NVIDIA Interviewed Over Security Concerns; JD.com Expands "Hourly Delivery" in Europe

0731 ｜Dolphin Research Key Focus:

🐬 Macro/Industry

1. According to data released by the National Bureau of Statistics on the 31st, the Manufacturing Purchasing Managers' Index (PMI) for July was 49.3%, a decrease of 0.4 percentage points from the previous month. The decline in manufacturing activity was influenced by the traditional production off-season, high temperatures, and heavy rain and flood disasters in some regions.

2. A White House official told the media that Trump will sign an executive order on July 31st (Thursday) to impose "escalated tariffs" on countries that have not reached bilateral trade agreements with the United States by August 1st. The first targets may include major trading partners such as Canada (35%) and Mexico (30%). For the U.S. stock market, this executive order reinforces the "stagflation" trading logic, benefiting defensive sectors, while multinational manufacturers relying on overseas cost advantages will face a second compression of gross margins.

🐬 Individual Stocks

1.$NVIDIA(NVDA.US)

Recently, NVIDIA's computing power chips have been reported to have serious security issues. The Cyberspace Administration of China interviewed NVIDIA on July 31, 2025, requiring the company to explain and provide relevant documentation on the security risks of backdoors in the H20 computing power chips sold to China. For NVIDIA, if it is subsequently proven that the chips indeed have security risks, not only will its business expansion in China be severely hindered, but its reputation in the global market will also be damaged, significantly diminishing the benefits previously gained from resuming H20 chip supplies to China.

2.$JD.com(JD.US)

JD.com is acquiring German consumer electronics retail giant Ceconomy for 2.2 billion euros. Ceconomy operates over 1,000 stores in 12 European countries, with its brands holding over 30% market share in Germany. After the acquisition, JD.com can quickly enter the European market, leveraging its offline network and supply chain system to address its overseas business shortcomings and accelerate its European expansion.

3. Dolphin Research's Recent Focus on Earnings Reports and Conference Calls:

• Meta: "Meta's 'Unbelievable' Surge", "Meta (Minutes): Investing in AI Unwaveringly, Planning to Invest 100 Billion Next Year"
• Microsoft: "Azure's Unlimited Growth? Microsoft Deserves the AI Crown", "Azure's Unlimited Growth? Microsoft Deserves the AI Crown"
• ARM: "ARM: 'Chip Tax' Holds the Stage, Orders 'A Bit Cold' Amidst Spending", "ARM: 'Chip Tax' Holds the Stage, Orders 'A Bit Cold' Amidst Spending"
• Luckin Coffee: "Luckin: The 'Blue Cup' Surges, Is the 'Coffee King' on a Smooth Path?", "Luckin Coffee (Minutes): Committed to Reducing Cost Increases Due to Delivery Tilt in the Second Half"
• CATL: "CATL: Price War, Even the King Struggles to Escape the Involution Dilemma?", "CATL (2Q25 Minutes): Continued Growth in European New Energy Vehicles, Local Production Capacity Gradually Released"
• Robinhood: "Robinhood: With Stock Tokens in Hand, Is the U.S. Retail King Invincible?"
• New Oriental: "New Oriental's 'Thunderous' Path to Rebirth is Not Easy", "New Oriental (Minutes): Cautious Study Abroad Expectations, Seasonal Fluctuations in Quality Training"

🐬 Leading Sectors

Shanghai and Shenzhen: Consumer Goods Retailers, System Software, Internet Content and Information;

Hong Kong Stocks: System Software, Forest Products, Gambling and Gaming;

U.S. Stocks: Motorcycle Manufacturers, Heavy Electrical Equipment, Managed Healthcare;

🐬 Focus for Tomorrow

1. Earnings reports from Apple, Amazon, Meli, Hikvision, Coinbase, ARM, etc.;

2. China's S&P Global Manufacturing PMI;

3. U.S. Non-Farm Payrolls Adjusted for Seasonality, U.S. Unemployment Rate, U.S. S&P Global Manufacturing PMI Final Value, U.S. ISM Manufacturing PMI, U.S. One-Year Inflation Rate Expectation Final Value

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