Automobile Manufacturers

XPeng

Deep Research

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TSLA

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Entering 2025, three years into the OpenAI-led AI cycle, the industry remains in a full-on AI investment phase. Based on our recent work, Dolphin Research sees 2026 hinging on compute cost-down and on AI capex translating into deployments across software and hardware.The rollout of new hardware is the true incremental driver. Meanwhile, mass production of Tesla's Optimus is drawing closer, and humanoid robots could become the primary AI form factor, reshaping human interaction and productivity.On this premise, Dolphin Research is launching coverage on the robotics supply chain. This is Part 1.

ROBOSENSE

Fulai New Material

Orbbec

Honeywell

W-Ibeda

SANHUA

Sanhua

Hesai

HESAI-W

Keli

Lingyun Ind

Hanwei Electronics

XDLK

Tesla

XPENG-W

Humanoid Robots: AI's Best Hope?

Today’s Key News Recap

NVDA

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TECH

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HKXCY

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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

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

Conference Minutes

ONVO

VIVS

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XIACY

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BYDDY

Confident in achieving quarterly breakeven in the fourth quarter

North American Energy Par

Organovo

VivoSim Labs

XIAOMI-W

ZEEKR Intelligent Tech

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

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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

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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

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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

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

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