1027 ｜Dolphin Research Focus:

🐬 Macro/Industry

1.On October 25-26 local time, China and the United States held economic and trade consultations in Kuala Lumpur. The two sides reached a preliminary consensus on properly addressing several important economic and trade issues of mutual concern, and the next step will be to go through their respective domestic approval procedures. The easing signals in China-US economic and trade relations help to restore market risk appetite, coupled withpositive signals from macroeconomic data, leading to a collective surge in Hong Kong and A-shares today.

🐬 Individual Stocks

1.$MEITUAN(03690.HK)

Meituan's LongCat team released and open-sourced the LongCat-Video video generation model,which is designed for multi-task video generation scenarios. It supports text-to-video, image-to-video, and video continuation capabilities with a unified architecture, and can stably generate high-quality coherent videos up to 5 minutes long. This model is not merely a technical demonstration but builds underlying capabilities for core businesses such as autonomous driving simulation and digital human interaction, becoming a technological link between the "bit world" and the "atom world".

2.$Alphabet(GOOGL.US)

AI newcomer Anthropic has reached a "milestone" agreement with Google Cloud worth several billion dollars,under which Google will supply up to 1 million self-developed TPU chips by 2026, providing over 1 gigawatt of computing power to support the training and deployment of the Claude series of large models.The partnership between Anthropic and Google Cloud will accelerate the commercialization and market expansion of its technology. For Google, it will help enhance its competitiveness and influence in the AI field and drive the growth of its cloud services business.

🐬 Leading Sectors

Shanghai and Shenzhen: Electronic equipment and services, food distributors, electronic components;

Hong Kong stocks: Heavy electrical equipment, residential construction companies, semiconductor manufacturers;

US stocks: Construction and engineering, independent power and renewable electricity producers, IT consulting.

🐬 Focus for Tomorrow

1. New Oriental will release its financial report, and Dolphin Research will follow up with an interpretation and analysis.

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