0717 | Dolphin Focus: Daily News Recap | Dolphin Research 🐬 Macro/Industry 1: APAC equities weakened across the board by midday, marking the worst showing in months as heavy selling in AI and semis triggered outflows. Japan and Taiwan led declines, with TSM's results falling short of lofty expectations and dragging the broader chip supply chain lower.

0715 | Dolphin Focus: 🐬 Stock 1, $TENCENT(00700.HK) rolled out Hy3 1-bit and 4-bit quantized builds. The original 295B model carried ~600GB of weights; the 1-bit build compresses this to 85.5GiB, allowing local runs on a single 96GB pro inference card.

The 4-bit variant delivers accuracy close to the full model. It is designed for enterprise offline inference.

Previously, large MoE models typically relied on multi-GPU clusters. The new quantization sharply lowers the hardware bar for smaller developers, strengthening Tencent’s on-device and private deployment capabilities...

Jul 13 | Dolphin Research Watchlist: 🐬 Macro/Industry. US–Iran tensions continued to escalate, with multiple US airstrikes on Iranian coastal military sites.

0710 ｜Dolphin Focus: 🐬 Stock 1, $TENCENT(00700.HK) There are reports that Tencent, together with Sequoia China and ZhenFund, plans to buy back 100% of Manus from Meta at the original price of $2 bn. The deal would be executed via a consortium.

0709 | Dolphin Research Focus: 🐬 Macro/Industry 1) NBS: Jun CPI +1.0% YoY, -0.3% MoM; core CPI also +1.0% YoY. Food prices fell YoY, while non-food ticked up slightly, and services consumption stayed resilient. PPI rose +4.1% YoY.

Household consumption demand is recovering slowly, a near-term tailwind for baijiu, retail, and services consumption. However, softer food prices cap the agriculture sector's beta. The policy backdrop remains accommodative, leaving room for follow-on growth-stabilization measures.

0708 | Dolphin Research Focus: Macro/Sector.

0707 | Dolphin Focus: 🐬 Macro/Sector

🐬 Stock 1, $TENCENT(00700.HK) WorkBuddy, Tencent's breakout enterprise agent, continues to see strong traction. Today Tencent simultaneously unveiled Hunyuan Hy3 and open-sourced it under Apache 2.0. The 295B-parameter MoE (21B active) supports a 256K context window and delivers agent/coding prowess on par with flagships that have 2–5x the parameters.

0630 | Dolphin Research Focus: 🐬 Macro/Industry 1) The National Bureau of Statistics reported this morning that Jun manufacturing PMI was 50.3, up 30bps MoM and back in expansion.

Sentiment recovered among large and mid-sized firms, with high-tech manufacturing PMI leading at 53.5.

The data validate marginal supply-demand improvement in domestic manufacturing, a positive for sentiment in high-end manufacturing and the equipment sector.

Jun 29 | Dolphin Research Focus: 🐬 Macro/Industry