UBMTUAN@EC2612B

SUPERLAND GROUP

OCT (ASIA)

GREAT WORLD

JIAODA WITHUB

CREATIVE CHINA

SMART CITY DEV

DAISHOMICROLINE

RIMBACO

SHENYANG PUBLIC

XUNCE

COST

BYTED

MET-A

MET-E

MET-F

03690

83690

HMTD

MPNGY

NFLX

00941

80941

HCMD

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0327 | Dolphin Research Focus: 🐬 Macro/Industry. Trump said on Thu, Mar 26 on social media that, at Iran's request, planned strikes on Iran's energy facilities would be pushed back 10 days to 8pm ET on Apr 6.He had earlier moved the 48-hour ultimatum issued on Mar 21 out by five days to Mar 27. Iran denied making a direct request, saying there had only been indirect information exchanges, per today's headlines.Given the current setup, a substantive agreement before Apr 6 looks unlikely. Even after the extension, military escalation could still resume, and the geopolitical risk premium has not fully cleared...

U Surges on Strong Results; META Doubles Down on AI Race | Daily News Recap

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On March 27th, Hong Kong stocks closed with all three major indices rising collectively, with the Hang Seng Index up 0.38% and the National Enterprises Index up 0.76%, showing better performance. The market continued its rebound trend but remained under pressure from previous high resistance levels. In terms of sectors, internet giants showed weak performance, while individual stocks in the catering, gold, and pharmaceutical sectors were active, with Baset Pharmaceutical-B soaring over 20%. Weak macroeconomic data kept market sentiment cautious, and risk appetite was somewhat limited

Market Heartbeat

TENCENT

MEITUAN

CSTONE PHARMA-B

LINGBAO GOLD

MENGNIU DAIRY

ZIJIN GOLD INTL

SINO BIOPHARM

Hong Kong stock market closing | Hang Seng Index rose 0.38% but failed to break the high, BYD surged 3.7%

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The Hang Seng Index closed at 24,951 points, up 95 points or 0.4%. The Hang Seng Tech Index reported 4,778 points, up 16 points or 0.3%. The total market turnover was HKD 263.081 billion. Among the actively traded heavyweights, Ping An rose by 2%, Xiaomi rose by 1.7%, and Meituan fell by 0.9%. CSPC Pharma rose over 13%, XUNCE hit a new high, and trading was active

AASTOCKS

Hang Seng Index

HUISHANG BANK

Ganfeng Lithium

CSPC PHARMA

According to the "All-Day Express," the Hang Seng Index closed at 24,951 points, up 95 points; the Hang Seng Tech Index closed at 4,778 points, up 16 points. CSPC Pharma rose over 13%, XUNCE, Ganfeng Lithium, Weisheng Holdings, Qingsong Health, and HUISHANG BANK reached new highs with active trading

CICC maintains Meituan's rating as "outperforming the industry," expecting this year's losses to narrow to 8.5 billion yuan, an improvement from the previous forecast of 9.7 billion yuan. In the fourth quarter of last year, Meituan's revenue increased by 4% year-on-year to 92.1 billion yuan, with an adjusted net loss of 15.1 billion yuan. Considering the easing competition and the company's operational efficiency, CICC has lowered its 2027 profit forecast by 8.2% to 27.5 billion yuan, setting a target price of HKD 125, corresponding to an adjusted price-to-earnings ratio of 24.6 times

Meituan

In "Major Banks," China International Capital Corporation maintains a "Outperform" rating for Meituan, expecting competition to ease and losses to narrow this year

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On March 27th, during the Hong Kong stock market, the three major indices collectively strengthened, with the Hang Seng China Enterprises Index leading with a rise of 1.14%. The catering and retail sectors performed impressively due to a rebound in consumption, with leading stocks such as Ganfeng Lithium and BYD significantly surging. Although the market is under pressure from previous highs, new economy leaders are actively traded, and investors are closely watching the upcoming macroeconomic indicators and the impact of exchange rate fluctuations

- As of March 27, Hong Kong's stock indices rose collectively, with the Hang Seng Index at 25,029.27, up 0.70%.  
- The restaurant sector experienced overall gains driven by a recovery in consumer spending, particularly with Haidilao rising 6.11%.  
- Key economic indicators such as exports and retail sales are under close observation to assess recovery strength, impacted by external factors and local policy adjustments.

