MiniMax debuts M2.7, shows a 'self-evolving' model; META trims 'metaverse' again | Daily News Recap

0318 ｜Dolphin Research Focus:

🐬 Macro / Industry

1. The Fed kicked off its two-day policy meeting on Mar. 17. Markets broadly expect the benchmark rate to stay at 3.50%-3.75%. However, with inflation proving sticky (PPI at 2.9%) and Middle East tensions pushing oil higher (WTI above $100), expectations for 2026 rate cuts are being trimmed. If the dot plot on the 18th points to just one cut or none in 2026, high-valuation tech names could face near-term derating pressure.

🐬 Single Names

1.$MINIMAX-W(00100.HK)

MiniMax officially launched its Agent flagship model M2.7, focused on a 'self-evolution' path. Through the Agent Harness framework, the model can participate in its own training, handling approx. 30%-50% of R&D workloads, and is now fully live on the official platform. M2.7 centers on agents and autonomous iteration, marking a major domestic push toward the 'self-evolving' paradigm and reinforcing its differentiated edge in the Agent track.

2.$Meta Platforms(META.US)

Meta said that effective Jun. 15, Quest headsets will no longer support Horizon Worlds, which will be accessible only via a 2D mobile mode. This signals a further pullback from the metaverse, reallocating resources to AI and the mobile ecosystem. By exiting low-efficiency VR social investments and focusing on higher-return AI and hardware monetization, Meta can better control Reality Labs losses and improve profit expectations.

3.$Microsoft(MSFT.US)

Microsoft consolidated its commercial and consumer Copilot teams under Jacob Andreou, who will report directly to the CEO. AI chief Mustafa Suleyman will pivot to advanced AI model development to counter competition from Gemini and Anthropic. The reorg aims to remove internal friction, accelerate product iteration and commercialization, and strengthen Copilot’s positioning across enterprise and consumer. Suleyman’s focus on frontier models should bolster Microsoft’s AI stack, supporting long-term synergy between the AI ecosystem and cloud, and reinforcing its AI advantage.

4. Dolphin Research on earnings & calls:

Atour: 'Atour: Retail Surging — Is the 'Haidilao of Hotels' Smiling Again?', 'Atour (Trans): Retail revenue expected to grow 25%-30% YoY in 2026'

Lululemon: 'Lululemon: Ditching Slow Craft — Can a ZARA-Style Blitz Save the 'Black Pants'?', 'Lululemon (Trans): Price expected to turn positive in H2 2026'

Tencent Music: 'Tencent Music: 'Qishui' Aggression — Are the Good Days Gone?', 'Tencent Music (Trans): Flexible amid intense competition, focused on shareholder returns'

Tencent and Huazhu report tonight. Details to follow.

🐬 Top Gainers

A-share: Cloud & data centers, hardware and equipment distributors, oil & gas storage/transport. Sector leaders outperformed.

HK: System software, cloud & data centers, forest products. Momentum was broad-based.

US: Intercity passenger transport, real estate operating cos., diversified chemicals. These groups led the tape.

🐬 Watch Tomorrow

1. Xiaomi will host its spring product launch at 7pm on Mar. 19. Worth watching for new hardware.

2. Tencent, Huazhu, and Micron will report earnings. Keep an eye on guidance and demand signals.

Risk disclosure and disclaimer: Dolphin Research disclaimer and general disclosure