0512 ｜Dolphin Focus

🐬 Macro / Sector

1. The U.S. Bureau of Labor Statistics will release Apr CPI at 20:30 Beijing time on Tue, with the street looking for 3.7%-3.8% YoY and 0.6% MoM, while core is seen supported by rents and oil. If inflation prints hot, it would cut rate‑cut odds for the Fed’s Jun meeting and push UST yields higher, pressuring global risk assets. If it undershoots, easing trades may re‑ignite, favoring growth and HK tech.

🐬 Stocks

1.$KUAISHOU-W(01024.HK)

Kuaishou plans to spin off Keling AI, seeking a pre‑IPO round at a US$20bn valuation and a standalone listing; the company disclosed that it is evaluating restructuring and external financing. Keling’s valuation approaching the parent underscores investors’ lofty expectations for video‑gen AI. The spin‑off could help re‑rate Kuaishou by unlocking AI value, while enabling Keling to accelerate commercialization and intensifying AIGC competition with a stronger winner‑takes‑more dynamic.

2.$POP MART(09992.HK)

Sources indicate POP BAKERY, Pop Mart’s dessert label, will open its first self‑operated store in Aranya, Qinhuangdao, adding tea and coffee to a lineup that previously ran as pop‑ups. Moving from pop‑ups to direct ops and expanding into beverages is a key step toward a broader ‘trendy lifestyle’ strategy. Leveraging Aranya’s premium traffic to test F&B monetization could open a second growth curve and lift brand premium and offline moat.

3.$Amazon(AMZN.US)

Amazon plans its first CHF bonds across 3–25Y tenors, with BNP Paribas, Deutsche Bank and JP Morgan as bookrunners, to fund AI investments and debt repayment. Tapping the CHF market highlights a globalized capital strategy to lock in low‑cost, long‑term funding for AI infrastructure. This could spur peers to follow and fuel a broader tech bond wave.

4.$TENCENT(00700.HK)

PR head Zhang Jun stated that read receipts and visitor tracking are ‘welded shut’ and will not be developed. After a limited WeChat status test of viewer counts drew controversy, the company said the test has been halted and stressed it will not launch social‑pressure features users have rejected. WeChat’s commitment to no read receipts and no visitor tracking aligns with its lightweight, low‑pressure positioning, helping defuse concerns, reinforce product differentiation and maintain user trust.

5. Earnings to watch

Circle: ‘Circle: Awful Tape, Yet the No.1 Stablecoin Play Keeps Expanding’, ‘Circle (Trans): Guidance Excludes Arc Token Pre‑sale; Update Next Quarter’. TME, Sea and JD to report results.

🐬 Top Gainers

A‑shares: multi‑utilities, communications equipment, and electric utilities led. These sectors were the day’s top gainers.

HK: packaging, forest products, and oil & gas refining and marketing outperformed. These groups led gains.

US: silver, electronic components, and heavy electrical equipment led the advance. These were the strongest sectors.

🐬 Watch for Tomorrow

1. Tencent, Alibaba and Atour will report earnings. Results are due tomorrow.

2. US Apr PPI (YoY) and PPI (MoM). These prints are scheduled for tomorrow.

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