0907 ｜Key Watch by Dolphin:

Daily News Recap. Dolphin Research.

🐬 Macro / Sector

1. Iran said it will set exclusion zones around the Strait of Hormuz in the coming days, with violators to be sanctioned, stoking fears of a chokepoint disruption and lifting Brent/WTI. Geopolitical risk is adding a trading bid to crude; watch for any real shipping interruption. If higher oil persists, it would weigh on global consumption and squeeze manufacturing margins.

2. Today is U.S. Labor Day, with U.S. equities closed for the full day. Overseas futures trade on shortened hours, while HK equities trade as usual.

🐬 Single Stocks

1.$LI AUTO-W(02015.HK)

Li Auto plans to inject RMB 2.65 bn into Sunwoda EVB, which will lift its stake to 11.17% and make it the No. 2 shareholder, deepening the tie-up in battery supply. Automakers are moving upstream to secure cells and strengthen supply chain safety. Sunwoda EVB remains loss-making; the focus is on joint R&D and cost-down execution.

2.$NVIDIA(NVDA.US)

OpenAI launched its flagship GPT‑6 Astra last Fri., calling it the 'most intelligent and most aligned' model to date, drawing strong market attention. Jensen Huang said 'AGI is here,' and the flagship was trained on 100k+ NVDA GPUs, with another 400k GPUs coming online, signaling powerful compute demand. With a generational step-up in model capability, upstream GPU demand expectations are rising further.

3.$XD INC(02400.HK)

XD Inc. jumped 12%+ today on the GPT‑6 launch catalyst. OpenAI's GPT‑6 Astra showcased gaming as a standout vertical, enabling one‑prompt playable prototypes; Playco's test showed a 50% reduction in manual fixes. TapTap Maker already supports third‑party models like Claude Code and Codex, making it a scarce 'AI‑native game creation + low‑cost publishing' platform, so AI should benefit both AI‑UGC tools and platform distribution.

4.$XIAOMI-W(01810.HK)

At 7pm tonight, Xiaomi's Fall launch will see three Pangcheng extended‑range SUVs officially debut, alongside foldables and tablets, powered by the in‑house Xuanjie O3 AI SoC. Key watch items: Pangcheng pricing, order momentum, and real‑world experience of Xuanjie O3.

5.$Tesla(TSLA.US)

Tesla China announced limited‑time cash incentives. From now through Sept 30, 2026 (incl.), Model 3 (incl. Performance) buyers get RMB 5,000 off, and Model Y (incl. Model Y L) buyers get RMB 10,000 off if they order and take delivery of inventory cars. A quarter‑end push could lift near‑term deliveries; monitor order conversion.

🐬 Top Gainers

A‑shares: Communication equipment and electronic components. Semiconductor materials and equipment.

HK: Communication equipment and electronic components. Retailers of furniture/home/decoration materials.

U.S.: Semiconductor materials and equipment. Drug retailers and electronic components.

🐬 Watch Tomorrow

1) China Aug trade balance (RMB bn). China Aug trade balance (USD bn).

2) U.S. Aug NY Fed 1‑yr inflation expectations.

Risk disclosure and disclaimer: Dolphin Research Disclaimer and General Disclosure