Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
Coming up on today’s program.
重点提要
Government leaders from Hong Kong and Guangdong have held their first in-person conference in four years, signing five agreements;
Industry body calls on China’s carmakers to stay rational with price cuts.
Here’s what you need to know about China in the past 24 hours
中国经济要闻
Hong Kong on Tuesday struck five cooperation deals following the city’s first joint conference with Guangdong in two years, as it presses ahead with integration into mainland’s development plan.
Noting that this year marks the fourth anniversary of the outline development plan for the Greater Bay Area initiative, Chief Executive John Lee Ka-chiu called on strengthened efforts with Guangdong province to promote high-quality development of the Greater Bay Area and to make greater contributions to the nation's development in accordance with the spirit of the 20th Party Congress and the Two Sessions.
Lee made the remarks in Hong Kong on Tuesday afternoon when meeting a high-level delegation from Guangdong, led by provincial governor Wang Weizhong. The joint conference, co-chaired by Lee and Wang, aims at deepening Hong Kong-Guangdong cooperation and promoting the high-quality development of the Bay Area.
The five agreements covered innovation and technology, finance, labour, smart cities, and regulation of pharmaceutical and medical devices.
Meanwhile, the two governments said they would arrange more exchange programs and study tours for Hong Kong school groups. Lee pledged the SAR government will continue to unite all sectors of the community and facilitate the flows of people, cargo, information and capital in a bid to build the Bay Area into a world-class cluster that can lure top scientific talent from across the globe.
Speaking to the media on Tuesday morning, Lee revealed he would convene a meeting of the Steering Group on Integration into National Development on Wednesday. Lee said the Hong Kong government will keep encouraging officials and public servants to visit the mainland, especially the other cities in the GBA, enabling them to have in-depth communication with local counterparts and figure out win-win policies for the region's shared interests.
The chief executive had recently concluded a weeklong trip in Beijing, where he visited 11 central ministries and institutions.
3月21日，粤港合作联席会议第二十三次会议在香港举行，双方围绕“深化粤港各领域务实高效合作，推进粤港澳大湾区高质量发展”主题进行深入交流，由香港特区行政长官李家超与广东省省长王伟中共同主持。
此次会议是粤港两地时隔2年再次召开联席会议，也是相隔4年后首次举行实体会议。粤港两地政府同意在创新及科技、金融服务、北部都会区发展、商贸及投资推广、跨境交通及物流、人才、医疗卫生、教育、文化、青年发展、公务员交流等领域，继续稳步推进交流合作。
下一步，粤港双方将抓住有利时机深化各领域务实高效合作，加快打造世界级湾区、发展最好的湾区。重点加强五个方面合作：一是纵深推进“软硬联通”，加强区域发展规划对接，提升市场一体化水平，完善跨境交通体系，促进两地人流、物流、资金流、信息流更加便捷高效。二是加快横琴、前海、南沙等重大合作平台建设，积极拓展合作空间，引导更多优质资源集聚发展。三是共同推动更高水平贸易投资，大力开拓国际市场，加大联合招商力度，办好粤港澳大湾区第二届全球招商大会，不断做大粤港经贸合作蛋糕。四是全面深化科技、教育、人才等领域合作，提升关键核心技术联合攻关水平，促进科技和产业深度融合，推进粤港澳大湾区高水平人才高地建设，加快打造具有全球影响力的科技和产业创新高地。五是共同推出更多惠民政策，高标准推进粤港青年创新创业基地建设，探索建立社保服务跨境协作机制，深化文旅、体育领域合作，扎实推进优质生活圈建设，不断增进两地民众福祉。
会后，双方签署了5份合作协议，包括《粤港共建智慧城市群合作协议》《粤港科技创新交流合作协议》《关于深化粤港金融合作的协议》《粤港澳大湾区药品医疗器械监管协作备忘录》《粤港劳动监察交流和培训合作机制协议》等。
李家超21日在行政会议前会见媒体时表示，香港和内地恢复全面通关一个多月来，多位特区政府官员到大湾区内地城市，和当地官员沟通接触，建立互信，协同推进多赢、共赢方案。
他透露，22日将召开特区政府融入国家发展大局督导组全体会议，从政策和宏观角度推进督导跨局工作，加强和内地机构沟通，督导组将深入讨论如何制定政策，带领香港更好融入国家发展，制定多元方案，促进香港和内地合作。
Greater Bay Area, Greater future
新使命，大未来
Hong Kong will announce a slew of measures at a key wealth summit on Friday, such as a revamped investment migration scheme, while new tax concessions and incentives will be offered for family offices to make it easier to set up charities and grow their art collection, Secretary for Financial Services and the Treasury Christopher Hui said. More than 100 global leaders of family office operators from America, the Middle East and Asia are bringing their teams to Hong Kong to attend "The Wealth for Good in Hong Kong Summit”, including tycoon Richard Li and Yahoo co-founder Jerry Yang.
