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.

0717 | Dolphin Focus: Daily News Recap | Dolphin Research 🐬 Macro/Industry 1: APAC equities weakened across the board by midday, marking the worst showing in months as heavy selling in AI and semis triggered outflows. Japan and Taiwan led declines, with TSM's results falling short of lofty expectations and dragging the broader chip supply chain lower.

0715 | Dolphin Focus: 🐬 Stock 1, $TENCENT(00700.HK) rolled out Hy3 1-bit and 4-bit quantized builds. The original 295B model carried ~600GB of weights; the 1-bit build compresses this to 85.5GiB, allowing local runs on a single 96GB pro inference card.

The 4-bit variant delivers accuracy close to the full model. It is designed for enterprise offline inference.

Previously, large MoE models typically relied on multi-GPU clusters. The new quantization sharply lowers the hardware bar for smaller developers, strengthening Tencent’s on-device and private deployment capabilities...

Jul 13 | Dolphin Research Watchlist: 🐬 Macro/Industry. US–Iran tensions continued to escalate, with multiple US airstrikes on Iranian coastal military sites.

0710 ｜Dolphin Focus: 🐬 Stock 1, $TENCENT(00700.HK) There are reports that Tencent, together with Sequoia China and ZhenFund, plans to buy back 100% of Manus from Meta at the original price of $2 bn. The deal would be executed via a consortium.

0709 | Dolphin Research Focus: 🐬 Macro/Industry 1) NBS: Jun CPI +1.0% YoY, -0.3% MoM; core CPI also +1.0% YoY. Food prices fell YoY, while non-food ticked up slightly, and services consumption stayed resilient. PPI rose +4.1% YoY.

Household consumption demand is recovering slowly, a near-term tailwind for baijiu, retail, and services consumption. However, softer food prices cap the agriculture sector's beta. The policy backdrop remains accommodative, leaving room for follow-on growth-stabilization measures.

0708 | Dolphin Research Focus: Macro/Sector.