Li Auto i8 'Emergency' Adjustment Still Struggles to Stop the Decline; Apple's Fall Event Date May Be Set | Dolphin Research

0807 Dolphin Research Focus:

🐬 Macro/Industry

1. The US July ISM Services PMI was only 50.1, with the employment sub-index falling to a pandemic low of 46.4, while the price sub-index rose to 69.9, indicating the early signs of 'stagflation.' Meanwhile, Trump announced that he would impose up to 250% tariffs on pharmaceuticals and additional tariffs on semiconductors in the coming week. The near-stagnation in the services sector and rising inflation compress the Fed's policy maneuvering space. Although the probability of a rate cut in September remains high, if the tariffs lead to a second wave of cost-push inflation, the pace of rate cuts may be forced to slow down, putting pressure on the valuation of risk assets.

2. On August 6, German operators were exposed by the media to have received notifications: Apple's 2025 fall event is scheduled for September 9th Pacific Time (September 10th early morning Beijing Time), and pre-orders will start on September 12th, with official release on September 19th as usual. Although Apple has not officially announced the time yet, it seems reliable based on previous release schedules. Today, Apple concept stocks rose in sync. Attention should be paid to whether the prices of the iPhone 17 series will be comprehensively increased and how Apple will balance product pricing with market demand.

🐬 Individual Stocks

1.$Li Auto(LI.US)

Li Auto announced a simplification of the i8 model, with the original Pro, Max, and Ultra versions unified into a single MAX configuration, and a few optional extras added. The price was adjusted from 349,800 yuan to 339,800 yuan. Li Xiang revealed that Li Auto i8 has over 30,000 small order users. Li Auto continued to drop over 5% today. The intention is to resolve previous user complaints with a 'one-step' approach, while reducing supply chain complexity and shortening delivery cycles. Continuous attention is needed on delivery volume data and whether costs can be effectively controlled while stimulating sales.

2. Dolphin Research Focus on Earnings Reports and Conference Call Minutes

AMD: "AMD: CPU Strongly Competes with Intel, When Will AI GPU Challenge Nvidia?", "AMD (Minutes): Even Without MI308, AI GPU Will Grow Year-on-Year Next Quarter"

Rivian: "Rivian: Losses Deepen, Entering 'Darkest Hour' Again?", "Rivian (2Q25 Minutes): Surviving 2025, Can R2 Stage a 'Counterattack'?"

Tonight, Uber, Shopify, and Unity will release their earnings reports, and Dolphin Research will track and provide analysis.

🐬 Leading Sectors

Shanghai and Shenzhen: Data processing and outsourcing services, copper, construction machinery and heavy transportation equipment;

Hong Kong stocks: Diversified capital markets, paper products, brewing industry;

US stocks: Commercial and residential mortgage financing, industrial chemicals, agricultural products.

🐬 Focus for Tomorrow

1. Earnings reports from Applovin, Duolingo, Airbnb, SMIC;

2. China trade balance, China trade balance in USD, China foreign exchange reserves;

3. US wholesale sales monthly rate, US New York Fed 1-year inflation expectations.

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