香港将发表政策宣言争取家族办公室落户：作为吸引家族办公室落户香港的重要活动之一，“裕泽香江”高峰论坛周五在香港故宫文化博物馆举行，来自全球各地超过100位家族决策人及其专业团队参与。财政司司长陈茂波表示，特区政府会在论坛当日发表有关香港发展家族办公室业务的政策宣言，宣示香港为环球家族办公室配置财富、带动积极影响的政策方向。特区政府21日公布参与高峰论坛的演讲嘉宾名单，包括盈科拓展集团主席兼行政总裁李泽楷、雅虎创始人及前任行政总裁杨致远、红杉资本中国基金创始及执行合伙人沈南鹏等。“裕泽香江”高峰论坛将全面展示香港吸引环球家族办公室落户的独有优势。
Next on industry and company news
产业及公司新闻
China’s auto manufacturers need to rein in their price reductions to bring the industry back to normal and ensure healthy and stable growth this year, the China Association of Automobile Manufacturers said today. Cutting prices is a normal measure taken to lower inventory, but it must not descend into a price war, as carmakers should instead focus on long-term high quality development, the association said in an article today. Local governments need to take appropriate measures to stabilize growth and boost consumption, it added. Almost 30 auto manufacturers have recently rolled out price cuts of up to 100,000 yuan per vehicle to boost sales.
中汽协呼吁理性对待本轮汽车促销：在全国范围的汽车降价潮愈演愈烈之际，3月22日，中汽协官方发文称，结合近期多方反应情况，认为此轮降价炒作应尽快降温，让行业回归正常运行状态，确保全年行业健康平稳发展。中汽协认为，降价处理库存，适当回收成本是正常经营措施，但不能因此沦为价格战，此轮价格战不会长久。汽车企业应该着眼长远，在产品技术、质量、服务、品牌力等方面多下功夫，致力于高质量发展。此外，中汽协还呼吁，汽车市场应尽快回归正常秩序，社会和媒体应对汽车行业健康可持续发展提供积极的舆论导向，营造良好消费心理和市场氛围。
Jiangsu Dingsheng New Materials Joint-Stock said it and two of its units have signed new contracts with CATL and will be supplying more than half of the electric car battery giant’s aluminum foil requirements. The Chinese aluminum materials processor said it will provide no less than half of the factories’ aluminum foil needs between 2023 and 2025 in China, while its production base in Europe will supply a certain amount to CATL’s factory on the continent between 2024 and 2026.
铝箔龙头再牵手宁德时代：3月21日晚间，鼎胜新材发布公告，公司及下属全资子公司五星铝业、联晟新材与宁德时代达成战略合作协议，约定在2023年-2025年期间，为宁德时代提供最具竞争力的产品，且供应宁德时代的锂电池铝箔份额不低于其需求的50%。除国内业务合作外，协议双方还将进一步加强海外生产基地合作，约定在2024-2026年间，鼎盛新材欧洲生产基地将向宁德时代供应一定数量的锂电铜箔。
Zeekr Intelligent Technology, the electric vehicle subsidiary of Chinese car giant Geely Holding Group, will reportedly begin delivering its first model equipped with CATL’s Qilin cells in the second quarter. As CATL’s Qilin cells achieved mass production, the Zeekr 009 will start deliveries from the beginning of April, media reported yesterday.
