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2026 overseas sales target: 100,000 to 150,000 vehicles

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Leapmotor (3Q25 Minutes): 2026 sales target of 1 million units, net profit target of 5 billion.

Today’s Key News Recap

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1106 | Dolphin Research Focus: 🐬 Stocks 1. $XPeng(XPEV.US) On November 5th, XPeng Technology Day, the new generation humanoid robot IRON was officially unveiled and topped the trending searches, even sparking discussions suggesting it was &#34;a real person in disguise.&#34; It features a bionic design, with 82 degrees of freedom throughout the body and 22 degrees of freedom in the hands, equipped with 3 Turing AI chips and a physical world large model, with a total computing power of 2250 TOPS, and debuts solid-state battery technology. The robot is planned for mass production by the end of 2026...

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XPeng humanoid robot's catwalk amazed the audience; Moutai announced repurchase + dividend｜Today's Important News Review

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The following are the minutes of Qualcomm's Q4 FY2025 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Qualcomm: Shedding the 'Mobile Stock' Label, Is AI Computing Power the 'New Hope'?&#34; 1. $Qualcomm(QCOM.US) Key Financial Information Review 1. Cash Flow and Shareholder Returns: Generated a record $12.8 billion in free cash flow and returned nearly 100% to shareholders through buybacks and dividends. 2. Q1 FY26 Performance Guidance: a. Revenue is expected to be between $11.8 billion and $12.6 billion...

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Qualcomm (Minutes): Details and performance metrics of AI chips will be announced early next year.

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Qualcomm (QCOM.O) released its financial report for the fourth quarter of fiscal year 2025 (ending September 2025) after the U.S. stock market closed on the morning of November 6, 2025, Beijing time. The key points are as follows: 1. Core data: Qualcomm's revenue for this quarter was $11.27 billion, an increase of 10% year-on-year, better than market expectations ($10.75 billion). The company's mobile business accelerated growth driven by new products, while the growth rates of IoT and automotive businesses slowed down. The company's gross margin for this quarter was 55.3%, a year-on-year decrease of 1.1 percentage points, slightly below market expectations (55.6%)...

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Qualcomm: Shedding the 'Mobile Stock' Label, Is AI Computing Power the 'New Hope'?

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Qualcomm Quick Interpretation of Financial Report: The company's revenue for this quarter exceeded expectations, primarily driven by growth in the smartphone business; the decline in gross margin was due to the increased proportion of QCT hardware, which diluted the company's overall gross margin. The decline in the company's profit for this quarter was mainly affected by the inclusion of a $5.7 billion deferred tax asset reserve. Excluding this impact, the company's net profit for this quarter is approximately $2.6 billion. The increase in R&amp;D expenses and selling and administrative expenses also contributed to the decline in quarterly profit. The company's current smartphone business remains the largest source of revenue, accounting for 60% of total revenue. The acceleration in smartphone business growth this quarter does not indicate an improvement in demand in the Android smartphone market (global smartphone market shipment growth in the third quarter was only in the low single digits), but is mainly due to the company once again releasing this year's flagship smartphone SoC—Snapdragon 8 Elite Gen5 ahead of schedule, nearly a month earlier than the previous generation Gen4, with downstream manufacturers' stocking demand also being brought forward. For the company's guidance for the next quarter, the company expects revenue of $11.8-12.6 billion, better than market expectations ($11.6 billion). However, if viewed from the midpoint of the range ($12.2 billion) with a quarter-on-quarter increase of 8%, it is actually lower than the 13% quarter-on-quarter increase in the same period last year, which also confirms the demand preposition effect brought by the early release of new products. Overall, the company's current performance still mainly revolves around the smartphone and IoT businesses, remaining quite stable. These traditional fields are already quite mature and stable, and will also be affected by factors such as the tightening of state subsidies policies. The market is more looking forward to the company's growth opportunities in the AI PC and data center fields. As the company's stock price had been maintained in the $150-170 range, it surged to $200 on the day of announcing its entry into the AI data center at the end of October. Since there is no more incremental information, the company's stock price has fallen back again. Compared to the narrative in traditional fields, if the company can provide more progress on AI PC or data center orders and specific product planning, it will better stimulate market enthusiasm. For more detailed information, please follow Dolphin Research's subsequent commentary and Minutes content. $Qualcomm(QCOM.US)

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1105 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. China has made adjustments to its tariff policy on the United States, announcing the suspension of the previously imposed 24% tariff rate on certain imported goods originating from the United States, while retaining the 10% additional tariff rate. The policy adjustment focuses on balancing trade costs and domestic demand, specifically covering a range of goods including machinery and electronic components. In the short term, the policy will alleviate market concerns about the 'escalation of the tariff war,' while in the long term, further adjustments to tariffs will need to be assessed based on the progress of Sino-US economic and trade negotiations...

