Automobile Manufacturers

Li Auto

Alibaba

LEADING IDEAL

HUAWEI

GOOG

GOOGL

AMZN

02015

09988

BYTED

01810

89988

BABA

81810

XIACY

GGLS

GGLL

AMZU

KBAB

BABO

HBBD

HXXD

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

Huawei

Alphabet - C

Alphabet

Amazon

C3.AI

LI AUTO-W

BABA-W

Meta Platforms

ByteDance

XIAOMI-W

BABA-WR

XIAOMI-WR

Xiaomi Corporation

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Direxion Daily AMZN Bull 2X Shares

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

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

VIPS

01024

NVDA

小红书

03690

09618

81024

83690

MPNGY

89618

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07788

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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...

Vipshops

Micron Tech

Salesforce

Hudbay Minerals

KUAISHOU-W

NVIDIA

MEITUAN

JD-SW

KUAISHOU-WR

MEITUAN-WR

Meituan

JD-SWR

JD.com

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

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

ASML

DIDIY

BABX

MS-A

MS-E

MS-F

MS-I

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MS-Q

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

BABA 2x Long Daily ETF - GraniteShares

Pro Ultr Silver

iShares Silver Tr

Morgan Stanley

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

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

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

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

Financial Analysis

AAPL

BMWYY

MBGYY

MSFT

TSLA

AAPB

AAPD

AAPU

AAPX

AAPY

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07388

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Plan to make Li Auto the best-performing company in the embodied intelligence field within the next 3 to 5 years

Apple

Bayerische Motoren Werke AG

BAYERISCHE MOTOREN WERKE AG ADR EACH REPR 0.33333 SHS SPONSORED

Mercedes-Benz Group AG

Microsoft

Tesla

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

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

Li Auto (3Q25 Minutes): Transforming Cars into Embodied Intelligence in the Physical World

The internal and external challenges of the L series are more severe than imagined.

ZEEKR Intelligent Tech

Mega Matrix

Li Auto: The collapse of the extended-range model, can the i6's explosive orders save the crumbling Li Auto?

GAIN

COST

Li Auto 3Q25 Quick Interpretation: Dolphin Research's first glance at Li Auto's financial report can only be described as 'unbearable to look at,' with a significant drop in gross margin and net profit turning from a gain to a loss.However, upon closer examination, it was found that the main culprit behind Li Auto's 'unbearable' quarterly financial report was the Mega recall event, which had a negative impact on the cost side, amounting to nearly 1.11 billion yuan. After accounting for the impact of this one-time event, Li Auto's 'real' gross profit for the third quarter was 5.58 billion yuan, with an overall gross margin of 20.4%. Both overall revenue and gross margin slightly exceeded market expectations. Therefore, excluding the impact of the Mega recall, the overall performance of the third-quarter financial report slightly exceeded market expectations.Specifically:Third-quarter vehicle sales revenue was 25.87 billion yuan, exceeding the expected 25 billion yuan. This was mainly due to the high prices of the i8 and Mega pure electric models, which raised the average selling price to 277,000 yuan, surpassing the market expectation of 266,000 yuan.Excluding the negative impact of the Mega recall on the cost side, the vehicle sales gross margin for this quarter was 19.8%, up about 0.4 percentage points from 19.4% in the previous quarter. This performance was still acceptable, mainly due to the increase in the average selling price of vehicles, which offset the negative impact of the increase in per-vehicle amortized costs due to a quarter-on-quarter decline in sales volume.Finally, driven by the quarter-on-quarter increase in the 'real' gross margin, although R&amp;D expenses continued to increase, the 'real' net profit after excluding the impact of the Mega recall was 490 million yuan, slightly exceeding the market expectation of 320 million yuan.However, Dolphin Research needs to remind that compared to the third-quarter performance itself, the market will be more concerned about the fourth-quarter guidance, and Li Auto's fourth-quarter guidance does not meet expectations.According to the guidance, fourth-quarter sales guidance is only 100,000-110,000 units. Given that October sales were 32,000 units, the implied average monthly sales for November/December are only 34,000-39,000 units, significantly lower than the market expectation of 138,000 units. This indicates that the ramp-up speed of the i6, a popular model, is below expectations. More importantly, it implies that the sales of the L series extended-range models will decline significantly quarter-on-quarter compared to the third quarter, especially as Li Auto continues to increase discounts on the L series. The 'internal and external troubles' of the L series are more severe than expected.With the i6 launching at a low price and the L series increasing discounts but still experiencing a significant quarter-on-quarter decline in sales, Li Auto's fourth-quarter vehicle sales gross margin is expected to remain under significant pressure. The specific outcome will depend on the guidance from the management. $Li Auto(LI.US) $LI AUTO-W(02015.HK)

Gladstone Investment

Costain Group PLC

Costco Wholesale

CloudFlare

DELL

00700

09888

09866

80700

TCTZF

TCEHY

BIDU

89888

HTCD

HBUD

1126 | Dolphin Research Key Focus: 🐬 Stocks 1. $MEITUAN(03690.HK) Meituan saw a significant rebound today. Alibaba's China E-commerce Business Group CEO, Jiang Fan, pointed out that the first phase of Taobao Flash Sale's scale expansion has ended, and it has now entered the second phase, which is the 'efficiency optimization' phase. This implies that the disorderly cash-burning competition Meituan faces is expected to ease, leading to a more stable market structure, temporarily alleviating Meituan's profitability pressure. Meituan rose over 5% today. 2. $Baidu(BIDU.US) Baidu announced the establishment of a foundational model R&amp;D department and an application model R&amp;D department...

Dell Tech

TENCENT

BIDU-SW

NIO-SW

TENCENT-R

Tencent Holdings Limited

Tencent

Baidu

BIDU-SWR

NIO Inc. USD OV

Tencent HK SDR 10to1

Baidu HK SDR 10to1

Meituan's Stock Rallies Strongly; Li Auto Announces AI Glasses Entry | Today's Important News Recap

Conference Minutes

VIVS

ONVO

09863

09868

01211

XPEV

81211

HYDD

002594

BYDDF

BYDDY

Confident in achieving quarterly breakeven in the fourth quarter

Quanex Building Products

VivoSim Labs

Organovo

North American Energy Par

Edition

LEAPMOTOR

XPENG-W

BYD COMPANY

XPeng

BYD COMPANY-R

BYD HK SDR 10to1

Nio (3Q25 Minutes): Expects 20% vehicle gross margin in 2026, achieving full-year Non-GAAP profitability