Daily Investment Strategy
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CATL (3750): The company's net profit reached RMB72.2bn in 2025, a year-on-year increase of 42%. Its global market share rose to 39.2%, and its capacity utilization rate reached 97%, close to full production. The gross profit margin of overseas business reached 31%, contributing 37% of total gross profit, demonstrating extremely strong profit elasticity. With strong cash flow and a 50% dividend payout ratio, coupled with expected demand growth of 20-30% in the future, it continues to demonstrate its global leading pricing power.
China's import and export data for the first two months exceeded expectations
China's General Administration of Customs released import and export data for the first two months of the year. Exports reached US$656.58 billion, a year-on-year increase of 21.8%; imports reached US$442.96 billion, a year-on-year increase of 19.8%, resulting in a significant trade surplus of US$213.62 billion. Regionally, exports to the EU grew by 27.8%, also considered high growth; exports to the US declined by 11%, but the decline was narrower than the 20% drop projected for 2025. Technology-intensive goods and intermediate goods will continue to be the mainstay of exports, while traditional labor-intensive consumer goods are expected to improve from their low levels due to lower tariffs. Furthermore, the earlier ruling by the US Supreme Court that Trump's tariff policies were unconstitutional will benefit global trade in the short term, with exports expected to maintain relatively rapid growth in the first half of 2026.
Hong Kong Stock Connect saw a net outflow of HK$17.953 billion on Tuesday, with Tencent Holdings (00700) experiencing the largest inflow at HK$3.648 billion, followed by Alibaba-W (09988). The Tracker Fund of Hong Kong (02800) recorded the largest net outflow at HK$13.556 billion, followed by Hang Seng China Enterprises Fund (02828).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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