Broadline Retail

Alibaba

Tencent

Baidu

00700

80700

TCEHY

TCTZF

DPSK

09988

89988

HBBD

BABA

BYTED

HTCD

BIDU

89888

09888

HBUD

$Alibaba(BABA.US) $ByteDance(BYTED.NA) $TENCENT(00700.HK) $Baidu(BIDU.US) In our previous discussions of the AI value chain, Dolphin Research focused chiefly on North America. We examined the tangled, interdependent bargaining among upstream players.By contrast, China’s AI ecosystem only truly broke into the mainstream last year, shaped by a consumer-driven base. After DeepSeek broke the compute-cost stalemate, the industry has tacitly converged on an application-first path as the locus of competition...

TENCENT

TENCENT-R

Tencent Holdings Limited

DeepSeek

BABA-W

BABA-WR

Alibaba HK SDR 5to1

ByteDance

Tencent HK SDR 10to1

BIDU-SWR

BIDU-SW

Baidu HK SDR 10to1

AI Internet: 2026 ByteDance vs. BABA vs. Tencent — Three-Way Showdown

Today’s Key News Recap

TOWN

09618

89618

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0108 | Dolphin Research Focus: 🐬 Macro/Industry 1) The U.S. proposed a consignment sale of ~50 mn bbl of Venezuelan crude, keeping proceeds under U.S. control, while demanding Caracas cut economic ties with China, Russia and others and allow oil cooperation only with the U.S. Beijing strongly condemned the bullying move.In the near term, this could add volatility to energy markets. Over the longer run, it may prompt more countries to guard against unilateralism. 🐬 Single Stocks 1) $XD INC(02400.HK) The global version of 'Xindong Town' went live on Jan 8.It launched alongside a collaboration with the globally known IP 'My Little Pony'...

Town Centre Securities PLC

TowneBank

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

Chagee

XD INC

BABA to ramp up investment in Taobao Flash Sale; 'Heartfelt Town' Intl server goes live | Daily News Recap

03750

HCCD

300750

NFLX

1218 | Dolphin Research Focus: 🐬 Macro/Industry 1) At 21:30 tonight, the U.S. will release the delayed Nov CPI report. The Oct print was canceled due to the prior Gov. shutdown.Consensus sees headline CPI YoY edging up to 3.1% from 3.0%, with core CPI steady at 3.0%. Both are expected at +0.3% MoM, with services vs. goods inflation in focus.An upside surprise would reinforce a hawkish stance and curb expectations for rate cuts next year. Rate-cut odds would likely be marked down...

CATL

CATL HK SDR 30to1

Netflix

BABA's Qwen integrates with Amap; Doubao 1.8 boosts LLM performance | Daily News Recap

TECH

LINE

01211

PLUS

SHOT

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LION

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ROAD

SIZE

PLAY

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81211

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1216 | Dolphin Research Focus: 🐬 Macros/Industry. The U.S. Bureau of Labor Statistics will release on Tue a closely watched 'combined' Oct–Nov nonfarm payrolls report. Street expects -10k in Oct and +50k to +130k in Nov, with the unemployment rate rising to 4.4%–4.5%, while Gov. payrolls will be weighed by deferred exits under delayed separation plans across Oct–Nov.🐬 Single stocks. 1) $Alibaba(BABA.US) rolled out the Wanxiang 2.6 model suite...

Mirae Asset Global Investments Co., Ltd.

Bio-Techne

Lineage

BYD COMPANY

BOYD Gaming

Plus500 Ltd.

ePlus

Safety Shot

Global X S&P 500 U.S. Mkt Ldr TOP 50 ETF

Lionsgate Studios

KeyCorp

Construction Partner

iShares MSCI USA Size Factor ETF

Gen Digital

Dave & Buster ENT

SPEED

Highway

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

KEYCORP DEP SHS REP 1/40TH NON CUM PFD SER E

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XPeng wins Guangzhou L3 road test permit; BABA's Tongyi Wanxiang 2.6 adds role-play capability | Daily News Recap

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1205 | Dolphin Research Key Focus: 🐬 Stock 1, $BIDU-SW(09888.HK) According to reports, Kunlun Chip (Baidu's AI chip subsidiary) has initiated preparations for listing in Hong Kong, planning to submit the application in the first quarter of 2026 and complete the IPO in early 2027, with the latest valuation of approximately 21 billion RMB. Baidu is the largest shareholder. It has released products such as Kunlun Chip M100 and M300, with tens of thousands of cards deployed, serving as the core foundation of Baidu's AI computing power, and also providing computing power services to external enterprises. The news pushed Baidu's stock price to rise over 8% at one point...

BIDU ADR US

China

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

CHINA LIT

Xinyuan Real Estate

Us 12 Mth Natural Gas

WB-SW

Weibo

Baidu Spins Off Kunlunxin for IPO; Ele.me Completes Official Rebranding | Today's Important News Recap

LEADING IDEAL

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

LI AUTO-W

Alphabet - C

Alphabet

Xiaomi HK SDR 2to1

XIAOMI-W

Meta Platforms

Li Auto

XIAOMI-WR

Xiaomi Corporation

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Amazon

Huawei

C3.AI

Direxion Daily AMZN Bull 2X Shares

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

Meituan

Conference Minutes

03690

SHEN

HMTD

83690

MPNGY

The following are the Minutes of the FY25 Q3 earnings call for $MEITUAN(03690.HK) organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Meituan: A Loss of Nearly 20 Billion! Did Alibaba Really Succeed in Stealing the House This Time?&#34; 1. Review of Core Financial Data Performance Overview: Total Revenue: 95.5 billion yuan (YoY +2%). Profitability: Operating cost rate 73.6% (YoY +12.9pts), mainly due to rider incentives and rising overseas costs; adjusted net loss of 16 billion yuan, affected by irrational industry competition and strategic investments...

MEITUAN

SHENANDOAH TELE

Meituan HK SDR 5to1

Ps India Port

Haoxi Health Tech

First Trust Global Wind Energy

MEITUAN-WR

Meituan (Minutes): 3Q loss peaks, but 4Q will continue the loss trend

Financial Analysis

$MEITUAN(03690.HK) released its Q3 earnings after the Hong Kong stock market closed on November 28th, being the last among the 'Three Fools' in the food delivery battle. During the summer quarter, which saw the most intense subsidies, Meituan reported a massive operating loss of 19.8 billion, compared to JD.com's 'slight loss' of about 1 billion and Alibaba's remaining profit of approximately 5 billion. As the defending party under attack, Meituan's situation is much more severe compared to Alibaba and JD.com. Key points are as follows: 1. Is Meituan's actual loss 80% of Alibaba's?: First, let's look at the most concerning issue of losses. This quarter, the operating loss of the local commerce segment reached as high as 14.1 billion...

Meituan: A staggering loss of nearly 20 billion! Did Alibaba really succeed in this takeover?

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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...

DiDi

Taiwan Semiconductor

News

Morgan Stanley

Pro Ultr Silver

iShares Silver Tr

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