Daily Investment Strategy
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Meituan(3690): recorded a total revenue of RMB 91.04 billion in the first quarter of 2026, a year-on-year increase of 5.6%. However, affected by intensified competition and increased subsidies, it recorded a net loss of RMB 6.83 billion and an adjusted net loss of RMB 4.97 billion during the period, leaving its short-term profitability under pressure. Looking ahead, food delivery efficiency in the second quarter is expected to return to break-even, driving Core Local Commerce back to profitability for the full year. However, management remains cautious about the second half of the year, primarily because a high base effect may lead to negative growth in order volume.
US April JOLTS job openings exceeded expectations
Strong US job openings data and the AI infrastructure boom propelled US stocks to new highs, with the Nasdaq and S&P 500 rising for the ninth consecutive day. The S&P 500 rose 0.13%, breaking through 7,600 points, the Dow Jones Industrial Average rose 0.45%, and the Nasdaq narrowly closed higher in the final minutes of trading. The Philadelphia Semiconductor Index surged 5.9%. US April JOLTS job openings exceeded expectations, rising to a two-year high, with the resilience of the labor market supporting expectations of interest rate hikes. US April job openings jumped to 7.62 million, a near two-year high, far exceeding market expectations, while layoffs narrowed to 1.69 million, demonstrating the resilience of the labor market. The unexpected strength in the job market provides new support for the Federal Reserve's interest rate hikes.
Hong Kong Stock Connect saw a net inflow of HK$2.223 billion on Tuesday, with SMIC (00981) receiving the largest inflow at HK$951 million, followed by CNOOC (00883) at HK$383 million. Tencent Holdings (00700) recorded the largest net outflow at HK$2.11 billion, followed by Xiaomi Group-W (01810) with an outflow of HK$917 million.
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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