【Today's Headlines】
Implementation Details for the Scrapping and Replacement of Old Operating Trucks in 2025 Issued
The General Office of the Ministry of Transport, the General Office of the National Development and Reform Commission, the General Office of the Ministry of Public Security, the General Office of the Ministry of Finance, and the General Office of the Ministry of Commerce have issued the implementation details for the scrapping and replacement of old operating trucks in 2025. The funding for the scrapping and replacement of old operating trucks will generally be shared between the central and local governments at a ratio of 9:1. The central government's share for the eastern, central, and western regions will be 85%, 90%, and 95%, respectively. Provincial-level finances will allocate matching funds proportionally based on the distribution of central funds, and the funding sharing method below the provincial level will be determined by provincial finances. The subsidy period for the scrapping and replacement of old operating trucks and the new purchase of new energy urban cold chain delivery trucks will be from January 1, 2025, to December 31, 2025. The scrapping and replacement of old operating trucks will implement differentiated subsidy standards based on the type of scrapped vehicles, the time of early scrapping, and the power type of newly purchased vehicles, with specific standards executed according to the &#34;Notice on the Implementation of the Scrapping and Replacement of Old Operating Trucks&#34; issued by the Ministry of Transport, the National Development and Reform Commission, and the Ministry of Finance.
Support for the scrapping and replacement of operating trucks meeting National III and National IV emission standards, accelerating the update of a batch of high-standard low-emission operating trucks. For the early scrapping of old operating trucks, early scrapping and updating to purchase National VI emission standard trucks or new energy trucks, and only newly purchasing qualified new energy trucks, differentiated subsidy standards will be implemented based on the type of scrapped vehicles, the time of early scrapping, and the power type of newly purchased vehicles.
【Market Outlook】
U.S. Stock Indices Decline, Gold Rises to Historic Highs
Overnight, the Dow Jones Industrial Average fell by 260.32 points, a decrease of 0.62%, closing at 41,581.31 points; the Nasdaq Composite dropped by 304.55 points, a decline of 1.71%, closing at 17,504.12 points; the S&amp;P 500 index fell by 60.46 points, a decrease of 1.07%, closing at 5,614.66 points. Tesla (TSLA.US) fell by 5.3%, NVIDIA (NVDA.US) dropped by 3.4%, and Apple (AAPL.US) decreased by 0.6%. The Nasdaq Golden Dragon China Index closed down 0.18%, with Alibaba (BABA.US) falling by 3.2%, Tencent Music (TME.US) rising over 15%, and XPeng (XPEV.US) dropping nearly 8%. The Hang Seng Index ADR fell, closing at 24,675.52, down 65.05 points or 0.26% from the Hong Kong close.
Israel launched large-scale airstrikes on the Gaza Strip, causing gold prices to rise to historic highs. Spot gold rose over 1%, reaching a peak of $3,038.36 per ounce. COMEX gold futures increased by over 1.1%, peaking at $3,047.5 per ounce, both hitting historic highs.
【Hot Topics Ahead】
Fed Observers: Balance Sheet Reduction Likely to Change
Wall Street's view on the Federal Reserve's balance sheet reduction has changed again, with many banks and researchers now believing that the Fed is likely to further slow down or pause this initiative at this week's policy meeting. It is expected that the Fed's interest rate policy will not change this week, but there are signs that Fed officials are increasingly concerned that reducing bond holdings under quantitative tightening may trigger issues in the money market, while the Treasury faces constraints in managing government finances under the federal debt ceiling
Evercore ISI analysts stated: &#34;We believe the Federal Reserve will choose to slow the pace of balance sheet reduction, and it may announce this change at the March meeting to get ahead of the potentially complex interest rate meetings in May and June.&#34;
Civil Aviation Administration of China: In the first two months, the total transportation turnover and passenger transportation volume increased by 10.5% and 5.5% year-on-year, respectively
According to news from the Civil Aviation Administration on March 18, the civil aviation industry achieved a stable start in transportation production at the beginning of 2025, with major transportation production indicators showing year-on-year growth. From January to February, the total transportation turnover reached 25.7 billion ton-kilometers, passenger transportation volume reached 130 million person-times, and cargo and mail transportation volume reached 1.426 million tons, representing year-on-year increases of 10.5%, 5.5%, and 9.8%, respectively, with the international passenger market size exceeding the pre-pandemic level for the same period.
Fuyao Glass (03606) plans to increase investment in its wholly-owned subsidiary Fuyao USA by $400 million
According to Zhitong Finance APP, Fuyao Glass (03606) announced that the company has established a wholly-owned subsidiary, Fuyao Glass USA LLC, and a wholly-owned subsidiary, Fuyao Glass Illinois LLC, in the United States. To meet the demand for automotive-grade high-quality float glass at the automotive glass production base in the U.S., ensure the safety of raw material supply, reduce production costs, further improve the industrial chain, and leverage synergies, the company plans to use its own funds and/or legally raised funds to increase investment in its wholly-owned subsidiary Fuyao USA by $400 million (or equivalent in euros, RMB, and other currencies) for additional investment in Fuyao Illinois, which will be used to invest in the construction of an automotive-grade float glass production line project.
