1209 | Dolphin Research Watchlist

🐬 Macro / Sector

1) Hong Kong Exchanges and Clearing (HKEX) launched the HKEX Tech 100 Index, tracking the 100 largest Southbound-eligible tech names and spanning six themes including AI, biotech, and autonomous driving. The new index fills a gap for a broad-based vehicle covering diversified tech in Hong Kong and could draw in Southbound flows.

🐬 Single Stocks

1)$NVIDIA(NVDA.US)

Trump posted on Truth Social that NVDA may export H200 chips to China and other eligible clients, subject to national-security safeguards and a 25% revenue share, while more advanced Blackwell chips remain restricted. The headline sent NVDA up nearly 3% after-hours. Near term, this supports revenue recovery and stabilizes the global supply chain, reflecting corporate lobbying and a balance of U.S. industrial interests, while longer-term export controls remain uncertain.

2)$POP MART(09992.HK)

Pop Mart shares have slumped for several sessions, down over 5% today, as concerns on growth durability erupted. U.S. Black Friday sales proved tepid, quarterly growth slowed sharply, and overseas momentum missed expectations.

Bearish calls amplified panic: Morgan Stanley cut its 2026 Labubu revenue growth forecast, while Deutsche Bank warned capacity expansion could erase the scarcity premium, with secondary prices dropping meaningfully. Short interest hit a 28‑month high, and with weak handover to new IPs plus QC controversies, investor worries over single‑IP dependence intensified, triggering the sell-off.

🐬 Top Gainers

A-shares: security & alarm services, food retailers, commercial printing.

HK: office services & supplies, diversified capital markets, consumer finance.

US: textiles, marine ports/operators, auto retailers.

🐬 Watch Tomorrow

1) China M2 YoY, China CPI YoY.

2) U.S. Employment Cost Index QoQ.

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