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Elon Musk reveals new information about Tesla AI5; CDF plans its first interim dividend | Today's Important News Recap

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TSMC released its Q3 2025 financial report (ending September 2025) before the U.S. stock market opened on the afternoon of October 16, 2025, Beijing time. Key points are as follows: 1. Revenue: TSMC's revenue for this quarter was $33.1 billion, a quarter-on-quarter increase of 10.1%, mainly driven by the stocking of electronic products such as iPhones and the growing demand for AI chips. The company's revenue for this quarter exceeded the upper limit of the guidance range ($31.8-33.0 billion), partly due to the depreciation of the U.S. dollar. In terms of New Taiwan dollars, the company's quarterly revenue increased by about 6%...

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"Dominant" TSMC, is it the strongest king in the AI era?

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ASML released its Q3 2025 financial report (up to September 2025) before the U.S. stock market opened on the afternoon of October 15, 2025, Beijing time. The key points are as follows: 1. Revenue &amp; Gross Margin: a) $ASML(ASML.US) reported a revenue of 7.5 billion euros this quarter, a year-on-year increase of 0.7%, compared to the market expectation of 7.7 billion euros. The company's revenue this quarter mainly came from contributions by TSMC and customers in mainland China. b) The gross margin for this quarter was 51.6%, close to the upper end of the company's guidance range (50-52%), mainly due to an increase in the proportion of service-related revenue...

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ASML: AI Capex adds a buff, the worst period is over!

The following is a summary of the Qualcomm FY2025 Q3 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Qualcomm: Mobile Risks Looming, When Will AI Promises Satisfy?&#34; 1. $Qualcomm(QCOM.US) Key Financial Information Review 1. Shareholder Returns: Returned $3.8 billion to shareholders (including $2.8 billion in stock repurchases and $967 million in dividends), fulfilling the commitment to &#34;return 100% of free cash flow this fiscal year.&#34; 2. 4Q25 Guidance: Q4 and full year of this fiscal year are 13 weeks...

Qualcomm (Minutes): Growth opportunities in automotive and IoT far exceed revenue from Apple

Qualcomm (QCOM.O) released its financial report for the third quarter of fiscal year 2025 (ending June 2025) after the U.S. stock market closed on the morning of July 31, 2025, Beijing time. Key points are as follows: 1. Core Data: $Qualcomm(QCOM.US) reported revenue of $10.36 billion for this quarter, an increase of 10.3% year-on-year, in line with market expectations ($10.33 billion). The company's mobile business showed weak recovery, while the IoT and automotive businesses both grew by more than 20%. The company's gross margin for this quarter was 55.6%, flat year-on-year, slightly better than market expectations (55%)...

Qualcomm: Smartphone Risks Under the Surface; Can AI’s Pie-in-the-Sky Ever Fill the Gap?

Qualcomm CFO Reports Disposition of Company Common Stock

BlackRock Discloses Holdings in Qualcomm Securities

Invesco Discloses Public Trading of Qualcomm Subsidiary AquA Acquisition Sub LLC

Merrill Lynch Discloses Positions and Transactions in Qualcomm Shares

Swiss Bank Asset Management Discloses Holdings in Qualcomm

Barclays Capital Discloses Positions and Transactions Related to Qualcomm Subsidiary

LMR Partners LLP discloses its position in Qualcomm Inc.

Qualcomm Completes Acquisition of Alphawave Semi

US Companies Seek 337 Investigation of Specific Wireless Communication Devices and Components

Qualcomm VP Rogers Alexander Sold 15,917 Qualcomm Shares

Barclays Discloses Holdings and Transactions in Qualcomm Subsidiary Aqua Acquisition Sub LLC

Wyoming Reduces Holding in Qualcomm, Ginnan Asset Management Increases Holding

Qualcomm COO Discloses Stock Holding Changes

Qualcomm VP Heather S. Ace Reports Shareholding Changes

Goldman Sachs Discloses Transactions Related to Alphawave IP Group PLC and Qualcomm Subsidiary

State Street Global Advisors Discloses Ownership in Qualcomm

BMO Discloses Securities Trades Related to Qualcomm and Alphawave IP

Geode Capital Management LLC Discloses Holdings in Qualcomm