Today's Important News Review | Dolphin Investment Research

0912 Dolphin's Focus:

🐬 Macro/Industry

1. In August, the US CPI rose by 2.5% year-on-year as expected, indicating that inflation still has stickiness, basically locking in the Fed's 25 basis point rate cut at the meeting next week. Dolphin Jun has already released a commentary this morning: Considering that the market was previously speculating and pricing in the possibility of a 50 basis point rate cut, this possibility is now basically gone, and bond prices may need to pull back. Overall, in a low inflation risk environment, interest rate-sensitive sectors are reacting sensitively after the expectation of interest rate cuts, indicating a high possibility of an economic soft landing, which is actually beneficial to equity assets.

🐬 Individual Stocks

1. NVIDIA

NVIDIA, the leader in the AI boom, CEO Jensen Huang stated that NVIDIA's products have now become the most sought-after commodities in the tech industry, causing some customers to feel frustrated due to limited product supply. In addition, Huang Renxun also hinted at reducing reliance on TSMC and turning to other chip manufacturing suppliers. With NVIDIA leading the way in the US stock market, the stock soared more than 8% overnight with Huang Renxun's remarks driving the increase.

2. Alibaba/Tencent

Taobao has officially integrated WeChat Pay, which took effect today (functionality is gradually being opened up), just one week after the announcement on September 5th, symbolizing further openness and interconnection of the Chinese internet ecosystem. For Tencent, entering Taobao is expected to significantly expand its payment business coverage; while for Taobao, leveraging WeChat's strong social attributes can also increase user penetration and market share. However, it is currently only in the open payment stage, and it is worth continuing to pay attention to whether Tencent will further open up circulation of Taobao within the WeChat ecosystem.

🐬 Leading Sectors

Shanghai and Shenzhen: Agricultural machinery, coal and consumable fuels, shipping - freight and passenger transport;

Hong Kong Stocks: Furniture/home furnishings/decorative materials retailers, agricultural machinery, building materials;

US Stocks: Semiconductor manufacturers, semiconductor materials and equipment, precious metals and minerals.

🐬 Focus Tomorrow

US Import Price Index MoM, US One-Year Inflation Rate Expectation Preliminary Value.

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