1113 ｜Dolphin Research Key Focus:

🐬 Macro/Industry

1.Trump signed a federal government temporary funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days.In the short term, it can restart federal services, back pay employees, alleviate civil impacts such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core disagreements such as healthcare subsidies and the remaining 9 annual appropriations, with shutdown risks still present after January 30.

🐬 Individual Stocks

1.$Baidu(BIDU.US)

The Baidu World Conference is held today, and within the concurrently held "Baidu World Exhibition Area," Baidu's Kunlun chip super node made its public debut for the first time,This product is a key implementation of Baidu's full-stack AI capabilities, breaking the bottleneck of large model computing power through system-level optimization, significantly reducing inference costs, and addressing the core pain point of "enterprise cost reduction needs." Its high-density design and mature deployment capabilities are expected to accelerate the commercialization of large models in fields such as finance and industry, but it needs to face ecosystem competition from leading manufacturers like Nvidia.

2.$BABA-W(09988.HK)

Alibaba plans to revamp its flagship AI application, aiming to make its product form closer to ChatGPT. Specific details of the functional adjustments have not been disclosed yet. The change signals Alibaba's benchmarking against industry standards and strengthening of the C-end AI experience, attempting to capture user mindshare through optimized interaction logic and response capabilities. Alibaba's stock price surged sharply in the afternoon, and attention should be paid to the progress of model iteration and scenario integration.

3.$Meta Platforms(META.US)

Meta announced it will invest over $1 billion to build an AI data center in Wisconsin, USA, focusing on deep learning and neural network computing to support AI model training and inference, using renewable energy. It is an important part of its $65 billion AI infrastructure plan.

4.$Rivian Automotive(RIVN.US)

Rivian executives revealed that winter testing of vehicles developed in collaboration with Volkswagen will start at the end of 2025 and continue until the first quarter of 2026. The tests will focus on the reliability and data transmission of regional electronic architecture in extremely cold environments, paving the way for the launch of mass-produced models in 2027. Leveraging Rivian's software technology and Volkswagen's manufacturing capabilities, the collaborative models are expected to benchmark against Tesla, but caution is needed regarding adaptation issues exposed during testing that may delay the launch schedule and affect market competitiveness.

5.$Vipshops(VIPS.US)

According to foreign media reports, Vipshop is exploring the possibility of launching a listing and financing plan in Hong Kong as early as 2026, but the specific timetable and financing scale have not been finalized yet. The current competitive landscape in the e-commerce industry means its profitability and growth resilience will directly impact its listing valuation.

6. Dolphin Research focuses on earnings reports and conference call minutes

Tencent Music:《Can Tencent Music still be "small and beautiful" with ByteDance's efforts?》、《Tencent Music (Minutes): Subscription growth slightly slows, short-term investment impacts profitability》

Circle:《Circle 3Q25 Quick Interpretation》、《Circle (Minutes): Ecosystem network is more important than commercialization》

Tencent, Bilibili, Disney, JD.com, SMIC release earnings reports, Dolphin Research will track and provide analysis and interpretation.

🐬 Leading Sectors

Shanghai and Shenzhen: Computer and electronic product retailers, electrical components and equipment, forest products;

Hong Kong stocks: Silver, specialty chemicals, paper products.

U.S. stocks: Aluminum, silver, gold;

🐬 Focus for Tomorrow

1. China's retail sales of consumer goods year-on-year, China's industrial output above designated size year-on-year;

2. U.S. retail sales monthly rate, U.S. PPI monthly rate, U.S. PPI annual rate, U.S. business inventory monthly rate.

3. Earnings reports from Applied Materials and others.

Risk disclosure and statement of this article: Dolphin Research Disclaimer and General Disclosure