Fuyao Glass announced its 2024 performance, achieving consolidated revenue of approximately RMB 39.252 billion, an increase of 18.37% compared to the same period last year; achieving pre-tax profit of approximately RMB 8.99 billion, an increase of 33.87% year-on-year; achieving annual profit attributable to the company's owners of approximately RMB 7.497 billion, an increase of 33.20% year-on-year; achieving earnings per share of RMB 2.87, with a cash dividend of RMB 1.80 per share (including tax).
Beijing's new land king emerges with China Overseas Land &amp; Investment (00688) winning the Haidian Shucun plot for 7.5 billion
The land parcel HD00-0705-0035-1 in Shucun, Haidian District, Beijing, was successfully sold today, with a planned construction area of 73,299.74 square meters and a starting price of 5.864 billion yuan. A total of 10 real estate companies, including China State Construction, Yuexiu, Shoukai, Jianfa, China Resources + China Merchants, Haikai, China Overseas, Jinmao, Poly, and Greentown, participated in the bidding. Ultimately, China Overseas Land &amp; Investment won the plot for 7.502 billion yuan, with a floor price of 102,300 yuan/square meter and a premium rate of 27.93%, setting a new record for floor prices in Beijing and becoming the new land king in Beijing.
CK Hutchison and Cheung Kong will not hold a full-year performance press conference
CK Hutchison and Cheung Kong will hold a board meeting this Thursday to review the full-year performance for the year ending 2024 and the distribution of the final dividend. CK Hutchison and Cheung Kong stated that they will not hold a performance-related press conference this year. Cheung Kong also indicated that it will not hold a separate analyst meeting. CK Hutchison will not hold an analyst meeting when announcing this year's performance
China Eastern Group (00581) Issues Earnings Upgrade, Expected Annual Net Profit Not Less Than 200 Million Yuan, Turning Losses into Profits Year-on-Year
According to Zhitong Finance APP, China Eastern Group (00581) announced that the group expects to achieve a net profit of not less than RMB 200 million for the year ending December 31, 2024. Compared to the net loss of approximately RMB 196 million for the year ending December 31, 2023, this marks a significant improvement in the group's performance for the relevant year and a major shift from net loss to net profit.
Minyin Capital (01141) Issues Earnings Upgrade, Expected Consolidated Net Profit of Approximately 45 Million to 55 Million Hong Kong Dollars, Turning Losses into Profits Year-on-Year
According to Zhitong Finance APP, Minyin Capital (01141) announced that the group expects to achieve a consolidated net profit of approximately HKD 45 million to HKD 55 million for the year ending December 31, 2024 (last year: consolidated net loss of HKD 572 million).
Beike-W (02423) Releases Annual Results, Net Profit Attributable to Ordinary Shareholders is 4.065 Billion Yuan, Down 30.91% Year-on-Year
According to Zhitong Finance APP, Beike-W (02423) released its fourth quarter and annual results for 2024. In the fourth quarter of 2024, the group achieved total net revenue of RMB 31.125 billion, an increase of 54.05% year-on-year; net profit attributable to ordinary shareholders of the company was RMB 570 million, a decrease of 14.88% year-on-year; basic earnings per share were RMB 0.17.
XPeng Motors-W (09868) 2024 Net Loss Narrows 44.19% Year-on-Year to 5.79 Billion Yuan, Gross Margin Increases to 14.3%
According to Zhitong Finance APP, XPeng Motors-W (09868) announced its fourth quarter results for 2024, with total revenue of RMB 16.11 billion, a quarterly increase of 59.4% and a year-on-year increase of 23.4%. The quarterly gross margin was 14.4%, an increase of 8.2 percentage points compared to the same period in 2023. The quarterly automotive gross margin was 10.0%, an increase of 5.9 percentage points compared to the same period in 2023. The net loss attributable to ordinary shareholders of XPeng Motors was RMB 1.33 billion, compared to RMB 1.35 billion in the same period of 2023, and RMB 1.81 billion in the third quarter of 2024.
China Unicom (00762) Releases Annual Results, Shareholder Profit Reaches 20.6 Billion Yuan, Up 10.1% Year-on-Year, Final Dividend of 0.1562 Yuan per Share
According to Zhitong Finance APP, China Unicom (00762) released its annual results for 2024, with steady growth in operating revenue, reaching RMB 389.6 billion, an increase of 4.6% year-on-year; profit attributable to equity holders of the company reached RMB 20.6 billion, an increase of 10.1% year-on-year; earnings per share were RMB 0.67, with a proposed final dividend of RMB 0.1562 per share.
China Aircraft Leasing (01848) Releases Annual Results, Profit Attributable to Shareholders is 258 Million Hong Kong Dollars, Up 809.9% Year-on-Year
Zhitong Finance APP news, China Aircraft Leasing (01848) announced its annual results for the year ending December 31, 2024, with total revenue of HKD 5.204 billion, an increase of 9.2% year-on-year; profit attributable to shareholders of HKD 258 million, an increase of 809.9% year-on-year; basic earnings per share of HKD 0.346; and a proposed final dividend of HKD 0.18 per share.
Tencent Music - SW (01698) released annual results with profit attributable to shareholders of RMB 6.644 billion, an increase of 35.04% year-on-year
