Technology Hardware, Storage and Peripherals

XIAOMI-W

Alibaba

LEADING IDEAL

AMZN

01810

09988

02015

HUAWEI

GOOG

GOOGL

BYTED

XIACY

81810

89988

BABA

AMZU

KBAB

BABO

BABX

GGLS

HXXD

HBBD

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

C3.AI

Amazon

BABA-W

LI AUTO-W

Huawei

Alphabet - C

Alphabet

Meta Platforms

ByteDance

Xiaomi Corporation

XIAOMI-WR

BABA-WR

Li Auto

Direxion Daily AMZN Bull 2X Shares

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Direxion Daily Googl Bear 1x Shares

Xiaomi HK SDR 2to1

Alibaba HK SDR 5to1

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

Meituan

Conference Minutes

03690

MPNGY

83690

HMTD

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

MEITUAN-WR

Meituan HK SDR 5to1

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

09866

ONVO

VIVS

09863

09868

TSLA

01211

NVDA

XPEV

81211

HYDD

002594

BYDDF

BYDDY

Confident in achieving quarterly breakeven in the fourth quarter

NIO-SW

North American Energy Par

Organovo

VivoSim Labs

Edition

LEAPMOTOR

XPENG-W

ZEEKR Intelligent Tech

Tesla

BYD COMPANY

Quanex Building Products

NVIDIA

NIO Inc. USD OV

XPeng

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

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

Today’s Key News Recap

02525

HSAI

0HSCI

DELL

AAPL

1125 | Dolphin Research Focus: 🐬 Stock 1, $Alphabet(GOOGL.US) It is reported that Meta is negotiating with Google to use TPU chips worth billions of dollars in its data centers by 2027, and plans to rent chips from Google Cloud next year. Although TPUs are not as flexible as NVIDIA GPUs, they have lower development costs and consume less power when running at full capacity. If TPUs are successfully supplied externally, it marks intensified competition in the AI chip market, potentially impacting NVIDIA's market share and pricing power. For Google...

HESAI-W

Hesai

Hang Seng Composite Index

Dell Tech

Apple

Google's TPU Sales Challenge Nvidia Dominance; Xiaomi Rallies on Lei Jun's Stake Boost. ｜Today's Important News Review

VIPS

09999

09899

NTES

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

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...

Vipshops

NTES-S

NETEASE MUSIC

NetEase

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

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

BOSS

MSFT

002245

02076

07299

1119 | Dolphin Research Key Focus: 🐬 Stocks 1, $Microsoft(MSFT.US), $NVIDIA(NVDA.US). Microsoft, NVIDIA, and AI startup Anthropic announced the establishment of a strategic partnership. Microsoft and NVIDIA jointly invested $15 billion in Anthropic, which committed to purchasing $30 billion worth of Azure computing power, forming a capital and technology-bound AI alliance among the three parties. Building a &#34;Capital - Computing Power - Model&#34; closed loop...

HUGO BOSS AG

Microsoft

Jiangsu Azure Corporation

BOSS ZHIPIN-W

FL2CSOPGOLD

SPDR Gold Shares

Pro Ultr Silver

iShares Silver Tr

Kanzhun

KUAISHOU-W

BIDU-SW

Nio's intelligent driving chip supplied externally for the first time; Nvidia's earnings report countdown｜Today's important news review

Baidu

09888

MAAS

00700

BIDU

89888

TCTZF

TCEHY

80700

HBUD

HTCD

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%...

iShares Frontier and Select EM ETF

Maase 

Agora

TENCENT

BIDU-SWR

Tencent Holdings Limited

Tencent

TENCENT-R

Baidu HK SDR 10to1

Tencent HK SDR 10to1

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

Financial Analysis

K3SD

$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...

BIDU ADR US

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

Xiaomi

The following are the minutes of Xiaomi's Q3 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Xiaomi: Without Subsidies, Can Cars Really Hold Up the Front?&#34; 1. $XIAOMI-W(01810.HK) Core Data Review Performance Overview: Total Revenue: Reached RMB 113.1 billion, a year-on-year increase of 22.3%. This marks the fourth consecutive quarter that the group's revenue has exceeded RMB 100 billion. Group Gross Margin: 22.9%, an increase of 2.5 percentage points year-on-year, setting a new historical high. Adjusted Net Profit: RMB 11.3 billion, a year-on-year increase of 81%...

Hudbay Minerals

MediaAlpha

Pros

Ameriprise Financial

Xiaomi (Minutes): Rising storage costs have a greater impact on manufacturers with lower ASP.

Xiaomi Corporation (1810.HK) released its Q3 2025 financial report (ending September 2025) after the Hong Kong stock market closed on the evening of November 18, 2025, Beijing time. The key points are as follows: 1. Overall performance: $XIAOMI-W(01810.HK) revenue was 113.1 billion, a year-on-year increase of 22.3%. Among this, revenue from traditional businesses (smartphones x AIoT) only grew by 1.6% year-on-year. The growth this quarter was mainly driven by the automotive business. The gross profit margin increased to a relatively high level of 22.9%...

Samsara

Canaan

Xiaomi: With subsidies withdrawn, can the automotive sector truly uphold its reputation?

Xiaomi applies for a PUSCH communication method patent to optimize dynamic switching between multiple base stations

Xiaomi's triple-foldable phone is reportedly expected to be released next year, drawing attention to its high-end market layout

Xiaomi announced several new patents related to communication methods and AI image processing.

Xiaomi applies for a new operation execution patent to improve the appropriateness of device interaction

Xinhua Criticizes Xiaomi for Misleading Ads

Southbound funds net purchased over HK$3 billion of Xiaomi Group shares on December 5.

Goldman Sachs Sees Positive Outlook for Xiaomi's AI Strategy, Issues Buy Rating

Xiaomi applies for an image recognition patent that can optimize exposure using ambient light.

Xiaomi applies for a new audio conversion patent to improve the accuracy of model outputs.

Fitch Upgrades Xiaomi Group's Rating to BBB+

Morgan Stanley Reports Optimistic Outlook on Xiaomi's Cost-Shifting Capability

Xiaomi Plans to Launch MIX Trifold Triple-Foldable Phone in Q3 2026

China Earthquake Early Warning Network users exceed 20 million through cooperation with mobile phone manufacturers like Xiaomi

Xiaomi applies for a patent related to model query methods, aiming to achieve automation and reduce labor costs

Xiaomi President states AI progress is exceeding expectations and will hold a "Human-Car-Home Full Ecosystem" Partner Conference on December 17

Southbound Trading records net purchase of Xiaomi Group shares.