0226 | Dolphin Research Focus:

🐬 Stocks

1.$Alibaba(BABA.US)

Alibaba Cloud's Bailian launched Coding Plan, integrating APIs for Qwen3.5, GLM-5, MiniMax M2.5, and Kimi K2.5, making it the only cloud provider globally to offer this bundle. Pricing: Lite at RMB 7.9 for the first month, then RMB 40; Pro at RMB 39.9 for the first month, then RMB 200, with free switching across models. Low pricing plus full-stack model coverage lowers the barrier for AI coding and strengthens Alibaba Cloud's lead in the AI dev-tool ecosystem. This benefits developers and SME adoption of AI, accelerating cloud services and model monetization.

2.$JD-SW(09618.HK)

The JD app officially launched the 'Billion-Supermarket' channel, expanding billion-yuan subsidies into grocery categories and focusing on snacks, fresh food, home cleaning, and personal care FMCG. It plans to invest over RMB 20 bn in subsidies over the next 3 years, featuring straightforward direct discounts with no group-buying. This reinforces pricing advantage in daily FMCG, aims to capture user time and repeat purchases, and intensifies e-commerce price wars, supporting consumer demand and brand volumes.

3.$Netflix(NFLX.US)

Reports say co-CEO Ted Sarandos will visit the White House on Thu to discuss a potential acquisition of Warner Bros. Discovery (WBD). Paramount has raised its offer, with the global streaming M&A race heating up. Near term, this lifts sector M&A expectations; NFLX closed up ~6% last night.

4. Dolphin Research focus: earnings and call Trans

NVIDIA: NVIDIA: Earnings frenzy vs. a cold share price — has the No.1 stock fallen out of favor?. NVIDIA (Trans): Compute spend tied directly to revenue, prioritizing supply chain security

Salesforce: Salesforce: AI substitution narrative takes hold — has the SaaS leader become a castoff?. Salesforce (Trans): H2 to see re-acceleration in organic revenue growth

BIDU, Luckin Coffee, and Vipshop report tonight. Dolphin Research will track and publish analysis.

🐬 Top Gainers

A-shares: Cloud & data centers; data processing & outsourcing. Heavy electrical equipment;

HK: Heavy electrical equipment; trading & payment services. Highway passenger transport;

US: Port operators; aluminum. Application software.

🐬 Watchlist for Tomorrow

1. Dell, CoreWeave, Block, Duolingo, Monster to report;

2. US Jan PPI MoM. US Jan PPI YoY.

Risk disclosure and statements: Dolphin Research disclaimer and general disclosures