Zhitong Finance APP news, Tencent Music - SW (01698) announced its unaudited financial results for the fourth quarter and the full year of 2024. In the fourth quarter of 2024, the group achieved revenue of RMB 7.458 billion, an increase of 8.2% year-on-year; profit attributable to shareholders of RMB 1.957 billion, an increase of 49.85% year-on-year; basic earnings per share for Class A and Class B ordinary shares of RMB 0.64; and basic earnings per American Depositary Share of RMB 1.27.
Meitu Inc. (01357) released annual results with adjusted net profit of RMB 586 million, an increase of 59.2% year-on-year
Zhitong Finance APP news, Meitu Inc. (01357) announced its annual results for 2024, with revenue of RMB 3.341 billion, an increase of 23.9% year-on-year; adjusted net profit attributable to equity holders of the parent of RMB 586 million, an increase of 59.2% year-on-year; earnings per share of RMB 0.18; and a proposed final dividend of HKD 0.0552 per share.
Yuewen Group (00772) achieved revenue of approximately RMB 8.121 billion in 2024, a year-on-year increase of 15.8%, with derivative GMV exceeding RMB 500 million
Zhitong Finance APP news, Yuewen Group (00772) announced its 2024 results, with revenue of approximately RMB 8.121 billion, a year-on-year increase of 15.8%; gross profit of approximately RMB 3.922 billion, a year-on-year increase of 16.3%; loss attributable to equity holders of the company of approximately RMB 209 million, turning from profit to loss year-on-year; profit attributable to equity holders of the company under non-IFRS of approximately RMB 1.142 billion, a year-on-year increase of 1%; basic loss per share of RMB 0.21.
ZTO Express - W (02057) released annual results with net profit of RMB 8.888 billion, a year-on-year increase of 1.5%, with parcel business and cost optimization progressing together
Zhitong Finance APP news, ZTO Express - W (02057) announced its results for the fourth quarter and the full year of 2024. In the fourth quarter of 2024, revenue was RMB 12.92 billion, a year-on-year increase of 21.7%; net profit of RMB 2.447 billion, a year-on-year increase of 10.7%; basic net earnings per American Depositary Share of RMB 2.97.
Dongyue Group (00189) issued a profit warning, expecting profit attributable to shareholders to increase by over 14% for the year 2024
Zhitong Finance APP news, Dongyue Group (00189) announced that compared to the year ending December 31, 2023, it expects the profit attributable to equity holders of the company for the year ending December 31, 2024, to increase by over 14%; and the profit for the year to increase by over 60%, with basic and diluted earnings per share increasing by over 43%
Chow Tai Fook Enterprises (00659) plans to spend approximately HKD 1.025 billion to acquire certain equity stakes in uSmart Inlet Group Ltd to expand into the financial services sector
According to Zhitong Finance APP, Chow Tai Fook Enterprises (00659) announced that on March 18, 2025 (after trading hours), its indirectly wholly-owned subsidiary Valiant Voice Limited intends to acquire certain shares of uSmart Inlet Group Ltd from Intelligent Enterprises and Yu Zhikai, as well as certain shares from Mr. Zhou Dawei, Sinowise, and Country Magic. The total consideration for these acquisitions will be approximately USD 132 million (equivalent to about HKD 1.025 billion), to be funded from the group's internal resources.
【Stock Highlights】
Xiaomi Group-W (01810) reports impressive financial data for 2024, with adjusted net profit reaching a historic high of RMB 27.2345 billion, a year-on-year increase of 41.3%
According to Zhitong Finance APP, Xiaomi Group-W (01810) announced its fourth-quarter results for 2024, with revenue of approximately RMB 109.005 billion, a year-on-year increase of 48.8%; gross profit of approximately RMB 22.455 billion, a year-on-year increase of 43.8%; and adjusted net profit of approximately RMB 8.316 billion, a year-on-year increase of 69.4%.
The financial report shows that in 2024, Xiaomi's revenue from IoT and lifestyle consumer products exceeded RMB 100 billion for the first time, reaching RMB 104.1 billion, a year-on-year increase of 30.0%; the number of IoT devices connected to the Xiaomi AIoT platform surpassed 900 million, a year-on-year increase of 22.3%. In 2024, Xiaomi's R&amp;D expenditure reached RMB 24.1 billion, a year-on-year increase of 25.9%, with a total of 21,190 R&amp;D personnel.
Xiaomi Group announced that according to third-party data, in 2024, the shipment volume of our high-end smartphones in mainland China accounted for 23.3% of the total smartphone shipment volume, an increase of 3.0 percentage points year-on-year. According to third-party data, in 2024, the market share of smartphones priced between RMB 4,000 and 5,000 in mainland China ranked first, reaching 24.3%, an increase of 0.2 percentage points year-on-year; the market share of smartphones priced between RMB 5,000 and 6,000 in mainland China reached 9.7%, an increase of 1.3 percentage points year-on-year.
In 2024, both internet service revenue and gross margin reached historic highs, with revenue reaching RMB 34.1 billion, a year-on-year increase of 13.3%, and gross margin reaching 76.6%, an increase of 2.5 percentage points year-on-year. In the fourth quarter of 2024, internet service revenue was RMB 9.3 billion, a year-on-year increase of 18.5%, setting a new historical high, with a gross margin of 76.5%, an increase of 0.8 percentage points year-on-year.
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Nvidia will release its first quarter report for fiscal year 2026 ending April 27, 2025. 

