--- title: "Dolphin Research｜Longbridge" type: "Research" locale: "en" url: "https://longbridge.com/en/news/dolphin.md" description: "Original equity research from Dolphin Research (海豚投研), Longbridge's independent research arm. Features deep-dive analysis on Chinese ADRs, Hong Kong tech stocks, and global growth companies, with proprietary earnings models and valuation frameworks." count: 18 datetime: "2026-07-22T15:44:24.713Z" locales: - [en](https://longbridge.com/en/news/dolphin.md) - [zh-CN](https://longbridge.com/zh-CN/news/dolphin.md) - [zh-HK](https://longbridge.com/zh-HK/news/dolphin.md) --- # Dolphin Research > Original equity research from Dolphin Research (海豚投研), Longbridge's independent research arm. Features deep-dive analysis on Chinese ADRs, Hong Kong tech stocks, and global growth companies, with proprietary earnings models and valuation frameworks. 📊 **18 research articles available** --- ## Table of Contents - [In-depth Review of the AI Correction: The Sharp Drop from High Levels Is Not the End, Market Logic Has Completely Upgraded](https://longbridge.com/en/topics/42805435.md) - Datetime: 2026-07-20T13:41:45.000Z - Summary: I haven't written a long article in a long time, so let's look at three numbers first. Since the high point last month, South Korea's KOSPI has fallen by 25%, the Philadelphia Semiconductor Index (SOX) has dropped by 20%, and storage leaders like Micron have fallen as much as 30%, with individual AI concept stocks halving in value. Last Friday, there was widespread talk that the SOX had entered a technical bear market. But the fourth number will make you rethink: the MSCI World Index is currently only 1-2% away from its all-time high. Individual stocks crashed, but the index didn't move. Looking at the portfolio, it shows that money hasn't left the market; it's just rotating from high to low valuations. This is my core view on this round of AI stock pullback... - Related Symbols: - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [MU.US](https://longbridge.com/en/quote/MU.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [NVDL.US](https://longbridge.com/en/quote/NVDL.US.md) - [07788.HK](https://longbridge.com/en/quote/07788.HK.md) - [07388.HK](https://longbridge.com/en/quote/07388.HK.md) - [NVDY.US](https://longbridge.com/en/quote/NVDY.US.md) - [NVDD.US](https://longbridge.com/en/quote/NVDD.US.md) - [NVDX.US](https://longbridge.com/en/quote/NVDX.US.md) - [NVDQ.US](https://longbridge.com/en/quote/NVDQ.US.md) - [AAPB.US](https://longbridge.com/en/quote/AAPB.US.md) - [AAPD.US](https://longbridge.com/en/quote/AAPD.US.md) - [AAPU.US](https://longbridge.com/en/quote/AAPU.US.md) - [AAPX.US](https://longbridge.com/en/quote/AAPX.US.md) - [AAPY.US](https://longbridge.com/en/quote/AAPY.US.md) - [APLY.US](https://longbridge.com/en/quote/APLY.US.md) - [[Giveaway] Tesla Earnings Preview: Can the AI Story Support the Stock Price? 🔥 ...](https://longbridge.com/en/topics/42757043.md) - Datetime: 2026-07-17T07:09:57.000Z - Summary: [Giveaway] Tesla Earnings Preview: Can the AI Story Support the Stock Price? 🔥 Tesla (TSLA) will report earnings after market close next Wednesday (July 22). Q2 deliveries reached 480,000 units, far exceeding expectations. Market focus has thus shifted from car sales to gross margin revenue and the progress of realizing the AI story. Meanwhile, Robotaxi has launched in Miami, and progress on Optimus and energy businesses is also closely watched, which will dominate post-earnings stock price trends! 