KraneShares 2x Long BABA Daily ETF

Today’s Key News Recap

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1205 | Dolphin Research Key Focus: 🐬 Stock 1, $BIDU-SW(09888.HK) According to reports, Kunlun Chip (Baidu's AI chip subsidiary) has initiated preparations for listing in Hong Kong, planning to submit the application in the first quarter of 2026 and complete the IPO in early 2027, with the latest valuation of approximately 21 billion RMB. Baidu is the largest shareholder. It has released products such as Kunlun Chip M100 and M300, with tens of thousands of cards deployed, serving as the core foundation of Baidu's AI computing power, and also providing computing power services to external enterprises. The news pushed Baidu's stock price to rise over 8% at one point...

BIDU ADR US

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BABA-W

China

BIDU-SWR

Baidu

BABA-WR

Alibaba

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

CHINA LIT

Xinyuan Real Estate

Us 12 Mth Natural Gas

WB-SW

Weibo

Baidu HK SDR 10to1

Alibaba HK SDR 5to1

Baidu Spins Off Kunlunxin for IPO; Ele.me Completes Official Rebranding | Today's Important News Recap

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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

Alphabet - C

Alphabet

Xiaomi HK SDR 2to1

XIAOMI-W

Meta Platforms

Li Auto

XIAOMI-WR

Xiaomi Corporation

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Amazon

Huawei

C3.AI

ByteDance

Direxion Daily AMZN Bull 2X Shares

Alibaba, ByteDance, and Li Auto are rushing into the market; are AI glasses becoming the 'next big thing'? (Minutes)

Meituan

Conference Minutes

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The following are the Minutes of the FY25 Q3 earnings call for $MEITUAN(03690.HK) organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Meituan: A Loss of Nearly 20 Billion! Did Alibaba Really Succeed in Stealing the House This Time?&#34; 1. Review of Core Financial Data Performance Overview: Total Revenue: 95.5 billion yuan (YoY +2%). Profitability: Operating cost rate 73.6% (YoY +12.9pts), mainly due to rider incentives and rising overseas costs; adjusted net loss of 16 billion yuan, affected by irrational industry competition and strategic investments...

MEITUAN

SHENANDOAH TELE

Meituan HK SDR 5to1

Ps India Port

Haoxi Health Tech

First Trust Global Wind Energy

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Meituan (Minutes): 3Q loss peaks, but 4Q will continue the loss trend

Financial Analysis

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$MEITUAN(03690.HK) released its Q3 earnings after the Hong Kong stock market closed on November 28th, being the last among the 'Three Fools' in the food delivery battle. During the summer quarter, which saw the most intense subsidies, Meituan reported a massive operating loss of 19.8 billion, compared to JD.com's 'slight loss' of about 1 billion and Alibaba's remaining profit of approximately 5 billion. As the defending party under attack, Meituan's situation is much more severe compared to Alibaba and JD.com. Key points are as follows: 1. Is Meituan's actual loss 80% of Alibaba's?: First, let's look at the most concerning issue of losses. This quarter, the operating loss of the local commerce segment reached as high as 14.1 billion...

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JD.com

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JD HK SDR 10to1

Meituan: A staggering loss of nearly 20 billion! Did Alibaba really succeed in this takeover?

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1127 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Office of the United States Trade Representative announced that the exemption of certain tariffs on Chinese goods, established under Section 301 due to issues related to technology transfer and intellectual property, will be extended until November 10, 2026. The original exemption was set to expire on November 29. In the short term, this can provide a 'safe period' for Chinese export enterprises in terms of orders and profits, and also reduce costs for American importers and consumers. However, the overall tariff framework remains unchanged, and the competition between China and the U.S. in high-tech fields will continue...

DiDi

Taiwan Semiconductor

News

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Pro Ultr Silver

iShares Silver Tr

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

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Alibaba AI Glasses Enter the Market, Meituan Financial Report to be Released Tomorrow | Today's Important News Recap

The following are the minutes of Alibaba's FY26Q2 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;AI Shapes the Soul, Consumption Shapes the Root, Has Alibaba Finally Stood Up?&#34; 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call Core Information from Management Statements 1. Progress of the &#34;AI + Cloud&#34; Strategy a. Performance: Driven by strong demand for AI, Alibaba Cloud's external commercialization revenue accelerated to a growth of 29%. Revenue from AI-related products achieved triple-digit year-on-year growth for nine consecutive quarters. Market share has comprehensively increased in several sub-sectors (hybrid cloud, financial cloud)...

Urban Edge Properties

MediaAlpha

Ameriprise Financial

Alibaba (Minutes): No AI bubble within three years, Flash Sale UE losses have halved from the peak

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$Alibaba(BABA.US) released its Q2 FY2026 results during US pre-market trading on 25 November. The two key market concerns this quarter centred on investments driven by its food delivery business and the growth trajectory of its cloud operations: Regarding the former, food delivery losses this quarter are estimated at approximately ¥36 billion, falling within the lower end of the company's prior guidance range. Meanwhile, cloud services revenue growth accelerated beyond expectations to 34.5%, with profit margins remaining stable year-on-year – outperforming already robust projections. Bloomberg's consensus estimates were not updated in time for this quarter, rendering them of limited reference value...