According to analysts surveyed by FactSet, Nvidia's first-quarter revenue is expected to increase 66% year-on-year to $43.3 billion; adjusted earnings per share will increase 44% year-on-year to $0.88. The growth rate of revenue and profits has slowed significantly compared with the same period last year. In the same period last year, Nvidia's revenue increased by 262% year-on-year, and its adjusted earnings per share increased by 461% year-on-year.

Nvidia will release its first quarter report for fiscal year 2026 ending April 27, 2025. According to analysts surveyed by FactSet, Nvidia's first-quarter revenue is expected to increase 66% year-on-year to $43.3 billion; adjusted earnings per share will increase 44% year-on-year to $0.88. The growth rate of revenue and profits has slowed significantly compared with the same period last year. In the same period last year, Nvidia's revenue increased by 262% year-on-year, and its adjusted earnings per share increased by 461% year-on-year.

NVIDIA Financial Results for Q4 Fiscal 2025

Alibaba  earnings 

TSLA

NVDA

AAPL

The implementation details for the scrapping and updating of old operating trucks in 2025 have been released, with funding shared by the central and local governments according to a 9:1 principle. The subsidy period is from January 1, 2025, to December 31, 2025, supporting the scrapping and updating of trucks that meet the National III and National IV emission standards. The three major U.S. stock indices fell, and gold prices reached an all-time high. The Dow Jones Industrial Average fell by 260.32 points, the Nasdaq fell by 304.55 points, and the S&P 500 index fell by 60.46 points. The stock prices of Tesla, NVIDIA, and Apple all declined

- The Ministry of Transport and other agencies have issued guidelines for the scrapping and replacement of old operating trucks in 2025, with funding shared between central and local governments.  
- The guidelines include differentiated subsidy standards based on vehicle type and early scrapping, supporting the replacement of high-standard, low-emission trucks.  
- In financial markets, U.S. stock indices fell while gold prices reached historic highs amid geopolitical tensions, and analysts expect the Federal Reserve to slow its balance sheet reduction.

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Zhitong Hong Kong Stock Early Knowledge | Implementation Details for the Scrapping and Updating of Old Operating Trucks in 2025 Issued, Gold Hits All-Time High