Automobile Manufacturers

LI AUTO-W

Today’s Key News Recap

NVDA

MART

09992

00388

TECH

80388

HKXCY

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

09863

02015

09866

09868

HPPD

MS-A

MS-E

MS-F

MS-I

MS-K

MS-L

MS-O

MS-P

MS-Q

XPEV

1209 | Dolphin Research Focus: 🐬 Macro/Industry 1) Hong Kong Exchanges and Clearing Ltd. (HKEX) announced the HKEX Tech 100 Index, tracking the 100 largest Southbound Stock Connect-eligible tech names across six themes, including AI, biotech, and autonomous driving. The index fills a gap for a broad-based vehicle covering diversified China tech in HK and could attract more southbound flows.🐬 Single Stock 1) $NVIDIA(NVDA.US). Trump posted on Truth Social...

NVIDIA

Allianzim US Large Cap Buffer10 Mar ETF

POP MART

HKEX

Bio-Techne

Mirae Asset Global Investments Co., Ltd.

HKEX-R

Hong Kong Exchanges and Clearing (HKEX)

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Morgan Stanley

LEAPMOTOR

NIO-SW

XPENG-W

POP MART HK SDR 20to1

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

Li Auto

NIO Inc. USD OV

XPeng

HKEX debuts flagship Tech Index; NVDA H200 cleared for China exports | Daily News Recap

Alibaba

LEADING IDEAL

GOOG

GOOGL

HXXD

01810

81810

XIACY

GGLS

GGLL

AMZN

HUAWEI

09988

BYTED

89988

BABA

AMZU

KBAB

HBBD

AI glasses are regarded as the 'next-generation personal mobile gateway' and are also the most likely mobile terminal to challenge smartphones.

Alphabet - C

Alphabet

Xiaomi HK SDR 2to1

XIAOMI-W

Meta Platforms

XIAOMI-WR

Xiaomi Corporation

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Amazon

Huawei

BABA-W

C3.AI

ByteDance

BABA-WR

Direxion Daily AMZN Bull 2X Shares

KraneShares 2x Long BABA Daily ETF

Alibaba HK SDR 5to1

Alibaba, ByteDance, and Li Auto are rushing into the market; are AI glasses becoming the 'next big thing'? (Minutes)

HMTD

03690

83690

MPNGY

01024

SOXS

SOXL

81024

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...

Meituan HK SDR 5to1

MEITUAN

MEITUAN-WR

Meituan

KUAISHOU-W

Salesforce

Micron Tech

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

KUAISHOU-WR

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

ASML

BABO

BABX

DIDIY

NWSA

1127 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Office of the United States Trade Representative announced that the exemption of certain tariffs on Chinese goods, established under Section 301 due to issues related to technology transfer and intellectual property, will be extended until November 10, 2026. The original exemption was set to expire on November 29. In the short term, this can provide a 'safe period' for Chinese export enterprises in terms of orders and profits, and also reduce costs for American importers and consumers. However, the overall tariff framework remains unchanged, and the competition between China and the U.S. in high-tech fields will continue...

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

DiDi

Taiwan Semiconductor

News

Pro Ultr Silver

iShares Silver Tr

Alibaba AI Glasses Enter the Market, Meituan Financial Report to be Released Tomorrow | Today's Important News Recap

Financial Analysis

MBGYY

BMWYY

MSFT

AAPL

TSLA

MSFL

MSFO

MSFD

MSFU

MSFX

MSFY

Plan to make Li Auto the best-performing company in the embodied intelligence field within the next 3 to 5 years

Mercedes-Benz Group AG

Bayerische Motoren Werke AG

BAYERISCHE MOTOREN WERKE AG ADR EACH REPR 0.33333 SHS SPONSORED

Microsoft

Apple

Tesla

GraniteShares 2x Long MSFT Daily ETF

YieldMax MSFT Option Income Strategy ETF

Direxion Daily MSFT Bear 1x Shares

Direxion Daily MSFT Bull 2X Shares

T-Rex 2X Long Microsoft Daily Target ETF

Kurv Yield Premium Strategy Microsoft MSFT ETF

Li Auto (3Q25 Minutes): Transforming Cars into Embodied Intelligence in the Physical World

The internal and external challenges of the L series are more severe than imagined.

