Closely focus the implementation of tariffs tonight; Leapmotor strongly "leads" | Today's important news review

0402 ｜ Dolphin Research Focus:

🐬 Macro/Industry

1. March new energy vehicle sales data has been released, with BYD leading the pack at 370,000 units - marking its first quarterly total exceeding 1 million units. Leapmotor topped the delivery rankings among new energy manufacturers for the first time, achieving 37,095 units in March (up 154.65% YoY). Li Auto and XPeng both delivered over 30,000 units, while Nio showed signs of lagging. Leapmotor's shares surged nearly 13% today. Xiaomi Auto, the much-anticipated newcomer, delivered 29,000+ units in March, just shy of crossing the symbolic 30,000 monthly delivery threshold.

2. At 3 AM tonight (Beijing time), U.S. President Trump will announce reciprocal tariffs. There are reports that the U.S. Trade Representative is currently exploring the possibility of imposing lower tariffs on certain countries; if implemented, the tariff rates will be lower than the general tariff plan of 20%. Dolphin Research published a commentary yesterday titled “The 'Settlement Day' is Approaching, Will Trump Create a Golden Pit or a Grave Pit?,” closely monitoring tonight's developments.

🐬 Individual Stocks

1. $NIO(NIO.US)

Ai Tiecheng, former President of Lantu (NIO's mass-market brand), has formally resigned. NIO announced a leadership reshuffle at Lantu, appointing Shen Fei - former head of NIO's energy business - as the new President. NIO CEO William Li and co-founder Qin Lihong will directly oversee Lantu's R&D and marketing operations. Since its launch, Lantu has struggled to meet volume targets despite being tasked with driving NIO's mass-market growth. Under Ai's leadership, Lantu had set aggressive goals: 10,000 monthly deliveries by Dec 2024, 15,000 units in Jan-Feb 2025, and 20,000+ in March 2025. Failure to meet these targets would have "serious consequences." However, Lantu only achieved the first milestone, with deliveries dropping to 5,912 (Jan) and 4,049 (Feb), and March also falling short. The restructuring's success hinges on whether Shen Fei can rebuild market confidence - a critical test for NIO's multi-brand strategy.

2. $Roblox(RBLX.US)

Roblox announced a strategic partnership with Google to develop interactive ads designed to increase user engagement and revenue. The collaboration will expand Roblox's advertising capabilities in the coming weeks, targeting brand and agency needs. Shares rose 4.63% overnight.

3、 Core Focus on Financial Report Interpretation and Conference Call

Tonight, Kweichow Moutai will announce its financial report, and Dolphin Research will track and provide interpretative analysis.

🐬 Leading Sectors

Shanghai and Shenzhen Stocks: Diversified capital markets, diversified chemicals, tobacco;

Hong Kong Stocks: Office services and supplies, diversified financial services, cloud and data centers;

U.S. Stocks: Media, heavy electrical equipment, cloud and data centers.

🐬 Attention for Tomorrow

1. China Caixin Services PMI;

2. U.S. Trade Balance, U.S. S&P Global Services PMI Final, U.S. ISM Non-Manufacturing PMI.

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