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0312 | Dolphin Research Watchlist.🐬 Macro/Industry 1) The U.S. will release Feb CPI at 20:30 Beijing time on Wed, a key input for the Fed's rate-cut path. Recent Middle East tensions have lifted oil prices, increasing uncertainty around the print.An upside surprise could push back cut expectations and weigh on growth stocks. In-line or softer readings would be supportive of risk assets.🐬 Single Stock 1) $Meta Platforms(META.US) Meta announced the acquisition of AI agent community Moltbook. It is known in the industry as the 'Lobster Community'...

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Apple

Apple Group

ETFS Capital Ltd.

Gold.com

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NIO Inc. USD OV

NIO Inc

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Li Auto

Meta Platforms

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Laopu Gld HK SDR 50to1

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Baidu HK SDR 10to1

META secures 'Shrimp Pool' Moltbook; Laopu Gold issues a positive profit alert on strong earnings | Daily News Recap

Conference Minutes

UBER

Below is Dolphin Research's compiled transcript of $Baidu(BIDU.US) FY25 Q4 earnings call. For our analysis, see 'BIDU: Buybacks set a floor, but the comeback still hinges on the narrative.'I. Key financials recap. Core AI business metrics (Q4 2025) include:Baidu General Business revenue: RMB 26.1bn. Core AI-powered Business revenue: over RMB 11.0bn...

Grocery Outlet

Uber Tech

BIDU (Trans): Focus on shareholder returns, stronger mgmt. execution

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Financial Analysis

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$Baidu(BIDU.US) released Q4 results after the HK close on Feb 26, 2026, and the print was lackluster. That said, with a prolonged pullback already priced in, buybacks and dividends providing a floor, and year-ahead narratives such as Kunlun Chip's IPO and potential Stock Connect inclusion, the market is unlikely to impose a sustained penalty.This quarter the company adopted a new reporting structure, splitting into AI and legacy businesses. The AI segment includes AI infrastructure, AI applications, and AI-native marketing, while most institutions are still modeling estimates under the prior framework...

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ByteDance

BIDU: Ad Engine Falters; Is Kunlunxin the Lifeline?

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BIDU 4Q25 First Take: the company adopted a new reporting framework this quarter, splitting results into AI biz. and other legacy biz.; AI includes AI infra, AI apps, and AI-native marketing. As the Street is still setting estimates under the old framework, Dolphin Research restores the prior disclosure for comparison, focusing on BIDU only and excluding iQIYI. Overall, the Q4 print was underwhelming. It was not a strong quarter. However, given the prolonged correction, buybacks providing support, and narratives such as Kunlun Chip’s IPO and potential Stock Connect inclusion later this year, we do not expect sustained penalties. On the top line, results were broadly in line with BBG consensus; overall ads slightly missed, and legacy ads were still down 26%, with the timing and pace of recovery uncertain. Cloud and other slightly beat, with cloud infra relatively strong. On opex, GAAP OP came in below expectations due to approx. RMB 700 mn in severance and some bad-debt provisions. Ex these items, lower D&amp;A and headcount optimization improved efficiency, driving Adj. OP to a modest beat. Looking at BIDU’s AI biz. in isolation, performance across the three pillars was mixed. Details follow: 1) Cloud Infra (cloud + compute): given last year’s high base (projects clustered in a short window), QoQ is more relevant. Q4 grew 35% QoQ, a decent trend. 2) AI Apps (incl. Baidu Wenku, Baidu Cloud Drive, and digital employees): flat QoQ. The cloud drive likely remained a drag. 3) AI-native marketing (agents and digital humans): edged lower QoQ; given industry trends, competition likely weighed. Watch the call for color on seasonality and other objective factors. $Baidu(BIDU.US) $BIDU-SW(09888.HK)

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0226 | Dolphin Research focus: 🐬 Stock 1, $Alibaba(BABA.US). Alibaba Cloud Bailian launched the 'Coding Plan', integrating APIs for four mainstream models — Qwen3.5, GLM-5, MiniMax M2.5 and Kimi K2.5 — making it the only cloud provider globally to offer this combo.Lite plan is priced at RMB 7.9 for the first month and RMB 40 for the second; Pro plan at RMB 39.9 for the first month and RMB 200 for the second, with free model switching. The aim is to lower AI coding barriers through aggressive pricing and full-stack model coverage...

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Warner Bros. Discovery

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Dell Tech

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Alibaba HK SDR 5to1

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Alibaba Cloud rolls out dirt-cheap AI coding bundle; JD's 'Billion-yuan Supermarket' reignites subsidy rush | Daily News Recap

