0302 ｜Dolphin Research Key Focus:

🐬 Macro/Industry

1. Geopolitical tensions in the Middle East have escalated sharply, with the U.S.-Israel vs. Iran confrontation intensifying and stoking global risk concerns. Risk-off sentiment is rising quickly. Safe-haven assets caught a bid in early Monday trading, with intl gold and silver opening higher. Geopolitics is the core near-term catalyst for precious metals, as gold and silver benefit directly from flight-to-safety inflows.

2. With the Spring Festival holiday and slower consumption cadence, Feb deliveries among China’s NEV startups diverged. Leapmotor, Li Auto, and Nio returned to a similar ~20k monthly delivery range. XPeng fell materially YoY, underscoring competitive pressure. We continue to watch Mar launches and promotional activity.

🐬 Single Stocks

1.$BYD COMPANY(01211.HK)

BYD said on its investor Q&A platform it will hold a disruptive tech event on Mar 5, 2026, focusing on batteries, fast charging, e-drive systems, and autonomous driving, with tech-for-all as the core theme. A series of breakthrough technologies may be unveiled. The event aims to reinforce its tech moat and brand leadership. BYD rose against the tape today, with A-shares up over 8% and H-shares up over 4%.

2.$Netflix(NFLX.US)

NFLX announced on Feb 26 it is exiting the bidding for Warner Bros. Discovery, dropping further offers after a comprehensive review. Earlier, Paramount had raised its bid for Warner Bros. Discovery. Stepping back helps NFLX focus on core content and cash flow, lowering integration risk and leverage pressure. NFLX closed up nearly 14% last Fri.

3.$XIAOMI-W(01810.HK)

On Feb 28 at MWC Barcelona, Xiaomi unveiled its first pure-EV concept hypercar, Vision GT, built on a 900V high-voltage platform as a tech showcase for premiumization and overseas expansion. The concept enhances Xiaomi’s tech image and validates its e-drive, e-control, and design capabilities. It lays the groundwork for an overseas push in 2027.

4. Minimax reports earnings tonight.

🐬 Top-Performing Sectors

A-shares: Integrated oil & gas, oil & gas E&P. Energy equipment & services.

H-shares: Energy equipment & services. Managed healthcare. Oil & gas refining & marketing.

U.S.: Diversified chemicals. Movies & entertainment. Precious metals & minerals.

🐬 Watchlist for Tomorrow

1. None.

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