Automobile Manufacturers

XPENG-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

LI AUTO-W

NIO-SW

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

Conference Minutes

ONVO

VIVS

01810

TSLA

01211

81810

XIACY

BYDDF

HXXD

81211

HYDD

002594

BYDDY

Confident in achieving quarterly breakeven in the fourth quarter

North American Energy Par

Organovo

VivoSim Labs

XIAOMI-W

ZEEKR Intelligent Tech

Tesla

BYD COMPANY

Quanex Building Products

XIAOMI-WR

Xiaomi Corporation

BYD Company Limited

Xiaomi HK SDR 2to1

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company

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

SVXY

SVIX

UVXY

UVIX

1121 | Dolphin Research Focus: 🐬 Macro/Industry 1. Last night's non-farm payroll data was released, presenting a 'split' scenario. On one hand, the number of jobs grew beyond expectations, while on the other hand, the unemployment rate unexpectedly rose to a four-year high, leading to a setback in the Federal Reserve's rate cut expectations. The VIX fear index surged significantly during the day. Meanwhile, after NVIDIA's earnings report, its stock initially surged but quickly retreated, causing tech stocks to collectively decline, with Chinese concept stocks simultaneously falling. Market sentiment spread to Asia-Pacific, and today, both Hong Kong and A-share markets are under pressure...

Pro Shrt Vix Shrt Future

AMTD Digital

-1x Short VIX Futures ETF

Pro Ultr Cvix Shrt Futures

2x Long VIX Futures ETF

The market is in distress; Xiaomi Rises Courageously｜Today's Important News Review

Baidu

09888

K3SD

89888

BIDU

00700

MAAS

HBUD

80700

HTCD

TCEHY

TCTZF

以下为海豚君整理的 $Baidu(BIDU.US) 2025 财年第三季度财报电话会议纪要， $BIDU-SW(09888.HK) 财报解读请移步《 百度，猛贴 AI 讲故事，真能救活自己吗？》一、财报核心信息回顾 1. $BIDU-SWR(89888.HK) AI 收入占比已达 40%：三季度，直接与 AI 相关的收入实现近 100 亿，这已达到总营收的 40%...

BIDU-SW

BIDU ADR US

BIDU-SWR

TENCENT

Maase 

Baidu HK SDR 10to1

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

Baidu (Minutes): AI native marketing is the future second curve

Financial Analysis

$Baidu(BIDU.US) released its Q3 results after Hong Kong market hours on 18 November 2025. Overall, the performance met expectations. The detailed disclosure of AI revenue demonstrates the company's eagerness to shed its traditional label and fully embrace its new AI narrative. Specifically (focusing solely on Baidu's core operations): 1. AI revenue contribution reaches 40%: During Q3, revenue directly attributable to AI activities amounted to nearly RMB10 billion, constituting 40% of total revenue...

C3.AI

Agora

Can the new Baidu, aspiring to AI, successfully shed its old advertising label?

LKNCY

GOOG

GOOGL

GGLS

GGLL

02076

01024

09961

81024

HTGD

TCOM

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...

Luckin Coffee

Alphabet - C

Alphabet

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

BOSS ZHIPIN-W

KUAISHOU-W

TRIP.COM-S

Kanzhun

KUAISHOU-WR

Trip.com HK SDR 50to1

Trip.com

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

QCOM

TOPS

2026 overseas sales target: 100,000 to 150,000 vehicles

Qualcomm

Top Ships

Leapmotor (3Q25 Minutes): 2026 sales target of 1 million units, net profit target of 5 billion.

Xpeng

VWAGY

VWAPY

TSDD

TSLL

TSLQ

09366

07766

07366

TSLR

300024

Achieving annual sales of one million humanoid robots by 2030 is our long-term goal.

Volkswagen

Volkswagen AG

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

XI2CSOPTSLA

GraniteShares 2x Long TSLA Daily ETF

SIASUN

XPeng (3Q25 Minutes): Launching seven 'dual-energy' models by 2026

The ‘chilly’ car sales business meets the ‘hot’ AI expectations

Xpeng: The “Eastern Tesla” narrative unfolds – does selling cars even matter anymore?

