--- title: "【True Zoom Finance】April 15 Noon Briefing: Jack Ma posts internal memo 'Know Thyself', says brand development needs 'decluttering'" description: "Jack Ma expressed high recognition for the new management team led by Joseph Tsai and Eddie Wu in his post on Alibaba's internal forum, and pointed out that Alibaba has returned to a healthy growth tr" type: "topic" locale: "en" url: "https://longbridge.com/en/topics/20530517.md" published_at: "2024-04-15T03:59:31.000Z" author: "[真灼财经](https://longbridge.com/en/profiles/1067948)" --- # 【True Zoom Finance】April 15 Noon Briefing: Jack Ma posts internal memo 'Know Thyself', says brand development needs 'decluttering' "Jack Ma expressed high recognition for the new management team led by Joseph Tsai and Eddie Wu in a post on Alibaba's internal forum, stating that Alibaba has returned to a healthy growth trajectory. This transformation demonstrates Alibaba's profound understanding of brand value and clear planning for future development. The Nasdaq Golden Dragon China Index fell over 4%, with XPeng dropping nearly 10%. Great Wall Motors achieved both volume and price growth in 2023, with overseas revenue doubling and external factory capacity saturated." **Key News** **Nasdaq Golden Dragon China Index Drops Over 4%, XPeng Falls Nearly 10%**$XPENG-W(09868.HK) l XPeng fell nearly 10% after announcing it would expand its business scope through a partnership with Sime Darby Motors. Through this collaboration, XPeng will provide Hong Kong consumers with the latest smart electric vehicles, along with brand showrooms, after-sales support, and comprehensive guidance throughout the purchasing process, with deliveries expected to begin in Q3 this year. Additionally, XPeng announced development plans for the Macau market, stating it will collaborate with the Sun Kong Hung Group, with deliveries of left-hand-drive models expected to start in May this year. l Beyond Hong Kong and Macau, XPeng is accelerating its expansion into other regional markets. For example, in March this year, XPeng announced its official entry into the German market, launching the XPeng G9 and XPeng P7 models. In the future, XPeng will also enter other European markets, including France, Italy, and the UK, as well as markets in the Middle East, Africa, and Southeast Asia. l Nio fell nearly 8%. Nio and Midea will collaborate extensively in areas such as new energy vehicle components, automation, digitalization, low-carbon sustainable parks, and smart logistics. According to the agreement, the two parties will deepen cooperation in automotive components and new technology R&D, jointly exploring leading and competitive technologies applicable to smart electric vehicle scenarios, including but not limited to air conditioning compressors, electric drives, integrated thermal management, and car refrigerators. l In addition, in the industrial sector, Nio and Midea will collaborate in areas such as industrial robot bodies, automotive and general industrial automation solutions, motion control solutions, digital management systems, and smart logistics, aiming to create a benchmark for smart manufacturing in the new energy vehicle industry. **Jack Ma's Internal Post: "Know Thyself"—Brand Development Also Requires "Decluttering"**$BABA-W(09988.HK) l Recently, Jack Ma expressed high recognition for the new management team led by Joseph Tsai and Eddie Wu in a post on Alibaba's internal forum, stating that Alibaba has returned to a healthy growth trajectory. This transformation demonstrates Alibaba's profound understanding of brand value and clear planning for future development. l Strategic focus is at the core of Alibaba's transformation. Facing fierce market competition, Alibaba decisively "decluttered" non-core businesses, concentrating more resources and energy on core areas like e-commerce and cloud computing. This wise decision not only optimizes the company's resource allocation but also enhances its competitiveness in the industry. l At the same time, Alibaba's emphasis on customer value is reflected in the transformation. Jack Ma stressed that the most significant change for Alibaba this year is "knowing thyself and returning to the track of customer value." This customer-centric philosophy not only helps elevate Alibaba's brand image but also wins more consumer trust and support. l Alibaba's strategic focus and transformation have not only injected new vitality into its own development but also provided valuable insights for other brands. In a rapidly changing market environment, brands must clarify their strategic direction, focus on core businesses, and always prioritize customer needs to