New AI collaboration features ignite MiniMax; Xiaomi 17 Max big-screen flagship debuts | Daily News Recap

0513 ｜Dolphin Focus

🐬 Macro/Industry

1. The U.S. Bureau of Labor Statistics reported on May 12 that Apr CPI rose 0.6% MoM and accelerated to 3.8% YoY, with core CPI at 2.8% YoY, all higher vs. prior. Energy and housing remained the main drivers of inflation. Inflation’s resilience beat expectations, and Wall Street broadly sees the Fed’s rate-cut window pushed back, implying a higher-for-longer backdrop.

2. The U.S. Senate voted 51–45 on May 12 to confirm Kevin Walsh as a Fed governor, with Jerome Powell’s term set to end on May 15, putting policy continuity in focus. Viewed as hawkish, Walsh is expected to keep rates elevated to curb inflation, making near-term easing unlikely. The leadership handover alongside sticky inflation raises policy uncertainty, and global capital flows and risk-asset pricing may stay disrupted, with volatility from shifting pivot expectations to watch.

🐬 Stocks

1. $MNSO(09896.HK)

MINISO guided a strong beat, expecting Q1 net profit of RMB 1.228–1.248 bn, driven by offline consumption recovery, global expansion, and supply-chain optimization. The upside validates its 'affordable essentials + globalization' strategy. Recovering foot traffic and overseas store additions are fueling growth, underscoring consumption resilience. Improved earnings quality could re-rate the stock and aid HK consumer names, while we watch new-store ramp and cost controls for sustainability.

2. $XIAOMI-W(01810.HK)

Xiaomi 17 Max was officially teased for a launch this month, with the debut likely on May 21 (Thu) based on its usual cadence. The model targets the high-end big-screen segment, focusing on camera and performance upgrades. Xiaomi is doubling down on large-screen flagships to win high-end share and enhance brand pricing power. Pricing and peer moves bear watching as competition at the top end could intensify.

3. $MINIMAX-W(00100.HK)

MiniMax rebranded its desktop product to Mavis and launched multi-agent team collaboration, enabling custom AI roles and workflows for enterprise and productivity use cases. The rebrand and upgrade extend its scope from a general LLM to an 'AI collaboration ecosystem,' positioning in enterprise services and productivity tools. The market is optimistic about its enterprise monetization potential, with MiniMax up over 18% today.

4. $BIDU-SW(09888.HK)

Kunlun Chip announced completion of a major training version for ERNIE 5.1, and the Tianchi 256-card supernode cluster will go on sale in Jun, with significantly improved compute and compatibility for model training and inference. The Tianchi supernode launch should ease China’s high-end compute shortage and benefit the AI training and cloud value chain. It also advances the domestic compute ecosystem.

5. Dolphin earnings watch and calls

Sea: SEA: 东南亚小腾讯霸气归来！. Sea（纪要）：26 年 Shopee GMV 至少增长 25%，Garena 流水维持高增.

Tencent Music: 收编喜马拉雅， 腾讯音乐能否打赢这场防守战？. See link.

POP MART (operating data): 怎么看当前位置的泡泡玛特？. See link.

Tencent, Alibaba, and Atour will report tonight. Earnings calls are expected to follow.

🐬 Top Gainers by Sector

A-shares: Industrial gases and cloud & data centers. Hardware storage and peripherals also outperformed.

HK: System software and IT consulting. Commercial printing also led.

U.S.: Managed healthcare and copper. Tobacco also outperformed.

🐬 Watch for Tomorrow

1. U.S. Apr retail sales MoM and Mar business inventories MoM. U.S. Apr import price index MoM.

Risk disclosure and disclaimer: Dolphin Research Disclaimer and General Disclosure. See link.