ByteDance

Alibaba

LEADING IDEAL

GOOG

GOOGL

09988

02015

BYTED

AMZN

01810

HUAWEI

89988

BABA

XIACY

81810

GGLS

GGLL

KBAB

BABO

BABX

HBBD

HXXD

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

Alphabet - C

Alphabet

BABA-W

LI AUTO-W

Meta Platforms

C3.AI

Amazon

XIAOMI-W

Huawei

BABA-WR

Li Auto

Xiaomi Corporation

XIAOMI-WR

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

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

03690

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VIPS

小红书

NVDA

SOXS

SOXL

SOXX

CP00062

MPNGY

83690

89618

81024

HMTD

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...

MEITUAN

JD-SW

Micron Tech

Salesforce

KUAISHOU-W

Vipshops

NVIDIA

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

iShares Semiconductor ETF

Semiconductor

Meituan

MEITUAN-WR

JD.com

JD-SWR

KUAISHOU-WR

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

OpenAI

09626

09888

CRCL

RIVN

TSLA

01698

AMAT

00700

00981

BILI

89888

HBUD

BIDU

80700

HTCD

TCEHY

TCTZF

HSMD

688981

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...

BILIBILI-W

BIDU-SW

Circle

Disney

Rivian Automotive

Tesla

TME-SW

Applied Materials

TENCENT

SMIC

Bilibili

BIDU-SWR

Baidu HK SDR 10to1

Baidu

Tencent Music

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

SMIC HK SDR 5to1

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

Conference Minutes

PLAY

MUSI

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...

ISHRS St National Muni

Dave & Buster ENT

American Century Multisector Income ETF

Serial

Dragon

Flexshares Stoxx US ESG Select Index Fd

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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00941

MSFT

09999

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?