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冷风领略当下

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- 冷风领略当下冷风领略当下
  ·2025-05-19
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- 冷风领略当下冷风领略当下
  ·2025-01-07
  😂😂😂😂😂😂
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- 冷风领略当下冷风领略当下
  ·2024-10-23
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- 冷风领略当下冷风领略当下
  ·2024-09-04
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- 冷风领略当下冷风领略当下
  ·2023-07-24
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- 冷风领略当下冷风领略当下
  ·2021-03-21
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  This article provides a comprehensive overview of the financial reports of Kuaishou, Tencent, Xiaomi, and Meituan.
  快手(01024.HK) 快手科技将于下周二（23日）公布2020年年度业绩，这也是快手在港上市以来公布的第一份财报。日活数量（DAU）：2020年前11月快手DAU为2.64亿，同比增长53.6%
  This article provides a comprehensive overview of the financial reports of Kuaishou, Tencent, Xiaomi, and Meituan.
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data-views=\"1\"></v-v>","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/201461303808104","isVote":1,"tweetType":1,"viewCount":1969,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350793741,"gmtCreate":1616285866683,"gmtModify":1704792582618,"author":{"id":"3576924610641353","authorId":"3576924610641353","name":"冷风领略当下","avatar":"https://static.tigerbbs.com/cf5b113dce9cf3dda4e07b9140e53584","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576924610641353","idStr":"3576924610641353"},"themes":[],"title":"","htmlText":"？%%","listText":"？%%","text":"？%%","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/350793741","repostId":"1103035243","repostType":4,"repost":{"id":"1103035243","kind":"news","pubTimestamp":1616157561,"share":"https://ttm.financial/m/news/1103035243?lang=en_US&edition=fundamental","pubTime":"2021-03-19 20:39","market":"hk","language":"zh","title":"This article provides a comprehensive overview of the financial reports of Kuaishou, Tencent, Xiaomi, and Meituan.","url":"https://stock-news.laohu8.com/highlight/detail?id=1103035243","media":"美港电讯","summary":"快手(01024.HK)\n快手科技将于下周二（23日）公布2020年年度业绩，这也是快手在港上市以来公布的第一份财报。\n日活数量（DAU）：2020年前11月快手DAU为2.64亿，同比增长53.6%","content":"<p><b>Kuaishou (01024.HK)</b></p><p>Kuaishou Technology will release its 2020 annual results next Tuesday (23rd), which will be the first financial report released by Kuaishou since its listing in Hong Kong.</p><p><b>Daily Active Users (DAU):</b>In the first 11 months of 2020, Kuaishou's daily active users (DAU) reached 264 million, a year-on-year increase of 53.6%. The average daily active users (DAU) from October to November was 270 million, a year-on-year increase of 34.4%, with both the year-on-year and month-on-month growth rates slowing down. The market expects the average daily active users (DAU) in Q4 to be 276 million, representing a year-on-year increase of 34%. The average daily active users (DAU) for the whole of 2020 was 265 million, representing a year-on-year increase of 50.9%.</p><p><b>Live streaming services:</b>Kuaishou's live streaming revenue in Q3 was 7.96 billion yuan, a year-on-year decrease of 1.6%. In Q3, the average monthly paying users increased by 4.9% year-on-year to 51.7 million, while the average revenue per paying user (ARPPU) declined by 6.2% year-on-year to RMB 51.32. Considering the impact of the \"Notice on Strengthening the Management of Online Show Live Streaming and E-commerce Live Streaming\" previously announced by the State Administration of Radio and Television, the market expects the revenue growth rate of the live streaming business to decrease by 8% year-on-year in Q4.