Unitree Robotics whipsaws on debut; SK hynix unveils KRW 40tn buyback & cancellation

0819 ｜Dolphin Research Key Watch:

🐬 Macro/Industry

1. Market chatter suggests China may ease import restrictions on Nvidia H200 chips, lifting sentiment across compute infrastructure names. If enacted, the policy would alleviate domestic compute shortages and help cloud vendors and model developers scale capacity, supporting Nvidia's China shipment outlook. This remains a rumor with no official documentation; watch for final rules and quota size as expectations may fail to materialize.

2. The Zhuque-3 Y2 liquid rocket lifted off from the Dongfeng Commercial Space Innovation Zone; the first stage landed within the designated recovery area, and the second stage successfully delivered Honghu-03 into orbit, marking a milestone in private liquid rocket recovery in China. This validates the feasibility of the LOX-methane reusable rocket path and can lower launch costs over time, supporting LEO constellation build-outs. The breakthrough may drive valuation repair across upstream components and launch services, though repeated reuse and regularized launches still require ongoing verification.

🐬 Single Names

1.$ UNITREE.CN

Unitree Robotics debuted on the STAR Market as the first A-share humanoid robot play, opening at RMB 1,100/share (+629.44% vs. offer) with a market cap of Approx. RMB 444.9 bn. The listing has sparked broad interest in the humanoid robot theme and lifted supply-chain valuations. However, the stock already embeds optimistic expectations, implying elevated volatility; monitor mass-production timelines and commercialization, as an earnings miss could trigger a pullback.

2.$ Oracle.US

Oracle's Jupiter compute project had its supporting natural gas pipeline application rejected twice by local authorities; the company plans to pivot to construction on federal land. This underscores bottlenecks facing large AI data centers overseas, where energy approvals and environmental oversight are constraining capacity expansion. Project delays could weigh on Oracle's AI build-out and highlight that AI infra scaling is limited not only by chips but also by power and energy infrastructure.

3.$ Amazon.US

Amazon raised its Louisiana data center investment from $12 bn to $18 bn and added a third campus in Shreveport. The capex ramp confirms sustained AI infra expansion by overseas cloud vendors and should pull through demand for servers, optical modules, and storage hardware. That said, heavy capex consumes cash and may weigh on near-term profitability.

4.$ MEITUAN.HK

Unitree Robotics listed on the STAR Market, with Meituan as the largest external institutional shareholder seeing paper gains of over RMB 30 bn. This boosts Meituan's mark-to-market asset returns in the short run. However, gains are unrealized with lock-up constraints and industrial collaboration goals; the stake could serve as a tech backbone for humanoids in food delivery and local on-demand scenarios, so watch commercialization progress and any disposal cadence for eventual monetization.

5.$ SK Hynix.US

SK Hynix plans a KRW 40 tn share repurchase to be canceled post-buyback, returning capital to shareholders. A large buyback-and-cancel signals management's confidence in current valuation and is a common tool to optimize returns during an upcycle, helping stabilize the stock. The move leverages profit recovery from high HBM demand, reinforcing the storage cycle upswing; continue to track HBM demand and pricing.

6. Dolphin Research: Earnings & Calls

Xiaomi: 'Xiaomi: Still Stuck on Knees — Can Range-Extended EVs Save the Day?', 'Xiaomi Group (Trans): No Guidance, No Orders'

Baidu: 'Baidu: Legacy Biz Still Bottoming; AI Riding Compute Tailwinds', 'Baidu (Trans): Cloud Margin Still Has Room; Committed to AI'

Hesai: 'Hesai: ASPs Keep Cratering — How Long Will the Pain Last?', 'Hesai (Trans): SGI Guidance Raised to RMB 300 mn; Break-even by 2027'

Kuaishou and Focus Media report tonight.