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Jul 13 | Dolphin Research Watchlist: 🐬 Macro/Industry. US–Iran tensions continued to escalate, with multiple US airstrikes on Iranian coastal military sites.

0709 | Dolphin Research Focus: 🐬 Macro/Industry 1) NBS: Jun CPI +1.0% YoY, -0.3% MoM; core CPI also +1.0% YoY. Food prices fell YoY, while non-food ticked up slightly, and services consumption stayed resilient. PPI rose +4.1% YoY.

Household consumption demand is recovering slowly, a near-term tailwind for baijiu, retail, and services consumption. However, softer food prices cap the agriculture sector's beta. The policy backdrop remains accommodative, leaving room for follow-on growth-stabilization measures.

Money rotated hard out of US AI hardware and into China tech. Alibaba ripped 11%, dragging the whole China complex up while US chips wobbled. Meanwhile the Fed minutes flagged AI itself as an inflatio...