</p><p><b>Online marketing business:</b>Kuaishou's online marketing revenue was only RMB 391 million in 2017, but increased to RMB 13.3 billion in the first three quarters of 2020. Among them, advertising revenue in Q3 increased by 202% year-on-year to RMB 6.181 billion, and the speed of advertising monetization has accelerated significantly. In the future, online marketing may surpass live streaming paid business to become the company's largest source of revenue. The market expects advertising revenue to increase by 161% year-on-year in Q4.</p><p><b>In summary, the market expects Kuaishou's revenue to increase by 50% to RMB 17.783 billion in Q4 2020, with an adjusted net loss of RMB 7.53 billion. Investors are focused on the prospects of Kuaishou's advertising and live-streaming e-commerce businesses, e-commerce monetization, and the potential impact of tightening internet regulations on the company.</b></p><p><b><a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>(00700.HK)</b></p><p>Tencent Holdings will announce its 2020 annual results next Wednesday (24th).</p><p>The market expects Tencent's revenue in Q4 2020 to be RMB 133.112 billion, mainly driven by the growth of its gaming business; Net profit will be recorded at 32.893 billion yuan. The company expects revenue of RMB 481.11 billion and net profit of RMB 130.372 billion for the full year of 2020.</p><p><b>Investors will pay close attention to the impact of antitrust policies on Tencent, as well as management's latest operational guidance for its gaming, advertising, and fintech businesses.</b></p><p><img src=\"https://static.tigerbbs.com/8b034eb4ff523ea8666f9dad24ca0078\" tg-width=\"792\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p><b>Game Business:</b>Tencent's online game revenue increased by 25% year-on-year to RMB 30.286 billion in Q4 2019, compared with a 45% year-on-year increase to RMB 41.422 billion in the previous quarter. It is expected that the game business will continue to record strong growth this quarter. Given the integration effect of the Supercell acquisition and the reduction in deferred revenue, the market expects Tencent...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mobile game revenue is expected to grow by 39% year-on-year, down from the growth rate of over 60% in the first three quarters of this year.</p><p>However, the revenue from Tencent's top games remains stable. The new game \"Tianya Mingyue Dao\" has received a positive market response, with Q4 revenue potentially exceeding 3 billion yuan. Call of Duty, launched last December, also ranked among the top ten best-selling games. In addition, the reduced revenue share of the Android platform will improve potential gross profit margin and growth sustainability.</p><p><b>Fintech Business:</b>Given the tightening of fintech regulations and increased antitrust enforcement, fintech companies will be negatively affected. According to a recent Bloomberg report, Tencent is facing regulatory crackdowns on fintech and transactions, and its fintech business will face stricter scrutiny, potentially requiring it to establish a financial holding company. However, this is not expected to have an impact on the business's performance in Q4.<a href=\"https://laohu8.com/S/03329\">BOCOM International</a>A previously released report stated that the fintech business would be driven by e-commerce promotional seasons and community group buying to boost the transaction volume of mini-programs, and the growth of consumer payment volume would also increase month-on-month.</p><p><b>Xiaomi Group (01810.HK)</b></p><p>Xiaomi Group will announce its 2020 annual results next Wednesday (24th).</p><p>The market expects Xiaomi's revenue in Q4 2020 to be RMB 74.575 billion, mainly driven by the growth of its smartphone business; Net profit was 2.526 billion yuan. The company expects revenue of 247.764 billion yuan and net profit of 13.531 billion yuan for the whole of 2020.