0630 ｜Dolphin Focus:

🐬 Macro/Industry

1. The National Bureau of Statistics reported this morning that Jun manufacturing PMI was 50.3%, up 30bps MoM and back in expansion. The production index came in at 51.4% and new orders at 51.2%, pointing to a synchronized recovery, with sentiment improving among medium/large enterprises and high-tech manufacturing PMI leading at 53.5%, while small/micro firms remained in contraction and input costs kept falling. The data confirm marginal supply-demand improvement in domestic manufacturing, supportive for sentiment in high-end mfg. and equipment. That said, domestic demand recovery is uneven, and the market still awaits consumption-support policies; in the near term this underpins cyclical and growth/tech valuations.

🐬 Single Stocks

1、$HORIZONROBOT-W(09660.HK)

Horizon Robotics launched HSD V2.0, an all-scenario ADAS suite built on a world model and end-to-end architecture, delivering six dimensions of iteration with 18 new features and 25 optimizations. OTA rollout to iCAR models starts on the 30th; the stock jumped over 8% intraday before paring gains. The new version links the OCC network to AEB for active safety, sharply boosting prediction of irregular obstacles, and targets RMB 100k–200k mass-market family cars, reinforcing its integrated 'chip + algorithms' moat. As product deployment lifts content per vehicle and potential large orders from BYD are anticipated, this could catalyze a re-rating in in-vehicle autonomous driving chip names.

2.$XPENG-W(09868.HK)

At CVPR 2026, XPeng unveiled its X-Mind framework featuring a visual chain-of-thought, which uses 'thought sketches' to compress compute for inference and enables in-vehicle agents to anticipate traffic sequence changes. This addresses long-horizon reasoning under on-board compute constraints and is rolling out across all XPeng models. The technology completes XPeng's world-model loop, diverging from conventional reactive ADAS and strengthening its moat in advanced autonomous driving. The stock rose over 6% today.

3.$MEITUAN(03690.HK)

Meituan launched LongCat-2.0 with 1.6 trillion parameters, the world's first trillion-parameter model fully trained on 50k domestic compute cards, natively supporting a 1M context window. Its beta ranked top-3 globally by API calls, and both the framework and model weights will be open-sourced. The model validates 10k-card-class training on domestic compute, lowering AI iteration costs for local services. Open-sourcing could attract developers to co-build the ecosystem and power end-to-end intelligence across food delivery, retail, and dispatching. This is positive for domestic compute and local-services AI names, underscoring faster commercialization of in-house LLMs at internet majors.

4、$Apple(AAPL.US)

According to foreign media, a ransomware group breached Apple supplier Tata Electronics in India, leaking 630GB of confidential files on the dark web, including the iPhone 18 Pro parts list, supplier details, device test photos, and specs for Apple's in-house baseband and chips. The leak exposes security gaps in Apple's India supply chain, posing risks to supply-chain bargaining dynamics and potentially front-running new product features, which could dampen near-term sentiment in Apple consumer electronics. It also pressures global EMS providers to step up cybersecurity investments.

🐬 Top Gainers by Sector

A-shares: cloud & data centers, electronic components, hardware & equipment distributors.

HK: computer & electronics retailers, hardware & equipment distributors, system software.

US: semi materials & equipment, electronic components, auto makers.

🐬 Watchlist for Tomorrow

1. US Jun ADP employment (10k persons), US Jun S&P Global Mfg PMI final, US Jun ISM Mfg PMI, US May construction spending MoM.

2. HKSAR Establishment Day: HK market closed; Southbound/Northbound Stock Connect closed all day.

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