作者：港湾家族办公室业务发展总监 郭家耀Jinwu Financial News | The performance of US stocks declined on Thursday. The market waited for the employment data to be released. The market was hovering at a high level, and the three major indices all recorded declines and closed. The trend of the US dollar declined, and interest rates on US ten-year bonds also fell to 4.17%. The performance of gold prices declined, and the trend of oil prices was under pressure. Hong Kong stock depository securities are generally stable, and it is expected that the market will not change much in the early stages. The mainland stock market rose yesterday. The Shanghai Composite Index opened low and moved higher. The closing market rose 0.1%, and the turnover of the Shanghai and Shenzhen markets declined somewhat. Hong Kong stocks were repeatedly weak yesterday. There was a strong wait-and-see atmosphere in the market, and market transactions declined further. Investors continue to wait and see policy news and RMB trend performance. It is expected that market conditions will maintain an upward or downward pattern, and the index will continue to hover between 19,000 and 19,800 points.
Industry news
Meituan (03690) previously announced adjusted profit for the third quarter of RMB 12.829 billion, an increase of 1.24 times year-on-year. Total revenue for the period was RMB 93.577 billion, up 22.4%. The revenue of the core local business segment in the third quarter was 69.4 billion yuan, up 20.2% year-on-year; operating profit was 14.6 billion yuan, up 44.4% year-on-year; operating profit margin increased 3.5 percentage points to 21%. The instant delivery business continued to grow steadily, and order volume increased by 14.5% year-on-year. The on-site wine tourism business recorded strong growth, with orders increasing by more than 50%. The revenue of the new business segment was 24.2 billion yuan, up 28.9% year-on-year, mainly due to revenue growth in the retail business; operating losses narrowed to 1 billion yuan, compared with a loss of 5.1 billion yuan in the same period last year; and the operating loss rate increased 1.9 percentage points to 4.2% quarterly. Operating cash inflow of 15.2 billion yuan was achieved in the third quarter. As of the end of September, the holdings in cash and cash equivalents and short-term wealth management investments were RMB 42.5 billion and RMB 91.7 billion, respectively. Meituan's distribution business maintains a leading position. The competitive pattern is stable. Local in-store services are also growing rapidly, the operating efficiency of the new business has improved, losses have narrowed, and the balance sheet is strong. Meituan's management has strong execution capabilities and clear competitive strategies, and the outlook is still promising.
(The author is a licensee of the Securities Regulatory Commission. I and related parties do not hold the above shares)
Author: Guo Jiayao, Director of Business Development, Harbour Family Office
