0427 ｜Dolphin Research Focus:

🐬 Macro / Sector

1) DeepSeek made a surprise release of its flagship LLM DeepSeek‑V4 last week and fully open-sourced it, becoming a major market catalyst. Boosted by rapid AI iteration, semis rallied again today with the HK Semiconductor Index up over 5%, led by SMIC and Hua Hong.

The new model runs on domestic compute, adopts a CUDA‑free stack, and broadens the edge AI addressable space, further lifting local chip demand. Capital continues to rotate into self-sufficient compute and domestic substitution, with sector sentiment improving and the supply-chain growth story reinforced.

🐬 Single Stocks

1)$HESAI-W(02525.HK)

Kalu Power’s production model of its logistics robots will exclusively use Hesai’s high-end LiDAR suite, upgrading commercial vehicles’ perception to a higher level. The partnership is locked in for mass production, marking Hesai’s 6D full-color LiDAR’s formal entry into driverless commercial vehicles and opening incremental AD opportunities.

With customized perception hardware, fleet ops become more efficient with notable cost-down benefits. This nomination cements Hesai’s leadership, accelerates LiDAR scale penetration, and supports coordinated development across the smart driving value chain.

2)$TENCENT(00700.HK)

Tencent’s QClaw released v0.2.14, the most significant update since public beta, integrating the Hermes framework to enable multi-agent collaboration while supporting multiple mainstream LLMs. The architecture was comprehensively upgraded.

This iteration meaningfully expands tool compatibility and scenario reach, strengthening the AI Agent foundation. Better ecosystem compatibility lowers deployment hurdles and broadens commercialization. The upgrade enhances competitiveness and speeds up general agent applications, improving the AI tools ecosystem.

3)$POP MART(09992.HK)

POP MART launched its first Labubu‑themed mini fridge, officially stepping into home appliances, with sales starting at 22:00 on Apr 30. Leveraging its top IP, the limited-drop strategy quickly ignited demand; on platforms like Xianyu, secondary prices have reached RMB 8,999, implying a ~50% premium.

Powered by the core IP’s popularity and collectible appeal, the product targets a differentiated premium niche and opens a new IP monetization channel. The cross-border push helps break the growth bottleneck beyond designer toys and diversifies revenue.

4)$Qualcomm(QCOM.US)

Analyst Ming-Chi Kuo’s latest note indicates OpenAI plans to build an in-house AI phone, partnering with Qualcomm and MediaTek on custom processors, with Luxshare securing exclusive design and EMS orders. Mass production is estimated for 2028, which triggered a short-term move in Qualcomm’s stock.

OpenAI aims to merge software and hardware to capture the next-gen AI system gateway. With deep collaboration, Qualcomm stands to gain incremental orders, solidify its mobile AI chip edge, and position for edge-intelligent devices. The market views the partnership as a long-term positive and a near-term stock catalyst by opening more AI edge compute upside.

5) Oracle and Sungrow will report earnings tonight. Sungrow will report alongside Oracle.

🐬 Top Gainers by Sector

A‑share: consumer finance, semi materials & equipment, hardware and IT distributors;

HK: security & alarm services, telecom equipment, office services & supplies;

US: semi manufacturers, semi materials & equipment,

🐬 Watch for Tomorrow

1) Coca‑Cola, Spotify, BYD, and Focus Media will report.

Risk disclosure and statement: Dolphin Research disclaimer and general disclosure