0717 ｜Dolphin Focus:

Daily News Recap｜Dolphin Research

🐬 Macro/Industry

1. Asia-Pacific equities weakened at midday, posting their worst showing in months as AI and semis saw broad-based selling and money rotated out. Japan and Taiwan led declines, with TSMC missing sky-high expectations and dragging the chip value chain lower. A-shares fell for a third straight session, with STAR 50 on track for its worst week on record as chip names corrected after a sharp valuation run-up. HK stocks retreated in tandem, and Zhipu AI slumped on competitive pressure from the launch of Kimi K3. Australia and New Zealand followed tech lower, while India outperformed on strength in IT and banks. Risk-off sentiment was elevated across the board.

2. Moonshot AI formally launched its flagship model Kimi K3 with 2.8 trillion parameters, native multimodality, and a 1mn-token context window; it is the world's first open-source model in the 3tn-class, with API access now live and full weights to be released by Jul 27. Kimi K3 fills a gap in domestic ultra-large open-source models, with code and long-context reasoning capabilities on par with top closed-source peers, benefiting the local developer ecosystem.

🐬 Single Stocks

1.$TENCENT(00700.HK)

Tencent's SkillHub rolled out the SkillPay monetization system, integrating listing, invocation, and payments for agent skills; merchants can set prices and package AI services, with WeChat Pay handling user authorization and settlement, and initial cohorts from retail, financials, and AIGC onboarded. SkillPay closes the loop on agent commercialization, addresses monetization pain points, and broadens paid AI service opportunities across Tencent's end-to-end agent stack.

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

Li Auto unveiled the next-gen L6 AWD SUV with a single trim at RMB 249,800, upgrading to a 51kWh battery, dual-valve variable-damping suspension, and in-house high-compute AD chip, with limited-time perks for orders placed by Aug 31. At the RMB 250k price point it standardizes AWD and advanced assisted driving, targeting the mass family segment, strengthening its mid/low-end extended-range lineup, countering the price war, and supporting deliveries.

3.$Baidu(BIDU.US)

On Jul 16, BIDU authorized management to convert its secondary listing in HK into a dual-primary listing in HK and the US, to be completed within the year; post-conversion it will be eligible for Southbound Stock Connect, with potential index inclusion as early as the Sep review if timelines hold. A dual-primary listing opens southbound flows and materially improves HK liquidity, enabling steady mainland allocations and supporting valuation recovery in AI and autonomous driving.

4.$SpaceX(SPCX.US)

SpaceX's 13th Starship test flight was aborted during the countdown after multiple engine ignition faults triggered safety protocols, with Elon Musk saying a retry will occur within days after engine swaps. The first Starship test post-IPO failed, pressuring sentiment in the near term with shares down after hours; the issue appears to be a one-off technical fault, and the long-term cases for Starlink and crewed space remain intact.

5.$Uber Tech(UBER.US)

Uber announced an all-cash tender offer for Delivery Hero, valuing the target at $14.8bn in aggregate equity value; net of Uber's existing stake, cash consideration totals $13.7bn, with closing expected in 2H27. The combination would extend delivery coverage to 99 countries and create a global leader in mobility and delivery, but a rich premium, integration risks, and multi-jurisdictional regulatory hurdles introduce uncertainty, leaving the market reaction muted.

6. Dolphin Research on earnings and calls

Netflix: 'Netflix: Has the onetime internet darling lost its edge?', 'Netflix (Trans): Live content trims per-capita watch time, but monetizes better'

TSMC: 'No blockbuster beat: Can a 'good enough' TSMC still carry the AI story?' 'TSMC (Trans): 40%+ FY growth outlook; capex hike framed as cautious'

🐬 Top Gainers by Sector

A-shares: Integrated oil & gas; Electric utilities; Diversified banks.

HK: Office services & supplies; Investment services & holding companies; Consumer electronics.

US: Trucking; Tires & rubber; Tobacco.

🐬 Watch Mon

1) China 1-yr Loan Prime Rate (as of Jul 20)

Risk disclosure and statements: Dolphin Research Disclaimer and General Disclosure