</p><p><b>Investors are paying close attention to Xiaomi's latest operating guidelines and further developments regarding the temporary investment ban.</b></p><p><img src=\"https://static.tigerbbs.com/dc543bd9cde7a9bfabb99ad3b0a33265\" tg-width=\"689\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p><b>Smartphone Business:</b>According to IDC data, Xiaomi's smartphone shipments increased by 33% year-on-year to 43.3 million units in Q4 2020, and its market share increased by 2.3% year-on-year to 11.2%. The market expects Xiaomi's smartphone sales to remain strong this year. Given that last year's marketing strategy (online sales model, overseas expansion, etc.) was very effective in increasing market share, Xiaomi's marketing strategy this year may be even more aggressive. In addition, the expansion of offline physical stores and the upcoming launch of new products will help to further increase market share. CICC expects Xiaomi to ship 195 million smartphones in 2021, and the average selling price will increase by 7% due to the premiumization of its products.</p><p><b>Impact of the temporary ban:</b>A U.S. federal judge has blocked the U.S. Department of Defense from taking effect or implementing its policy of designating Xiaomi as a so-called \"company associated with the Chinese military.\" Subsequently, international index company MSCI stated that it will not remove Xiaomi's Class B shares from the MSCI ACWI or MSCI China All Equity Index and related non-market capitalization weighted indices or customized indices, and will continue to monitor Xiaomi's future development. The relevant announcement removed a major uncertainty, relieved the selling pressure Xiaomi faced, and temporarily eliminated the impact of the withdrawal of related funds.</p><p><b>Meituan (03690.HK)</b></p><p>Meituan will announce its 2020 annual results next Friday (26th).</p><p>Although in-store business continues to recover, considering that new investment businesses may affect performance and changes in the fair value of financial investments, the market expects Meituan's revenue to be RMB 36.807 billion and a net loss of RMB 1.672 billion in Q4 2020. The company expects revenue of 113.944 billion yuan and net profit of 5.459 billion yuan for the whole of 2020.</p><p><b>Investors are paying attention to Meituan's latest operating and gross margin guidance, focusing on the company's investment in expanding community e-commerce and its medium- and long-term strategies, while also paying attention to the potential impact of regulatory risks on the company.</b></p><p><img src=\"https://static.tigerbbs.com/f523b61f29970c5e58da18d720e1c210\" tg-width=\"749\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p><b>Food delivery business:</b>The market expects the overall transaction volume of food delivery to increase by 36% year-on-year to RMB 153 billion, the average daily order volume to increase by 31% to 35.5 million, and the average unit price to also increase by 5%, which means that the monetization rate will be 13.8%. Although some of the profits from the continued recovery of the food delivery industry have been offset by increased rider costs during the winter, the market still expects Meituan's food delivery business revenue to increase by 35% year-on-year to RMB 21.1 billion in Q4.</p><p><b>In-store, hotel and travel services:</b>As business continues to recover from the pandemic, the market expects revenue from in-store, hotel and tourism businesses to increase by 12% year-on-year to RMB 7.1 billion.