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Today's Key News Review | Dolphin Research

0327 Focus of Changqiao Dolphin:

🐬 Macro/Industry

1. According to the data from the National Bureau of Statistics, the total profit of industrial enterprises above designated size in China decreased by 22.9% year-on-year to RMB 8.872 billion in the first two months of this year. The decline in industrial enterprise profits was caused by factors such as incomplete recovery of market demand, expansion of PPI due to the impact of technology, etc. Among them, the decline in profits in the consumer goods manufacturing industry has narrowed, and the benefits have shown a positive change; profits in new kinetic energy industries have increased rapidly.

🐬 Individual Stocks

1. Baidu.US

Baidu Intelligent Cloud was originally scheduled to hold a new product launch conference today, releasing a series of cloud services and application products related to "Wenxin Yiyan". Later, there were market rumors that the conference had been cancelled and it would be postponed for a few days before being released to the public. Baidu's share price fell more than 4% in early trading. Later, Baidu Intelligent Cloud clarified that the conference had not been cancelled, but was changed to a closed-door communication meeting for the first batch of invited test enterprises. Baidu's share price rebounded slightly in the afternoon.

2. Alibaba.US

At noon today, netizens revealed that Jack Ma, the founder of Alibaba who had previously been to Japan, Thailand, and other places, had now appeared in Hangzhou. Alibaba's share price rose nearly 5% at noon. Later, the news came out that Jack Ma had visited the Yun Gu School in Hangzhou and discussed the future of education with the principal, mentioning that "ChatGPT and similar technologies are just the beginning of the AI era. We should use artificial intelligence to solve problems, rather than being controlled by artificial intelligence."

3. Meituan-W.HK

Meituan announced its financial report last Friday, and its share price fell more than 6% this morning. The dolphin had published an analysis last Friday: the revenue exceeded market expectations, and the gross profit margin was average. What is more noteworthy is that the offline delivery and transaction-based business - takeaway is still doing well, but the information distribution business - local life can already be seen as facing fierce competition. For detailed analysis and telephone conference summaries, please refer to "[Meituan: Wang's efficiency is still reliable, but it is no longer a 'one-size-fits-all shield'] (https://longportapp.cn/en/topics/4475464)", and "[Meituan: Confidence in the face of competition? (4Q22 telephone conference summary)] (https://longportapp.cn/en/topics/4477202)".

4. Xiaomi Group-W.HK

In the fourth quarter, Xiaomi's total revenue was RMB 66 billion, a year-on-year decrease of 22.8%, which is in line with market expectations. The mainly reason for the decline is the drag from the mobile phone and IoT hardware business, and the core operating profit has been "negative", with losses at the management level. The dolphin believes that Xiaomi's current performance has begun to bottom out, and the clearance of inventory has already begun to reflect in the financial report. The rebound in performance thereafter will mainly depend on the recovery of downstream demand. For specific analysis and telephone conferences, please refer to "[Xiaomi: Falling into the valley, when will it be able to stand up] (https://longportapp.cn/en/topics/4476715)" and "[Inventory clearance is effective, demand recovery is still to come (Xiaomi 22Q4 telephone conference)] (https://longportapp.cn/en/topics/4479123)". 5. $Hyatt Hotels.USuazhu Group-S.HK$

Huazhu Group released its financial report tonight. Dolphin will provide interpretation and analysis. Stay tuned.

🐬 Leading Sectors

SH/SZ: Financial software and services, audio electronics manufacturing, medical support services.

HK: Other medical equipment, business support services, home decoration and retail.

US: Software distribution, utilities, energy utilities.

🐬 Focus Tomorrow

1. Nongfu Spring and BYD will release their financial reports. Dolphin will provide interpretation and analysis. Stay tuned.

⚠️ In the above text, the companies covered by Dolphin's research are highlighted in red. You can search for "Dolphin Investment Research" on the Longbridge App ( click here to download ) and enter the homepage to search for the corresponding company name and access the entire research collection for the company (including company performance summaries from past meetings).

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