1118 | Dolphin Research Focus:

🐬 Macro
1. Today, both Hong Kong and A-shares collectively declined. The market's expectation for a rate cut by the Federal Reserve in December continues to decrease. According to CME's "FedWatch," the probability of a 25 basis point rate cut by the Federal Reserve in December has dropped to 42.9%, down from over 70% previously. Federal Reserve Governor Waller also stated that if the job market rebounds, the necessity for precautionary rate cuts 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 Suga government will implement a large-scale fiscal expansion plan. Under multiple factors, global markets collectively declined.

🐬 Individual Stocks

1. $Alphabet(GOOGL.US)
On Monday, Google announced the addition of AI-driven travel booking and planning features to its search function: the "Flight Deals" tool has been expanded to over 200 countries and supports more than 60 languages. The Canvas tool can integrate real-time itinerary information, and U.S. users can also enjoy booking services for restaurants and event tickets. In the future, direct booking functions for airlines and hotels will be launched. This move connects the travel "planning-booking" chain, enhancing user experience and demonstrating Google's ambition to penetrate from information aggregation to a service loop.

2. Dolphin Research Focus on Earnings Reports and Conference Call Minutes
XPeng: "XPeng: The 'Eastern Tesla' Story Unfolds, Is Selling Cars Still Important?", "XPeng (3Q25 Minutes): Seven 'One Car, Two Capabilities' Models to Launch by 2026"
Luckin Coffee: "Luckin Coffee: Profit 'Squat' Just for a Better 'Jump'", "Luckin Coffee (Minutes): Same-Store Growth in Q4 and 2026 Will Face Certain Pressure"
Leapmotor: "Leapmotor: 'Leading' Momentum Stalled, How to Break Through?", "Leapmotor (3Q25 Minutes): 2026 Sales Target of 1 Million Units, Net Profit Target of 5 Billion"
Trip.com: "Trip.com: Waiting for Overseas Profit Release", "Trip.com (Minutes): Q4 Peak Season Marketing Investment Will Continue to Rise"
PDD, Xiaomi, Baidu, Trip.com, Boss Zhipin to Announce Earnings

🐬 Leading Sectors

Shanghai and Shenzhen: Computer and Electronic Product Retailers, Internet Content and Information, Medical Information Services;
Hong Kong Stocks: Managed Healthcare, Commercial and Residential Mortgage Financing, Highway - Freight
U.S. Stocks: Internet Content and Information, Paper Products, Medical Product Distributors.

🐬 Focus for Tomorrow

1. Kuaishou to Announce Earnings.

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