1127 | Dolphin Research Key Focus:

🐬 Macro/Industry

1.The Office of the United States Trade Representative announced that the exemption of certain tariffs on Chinese goods, established under Section 301 due to issues related to technology transfer and intellectual property, will be extended until November 10, 2026. The original exemption was set to expire on November 29. In the short term, this can provide a "safe period" for Chinese export companies in terms of orders and profits, and also reduce costs for U.S. importers and consumers. However, the overall tariff framework remains unchanged, and the competition between China and the U.S. in high-tech fields will continue.

🐬 Individual Stocks

1.$Alibaba(BABA.US)

Alibaba officially launched its first self-developed Quark AI Glasses series, with the G1 model starting at 1,899 yuan. The product is positioned as an "integrated AI assistant," incorporating practical features such as voice interaction and real-time translation, deeply integrating with Alibaba's ecosystem services. It does not follow the AR route, focusing on practicality in everyday scenarios.Compared to most AI glasses in the industry that emphasize AR display technology, Quark AI Glasses enhance the stability and practicality of basic functions, combined with an affordable price of 1,899 yuan, significantly lowering the user threshold for AI wearable devices, allowing more consumers to access AI assistance tools.

2.$ASML(ASML.US)

Morgan Stanley's report on November 26 indicates that TSMC is testing the original graphics performance of 3nm, and the adoption of 3nm technology at its Arizona plant may occur earlier than the originally planned 2028. Currently, TSMC's 3nm capacity is continuously expanding, with total capacity expected to reach 160-170kwpm by 2026. The 3nm process manufacturing is currently highly dependent on ASML's EUV lithography machines, and if the 3nm deployment at the Arizona plant is advanced, it would be a significant positive for ASML.

3. Dolphin Research focuses on earnings reports and conference call minutes

Li Auto: "Li Auto: Range Extension Collapse, Can i6 Orders Save the Collapsing Ideal?", "Li Auto (3Q25 Minutes): Turning Cars into Embodied Intelligence in the Physical World"

Didi: "The Food Delivery Battle Didn't Burn, Why Did Didi Kneel?"

🐬 Leading Sectors

Shanghai and Shenzhen: Consumer electronics, paper products, precious metals and minerals;

Hong Kong stocks: Industrial gases, agricultural products, oil and gas refining and sales;

U.S. stocks: Silver, maritime ports-operators, precious metals and minerals.

🐬 Focus for Tomorrow

1. Meituan releases its earnings report.

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