Is Tencent entering e-commerce ahead of 618? Focus on Tencent's earnings report｜Today's important news recap

0514 | Dolphin Research Key Focus:

🐬 Macro/Industry

1、Starting at 12:00 today (May 14), China has adjusted the additional tariffs on imported goods originating from the United States. Short-term market pressure has eased, with Hong Kong and A-shares collectively rising today. Additionally, the Foreign Ministry spokesperson reiterated: China's countermeasures against U.S. fentanyl remain effective. The upcoming 90-day negotiation window remains a focal point of contention.

2、The food delivery industry competition has recently intensified. The State Administration for Market Regulation, along with the Central Social Work Department, Cyberspace Administration of China, Ministry of Human Resources and Social Security, and Ministry of Commerce, intervened by summoning platform companies like JD.com, Meituan, and Ele.me to address prominent issues in the current competition. Post-summoning, the intensity of competition among delivery platforms is likely to decrease, and the reduction in subsidies is expected to positively stimulate platform profitability.

3、The annual 618 e-commerce promotion has kicked off. Tmall 618 started its presale at 8 PM on May 13, with final payment and 现货抢购 running from 8 PM on May 16 to 12 AM on May 26. Taobao has abandoned its long-standing cross-store 满减 rules this year, opting instead for direct discounts like "立减." Meanwhile, JD.com launched a 预热活动 called "Heartbeat Shopping Season" ahead of 618，同步其他平台 from 8 PM on May 13, with the official 618 campaign starting on May 31.

🐬 Stocks

1、Tencent

Market sources indicate that Tencent internally issued a company-wide email announcing a restructuring of its WeChat Business Group (WXG), establishing an e-commerce product department. Additionally, the Open Platform Basic Department has been renamed the Open Platform Department, responsible for planning WeChat Official Accounts and Mini Programs. The specifics have yet to be officially confirmed. If implemented, this adjustment signals Tencent's high-profile entry into e-commerce ahead of 618. Tencent also released its earnings report today, which Dolphin Research will closely monitor.

2、Microsoft

Microsoft announced a company-wide layoff of 6,000 employees to streamline management layers. The layoffs account for less than 3% of its total workforce, primarily targeting middle management and non-technical roles to improve operational efficiency. The freed-up funds will focus on supporting core AI projects. Last night, Microsoft's stock price closed down 仅 0.03%, reflecting investor 认可 of the strategic 调整的必要性。

3、PLTR

Bank of America 唱多 Palantir in its latest research report, raising its price target to the highest on Wall Street. PLTR closed up 8.14% last night.

4、Key Earnings Reports & Conference Calls

JD.com:《"State Subsidies" Save Face—Can JD.com Bounce Back?》、《JD.com (Minutes):外卖 UE Hard to Assess, Buyback Avg. $37》

Sea:《Mini-Tencent Sea: Riding the "Naruto" IP—Can Explosive Growth Last?》、《Sea (Minutes): No Full-Year Guidance for Game Revenue, E-Commerce Margin Target 2%~3% of GMV》

Tencent Music:《Tencent Music: A "New" Growth Cycle—Mediocrity or Steady Happiness?》、《Tencent Music (Minutes): Prioritizing Long-Form Audio Over Podcasts》

🐬 Top Gainers

Shanghai/Shenzhen: Food Distributors, Property & Casualty Insurance, Multi-line Insurance;

Hong Kong: Tobacco, Film & Entertainment, Multi-line Insurance;

U.S.: Heavy Electrical Equipment, Semiconductor Manufacturers, Oil & Gas Refining & Marketing.

🐬 Tomorrow's Watchlist

1、Alibaba, NetEase, KE Holdings, Geely to report earnings;

2、U.S. PPI MoM, U.S. PPI YoY, U.S. Industrial Production MoM, U.S. Business Inventories MoM.