Investment Rating - The report maintains a "Buy" recommendation for Meituan-W (3690.HK) [8] Core Insights - Meituan's core business shows robust growth, with local commerce revenue reaching 656 billion CNY, a year-on-year increase of 18.9%, and operating profit rising by 60.9% to 129 billion CNY [4][6] - The instant retail sector in China is undergoing a technological transformation, with the order volume expected to reach 482.8 billion orders in 2024, reflecting a 17.6% year-on-year growth [4] - The company is focusing on AI and autonomous delivery technologies, with a planned capital expenditure shift towards AI in 2025 [7][8] Summary by Sections Instant Retail Growth - The instant delivery industry in China is projected to exceed 1 trillion orders by 2030, maintaining an average annual growth rate of 13.1% over the next six years [4] - Autonomous delivery methods are being implemented to reduce labor costs and enhance efficiency, with successful trials of autonomous vehicles and drones in various regions [4] Core Business Performance - The local commerce segment's revenue growth is driven by synergies between food delivery, flash purchase, and in-store services, with peak daily orders reaching 98 million [4] - New business revenue increased by 23.5% to 229 billion CNY, with operating losses narrowing to 22 billion CNY, resulting in a loss rate improvement to 9.6% [6] AI Strategy - Meituan's AI strategy focuses on three core areas: internal efficiency, product intelligence upgrades, and self-developed large models [7] - The company plans to launch an AI-native product called "Life Assistant" to integrate digital services with physical consumption scenarios [7] Investment Outlook - The report suggests that Meituan is well-positioned for continued growth in the AI sector and instant retail market, making it a compelling investment opportunity [8]

比亚迪年利润超过 400 亿元，计划分给股东三成。 去年比亚迪总营收超过 7771 亿元，其中汽车及相关产品收入占 6173 亿元、同比增长超过 27%。 全年比亚迪净利润大约 402 亿元，他们计划现金分红 120 亿元左右。 特斯拉欧洲销量大幅下跌，大众 ID 系列从中受益。 据媒体援引 Dataforce 数据显示，今年前两个月，在欧洲电动车整体销量增长的情况下，特斯拉欧 洲销量同比大跌 45%，仅卖出了 2.59 万辆电动车。其中 Model Y 销量下跌 53% 至 1.48 万辆， Model 3 销量下跌 26% 至 1.08 万辆。 大众 ID 系列成为特斯拉销量大跌的受益者，欧洲销量排名前 5 的车型，大众 ID 系列就占了 3 款。其中，大众 ID.4 今年前两月的销量为 1.33 万辆，同比增长 172%，紧随 Model Y 之后销量排 名第二。大众 ID.7 以 1.13 万辆的销量位居第三，暂时超过了 Model 3。大众 ID.3 以 1.08 万辆的销 量排在第五，比去年增长了 141%。 智元机器人完成由腾讯领投的新一轮融资，腾讯领投。这轮结束后，智元机器人将以 150 亿元 ...