Automobile Manufacturers

Tesla

Deep Research

02498

605488

688322

688071

02050

002050

HSAI

02525

603662

600480

BOSCH

300007

688582

TSLA

XPEV

09868

Entering 2025, three years into the OpenAI-led AI cycle, the industry remains in a full-on AI investment phase. Based on our recent work, Dolphin Research sees 2026 hinging on compute cost-down and on AI capex translating into deployments across software and hardware.The rollout of new hardware is the true incremental driver. Meanwhile, mass production of Tesla's Optimus is drawing closer, and humanoid robots could become the primary AI form factor, reshaping human interaction and productivity.On this premise, Dolphin Research is launching coverage on the robotics supply chain. This is Part 1.

ROBOSENSE

Fulai New Material

Orbbec

Honeywell

W-Ibeda

SANHUA

Sanhua

Hesai

HESAI-W

Keli

Lingyun Ind

Hanwei Electronics

XDLK

XPeng

XPENG-W

Humanoid Robots: AI's Best Hope?

地平线

NVDA

09866

01211

BYDDF

81211

BYDDY

002594

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

TSDD

TSLL

HYDD

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

NVIDIA

NIO-SW

BYD COMPANY

BOYD Gaming

NIO Inc. USD OV

BYD Company Limited

BYD COMPANY-R

BYD Company

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

BYD HK SDR 10to1

HORIZONROBOT-W

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

LEADING IDEAL

Financial Analysis

02015

MBGYY

BMWYY

MSFT

AAPL

MSFL

MSFO

MSFD

MSFU

MSFX

MSFY

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

LI AUTO-W

Li Auto

Mercedes-Benz Group AG

Bayerische Motoren Werke AG

BAYERISCHE MOTOREN WERKE AG ADR EACH REPR 0.33333 SHS SPONSORED

Microsoft

Apple

GraniteShares 2x Long MSFT Daily ETF

YieldMax MSFT Option Income Strategy ETF

Direxion Daily MSFT Bear 1x Shares

Direxion Daily MSFT Bull 2X Shares

T-Rex 2X Long Microsoft Daily Target ETF

Kurv Yield Premium Strategy Microsoft MSFT ETF

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

Conference Minutes

ONVO

VIVS

09863

01810

81810

XIACY

HXXD

Confident in achieving quarterly breakeven in the fourth quarter

North American Energy Par

Organovo

VivoSim Labs

LEAPMOTOR

XIAOMI-W

ZEEKR Intelligent Tech

Quanex Building Products

XIAOMI-WR

Xiaomi Corporation

Xiaomi HK SDR 2to1

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

FUTU

03588

BMNR

SBET

KONG

TSLQ

09366

07766

07366

TSLR

BRK.B

BRK.A

07777

The following are the Minutes of the 3Q25 earnings call for $Futu(FUTU.US) compiled by Dolphin Research. Detailed business data for the quarter can be viewed in the Longbridge APP under Stocks - Panorama - Performance Composition. I. Review of Core Financial Information 1. $FUTU-W(03588.HK) The company's total revenue for the quarter reached HKD 6.4 billion, a significant year-on-year increase of 86%, mainly driven by comprehensive growth in brokerage, interest, and other service income. 2. Brokerage commission and fee income increased to HKD 2.9 billion, up 91% year-on-year and 13% quarter-on-quarter...

Futu

Camden National

FUTU-W

BitMine Immersion Tech

SharpLink Gaming

Formidable Fortress ETF

Pro Ultra 7-10Yrs

AT & T

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

XI2CSOPTSLA

GraniteShares 2x Long TSLA Daily ETF

Reliance

Berkshire Hathaway B

Berkshire Hathaway

XL2CSOPBRKB

AT&T INC 5.000% DEP SHS REP 1/1000 PERP PFD SER A

AT&T INC DEP SHS EACH REP 1/1000TH PERP PFD SER C

Futu (3Q25 Minutes): Crypto Trading Surges, Hong Kong Remains the Main Source of New Customers

Baidu

09888

K3SD

89888

BIDU

00700

MAAS

HBUD

80700

HTCD

TCEHY

TCTZF

以下为海豚君整理的 $Baidu(BIDU.US) 2025 财年第三季度财报电话会议纪要， $BIDU-SW(09888.HK) 财报解读请移步《 百度，猛贴 AI 讲故事，真能救活自己吗？》一、财报核心信息回顾 1. $BIDU-SWR(89888.HK) AI 收入占比已达 40%：三季度，直接与 AI 相关的收入实现近 100 亿，这已达到总营收的 40%...

BIDU-SW

BIDU ADR US

BIDU-SWR

TENCENT

Maase 

Baidu HK SDR 10to1

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

Baidu (Minutes): AI native marketing is the future second curve

$Baidu(BIDU.US) released its Q3 results after Hong Kong market hours on 18 November 2025. Overall, the performance met expectations. The detailed disclosure of AI revenue demonstrates the company's eagerness to shed its traditional label and fully embrace its new AI narrative. Specifically (focusing solely on Baidu's core operations): 1. AI revenue contribution reaches 40%: During Q3, revenue directly attributable to AI activities amounted to nearly RMB10 billion, constituting 40% of total revenue...

C3.AI

Agora

Can the new Baidu, aspiring to AI, successfully shed its old advertising label?

QCOM

TOPS

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

Qualcomm

Top Ships

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

Xpeng

VWAGY

VWAPY

300024

Achieving annual sales of one million humanoid robots by 2030 is our long-term goal.

Volkswagen

Volkswagen AG

SIASUN

XPeng (3Q25 Minutes): Launching seven 'dual-energy' models by 2026

The ‘chilly’ car sales business meets the ‘hot’ AI expectations

Xpeng: The “Eastern Tesla” narrative unfolds – does selling cars even matter anymore?

Tesla(TSLA.US)

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