0417 ｜Dolphin Highlights

🐬 Single Stocks

1.$XIAOMI-W(01810.HK)

Xiaomi Communications issued the '26 Xiaomi K1' smart manufacturing Sci-Tech Innovation bond on the SSE, sized at RMB 1 bn, 3-year tenor, with a 1.6% coupon and 4.82x total subscription. The deal combines policy tailwinds and improving risk appetite, with the 1.6% coupon well below same-tenor AAA corporate bonds, signaling strong institutional conviction in Xiaomi’s hard-tech pipeline and AAA credit. Low-cost funding will directly back its RMB 200 bn/5-yr R&D plan, stepping up investment in AI, chips and autos, while optimizing the capital structure and lifting profits.

2.$BABA-W(09988.HK) $Alibaba(BABA.US)

Alibaba’s ATH Innovation unit on Apr 16 officially launched 'HappyOyster', an open-world model that supports real-time building and interaction. Built on a native multimodal architecture, it can generate dynamic 3D environments for film/TV production and game development. The same day, Alibaba confirmed its AI video model 'HappyHorse' topped the ArtificialAnalysis video leaderboard; the move from video generation to interactive world models extends ATH’s tech stack and strengthens its AI content production ecosystem, giving Alibaba a differentiated edge at the application layer.

3.$MEITUAN(03690.HK)

Meituan rolled out the one-stop AI agent platform 'Shrimp 345' for OpenClaw ecosystem users. It integrates models, skills, tools and community resources, offering skill search, installation/configuration and advanced tutorials across the full workflow, aiming to become a hub product in the AI Agent ecosystem. This marks a deeper move from local services into AGI, using an ecosystem approach to enhance developer and user stickiness.

4.$Meta Platforms(META.US)

Meta will raise prices for Quest-series VR headsets starting Apr 19. Management cited the AI boom driving memory prices up roughly 3x, significantly pushing up hardware manufacturing costs, with Apple, Microsoft and Samsung also hiking prices as the industry faces broad cost pressure. The increase exemplifies cost pass-through across the AI supply chain and reflects tight supply-demand for high-end memory globally; by passing on ~70% of the cost pressure to consumers, Meta may dampen near-term demand, weighing on Quest shipments and penetration.

5.$Amazon(AMZN.US) $Oracle(ORCL.US)

Oracle and AWS announced an expanded multicloud partnership, connecting OCI with AWS interconnect products to establish enterprise-grade private links. This enables seamless cross-cloud application operations and low-latency data transfer, supporting modernized AI deployment. The service is planned to go live later this year, starting in AWS US East.

6. Dolphin on Earnings & Calls

Netflix: 'A bomb even without Warner—has Netflix run out of steam?', 'Netflix (Trans): FY revenue guide factors in possible price hikes this year'

Kweichow Moutai: 'Don’t be spooked by the print—marketization is the real trump card'

TSMC: 'TSMC: The real AI king—who can challenge it?', 'TSMC (Trans): Characteristically cautious, modestly raised FY guide'

Charles Schwab: 'Solid organic growth; short-term blemishes not a big worry', 'Charles Schwab (Trans): NIM has room to rise; product innovation (crypto trading, AI features) on the way'

🐬 Top Gainers by Sector

A-shares: Tobacco; trading & payment services; electronic components.

HK: Tobacco; application software; electronic components.

US: Ports & marine operators; road freight; communications equipment.

🐬 Watchlist for Tomorrow

1. China Mobile to report earnings.

2. China’s 1-yr LPR (as of Apr 20).

Risk disclosure and statement: Dolphin Research disclaimer and general disclosures