🚕 What are your thoughts? Vote to predict earnings performance and post-earnings stock price movements, and write down your views to win 300 Task Coins. If you guess correctly by chance, the reward will be boosted even further, with a chance to win 2,000 Task Coins and a free coffee at Longbridge Café! ☕ - Related Symbols: - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) - [TSLL.US](https://longbridge.com/en/quote/TSLL.US.md) - [07766.HK](https://longbridge.com/en/quote/07766.HK.md) - [TSDD.US](https://longbridge.com/en/quote/TSDD.US.md) - [TSL.US](https://longbridge.com/en/quote/TSL.US.md) - [TSLQ.US](https://longbridge.com/en/quote/TSLQ.US.md) - [Tencent unveils Miora, a new AI creative tool; SK hynix denies acquiring Intel wafer assets | Daily News Recap](https://longbridge.com/en/topics/42849148.md) - Datetime: 2026-07-22T08:32:12.000Z - Summary: 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.Over the same period, expenditure was RMB 14.33 tn (+1.5% YoY). Spending on social security and public health held up, supporting livelihoods.Government fund revenue fell by over 20%, pointing to a weak broad fiscal picture. Steady revenue growth suggests the economy is stabilizing, but the fiscal gap remains... - Related Symbols: - [SK.US](https://longbridge.com/en/quote/SK.US.md) - [SKHY.US](https://longbridge.com/en/quote/SKHY.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [80700.HK](https://longbridge.com/en/quote/80700.HK.md) - [HTCD.SG](https://longbridge.com/en/quote/HTCD.SG.md) - [TCEHY.US](https://longbridge.com/en/quote/TCEHY.US.md) - [TCTZF.US](https://longbridge.com/en/quote/TCTZF.US.md) - [04335.HK](https://longbridge.com/en/quote/04335.HK.md) - [GOOGN.US](https://longbridge.com/en/quote/GOOGN.US.md) - [📢 𝗝𝗨𝗦𝗧 𝗜𝗡: $Ondas(ONDS.US) Ondas Secures $𝟳𝟬 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 in New Defe...](https://longbridge.com/en/topics/42854128.md) - Datetime: 2026-07-22T12:36:01.000Z - Summary: 📢 𝗝𝗨𝗦𝗧 𝗜𝗡: $Ondas(ONDS.US) Ondas Secures $𝟳𝟬 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 in New Defense and Autonomous Technology Orders👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:➤ 𝗢𝗻𝗱𝗮𝘀 secured $𝟳𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 in new orders over four weeks.➤ Orders span 𝘂𝗻𝗺𝗮𝗻𝗻𝗲𝗱 𝗴𝗿𝗼𝘂𝗻𝗱 systems, border security, and 𝗖-𝗨𝗔𝗦.➤ Awards include 𝗜𝗦𝗥 systems and autonomous precision-strike technologies.➤ Orders cover new systems, expanded programs, and operational capabilities.➤ Includes previously announced $𝟲.𝟵 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 Australian 𝗖-𝗨𝗔𝗦 order.➤ Ondas continues expanding 𝗺𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗶𝗻𝗴 capacity and field support.➤ Company aims to meet growing global defense customer demand.➤ Orders strengthen Ondas' integrated 𝗱𝗲𝗳𝗲𝗻𝘀𝗲 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 platform.👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁:𝗘𝗿𝗶𝗰 𝗕𝗿𝗼𝗰𝗸, Chairman and CEO of Ondas:"Securing $70 million in new orders in the past four weeks is a strong demonstration of our execution on the substantial demand pipeline at Ondas and the leveraging of our strengthening global operating platform.""integrating differentiated technologies, engineering capabilities, manufacturing resources and customer access into a unified defense technology company." - Related Symbols: - [ONDS.US](https://longbridge.com/en/quote/ONDS.US.md) - [Social](https://longbridge.com/en/topics/42850591.md) - Datetime: 2026-07-22T09:58:08.000Z - Summary: A friend said: The purpose of socializing is only threefold. Transaction, communication, and mating. Everything else is invalid socializing. I don't fully agree. It cuts the concept of socializing into three pieces with one stroke. But on second thought, this is a particularly common mindset today: asking 'what's the use?' for everything. What's the use of making friends? What's the use of eating together? What's the use of gathering? If you sit there having afternoon tea with someone and can't articulate any key takeaways when you get back, then that entire afternoon was wasted. This mindset itself is very modern. Very efficient, yet very barren. I'm not trying to negate transaction, communication, or mating. They certainly have their place in socializing... - [[Rewards] Discover your investment style in 30 seconds | know yourself better with LongbridgeAI](https://longbridge.com/en/topics/42824816.md) - Datetime: 2026-07-21T10:06:58.000Z - Summary: The investment style test is live on LongbridgeAI: 7 questions, 30 seconds — and the AI gets to