Automobile Manufacturers

Today’s Key News Recap

09866

K3SD

01810

XIACY

81810

01211

81211

HYDD

002594

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09888

89888

HBUD

BIDU

09999

NTES

HXXD

0102 | Dolphin Research Key Watch: 🐬 Macro/Industry. 1) As the new year begins, major NEV makers released Dec 2025 delivery data to close out the year.BYD sold 420.4k units in Dec, with 4.6mn units for the full year, retaining the industry lead. Leapmotor delivered 60.4k in Dec (+42% YoY), and nearly 600k for the year, doubling YoY.Xiaomi deliveries topped 50k for the first time, with the YU7 model standing out. Nio delivered 48.1k, a new monthly high. Li Auto delivered 44.2k in Dec...

NIO-SW

NIO Inc. USD OV

BIDU ADR US

XIAOMI-W

Xiaomi Corporation

XIAOMI-WR

BYD COMPANY

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

BIDU-SW

BIDU-SWR

Baidu HK SDR 10to1

Baidu

Taiwan Semiconductor

NTES-S

NetEase

Xiaomi HK SDR 2to1

BOYD Gaming

NTES ADR US

LEAPMOTOR

HK market off to a roaring start; BIDU's Kunlun Chip gears up for HK IPO | Daily News Recap

地平线

Deep Research

NVDA

TSLA

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

TSDD

TSLL

Horizon Robotics: An NVDA alternative for high-end autonomous driving?

NVIDIA

Tesla

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

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

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

HORIZONROBOT-W

Horizon Robotics: Can China’s AD substitute chips unseat NVDA?

MART

09992

00388

TECH

80388

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09868

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XPEV

1209 | Dolphin Research Focus: 🐬 Macro/Industry 1) Hong Kong Exchanges and Clearing Ltd. (HKEX) announced the HKEX Tech 100 Index, tracking the 100 largest Southbound Stock Connect-eligible tech names across six themes, including AI, biotech, and autonomous driving. The index fills a gap for a broad-based vehicle covering diversified China tech in HK and could attract more southbound flows.🐬 Single Stock 1) $NVIDIA(NVDA.US). Trump posted on Truth Social...

Allianzim US Large Cap Buffer10 Mar ETF

POP MART

HKEX

Bio-Techne

Mirae Asset Global Investments Co., Ltd.

HKEX-R

Hong Kong Exchanges and Clearing (HKEX)

Morgan Stanley

LI AUTO-W

XPENG-W

POP MART HK SDR 20to1

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

Li Auto

XPeng

HKEX debuts flagship Tech Index; NVDA H200 cleared for China exports | Daily News Recap

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BABA

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...

TENCENT

Meituan HK SDR 5to1

MEITUAN

Tencent

Tencent Holdings Limited

TENCENT-R

MEITUAN-WR

Meituan

BABA-W

Agora

Dell Tech

Intelligent Vehicle

BABA-WR

Tencent HK SDR 10to1

Alibaba HK SDR 5to1

Alibaba

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

Conference Minutes

ONVO

VIVS

Confident in achieving quarterly breakeven in the fourth quarter

North American Energy Par

Organovo

VivoSim Labs

ZEEKR Intelligent Tech

Quanex Building Products

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

Financial Analysis

COST

Fourth quarter guidance below expectations

Community Financial

Costco Wholesale

Costain Group PLC

Nio: Cost Reduction and Efficiency Improvement Are Effective, But Is It Really a 'Turnaround'?

