The target gross profit margin for the fourth quarter will continue to be maintained at 15%, with the gross profit margin expected to increase to 15%-18% next year and exceed 20% in the long term.

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Continuing to increase investment in sales network and personnel (NIO-SW 3Q conference call minutes)

在这个破产式估值位置上，在蔚来基本面没有本质变化的情况下，去盯着业绩是低了一点还是超了一点，其实是舍本逐末的做法，意义都不是很大。因为作为最早 IPO、最早过生死线的蔚来而言，问题不再短期业绩，真正核心的问题是战略、组织和执行的问题。蔚来需要自我革命。

反复 “回跳” 生死线，蔚来靠什么挽尊？

Research with a Soul, Deliver with an Attitude.

Hi, I am Dolphin Research!

Apart from paying attention to the determination and stance of the Federal Reserve, what is more important is to look at the new job additions and the unemployment rate. This is the core observation indicator that truly determines the timing of interest rate cuts.

Consumption cooling, is US Really Only One Step Away from Rate Cuts？

Dolphin Research's key focus on December 4th: 🐬 Macro/Industry 1. The CXO sector suffered another heavy blow today. The direct cause was that WuXi Biologics held a management communication meeting before the market opened today, detailing this year's business progress while lowering its performance guidance. WuXi Biologics' stock price plummeted at the opening and was temporarily suspended during the trading session. This also led to a significant adjustment in the stock prices of the entire A-share pharmaceutical sector. 🐬 Individual stocks 1.$ NIO-SW.HKThere is news that NIO has obtained the qualification for independent car manufacturing and is expected to announce it today. According to the query results of the Vehicle Production Enterprise Information Management System...

Today's Important News Review | Dolphin Research

Rivian Automotive, a rising star in the American new energy vehicle industry, is known as the "Tesla killer". It once achieved the largest IPO fundraising amount of $11.9 billion in 2021. With the support of investors such as Amazon, the Middle East, and Public Trust, its market value peaked at $150 billion during its listing, but then dropped to $15 billion. In just a year and a half, it vividly demonstrated a reverse ten-fold stock under the "capacity purgatory". As the bubble burst approaches its end...

Rivian Automotive: "Injured before the battle", the Tesla killer becomes the one being killed?

Tesla has released its new model, which is priced higher than previously announced, but with lower specifications than previously disclosed.

Tesla's Cybertruck release, high pricing, but low cost efficiency

Despite the drag on revenue, the target for reducing losses remains unchanged.

Game Execution Differentiation Strategy (Bilibili 3Q23 Conference Call Summary)

Don't talk about reversals in the short term.

Bilibili: King of Mediocrity, Confidence is Being Worn Down

MEITUAN-W: Not willing to lose, will continue to invest.

Expected disappointing performance in this quarter's, and unexpected bad news in next quarter's guidance.

Always striving and refusing to lose, can Meituan still afford this struggle?

Consumption is upgrading a bit, and overseas markets are doing well.

How to Speak Decently Nonsense? Just Look at Pinduoduo (3Q23 Transcript)

Market's doubts can be eliminated, leaving only blind "belief" in the Pinduoduo team.

Pinduoduo: Sky's Limit, Only Stock Surge Can Pay Tribute!

1128 Dolphin Research focuses on the following key points: 🐬 Stock 1,DiDi.USLast night, a large number of DiDi users in cities such as Beijing and Shanghai reported that the app crashed, and the order and pricing systems also experienced abnormalities. As this affected both ride-hailing and bike-sharing services, the market speculates that it may be due to an attack on the underlying infrastructure. It was not until 10:30 this morning that DiDi resumed normal operations. This comprehensive functional paralysis lasted for nearly 12 hours, making it the longest downtime for DiDi in recent years. It is estimated that DiDi may have lost millions of orders and over 400 million yuan in transaction volume...

If the US economy further cools down and strengthens expectations of interest rate cuts, Chinese concept stocks may have a higher rebound potential than US assets.

US stock Closing in On Overshoot,  will China-concept Stocks Chance Come?.

The People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and other eight departments have issued the "Notice on Strengthening Financial Support Measures to Promote the Development and Growth of the Private Economy". ByteDance has officially announced the contraction of its gaming division. Finally, Tesla Cybertruck is about to begin deliveries.

Huazhu 3Q23 Conference Call Summary

Huazhu: Focusing on both upgrading and rural markets

3Q performance exceeded expectations, with better guidance for 4Q than anticipated.

Huazhu: False alarm, Huazhu is still a top player in the industry.

