SK Hynix - WI

Jul 20 | Dolphin Research Focus: 🐬 Macro/Industry — HKEX is evaluating a trading-hours reform, planning to scrap the current 12:00–13:00 lunch break and extend the overall session length. The proposal remains in the study phase, with market feedback to be solicited from brokers and institutions.

The objective is to increase overlap with US/EU and onshore A-share trading windows. HKEX also seeks to enhance Hong Kong market liquidity and global competitiveness.

Near term, the headline is positive for HKEX. However, longer hours would raise staffing and ops costs for brokers and asset managers, and there is still debate over whether it can materially lift turnover in the medium to long term...

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

Iran retaliated by hitting US bases in Qatar, Kuwait and the UAE, and announced an indefinite closure of the Strait of Hormuz. Trump said traffic through the waterway remains open.

The strait carries nearly 30% of global seaborne crude, and the conflict has lifted oil prices and stoked inflation fears. Near term, risk-off is rising, favoring crude and tanker plays.

A prolonged standoff could suppress global risk appetite and raise vol for high-multiple tech growth stocks. Keep tracking any resumption of navigation...