1010 ｜Dolphin Research Key Focus:

🐬 Macro/Industry

1.Amidst overall market volatility, the tea beverage sector rose against the trend today, primarily due to the overlap of the Mid-Autumn Festival and National Day holidays in 2025. Holiday travel and gatherings have significantly boosted customer traffic in new tea beverage stores, raising market expectations for short-term revenue recovery of brands. Nayuki, Gu Ming, and Mixue all saw increases today.

🐬 Individual Stocks

1.$Intel(INTC.US)

Intel disclosed details of its Panther Lake architecture for the first time, confirming the use of RibbonFET transistors and backside power delivery design, with mass production expected in the second half of 2026. The progress of the 18A process will determine its competitive edge in the high-end AI PC market, with ongoing monitoring of customer tape-out yield and performance testing.

2.$Salesforce(CRM.US)

CRM leader Salesforce has signed a definitive agreement to acquire Apromore, a company focused on open-source process mining technology. The transaction is expected to be completed in the fourth quarter of fiscal year 2026. Apromore's AI process mining capabilities will be integrated into the Einstein 1 platform, addressing Salesforce's shortcomings in process intelligence and agent automation (APA). Upon completion, the transaction will directly compete with SAP Signavio, strengthening its competitive barriers in the process AI track.

3.$Arm(ARM.US)

Market sources indicate that SoftBank is negotiating a $5 billion margin loan with several global banks, using shares of its chip subsidiary ARM as collateral. This funding will be used for additional investment in OpenAI this year. Financing with Arm stock as collateral can avoid the stock price impact of direct selling while leveraging the gains accumulated by ARM this year. For OpenAI, the substantial new funding will accelerate its data center and ASIC self-developed chip layout, potentially further benefiting the computing power supply chain, including NVIDIA, AMD, and Broadcom.

🐬 Leading Sectors

Shanghai and Shenzhen: Automotive retailers, water and soft drinks, water utilities;

Hong Kong stocks: Highway freight, sports equipment and leisure products, fertilizers and pesticides;

U.S. stocks: Biotechnology, pharmaceutical retailers, heavy electrical equipment.

🐬 Focus for Next Monday

1. China's trade balance in USD, China's trade balance.

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