Automobile Manufacturers

XPeng

Conference Minutes

NVDA

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ONVO

XPEV

81810

HXXD

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Confident in achieving quarterly breakeven in the fourth quarter

NVIDIA

North American Energy Par

NIO-SW

LEAPMOTOR

LI AUTO-W

XPENG-W

XIAOMI-W

ZEEKR Intelligent Tech

Tesla

BYD COMPANY

Edition

Quanex Building Products

VivoSim Labs

Organovo

NIO Inc. USD OV

Li Auto

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

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

Today’s Key News Recap

SVIX

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1121 | Dolphin Research Focus: 🐬 Macro/Industry 1. Last night's non-farm payroll data was released, presenting a 'split' scenario. On one hand, the number of jobs grew beyond expectations, while on the other hand, the unemployment rate unexpectedly rose to a four-year high, leading to a setback in the Federal Reserve's rate cut expectations. The VIX fear index surged significantly during the day. Meanwhile, after NVIDIA's earnings report, its stock initially surged but quickly retreated, causing tech stocks to collectively decline, with Chinese concept stocks simultaneously falling. Market sentiment spread to Asia-Pacific, and today, both Hong Kong and A-share markets are under pressure...

-1x Short VIX Futures ETF

Pro Ultr Cvix Shrt Futures

2x Long VIX Futures ETF

Pro Vix Shrt Fut

Pro Shrt Vix Shrt Future

Pro Vix Mid Fut

Vipshops

Alphabet - C

Alphabet

NTES-S

NETEASE MUSIC

NetEase

GraniteShares 2x Long NVDA Daily ETF

The market is in distress; Xiaomi Rises Courageously｜Today's Important News Review

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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...

BIDU-SW

HUGO BOSS AG

BOSS ZHIPIN-W

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Microsoft

BIDU-SWR

Baidu HK SDR 10to1

Baidu

Kanzhun

KUAISHOU-WR

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

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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%...

iShares Frontier and Select EM ETF

Maase 

Agora

TENCENT

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Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

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

Financial Analysis

K3SD

$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...

BIDU ADR US

C3.AI

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

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09961

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1118 | Dolphin Research Focus: 🐬 Macro 1. Today, both Hong Kong and A-shares collectively declined as the market's expectation for a December rate cut by the Federal Reserve continued to decrease. According to CME's &#34;FedWatch&#34;, the probability of a 25 basis point rate cut by the Federal Reserve in December has dropped to 42.9%, previously exceeding 70%. Federal Reserve Governor Waller also stated that if the job market rebounds, the necessity for an insurance rate cut will diminish. Additionally, the sell-off pressure on tech stocks and the Japanese bond market faced a sell-off wave due to concerns that the Kishida government will implement a large-scale fiscal expansion plan. Under multiple factors, global markets collectively declined...

Luckin Coffee

TRIP.COM-S

Trip.com

Trip.com HK SDR 50to1

Global Markets Hit by 'Cold Wave'; Google AI Advances in Travel Services Track | Today's Important News Recap