Nio 3Q25 Quick Interpretation: Overall, Nio's third-quarter earnings performance was decent, but the revenue and sales guidance for the fourth quarter were significantly below expectations. Specifically: 1. Third-quarter gross margin increased significantly quarter-on-quarter, with accelerated loss reduction: ① Third-quarter revenue was RMB 21.79 billion, basically in line with market expectations. In terms of the core vehicle sales business, the average selling price per vehicle this quarter decreased slightly by RMB 3,000 to RMB 221,000, mainly due to disguised price reductions from the &#34;free battery upgrade&#34; promotion and an increase in the proportion of the lower-priced Ledao L90 in the model mix, leading to a downward shift in the product structure. ② However, in terms of gross margin and loss reduction progress, Nio's overall progress was faster than expected: The third-quarter vehicle gross margin was 14.7%, a significant increase of 4.4 percentage points quarter-on-quarter, also higher than the market expectation of 12.9% and Nio's previous guidance of improving vehicle gross margin to 13%–14% in the third quarter. While the average selling price per vehicle continued to decline, the improvement in vehicle gross margin was primarily driven by a substantial reduction in per-unit costs, which decreased by RMB 13,000 to RMB 188,000 this quarter. Dolphin Research believes the quarter-on-quarter decline in per-unit costs was partly due to economies of scale from increased sales (up 21% quarter-on-quarter to 87,000 units), but more importantly, Nio's series of cost-cutting and efficiency measures have made significant progress (e.g., self-developed NX9031 autonomous driving chip reducing costs by RMB 10,000, improved platform integration, streamlined suppliers, NT3.0 eliminating NT2.0's excessive material stacking, etc.). The market had previously worried that the low pricing of the L90 would limit the release of vehicle gross margin in the third quarter, but this quarter's vehicle gross margin also proved that the L90 maintained a decent gross margin level. Finally, Nio's overall gross margin was 13.9%, up 3.9 percentage points quarter-on-quarter, also higher than the market expectation of 11.1%. This was due to both the better-than-expected vehicle gross margin and the strong performance of other income gross margin, which was 7.8%, significantly higher than the market expectation of -2.2%, mainly due to improved gross margins in parts, accessories sales, and after-sales services driven by cost-cutting and efficiency measures. In terms of net profit, Nio's net loss narrowed by RMB 1.48 billion quarter-on-quarter to -RMB 3.66 billion, better than the market expectation of -RMB 3.9 billion. This was due to both the quarter-on-quarter improvement in gross margin and a significant decline in R&amp;D expenses among the three major cost items, primarily resulting from layoffs in the R&amp;D team and the completion of earlier foundational R&amp;D work. 2. However, in terms of Nio's fourth-quarter guidance, both sales and revenue guidance were below expectations: ① Fourth-quarter sales guidance of 120,000–125,000 units is lower than the market expectation of 136,000 units and also below Nio's previous guidance of an average monthly delivery target of 50,000 units and a quarterly delivery target of 150,000 units for the fourth quarter. Based on this sales guidance, and given that October sales of 40,000 units have already been announced, the implied average monthly sales for November/December are 40,000–42,000 units. Combined with the fact that the waiting period for the Nio ES8 has extended to 22–23 weeks, with deliveries pushed to 2026, Nio remains in a &#34;supply shortage&#34; situation in the fourth quarter. This sales guidance also directly indicates that the pace of capacity release is significantly slower than expected. ② Fourth-quarter revenue guidance of RMB 32.7–34.0 billion is also lower than the market expectation of RMB 35.1 billion. The lower revenue guidance is primarily dragged down by sales, while the implied average selling price in the revenue guidance increased quarter-on-quarter to RMB 251,000, mainly due to a higher proportion of the expensive ES8 in the fourth quarter. Given the significantly slower-than-expected capacity release, Dolphin Research remains concerned about whether Nio's loss reduction progress in the fourth quarter can meet management's previous guidance of achieving positive Non-GAAP operating profit, as well as potential order cancellations due to excessively long waiting times. The specifics will depend on management's explanation of the reasons for the capacity delay and the fourth-quarter guidance during the earnings call.$NIO(NIO.US) $NIO-SW(09866.HK) $NIO Inc. USD OV(NIO.SG)

HSAI

OpenAI

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BABO

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02525

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%...

Hesai

BILIBILI-W

Bilibili

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

HESAI-W

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

GOOG

GOOGL

MSFT

BREA

GGLS

GGLL

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1119 | Dolphin Research Key Focus: 🐬 Stocks 1, $Microsoft(MSFT.US), $NVIDIA(NVDA.US). Microsoft, NVIDIA, and AI startup Anthropic announced the establishment of a strategic partnership. Microsoft and NVIDIA jointly invested $15 billion in Anthropic, which committed to purchasing $30 billion worth of Azure computing power, forming a capital and technology-bound AI alliance among the three parties. Building a &#34;Capital - Computing Power - Model&#34; closed loop...

Alphabet - C

Alphabet

Microsoft

Brera

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

GraniteShares 2x Long MSFT Daily ETF

YieldMax MSFT Option Income Strategy ETF

Nio's intelligent driving chip supplied externally for the first time; Nvidia's earnings report countdown｜Today's important news review