Feb 6 ｜Dolphin Research Focus

🐬 Stocks

1.$BABA-W(09988.HK)

Alibaba's Qwen app launched a 'RMB 3 bn Lunar New Year Free Orders' campaign, kicking off with an AI one‑sentence prompt to order milk tea for free. Notably, WeChat further blocked the red‑packet promo keywords of Alibaba Qwen and Tencent Yuanbao, disabling copy-recognition in private and group chats. The move is aimed at protecting WeChat's platform ecology, curbing intrusive marketing, and defending its social traffic moat, which in turn raises friction and directly weakens AI apps' holiday viral user acquisition.

2.$MEITUAN(03690.HK)

Meituan will acquire 100% of Dingdong Maicai's China biz for $717 mn, with overseas ops carved out. Dingdong brings a mature fresh-food supply chain in East China, ~7 mn MAUs, and has been profitable for several consecutive quarters. Post-deal, the two will integrate MFCs and supply chain resources, helping Meituan plug channel gaps in East China's fresh market and leverage scale to lower fulfillment costs, strengthening on-demand retail moats.

3.$LI AUTO-W(02015.HK)

Li Auto teased an all-new L9 with upgrades to wheelbase, AD, range, and chassis, debuting its in-house M100 AD chip. Rear-wheel steering and 5C ultra-fast charging come standard, with combined range reaching 1,400 km; it targets the RMB 400k flagship EREV SUV segment. The refresh addresses current product gaps and reinforces the family flagship SUV value proposition, likely aiding a sales turnaround; shares rose ~4% today, with pricing, order conversion, and competition vs Aito M9 to watch.

4.$XPENG-W(09868.HK)

XPeng's first large six-seat SUV, the GX, began L4 autonomous driving tests on open roads in Guangzhou. Equipped with four Turing chips and map-free city navigation, the program is in technical on-road validation and not yet open to the public.

5.$NIO-SW(09866.HK)

Nio issued a preliminary Q4 2025 guide: GAAP OP of RMB 200–700 mn and Non-GAAP OP of RMB 700 mn–1.2 bn, marking its first profitable quarter. Profitability is driven by volume growth, product-mix optimization, and cost-down/efficiency initiatives. The inflection confirms fundamental improvement and lifts sentiment; shares gained nearly 7% today.

6. Earnings/calls on Dolphin Research

Amazon: '$200 bn Arms Race: Amazon Pushes AI to a New Level', 'Amazon (Trans): All New Capacity Was Absorbed by Users Immediately'

Roblox: 'Software Down Together? Roblox: Closed-Loop Ecosystem, Genie Can't Break It', 'Roblox (Trans): Gen Models Can't Solve 3D Multiplayer at Scale'

🐬 Top Gainers by Sector

A-share: computer & electronics retailers, specialty chemicals, integrated oil & gas.

HK: residential construction, paper products, diversified chemicals.

US: medical products distributors, healthcare facilities, multi-line insurance.

🐬 Watchlist for next Mon

1. None.

Risk disclosure and disclaimer: Dolphin Research Disclaimer and General Disclosures