核心观点1）中通拟发行约15 亿美金5 年期可换股优先票据。本次票据发行年化成本约2.2%，远低于目前5%左右资金出境缴纳的股息税， 为加速回购计划和提升分红比例提供支撑。限价看涨capped call+当下股份回购，最大程度对冲股份稀释。2）美团收购叮咚买菜，第三方即配在于前置仓快速建仓和品类扩张阶段的外溢订单。生鲜电商需求仅是整个闪购大战（外卖+即时零售）的局部战场，仅占~5%，美团收购叮咚后...
Source Link核心观点1）中通拟发行约15 亿美金5 年期可换股优先票据。本次票据发行年化成本约2.2%，远低于目前5%左右资金出境缴纳的股息税， 为加速回购计划和提升分红比例提供支撑。限价看涨capped call+当下股份回购，最大程度对冲股份稀释。2）美团收购叮咚买菜，第三方即配在于前置仓快速建仓和品类扩张阶段的外溢订单。生鲜电商需求仅是整个闪购大战（外卖+即时零售）的局部战场，仅占~5%，美团收购叮咚后...
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