</p><p><b>New business and others:</b>Since Q3 2020, Meituan has invested heavily in its grocery retail business, especially \"Meituan Youxuan\". The market expects that, compared to gross profit margin, the company will prioritize expanding its scale and seizing market share in the short term, which will drag down its short-term profitability. Meanwhile, the market also believes that bike-sharing and other new investments (including Flash Sale, Kuailv, etc.) will drag down Meituan's performance. The market expects new business revenue to increase by 50% year-on-year to 9.1 billion yuan.</p><p><b>Investment banking analysis</b></p><p>Guo Jiayao, Vice President of Zhenro Financial Business, said that U.S. stocks fell on Thursday, with the yield on the 10-year Treasury Bond hitting another one-year high, dragging down the market. Technology stocks faced heavy selling pressure, with the Nasdaq closing down more than 3%, and the Dow Jones Industrial Average and S&P 500 also falling from their historical highs. The market is once again focusing on rising US Treasury yields, with investors worried that rising inflation will necessitate adjustments to monetary policy. Overvalued new economy stocks remain under pressure, and the Hang Seng Index is expected to face significant resistance at 29,500 points, with support around 28,500 points.</p>","source":"lsy1606393433888","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This article provides a comprehensive overview of the financial reports of Kuaishou, Tencent, Xiaomi, and Meituan.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis article provides a comprehensive overview of the financial reports of Kuaishou, Tencent, Xiaomi, and Meituan.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">美港电讯</strong><span class=\"h-time small\">2021-03-19 20:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Kuaishou (01024.HK)</b></p><p>Kuaishou Technology will release its 2020 annual results next Tuesday (23rd), which will be the first financial report released by Kuaishou since its listing in Hong Kong.</p><p><b>Daily Active Users (DAU):</b>In the first 11 months of 2020, Kuaishou's daily active users (DAU) reached 264 million, a year-on-year increase of 53.6%. The average daily active users (DAU) from October to November was 270 million, a year-on-year increase of 34.4%, with both the year-on-year and month-on-month growth rates slowing down. The market expects the average daily active users (DAU) in Q4 to be 276 million, representing a year-on-year increase of 34%. The average daily active users (DAU) for the whole of 2020 was 265 million, representing a year-on-year increase of 50.9%.</p><p><b>Live streaming services:</b>Kuaishou's live streaming revenue in Q3 was 7.96 billion yuan, a year-on-year decrease of 1.6%. In Q3, the average monthly paying users increased by 4.9% year-on-year to 51.7 million, while the average revenue per paying user (ARPPU) declined by 6.2% year-on-year to RMB 51.32. Considering the impact of the \"Notice on Strengthening the Management of Online Show Live Streaming and E-commerce Live Streaming\" previously announced by the State Administration of Radio and Television, the market expects the revenue growth rate of the live streaming business to decrease by 8% year-on-year in Q4.</p><p><b>Online marketing business:</b>Kuaishou's online marketing revenue was only RMB 391 million in 2017, but increased to RMB 13.3 billion in the first three quarters of 2020. Among them, advertising revenue in Q3 increased by 202% year-on-year to RMB 6.181 billion, and the speed of advertising monetization has accelerated significantly. In the future, online marketing may surpass live streaming paid business to become the company's largest source of revenue. The market expects advertising revenue to increase by 161% year-on-year in Q4.