π° Hourly Briefing | 2026-08-14 10:00 CST
SMIC earnings call confirms AI chip demand up 40%; JD.com Q2 net margin at 2.1%, leads tech sell-off; Iran threatens Hormuz Strait transit; Fed's Goolsbee says inflation returning to "golden path"; US July retail sales and Michigan consumer sentiment preliminary due tonight.
π Market Snapshot
| Instrument | Last | Change |
|---|---|---|
| Spot Gold | $4,318.67 | -0.74% β |
| WTI Crude | $80.18 | -0.33% β |
| Brent Crude | $86+ | +0.18% β |
| USD/CNY Mid | 6.7878 | CNY +10 pips |
| SHFE Gold | Β₯940.10/g | -2.00% |
| Lithium Carbonate | Β₯152,740/t | +2.00% |
| Coking Coal | Β₯1,347/t | +2.00% |
A-share Open: SSE +0.08%, SZSE +0.32%, ChiNext +0.67% HK Open: HSI -0.7%, HS Tech -0.6%
π₯ Key News This Hour
1. SMIC Earnings Call: Multiple Positive Signals Co-CEO Zhao Haijun delivered at Q2 earnings: AI chip demand up 40%, Q3 capacity utilization at ~95% high, customers pulling orders forward. AI-driven demand spillover continues into H2, higher pricing to further boost margins. HK shares (00981) opened +4.74%.
2. JD.com Q2 Net Profit Β₯7.1B, Leads Tech Selloff JD.com reported Q2 net profit of Β₯7.1B with 2.1% net margin; HK shares dropped 8%+, dragging HS Tech Index down 1%+. Meituan fell 3%+.
3. GDS Holdings Swings to Profit Q2 net profit of Β₯838M, HK shares opened +9.28%, a rare tech outperformer post-earnings.
4. Hua Hong Macro Guidance Disappoints Q3 gross margin guidance 16%-18% (market est. 16.6%); shares plunged ~10% at open.
5. Geopolitical Risks Intensifying
- Iran warns: no vessel can safely pass Hormuz Strait without approval
- Iranian Supreme Leader’s advisor: may escalate conflict if conditions unmet
- Latvia issued air threat alert; allied fighters downed a drone
- Finland established temporary traffic restriction zone in eastern Gulf of Finland
- Kushner to visit Israel next week to advance Gaza peace plan
6. Trump Imposes 100% Tariff on Certain Drone Imports
7. Fed Dove + PPI Cools Beyond Expectations Goolsbee says data improving, inflation returning to “golden path.” Markets no longer fully pricing Fed rate hike this year.
8. Yen Nears 160, Intervention Warning Former MOF official signals Tokyo-Washington may jointly intervene again, no need to wait for 160.
9. PBoC Large Net Drain PBoC net drained Β₯652B today, Β₯749.5B cumulative this week.
π§ Market Assessment
Gold pulled back from $4,353 to $4,318; SHFE gold futures down 2%. Despite cooler-than-expected PPI providing a tailwind, profit-taking pressure is evident at elevated levels.
AI semiconductor demand thesis continues to validate β SMIC confirmed 40% demand growth, 95% utilization, and order pull-forward by customers.
HK tech divergence is widening. JD.com’s 2.1% margin triggered selling, while GDS’s swing to profit was rewarded. The market is shifting from “storytelling” to “show me the earnings.”
Geopolitical risks cannot be ignored β Iran threatens Hormuz Strait transit, Baltic drone incursion events keep risk premia elevated.
Yen approaching 160, with former MOF official signaling intervention. A joint US-Japan intervention could trigger cross-market volatility.
Trump’s 100% tariff on drones extends the trend of trade policy fragmentation. Watch for potential spillover to other categories.
β° Upcoming Key Data
- 20:30 CST β US July Retail Sales MoM (Prev 0.2%, Consensus 0.1%, Forecast 0.3%)
- 20:30 CST β US July Retail Sales Control Group MoM (Prev 0.5%, Consensus 0.3%)
- 22:00 CST β US June Business Inventories MoM
- 22:00 CST β US Aug University of Michigan Consumer Sentiment Index (Preliminary)
- Next day early AM β Baker Hughes Active Rig Count