know you better. Share your style card to earn 288 Task Coins; 10 winners will each get an HK$148 AI Pro card. - [$CHINASOFT INT'L(00354.HK) rose 23% today, with trading volume reaching over ten...](https://longbridge.com/en/topics/42824967.md) - Datetime: 2026-07-21T10:17:26.000Z - Summary: $CHINASOFT INT'L(00354.HK) rose 23% today, with trading volume reaching over ten times the usual level—the catalyst being a signed agreement with Moonshot AI for "Moonshot Plan" token revenue sharing and joint innovation, co-building a lab for enterprise-level Agentic AI, igniting the narrative of transitioning from software outsourcing to a token operator.$XUNCE(03317.HK) also surged 18%, with Token ARR more than tripling month-on-month in May; after the unlocking of restricted shares, the fundamentals actually supported the stock price.$CHINASOFT INT'L(00354.HK) and $XUNCE(03317.HK) are both pitching the new business model of "charging by Token," maximizing the storytelling aspect, but valuations are also priced based on these stories. A single-day surge of around 20%: is this the starting point for a valuation re-rating or the peak of sentiment? I believe it's leaning towards the latter—the revenue-sharing agreement lacks income figures as backing; it's not too late to discuss re-rating once the first batch of Token revenue hits the financial reports. - Related Symbols: - [00354.HK](https://longbridge.com/en/quote/00354.HK.md) - [03317.HK](https://longbridge.com/en/quote/03317.HK.md) - [$Direxion FTSE China Bear 3X(YANG.US) saw a slight rise. Offshore capital is usi...](https://longbridge.com/en/topics/42850785.md) - Datetime: 2026-07-22T10:03:37.000Z - Summary: $Direxion FTSE China Bear 3X(YANG.US) saw a slight rise. Offshore capital is using leverage tools to bet on Chinese assets going down this time around. Is it short-term risk aversion, or is patience for policy implementation running out? I lean towards the former; when there are no new negative catalysts, such reverse positioning looks more like emotional hedging. A real shift to bearishness would depend on fundamental data continuing to weaken 😳 - Related Symbols: - [YANG.US](https://longbridge.com/en/quote/YANG.US.md) - [$Leverage Shares 2X Long ONDS Daily ETF(ONDG.US)$ONDS 2X Long ETF(ONDL.US)$Ondas...](https://longbridge.com/en/topics/42859469.md) - Datetime: 2026-07-22T14:58:50.000Z - Summary: $Leverage Shares 2X Long ONDS Daily ETF(ONDG.US)$ONDS 2X Long ETF(ONDL.US)$Ondas(ONDS.US) Why is it so strong today? - Related Symbols: - [ONDL.US](https://longbridge.com/en/quote/ONDL.US.md) - [ONDS.US](https://longbridge.com/en/quote/ONDS.US.md) - [ONDG.US](https://longbridge.com/en/quote/ONDG.US.md) - [Market narratives change every day, and you must know what you are buying.](https://longbridge.com/en/topics/42824659.md) - Datetime: 2026-07-21T09:49:34.000Z - Summary: Many investors have witnessed a phenomenon: the same news can be interpreted in completely opposite ways by the market in a very short period. Recently, there were rumors that META plans to provide some of its AI computing power externally and is considering developing cloud computing services. Initially, some interpreted this as bearish: Does META have too many data centers built up, with internal demand insufficient to use them all, indicating an oversupply of AI computing power? Later, another view emerged: META can not only utilize this computing power to train its own models but also rent out temporarily idle capacity to other companies, potentially even launching a new cloud computing business... - Related Symbols: - [META.US](https://longbridge.com/en/quote/META.US.md) - [Western Digital (WDC) Surges 12.5% to $548 - Kioxia Merger Talks, $900 Analyst Target](https://longbridge.com/en/topics/293491645.md) - Datetime: 2026-07-22T15:03:48.000Z - Summary: Western Digital (WDC) surged 12.5% to $548.39, driven by renewed merger talks with Kioxia, positive sector sentiment from analyst upgrades on Micron, and US pressure on Chinese chipmakers. WDC beat Q3 FY2026 EPS