</p><p><b>In summary, the market expects Kuaishou's revenue to increase by 50% to RMB 17.783 billion in Q4 2020, with an adjusted net loss of RMB 7.53 billion. Investors are focused on the prospects of Kuaishou's advertising and live-streaming e-commerce businesses, e-commerce monetization, and the potential impact of tightening internet regulations on the company.</b></p><p><b><a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>(00700.HK)</b></p><p>Tencent Holdings will announce its 2020 annual results next Wednesday (24th).</p><p>The market expects Tencent's revenue in Q4 2020 to be RMB 133.112 billion, mainly driven by the growth of its gaming business; Net profit will be recorded at 32.893 billion yuan. The company expects revenue of RMB 481.11 billion and net profit of RMB 130.372 billion for the full year of 2020.</p><p><b>Investors will pay close attention to the impact of antitrust policies on Tencent, as well as management's latest operational guidance for its gaming, advertising, and fintech businesses.</b></p><p><img src=\"https://static.tigerbbs.com/8b034eb4ff523ea8666f9dad24ca0078\" tg-width=\"792\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p><b>Game Business:</b>Tencent's online game revenue increased by 25% year-on-year to RMB 30.286 billion in Q4 2019, compared with a 45% year-on-year increase to RMB 41.422 billion in the previous quarter. It is expected that the game business will continue to record strong growth this quarter. Given the integration effect of the Supercell acquisition and the reduction in deferred revenue, the market expects Tencent...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mobile game revenue is expected to grow by 39% year-on-year, down from the growth rate of over 60% in the first three quarters of this year.</p><p>However, the revenue from Tencent's top games remains stable. The new game \"Tianya Mingyue Dao\" has received a positive market response, with Q4 revenue potentially exceeding 3 billion yuan. Call of Duty, launched last December, also ranked among the top ten best-selling games. In addition, the reduced revenue share of the Android platform will improve potential gross profit margin and growth sustainability.</p><p><b>Fintech Business:</b>Given the tightening of fintech regulations and increased antitrust enforcement, fintech companies will be negatively affected. According to a recent Bloomberg report, Tencent is facing regulatory crackdowns on fintech and transactions, and its fintech business will face stricter scrutiny, potentially requiring it to establish a financial holding company. However, this is not expected to have an impact on the business's performance in Q4.<a href=\"https://laohu8.com/S/03329\">BOCOM International</a>A previously released report stated that the fintech business would be driven by e-commerce promotional seasons and community group buying to boost the transaction volume of mini-programs, and the growth of consumer payment volume would also increase month-on-month.</p><p><b>Xiaomi Group (01810.HK)</b></p><p>Xiaomi Group will announce its 2020 annual results next Wednesday (24th).</p><p>The market expects Xiaomi's revenue in Q4 2020 to be RMB 74.575 billion, mainly driven by the growth of its smartphone business; Net profit was 2.526 billion yuan. The company expects revenue of 247.764 billion yuan and net profit of 13.531 billion yuan for the whole of 2020.</p><p><b>Investors are paying close attention to Xiaomi's latest operating guidelines and further developments regarding the temporary investment ban.