0303 ｜Dolphin Research Key Watch:

🐬 Macro/Industry

Markets in HK and onshore A-shares plunged as Middle East geopolitical risks escalated, with Qatar's LNG output halted and the Strait of Hormuz blocked, sending flows from equities into safe havens such as gold and crude. Global risk assets came under broad pressure. Oil spiked, lifting inflation expectations and stoking fears the Fed may delay rate cuts. High-multiple tech underperformed, dragging the Hang Seng Tech index lower.

🐬 Stocks

AAPL

Apple launched iPhone 17e and the new iPad Air: 17e comes with the A19 chip, an upgraded in-house baseband and MagSafe, and raises base storage to 256GB, while iPad Air moves to the M4 chip. Pricing for both stays flat vs. prior-gen, a spec bump at same price. The steady pricing lowers the upgrade hurdle and helps defend share in the global mid-range hardware market, offsetting weak sector demand.

QCOM

At MWC Barcelona 2026, Qualcomm unveiled a slate of next-gen chips, led by the Snapdragon X105 modem with downlink up to 14.8Gbps, the Snapdragon Wear Platform Premium, and an AI-native Wi‑Fi 8 portfolio. X105 raises the ceiling for 5G‑A transmission, while Wi‑Fi 8 and the new wearables platform mark a strategic leap from core comms to AI-native connectivity across scenarios. Beyond catalyzing a new device upgrade cycle, by setting performance bars for 5G‑A and Wi‑Fi 8, Qualcomm further entrenches its dominance in mobile communications and edge AI silicon.

3. Earnings and call to watch

MiniMax: 'Foundation Model Losses at -360%: Is MiniMax Still a Hot Ticket?', 'MiniMax (Trans): Push into Coding, Office, and Multimodal'

Sea reports earnings tonight. Dolphin Research will track and publish analysis.

🐬 Top Gainers

A-shares: integrated oil & gas, oil & gas E&P, gas utilities.

HK: energy equipment & services, transaction & payment services, data processing & outsourcing.

US: security & alarm services, coal & consumable fuels, oil & gas refining & marketing.

🐬 Watch for Tomorrow

China Feb official manufacturing PMI, China Feb RatingDog services PMI, China Feb RatingDog manufacturing PMI.

US Feb S&P Global services PMI (final), US Feb ISM non-manufacturing PMI.

Risk disclosure and statement: Dolphin Research Disclaimer and General Disclosure