maintain a leading position and achieve sustainable growth. **Great Wall Motors Achieves Volume and Price Growth in 2023, Overseas Revenue Doubles, External Factory Capacity Saturated**$GWMOTOR(02333.HK) l Recently, Great Wall Motors released its 2023 financial report, showing revenue of RMB 173.212 billion, a year-on-year increase of 26.12%; net profit of RMB 7.022 billion, a year-on-year decrease of 15.06%; and adjusted net profit of RMB 4.834 billion, a year-on-year increase of nearly 7.98%. Great Wall Motors stated that the lower net profit compared to the previous year was mainly due to the impact of exchange rate gains in the same period. l Great Wall Motors sold approximately 1.23 million vehicles in 2023, a year-on-year increase of 15.85%. Among them, models priced above RMB 200,000 accounted for 225,800 units, or 18.36% of total sales, a year-on-year increase of 3.09 percentage points; the average revenue per vehicle was RMB 141,400, an increase of RMB 12,000 year-on-year. l By brand, in 2023, Haval sales reached 720,500 units, a year-on-year increase of 16.69%, including 76,500 new energy vehicles, a year-on-year increase of 1,014.85%; Tank sales reached 162,900 units, a year-on-year increase of 29.58%; Wey sales reached 35,500 units, a year-on-year increase of 81.26%; Great Wall pickup sales reached 201,400 units, a year-on-year increase of 2.51%; and Ora sales reached 109,200 units, a year-on-year increase of 6.61%. l Despite growth in both volume and price, Great Wall Motors' gross margin in 2023 decreased by 0.64% year-on-year to 18.73%, while net profit fell 15.06% year-on-year to RMB 7.022 billion, indicating increased revenue but not profit. l In 2023, the company's gross margin for vehicle sales was 18.38%, down 0.38% year-on-year; the gross margin for parts sales was 23.46%, down 3.01% year-on-year. By region, domestic sales gross margin was 15.52%, down 1.88% year-on-year; overseas sales gross margin was 26.01%, down 1.11% year-on-year. l In 2023, Great Wall Motors sold 256,400 new energy vehicles, a year-on-year increase of 113.88%. Sales expenses also rose sharply, reaching RMB 8.285 billion, a year-on-year increase of 41%, far exceeding revenue growth. Among them, advertising and media service fees were RMB 4.046 billion, a year-on-year increase of 32.7%. Great Wall Motors explained that this was due to "increased investment in new energy vehicle launches during the reporting period." l Great Wall Motors' R&D expenses saw a rare decline. In 2023, the company's total R&D investment was RMB 11.034 billion, a year-on-year decrease of 9.41%, accounting for 6.37% of total revenue, down 2.5 percentage points year-on-year. **Today's Forex and Commodity News** **EUR/USD: Geopolitical Turmoil Escalates, Euro Rebounds and Hovers Near 1.0650** l Diverging policy approaches between the European Central Bank (ECB) and the Federal Reserve (Fed) have put downward pressure on EUR/USD. l During Asian trading on Monday, EUR/USD rebounded from last Friday's five-month low of 1.0622 to around 1.0650. Due to increased dollar buying amid geopolitical turmoil, the dollar strengthened, further pressuring EUR/USD. l Over the weekend, Iran launched explosive drone and missile attacks on Israel in retaliation for Israel's suspected attack on its consulate in Syria. Despite the escalation in the Middle East, markets remained relatively calm, possibly because Iran had given advance notice of the attack, reducing the risk of further escalation. l According to Reuters, officials from Turkey, Jordan, and Iraq said Iran had given notice days before the attack, allowing measures to prevent large-scale casualties and worsening tensions. However, a U.S. official denied this claim. Additionally, U.S. President Biden told Israel that the U.S. would not participate in any retaliatory actions. l Due to diverging monetary policy outlooks between the ECB and the Fed, EUR/USD faces downward pressure. The ECB has indicated it may consider cutting policy rates in June if core inflation continues to slow as expected. l In contrast, strong U.S. inflation and macroeconomic indicators have prompted the Fed to reconsider its plans for monetary easing. The CME FedWatch Tool shows the probability of holding rates steady at the June meeting has risen from 46.8% last week to 63.5%. Investors will closely watch seasonally adjusted Eurozone industrial production data and U.S. retail sales data released on Monday. l Boston Fed President Susan Collins said last Friday that she expects "about two" rate cuts in 2024, while still anticipating easing inflationary pressures later this year. Collins emphasized uncertainty about the timing of