Meituan Launches "Xiaomei" App, Still Can't Lift Stock; Alibaba & Baidu Keep AI Progress | Today's Important News Recap

0912 | Dolphin Research Focus:

🐬 Stocks

1. $MEITUAN(03690.HK)

Meituan has launched its first AI Agent product, the "Xiaomei" App, positioned as a "small and beautiful AI life assistant," equipped with Meituan's self-developed model LongCat-Flash-Chat. It can perform local life services such as food delivery orders and restaurant recommendations and is available in major app stores. Embedding AI Agent into high-frequency consumption scenarios is expected to enhance user stickiness and transaction conversion rates, expanding competitive advantages. Meituan has been declining recently, and the launch of the new product has not significantly boosted the stock price.

2. $Alibaba(BABA.US)

Alibaba has open-sourced a new architecture model Qwen3-Next-80B-A3B, featuring an MoE design with 80B total parameters/3B activation volume, reducing inference costs by 50% compared to dense models, with performance comparable to Llama-3.1-405B. Continuing the strategy of "maintaining performance while halving costs," it lowers the migration threshold for developers and is expected to increase Alibaba Cloud API calls and MaaS revenue.

3. $Baidu(BIDU.US)

Baidu and Alibaba are using self-developed chips to train AI models. It is reported that Baidu is experimenting with training the new version of the Wenxin large model using the Kunlun Chip P800, while Alibaba has been using self-developed chips for lightweight AI model training since the beginning of the year, with performance comparable to NVIDIA H20. This validates the usability of domestic AI chips, alleviating export control risks, but completely replacing NVIDIA chips in the short term is challenging.

4. $XPeng(XPEV.US)

The XPeng G7 super range-extended SUV has appeared in the Ministry of Industry and Information Technology, the first range-extended model equipped with a 1.5L four-cylinder range extender + lithium iron phosphate battery, with a CLTC pure electric range of 220km and a comprehensive range of 1200km. It complements the "pure electric + range extension" dual route, targeting the 200,000-250,000 yuan price range, expected to be launched in Q2 2025.

5. $Microsoft(MSFT.US)

OpenAI and Microsoft have announced a preliminary agreement to revise their partnership, with both parties initially agreeing to convert OpenAI into a traditional for-profit company. Microsoft retains exclusive rights to cloud services and gains a seat on the board of the new for-profit entity. This clears obstacles for OpenAI's listing and refinancing, allowing Microsoft to lock in computing power orders without additional capital, raising the upper limit of investment returns for Microsoft, while OpenAI can introduce external strategic investors to accelerate AGI development, short-term increasing risk appetite in the AI sector.

🐬 Leading Sectors

Shanghai and Shenzhen: Copper, hardware and equipment distributors, diversified metals and mining;

Hong Kong stocks: Medical information services, system software, cloud and data centers;

U.S. stocks: Security and alarm services, aluminum, silver.

🐬 Focus for Tomorrow

1. Year-on-year growth of China's total retail sales of consumer goods, year-on-year growth of China's industrial added value above designated size, New York Fed Manufacturing Index.

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