Mingming Is Busy soars on IPO debut; ASML orders surge, unveils 10bn buyback｜Daily News Recap
0128 | Dolphin Research Focus
🐬 Single Stocks
1) SpaceX
SpaceX is targeting a Jun. IPO at up to $1.5tn valuation. Proceeds would fund Starship R&D and an in-orbit data center, while Starlink is expected to deliver ~$15bn in 2025E revenue and remains the cash engine.However, setbacks in Starship V3 testing have delayed its maiden flight, which could push back the listing timeline. If completed, this would be the largest-ever IPO globally and a major milestone for commercial space, though valuation is contentious and Starship timing and long-term profitability remain uncertain.
2、$BUSYMING(01768.HK)
The company listed on HKEX on Jan 28, operating dual brands Snack Busy and Zhao Yiming Snacks. GMV reached RMB 66.1bn in the first nine months to Sep 2025, with over 20,000 stores and 59% in lower-tier markets.Shares opened higher and jumped as much as 88% intraday, after a 76% gain in grey-market trading. Dolphin Research has covered the name in depth: see '鸣鸣很忙：‘零食界拼多多’ 凭何练就？' and '鸣鸣很忙：从 ‘万店’ 很忙到 ‘万品’ 很忙，是馅饼还是陷阱？'.
3、$ASML(ASML.US)
ASML (ASML) reported Q4 revenue of €9.718bn and announced a share repurchase program of up to €12bn to return cash and support sentiment. Dolphin Research has posted a First Take.We see orders as the key highlight, driven mainly by memory customers, while management guidance broadly met market expectations. A more detailed analysis will follow.
4、$Netflix(NFLX.US)
The US Senate Judiciary Subcommittee will hold a hearing on NFLX’s proposed acquisition of WBD’s core film and TV assets, focusing on competitive impact. The hearing is a pivotal antitrust checkpoint and will dictate the deal’s pace.Expect short-term share volatility for NFLX and WBD.
5、$MIXUE GROUP(02097.HK)
Mixue Group fell over 10% today after UBS downgraded the stock on Jan 27 from Buy to Neutral, cutting TP to HK$468 from HK$490. The report flags GPM pressure risks from higher input costs (notably lemons and other key ingredients), fading delivery subsidies, and rising competition.Profit-taking compounded the move, weighing on the tea beverage cohort.
6、$Amazon(AMZN.US)
AMZN will shut its Amazon Go convenience stores and Amazon Fresh supermarkets, pivoting to same-day grocery delivery and faster expansion of Whole Foods Market locations. The stores had served as key testbeds for its checkout-free 'Just Walk Out' tech.This marks a strategic refocus toward logistics-led grocery.
7、$Intel(INTC.US)
Reports indicate NVDA, after AAPL, plans to outsource part of its chip production to INTC Foundry, mainly I/O dies for the Feynman architecture using Intel’s advanced nodes and packaging. Core GPU dies will remain at TSMC, with Intel’s share around 25%.The move diversifies NVDA’s supply chain, reducing single-point reliance on TSM and securing capacity. Near term, this is a positive for Intel’s foundry biz. and its stock.
🐬 Top Gainers
A-shares. Precious metals & minerals, oil & gas E&P, aluminum.
HK. Food retailers, industrial gases, aluminum.
US. Electronic components, food distributors, heavy electrical equipment.
🐬 Watch Tomorrow
1) Fed rate decision (upper bound), US trade balance, US factory orders MoM, US wholesale sales MoM.
2) Earnings from Tesla, Microsoft, and Meta. Dolphin Research will track and publish analysis.
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