estimates, with 2026 HDD production sold out and contracts secured through 2028. Cantor Fitzgerald maintains a $900 price target. The next earnings report is scheduled for August 5, 2026. - Related Symbols: - [WDC.US](https://longbridge.com/en/quote/WDC.US.md) - [WDCX.US](https://longbridge.com/en/quote/WDCX.US.md) - [MS.US](https://longbridge.com/en/quote/MS.US.md) - [BAC.US](https://longbridge.com/en/quote/BAC.US.md) - [MU.US](https://longbridge.com/en/quote/MU.US.md) - [SSNGY.US](https://longbridge.com/en/quote/SSNGY.US.md) - [SKHY.US](https://longbridge.com/en/quote/SKHY.US.md) - [SNDK.US](https://longbridge.com/en/quote/SNDK.US.md) - [C.US](https://longbridge.com/en/quote/C.US.md) - [WDCVV.US](https://longbridge.com/en/quote/WDCVV.US.md) - [MS-O.US](https://longbridge.com/en/quote/MS-O.US.md) - [MS-Q.US](https://longbridge.com/en/quote/MS-Q.US.md) - [MS-E.US](https://longbridge.com/en/quote/MS-E.US.md) - [MS-I.US](https://longbridge.com/en/quote/MS-I.US.md) - [MS-L.US](https://longbridge.com/en/quote/MS-L.US.md) - [MS-P.US](https://longbridge.com/en/quote/MS-P.US.md) - [MS-A.US](https://longbridge.com/en/quote/MS-A.US.md) - [MS-F.US](https://longbridge.com/en/quote/MS-F.US.md) - [MS-K.US](https://longbridge.com/en/quote/MS-K.US.md) - [BAC-Q.US](https://longbridge.com/en/quote/BAC-Q.US.md) - [BML-L.US](https://longbridge.com/en/quote/BML-L.US.md) - [BAC-L.US](https://longbridge.com/en/quote/BAC-L.US.md) - [BAC-K.US](https://longbridge.com/en/quote/BAC-K.US.md) - [BML-H.US](https://longbridge.com/en/quote/BML-H.US.md) - [BAC-N.US](https://longbridge.com/en/quote/BAC-N.US.md) - [BAC-E.US](https://longbridge.com/en/quote/BAC-E.US.md) - [MER-K.US](https://longbridge.com/en/quote/MER-K.US.md) - [BAC-O.US](https://longbridge.com/en/quote/BAC-O.US.md) - [BML-G.US](https://longbridge.com/en/quote/BML-G.US.md) - [BAC-M.US](https://longbridge.com/en/quote/BAC-M.US.md) - [BAC-B.US](https://longbridge.com/en/quote/BAC-B.US.md) - [BML-J.US](https://longbridge.com/en/quote/BML-J.US.md) - [BAC-S.US](https://longbridge.com/en/quote/BAC-S.US.md) - [BAC-P.US](https://longbridge.com/en/quote/BAC-P.US.md) - [8648.JP](https://longbridge.com/en/quote/8648.JP.md) - [SMSN.UK](https://longbridge.com/en/quote/SMSN.UK.md) - [C-R.US](https://longbridge.com/en/quote/C-R.US.md) - [$Ondas(ONDS.US) What should I do? I only bought 100 shares before the market ope...](https://longbridge.com/en/topics/42855970.md) - Datetime: 2026-07-22T13:45:16.000Z - Summary: $Ondas(ONDS.US) What should I do? I only bought 100 shares before the market opened. - Related Symbols: - [ONDS.US](https://longbridge.com/en/quote/ONDS.US.md) - [$SPDR S&P 500(SPY.US)You need to have a target price awareness when trading ...](https://longbridge.com/en/topics/42837617.md) - Datetime: 2026-07-21T18:31:05.000Z - Summary: $SPDR S&P 500(SPY.US)You need to have a target price awareness when trading intraday,For example, looking at it at 09:40, the intraday high was $746.690 at 09:30,If shorting, the lowest price could be $746.690 - 5-day ATR $6.826 = $739.864,Or it could be $746.690 - TR of 07/14/2026 $4.680 = $742.010;Looking at it at 09:50, the intraday low was $744.180 at 09:47,If going long, the highest price could be previous close $742.090 + 5-day ATR $6.826 = $748.916,Or it could be $744.180 + TR of 07/14/2026 $4.680 = $748.860;After grasping the possible amplitude, judge the next direction,Wait for pullbacks to go long or rebounds to short,Once the direction is determined, make good use of the stopwatch function on the Jinshi Data homepage,Buy in at the first second of the third minute after the trend starts,If it fails to break below PML $744.270, then exclude the plan for the target low point of short selling, focusing mainly on going long,The core knowledge point here is: 'When the current amplitude has not yet reached the historical average level,it will definitely continue to achieve in the easier direction,'$TSLA Put(TSLA260720P377500.US)09:47 $1.20 => 10:00 $4.20, SL$1.05, LONG,Yesterday's $Tesla(TSLA.US) followed the same logic,$SPY Call(SPY260721C746000.US)11:06 $1.30 => 11:13 $1.95, SL$1.15, LONG,If I had calculated the possible target prices in advance,I wouldn't have missed this trade. - Related Symbols: - [SPY.US](https://longbridge.com/en/quote/SPY.US.md) - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) - [💢💢💢](https://longbridge.com/en/topics/42834168.md) - Datetime: 2026-07-21T15:10:53.000Z - Summary: Storage prices have dropped this much, and I'm actually more excited. 