Mega Matrix

ZEEKR Intelligent Tech

Li Auto: The collapse of the extended-range model, can the i6's explosive orders save the crumbling Li Auto?

Li Auto 3Q25 Quick Interpretation: Dolphin Research's first glance at Li Auto's financial report can only be described as 'unbearable to look at,' with a significant drop in gross margin and net profit turning from a gain to a loss.However, upon closer examination, it was found that the main culprit behind Li Auto's 'unbearable' quarterly financial report was the Mega recall event, which had a negative impact on the cost side, amounting to nearly 1.11 billion yuan. After accounting for the impact of this one-time event, Li Auto's 'real' gross profit for the third quarter was 5.58 billion yuan, with an overall gross margin of 20.4%. Both overall revenue and gross margin slightly exceeded market expectations. Therefore, excluding the impact of the Mega recall, the overall performance of the third-quarter financial report slightly exceeded market expectations.Specifically:Third-quarter vehicle sales revenue was 25.87 billion yuan, exceeding the expected 25 billion yuan. This was mainly due to the high prices of the i8 and Mega pure electric models, which raised the average selling price to 277,000 yuan, surpassing the market expectation of 266,000 yuan.Excluding the negative impact of the Mega recall on the cost side, the vehicle sales gross margin for this quarter was 19.8%, up about 0.4 percentage points from 19.4% in the previous quarter. This performance was still acceptable, mainly due to the increase in the average selling price of vehicles, which offset the negative impact of the increase in per-vehicle amortized costs due to a quarter-on-quarter decline in sales volume.Finally, driven by the quarter-on-quarter increase in the 'real' gross margin, although R&amp;D expenses continued to increase, the 'real' net profit after excluding the impact of the Mega recall was 490 million yuan, slightly exceeding the market expectation of 320 million yuan.However, Dolphin Research needs to remind that compared to the third-quarter performance itself, the market will be more concerned about the fourth-quarter guidance, and Li Auto's fourth-quarter guidance does not meet expectations.According to the guidance, fourth-quarter sales guidance is only 100,000-110,000 units. Given that October sales were 32,000 units, the implied average monthly sales for November/December are only 34,000-39,000 units, significantly lower than the market expectation of 138,000 units. This indicates that the ramp-up speed of the i6, a popular model, is below expectations. More importantly, it implies that the sales of the L series extended-range models will decline significantly quarter-on-quarter compared to the third quarter, especially as Li Auto continues to increase discounts on the L series. The 'internal and external troubles' of the L series are more severe than expected.With the i6 launching at a low price and the L series increasing discounts but still experiencing a significant quarter-on-quarter decline in sales, Li Auto's fourth-quarter vehicle sales gross margin is expected to remain under significant pressure. The specific outcome will depend on the guidance from the management. $Li Auto(LI.US) $LI AUTO-W(02015.HK)

00700

09888

K3SD

TCEHY

TCTZF

80700

89888

BIDU

DELL

399432

HTCD

HBUD

1126 | Dolphin Research Key Focus: 🐬 Stocks 1. $MEITUAN(03690.HK) Meituan saw a significant rebound today. Alibaba's China E-commerce Business Group CEO, Jiang Fan, pointed out that the first phase of Taobao Flash Sale's scale expansion has ended, and it has now entered the second phase, which is the 'efficiency optimization' phase. This implies that the disorderly cash-burning competition Meituan faces is expected to ease, leading to a more stable market structure, temporarily alleviating Meituan's profitability pressure. Meituan rose over 5% today. 2. $Baidu(BIDU.US) Baidu announced the establishment of a foundational model R&amp;D department and an application model R&amp;D department...

TENCENT

BIDU-SW

BIDU ADR US

Tencent

Tencent Holdings Limited

TENCENT-R

BIDU-SWR

Baidu

Agora

Dell Tech

Intelligent Vehicle

Tencent HK SDR 10to1

Baidu HK SDR 10to1

Meituan's Stock Rallies Strongly; Li Auto Announces AI Glasses Entry | Today's Important News Recap

Conference Minutes

ONVO

VIVS

Confident in achieving quarterly breakeven in the fourth quarter

Nio (3Q25 Minutes): Expects 20% vehicle gross margin in 2026, achieving full-year Non-GAAP profitability