GANFENGLITHIUM

HAIDILAO

CTG DUTY-FREE

POP MART

BYD COMPANY

XIAOMI-W

Hong Kong stocks intraday | Three major indices rose collectively, Ganfeng Lithium up 8.31%, the catering retail sector strong

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The short selling amount in the Hong Kong stock market reached HKD 25.02 billion in the first half of the day, accounting for 22.2% of the total shortable stock turnover of HKD 112.88 billion. The previous day was 21.6%. The main shorted stocks include: HSCEI ETF short ratio 50.4%, short amount HKD 4.89 billion; TRACKER FUND short ratio 27.2%, short amount HKD 1.88 billion; MEITUAN-W short ratio 29%, short amount HKD 1.8 billion; POP MART short ratio 22.5%, short amount HKD 0.85 billion; TENCENT short ratio 13.6%, short amount HKD 0.8 billion

HSCEI ETF

TRACKER FUND

The short selling in the Hong Kong stock market for half a day reached HKD 25.02 billion, accounting for 22.2% of the total turnover of shortable stocks

Meituan announced last year's performance, with a loss of 23.355 billion yuan, and expects to profit 35.807 billion yuan in 2024. The stock price opened down 0.6% in the morning but later rebounded 1.7% to 88.15 yuan. Goldman Sachs maintained a "Buy" rating on Meituan, with a target price of 112 yuan, believing that the losses in the takeaway business will narrow, and the core local e-commerce losses may be halved, indicating a recovery trend. The company's revenue grew by 8% year-on-year, and core local business revenue increased by 4%

The article "After the Performance" summarizes the latest ratings, target prices, and opinions from major institutions following Meituan's earnings announcement

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As of noon, the three major indices of the Hong Kong stock market rose collectively, with the Hang Seng Index approaching the 24,993-point mark and the Hang Seng Tech Index returning above 4,811 points. Market sentiment is relatively stable, with heavyweight and tech stocks resonating upward. In terms of sectors, the restaurant and retail industries performed strongly, with Haidilao leading the midday gains at 6.47%, and core assets such as Meituan and BYD leading in trading volume. Investors are closely monitoring macroeconomic data and performance guidance from core sectors, with overall market trading remaining active

- As of March 27, 2026, Hong Kong’s stock market indices showed positive movement, with the Hang Seng Index at 24,993.64, up 0.55%.  
- Notable performances included Haidilao, which rose 6.47%, reflecting recovering demand in the restaurant sector, while macroeconomic indicators are drawing investor focus.  
- The trading volume highlighted major players, including Meituan and Tencent, with respective figures of 62.41 billion HKD and 59.09 billion HKD amid mixed sector performance.

KUAISHOU-W

JD-SW

BEONE MEDICINES

BIDU-SW

TIANQI LITHIUM

LI AUTO-W

SENSETIME-W

Hong Kong Stock Midday Review | Hang Seng Index Approaches 25,000 Points, Strong Performance in Dining Retail with Haidilao Up 6.47%

Nomura maintains a "Neutral" rating on Meituan, expecting a narrowing of losses in the first quarter, but the visibility for the full year remains unclear. The report pointed out that Meituan's performance in the fourth quarter of last year was weak, with core local e-commerce revenue declining by 1% year-on-year, and an operating loss of 10 billion RMB. Management expects core local business revenue to be flat or slightly down in the first quarter, with losses narrowing by more than half quarter-on-quarter. The takeaway business strategy is shifting towards high-quality growth, with a target price maintained at HKD 107, corresponding to a 14.5 times price-to-earnings ratio for the fiscal year 2027

Nomura maintains Meituan's rating at "Neutral," expects first-quarter losses to narrow, but full-year visibility remains unclear

Bank of America Securities released a report stating that Meituan's performance in the fourth quarter of last year met expectations, with total revenue increasing by 4.1% year-on-year. Core local business revenue decreased by 1.1% year-on-year, with the decline narrowing. It is estimated that Meituan's loss from on-demand delivery orders in that quarter was RMB 14 billion, with the loss per order improving to between RMB 1.8 and RMB 1.9. Management expects the core local business loss in the first quarter to narrow to at least RMB 5 billion, maintaining a target price of HKD 106 and a rating of "Neutral."

"Big Banks" Bank of America Securities: Meituan's quarterly results meet expectations, expected to narrow CLC losses in the first quarter

Goldman Sachs report indicates that Meituan's performance in the fourth quarter of 2025 meets expectations, with the unit economics of its delivery service outperforming peers, and GTV market share maintaining at 60%. It is expected that losses will narrow in the first quarter of 2026, with core local business losses likely to be halved. The adjusted net loss for the fourth quarter of 2025 is RMB 15 billion, slightly higher than expected. Goldman Sachs maintains a "Buy" rating on Meituan, with a target price of HKD 112, confident in Meituan's leadership position in the local services market

Goldman Sachs: Confident that Meituan will maintain its leadership position in the local services sector, maintaining a target price of 112 yuan

Morgan Stanley released a report stating that Meituan's new business losses narrowed in the first quarter, with takeout and overseas business performance exceeding expectations. It is expected that core local business revenue will remain flat, with operating losses decreasing from RMB 10 billion to RMB 4.3 billion, and new business losses decreasing from RMB 4.7 billion to RMB 2.7 billion. The loss in takeout unit economics has reduced to RMB 1.3 per order. The target price is set at HKD 120, maintaining an "Overweight" rating

Morgan Stanley expects Meituan's new business losses to narrow in the first quarter, with a target price of 120 yuan, continuing to recommend "overweight."