</b></p><p><img src=\"https://static.tigerbbs.com/dc543bd9cde7a9bfabb99ad3b0a33265\" tg-width=\"689\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p><b>Smartphone Business:</b>According to IDC data, Xiaomi's smartphone shipments increased by 33% year-on-year to 43.3 million units in Q4 2020, and its market share increased by 2.3% year-on-year to 11.2%. The market expects Xiaomi's smartphone sales to remain strong this year. Given that last year's marketing strategy (online sales model, overseas expansion, etc.) was very effective in increasing market share, Xiaomi's marketing strategy this year may be even more aggressive. In addition, the expansion of offline physical stores and the upcoming launch of new products will help to further increase market share. CICC expects Xiaomi to ship 195 million smartphones in 2021, and the average selling price will increase by 7% due to the premiumization of its products.</p><p><b>Impact of the temporary ban:</b>A U.S. federal judge has blocked the U.S. Department of Defense from taking effect or implementing its policy of designating Xiaomi as a so-called \"company associated with the Chinese military.\" Subsequently, international index company MSCI stated that it will not remove Xiaomi's Class B shares from the MSCI ACWI or MSCI China All Equity Index and related non-market capitalization weighted indices or customized indices, and will continue to monitor Xiaomi's future development. The relevant announcement removed a major uncertainty, relieved the selling pressure Xiaomi faced, and temporarily eliminated the impact of the withdrawal of related funds.</p><p><b>Meituan (03690.HK)</b></p><p>Meituan will announce its 2020 annual results next Friday (26th).</p><p>Although in-store business continues to recover, considering that new investment businesses may affect performance and changes in the fair value of financial investments, the market expects Meituan's revenue to be RMB 36.807 billion and a net loss of RMB 1.672 billion in Q4 2020. The company expects revenue of 113.944 billion yuan and net profit of 5.459 billion yuan for the whole of 2020.</p><p><b>Investors are paying attention to Meituan's latest operating and gross margin guidance, focusing on the company's investment in expanding community e-commerce and its medium- and long-term strategies, while also paying attention to the potential impact of regulatory risks on the company.</b></p><p><img src=\"https://static.tigerbbs.com/f523b61f29970c5e58da18d720e1c210\" tg-width=\"749\" tg-height=\"424\" referrerpolicy=\"no-referrer\"></p><p><b>Food delivery business:</b>The market expects the overall transaction volume of food delivery to increase by 36% year-on-year to RMB 153 billion, the average daily order volume to increase by 31% to 35.5 million, and the average unit price to also increase by 5%, which means that the monetization rate will be 13.8%. Although some of the profits from the continued recovery of the food delivery industry have been offset by increased rider costs during the winter, the market still expects Meituan's food delivery business revenue to increase by 35% year-on-year to RMB 21.1 billion in Q4.</p><p><b>In-store, hotel and travel services:</b>As business continues to recover from the pandemic, the market expects revenue from in-store, hotel and tourism businesses to increase by 12% year-on-year to RMB 7.1 billion.</p><p><b>New business and others:</b>Since Q3 2020, Meituan has invested heavily in its grocery retail business, especially \"Meituan Youxuan\". The market expects that, compared to gross profit margin, the company will prioritize expanding its scale and seizing market share in the short term, which will drag down its short-term profitability. Meanwhile, the market also believes that bike-sharing and other new investments (including Flash Sale, Kuailv, etc.) will drag down Meituan's performance. The market expects new business revenue to increase by 50% year-on-year to 9.1 billion yuan.