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KUAISHOU-W

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1204 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Beijing Consumer Association, in collaboration with eight major e-commerce platforms including JD.com, Meituan, Pinduoduo, Vipshop, Douyin, Kuaishou, Xiaohongshu, and WeChat Live, signed the nation's first 'Commitment to Promote the Standardized Application of AI Technology.' Addressing issues such as AI digital human live streaming and virtual scene marketing, the core measures include 'transparent labeling, strict review, and traceable responsibility.' It clearly stipulates that AI-generated content must be prominently marked, and there will be a crackdown on fake labels among six major initiatives. The Beijing Consumer Association will track the implementation through volunteer experiences...

ByteDance

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GraniteShares 2x Long NVDA Daily ETF

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JD HK SDR 10to1

Meituan HK SDR 5to1

Li Auto releases AI glasses Livis; Micron exits retail storage business to focus on AI | Today's Important News Recap

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1202 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. DeepSeek simultaneously launched two official versions of AI models, DeepSeek-V3.2 and DeepSeek-V3.2-Speciale. The former's inference capability is close to GPT-5, with tool invocation reaching the top level of open-source models; the latter won four international competition gold medals, specializing in complex tasks. The models introduce the DSA sparse attention mechanism, significantly reducing inference costs. The dual-model strategy precisely covers different needs, and technological breakthroughs narrow the gap between open-source and closed-source models...

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YieldMax NVDA Option Income Strategy ETF

Alibaba HK SDR 5to1

Global Tech Blitz: Nvidia Invests in Synopsys, Apple AI Shakeup, Alibaba Updates AI Model | Today's Important News Recap

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1120 | Dolphin Research Focus: 🐬 Macro/Industry 1. The U.S. September non-farm payrolls are set to be released tonight. This is the first monthly employment report issued by the U.S. Bureau of Labor Statistics since the release of August data in September, filling the gap in official employment data caused by the previous government shutdown. The market generally expects an increase of 54,000 in non-farm payrolls for September, with the unemployment rate remaining at 4.3%. However, this data is significantly lagging, and the U.S. Bureau of Labor Statistics has clearly stated that it will not release the October non-farm report. 2. According to foreign media reports, &#34;China is considering introducing new real estate stimulus policies,&#34; leading to intraday fluctuations in real estate stocks today...

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Direxion Semicon Bull 3X

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Rigetti Computing - CW27

CATL HK SDR 30to1

Opendoor Tech Series A - CW26

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US Sep. Payroll to Due Tonight, Property “Rumors” Spark Rally | Daily News Recap

Kuaishou

Conference Minutes

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The following is the content of the 3Q25 earnings call minutes for $KUAISHOU-W(01024.HK) organized by Dolphin Research. For financial report interpretation, please refer to &#34;Kuaishou: Saying Goodbye to 'Rustic' Valuation, Still Relying on KOLs.&#34; 1. Review of Core Financial Information: Total revenue for the third quarter increased by 14.2% year-on-year to RMB 35.6 billion, with core commercial business (online marketing services and other services, mainly e-commerce) revenue growing by 19.2% year-on-year. Driven by stable revenue performance, operating profit increased by 69.9% year-on-year to RMB 5.3 billion...

WisdomTree Broad Commodities

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Tencent HK SDR 10to1

Kuaishou (Minutes): Impact of Competition? Kuaishou's short-term growth may slow down more than expected.

Financial Analysis

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$KUAISHOU-W(01024.HK) released its third-quarter report after the Hong Kong stock market closed on November 19th, Beijing time. The Q3 performance was generally stable, with the highlight being the profit exceeding expectations due to internal efficiency improvements. The recent deep correction in stock price is likely still mainly influenced by market sentiment towards Kuaishou. Specifically: 1. Significant operational efficiency: In the third-quarter report, there was a notable difference in profit expectations, with core operating profit increasing by 5 percentage points year-on-year, showing greater optimization compared to the first two quarters of this year. Breaking it down, the control of selling expenses and R&amp;D expenses was a key reason. 2. Kuaishou slightly exceeded expectations: Kuaishou's revenue in the third quarter exceeded 300 million...

