Launching a Tariff Counterattack! Hong Kong and A-shares started low and eneded high | Today's important news review

0304 ｜ Dolphin Research Key Focus:

🐬 Macro/Industry

1. Trump's statements regarding tariff increases have heightened panic in the U.S. stock market, including a pullback in Chinese assets that were previously being reassessed. Dolphin Research has already provided an interpretation of this matter. See "How to Understand This Round of Trump's Tariff Hammer?" Last night, the three major U.S. stock indices collectively closed lower.

2. In response to the U.S. tariff increase policy, China quickly retaliated by imposing tariffs on certain imported goods originating from the U.S. A 15% tariff was imposed on chicken, wheat, corn, and cotton, while a 10% tariff was imposed on sorghum, soybeans, pork, beef, seafood, fruits, vegetables, and dairy products. The Shanghai and Shenzhen markets opened lower today but turned positive in the afternoon.

🐬 Individual Stocks

1. $NVIDIA(NVDA.US)

NVIDIA fell sharply today. Dolphin Research mentioned in the short commentary today that there are two theories: 1) Orders for Cowos from TSMC have been cut; 2) NVIDIA chips are under regulatory scrutiny: Singapore is investigating who the final users of NVIDIA chips shipped from Singapore to Malaysia are. However, it seems that the main impact is due to the gross margin guidance in the earnings report falling short of expectations, and we need to continue monitoring the potential ban on H20.

2. $BYD(002594.SZ)$BYD COMPANY(01211.HK)

After Dolphin Research's forecast yesterday, BYD officially announced this morning that it will issue 129.8 million new H shares for HKD 335.2 per share, raising a total of HKD 43.509 billion (approximately USD 5.6 billion). This is the second-largest lightning placement project in Hong Kong's history. Dolphin Research mentioned yesterday that the stock price would experience a significant pullback in the short term due to sentiment, and today both BYD's A and H shares opened sharply lower. However, from a long-term perspective, after digesting the negative news from the issuance, it may present a relatively good entry opportunity

3、$Miniso(MNSO.US)

Miniso is considering spinning off its trendy toy brand TOPTOY for a listing in Hong Kong, which could raise approximately $300 million. The company's Hong Kong stocks surged briefly before retreating, ultimately closing down 0.13%.

4、$Taiwan Semiconductor(TSM.US)

After the tariff measures from Trump, TSMC announced its intention to increase investment by $100 billion (approximately 728.874 billion RMB) in advanced semiconductor manufacturing in the United States. This funding will be used to build three new wafer fabs, two advanced packaging facilities, and one major R&D team center in the U.S.

5、Tonight, Sea Limited will release its financial report, and Dolphin Research will track and provide interpretative analysis.

🐬 Leading Sectors

Shanghai and Shenzhen: Medical information services, system software, food distributors;

Hong Kong Stocks: Consumer goods retailers, aerospace and defense, diversified support services;

U.S. Stocks: Water utilities, tobacco, packaged food and meat;

🐬 Attention for Tomorrow

1、 China Caixin Services PMI;

2、U.S. ADP employment numbers, U.S. S&P Global Services PMI final value, U.S. ISM Non-Manufacturing PMI.

Risk disclosure and statement of this article: Dolphin Research Disclaimer and General Disclosure