1126 | Dolphin Research Key Focus:

🐬 Individual Stocks

1. $MEITUAN(03690.HK)

Meituan saw a significant rebound today. Alibaba's China E-commerce Business Group CEO, Jiang Fan, pointed out that the first phase of Taobao Flash Sale's scale expansion has ended, and it has now entered the second phase, which is the "efficiency optimization" phase. This suggests that the disorderly cash-burning competition faced by Meituan is expected to ease, the market structure is stabilizing, and Meituan's profit pressure is temporarily alleviated, with Meituan rising over 5% today.

2. $Baidu(BIDU.US)

Baidu announced the establishment of a Fundamental Model R&D Department and an Application Model R&D Department, led by Wu Tian and Jia Lei, respectively, both reporting directly to CEO Robin Li. The Fundamental Model R&D Department focuses on the development of general AI large models, while the Application Model R&D Department emphasizes specialized model optimization and business scenario exploration. This organizational adjustment highlights Baidu's strategic emphasis on AI technology, aiming to achieve precise efforts in basic research and application implementation by splitting the R&D system.

3. $LI AUTO-W(02015.HK)

Li Auto's Chairman, Li Xiang, posted a video on social media announcing the launch of smart glasses, calling them "Li Auto's best AI accessory." These glasses are expected to deeply integrate with the vehicle system, featuring AI interaction and vehicle control functions, marking an important step in Li Auto's smart mobility ecosystem. The launch of AI glasses will promote Li Auto's transition from "smart car" to "artificial intelligence enterprise," enriching the smart mobility experience and forming a differentiated competitive advantage.

4. $TENCENT(00700.HK)

Tencent's Hunyuan 3D creation engine has officially launched its international site, simultaneously releasing the model API on Tencent Cloud International. This engine supports various creation methods such as text-to-3D and image-to-3D, with modeling precision reaching industry-leading levels, serving over 150 enterprises across gaming, e-commerce, film, and other fields, with community downloads exceeding 3 million.

5. Dolphin Research Focus on Earnings Reports and Conference Calls

Alibaba: "AI Shapes the Soul, Consumption Shapes the Root, Has Alibaba Finally Stood Up?", "Alibaba (Minutes): No AI Bubble in Three Years, Flash Sale UE Loss Halved from Peak"

DELL: "Dell DELL: Storage Price Increase Adds Trouble? AI Guidance Supports Again", "Dell (Minutes): Company's Value Lies in Overall Solutions at L11 and Above"

Nio: "Nio: Cost Reduction and Efficiency Improvement Effective, But Is It a True "Turnaround"?", "Nio (3Q25 Minutes): Expected 20% Gross Margin on Car Sales in 2026, Achieving Non-GAAP Profit for the Year"

Li Auto will release its earnings report, and Dolphin Research will track and provide analysis.

🐬 Leading Sectors

Shanghai and Shenzhen: Communication Equipment, Consumer Goods Retailers, Retailers;

Hong Kong Stocks: Computer and Electronic Product Retailers, Paper Products, Diversified Capital Markets;

U.S. Stocks: Textiles, Commercial and Residential Mortgage Financing, Residential Construction Companies.

🐬 Focus for Tomorrow

1. November 27th (Thursday) Thanksgiving Day, U.S. markets closed.

Risk Disclosure and Statement of this Article: Dolphin Research Disclaimer and General Disclosure