Automobile Manufacturers

NIO-SW

地平线

Deep Research

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NVDA

HUAWEI

09866

TSLA

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GOOGL

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Horizon Robotics: An NVDA alternative for high-end autonomous driving?

GEELY AUTO

NVIDIA

Huawei

Tesla

BYD COMPANY

HORIZONROBOT-W

LEAPMOTOR

XPENG-W

LI AUTO-W

Alphabet

GEELY AUTO-R

Geely Auto

NIO Inc. USD OV

BYD Company

BYD COMPANY-R

BYD Company Limited

XPeng

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

BYD HK SDR 10to1

Li Auto

Alphabet - C

Horizon Robotics: Can China’s AD substitute chips unseat NVDA?

Today’s Key News Recap

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09992

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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...

HKEX

POP MART

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

Multi-Chem

Mirae Asset Global Investments Co., Ltd.

Bio-Techne

POP MART HK SDR 20to1

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

DELL

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1126 | Dolphin Research Key Focus: 🐬 Stocks 1. $MEITUAN(03690.HK) Meituan saw a significant rebound today. Alibaba's China E-commerce Business Group CEO, Jiang Fan, pointed out that the first phase of Taobao Flash Sale's scale expansion has ended, and it has now entered the second phase, which is the 'efficiency optimization' phase. This implies that the disorderly cash-burning competition Meituan faces is expected to ease, leading to a more stable market structure, temporarily alleviating Meituan's profitability pressure. Meituan rose over 5% today. 2. $Baidu(BIDU.US) Baidu announced the establishment of a foundational model R&amp;D department and an application model R&amp;D department...

Dell Tech

TENCENT

BIDU-SW

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Meituan HK SDR 5to1

MEITUAN

Intelligent Vehicle

Tencent Holdings Limited

Tencent

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Baidu

Alibaba

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Meituan

MEITUAN-WR

Tencent HK SDR 10to1

Baidu HK SDR 10to1

Alibaba HK SDR 5to1

Meituan's Stock Rallies Strongly; Li Auto Announces AI Glasses Entry | Today's Important News Recap

Conference Minutes

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ONVO

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HXXD

Confident in achieving quarterly breakeven in the fourth quarter

Quanex Building Products

North American Energy Par

XIAOMI-W

ZEEKR Intelligent Tech

Edition

VivoSim Labs

Organovo

Xiaomi Corporation

XIAOMI-WR

Xiaomi HK SDR 2to1

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

Financial Analysis

COST

Fourth quarter guidance below expectations

Community Financial

Costco Wholesale

Costain Group PLC

Nio: Cost Reduction and Efficiency Improvement Are Effective, But Is It Really a 'Turnaround'?