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上週末，趁着國內臨近春節，美國又耍了個&#34;小手段&#34;，其國防部一度宣佈將包括阿里、百度、比亞迪在內的多家公司納入 Chinese Military Companies、即 CMC 清單。導致阿里等受影響的公司股價盤前一度跳水，但隨後美國防部又 “玩鬧式” 地迅速將此公告撤回了，相關公司最後也收回了大多數跌幅。實際上，美國的這種 “小手段” 已用過多次，海豚君在此前的《中概退市：這次 “狼真會來”？別怕，不是末日！》中有過比較詳細的討論，多少有些見怪不怪了。首先，被納入 CMC 清單的直接影響只是 -- 被禁止與美國國防部及其相關方進行合作往來，但不會直接影響美國資金投資於 CMC 清單內的企業，和直接影響民間的生意往來。只有被納入 “升級版” 的 NS-CMIC 清單內的企業才會被直接禁止美國資金對其進行投資，進而對相關公司股價產生實際性影響。但該 “NS-CMIC” 名單自 21 年 12 月後就再無更新。此前，小米和騰訊也曾短暫被納入國 CMC 清單，但隨後經過上述或溝通都被移出了清單，短暫的恐慌性下跌反而給了不錯的入場機會。結合這個小動作的時間節點，和發佈後又立刻撤回的操作，海豚君當前傾向於這更多隻是美國趁着國內喜慶過年時故意 “噁心”、並試探一下中方政府的態度，為特朗普可能在 4 月的訪華談判上一些籌碼。綜上，海豚君目前覺得大概率不會有什麼實質性的影響，但也不能排除之後美國不會又再有拉扯，把撤回的公告再發布出來，保持關注吧。$Alibaba(BABA.US) $Baidu(BIDU.US)

Xiaomi HK SDR 2to1

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Xiaomi Corporation

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0122 | Dolphin Research Focus: 🐬 Macro/Industry 1) Trump announced in Davos that he and NATO Sec.-Gen. Rutte reached a framework on Greenland and the Arctic, centered on access for mineral development and Arctic defense cooperation. Both parties stated that Greenland's sovereignty was not on the table. On that basis, he deferred the tariff hikes on eight European countries that were scheduled for Feb 1.In the near term, this eases US‑EU trade frictions and lowers volatility risk for global supply chains and US/EU export plays. However, it remains only a framework with no implementing clauses, so longer‑term geopolitical and trade uncertainty persists...

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Weibo

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POP MART HK SDR 20to1

Allianzim US Large Cap Buffer10 Mar ETF

AppLovin firmly rejects short-seller report; BIDU debuts ERNIE 5.0 | Daily News Recap

0115 | Dolphin Research Focus: 🐬 Macro/Industry 1) Today, the PBoC cut rates on structural monetary tools by 25 bps. The 1-yr relending rate was lowered to 1.25%, with other tenors adjusted in tandem, effective Jan 19.The measures cover agriculture/rural and small-biz support and sci-tech innovation, and will be coordinated with fiscal policy. Deputy Gov. Zou Lan said there remains room for RRR cuts and rate cuts this year.This is targeted rather than broad-based easing and was largely anticipated. Market reaction has been measured...

Taiwan Semiconductor

PBoC signals easing; Alibaba's Qwen rolls out a full-ecosystem push | Daily News Recap

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$Alibaba(BABA.US) $ByteDance(BYTED.NA) $TENCENT(00700.HK) $Baidu(BIDU.US) In our previous discussions of the AI value chain, Dolphin Research focused chiefly on North America. We examined the tangled, interdependent bargaining among upstream players.By contrast, China’s AI ecosystem only truly broke into the mainstream last year, shaped by a consumer-driven base. After DeepSeek broke the compute-cost stalemate, the industry has tacitly converged on an application-first path as the locus of competition...

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Tencent Holdings Limited

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Tencent HK SDR 10to1

AI Internet: 2026 ByteDance vs. BABA vs. Tencent — Three-Way Showdown

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Long-rumored Kunlun Chip spin-off is now official as $Baidu(BIDU.US) announced it.On Jan 2, BIDU proposed to spin off Kunlun Chip Technology for an independent listing on the HKEX Main Board, while retaining control (59.45%).BIDU has filed confidentially, and the detailed prospectus is not yet public.Based on available information, Dolphin Research will first outline a few key questions.1. Kunlun Chip's origins and evolution? It traces back to BIDU's FPGA accelerator project launched in 2011...

HKEX

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Hong Kong Exchanges and Clearing (HKEX)

Kunlun Chip IPO fast-tracks: Is BIDU's Google moment here?

Baidu Apollo Go Autonomous Taxis Stalled Due to System Failure, Passengers Trapped

Baidu Enhances User Engagement and Commercial Potential by Integrating OpenClaw AI Agents

Baidu's RoboTaxi Service Launches Full Autonomous Commercial Operations in Dubai

Baidu Invests in Huono Iman to Promote AI Technology Implementation

Baidu Forum Launches First Pure AI Autonomous Sub-forum 'Catchshrimp Bar'

Baidu Executives Reveal Over 50% of Employees Have Gained AI Capabilities, Company Will Fully Support Employees in Improving AI Skills

Baidu Intelligent Cloud Releases Enterprise-level AI Intelligent Body Cases to Promote Industry Application

Baidu Vice President Yu Ran Discusses OpenClaw (Shrimp) Security Issues at Event

Weibo Integrates Baidu Intelligent Cloud DuClaw for Enhanced Data Services

Shen Dou Predicts Significant Cost Reduction for Embodied Intelligence in the Future

Shen Dou Discussed the Possibility and Challenges of Humanoid Robots Entering Households at Boao Forum

Baidu Launches Enterprise-Level Product DuMate

National AI Application Pilot Base Welcomes First Batch of Enterprises for Technology Scaling

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