0831 ｜Dolphin Research Focus:

🐬 Macro/Industry

1. China's NBS reported the Aug mfg PMI at 49.8% (+0.6ppt MoM), with both production and demand improving in tandem but still below the 50 threshold. New orders ticked up, a constructive signal. SME sentiment remains weak and domestic demand has yet to fully stabilize, and the market awaits incremental policy follow-through to test the durability of the recovery.

2. MSCI's Aug quarterly review took effect after the Aug 31 close, adding 33 names and deleting 32. HK names such as Zhipu and Kingboard Holdings were included.

New inclusions are concentrated in semis, electronics hardware, AI, robotics, and high-end manufacturing. The reshuffle signals offshore investors tilting toward onshore hard tech, and the new constituents are poised to attract passive index inflows.

🐬 Single Stocks

1.$MINIMAX-W(00100.HK)

MiniMax announced the H3 Max 768P and 480P models are now connected to its open platform and MiniMax Design, with inference speeds materially optimized. The stock rose over 16% intraday in HK trading.

2.$Intel(INTC.US)

Intel said defect density on its 14A (1.4nm-class) process is falling faster than internal expectations, marking the best improvement cadence since 22nm. Risk production is planned for H2 2027, and external customers have begun evaluating capacity allocations.

Yield improvement is a key inflection for Intel Foundry, but the update only addresses defect-reduction pace rather than final yields. The node remains roughly two years from volume production.

3.$Apple(AAPL.US)

John Ternus will formally assume the CEO role on Sep 1. Apple's fall event is set for Sep 9 (Sep 10 pre-dawn Beijing time), where the new CEO is expected to make his public debut alongside the first foldable iPhone.

With a hardware-native CEO, the market expects increased investment in hardware innovation. Foldables are a major hardware launch, but the biggest pressure point is AI execution, and this event is a key window into the new leadership's product vision and AI-hardware integration.

4.$CHINA LIT(00772.HK)

China's first prime-time AI long-form series 'Post-Journey to the West' has been scheduled, and Yuewen Group rose over 7% intraday. The show uses AIGC to generate on-screen characters, realizing IP+AI for film and TV.

The launch marks a leap from concept to prime-time broadcast for AI long-form content, validating the monetization potential of Yuewen's IP library when combined with AIGC. Short-form dramas and AI anime are already growing rapidly, and we will track viewership and monetization to judge scalability.

5. Horizon and Zhipu will release earnings tonight. Results are due this evening.

🐬 Top Gainers

A-shares: Movies & Entertainment, Internet Content & Information, and Data Processing & Outsourced Services led. These sectors outperformed in Shanghai & Shenzhen.

HK: Systems Software, Computer & Electronics Retailers, and Media were leaders. These sectors outperformed in the HK market.

US: Kitchenware, Retailers, and Tires & Rubber led. These sectors outperformed in US trading.

🐬 Watch for Tomorrow

1. Nio reports earnings. Watch the print.

2. China's Aug RatingDog mfg PMI is due. We will watch the release.

3. US Aug S&P Global Mfg PMI (final), Aug ISM Mfg PMI, Jul JOLTs job openings, and Jul construction spending MoM. Key US macro prints to watch.

4. Shein-W lists. IPO debut is scheduled for tomorrow.

Risk disclosure and statement for this article: Dolphin Research Disclaimer and General Disclosure. Please refer to the link above.