📈 Reasons for being bullish

· Regulatory "warm breeze" signals industry inflection point: Yesterday, the State Administration for Market Regulation republished a commentary titled "The Food Delivery War Should End." This means the authorities have called a halt to "cash-burning" subsidies, and industry competition will shift from price wars to service quality. This directly plugs the biggest "bleeding point" for Meituan, with market expectations that its profitability will recover quickly, leading to a nearly 14% surge in its stock price.

· Fundamentals are solid, with business highlights:

· Core food delivery business is stable: Market share remains around 50% (by order volume). The average loss per order in Q4 is expected to narrow to around 2 yuan from 2.6 yuan in Q3.

· Instant retail becomes a new growth engine: Q4 revenue is projected to be 89 billion yuan (YoY +32%), with 1.25 billion orders (YoY +30%). The advantage of high average order value is evident.

· Initial success in overseas expansion: Keeta is already profitable in Hong Kong, and the unit economics (UE) model in the Middle East market is even better, promising long-term growth.

· Institutions are generally optimistic: Morgan Stanley gives an "Overweight" rating with a target price of 180 HKD. The average target price from multiple investment banks over the past 90 days is 124.82 HKD, higher than the current price.