Technology Hardware, Storage and Peripherals

XIAOMI-WR

Today’s Key News Recap

MSFT

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GOOG

GOOGL

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BOSS

NVDA

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89888

HBUD

BIDU

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HXXD

XIACY

NTES

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...

Microsoft

NIO-SW

Jiangsu Azure Corporation

KUAISHOU-W

Alphabet - C

Alphabet

Pro Ultr Silver

iShares Silver Tr

BIDU-SW

BOSS ZHIPIN-W

HUGO BOSS AG

NVIDIA

XIAOMI-W

FL2CSOPGOLD

SPDR Gold Shares

NTES-S

NETEASE MUSIC

NIO Inc. USD OV

KUAISHOU-WR

BIDU-SWR

Baidu HK SDR 10to1

Baidu

Kanzhun

Xiaomi HK SDR 2to1

Xiaomi Corporation

NetEase

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

Conference Minutes

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TSLA

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TCEHY

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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%...

TENCENT

BIDU ADR US

LEAPMOTOR

LI AUTO-W

XPENG-W

ZEEKR Intelligent Tech

Tesla

BYD COMPANY

Tencent

TENCENT-R

Tencent Holdings Limited

Li Auto

XPeng

Tencent HK SDR 10to1

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

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

Financial Analysis

$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

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

Xiaomi

The following are the minutes of Xiaomi's Q3 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Xiaomi: Without Subsidies, Can Cars Really Hold Up the Front?&#34; 1. $XIAOMI-W(01810.HK) Core Data Review Performance Overview: Total Revenue: Reached RMB 113.1 billion, a year-on-year increase of 22.3%. This marks the fourth consecutive quarter that the group's revenue has exceeded RMB 100 billion. Group Gross Margin: 22.9%, an increase of 2.5 percentage points year-on-year, setting a new historical high. Adjusted Net Profit: RMB 11.3 billion, a year-on-year increase of 81%...

Hudbay Minerals

MediaAlpha

Pros

Xiaomi (Minutes): Rising storage costs have a greater impact on manufacturers with lower ASP.

Xiaomi Corporation (1810.HK) released its Q3 2025 financial report (ending September 2025) after the Hong Kong stock market closed on the evening of November 18, 2025, Beijing time. The key points are as follows: 1. Overall performance: $XIAOMI-W(01810.HK) revenue was 113.1 billion, a year-on-year increase of 22.3%. Among this, revenue from traditional businesses (smartphones x AIoT) only grew by 1.6% year-on-year. The growth this quarter was mainly driven by the automotive business. The gross profit margin increased to a relatively high level of 22.9%...

Samsara

Xiaomi: With subsidies withdrawn, can the automotive sector truly uphold its reputation?

Xiaomi Quick Interpretation: Xiaomi's performance this quarter generally met market expectations, with improvements in revenue and gross margin mainly driven by the automotive business. Specifically, traditional businesses are under significant pressure, while the automotive business contributes the current main increment. ① Traditional Business: The company's mobile phone business declined again year-on-year this quarter, with a slight increase in mobile phone shipments, but the average price of mobile phones continued to decline, which is actually a sign of intensified competition. On the other hand, the previously high growth of the IoT business, a major driver of the company's traditional business, has no longer been sustained this quarter, with growth slowing to single digits. After the tightening of state subsidies (changed to coupon grabbing or lottery), it has significantly affected the demand in the terminal market, directly impacting the logic of the company's traditional business recovery. Currently, coupled with the impact of rising storage prices, the company's mobile phone gross margin has fallen to around 11% this quarter. If storage prices continue to rise next year, it will directly pressure the company's performance next year; ② Automotive Business: The high growth performance of Xiaomi's automotive business in the financial report is mainly due to past backlog orders. From a dynamic perspective, the company's production capacity and orders should be considered together. Xiaomi's automotive deliveries reached 48,000 units in October, indicating that the company currently has a monthly production capacity of nearly 50,000 units. However, the company's current weekly order situation has fallen to 4-5k units, corresponding to only about 20,000 new orders per month. In other words, this means that the company is consuming about 30,000 units of 'backlog orders' each month. Considering the ramp-up situation of the company's second-phase factory, if the company continues to have 4-5k weekly orders, then by mid-next year, the company's 'backlog orders' will be exhausted. At that time, the logic of the company's automotive business will shift from 'supply shortage' to a demand-driven 'supply surplus'. Overall, 'tightening of state subsidies', 'rising storage prices', and 'decline in weekly orders' are all recent negative factors for Xiaomi, directly affecting market expectations for the company next year. Currently, Xiaomi is also in a 'vacuum period' for new products, with new mobile phones already released and no new automotive products recently. If there is no strong response to the above negative factors, it will be difficult for Xiaomi to gain market confidence at this stage. For more information, please follow Dolphin Research's subsequent detailed commentary and management minutes. $XIAOMI-W(01810.HK) $XIAOMI-WR(81810.HK) $Xiaomi Corporation(XIACY.US)

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TCOM

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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

600617

900913

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

Qualcomm

GXED

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

Xpeng

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VWAGY

300024

VWAPY

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

Intelligent Vehicle

Volkswagen

SIASUN

Volkswagen AG

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

TOPS

TSDD

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

Top Ships

GraniteShares 2x Short TSLA Daily ETF

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

Xiaomi Clarifies Watch Diving Controversy: Standard vs Sport Edition Differences

Xiaomi Unveils Enhanced HAD System at Guangzhou Motor Show

Xiaomi Lei Jun Introduces Xiaomi Autonomous Driving Team Composition and Responsibilities

Everbright Securities Report: Xiaomi's auto business achieves positive profitability, but gross margins for phone & auto businesses face pressure

Xiaomi EV will participate in the 2025 Guangzhou International Automobile Exhibition and release new driver-assist features

Xiaomi Repurchased 13.5 Million B Shares

Xiaomi Raises Sales Target to 400,000 for 2025

Smartphone shipments in the Middle East grew by 23% in Q3 2025

Lei Jun Comments on Xiaomi Car Safety Issues

Macquarie: Xiaomi's Q3 Profit Missed Expectations, but 'Outperform' Rating Maintained

Xiaomi raises 2025 EV delivery target to 400,000 units

Xiaomi's 500,000th vehicle rolls off the production line

Macquarie lowers Xiaomi's target price to HK$54.2 as Q3 profit misses expectations

Goldman Sachs lowers Xiaomi Group's price target due to cost concerns

Multiple Foreign Investment Banks Lower Xiaomi's Target Price, Stock Falls to Seven-Month Low

Xiaomi to Host 2025 Auto-Home Ecosystem Partner Conference

Xiaomi Announces Granting of Stock Awards and Options to Employees

Southbound Trading net bought HK$2.394 billion of Xiaomi Group-W shares on November 19.

Lei Jun Announces Free Activation of Built-in ETC Function for Xiaomi SU7 Ultra and YU7