Today's Important News Review | Dolphin Research

0703 Focus of Dolphin:

🐬 Macro/Industry

1. In June, Caixin China General Services Business Activity Index (Services PMI) recorded 51.2, a decrease of 2.8 percentage points from May, dropping to the lowest level since November 2023, indicating a decline in the business climate of the service industry, which to some extent affects the short-term market sentiment.

🐬 Individual Stocks

1. $CTG DUTY-FREE(601888.SH)

Rumors of a trillion-level consumption tax reform are imminent, with luxury goods and high-end services possibly taking the lead in pilot projects. The rumors of consumption tax reform have been circulating for a long time without materializing. After the rumors surfaced, expectations significantly strengthened, reigniting market enthusiasm. Once the consumption tax is implemented, it may increase the final product prices, further widening the price difference between taxed and duty-free products, benefiting duty-free shop sales. Stimulated by the positive news, today China International Travel Service Corporation A-shares once hit the daily limit up, while Hong Kong stocks surged over 16% intraday.

2. $Alibaba(BABA.US)

Taobao App's homepage has been updated with a new top tab "Hourly Delivery," adding a primary traffic entrance. This means that businesses within the hourly delivery channel will receive a large influx of Taobao App's organic traffic. Moreover, this "Hourly Delivery" service is open to all brands and merchants on Taobao and Tmall, as long as they have local warehouses and can meet users' immediate delivery needs.

🐬 Leading Sectors

Shanghai and Shenzhen: Retailers of jewelry/toys/stationery, real estate services, consumer goods retailers;

Hong Kong Stocks: Cloud and data centers, furniture/home furnishings/decorative materials retailers, application software;

US Stocks: Automobile manufacturers, aluminum, professional financial services.

🐬 Focus Tomorrow

1. July 4th is Independence Day in the United States. US stocks will close three hours early on July 3rd, with trading hours from 21:30 to 01:00 the next day (Beijing time). The market will be closed on July 4th (Thursday).

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