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Today's Key News Review | Dolphin Research

0602 Focus on Dolphin:

🐬 Macro/Industry

1. The delivery data of new energy vehicles in May has been released, with one leading the pack. The sales volume of new energy vehicles in May was 240,200, a year-on-year increase of 109%. LI AUTO-W, Nezha and other car companies delivered more than 10,000 vehicles. Among them, nearly 30,000 were delivered, setting a new record, but the delivery growth rate has declined year-on-year. With the continuous delivery of new models and the expected landing of local subsidy policies, the sales of new energy vehicles are expected to continue to grow.

2. Today, there are many "short essays" in the real estate sector. First, there were rumors that the down payment ratio for first- and second-tier cities would be relaxed, and then Bloomberg reported that China plans to relax the three red lines assessment for real estate companies, extend the transition period and relax leverage restrictions. This has stimulated the market sentiment that has been sluggish for a long time, and related real estate stocks have risen in response.

3. The "618" e-commerce war has officially kicked off. Following JD.com's victory yesterday, Taobao and Tmall also announced the "largest consumer welfare in history for 618". Due to the low base in the second quarter of last year, overall consumption will have a higher year-on-year growth rate. The closing price rose more than 6%.

🐬 Individual Stocks

1. $ BILIBILI-W.HK

This quarter's report did not beat market expectations in terms of revenue, and although the loss reduction exceeded expectations, it was achieved by cutting costs. Combined with the market reaction after the financial reports of other Internet peers, this cost-cutting and efficiency-increasing story has not caused much of a stir. At least on the first quarter report, the core issues have not improved, but there are more hidden dangers. For Dolphin's detailed analysis and conference call minutes, please see "Bilibili: The Little Broken Station That Doesn't Grow Up" and "B Station Management: There Are Many Misunderstandings About Us in the Market (1Q23 Conference Call Minutes)".

2. $ Meta Platforms.US

The company announced that its next-generation virtual reality (VR) headset, Quest 3, will be released in the fall of 2023. Starting at $499, Meta rose 2.98% last night. It is also worth noting that Apple will hold its annual Worldwide Developers Conference (WWDC) next week, and it is expected to launch its first VR headset device, which will be expensive.

🐬 Leading Sectors

Shanghai and Shenzhen: Manufacturing of consumer electronics components, production of household appliances and furniture, other retail;

Hong Kong: Automotive retail, property services and intermediaries, other medical equipment;

US stock market: Manufacturing of automotive and marine electronics, other retail, coal and uranium mining.

🐬 Focus Tomorrow

1. China Caixin Services PMI, US ISM Non-Manufacturing PMI.

⚠️ The companies covered by Dolphin's research in the previous text are marked in red. You can search for "Dolphin Research" in the Longbridge App (click here to download) to access the company's entire research collection (including summaries of the company's past performance at meetings).

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