potential rate cuts and noted that while rate hikes are not currently part of the baseline forecast, they cannot be completely ruled out. **Precious Metals: LME Aluminum Posts Largest Gain Since at Least 1987** l The U.S. and UK announced new trading restrictions on Russian aluminum, copper, and nickel, which could disrupt global metal markets. l The new rules prohibit the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME) from accepting newly produced Russian metal, with Russian aluminum, copper, and nickel produced on or after April 13 being banned. l The U.S. has also banned imports of these three metals from Russia. The decision is unlikely to curb Russia's ability to sell these metals, as the sanctions do not prohibit non-U.S. individuals and entities from purchasing Russian physical copper, nickel, or aluminum. l While the LME plays a key role in setting global prices, the vast majority of metals are traded between miners, traders, and manufacturers without entering LME warehouses. **Crude Oil: Global Gasoline Crack Spread Rebounds, Diesel Crack Spread Remains Weak** l Iran's retaliatory strike against Israel over the weekend captured global attention. With most of the drones and missiles intercepted, statements from various parties reassured investors that the risk of geopolitical escalation was largely contained. Oil prices opened lower on Monday, reflecting this sentiment, while Friday's long upper shadow of nearly $2 also signaled pre-event investor caution. l Friday's night session saw extreme volatility in oil prices, with a sharp rally followed by a retreat. Similar patterns were observed in gold, silver, and other commodities, as the unfolding Middle East crisis caused market turbulence. Reports of Iran's planned retaliation pushed market sentiment to a climax, with strategic commodities like precious metals, crude oil, and base metals rallying. However, late-night pullbacks reflected investor unease over geopolitical uncertainty. With the weekend approaching, risk aversion led many to exit positions. Over the past week, oil price fluctuations centered on whether the Israel-Iran conflict would escalate or de-escalate, keeping the market on edge. Oil prices remained range-bound, with weekly charts showing a doji candle. l While geopolitical risks supported oil prices at elevated levels, recent weakening in crude market spreads and mixed performance in refined products (gasoline crack spreads rebounding, diesel crack spreads remaining weak) suggest underlying fundamentals may not justify such strong price action. Geopolitical factors have injected a premium into oil prices, attracting speculative bets. l Additionally, the IEA's monthly report showed global oil inventories rose by 43.3 million barrels in February, reaching a seven-month high. Non-OPEC+ supply is expected to increase by 1.6 million bpd in 2024. The EIA raised its 2024 U.S. crude output forecast to 13.21 million bpd (from 13.19 million) and its 2025 forecast to 13.72 million bpd (from 13.65 million). OPEC's report indicated OPEC crude output rose by 3,000 bpd in March to 26.6 million bpd, with Iran's production up 28,000 bpd to 3.19 million bpd and Saudi Arabia's up 20,000 bpd to 9.04 million bpd. Nigeria's output fell by 38,000 bpd to 1.4 million bpd. l Overall, April's reports from the three major agencies lacked the bullish momentum seen in March. While the IEA and EIA's demand downgrades aimed to cool the market, they had little impact, with investor attention remaining fixed on Middle East supply risks. Weekly data shows U.S. crude processing is recovering, while China's independent refiners are in seasonal maintenance, with run rates hitting 18-month lows. Demand-side influences on oil prices remain limited. Compared to agency demand adjustments, investors are more focused on geopolitical risks, with the Israel-Iran conflict keeping oil prices volatile and premiums elevated. **Source: Goldhorse Capital Extramile** ### Related Stocks - [09988.HK - BABA-W](https://longbridge.com/en/quote/09988.HK.md) - [09868.HK - XPENG-W](https://longbridge.com/en/quote/09868.HK.md) - [601633.CN - Great Wall Motor](https://longbridge.com/en/quote/601633.CN.md) - [BABA.US - Alibaba](https://longbridge.com/en/quote/BABA.US.md) - [XPEV.US - XPeng](https://longbridge.com/en/quote/XPEV.US.md) - [02333.HK - GWMOTOR](https://longbridge.com/en/quote/02333.HK.md) - [89988.HK - BABA-WR](https://longbridge.com/en/quote/89988.HK.md) - [82333.HK - GWMOTOR-R](https://longbridge.com/en/quote/82333.HK.md) - [.HXC.US - NASDAQ Golden Dragon China Index](https://longbridge.com/en/quote/.HXC.US.md) --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.