Tencent unveils Miora, a new AI creative tool; SK hynix denies acquiring Intel wafer assets | Daily News Recap

0722 ｜Dolphin Research Focus:

🐬 Macro/Industry

1. Ministry of Finance data show nationwide general public budget revenue of RMB 12.1tn in H1 (+4.7% YoY), with the cumulative growth rate improving month by month. Tax revenue reached RMB 9.8tn (+5.3% YoY), outpacing non-tax, and central revenue growth clearly exceeded local.

Over the same period, expenditures were RMB 14.3tn (+1.5% YoY), with social security and healthcare spending holding up well. Government fund revenue fell over 20% YoY, pointing to weak broad fiscal.

Stable revenue growth suggests an economic stabilization, but the fiscal gap persists. The scale of follow-on policy support and its impact on equities remain in line with market expectations.

🐬 Stocks

1.$NVIDIA(NVDA.US)

NVIDIA disclosed details of its next-gen Vera Rubin full-system platform and released full specs for its in-house server CPU, Vera. Vera features 88 in-house Olympus cores optimized for AI agent orchestration, links to Rubin GPUs via NVLink-C2C for high-speed interconnect, and targets AI factory token efficiency (benchmarks based on internal tests).

The disclosure marks NVIDIA's vertical integration from GPU and CPU to full racks. It raises competitive pressure on the x86 ecosystem at the control plane of AI infrastructure; whether it can disrupt the general-purpose server CPU market remains to be seen.

2.$TENCENT(00700.HK)

Tencent's self-developed creative agent Miora was fully launched on Jul 22. Built on a multi-agent collaborative architecture, Miora can break down creative tasks and centrally orchestrate image, video, 3D, and UI multimodal asset generation, with an intelligent memory system to capture user preferences.

The product completes Tencent's AI creative app lineup, connecting agent capabilities from foundational skills to consumer-facing creative scenarios. It enriches the WorkBuddy tool matrix and broadens commercialization use cases for AI agents.

3.$SK Hynix(SKHY.US)

Media reported SK hynix was in talks with Intel to acquire its Ohio semiconductor campus, planning to mass-produce memory in the U.S. within five years. SK hynix quickly issued a regulatory clarification the same day, stating it has no arrangements to advance or finalize the acquisition of Intel's Ohio site or fab; the company said it continues to evaluate overseas investment opportunities.

While the specific acquisition rumor was denied, SK hynix's strategic direction to build U.S.-based memory capacity is clear. It should continue to benefit from expected upside in AI-related memory demand.

🐬 Top Gainers by Sector

A-shares: gold; oil & gas E&P. Oil & gas midstream and storage also led.

HK: silver; gold. Diversified metals & mining outperformed as well.

U.S.: precious metals & minerals; silver. Copper names advanced too.

🐬 Watch Tomorrow

1. Tesla will report earnings. Google will also report.

Risk disclosure and statements: 海豚研究免责声明及一般披露