NVIDIA and AMD contribute 15% of their revenue in China; Tencent's financial report is coming out today

0813 | Dolphin Research Key Focus:

🐬 Macro/Industry

1. Last night, the U.S. Bureau of Labor Statistics released data showing that the U.S. CPI rose by 2.7% year-on-year in July. Excluding the more volatile food and energy prices, the core CPI rose by 3.1% year-on-year in July. Coupled with U.S. Treasury Secretary Bessent hinting that "a 50 basis point rate cut could be considered in September," market expectations for rate cuts have rapidly increased, leading to a decline in U.S. Treasury yields and the U.S. dollar index.

2. Recently, the Ministry of Finance, in conjunction with relevant departments, issued a document clarifying specific matters regarding fiscal interest subsidy policies for personal consumer loans and service industry operating entity loans. The interest subsidy policy supports consumer spending with "real money," expanding domestic demand. This is conducive to boosting consumption and promoting economic growth, with the retail sector being the first to benefit.

🐬 Individual Stocks

1.$AMD(AMD.US)

The U.S. White House confirmed that two U.S. chip manufacturers, NVIDIA and AMD, have agreed to a special arrangement to remit 15% of their chip sales revenue in China to the U.S. government in exchange for export licenses for related products. This move is a "low-margin better than no-margin" choice for NVIDIA and AMD; for the industry, it marks a new phase of "paid clearance" in technology control. If the White House extends this agreement to companies like Qualcomm and Intel, global semiconductor trade rules may be rewritten.

2.$Taiwan Semiconductor(TSM.US)

TSMC announced that it will gradually phase out its 6-inch wafer manufacturing business over the next two years and continue to integrate 8-inch wafer capacity to improve efficiency. The market demand for 6-inch wafer manufacturing is shrinking, and its strategic importance is lower than that of advanced processes and packaging businesses. TSMC is shifting resources to high-profit areas, which will help consolidate its advantage in the AI chip foundry market.

3. Dolphin Research Key Focus on Earnings Report Interpretation and Conference Call Minutes

Sea: "SEA: Southeast Asia's Little Tencent Takes Off?", "Sea (Minutes): Expected GMV Growth in Second Half Similar to First Half"

Tencent Music: "Tencent Music: A Bull Stock in Vertical Markets, An Endless Gold Mine?", "TME (Minutes): Strong Growth Momentum to Continue into Q3"

Circle: "Circle: Small Gains and Losses Are Minor, Ecosystem Is the Main Artery!", "CIRCLE (Minutes): Continue Expanding Usage Scenarios and Distribution Channels"

Moutai: "Guizhou Moutai: Valuation Kill Is Over, Key Missing 'Cycle Reversal' Drama"

Tencent's earnings report today, Dolphin Research will track and provide interpretative analysis.

🐬 Leading Sectors

Shanghai and Shenzhen: Industrial gases, food distributors, life science tools and services;

Hong Kong stocks: Insurance brokerage companies, medical food distributors, real estate services;

U.S. stocks: Diversified chemicals, aviation-passenger transport, motorcycle manufacturers.

🐬 Focus for Tomorrow

1. U.S. PPI monthly rate, U.S. PPI annual rate.

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