0202 ｜Dolphin Research Focus:

🐬 Macro / Sector

1. Global precious metals have sold off sharply since the weekend, with gold and silver tumbling. The move was driven by a hawkish Fed chair nominee, a stronger USD and higher UST yields, concentrated profit-taking, and forced deleveraging by levered funds.The violent swings highlight fragile risk sentiment. Near term the market likely chops in a consolidation range, with volatility risk elevated.

2. China NEV startups posted mixed Jan delivery prints, with wide dispersion in YoY growth. Leapmotor led with 32,059 deliveries (+27.37% YoY), while Li Auto delivered 27,668 units, reclaiming the No.2 spot but with growth slowing to +7.55% YoY.BYD remained No.1 by volume at ~210k units but fell 30.11% YoY. Most brands saw MoM declines on the Lunar New Year lull and policy transitions.

🐬 Single Stocks

1.$Alphabet(GOOGL.US) $Unity Software(U.US)

Alphabet's DeepMind unveiled Project Genie, an AI tool that auto-generates game scenes and content. The market fears it could disrupt traditional game development workflows, triggering a sharp selloff in names like Unity (U) and Roblox (RBLX).Near term, the group faces panic de-rating as investors reassess production paradigms. Dolphin Research will publish a detailed take tonight, stay tuned.

2.$BABA-W(09988.HK)

Over the weekend, Tencent's 'Yuanbao' red-envelope campaign went viral (cf. Dolphin Research First Take: Pearl Harbor moment! Tencent drops an AI bomb in group chats — is Doubao at risk?). Alibaba followed with its AI-native Qwen app rolling out a RMB 3 bn 'Spring Festival Treat' program.Leveraging Hema, Fliggy, Damai, Taobao Flash Sale, Tmall Supermarket and more across its ecosystem, it will offer freebies and hefty red packets to invite the public to 'eat, drink, and play' during the holiday. The campaign goes live on Feb 6.

3.$POP MART(09992.HK)

POP MART named London its Europe HQ, plans seven additional UK stores, and will expand across Europe with a 20-store target. The HQ will centralize regional ops, support IP localization, and drive channel expansion.In H1 2025, its Europe revenue rose 729.2% YoY. IPs such as LABUBU have gained strong traction among local young consumers.

4.$CHINA MOBILE(00941.HK)

China's Ministry of Finance and State Taxation Administration announced that, effective Jan 1, 2026, core telco services such as mobile data, SMS/MMS, and broadband access will be reclassified from 'value-added telecom services' to 'basic telecom services,' with VAT rising from 6% to 9%. This directly lifts the tax burden for the three major PRC telcos, pressuring revenue and profit.China Mobile shares traded under notable pressure today.

5. Disney reports earnings tonight. Results are due this evening.

🐬 Top Gainers

A-shares: Bottled water & soft drinks, distillers, and brewers. Top movers came from these groups.

HK: System software, distillers, and agricultural products. These sectors outperformed on the day.

US: Drug retailers, telecom services, and commercial printing. These led the market.

🐬 Watchlist for Tomorrow

1. PLTR reports earnings; Dolphin Research will track and publish a read-through.

Risk disclosure and statement for this article: Dolphin Research disclaimer and general disclosure