Xiaomi Auto data sparks rally; Doubao to launch new paid model | Daily News Recap

0504 ｜Dolphin Research Focus:

🐬 Stocks

1、$XIAOMI-W(01810.HK)

Xiaomi jumped over 10% in early trading. Xiaomi Auto delivered 30k+ units in Apr, up 50%+ MoM. Locked orders for the next-gen SU7 topped 70k. Rebounding deliveries and strong order intake validate product-market fit and support the full-year 550k target. The stock’s strength reflects a rerating of the 'phone + AIoT + auto' strategy, lifting sentiment across the supply chain. Key swing factors are the pace of the production ramp and order-to-delivery conversion.

2、$KUAISHOU-W(01024.HK)

Kuaishou launched KroWork, a desktop AI agent for Windows/macOS enabling file handling, browser automation and app generation via natural language, executing in a local data sandbox. It lowers the coding barrier, emphasizes 'app solidification' and data security, and targets repetitive knowledge-work tasks. This marks a move from short video into AI productivity tools, positioning for differentiated competition vs. Xiaomi’s 'Lobster'. It could open B-end opportunities and broaden AI monetization paths.

3、$ByteDance(BYTED.NA)

Doubao’s App Store page revealed paid subscriptions at RMB 68/200/500 per month, focused on productivity use cases such as PPT generation and data analysis, while the free tier retains basic functions. Rolling out paid tiers is a key step for LLM monetization, segmenting users with differentiated services to cover compute costs and lift ARPU. The freemium mix serves both mass and professional needs. If paid features meet expectations, the industry could shift from traffic to value competition, accelerating maturation.

4、$Intel(INTC.US)

Analyst Ming-Chi Kuo said Intel’s EMIB-T advanced packaging back-end yield has topped 90% and is ready for mass production, with potential adoption in Google’s 2027 TPU project, challenging TSMC’s CoWoS dominance. The yield breakthrough is a milestone that narrows the tech gap and helps win orders from Google, Amazon and other major clients. However, 90% still trails the ~98% industry MP benchmark, and further yield ramping will be tougher. Dislodging TSMC’s leadership in the near term remains unlikely.

🐬 Leaders by Sector

A-shares: semiconductor makers, asset mgmt & custody banks. Also kitchenware.

HK: system software, investment services and holding companies. Road freight.

US: kitchenware, healthcare IT services. Cloud & data centers.

🐬 Watchlist for Tomorrow

1、PLTR to report earnings. DUOL and SHOP will also report.

US Apr S&P Global Services PMI (final) and Mar trade balance. US Apr ISM Non-Manufacturing PMI and Mar JOLTS job openings (10k).

Risk disclosures and statements for this article. Dolphin Research Disclaimer and General Disclosure