UNIT

SELF

Nio 3Q25 Quick Interpretation: Overall, Nio's third-quarter earnings performance was decent, but the revenue and sales guidance for the fourth quarter were significantly below expectations. Specifically: 1. Third-quarter gross margin increased significantly quarter-on-quarter, with accelerated loss reduction: ① Third-quarter revenue was RMB 21.79 billion, basically in line with market expectations. In terms of the core vehicle sales business, the average selling price per vehicle this quarter decreased slightly by RMB 3,000 to RMB 221,000, mainly due to disguised price reductions from the &#34;free battery upgrade&#34; promotion and an increase in the proportion of the lower-priced Ledao L90 in the model mix, leading to a downward shift in the product structure. ② However, in terms of gross margin and loss reduction progress, Nio's overall progress was faster than expected: The third-quarter vehicle gross margin was 14.7%, a significant increase of 4.4 percentage points quarter-on-quarter, also higher than the market expectation of 12.9% and Nio's previous guidance of improving vehicle gross margin to 13%–14% in the third quarter. While the average selling price per vehicle continued to decline, the improvement in vehicle gross margin was primarily driven by a substantial reduction in per-unit costs, which decreased by RMB 13,000 to RMB 188,000 this quarter. Dolphin Research believes the quarter-on-quarter decline in per-unit costs was partly due to economies of scale from increased sales (up 21% quarter-on-quarter to 87,000 units), but more importantly, Nio's series of cost-cutting and efficiency measures have made significant progress (e.g., self-developed NX9031 autonomous driving chip reducing costs by RMB 10,000, improved platform integration, streamlined suppliers, NT3.0 eliminating NT2.0's excessive material stacking, etc.). The market had previously worried that the low pricing of the L90 would limit the release of vehicle gross margin in the third quarter, but this quarter's vehicle gross margin also proved that the L90 maintained a decent gross margin level. Finally, Nio's overall gross margin was 13.9%, up 3.9 percentage points quarter-on-quarter, also higher than the market expectation of 11.1%. This was due to both the better-than-expected vehicle gross margin and the strong performance of other income gross margin, which was 7.8%, significantly higher than the market expectation of -2.2%, mainly due to improved gross margins in parts, accessories sales, and after-sales services driven by cost-cutting and efficiency measures. In terms of net profit, Nio's net loss narrowed by RMB 1.48 billion quarter-on-quarter to -RMB 3.66 billion, better than the market expectation of -RMB 3.9 billion. This was due to both the quarter-on-quarter improvement in gross margin and a significant decline in R&amp;D expenses among the three major cost items, primarily resulting from layoffs in the R&amp;D team and the completion of earlier foundational R&amp;D work. 2. However, in terms of Nio's fourth-quarter guidance, both sales and revenue guidance were below expectations: ① Fourth-quarter sales guidance of 120,000–125,000 units is lower than the market expectation of 136,000 units and also below Nio's previous guidance of an average monthly delivery target of 50,000 units and a quarterly delivery target of 150,000 units for the fourth quarter. Based on this sales guidance, and given that October sales of 40,000 units have already been announced, the implied average monthly sales for November/December are 40,000–42,000 units. Combined with the fact that the waiting period for the Nio ES8 has extended to 22–23 weeks, with deliveries pushed to 2026, Nio remains in a &#34;supply shortage&#34; situation in the fourth quarter. This sales guidance also directly indicates that the pace of capacity release is significantly slower than expected. ② Fourth-quarter revenue guidance of RMB 32.7–34.0 billion is also lower than the market expectation of RMB 35.1 billion. The lower revenue guidance is primarily dragged down by sales, while the implied average selling price in the revenue guidance increased quarter-on-quarter to RMB 251,000, mainly due to a higher proportion of the expensive ES8 in the fourth quarter. Given the significantly slower-than-expected capacity release, Dolphin Research remains concerned about whether Nio's loss reduction progress in the fourth quarter can meet management's previous guidance of achieving positive Non-GAAP operating profit, as well as potential order cancellations due to excessively long waiting times. The specifics will depend on management's explanation of the reasons for the capacity delay and the fourth-quarter guidance during the earnings call.$NIO(NIO.US) $NIO-SW(09866.HK) $NIO Inc. USD OV(NIO.SG)

Uniti

Global Self Storage

Lowes

AAPL

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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...

Apple

Meta Platforms

Amazon

HESAI-W

Hesai

Hang Seng Composite Index

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

STECH

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BILI

1124 | Dolphin Research Focus: 🐬 Macro/Industry 1. On November 21st, Hang Seng Indexes Company announced the results of its quarterly review, with the changes to be implemented after the market closes on December 5, 2025, and effective from December 8, 2025. Among the changes, Dolphin Research is particularly interested in Leapmotor being included in the Hang Seng TECH Index, and Hesai Technology being added to the Hang Seng Composite Index. Inclusion in the indices will bring passive capital inflows to both companies, enhancing stock liquidity and market attention. Leapmotor rose nearly 6% today, while Hesai increased by over 8%...

Hang Seng TECH Index

XI2CSOPHSTECH

HSTECH ETF

XL2CSOPHSTECH

CSOP HS TECH

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

ISHARESHSTECH

CAM HS TECH

Hang Seng TECH ETF I

BILIBILI-W

Bilibili

Ali Qianwen surpasses ten million downloads; Hang Seng Index adjusts, Leapmotor and Hesai surge｜Today's Important News Recap

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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...

NTES-S

NETEASE MUSIC

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