BYD's 'disruptive tech' debuts; Xiaomi's mobile Agent emerges

0306｜Dolphin Research Focus:

🐬 Macro / Sector

1. The U.S. Dept. of Commerce is preparing to globalize export approvals for advanced AI chips, moving beyond country-specific rules. Reviews would be tiered by compute purchased; orders exceeding 200k units would trigger nation-level negotiations and disclosure of core technical information, with approved countries required to match investment in U.S. digital infrastructure.This plan underscores U.S. tech dominance, risks destabilizing the global semiconductor supply chain, and raises compliance costs for U.S.-based chipmakers. It could also spur countries to speed up indigenous compute R&D, accelerating China's push for domestic semiconductor substitution.

🐬 Single Names

1.$Netflix(NFLX.US)

Netflix announced the acquisition of InterPositive, a film-tech company founded by Ben Affleck, with terms undisclosed. Focused on AI tools for post-production to fix missing shots and lighting errors rather than end-to-end generation, InterPositive staff will join Netflix and Affleck will serve as a senior advisor.These tools streamline the post workflow and cut costs, aligning with Netflix's creative approach and offering a benchmark for standardized AI adoption across the industry.

2.$Li Auto(LI.US) $LI AUTO-W(02015.HK)

Li Auto plans to launch a dual-wheel robot for factory scenarios in 2025, ideally by mid-year. Its internal humanoid robot team, codenamed Nexus, has fewer than 30 members and follows Tesla's approach of iterating in closed environments; a bipedal robot is also planned.Starting with factory two-wheeled robots helps avoid consumer-market competition and leverages Li Auto's manufacturing system to accelerate deployment.

4.$XIAOMI-W(01810.HK)

Xiaomi unveiled a mobile Agent product 'Xiaomi miclaw' based on its MiMo model, now in limited beta. It offers four core capabilities, can call 50+ system tools and Mi Home IoT devices, and centers on a reasoning–execution engine with on-device data for privacy.The product marks Xiaomi's breakthrough in AI Agents, moving from 'chat' to 'action' and deepening its 'human–car–home' ecosystem, though stability and power consumption still need optimization during beta.

5.$NTES-S(09999.HK)

Google cut Google Play in-app purchase fees from 30% to 20%, subscriptions to 10%, with a floor of 15%, and opened third-party payments, with a phased global rollout through 2027. This is a major tailwind for China game publishers going overseas, lowering channel costs and boosting margins, while third-party payments add operating flexibility.NetEase shares rose over 5% today.

6.$BYD COMPANY(01211.HK)

BYD introduced its 2nd-gen Blade Battery and flash-charging tech: 10%–70% charge in 5 minutes at room temperature and 10%–97% in 9 minutes, with only modest increases in charging time at low temperatures. Developed over six years, energy density is up more than 5%, enabling model range of 1,036 km.It passed stringent safety tests, and the cells carry a lifetime warranty.

7. Dolphin Research earnings & call notes

Marvell: 'Marvell: ASIC single-card miss; wins back AI via interconnect', 'Marvell (Trans): Raised revenue guide again; second XPU to mass-produce in FY28'

Bilibili: 'Bilibili: Ads resilient; platform struggles through its 'limping period'', 'Bilibili (Trans): Plans to reinvest part of incremental profit into AI this year'

JD: 'JD: Another deep squat? Recovery is near', 'JD (Trans): Sales of powered products to improve in 1H26'