 16% and 20%, respectively, indicating sustained growth in a competitive market [1][2] - Uber's CEO announced a $20 billion stock buyback plan and raised third-quarter booking guidance to between $48.25 billion and $49.75 billion, surpassing analyst expectations [2] Group 2: Lyft - Lyft's revenue for the quarter was $1.59 billion, slightly below expectations, but it reported a free cash flow of $329 million, which is 7% of total bookings, indicating a higher profitability level than Uber [2] - Lyft raised its booking guidance for the quarter to between $4.65 billion and $4.8 billion, significantly above the expected $4.59 billion [3] Group 3: DoorDash - DoorDash reported a revenue increase of 25% to $3.28 billion, exceeding expectations, with a total order volume growth of 20% to 761 million orders [4] - The company's market gross order value (GOV) reached $24.2 billion, up 23% year-on-year, and it is accelerating its expansion in Europe [4] Group 4: Airbnb - Airbnb's second-quarter revenue was $3.1 billion, a 13% increase, surpassing market expectations, with a net profit of $642 million, up 16% [6] - The company announced a new $6 billion stock buyback plan, reflecting confidence in its future business prospects [6] Group 5: Gig Economy Trends - The strong performance of these platforms reflects the deep expansion of the U.S. gig economy, with non-employer businesses growing at an average rate of 2.7% annually from 2012 to 2023, significantly outpacing traditional employer businesses [7] - The transportation and warehousing sectors are major drivers of this growth, with over 200,000 new non-employer businesses added between 2022 and 2023 [7]