OpenAI enters e-commerce; SERES plans to list in Hong Kong | Today's important news recap

0429｜Dolphin Research Key Focus:

🐬 Macro/Industry

1、The tariff tug-of-war is still in a volatile phase. U.S. Treasury Secretary Scott Bassett stated in an interview that the U.S. is negotiating customized agreements with 15 to 18 "key trading partners," and one of the first signed agreements is likely to be with India. As positive progress in the negotiations emerges, market risk appetite has rebounded, boosting the strength of the USD, while gold prices remain under pressure.

2、OpenAI announced an upgrade to ChatGPT Search and introduced an e-commerce shopping feature. Primarily, when users search for products, the bot will directly provide some recommended products along with purchase links. Currently, the first batch of available product categories includes certain consumer electronics, fashion, beauty, and home goods, with plans to expand further in the future. This feature positions AI large models as a new entry point for e-commerce traffic, creating a new model of AI-guided shopping and instant transactions. This functionality directly competes with and impacts Google's online shopping business.

3、The Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission have prepared in accordance with the directives of the SAR government and have engaged with some relevant companies. If "China concept stocks" not yet listed in Hong Kong wish to return, appropriate guidance and assistance will be provided for their Hong Kong listings. Dolphin Research recently published a detailed analysis on the delisting of China concept stocks, which can be reviewed here:《Delisting of China Concept Stocks: Is the Wolf Really Coming This Time? Don’t Worry, It’s Not the End!》.

🐬 Stocks

1、$BABA-W(09988.HK)

Alibaba released Qwen3 and made it open-source. Alibaba Cloud stated that Qwen3 is China's first "hybrid reasoning model," seamlessly integrating two modes of thinking, supporting 119 languages, and facilitating Agent calls. Compared to other mainstream models, Qwen3 also significantly reduces deployment costs. This year, Alibaba has continuously signaled its increased focus on AI, but the market reaction today has been relatively muted.

2、Seres

Submitted an application for a Hong Kong listing, planning to raise funds to alleviate financial pressure. The market had long anticipated Seres' Hong Kong listing, but this year it faces issues such as declining sales and financial chain pressures. Seres' stock price still closed lower today.

3、Key Focus on Earnings Reports and Conference Calls

Focus Media:《With New Tide Gone, Is Focus Media’s "Good Days" Near?》

Tonight, Coca-Cola, Luckin Coffee, China Tourism Group Duty Free, Kweichow Moutai, and Spotify will release their earnings reports. Dolphin Research will continue to track these updates—stay tuned.

🐬 Top Gainers

Shanghai/Shenzhen: Tobacco, Medical Information Services, Commercial Printing;

Hong Kong: Food Retailers, Data Processing and Outsourcing Services, Furniture/Home Manufacturers;

U.S.: Marine Ports-Operators, Multi-line Insurance, Coal and Consumable Fuels.

🐬 Tomorrow’s Focus

1、China Official Manufacturing PMI, China Caixin Manufacturing PMI;

2、U.S. ADP Employment, U.S. Real GDP Annualized QoQ Preliminary, U.S. Real Personal Consumption Expenditures QoQ Preliminary, U.S. Core PCE Price Index Annualized QoQ Preliminary, U.S. Labor Cost Index QoQ, U.S. Personal Spending MoM, U.S. Core PCE Price Index MoM, U.S. Core PCE Price Index YoY.

Risk Disclosure and Disclaimer for this article: Dolphin Research Disclaimer and General Disclosures