1/ Storage stocks have been crashing recently. SK Hynix has been sliding since its IPO, with Micron and SanDisk suffering along with it; Samsung's profits surged significantly, yet the market still chose to sell. So many people are now shouting: The storage cycle has peaked. But the more I look at it, the less it feels like the end of a cycle, and more like the first deep breath after a continuous surge. 2/ Let's clarify one thing first: The storage demand driven by AI is not a short-term trend lasting just one or two years. The traditional storage cycle is simple: insufficient capacity leads to price hikes; capacity expansion leads to oversupply; falling prices lead to industry consolidation... - Related Symbols: - [SKHY.US](https://longbridge.com/en/quote/SKHY.US.md) - [SKHYV.US](https://longbridge.com/en/quote/SKHYV.US.md) - [SSNGY.US](https://longbridge.com/en/quote/SSNGY.US.md) - [MU.US](https://longbridge.com/en/quote/MU.US.md) - [SMH.US](https://longbridge.com/en/quote/SMH.US.md) - [IBM plummeted 25%, being swept up in October Calls before earnings?](https://longbridge.com/en/topics/42852413.md) - Datetime: 2026-07-22T11:03:55.000Z - Summary: A century-old establishment saw a quarter of its value vanish in a single day last Tuesday—IBM's early disclosure of earnings data revealed the company's largest single-day drop in history. While the official earnings report is due after market close tonight, there was some counter-trend money movement during last night's trading session: $2.64 million was used to buy October $225 Calls, totaling 1,953 contracts at an average price of $13.50, with no hedging on this single leg. A few days ago, IBM had already disclosed partial Q2 data: revenue of approximately $17.2 billion, below the expected $17.9 billion, representing only about 1% year-over-year growth... - Related Symbols: - [IBM.US](https://longbridge.com/en/quote/IBM.US.md) - [Sometimes it's quite strange: why are there no ETFs specifically designed to sho...](https://longbridge.com/en/topics/42778509.md) - Datetime: 2026-07-17T15:41:19.000Z - Summary: Sometimes it's quite strange: why are there no ETFs specifically designed to short China's A-shares in the Hong Kong, US, or other markets? In fact, the A-share market should be characterized by long bear markets and short bull runs. Once a policy is announced (like the Sept 24 rally), it surges instantly, but for most of the time, it declines. Additionally, the high fees for short-selling services in mainland China are also one of the issues. - Related Symbols: - [000001.CN](https://longbridge.com/en/quote/000001.CN.md) - [YINN.US](https://longbridge.com/en/quote/YINN.US.md) - [YANG.US](https://longbridge.com/en/quote/YANG.US.md) - [FLCH.US](https://longbridge.com/en/quote/FLCH.US.md) - [$IREN(IREN.US)@Zhu Mi Chong Chong Chong The strategy mentioned last time is stil...](https://longbridge.com/en/topics/42859565.md) - Datetime: 2026-07-22T15:01:20.000Z - Summary: $IREN(IREN.US)@Zhu Mi Chong Chong Chong The strategy mentioned last time is still valid - Related Symbols: - [IREN.US](https://longbridge.com/en/quote/IREN.US.md) - [$Ondas(ONDS.US) Lost over 20% with the First Securities account I opened recentl...](https://longbridge.com/en/topics/42859201.md) - Datetime: 2026-07-22T14:50:54.000Z - Summary: $Ondas(ONDS.US) Lost over 20% with the First Securities account I opened recently, but Ondas helped me break even 😂Fidelity deposited funds yesterday, and today I directly bought 2x.Just go for it. - Related Symbols: - [ONDS.US](https://longbridge.com/en/quote/ONDS.US.md)