PBoC signals easing; Alibaba's Qwen rolls out a full-ecosystem push | Daily News Recap

0115 ｜Dolphin Research Focus

🐬 Macro / Industry

1) The PBoC cut rates on multiple structural monetary tools by 25bps, effective Jan 19, lowering the 1-yr relending rate to 1.25% with other tenors adjusted in tandem. The policy targets agriculture, small biz, and sci-tech, and will work in concert with fiscal measures. Officials signaled room remains for further RRR and rate cuts this year; the move is targeted rather than broad-based easing, and markets reacted rationally as much was priced in.

2) The White House will impose a 25% tariff from Jan 15 on certain imported semis, semi equipment, and derivatives to address 'national security threats', with plans to broaden the scope. A tariff-offset mechanism will favor US onshore investments. Near term this lifts supply chain costs and uncertainty; longer term it may push countries to accelerate domestic semi ecosystems.

🐬 Single Stocks

1)$BABA-W(09988.HK)

Alibaba held the Qwen app launch, announcing full integration across Taobao, Alipay, Fliggy, and Amap, and rolling out 400+ AI task capabilities spanning shopping, travel, and public services. It claims the world's first end-to-end AI shopping loop that completes a purchase from a single voice prompt. The stock fell today, as the full-ecosystem loop had partly leaked earlier and the Jan 15 event marked delivery rather than surprise, while HK AI names broadly pulled back.

2)$Taiwan Semiconductor(TSM.US)

TSMC reported Q4 results with revenue and GPM in line with the buy side’s raised expectations; revenue rose 1.9% QoQ, partly aided by USD strength. GPM reached 62.3%, topping the higher bar, and guidance came in above street as well. Beyond reaffirming a high-growth trajectory into 2026, the print boosted confidence in AI and semis broadly; shares rallied after hours. Dolphin Research has posted a brief note and will publish a detailed read later tonight. 简评

3)$BIDU-SW(09888.HK)

Reports say BIDU is considering upgrading its HK secondary listing to a dual-primary listing. This would make it eligible for Stock Connect and broaden access for mainland capital, while hedging potential US policy risks against its existing Nasdaq listing.

4)$XIAOMI-W(01810.HK)

Lei Jun announced an 8pm livestream focused on the next-gen Xiaomi SU7, with deep dives into safety structure, chassis control, ADAS, and range upgrades, and responses to user concerns. Recent livestream controversies around a 'drilled-hood' demo and 'small-font marketing' have added pressure; if communication does not improve, brand perception and user trust could be further affected.

🐬 Top Gainers by Sector

SH/SZ: diversified utilities; HR & employment services; semi materials & equipment. These groups led the A-share advance.

HK: sports venues and other leisure facilities; forest products; specialty chemicals. They outperformed within HK equities.

US: commercial printing; drug retailers; industrial chemicals. These sectors were among the strongest.

🐬 Watch for Tomorrow

1) US industrial production MoM. A key macro read to track.

Risk disclosure and statement: 海豚研究免责声明及一般披露