1117 ｜Dolphin Research Focus:

🐬 Individual Stocks

1、$BABA-W(09988.HK) $Alibaba(BABA.US)

Alibaba announced that its personal AI assistant Qwen APP has officially started public testing, simultaneously launching web and PC versions for free. The APP is built on the Qwen3 model, integrating dozens of functions such as AI photo editing and document reading, and plans to incorporate various life scenarios. The international version will also be launched soon. On the first day of launch, due to traffic far exceeding expectations, many users reported issues such as entry congestion and unresponsive commands, quickly pushing "Alibaba Qwen crashed" to the top of trending searches. In response, the official stated that the system was in good condition. This public test not only demonstrates the high market interest in Alibaba Qwen, but also shows that the technical accumulation and ecological potential of the open-source model behind it have been recognized by users. The free strategy also lays the foundation for competing with ChatGPT and capturing the C-end and overseas markets.

2、$XIAOMI-W(01810.HK)

On November 16, Lei Jun posted multiple Weibo messages to clarify the misinterpreted statement "Looks are more important than safety," reiterating that "safety is the foundation and premise," and attached screenshots of his historical statements since 2023, emphasizing four levels of safety guarantees and industry-leading standards. This move promptly addressed public concerns and reinforced the brand perception that "safety is the ultimate luxury."

3、$NVIDIA(NVDA.US)

Documents disclosed over the weekend showed that Thiel's fund liquidated 537,000 shares of NVIDIA stock in the third quarter, cashing out approximately $100 million, while simultaneously reducing holdings in Tesla and increasing holdings in Apple and Microsoft. Thiel had previously warned that AI hype was comparable to the internet bubble.As a benchmark in tech investment, Thiel's actions have heightened market concerns about an AI valuation bubble.

4、$Alphabet(GOOGL.US)

"69% of participants in the prediction market bet that Google's AI model Gemini 3.0 will be released next week" went viral online, with Google CEO Sundar Pichai responding with a "thinking face" emoji, indirectly confirming the timeline. The model has been described by insiders as "extremely impressive," outperforming its predecessor in tests such as 18th-century handwritten manuscript recognition, with a character error rate of only 0.56%. Its coding and multimedia generation capabilities are expected to see significant upgrades.The model's breakthrough reasoning and recognition capabilities are expected to reverse the previous catch-up trend, especially in the context of ChatGPT-5 not meeting expectations, seizing the initiative.

5. Geely, ZEEKR, Luckin, XPeng, Huazhu, and Leapmotor will release their financial reports tonight.

🐬 Leading Sectors

Shanghai and Shenzhen: Forestry products, system software, auto retailers;

Hong Kong stocks: Security and alarm services, industrial gases, specialty chemicals;

U.S. stocks: Marine ports and services, heavy electrical equipment, oil and gas refining and marketing.

🐬 Focus for Tomorrow

1. Pinduoduo, Xiaomi, Baidu, Trip.com, and Boss Zhipin will release their financial reports.

2. U.S. import price index month-on-month, U.S. industrial production month-on-month.

Risk Disclosure and Statement: Dolphin Research Disclaimer and General Disclosure