TENCENT

NVIDIA

SUNART RETAIL

Tencent

Tencent Holdings Limited

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GraniteShares 2x Long NVDA Daily ETF

Tencent HK SDR 10to1

AI shapes the soul, consumption shapes the roots, has Alibaba finally stood up?

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Alibaba F2Q26 Quick Interpretation: The two most concerning issues for the market this quarter—losses caused by food delivery and the growth of the cloud business. For the former, our estimates suggest a loss of around 39 billion, which is at the upper end of the company's previous guidance range, making it an expected but unfavorable news. Meanwhile, the growth rate of cloud business revenue exceeded expectations, accelerating to 34.5%, with the profit margin remaining flat year-on-year, stronger than the already high expectations. Bloomberg's consensus forecast for this quarter was not updated in time, thus having limited reference value. Dolphin Research will consider the latest expectations from major institutions:1) The core Taobao and Tmall business's CMR year-on-year growth rate is 10.1%, consistent with last quarter's growth and in line with market expectations. Considering the base period from last September when a 0.6% merchant service fee was added, the performance is still decent, though not surprising.2) Including food delivery and travel services, the new Taobao and Tmall (domestic e-commerce group) reported an adj. EBITA of 10.5 billion this quarter, with food delivery losses decreasing by 76.5% year-on-year. The latest major institutions' expectations range from about 7.5 to 10 billion, with actual performance at the upper end of expectations, not as concerning as feared.3) Another key indicator, Alibaba Cloud's revenue grew by 34.5% year-on-year this quarter, stronger than the market expectation which had been raised to over 30%, making it the most unexpected point of this performance. However, after excluding internal demand from the group, Alibaba Cloud's growth rate accelerated by 3 percentage points quarter-on-quarter, not as strong as it appears overall. In other words, this quarter, Alibaba's internal demand for cloud services was also stronger.4) The International E-commerce Group's revenue grew by about 10% this quarter, continuing to slow down significantly. However, the corresponding adj. EBITA for this quarter has already turned positive to 160 million, aligning with the previous shift towards refined operations to improve limited profitability. (Too much investment in food delivery and cloud, indeed leaving no room for overseas business investment).5) All other bundled businesses reported a loss this quarter, expanding significantly from over 1 billion last year and last quarter to nearly 3.4 billion. However, major institutions had generally raised their loss expectations to 5 billion, with actual losses slightly less. This mainly reflects investments in Gaode's street view ranking and AI 2C directions like Quark and Qianwen. $Alibaba(BABA.US) $BABA-W(09988.HK) $BABA-WR(89988.HK)

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1124 | Dolphin Research Focus: 🐬 Macro/Industry 1. On November 21st, 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 the changes, Dolphin Research is particularly interested in Leapmotor being included in the Hang Seng TECH Index, and Hesai Technology being added to the Hang Seng Composite Index. Inclusion in the indices will bring passive capital inflows to both companies, enhancing stock liquidity and market attention. Leapmotor rose nearly 6% today, while Hesai increased by over 8%...

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Bilibili

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YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

NIO-SW

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NIO Inc. USD OV

Ali Qianwen surpasses ten million downloads; Hang Seng Index adjusts, Leapmotor and Hesai surge｜Today's Important News Recap

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On November 18th, before the U.S. stock market opened, $PDD(PDD.US) announced its Q3 2025 earnings. At that time, few could predict the results, and the once 'forever young' Pinduoduo now seems to have entered a mature phase from various perspectives. This quarter's performance is mixed; the positive aspect is that after the impact of state subsidies waned, the main site's profit began to recover. The concern, however, is that Pinduoduo seems to have completely lost its previously most striking 'growth potential.' Specifically: 1. Revenue appears decent but is actually not: Pinduoduo's total revenue for this quarter was approximately RMB 108.3 billion, a year-on-year increase of 9%...

Goldman Sachs

GOLDMAN SACHS GROUP INC DEP SHR REP 1/1000TH PFD SER A

GOLDMAN SACHS GROUP INC DEP SHS REPSTG 1/1000TH PRF SER C

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Pinduoduo's Embarrassment: Rapid 'Aging,' Yet No Repurchase

Earnings call analysis shows Alibaba's revenue growth but drop in profit and cash flow

Alibaba Releases New Generation AI Model 'Wanxiang 2.6'

Alibaba's subsidiary Cainiao reportedly reached a cooperation with Mixue Bingcheng

Weak performance in tech stocks drags down Hong Kong market, Alibaba's stock price falls by 3.6%

Competition in the AI terminal market intensifies, with Alibaba competing alongside ByteDance and Li Auto

Alibaba's Quark AI glasses see strong demand, production line to be added to boost capacity

Hang Seng Index opens lower, Alibaba shares fall by over 1%

Alibaba faces court hearing on December 16 over a network service contract dispute

Report shows Alibaba's short-selling value ranked in the top three in the previous trading day

Alibaba's Xianyu dismisses a director over data security issues

Alibaba's first OPC community is established in Nanjing

Alibaba's U.S.-listed shares fall over 3%

Alibaba launches US$537 Quark AI glasses

Analysis suggests China's huge demand for AI computing power offers growth opportunities for both domestic and foreign chipmakers

Alibaba Cloud Anti-DDoS products to be upgraded