0420 ｜Dolphin Focus

🐬 Macro / Sector

1) Ebrahim Azizi, head of the Iranian Parliament's National Security and Foreign Policy Committee, told Al Jazeera that Iran has decided to keep talking with the U.S., but not at any cost and without accepting arbitrary demands. The temporary Iran-U.S. ceasefire is set to expire on Apr 22, and the two sides have already held a first round in Oman. Talks resuming signal a pragmatic stance from Tehran, yet core differences remain and room for maneuver looks limited.

🐬 Single Stocks

1. $DeepSeek(DPSK.NA)

Media report DeepSeek is launching its first external equity round, seeking at least $300mn at a valuation above $10bn. If confirmed, this would mark a shift from closed-door R&D to capital-enabled scaling for China AI, and a $10bn+ valuation would validate its tech and positioning. Proceeds would bolster compute capacity and talent incentives, accelerating commercialization. Note the company has not officially announced the deal, which remains under negotiation.

2. $Micron Tech(MU.US)

Micron (MU) now offers 24Gb (3GB) GDDR7 memory in 32Gbps and 28Gbps bins, with per-die bandwidth above 1.5TB/s. With Samsung and SK hynix also in 24Gb GDDR7, the high-end DRAM market has formed a three-way slate. These parts are already compatible with NVIDIA RTX 50-series GPUs.

3. $CATL(03750.HK)

CATL will host its 2026 'Super Tech Day' on Apr 21 under the theme 'Polar Realm Appointment', billed as its most technology-dense event to date. The company is expected to unveil sodium-ion batteries, condensed-matter batteries, and the 3rd-gen Shenxing ultra-fast charging. Focus areas include low-temp performance, fast charging, and energy density breakthroughs, targeting industry pain points in range and refueling.

4) $CHINA MOBILE(00941.HK) China Mobile reports tonight. Dolphin Research will track and publish a read-through.

🐬 Leaders

A-shares: kitchenware and transaction & payment services outperformed. Industrial gases also led.

HK: application software and system software outperformed. Forest products also led.

U.S.: tires & rubber and furniture/home manufacturers outperformed. Precious metals & minerals also led.

🐬 Watch Tomorrow

1) U.S. Mar retail sales MoM and U.S. Feb business inventories MoM.

Risk disclosure and disclaimer: 海豚研究免责声明及一般披露