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Citi raised the target price for Meituan to 110 yuan, upgrading the rating to "Buy/High Risk." Despite intense competition, Meituan's unit economics for its food delivery business improved in the fourth quarter of last year, and further enhancements are expected in the first quarter of this year. Citi predicts that Meituan's core local e-commerce will return to profitability in the third quarter, with losses potentially narrowing earlier in the second quarter

Amplify Online Retail ETF

Global X E-commerce ETF

ProShares Online Retail

Direxion FTSE China Bull 3X

Direxion CSI China Internet Index Bull 2X

Citi raises Meituan's target price to 110 yuan, rating upgraded to "Buy/High Risk"

Citi released a research report, lowering Meituan's target price to 120 yuan, as its fourth-quarter performance last year did not meet expectations, with total revenue increasing by 4% year-on-year to 92 billion yuan, and adjusted quarterly LBIT recorded at 14.7 billion yuan, exceeding expectations by 12%. Meituan is facing intense competition and is shifting towards pursuing quality growth, expecting total revenue growth of 5% to 91 billion yuan in the first quarter of this year, with core local business revenue remaining flat, and new business losses narrowing to 2.6 billion yuan. Adjusted net profit forecasts for the fiscal years 2026 and 2027, maintaining an "outperform" rating

In "The Big Banks," Citigroup lowers Meituan's target price to 120 yuan due to disappointing quarterly results

Today’s Key News Recap

Costco Wholesale

Meta Platforms

Unity Software

ByteDance

MetLife

METLIFE INC PRF SERIE 'A' FLOATING RATE USD25

METLIFE INC 5.625% NON CUM PRD STK SER E

METLIFE INC 4.75% DEP SHS EA REP NN CUM PFD ST SER F

MEITUAN-WR

Meituan HK SDR 5to1

Netflix

CHINA MOBILE

CHINA MOBILE-R

CN Mobile HK SDR 5to1

China Mobile

Midea Group

MIDEA GROUP

GUMING

S-Reit can drop further if the Iran war does not settle. Long War, higher oil prices, higher inflation, RATE HIKE!!! Real Estate will suffer!

🇺🇸🇭🇰🇸🇬 Big moves across US, HK, SG markets. Join the chat &amp; earn Task Coins!

SMIC

YOFC

BYD ELECTRONIC

PETROCHINA

Apple

Tesla

Direxion Daily TSLA Bull 2X Shares

Alphabet - C

Alphabet

Shangri-La HKD

Keppel

GuocoLand

Aoxin Q & M

Lendlease Reit

Apple Group

☕️ Daily Market Talk | Mar 27, 2026

SMIC HK SDR 5to1

PetroCN HK SDR 1to2

SHANGRI-LA ASIA

DBS Group

S reits are being punished for nothing. It is face equity like volatility and drawdown even though real estate is stable. Interest rate did not even move. I would say buy the dip!

Meituan is facing very strong competition, it is hard to the company to keep burning cash. I would stay wary of this.

The longer Trump or Iran delays any resolution, the longer the impact of the war will creep through the economy. Even with a ceasefire, it may be too late. 10 days is too long...

Under the food delivery war that Meituan has been engaged in since Q2, the biggest impact has been on local commerce. Full-year sales and marketing expenses increased by over 80% year-on-year, with subsidies basically consuming all gross profit. Combined with losses from other business lines, the effects are piling up.In the long term, AI may not necessarily help this labor-intensive company. In the short term, we can probably only hope for the food delivery war to stop quickly.

Another delay tactic or real peace talks? I believe the key is with the bond market. A big chunk of US debt is due this year and that needs to be refinanced. And that debt which was attained at record low rates will have to be priced at current rates. And those rates are going up and forcing the president’s hands. Similar to how he had to TACO last year April for similar reasons (obviously not stated on mainstream media), seems like the same this time. A middle ground needs to be reached ASAP and that is being reflected in the decisions made. If a peace accord is agreed, that will be the narrative the media will say lead to a market rally. However, when you look at technicals, there are complete 5 waves patterns all round and a bounce is already imminent! Stay safe!

dip or falling knife? hope taco more so market uturn back to green soon

Bond yields have increased due to rising inflation expectations, among other factors. Oil prices may remain elevated. Interest rates may stay higher for longer with fewer rate cuts. IMO can wait a while before buying S-REITs .

Energy, especially oil and gas, is still the strongest sector for the moment as long as the Iran war isn’t resolved.

UBMTUAN@EC2612B(26260.HK)

UBMTUAN@EC2612B Stock Performance Chart

U Surges on Strong Results; META Doubles Down on AI Race | Daily News Recap

Hong Kong stock market closing | Hang Seng Index rose 0.38% but failed to break the high, BYD surged 3.7%

According to the "All-Day Express," the Hang Seng Index closed at 24,951 points, up 95 points; the Hang Seng Tech Index closed at 4,778 points, up 16 points. CSPC Pharma rose over 13%, XUNCE, Ganfeng Lithium, Weisheng Holdings, Qingsong Health, and HUISHANG BANK reached new highs with active trading

In "Major Banks," China International Capital Corporation maintains a "Outperform" rating for Meituan, expecting competition to ease and losses to narrow this year

Hong Kong stocks intraday | Three major indices rose collectively, Ganfeng Lithium up 8.31%, the catering retail sector strong