1124 ｜Dolphin Research Key Focus:

🐬 Macro/Industry

1. On November 21, 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 them, Dolphin Research is focusing on Leapmotor, which will be included in the Hang Seng TECH Index, and Hesai Technology, which will be included in the Hang Seng Composite Index. Inclusion in the index will bring passive capital inflows to both companies, enhancing stock liquidity and market attention. Leapmotor rose nearly 6% today, while Hesai rose over 8%.

🐬 Individual Stocks

1.$BABA-W(09988.HK)

Alibaba's AI assistant, Qianwen App, surpassed 10 million downloads within a week of its public beta, becoming the fastest-growing AI application globally, surpassing ChatGPT. Its underlying Tongyi Qianwen large model has accumulated over 600 million downloads worldwide and will integrate with e-commerce, local life, and other scenarios in the future. The impressive performance demonstrates the market recognition of Alibaba's AI technology, with its "intelligent body" positioning and ecosystem integration strategy forming a differentiated advantage.

2.$NVIDIA(NVDA.US)

According to informed sources, early discussions are underway within the U.S. government about allowing NVIDIA to export H200 AI chips to China. The H200 offers significantly improved performance over its predecessor, and due to previous export restrictions, NVIDIA's sales in China were expected to be zero for the next two quarters. If export restrictions are eased, it will alleviate pressure on NVIDIA's business in China and provide better hardware support for China's AI industry. However, discussions are still in the early stages, and policy uncertainty remains high.

3.$BILIBILI-W(09626.HK)

Bilibili's Hong Kong shares rose more than 7% at their peak today. On one hand, the slight easing of systemic risks is conducive to driving the elasticity of liquidity stocks like Bilibili. On the other hand, last week's intensive iterations of large models refreshed terminal experiences, leading to a rebound in AI application narratives today. As a platform economy, Bilibili is expected to deeply benefit from AI empowerment. Additionally, in its gaming business, the self-developed new game "Escape from Tarkov" has sold over 3 million copies, confirming the "community-content-game" traffic loop. The upcoming release of new games like "Three Kingdoms: Hundred Generals" is expected to drive a recovery in game revenue next year.

🐬 Leading Sectors

Shanghai and Shenzhen: Data processing and outsourcing services, tobacco, food distributors;

Hong Kong stocks: Research and consulting services, video games and multimedia, life sciences tools and services;

U.S. stocks: Marine ports and services, tires and rubber, residential construction companies

🐬 Focus for Tomorrow

1. Alibaba, Nio to release financial reports.

Risk Disclosure and Statement of this Article: Dolphin Research Disclaimer and General Disclosure