1114 ｜Dolphin Research Focus:

🐬 Macro/Industry

1. China's total social financing in October increased by RMB 0.81 trillion, with new RMB loans amounting to RMB 0.22 trillion, both below market expectations. The data reflects that the demand for real economy financing remains weak, and the credit willingness of enterprises and residents is insufficient. During the same period, the total retail sales of consumer goods reached RMB 4.6291 trillion, a year-on-year increase of 2.9%, indicating a moderate recovery in consumption.

🐬 Individual Stocks

1. $Apple(AAPL.US)

On November 14, Apple launched the Mini Program Partner Program, reducing the in-app purchase commission for eligible mini programs and mini games on the iOS/iPadOS platform to 15%, significantly lower than the regular 30%. However, developers are required to integrate specified technical interfaces and use official payment methods. This move is a compromise adjustment by Apple under regulatory pressure, benefiting developers, filling the commercialization gap of mini programs on the iOS platform, and standardizing the ecosystem. However, the mandatory integration of technical interfaces also raises the participation threshold for small and medium-sized developers.

2. Dolphin Research Focus on Earnings Reports and Conference Call Minutes

Tencent: Tencent: Not Playing Heartbeat with Meta, Just Wanting Steady Happiness, Tencent (Minutes): Emphasizing AI, but Lowering Full-Year Capex Guidance

JD.com: JD.com: Even Without State Subsidies, Still Striking Everywhere, JD.com (Minutes): The Goal of Food Delivery is to 'Support Itself', Overseas Investments Will Be Cautious in the Long Term

SMIC: SMIC: Not Competing for Short-Term Results, Is AI 'Domestic Chips' the True Belief?, SMIC (Minutes): Memory Prices Rising, Terminal Manufacturers Becoming Conservative About Next Year's Plans

🐬 Leading Sectors

Shanghai and Shenzhen: Diversified Capital Markets, Precious Metals and Minerals, Forest Products;

Hong Kong Stocks: Managed Healthcare, Pharmaceutical Retailers, Textiles;

U.S. Stocks: Marine Ports-Operators, Industrial Chemicals, Investment Services and Holding Companies.

🐬 Focus for Next Monday

1. Geely, ZEEKR, Luckin Coffee, Huazhu, etc. will release their earnings reports.

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