GDP growth expectation target is around 5%; Meituan's internal communication meeting clarifies three directions | Today's important news review

0305 ｜ Dolphin Research Key Focus:

🐬 Macroeconomics/Industry

1. At 9 a.m. today, the third session of the 14th National People's Congress opened at the Great Hall of the People. The government work report proposed the main expected goals for China's development by 2025: the expected GDP growth target for 2025 is around 5%.

2. China's Caixin Services PMI for February is 51.4, up from 51. The new export orders index for February jumped 1.8 percentage points to 50.6, returning above the line of expansion and contraction after three months.

3. U.S. President Trump delivered a speech at a joint session of Congress, outlining his comprehensive domestic and foreign policy plans, with the theme "The Rebirth of the American Dream," discussing various aspects such as auto tax incentives and the chip bill. The two most notable points: a. "We are prepared to provide tax incentives for auto loan interest payments, but on the condition that the cars are made in the U.S." b. "We should abolish the chip bill and will not provide any funding from the chip bill to chip manufacturers." As a result, U.S. auto stocks and semiconductor stocks surged in after-hours trading.

🐬 Individual Stocks

1. $XD INC(02400.HK)

Last night, XD INC announced a profit warning, expecting a net profit of approximately 860 million to 940 million yuan in 2024, turning from loss to profit year-on-year. Dolphin Research has released a commentary this morning: The performance mainly exceeded expectations on the profit side (market expectation was 700-800 million), while revenue was slightly below expectations (market expectation was around 5.3 billion), mainly benefiting from the contributions of three small hit games: "Let's Go Muffin," "Sword of Lily of the Valley," and "Heartfelt Town." However, there are also hidden dangers, as the pipeline for self-developed games is relatively lacking for the time being, with "Yise Restart Day" expected to launch this year, which may put pressure on subsequent short-term performance.

2. $LEAPMOTOR(09863.HK)

Leapmotor has signed a strategic cooperation agreement with China FAW to jointly explore cooperation in the field of new energy vehicles. The cooperation will be carried out in two dimensions: first, both parties will fully leverage their technological accumulation in R&D to jointly develop new energy passenger vehicles and collaborate on components, enhancing product competitiveness through the integration of their technologies; second, further explore the feasibility of deepening capital cooperation to achieve resource synergy across the entire industry chain3、$MEITUAN(03690.HK)

On the occasion of Meituan's 15th anniversary, CEO Wang Xing held an internal communication meeting attended by personnel at the director level and above. Wang Xing proposed the development plan for Meituan's second decade, as well as three key areas of focus for him as CEO: grocery retail, internationalization, and technology. Today, Meituan rose over 6%.

4、 Core Focus on Financial Report Interpretation and Conference Call

Sea:《 SEA: Not Falling Behind, Still "Little Tencent"》、《 Sea (Minutes): 25-Year GMV Expected to Grow by 20%》

🐬 Leading Sectors

Shanghai and Shenzhen: Cloud and Data Centers, Consumer Finance, Aluminum;

Hong Kong Stocks: Cloud and Data Centers, Hardware Storage and Peripherals, Semiconductor Manufacturers;

U.S. Stocks: Pharmaceutical Retailers, Video Games and Multimedia, Precious Metals and Minerals.

🐬 Attention for Tomorrow

1、 U.S. Trade Balance, U.S. Wholesale Sales Monthly Rate;

2、 Marvell and JD.com will release financial reports, Dolphin Research will track and provide interpretative analysis.

Risk disclosure and statement of this article: Dolphin Research Disclaimer and General Disclosure