宁德时代麒麟电池将亮相极氪009：3月22日，据媒体报道，电池制造商宁德时代的麒麟电池已实现量产。极氪汽车表示，其首款内置麒麟电池的车型为纯电中大型MPV极氪009，预计将于今年第二季度推出。据悉，麒麟电池的体积利用率为72%，能量密度高达255Wh/kg，可提供超过1000公里的续航里程，支持5分钟快速热启动和10分钟充电80%。
Earnings reports express
财报速递
Geely Automobile posted an 8.5 percent rise in net profit to 5.26 billion yuan and maintaining a final dividend of 21 HK cents, according to its latest earnings results released Tuesday. Revenue jumped 46 percent to 148 billion yuan last year, as the income from sales of vehicles and related services climbed 40 percent and the sales volume grew 8 percent. The automobile manufacturer sold 1.43 million units last year and sets a 1.65 million target for this year. Gross profit margin ratio dipped 3 percentage points yearly to 14.1 percent, as the EVs posed a much lower gross margin ratio than that of fuel vehicles, while the proportion of EV sales surged to 22.9 percent last year, compared with 6.2 percent in 2021. Chief executive Gui Shengyue said Geely has made comprehensive preparation for EV development and its performance this year "deserves expectations”.
吉利2022年收入大增46%：3月21日，吉利汽车公布了2022年年度业绩报告。报告显示，吉利汽车于2022年全年实现总收入1480亿元，同比增加45.6%，大超市场预期；同期归母净利52.6亿元，同比增长8.5%。此外，2022年公司经营性现金流同比增长4%至160亿元；净现金水平上升20.4%至337亿元，并且拟派发年度末期股息0.21港元/股，分红比例达36.2%。2022年全年吉利汽车累计总销量达到约143.3万辆，同比上涨约8%；新能源汽车销量占比由上年同期的6.2%提升至22.9%；出口销量占比提升至13.8%，同比增长5.1个百分点；平均单车销售收入同比增长29.6%，至10.3万元。受原材料涨价、新能源占比提升等影响，2022年吉利汽车的整体毛利率也受到了一定冲击，下滑至14.1%。吉利汽车控股行政总裁桂生悦表示，吉利在全面向新能源转型的过程中，规模化将逐渐显现出巨大优势，有信心在新能源赛道“迎头赶上”。
Shares of Leapmotor Technology rose after the Chinese EV startup said revenue increased nearly four times last year from 2021, though it net loss widened 80 percent to 5.1 billion yuan because of higher costs. Revenue soared 295 percent to 12.4 billion yuan, mainly because of an increase in EV sales and higher average sales price, the carmaker said yesterday. Gross profit margin improved to minus 15.4 percent from minus 44.3 percent, but still below its competitors. The brand delivered about 111,000 EVs last year, a 151 percent increase, and expects to double sales to about 220,000 this year.
零跑去年净亏损51亿元：3月21日晚间，浙江零跑科技股份有限公司发布上市后首份年度财务报告。2022年，零跑汽车全年营收123.8亿元，同比增长295.41%；新车交付量为11.12万辆，同比增长154%；归属母公司净亏损51.09亿元，同比2021年扩大79.53%。在毛利率方面，2022年零跑汽车毛利率仍未转正，为-15.4%，但相较于2021年收窄28.6个百分点。零跑汽车表示，毛利率水平的改善主要归因于平均售价提升以及制造成本的下降。零跑科技高级副总裁兼董事会秘书敬华在财报电话会上说到，零跑的目标是2023年内实现毛利率转正。
China's biggest online music group Tencent Music Entertainment Group reported a 9.3 percent decline in revenue that stood at 28.3 billion yuan last year as subscribers numbers continued to fall. Net profit jumped 21 percent to 3.7 billion yuan. The number of paying users of Tencent Music's social entertainment service dropped 24 percent, mainly because of the evolving macro environment, greater competition from other platforms, and the Covid-19 pandemic, the firm said. Income from online music services rose 8.9 percent to 12.5 billion yuan, while that from social media entertainment and other services dropped almost 20 percent to 15.9 billion yuan.
