1017 ｜Dolphin Research Focus:

🐬 Macro/Industry

1. Shares of two U.S. regional banks plummeted due to loan fraud and bad debt issues, leading the regional bank index to its worst performance since April. The risk-averse sentiment pushed up U.S. Treasury and gold prices. The incident highlights potential risks in the credit market, and concerns about 'more risk points' will suppress sentiment in financial stocks while reinforcing expectations for the Federal Reserve to maintain an accommodative stance.

🐬 Individual Stocks

1. $Micron Tech(MU.US)

Micron Technology's U.S. stock fell in after-hours trading. According to reports, Micron will stop selling server chips to Chinese data centers but will continue to serve two Chinese customers, including Lenovo. This move is a continuation of trade frictions in the technology sector, impacting Micron's revenue expectations and market confidence in the short term, causing its U.S. stock to drop in after-hours trading. For the domestic market, this will accelerate the localization of data center chips.

2. $CTG DUTY-FREE(01880.HK)

Three departments jointly optimized the Hainan offshore duty-free shopping policy, specifically adjusting shopping quotas and category restrictions. Following the news, China Tourism Group Duty Free's stock price surged in the afternoon. The new policy precisely targets the outflow of consumption, retaining high-end purchasing power within the country, expanding domestic demand, and stabilizing employment. For China Tourism Group Duty Free, this move not only further consolidates its dominant position in the Hainan duty-free market but also is expected to increase the average transaction value and sales scale, supporting performance growth in 2025.

3. $Meta Platforms(META.US)

Meta completed nearly $30 billion in financing through an SPV structure to build a large data center, with funds raised by Morgan Stanley. In recent years, Meta has been actively expanding its AI business. This nearly $30 billion financing will be used to build a data center in Louisiana, helping to meet its growing computing power needs in generative AI and superintelligence. However, long-term challenges such as high energy consumption of data centers should be noted. This financing model is worth attention as it provides a template for technology companies to balance 'heavy AI investment' and 'debt management'.

4. Dolphin Research Focus on Earnings Reports and Conference Call Minutes:

TSMC: 'Dominant' TSMC, the Strongest King in the AI Era?, TSMC (Minutes): 2nm Mass Production by Year-End, Increased Investment Next Year

Charles Schwab: Charles Schwab: Unquestionable Hard Power, Needs a Boost to Activate Growth, Charles Schwab (Minutes): Launching Virtual Currency Trading Next Year, but Not Optimistic About Stock Tokenization

🐬 Leading Sectors

Shanghai and Shenzhen: Professional Consumer Services, Water and Soft Drinks, Forest Products;

Hong Kong Stocks: Food Distributors, Security and Alarm Services, Forest Products;

U.S. Stocks: Silver, Highway Freight, Precious Metals and Minerals.

🐬 Focus for Next Monday

1. CATL and China Mobile will release their earnings reports, and Dolphin Research will track and provide analysis.

2. China's one-year loan prime rate, year-on-year total retail sales of consumer goods, and year-on-year industrial output above designated size.

Risk Disclosure and Statement: Dolphin Research Disclaimer and General Disclosure