Xiaomi's stock fell after high-level placements; can the rebound in US stocks be sustained? | Today's important news review

0325 ｜ Dolphin Research Focus:

🐬 Macroeconomics/Industry

1. Trump stated that he will announce additional tariffs on automobiles, timber, and chips in the coming days; he may also reduce tariffs for multiple countries and mention "at some point in the future" regarding drug tariffs. Although he continues to insist on increasing tariffs, he has revealed a softened policy inclination compared to before. As a result of this news, U.S. stocks saw a certain increase last night.

🐬 Individual Stocks

1. $XIAOMI-W(01810.HK)

Last night, Xiaomi announced that it seeks to raise $5.3 billion through a placement of shares on a "first old, then new" basis to expand its business, with the placement price being approximately 6.5% lower than the closing price of HKD 57 before the announcement. Dolphin Research has already published a brief commentary on this yesterday, see:《 Xiaomi Placement Brief Commentary》。 Xiaomi's stock price fell over 6% today.

2. $Baidu(BIDU.US)

Market news indicates that Baidu Vice President Xie Guangjun has proposed to resign, but this has not yet been confirmed. Earlier, Xie Guangjun's daughter was involved in a "box opening" incident online, which raised questions about potential information leaks from Baidu. Baidu subsequently issued a stern statement that the data was not leaked from Baidu, but public opinion continues to ferment, causing negative impacts.

3. $Tesla(TSLA.US)

Tesla has seen significant gains in the past two days, with no major positive fundamentals. On the news front, due to escalating attack incidents against Tesla in the U.S., the FBI has established a special task force to investigate a series of attacks targeting Tesla. Earlier that day, police discovered multiple suspected "detonation devices" at a Tesla showroom in Austin, Texas, and the FBI intervened to assist local police in the investigation. Coupled with a slight easing of tariff sentiment, Tesla rose nearly 12% last night.

4. $Taiwan Semiconductor(TSM.US) According to reports, TSMC's 2-nanometer chip yield has reportedly reached 60%. A 2nm expansion ceremony will be held at the Kaohsiung plant on March 31, and orders for 2nm wafers will be accepted starting April 1. Currently, TSMC's Kaohsiung and Hsinchu plants are working hard to increase production, with an expected output of 50,000 2nm wafers by the end of the year, and a full production capacity of 80,000 wafers, with Apple likely becoming the first customer.

5. Key Focus on Financial Report Interpretation and Conference Call

BYD: "BYD: Spending Money and Making Money, Who Besides the 'King of Cars'?",

Nongfu Spring and Kuaishou have released their financial reports, and Dolphin Research will track and provide interpretative analysis.

🐬 Leading Sectors

Shanghai and Shenzhen: Tobacco, Airlines - Passenger Transport, Computer and Electronic Product Retailers;

Hong Kong Stocks: Industrial Gases, Aerospace and Defense, Diversified Financial Services;

U.S. Stocks: Automobile Manufacturers, Kitchenware, Electronic Components.

🐬 Tomorrow's Focus

1. Pop Mart will release its financial report, and Dolphin Research will track and provide interpretative analysis.

The risk disclosure and statement of this article: Dolphin Research Disclaimer and General Disclosure