ByteDance

Broadcom

Financial Analysis

NVDA

MSFT

GOOG

GOOGL

OpenAI

AVGO

ASIC

AMZN

BYTED

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

MSFL

MSFO

MSFD

In the early hours of Dec 12 Beijing time, AVGO released its FY2025 Q4 results after the U.S. close. The quarter ended Oct 2025.1) Overall performance: Revenue was $18.0bn, up 28.2% YoY. This beat the Street's $17.5bn.Revenue rose $2.0bn QoQ, driven by AI-related demand. AI remained the key driver.GPM was 68%. Excluding acquisition amortization and restructuring costs, adj. GPM was 76.6%, down 17bps QoQ...

Meta Platforms

NVIDIA

Microsoft

Alphabet - C

Alphabet

Ategrity Specialty Holdings LLC

Amazon

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

GraniteShares 2x Long MSFT Daily ETF

YieldMax MSFT Option Income Strategy ETF

Direxion Daily MSFT Bear 1x Shares

AVGO vs. NVDA: Did the challenger blink first?

Alibaba

LEADING IDEAL

HUAWEI

02015

09988

01810

BABA

89988

XIACY

81810

GGLS

GGLL

KBAB

BABO

BABX

HBBD

HXXD

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

Huawei

LI AUTO-W

BABA-W

XIAOMI-W

C3.AI

Li Auto

BABA-WR

Xiaomi Corporation

XIAOMI-WR

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Alibaba HK SDR 5to1

Xiaomi HK SDR 2to1

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

Today’s Key News Recap

SOXS

SOXL

SOXX

CP00062

09618

小红书

GAIN

300024

01024

VIPS

03690

89618

HJDD

81024

83690

HMTD

MPNGY

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...

Micron Tech

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

iShares Semiconductor ETF

Semiconductor

JD-SW

Salesforce

Gladstone Investment

SIASUN

KUAISHOU-W

Hudbay Minerals

Vipshops

MEITUAN

JD.com

JD-SWR

JD HK SDR 10to1

KUAISHOU-WR

MEITUAN-WR

Meituan HK SDR 5to1

Meituan

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

Conference Minutes

00700

01698

80700

TCTZF

TCEHY

MUSI

PLAY

HTCD

The following are the minutes of Tencent Music's 3Q25 earnings conference call organized by Dolphin Research. For financial report interpretation, please refer to &#34;With ByteDance's Efforts, Can Tencent Music Still Be 'Small and Beautiful'?&#34; 1. Review of Core Financial Information: 1. Tencent Music Entertainment Group (TME) reported a 21% year-on-year increase in total revenue for the third quarter of 2025, reaching RMB 8.5 billion, marking the highest growth rate since the first quarter of 2021. This was driven by the continued growth of the music subscription business, strong performance in offline concerts, advertising services, and sales of artist-related merchandise. 2. Online music revenue increased by 27% year-on-year to RMB 7 billion...

TENCENT

TME-SW

TENCENT-R

Tencent Holdings Limited

Tencent

Tencent Music

Serial

American Century Multisector Income ETF

ISHRS St National Muni

Dave & Buster ENT

Flexshares Stoxx US ESG Select Index Fd

Dragon

Ameriprise Financial

Tencent HK SDR 10to1

Tencent Music (Minutes): Subscription growth slightly slowed, short-term investments impact profitability

09899

On November 12th, after the Hong Kong stock market closed and before the U.S. stock market opened, $Tencent Music(TME.US) $TME-SW(01698.HK) (TME.N;$TME-SW(1698.HK)) released its third-quarter financial report for 2025. Overall, the results exceeded expectations, particularly with the partial realization of the second growth curve narrative. However, there were flaws, as the net increase in subscriptions continued to slow, indirectly confirming market concerns about intensified competition before the earnings report. Currently, there remains a significant difference between the core users of Tencent Music and ByteDance (Tencent Music vs ByteDance = high-tier music essential users vs lower-tier Douyin catchy tune users)...

NETEASE MUSIC

Canaan

ByteDance makes a push, can Tencent Music still be 'small and beautiful'?

Goertek

AAPL

002241

AAPB

AAPD

AAPU

AAPX

AAPY

APLY

000001

PERF

BIGGQ

MOVE

PERF.WS

GoerTek Inc. released its Q3 2025 financial report (up to September 2025) after the A-share market closed on the evening of October 24, 2025, Beijing time. The key points are as follows: 1. Overall performance: revenue &amp; gross margin, both have rebounded. ① GoerTek Inc.'s total revenue for the third quarter of 2025 was 30.6 billion yuan, a year-on-year increase of 4.4%, better than the market expectation (28 billion yuan). The growth in the company's revenue was mainly driven by downstream customers' stocking, partly in preparation for the release of new products such as iPhone, AirPods, and MR in September; ② The company's gross margin for this quarter was 12.8%...

Apple

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

T-Rex 2X Long Apple Daily Target ETF

Kurv Yield Premium Strategy Apple Aapl ETF

YieldMax AAPL Option Income Strategy ETF

SSE Index

Perfect

BIG LOTS INC

Movano

Perfect - CW27

GoerTek: Steady Stocking, Meta's Flat Performance, When Will VR/AR 'Make a Big Move'?

02097

ASML

SCHW

07299

SCHW-D

SCHW-J

1015 | Dolphin Research Focus: 🐬 Macro/Industry 1. Federal Reserve Chairman Jerome Powell stated on Tuesday that the central bank may end its balance sheet reduction (QT) in the coming months to prevent liquidity tightness in the short-term funding markets. The dollar index fell in response, providing strong upward momentum for gold priced in dollars, pushing gold prices to new highs. 2. This year's Double 11 promotion started on October 9, with JD.com and Douyin taking the lead, followed by platforms like Taobao, starting 5 days earlier than last year, further extending the event period...

MIXUE GROUP

Pro Ultr Silver

iShares Silver Tr

Taiwan Semiconductor

Charles Schwab

FL2CSOPGOLD

SPDR Gold Shares

SCHWAB(CHARLES)CORP 5.95% DEP SHS REP 1/40 NON CUM PERP PF D

SCHWAB(CHARLES)CORP 4.450% DEP SHS REP 1/40TH N-CUM PFD SERJ

ASML Rises Post-Earnings; Mixue Blends into Beer Market | Today's Important News Recap

Strategy Report

Hot topic

PHUN

ABTC

DJTWW

TACO

000333

00941

09999

Originally, in the mid-September Madrid negotiations, the U.S.-China talks resolved the long-standing major conflict over TikTok. However, Trump's emotional essay on a 100% tariff seemed to have set back the bilateral relations overnight. But following Trump's press inquiries, Vance's statements, and press conferences from China's Ministry of Commerce, the TACO transaction became almost a consensus expectation. In this article, Dolphin Research will elaborate more on how this TACO transaction differs from previous ones and what other insights can be drawn besides TACO. 1. This TACO...

Trump 'Breaks Defense': Not Just TACO, Will There Be a Revaluation of Chinese Assets?