HK & A-Shares Rout; Gold Hammered | Daily News Recap---
0323 | Dolphin Focus
🐬 Macro / Sector
1) On Mar 21 (local time), Trump issued a 48-hour ultimatum to Iran demanding full reopening of the Strait of Hormuz, threatening strikes on Iran's power plants otherwise. Iran said it would completely shut the Strait if its power facilities are attacked.The Middle East flare-up directly threatens global energy supply chains, with higher oil feeding inflation and likely keeping the Fed higher for longer, pressuring growth-stock multiples. Safe-haven demand for gold was offset by shifting rate expectations, and profit-taking triggered technical selling that deepened the pullback. As a result, gold's YTD gains have been wiped out.
🐬 Stocks
1)$BABA-W(09988.HK)
Alibaba DAMO Academy will host the annual Xuantie RISC-V Ecosystem Conference in Shanghai on Mar 24. Last year's event unveiled the industry's first server-grade RISC-V CPU, and the market expects new compute chips for AI Agent use cases this year.The conference is a key milestone in commercializing the RISC-V ecosystem, focusing on concrete AI compute demand. It should help round out Alibaba's HPC and edge compute footprint.
2)$XPENG-W(09868.HK)
XPeng issued an internal notice establishing a Robotaxi Dept., overseeing product definition, R&D/testing, project integration and operations, and coordinating resources under a lean structure. Built on its 2nd-gen VLA AD system, the unit targets pilot passenger operations in H2 2026.
3)$AMD(AMD.US)
Media reports say Upstage CEO Sung Kim met with AMD CEO Lisa Su in Seoul last week to discuss purchasing 10,000 AMD MI355 AI accelerators for upgrading training and inference capacity. The potential order underscores leading overseas AI firms' recognition of AMD's stack, expanding share beyond Nvidia and validating a diversified AI compute supply chain.Near term, this would benefit AMD's DC revenue growth and shift the AI chip market from single-company dominance toward more balanced competition.
4) Sanhua Intelligent Controls and Lao Pu Gold released earnings. Dolphin Research will track and publish analysis.
🐬 Leaders by Sector
A-shares: oil & gas E&P led, followed by auto OEMs and integrated O&G.
HK: oil & gas E&P outperformed.
US: oil & gas E&P led, with transaction & payment services and telecom services also higher.
🐬 Watchlist for Tomorrow
1) Xiaomi, Hesai, and Nongfu Spring will report earnings.
2) US Mar S&P Global Manufacturing PMI (flash) and Services PMI (flash).
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