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0729 Dolphin Analyst Focus:
🐬Macro/Industry
1. President Xi Jinping had a candid conversation with U.S. President Biden on the evening of July 28 on China-U.S. relations and issues of mutual concern.
2. On the evening of July 28, data released by the U.S. Bureau of Economic Analysis showed that real GDP declined by 0.9% qoq in the second quarter, following a 1.6% qoq decline in the first quarter. This marks two consecutive quarters of contraction in the U.S. GDP, signaling a stronger indication of economic recession.
🐬Individual Stocks
1. $Apple.US
Apple's Q3 revenue was resilient and overall performance met market expectations, with a 3% increase in after-hours trading. Upon closer examination of this quarter's financial report, the low-growth mobile phone business turned out to be the "fig leaf" covering Apple's overall lackluster performance in products such as Macs and wearables. Only the iPhone business significantly exceeded market expectations among all business segments, compensating for other underperforming products. The Dolphin Research and Investment WeChat Official Account will publish a detailed interpretation and analysis tomorrow.
2. $Amazon.US
Amazon's Q2 revenue and Q3 guidance exceeded market expectations, with a post-market stock price surge of over 13%. Overall, the core reason for exceeding expectations is Amazon's strong bargaining power and ability to transfer costs as the industry leader. At the same time, the speed and execution of the company's operational strategy shift from expansion to contraction after a downturn is also convincing. For Dolphin Analyst's detailed interpretation of this financial report, see "[Iron-fisted layoffs, Amazon is finally 'regaining its strength'] (https://longbridgeapp.com/topics/3215407)."
3. $Intel.US
Intel released its second-quarter financial report and quarterly and full-year performance guidance, all of which were below market expectations, with the company's stock price falling more than 10% after hours. In this quarter, Intel's revenue decreased by about 22% YoY, 14% lower than market expectations, making it the worst quarterly revenue since 1999. Last month, foreign media reported that TSMC is expected to surpass giant Intel in revenue in the second quarter of this year. Looking back on the Dolphin Analyst's analysis of TSMC's second-quarter report, "[TSMC: The ‘alternative’ backbone in the wave of order cuts]" (https://longbridgeapp.com/topics/3113820), this quarter's performance by the two giants confirms this view, even with significant differences in profits.
🐬Leading Industries
SSE/SZSE: Feed, Household Appliance Parts II, Wind Power Equipment;
HKEX: Diversified Retailers, Other Apparel Accessories, Broadcasting;
US: Solar Energy, Public Utilities-Renewable, Truck Transportation.
🐬Next Week's Focus
1. Caixin Manufacturing PMI
2. HSBC Holdings releases its financial report.
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