ByteDance

Alibaba

LEADING IDEAL

02015

09988

GOOG

GOOGL

BYTED

01810

HUAWEI

AMZN

BABA

89988

81810

XIACY

KBAB

BABO

BABX

GGLS

GGLL

HBBD

HXXD

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

LI AUTO-W

BABA-W

Alphabet - C

Alphabet

C3.AI

Meta Platforms

XIAOMI-W

Huawei

Amazon

Li Auto

BABA-WR

XIAOMI-WR

Xiaomi Corporation

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

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

NVDA

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小红书

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09618

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MPNGY

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NVDL

07788

07388

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HJDD

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...

NVIDIA

Salesforce

MEITUAN

Micron Tech

KUAISHOU-W

JD-SW

Vipshops

Meituan

MEITUAN-WR

KUAISHOU-WR

JD.com

JD-SWR

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

Meituan HK SDR 5to1

JD HK SDR 10to1

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

00981

01698

09888

K3SD

TSLA

CRCL

00700

AMAT

09626

RIVN

OpenAI

HSMD

688981

89888

HBUD

BIDU

80700

HTCD

TCEHY

TCTZF

BILI

1113 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days. In the short term, it can restart federal services, issue back pay to employees, alleviate the impact on people's livelihood such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core differences such as healthcare subsidies and the remaining 9 annual appropriations, so there is still a risk of a shutdown after January 30...

SMIC

TME-SW

BIDU-SW

BIDU ADR US

Tesla

Circle

TENCENT

Applied Materials

BILIBILI-W

Disney

Rivian Automotive

SMIC HK SDR 5to1

Tencent Music

BIDU-SWR

Baidu HK SDR 10to1

Baidu

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

Bilibili

Alibaba's 'Qianwen' plans to revamp to catch up with ChatGPT; Baidu's Kunlun Chip Supernode unveiled | Today's Important News Recap

Conference Minutes

MUSI

PLAY

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...

Flexshares Stoxx US ESG Select Index Fd

Dragon

ISHRS St National Muni

American Century Multisector Income ETF

Serial

Dave & Buster ENT

Ameriprise Financial

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

Financial Analysis

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

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MSFT

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COST

TACOU

TACOW

RUMBW

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?