QCOM

TSDD

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

Qualcomm

GraniteShares 2x Short TSLA Daily ETF

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

Xpeng

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

Volkswagen

Volkswagen AG

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

XI2CSOPTSLA

GraniteShares 2x Long TSLA Daily ETF

SIASUN

Intelligent Vehicle

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

CARS

TOPS

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

Cars.com

Top Ships

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

XPeng 3Q25 Quick Interpretation: The &#34;slightly cold&#34; car sales business meets the hot AI expectations. Due to XPeng's recent updates on AI advancements during last week's Tech Day, the stock price has risen to a relatively high historical level of $25 driven by AI sentiment, thus the market has high expectations for XPeng's financial report. However, in terms of actual performance, the car sales business in the third quarter fell short of expectations, and the guidance for sales and revenue in the fourth quarter is also relatively weak, both below expectations. Specifically, the third-quarter revenue was 20.38 billion, missing the market expectation of 20.47 billion, mainly due to car sales revenue falling short of expectations. This quarter's car sales revenue was 18.05 billion, significantly below the market expectation of 18.82 billion, as XPeng's car sales price did not stabilize and further declined by 8,000 yuan quarter-on-quarter to 156,000 yuan, while the market expected only a slight quarter-on-quarter decline of 2,000 yuan. Dolphin Research believes the main reason for the quarter-on-quarter decline in car sales price is the increased promotional discounts in the third quarter, and the model structure is still sinking, not following the upward route as XPeng expected. However, this quarter's service and other business revenue was 2.33 billion, significantly higher than the market expectation of 1.66 billion, mainly due to achieving an important milestone in cooperation with Volkswagen, leading to a quarter-on-quarter increase in technical R&amp;D service revenue from Volkswagen. Regarding gross margin, this quarter's gross margin was 20.1%, up 2.8 percentage points quarter-on-quarter, significantly exceeding the market expectation of 17.8%. The higher-than-expected gross margin is mainly due to the service and other business gross margin rising sharply by 21 percentage points quarter-on-quarter to 74.6%, with the increase also attributed to the recognition of large and almost pure gross margin technical R&amp;D service revenue this quarter. However, in the car sales business, due to the quarter-on-quarter decline in car sales price, despite the scale effect bringing down the unit cost, the car sales gross margin still declined by 1.2 percentage points quarter-on-quarter to 13.1% this quarter, below the market expectation of 14.4%. In the fourth-quarter guidance, XPeng's sales and revenue guidance are both significantly below market expectations: ① Sales guidance: Fourth-quarter sales guidance is 125,000-132,000 units, below the market expectation of 136,000 units. Given the known October sales of 42,000 units, the implied November/December sales are 41,500-45,000 units. Despite the fourth-quarter peak season and the rush to purchase before the purchase tax subsidy phase-out, it still falls short of expectations. Dolphin Research believes this is mainly due to a. the new P7 and G7 orders falling short of expectations, with the new P7's sales dropping to 5,660 units in the second month after launch, and the G7's current monthly sales being only around 3,500 units; b. the fourth quarter may only see the launch of the high-priced X9 MPV extended-range version, which is expected to contribute little to fourth-quarter sales. ② Revenue guidance: Fourth-quarter revenue guidance is 21.5-23 billion, also below the market expectation of 25 billion. Due to the unpredictable contribution of service revenue from the Volkswagen cooperation, assuming the fourth-quarter service revenue remains flat with the third quarter, the implied fourth-quarter car sales price is 155,000 yuan, still declining quarter-on-quarter from the third quarter's 156,000 yuan, indicating XPeng's goal of an upward model structure is still encountering obstacles. $XPeng(XPEV.US) $XPENG-W(09868.HK)

Mirae Asset Global Investments Co., Ltd.

Bio-Techne

Dayforce

Guangzhou Development Zone Jiaotou and XPeng Huitian Successfully Conduct First Flight Test of Flying Car

Yiwu Xpeng Automobile Sales Service Co., Ltd. Established

XPeng Inc. Bull Call Spread Activity Significantly Increased

East Asia Securities expects XPeng's new vehicle plan to improve profitability

Hong Kong Stocks Open High, But Gains Subside, With Mixed Performances Across Several Stocks

XPeng and Huawei Jointly Launch Huawei DriveONE Range Extender Technology and XPeng X9 Super Range Model

XPeng and Huawei Jointly Launch Next-Generation Range Extender Generator

XPeng Auto Delivered 391,937 Units from Jan to Nov 2025, Up 156% YoY

Xpeng Delivered 36,728 Smart Electric Vehicles in November 2025, Up 19% Year-over-Year

Nomura Gives Buy Rating to BYD and XPeng Motors

XPeng Auto Condemns AI-Generated False Vulgar Videos

XPeng Motors Donates 5 Million Yuan to Support Victims in DaPu HongFuYuan

Guangzhou XPeng Automobile Technology Co., Ltd. Obtains Patent for Robot Joints

申万宏源维持小鹏汽车买入评级，看好其业绩和业务前景

Guosen Securities Maintains Positive Outlook on XPeng Motors

XPeng Automotive Urgently Adds Materials to Meet X9 Order Demand

China Automotive Research & Test Center Verifies Xpeng X9's CLTC Range at 1602km

XPeng X9 Extended Range Version Launched and GAC, Zero Run Release Q3 Earnings Report

XPeng Announces 1 Millionth Vehicle Off the Line at 2025 Guangzhou Auto Show

XPeng's Land Carrier Rolling Chassis Prototype Successfully Rolled Off Assembly Line