1124 Dolphin Research focuses on the following key points: 🐬 Stock 1,BYD Company Limited is a Chinese automobile manufacturer based in Shenzhen, Guangdong Province. It specializes in the production of electric vehicles, rechargeable batteries, and photovoltaic products. With a strong focus on innovation and sustainability, BYD has become a leading player in the global electric vehicle market. The company's stock is listed on the Hong Kong Stock Exchange under the ticker symbol "BYD COMPANY.HK".BYD's Wangchao series may lower prices again to boost end-of-year sales. Today, BYD COMPANY fell during trading and closed down more than xx%. Dolphin Research has previously released a commentary: Upon closer examination of the models that have been reduced in price, half of them are recently launched champion editions, and most of them are in the DMI hybrid series. Currently, BYD faces significant pressure in the hybrid market, with its market share continuously eroded by intense competition. The only defensive strategy for the hybrid market is to continuously lower prices. Additionally...

1123 dolphin king focus on:Macro/Industry 1. Shenzhen adjusted the minimum down payment ratio for two sets of housing, and the minimum down payment ratio for personal housing loans was uniformly adjusted to 40% from 70% for ordinary housing and 80% for non-ordinary housing. This adjustment lowers the threshold for residents to purchase two houses, which is conducive to better meeting the demand for rigid and improved housing. Benefit from this Hong Kong real estate stocks once again strengthened.Stock 1, Alibaba/Huawei Alibaba DingTalk announced a cooperation with Huawei, officially launched the "DingTalk Hongmeng version" development. DingTalk will be native way adaptation hongmeng system...

Today's Key News Review | Dolphin Research

AI empowers core traditional businesses.

AI Boosts Advertising Conversion and Reshapes the Cloud Market (Baidu 3Q23 Conference Call Summary)

Next quarter, let's pay attention to the first report card on the commercialization of AI.

Can AI support Baidu's "new story"?

1122 Dolphin Research focuses on the following key points: 🐬 Individual stock 1,Microsoft.US is a leading technology company that has made significant contributions to the field of information technology. With its innovative products and services, Microsoft.US has revolutionized the way we work, communicate, and access information. From its iconic operating system, Windows, to its productivity suite, Office, Microsoft.US has consistently delivered high-quality software solutions that have become essential tools for businesses and individuals alike.In addition to its software offerings, Microsoft.US has also made a name for itself in the hardware industry. Its Surface line of devices, including laptops, tablets, and 2-in-1s, has gained popularity for their sleek design, powerful performance, and seamless integration with Microsoft.US software.Furthermore, Microsoft.US has been at the forefront of technological advancements such as cloud computing and artificial intelligence. Its Azure cloud platform has become a go-to choice for businesses looking to leverage the power of the cloud, while its AI initiatives, such as Cortana and Microsoft.US Research, have showcased the company's commitment to pushing the boundaries of innovation.With a strong focus on customer satisfaction and continuous improvement, Microsoft.US has established itself as a trusted and reliable partner for individuals and businesses around the world. Its dedication to delivering cutting-edge technology and its ability to adapt to changing market trends have positioned Microsoft.US for continued success in the ever-evolving tech industry.In conclusion, Microsoft.US is a powerhouse in the technology sector, known for its groundbreaking software, innovative hardware, and commitment to pushing the boundaries of technology. With its vast array of products and services, Microsoft.US continues to shape the future of technology and empower individuals and businesses to achieve more.OpenAI's "drama" has once again taken a turn. Microsoft had already prepared to receive OpenAI employees, but today, under the "threat" of over 95% of the employees resigning, OpenAI announced on X that the company has reached a preliminary agreement. Sam Altman will return to OpenAI as CEO and will return with the newly formed board of directors. Sam Altman promptly responded positively...

Management's perspective on data centers and artificial intelligenceManagement would like to share their views on data centers and artificial intelligence.

The First Wave of Artificial Intelligence (NVIDIA 3QFY24 Earnings Call)

Morgan Stanley believes that Tencent is a suitable long-term investment target for medium to long-term funds. They see potential for growth in Tencent's business. As for the short-term stock price, it is difficult to predict. The most likely risk is the impact of regulatory changes on Tencent's business. The market may have concerns about Tencent, but it is important to consider the long-term prospects and fundamentals of the company.

LB Select

TENCENT

Tencent

Is Tencent's current valuation of 15 times reasonable?

From the perspective of Forward PE, MEITUAN-W is valued at 20 times in 2024, while PDD is valued at 17 times. Most investors would choose PDD between the two. If there is an economic boom next year, which company will perform the best? If we consider both active and passive factors, it could be Alibaba, Tencent, and PDD!

MEITUAN-W

KUAISHOU-W

Vipshops

NTES-S

NetEase

Alibaba

BABA-SW

JD.com

JD-SW

Morgan Stanley's analysis of Chinese concept stocks: How do we view Pinduoduo, Meituan, and Kuaishou?

According to Morgan Stanley, mainland Chinese internet and technology stocks have slightly outperformed the domestic stock market this year, but individual stocks have shown divergent performance. It is believed that next year, these stocks will still be constrained by weak macro factors, with individual stock performance being dominated by non-market risks. The market is paying attention to leading stocks that have the ability to adapt to changing market conditions, as well as stocks with unique growth potential and those related to artificial intelligence.

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