XPeng 3Q25 Quick Interpretation: The &#34;slightly cold&#34; car sales business meets the hot AI expectations. Due to XPeng's recent updates on AI advancements during last week's Tech Day, the stock price has risen to a relatively high historical level of $25 driven by AI sentiment, thus the market has high expectations for XPeng's financial report. However, in terms of actual performance, the car sales business in the third quarter fell short of expectations, and the guidance for sales and revenue in the fourth quarter is also relatively weak, both below expectations. Specifically, the third-quarter revenue was 20.38 billion, missing the market expectation of 20.47 billion, mainly due to car sales revenue falling short of expectations. This quarter's car sales revenue was 18.05 billion, significantly below the market expectation of 18.82 billion, as XPeng's car sales price did not stabilize and further declined by 8,000 yuan quarter-on-quarter to 156,000 yuan, while the market expected only a slight quarter-on-quarter decline of 2,000 yuan. Dolphin Research believes the main reason for the quarter-on-quarter decline in car sales price is the increased promotional discounts in the third quarter, and the model structure is still sinking, not following the upward route as XPeng expected. However, this quarter's service and other business revenue was 2.33 billion, significantly higher than the market expectation of 1.66 billion, mainly due to achieving an important milestone in cooperation with Volkswagen, leading to a quarter-on-quarter increase in technical R&amp;D service revenue from Volkswagen. Regarding gross margin, this quarter's gross margin was 20.1%, up 2.8 percentage points quarter-on-quarter, significantly exceeding the market expectation of 17.8%. The higher-than-expected gross margin is mainly due to the service and other business gross margin rising sharply by 21 percentage points quarter-on-quarter to 74.6%, with the increase also attributed to the recognition of large and almost pure gross margin technical R&amp;D service revenue this quarter. However, in the car sales business, due to the quarter-on-quarter decline in car sales price, despite the scale effect bringing down the unit cost, the car sales gross margin still declined by 1.2 percentage points quarter-on-quarter to 13.1% this quarter, below the market expectation of 14.4%. In the fourth-quarter guidance, XPeng's sales and revenue guidance are both significantly below market expectations: ① Sales guidance: Fourth-quarter sales guidance is 125,000-132,000 units, below the market expectation of 136,000 units. Given the known October sales of 42,000 units, the implied November/December sales are 41,500-45,000 units. Despite the fourth-quarter peak season and the rush to purchase before the purchase tax subsidy phase-out, it still falls short of expectations. Dolphin Research believes this is mainly due to a. the new P7 and G7 orders falling short of expectations, with the new P7's sales dropping to 5,660 units in the second month after launch, and the G7's current monthly sales being only around 3,500 units; b. the fourth quarter may only see the launch of the high-priced X9 MPV extended-range version, which is expected to contribute little to fourth-quarter sales. ② Revenue guidance: Fourth-quarter revenue guidance is 21.5-23 billion, also below the market expectation of 25 billion. Due to the unpredictable contribution of service revenue from the Volkswagen cooperation, assuming the fourth-quarter service revenue remains flat with the third quarter, the implied fourth-quarter car sales price is 155,000 yuan, still declining quarter-on-quarter from the third quarter's 156,000 yuan, indicating XPeng's goal of an upward model structure is still encountering obstacles. $XPeng(XPEV.US) $XPENG-W(09868.HK)

Dayforce

Bernstein Analyst Maintains Hold Rating on XPeng Motors A Shares

Xpeng X9 Equipped with Huawei Power System, Vice President Says Cooperation Has No Limits

Li Auto Receives Beijing's L3 Autonomous Driving Road Test Permit, Advancing Commercialization

XPeng Motors Obtains L3 Autonomous Driving Road Test License and Launches Testing

Xpeng Opens Flagship Showroom in Abu Dhabi

EPMB and XPeng Sign Agreement to Jointly Develop Specific Vehicle Projects in Malaysia