AsiaStrategy

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

AMTD Digital

Saratoga Investment Pref Share SAY 8.125 12/31/27

Kuaishou: To Say Goodbye to 'Rustic' Valuation, It Still Depends on Keling

Kuaishou 3Q25 Quick Interpretation: The third-quarter performance slightly exceeded expectations overall, not as poor as recent stock prices suggest. The current valuation corresponds to approximately 15x P/E for this year's core business (13x for next year), indicating that the premium for the Keling segment has not been significantly factored in. Therefore, the price adjustment from HKD 90 to HKD 60 is mainly related to the competitive impact of Sora 2 at the end of September and the overall decline in AI sentiment. 1. Significant internal efficiency improvement: The highlight of the financial report is the profit performance, with the core operating profit margin increasing by nearly 5 percentage points year-on-year, more significantly than in Q1 and Q2. The contraction in selling and administrative expenses deviates from market expectations. 2. Keling slightly exceeds expectations: The company guided Keling's third-quarter revenue to be between 280-300 million, and it is expected to increase in the fourth quarter due to the release of Kling 2.5 Turbo, with actual Keling revenue exceeding 300 million. Currently, Kling 2.5 Turbo remains at the top of the WenSheng video and TuSheng video large model rankings in terms of performance ELO scores. 3. Slowing growth in e-commerce transactions, potential increase in short drama monetization rate: Excluding Keling (calculated at 330 million), other income in Q3 grew by 34% year-on-year, significantly higher than the 20% growth in Q2. However, the year-on-year growth rate of Q3 e-commerce GMV was 15%, showing a slowdown. Considering changes in the year-on-year base, the growth rate is slightly below past levels when viewed from an inter-seasonal perspective. Therefore, the incremental income in other revenue items likely comes from paid short dramas, games, etc., and possibly from an increase in e-commerce commission rates. The actual situation can be monitored in the conference call. 4. Steady recovery in advertising: The growth rate of marketing and advertising revenue in the third quarter was 14%, continuing to recover from the second quarter, mainly benefiting from AI model iterations, new features enhancing ROI, and the penetration of intelligent delivery solutions, with UAX's penetration rate in external circulation ads reaching 70%. Additionally, the prosperity of the short drama industry itself will bring more traffic revenue and IAA revenue sharing. 5. Finally, let's look at the ecosystem: Kuaishou's user metrics have not performed well on third-party platforms in recent years. Although the data is not comprehensive, the pressure is greater compared to peers at least in horizontal comparison. The user metrics disclosed in the Q3 financial report also show low-speed stability, but the average daily user duration reached a new high, possibly related to growth driven by rich content such as short dramas and exclusive galas. The growth bottleneck of the ecosystem is one of the core factors suppressing Kuaishou's valuation. Although there is still room for improvement in current profitability (as shown in Q2 and Q3), the valuation is slightly inferior to the expected profit growth level. $KUAISHOU-W(01024.HK) $KUAISHOU-WR(81024.HK)

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1119 | Dolphin Research Key Focus: 🐬 Stocks 1, $Microsoft(MSFT.US), $NVIDIA(NVDA.US). Microsoft, NVIDIA, and AI startup Anthropic announced the establishment of a strategic partnership. Microsoft and NVIDIA jointly invested $15 billion in Anthropic, which committed to purchasing $30 billion worth of Azure computing power, forming a capital and technology-bound AI alliance among the three parties. Building a &#34;Capital - Computing Power - Model&#34; closed loop...

HUGO BOSS AG

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NETEASE MUSIC

Jiangsu Azure Corporation

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BIDU-SW

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NetEase

NIO Inc. USD OV

XIAOMI-WR

Xiaomi Corporation

Xiaomi HK SDR 2to1

BIDU-SWR

Baidu HK SDR 10to1

Baidu

Kanzhun

Nio's intelligent driving chip supplied externally for the first time; Nvidia's earnings report countdown｜Today's important news review

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1118 | Dolphin Research Focus: 🐬 Macro 1. Today, both Hong Kong and A-shares collectively declined as the market's expectation for a December rate cut by the Federal Reserve continued to decrease. According to CME's &#34;FedWatch&#34;, the probability of a 25 basis point rate cut by the Federal Reserve in December has dropped to 42.9%, previously exceeding 70%. Federal Reserve Governor Waller also stated that if the job market rebounds, the necessity for an insurance rate cut will diminish. Additionally, the sell-off pressure on tech stocks and the Japanese bond market faced a sell-off wave due to concerns that the Kishida government will implement a large-scale fiscal expansion plan. Under multiple factors, global markets collectively declined...

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Global Markets Hit by 'Cold Wave'; Google AI Advances in Travel Services Track | Today's Important News Recap