Automobile Manufacturers

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地平线

Deep Research

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TSLA

NVDA

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09868

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09660

HUAWEI

00175

BYDDY

81211

BYDDF

002594

XPEV

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

BYD COMPANY

Tesla

NVIDIA

LI AUTO-W

NIO-SW

LEAPMOTOR

HORIZONROBOT-W

Huawei

GEELY AUTO

BYD Company

BYD COMPANY-R

BYD Company Limited

Li Auto

XPeng

NIO Inc. USD OV

GEELY AUTO-R

Geely Auto

BYD HK SDR 10to1

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

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

Conference Minutes

01810

VIVS

ONVO

XIACY

81810

HXXD

Confident in achieving quarterly breakeven in the fourth quarter

Edition

North American Energy Par

ZEEKR Intelligent Tech

XIAOMI-W

Quanex Building Products

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

Today’s Key News Recap

SVIX

UVXY

UVIX

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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...

-1x Short VIX Futures ETF

Pro Ultr Cvix Shrt Futures

2x Long VIX Futures ETF

Pro Vix Shrt Fut

Pro Shrt Vix Shrt Future

Pro Vix Mid Fut

Nano-X Imaging

Vipshops

Alphabet - C

Alphabet

Pros

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NETEASE MUSIC

NetEase

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

Baidu

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MAAS

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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%...

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Tencent Holdings Limited

Tencent

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Maase 

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iShares Frontier and Select EM ETF

Baidu HK SDR 10to1

Tencent HK SDR 10to1

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

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

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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...

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Luckin Coffee

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Kanzhun

Trip.com

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Trip.com HK SDR 50to1

Global Markets Hit by 'Cold Wave'; Google AI Advances in Travel Services Track | Today's Important News Recap

QCOM

600617

900913

2026 overseas sales target: 100,000 to 150,000 vehicles

Qualcomm

GXED

Leapmotor (3Q25 Minutes): 2026 sales target of 1 million units, net profit target of 5 billion.

Xpeng

VWAGY

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TSLL

TSLQ

09366

07766

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

Volkswagen AG

Volkswagen

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

XI2CSOPTSLA

GraniteShares 2x Long TSLA Daily ETF

Intelligent Vehicle

SIASUN

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

TOPS

The ‘chilly’ car sales business meets the ‘hot’ AI expectations

Top Ships

Xpeng: The “Eastern Tesla” narrative unfolds – does selling cars even matter anymore?

XPeng 3Q25 Quick Interpretation: The &#34;slightly cold&#34; car sales business meets the hot AI expectations. Due to XPeng's recent updates on AI advancements during last week's Tech Day, the stock price has risen to a relatively high historical level of $25 driven by AI sentiment, thus the market has high expectations for XPeng's financial report. However, in terms of actual performance, the car sales business in the third quarter fell short of expectations, and the guidance for sales and revenue in the fourth quarter is also relatively weak, both below expectations. Specifically, the third-quarter revenue was 20.38 billion, missing the market expectation of 20.47 billion, mainly due to car sales revenue falling short of expectations. This quarter's car sales revenue was 18.05 billion, significantly below the market expectation of 18.82 billion, as XPeng's car sales price did not stabilize and further declined by 8,000 yuan quarter-on-quarter to 156,000 yuan, while the market expected only a slight quarter-on-quarter decline of 2,000 yuan. Dolphin Research believes the main reason for the quarter-on-quarter decline in car sales price is the increased promotional discounts in the third quarter, and the model structure is still sinking, not following the upward route as XPeng expected. However, this quarter's service and other business revenue was 2.33 billion, significantly higher than the market expectation of 1.66 billion, mainly due to achieving an important milestone in cooperation with Volkswagen, leading to a quarter-on-quarter increase in technical R&amp;D service revenue from Volkswagen. Regarding gross margin, this quarter's gross margin was 20.1%, up 2.8 percentage points quarter-on-quarter, significantly exceeding the market expectation of 17.8%. The higher-than-expected gross margin is mainly due to the service and other business gross margin rising sharply by 21 percentage points quarter-on-quarter to 74.6%, with the increase also attributed to the recognition of large and almost pure gross margin technical R&amp;D service revenue this quarter. However, in the car sales business, due to the quarter-on-quarter decline in car sales price, despite the scale effect bringing down the unit cost, the car sales gross margin still declined by 1.2 percentage points quarter-on-quarter to 13.1% this quarter, below the market expectation of 14.4%. In the fourth-quarter guidance, XPeng's sales and revenue guidance are both significantly below market expectations: ① Sales guidance: Fourth-quarter sales guidance is 125,000-132,000 units, below the market expectation of 136,000 units. Given the known October sales of 42,000 units, the implied November/December sales are 41,500-45,000 units. Despite the fourth-quarter peak season and the rush to purchase before the purchase tax subsidy phase-out, it still falls short of expectations. Dolphin Research believes this is mainly due to a. the new P7 and G7 orders falling short of expectations, with the new P7's sales dropping to 5,660 units in the second month after launch, and the G7's current monthly sales being only around 3,500 units; b. the fourth quarter may only see the launch of the high-priced X9 MPV extended-range version, which is expected to contribute little to fourth-quarter sales. ② Revenue guidance: Fourth-quarter revenue guidance is 21.5-23 billion, also below the market expectation of 25 billion. Due to the unpredictable contribution of service revenue from the Volkswagen cooperation, assuming the fourth-quarter service revenue remains flat with the third quarter, the implied fourth-quarter car sales price is 155,000 yuan, still declining quarter-on-quarter from the third quarter's 156,000 yuan, indicating XPeng's goal of an upward model structure is still encountering obstacles. $XPeng(XPEV.US) $XPENG-W(09868.HK)

Avis Budget

Xpeng Plans Large-Scale EV Production in Malaysia

Xpeng Motors Supports the 'Automotive Industry Price Behavior Compliance Guidelines'

Xpeng Plans to Establish Production Base in Malaysia

He Xiaopeng Praises Tesla FSD and Sets XPeng's Autonomous Driving Goals

Volkswagen Transfers Critical Decision-Making Power for New Energy Vehicle Development to Chinese Team

Xiaopeng Automotive Sales Service Company in Shaoxing Established

Xpeng Autos Exports Record Cars in November

Eastwu Securities: XPeng to Accelerate Global Expansion and B2B Market Layout

XPeng Auto Adds 150 Self-Operated Charging Stations in November 2025

Guangzhou Development Zone Jiaotou and XPeng Huitian Successfully Conduct First Flight Test of Flying Car

Yiwu Xpeng Automobile Sales Service Co., Ltd. Established

XPeng Inc. Bull Call Spread Activity Significantly Increased

East Asia Securities expects XPeng's new vehicle plan to improve profitability

Hong Kong Stocks Open High, But Gains Subside, With Mixed Performances Across Several Stocks

XPeng and Huawei Jointly Launch Huawei DriveONE Range Extender Technology and XPeng X9 Super Range Model

XPeng and Huawei Jointly Launch Next-Generation Range Extender Generator

XPeng Auto Delivered 391,937 Units from Jan to Nov 2025, Up 156% YoY

Xpeng Delivered 36,728 Smart Electric Vehicles in November 2025, Up 19% Year-over-Year