0807 ｜ Dolphin Research Focus: 🐬 Macro/Industry 1) Overnight, gold rallied sharply. Goldman Sachs notes Chinese capital is returning, and Trump signaled talks on reopening the Strait of Hormuz. With marginal easing in geopolitical tensions and cooler Fed tightening expectations, falling US real yields lifted gold.

0805 | Dolphin Research Focus: 🐬 Macro/Industry 1) Reports last night indicated the Trump administration is drafting new rules to impose an import ban on new data center components from China. The draft remains under internal review and is not yet a formal bill.

0804 | Dolphin Research Focus: 🐬 Macro/Sector 1)

0803 | Dolphin Research Key Focus: 🐬 Macro/Industry. Listed automakers are releasing Jul production and sales flashes.

0729 | Dolphin Research Focus: 🐬 Macro/Industry. 1) In the early hours of Jul 30 Beijing time, the Fed will announce its Jul rate decision.

0728 | Dolphin Focus: Macro/Sector. 1) According to foreign media, Shanghai state-owned firms have begun small-batch production of domestically built immersion DUV lithography systems, with five units planned for this year. The first batch is slated for delivery to SMIC, Hua Hong Semiconductor, and CXMT.

0724 | Dolphin Research Focus: 🐬 Macro/Industry 1) At 00:01 ET Fri (12:00 BJT on Jul 24), the U.S. rolled out a new import tariff schedule with rates of 10%–12.5% across ~60 economies, replacing the expiring global temporary tariffs. Based on Section 301, rates vary by economy, with exemptions for food, fuel, and certain industrial goods. Heightened unilateral trade barriers could exacerbate global trade frictions, weigh on profit expectations for export-oriented manufacturing supply chains, and near term dampen market risk appetite...

Jul 22 | Dolphin Research Focus: 🐬 Macro/Industry 1) MoF data show national general public budget revenue reached RMB 12.10 tn in H1 (+4.7% YoY), with cumulative growth improving month by month. Tax revenue was RMB 9.79 tn (+5.3% YoY), outpacing non-tax; central revenue growth clearly exceeded local.

0721 | Dolphin Research Focus: Macro/Industry — Semis and memory rallied sharply today, delivering an oversold bounce. Flows rotated back into chip and compute plays as liquidity improved.

Jul 20 | Dolphin Research Focus: 🐬 Macro/Industry — HKEX is evaluating a trading-hours reform, planning to scrap the current 12:00–13:00 lunch break and extend the overall session length. The proposal remains in the study phase, with market feedback to be solicited from brokers and institutions.