</p><p><b>Investment banking analysis</b></p><p>Guo Jiayao, Vice President of Zhenro Financial Business, said that U.S. stocks fell on Thursday, with the yield on the 10-year Treasury Bond hitting another one-year high, dragging down the market. Technology stocks faced heavy selling pressure, with the Nasdaq closing down more than 3%, and the Dow Jones Industrial Average and S&P 500 also falling from their historical highs. The market is once again focusing on rising US Treasury yields, with investors worried that rising inflation will necessitate adjustments to monetary policy. Overvalued new economy stocks remain under pressure, and the Hang Seng Index is expected to face significant resistance at 29,500 points, with support around 28,500 points.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://news.ushknews.com/mobile/details.html?id=1002538&type=news\">美港电讯</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"01810":"小米集团-W","03690":"美团-W","01024":"快手-W","00700":"腾讯控股"},"source_url":"https://news.ushknews.com/mobile/details.html?id=1002538&type=news","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103035243","content_text":"快手(01024.HK)\n快手科技将于下周二（23日）公布2020年年度业绩，这也是快手在港上市以来公布的第一份财报。\n日活数量（DAU）：2020年前11月快手DAU为2.64亿，同比增长53.6%。而10至11月平均DAU为2.7亿，同比增长34.4%，同比和环比增速均放缓。市场预期Q4平均DAU为2.76亿，同比增长34%；2020全年平均DAU为2.65亿，同比增长50.9%。\n直播业务：快手Q3直播业务营收79.6亿元，同比下滑1.6%。Q3内，月度平均付费用户同比增长4.9%至5170万，而每付费用户平均收益（ARPPU）则同比下滑6.2%至51.32元。考虑到国家广播电视总局此前公布的《关于加强网络秀场直播和电商直播管理的通知》的影响，市场预期Q4直播业务的营收增速将同比减少8%。\n线上营销业务：快手2017年线上营销营收仅为3.91亿人民币，2020前三季度增至133亿人民币，其中Q3广告营收同比增长202%至61.81亿人民币，广告变现速度明显加快，未来线上营销可能超越直播付费业务成为公司第一大收入来源。市场预期Q4广告业务营收将同比增长161%。\n综上所述，市场预期快手2020年Q4营收将增长50%至177.83亿元，经调整净亏损75.3亿元。投资者关注快手广告业务和直播带货业务前景、电商货币化，以及互联网监管收窄对公司产生的潜在影响。\n腾讯控股(00700.HK)\n腾讯控股将于下周三（24日）公布2020年年度业绩。\n市场预期腾讯2020年Q4营收为1331.12亿元人民币，主要受游戏业务增长推动；净利润将录得328.93亿元。预期2020年全年营收为4811.1亿元人民币，净利润为1303.72亿元。\n投资者将关注反垄断政策对腾讯的影响，以及管理层对游戏业务、广告业务及金融科技业务的最新营运指引。\n\n游戏业务：腾讯在2019年Q4的网络游戏收入同比增长25%至302.86亿元，上一季度收入同比增长45%至414.22亿元，预计本季度游戏业务仍将录得强劲增长。考虑到收购Supercell的整合效应以及递延收入减少，市场预期腾讯智能手机游戏收入将同比增长39%，低于今年前三季度超过60%的增速。\n不过，腾讯头部游戏流水仍保持稳定。新游戏《天涯明月刀》市场反应理想，Q4流水可能超30亿元，去年12月上线的《使命召唤》也位列畅销榜前十。另外，安卓平台收入占比减少，将提升潜在毛利率和增长可持续性。\n金融科技业务：鉴于金融科技监管收紧和反垄断执法加强，金融科技公司将受到负面影响。日前，据彭博社报道，腾讯正面临监管机构在金融科技、交易方面的整顿，其金融科技业务将面临更严密的审查，可能被要求建立金融控股公司。不过，预期这并不对该业务在Q4的表现构成影响。交银国际此前发布报告称，金融科技业务受电商促销季和社区团购拉动小程序交易规模，消费支付规模增长也将出现环比上升。\n小米集团(01810.HK)\n小米集团将于下周三（24日）公布2020年年度业绩。\n市场预期小米2020年Q4营收为745.75亿元人民币，主要受智能手机业务增长推动；净利润为25.26亿元。预期2020年全年营收2477.64亿元，净利润135.31亿元。\n投资者关注小米的最新营运指引以及临时投资禁令的进一步发展等。\n\n智能手机业务：据IDC数据，小米在2020年Q4智能手机出货量同比增长33%至4330万台，市场份额同比增长2.3%至11.2%。市场预期今年小米的智能手机销售仍然强劲。考虑到去年的营销策略（网上销售模式、海外拓展等）对提升市场份额十分有效，今年小米的营销策略可能更加进取，再加上线下实体店扩张和新品即将陆续推出，有助于进一步提升市场份额。中金预期小米在2021年的智能手机出货量将达到1.95亿台，而且由于产品高端化，销售均价将增长7%。\n临时禁令影响：美国联邦法官禁止美国国防部将小米列为所谓“与中国军方相关企业”政策的生效或实施。随后，国际指数公司MSCI明晟表示，目前不会从MSCI ACWI或MSCI中国全股票指数及相关非市值加权指数或定制指数中剔除小米的B类股，将继续关注小米的后续发展。相关公告去除了一大不确定因素，解除小米面对的沽压，并暂时消除相关资金撤出的影响。\n美团(03690.HK)\n美团将于下周五（26日）公布2020年年度业绩。\n虽然到店业务持续复苏，但考虑到新投资业务可能影响业绩，以及金融投资公允价值有所变动，市场预期美团2020年Q4营收368.07亿元，净亏损16.72亿元。预期2020年全年营收1139.44亿元，净利润为54.59亿元。\n投资者关注美团最新的营运和毛利率指引，聚焦该公司拓展社区电商的投入及中长期策略，同时关注监管风险对公司的潜在影响。\n\n餐饮外卖业务：市场预期餐饮外卖整体交易额将同比增长36%至1530亿元，日均订单量增长31%至3550万张，平均单价也有5%的增长，意味着变现率将为13.8%。虽然食品快递行业持续复苏带来的溢利有一部分被冬季骑手成本增加所抵销，但市场仍预期美团餐饮外卖业务Q4营收将同比上涨35%至211亿元。\n到店、酒店及旅游业务：由于业务持续从疫情中复苏，市场预期到店、酒店及旅游业务营收将同比上升12%至71亿元人民币。\n新业务及其他：自2020年Q3起，美团大额投资于杂货零售业务，尤其是“美团优选”。市场预期，相比毛利率，公司在短期内将优先集中扩大规模以及抢占市场份额，这将拖累短期盈利能力。同时，市场也认为共享单车以及其他新投资（包括闪购、快驴等）将拖累美团业绩。市场预期新业务营收将同比增长50%至91亿元。\n投行分析\n正荣金融业务部副总裁郭家耀表示，美股周四向下，美国10年期国债收益率再创一年高位，拖累大市下跌，科技股沽压沉重，纳指收跌超3%，道指及标普500指数也从历史高位回落。市场再度关注美债收益率上升情况，投资者忧虑通胀升温将令货币政策需要作出调整。高估值的新经济股仍然受压，预料恒生指数在29500点水平有较大阻力，下方支持在28500点附近。","news_type":1,"symbols_score_info":{"03690":0.9,"01810":0.9,"01024":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":2880,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}