1111 ｜Dolphin Research Focus:

🐬 Macro/Industry

1.The U.S. Senate passed a temporary spending bill aimed at ending the longest government shutdown in history, which has lasted for 41 days. The bill now needs to be voted on by the House of Representatives and signed by the President to take effect. This move is a result of bipartisan compromise, providing short-term relief to the economic and livelihood impacts, but the core disagreements are only postponed. A deadlock could still occur after January 30, highlighting the trend of increasing political polarization in the U.S.

🐬 Individual Stocks

1.$Baidu(BIDU.US)

Apollo Go received the first batch of fully unmanned commercial operation licenses issued by the Abu Dhabi Integrated Transport Center, marking the first large-scale fully unmanned operation overseas. In collaboration with local partner AutoGo, it plans to deploy the largest unmanned fleet in the region by 2026. Currently, it has been implemented in 22 cities worldwide, with over 17 million fully unmanned orders completed.

2.$XPeng(XPEV.US)

XPeng's stock surged over 17% today, as XPeng Motors recently unveiled four major applications centered around "Physical AI" at the 2025 XPeng Tech Day, including the second-generation XPeng VLA large model, XPeng Robotaxi, the new generation IRON humanoid robot, and the HT Aero flying car. The debut of the female robot and its highly realistic humanoid gait attracted significant attention. Leading institutions such as Morgan Stanley and Citibank recently released reports bullish on XPeng Motors, greatly enhancing market recognition and investment confidence in the company.

3.$Intel(INTC.US)

Intel's Chief Technology and AI Officer, Sachin Katti, has resigned to join OpenAI, where he will be responsible for infrastructure development, including data centers and AI chips. Intel CEO Pat Gelsinger will take over his position, emphasizing that AI remains a core strategic focus for the company. Katti's addition will accelerate OpenAI's in-house chip development process, reducing reliance on external suppliers. For Intel, the loss of a key executive may delay its AI chip strategy, compounded by its current competitive disadvantage in the GPU field, necessitating accelerated product innovation to maintain market position.

4. Dolphin Research Focus on Earnings Reports and Conference Call Minutes

Beike:Beike: Is There Still Hope?,Beike (Minutes): How to Reduce Costs and Increase Efficiency is the Absolute Focus

Hesai, Sea to release earnings reports, Dolphin Research will follow up with analysis and interpretation.

🐬 Leading Sectors

Shanghai and Shenzhen: Various public utilities, jewelry/toys/stationery retailers, food retailers

Hong Kong Stocks: Kitchenware, forest products, real estate services

U.S. Stocks: Real estate development, silver, precious metals and minerals

🐬 Focus for Tomorrow

1. Circle, Tencent Music to release earnings reports.

Risk Disclosure and Statement: Dolphin Research Disclaimer and General Disclosure