Xiaomi YU7 GT launches Thu; Li Auto L9 misses ests., shares plunge | Daily News Recap

0518 ｜Dolphin Focus

🐬 Macro/Industry

NBSC data show Jan–Apr retail sales at RMB 16.49tn (+1.9% YoY), with Apr alone at RMB 3.72tn (+0.2%). Ex-auto retail grew 3.1%, online retail rose 6.6%, and F&B revenue increased 3.8%. Recovery remains soft, with Apr growth near a standstill, mainly dragged by autos and weak consumer confidence. Online and services held up better, underscoring a clear divergence in mix.

🐬 Single Stocks

1. Tencent Holdings

Tencent launched public beta for its in-house AI design agent collaboration platform 'Ardot', which generates UI/UX designs via natural language and one-click code, integrating with Figma and major IDEs and supporting enterprise private component libraries. By bridging the design-to-dev workflow, Ardot improves product-design-dev collaboration and lowers the bar for AI design deployment. It benchmarks overseas tools and fills a domestic gap in one-stop AI design collaboration, reinforcing Tencent Cloud's enterprise ecosystem moat. This is positive for enterprise services and AI application rollouts; watch paid conversion and ecosystem expansion.

2. Li Auto

Li Auto fell over 14% today, leading declines across autos. Deliveries for the new L9 have trailed expectations post-launch, while the NEV price war keeps intensifying competition. Pricing skews high, facing strong pressure from peers like Aito and XPeng in the same segment, compressing share in premium models. The selloff weighed on OEM sentiment and margins remain under pressure; closely monitor profitability and operating fundamentals.

3. SpaceX

SpaceX's 1-for-5 split took effect on May 4, cutting the per-share fair value from $526.59 to about $105. The company plans to list on Nasdaq on Jun 12 (ticker SPCX), seeking a valuation up to $2tn and raising ~$70–75bn, potentially the largest IPO ever. The split lowers the entry threshold, aiding retail participation and liquidity. Proceeds may fund Starship and Starlink expansion, cementing leadership in space and satellite internet.

4. Xiaomi

Xiaomi Auto announced its high-performance flagship SUV 'YU7 GT' will debut and go on sale at 19:00 on May 21. Positioned around the RMB 400k performance SUV segment with '1,000 hp + long range + 800V fast charging', it targets Tesla Model Y Performance and luxury brands with a strong value proposition. Leveraging tuning from its Europe R&D center to enhance a 'German handling' feel, it also lays groundwork for overseas expansion.

5. Earnings from BIDU and IQ are due tonight. Both companies will report.

🐬 Top Gainers

A-shares: Precious metals & mining, hardware storage & peripherals, and telecom services led. These sectors outperformed.

HK: Leisure facilities (e.g., stadiums), system software, and packaging were strong. These groups led the market.

US: Oil & gas E&P, HR & employment services, and oil & gas refining & marketing outperformed. These sectors led gains.

🐬 Watch Tomorrow

1. Google I/O developer conference runs May 19–20, 2026. It starts tomorrow.

2. Russian President Vladimir Putin will pay a state visit to China on May 19–20. The visit spans two days.

3. BEKE, bilibili, and Hesai will report earnings. Results are due tomorrow.

Risk disclosure and disclaimer: Dolphin Research Disclaimer & General Disclosure