腾讯音乐去年总营收下滑9%：3月21日，腾讯音乐发布2022年第四季度及全年财报。财报显示，腾讯音乐第四季度营收74.3亿元，同比下滑2.4%；调整后净利润14.4亿元，同比增长72.8%；2022年全年营收283.4亿元，同比下滑9.3%，调整后净利润47.5亿元，同比增长14.4%。总营收同比下滑，但调整后净利润同比上升，腾讯音乐降低了营收成本。伴随在线音乐服务收入增长、社交娱乐业务收入下滑，2022年四季度在线音乐业务收入几乎追平社交娱乐业务收入。不过，四季度在线音乐和社交娱乐两项业务的月活跃用户数（MAU）均有下滑，归因于宏观环境、平台竞争加剧和新冠疫情等因素。
Shares of Anta Sports Products rose after its annual revenue from the China market exceeded Nike’s for the first time last year, making it the first Chinese sportswear brand to take the lead at home for more than a decade. Revenue rose 8.8 percent to 53.7 billion yuan last year, compared with Nike’s revenue from China of 51.4 billion yuan. Anta’s net profit fell 1.7 percent to 7.6 billion yuan.
安踏体育年收入跑赢耐克中国：3月22日安踏体育发布2022年全年业绩，宣布全年收入继续创出新高，达到536.5亿元，同比上涨8.8%；这是2015年破百亿后，安踏用7年时间实现了100亿到500亿的跨越，年复合增长率超过25%；同时也是自2004年以来，中国企业首次在中国运动鞋服市场的年度企业收入排名中取得领先。2022年股东应占溢利为75.9亿元，同比下滑1.7%；基本每股收益2.82元，同比下滑1.7%。
Switching gears to financial news
金融市场消息
The People's Bank of China issued 5 billion yuan worth of bills in Hong Kong on Tuesday, with the interest rate came in at 2.2 percent. The 6-month maturity bills received a total bidding of about 30.2 billion yuan, or more than six times oversubscribed, showing the allure of yuan assets by overseas investors, the central bank said.
50亿元央票香港超6倍认购：中国人民银行网站消息，3月21日，中国人民银行在香港成功发行了50亿元6个月期人民币央行票据，中标利率为2.20%。此次发行受到境外投资者广泛欢迎，投标总量约为302亿元，超过发行量的6倍，表明人民币资产对境外投资者有较强吸引力，也反映了全球投资者对中国经济的信心。
Wrapping up with a quick look at the stock market
股市收盘情况
Chinese stocks extended a rally on Wednesday, with the benchmark Shanghai Composite up 0.3 percent, while the Shenzhen Component edged up 0.6 percent. Hong Kong’s benchmark Hang Seng also jumped 1.7 percent and the TECH index gained 1.1 percent.
A股小幅上扬港股走高：周三A股三大指数集体小幅上涨。截至收盘，上证指数涨0.31%，深证成指涨0.61%，创业板指涨0.20%。两市今日成交额9578亿，北向资金全天净买入4.79亿元。港股全天高位窄幅震荡，恒生指数涨1.73%，恒生科技指数涨1.11%。
Biz Word of the Day
财经词汇划重点
The term gross margin ratio refers to a profitability measure that looks at a company's gross profit compared to its revenue or sales. A company's gross margin is expressed as a percentage. Gross profit is determined by calculating gross sales, less the cost of goods sold (COGS), which includes returns, allowances, and discounts. Companies use gross margin, gross profit, and gross profit margin to measure how their production costs relate to their revenues.
毛利率是毛利与销售收入（或营业收入）的百分比，其中毛利是收入和与收入相对应的营业成本之间的差额。毛利率反映的是一个商品经过生产转换内部系统以后增值的那一部分。也就是说，增值的越多毛利就越多。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
编委: 于晓娜
策划、编辑：李艳霞
播音：李莹亮
撰稿：李莹亮
音频制作：李莹亮
设计：郑文静、廖苑妮
21世纪经济报道海外部 制作
南方财经全媒体集团 出品
(作者：李莹亮 编辑：李艳霞）