Market Trends & Investment Opportunities - Earnings season reveals nearly 10% growth, but disappointing guides may present opportunities, especially if estimates rise [1][2] - China's economic turnaround, driven by aggressive fiscal, monetary, and consumer stimulus programs, suggests adding a "kicker" to portfolios with China exposure [3][4] - U S multinational companies with China exposure offer transparency; Las Vegas Sands, with 60% of revenues tied to Macau and Jaeger, is one example, trading at 11 times EBITDA [5][6] - Industrial data center stocks have reacted poorly to earnings, down 9-10%, despite companies seeing significant activity, presenting potential investment opportunities [10] Company Performance & Strategies - Deckers Outdoor (Hoka parent company) is on the watchlist, down 50% year-to-date, trading at 16 times earnings, with earnings growing at approximately 16-20% and 8% China exposure [7] - Hoka brand saw 20% growth in the last quarter and is guiding for double-digit growth for the year [8] - Uggs experienced 19% growth, improved from 3% in the previous quarter, positioning it well for back-to-school season [9] Portfolio Strategy - Maintaining technology exposure is crucial due to growth, free cash flow, and investment in AI and data centers [10] - A broadening out trade in the market is still considered a viable strategy [9][10]

Group 1 - Taobao Flash Sale launched a subsidy plan totaling 50 billion yuan, showing significant results within the first week, with 4,124 brands achieving peak sales 9,818 times [1] - The order volume for restaurant chain brands on Taobao Flash Sale increased by over 190% week-on-week, with various food categories seeing order growth exceeding 150% [1] - Small and medium-sized chain brands accounted for over 50% of the participating merchants, indicating a strong boost in urban consumption vitality [1] Group 2 - The subsidy program aims to break the "involution" competition among merchants, effectively stimulating urban consumption and providing business growth for small and medium-sized enterprises [2] - In Nanjing, the business of a local merchant saw over 100% growth due to the combined effect of the subsidy and a popular event, with over 60% of the orders coming from new customers [2] - Experts believe that the subsidy policy has successfully stimulated new consumption momentum, highlighting the importance of confidence in the market [2]