1020 ｜Dolphin Research Key Focus:

🐬 Macro/Industry

1.In the latest interview, Trump continued to send conciliatory signals and hinted that the door remains open. Additionally, according to media reports, the Trump administration is quietly relaxing several tariff policies. This statement temporarily alleviated market concerns about the escalation of trade frictions and is expected to boost risk asset sentiment. However, caution is advised regarding the potential reversibility of his strategy, and further developments should be observed in subsequent implementation details and continuity.

2. The National Bureau of Statistics released data showing that the GDP for the first three quarters of 2025 was 101.5 trillion yuan, an increase of 5.2% year-on-year at constant prices, accelerating from the 5.0% growth rate in the first half of the year. Despite the complex external environment and economic development pressures, China's economy continues to maintain a steady and progressive development trend, laying the foundation for achieving the annual target of "around 5%." Dolphin Research's commentary on the retail sector can be found in "September Retail Commentary: Exploring the Major Low Before the Reversal in September 2024?"

3. The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China began on the morning of the 20th in Beijing. General Secretary Xi Jinping, on behalf of the Central Political Bureau, delivered a work report to the plenary session and explained the "Suggestions of the Central Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development (Draft for Discussion)." The meeting focused on discussing and deploying major topics such as further deepening reforms and promoting Chinese-style modernization.

🐬 Individual Stocks

1.$NVIDIA(NVDA.US)

NVIDIA released the first Blackwell wafer manufactured at a domestic chip factory in the U.S. last Friday, Eastern Time, indicating that mass production of NVIDIA Blackwell AI chips in the U.S. is imminent. Blackwell is NVIDIA's most advanced AI chip and supercomputing platform to date, manufactured using TSMC's 4NP process, featuring several groundbreaking innovations. This move is also a key step for NVIDIA to address geopolitical risks and be closer to its core North American customers, helping to alleviate some concerns about overseas production capacity.

2. Dolphin Research Focus on Financial Reports

Hikvision: "Hikvision: Growth Stuck, When Will It Break Through?"

Tonight, CATL and China Mobile will release their financial reports.

🐬 Leading Sectors

SSE and SZSE: Multi-utilities, Oil & Gas Refining and Marketing, Forest Products;

Hong Kong Stocks: Oil & Gas Refining and Marketing, Oil & Gas Storage and Transportation, Airlines - Passenger;

U.S. Stocks: Consumer Finance, Personal Care Products, Drug Retailers.

🐬 Focus for Tomorrow

1. Coca-Cola will release its financial report, and Dolphin Research will track and provide analysis.

Risk Disclosure and Statement of this Article: Dolphin Research Disclaimer and General Disclosure