HK Budget Ups I&T; META, AMD Seal 100bn-Class Compute Deal | Daily News Recap ---

0225 | Dolphin Research Focus:

🐬 Macro/Industry

1. Hong Kong Fin. Sec. Paul Chan unveiled the FY26/27 Budget, centered on I&T and finance, rolling out AI industry support, RMB internationalization measures, livelihood initiatives, and the Northern Metropolis buildout. On hard tech, the Gov. will set up a HK$10bn guiding fund for I&T, targeting life & health and AI & robotics, while the budget projects 2026 GDP growth of 2.5%-3.5%.

🐬 Single Stocks

1.$XPENG-W(09868.HK)

XPeng CEO He Xiaopeng announced the 2026 XPeng X9 all-electric MPV will be officially launched on Mar 2, featuring an 800V high-voltage platform and advanced ADAS as core specs. The BEV X9 rounds out XPeng’s premium MPV lineup, strengthening its technology stack and market competitiveness to push further into the high-end BEV segment. Watch pricing and sell-through, as performance will sway near-term earnings and brand momentum.

2.$KE(BEKE.US)

BEKE rose nearly 6% today after being added to the Hang Seng China Enterprises Index (HSCEI), which should lift passive allocations and market attention. The reshuffle simultaneously removed China Resources Beer and Mengniu Dairy, keeping the HSCEI at 50 constituents. Inclusion recognizes BEKE’s industry position and growth potential, with passive inflows set to improve liquidity, ease valuation overhangs, and aid a near-term share-price rebound.

3.$Meta Platforms(META.US) $AMD(AMD.US)

Meta and AMD reached a five-year, ~$100bn cooperation under which Meta will procure 6 GW of compute chips and a custom AMD MI450 processor for AI data centers. The deal underpins Meta’s AI compute foundation and gives AMD large, visible orders, bolstering its AI chip competitiveness and benefiting the broader compute and semiconductor supply chain as AI capacity scales globally. On the news, AMD shares closed up nearly 9% last night.

4.$Unity Software(U.US)

Unity jumped over 6% last night on reports the company is evaluating strategic options for Unity China, including a potential sale, with no final decision yet. The market expects portfolio optimization and divestment of non-core assets to streamline operations and lift efficiency, offering a near-term stock catalyst. Focus now shifts to execution and any long-term revenue impact.

5. Dolphin Research: earnings & calls to watch

Meli: 'Mercado: LatAm’s Alibaba with split personality — revenue giant, profit dwarf'. 'Mercado (Trans): will self-develop an e-com Agent'.

Circle reports tonight. Dolphin Research will track and publish analysis.

🐬 Top Gainers

A-shares: property services, oil & gas storage & transport, industrial gases.

HK: trading & payment services, food retailers, property services.

US: heavy electrical equipment, electronic equipment & services, seaports/operators.

🐬 Watch Tomorrow

1. NVDA, Salesforce, BIDU, and Trip.com will report. Dolphin Research will follow and provide analysis.

2. The Ministry of Commerce will hold its 3rd regular press conference for Feb.

Risk disclosure and disclaimer: Dolphin Research Disclaimer and General Disclosure