0918 | Dolphin Research Focus: 🐬 Macro/Industry 1) Saudi Arabia, via Oman, proposed a two-week ceasefire to the Houthi, sending crude lower again as WTI briefly slipped below $100 and Brent fell over 4% intraday. Cooling geopolitics eased energy and inflation fears.

0917 | Dolphin Research Focus: 🐬 Macro/Industry — The Fed delivered its first rate hike in three years, lifting the target range by 25bp to 3.75%-4.00% by unanimous vote. It is the first increase since Jul 2023.

0916 | Dolphin Research Focus: 🐬 Macro/Industry — The HKSAR released its first Five‑Year Plan for Economic and Social Development (2026–2030) since the handover, aligned with the national 15th Five‑Year Plan. It prioritizes consolidating Hong Kong's role as an intl financial and innovation hub, accelerating Northern Metropolis development, and upgrading public services in tandem.

This medium‑ to long‑term blueprint should help anchor foreign capital expectations and reinforce the city's path from stability to prosperity. Near term, it is positive for sentiment in HK stocks, particularly financials and innovation/tech, though execution will hinge on policy follow‑through and the pace of project delivery...

0915｜Dolphin Research Focus: 🐬 Macro/Industry 1) The US 10Y UST yield briefly topped 5% overnight, the highest since 2007, before easing slightly. Long-end rates reclaiming a key threshold signal rising fiscal and inflation worries. Higher-for-longer rates compress growth-stock multiples globally and keep sustained pressure on HK and US tech, with risk appetite likely to tighten further.

0910 | Dolphin Research Focus: 🐬 Macro/Industry 1) The U.S. Treasury expanded long-dated buybacks to $6bn, well below Wall Street’s optimistic ~$10bn. After the department announced Thursday’s buyback size, Treasuries sold off and the 10Y UST yield hit a near three-year high.

0909 | Dolphin Research Focus: 🐬 Macro/Industry. 1) NBS data: Aug. CPI +0.8% YoY, core CPI back to 1.0%. 2) Reports suggest...

Energy and consumer electronics were the main drivers. With pass-through from rising global commodity prices, PPI YoY expanded to 3.8%.

Prices indicate a structural recovery of 'modest consumer recovery and stronger-than-expected industrial rebound'. This supports upstream resources and industrial profits in the near term, but the divergence between imported inflation and soft domestic demand warrants caution, leaving limited room for policy easing.

0907 | Dolphin Focus: Daily News Recap | Dolphin Research🐬 Macro/Industry

1) Iran said it will set exclusion zones around the Strait of Hormuz in the coming days, with non-compliant vessels subject to sanctions, raising concerns over a key energy chokepoint and lifting intl oil prices.

2) U.S. Labor Day today: U.S. equities are closed for the day, overseas futures have a shortened session, and HK stocks trade as usual...

0903 | Dolphin Research Focus: 🐬 Macro/Industry 1) US Aug. ADP private payrolls rose just 37k, the lowest since Jan. Wage growth slowed in tandem, signaling an ongoing cooldown in the labor market.

0902 | Dolphin Research Focus.

0831 | Dolphin Research Focus: 🐬 Macro/Industry. NBS reported Aug. manufacturing PMI at 49.8% (+60bps MoM). Production and demand improved in tandem but remained below the 50 line.