$Li Auto(LI)$ ’s 3Q25 results came in under pressure as deliveries dropped 39% YoY to 93,211 units due to supply-chain issues, product transition, and the MEGA recall. Revenue fell 36% YoY to RMB27.4bn, and gross margin slipped to 16.3%—or a more resilient 20.4% excluding recall impact. While near-term metrics were weak, the quarter also marked a strategic reset, with clearer signals around BEV momentum, product pipeline visibility, and the company’s long-term AI-driven roadmap. The team maintains a BUY rating but lowers the price target to $24 (from $28).3Q results showed several underlying positives despite headline softness. Vehicle margin, adjusted for recall provisions, held up at 19.8%, reflecting stable cost structure even amid lower scale. R

$NIO Inc.(NIO)$ 3Q25 Update: Improving Profitability and a Stronger 2026 SetupThe Tiger Research team maintains a BUY rating and $8 price target after NIO delivered a solid 3Q25 marked by meaningful margin recovery, stronger operating efficiency, and sustained momentum across its three-brand strategy. While 4Q delivery guidance of 120–125k units was slightly below prior market expectations, management highlighted continued strength in high-margin models and reiterated confidence in achieving 4Q breakeven. Looking ahead, the 2026 outlook appears increasingly constructive with a stronger SUV-led product cycle and improving cost structure.3Q25 performance was broadly encouraging.Revenue rose 16.7% YoY (14.7% QoQ) to RMB21.8B, supported by 87,071 deliv

$Morgan Stanley(MS)$ Chief U.S. Equity Strategist Michael Wilson's sweeping global outlook has markets buzzing—not just for its aggressive $S&P 500(.SPX)$ target of 7,800 by end-2026, but for framing a new narrative: No recession ahead, yet policy is deploying in a rare pro-cyclical combination. Tech investment is in its super-early stage, yet already reshaping credit markets, corporate earnings, and asset pricing.The report hammers home one key idea: 2026's focus won't be on "macro noise reduction," but on "micro revaluation." In other words, markets are shifting focus from geopolitics, trade, and policy uncertainty—back to earnings, tech cycles, and asset supply/demand fundamentals.Morgan Stanley's M

$iQiyi Inc.(IQ)$ (HOLD) reported 3Q25 results showing modest sequential stabilization but continued YoY pressure. Total revenue reached RMB 6.68bn, down 8% YoY (vs. -11% last quarter), partly due to the end of a cooperation arrangement (~RMB 300m impact), yet up 1% QoQ. Non-GAAP operating loss was RMB 22m, compared with a profit of RMB 59m last quarter. The Tiger Research team notes that early regulatory adjustments have provided some benefit, but structural impacts on domestic industry growth are expected to materialize gradually.Membership RevenueMembership revenue rose 3% QoQ to RMB 4.21bn, supported by strong summer content such as The Thriving Land, Knockout 2, and serialized IP titles. However, YoY membership revenue still declined 4%, reflect

$PDD Holdings Inc(PDD)$ (HOLD) reported 3Q25 results showing a modest re-acceleration in revenue growth alongside stable profitability. The Tiger Research team notes that management reaffirmed its commitment to long-term ecosystem investments and cautioned that quarterly performance will remain volatile. Total revenue grew 9% YoY to RMB 108.3bn, an improvement from 7% YoY in 2Q25, but still below the high-growth levels seen in prior years. Management highlighted that intensified competition, greater merchant support, and external uncertainties are weighing on monetization, and refrained from providing quantitative guidance.Segment PerformanceRevenue from online marketing services and others increased 8% YoY to RMB 53.3bn, while transaction services

$Baidu(BIDU)$ (BUY) reported 3Q25 results broadly in line when excluding a one-time impairment, with strong traction across AI Cloud, AI applications, and AI-native marketing services. Legacy online marketing remained soft, but AI-powered businesses delivered >50% YoY revenue growth (~RMB 10bn), increasingly anchoring the company’s long-term revenue quality. The Tiger Research team notes that management expects margins to improve going forward, as AI infrastructure utilization rises and more AI-native products scale.Revenue and Core OperationsTotal revenue declined 7% YoY to RMB 31.2bn, reflecting Baidu’s deliberate shift of Search and its mobile ecosystem toward AI-native formats. This strategic transformation currently weighs on legacy market

13F filings were reported this week, and they tell exactly where institutional flows are headed.  Spoiler alert: smart money flows differently. @LumidaWealthKey Themes1. The "Great Tech Rotation"Berkshire Hathaway made a historic shift, trimming $Apple(AAPL)$ by ~25% while initiating a new $2B+ position in $Alphabet(GOOGL)$ Tiger Global rebalanced its high-conviction tech bets, adding $Netflix(NFLX)$ and $MongoDB Inc.(MDB)$ while cutting $Meta Platforms, Inc.(META)$ Appaloosa rotated from mature tech ( $Intel(INTC)$ ,

$XPeng Inc.(XPEV)$ 3Q25 Update: Strong Execution, Clearer Margin Path, and Physical AI Strategy Scaling UpThe Tiger Research team maintains a BUY rating and $28 price target following XPeng’s strong 3Q25 results, which delivered record revenue, record deliveries, and the first consolidated gross margin above 20%. The company reaffirmed its goal of reaching breakeven and positive free cash flow in 4Q, while its broader Physical AI strategy is beginning to take clearer commercial shape across SOCs, VLA world models, Robotaxi, and humanoid robots.XPeng’s operational momentum strengthened further in the quarter. Deliveries reached 116,007 units, up 149% YoY, supported by strong demand for the new P7. Total revenue rose 102% YoY to RMB 20.38B, and cons

$TENCENT(00700)$ ( BUY) - 3Q25 Results: Broad-based Growth, AI Momentum Building, WeChat EcosystemStrengthening; Maintain BUY and Increase PT to HK$700Tiger Research maintain our BUY rating and increase our price target to HK$700 (previously HK$645), as Tencent reported another solid quarter with both revenue and profit growth exceeding market expectations, supported by broad-based strength across advertising, gaming, and fintech & business services. Total revenue grew 15% YoY to RMB193bn, while non-IFRS operating profit rose 18% to RMB73bn. The tone of management commentary was notably confident, highlighting accelerating AI adoption across its core ecosystems and early signs of monetization leverage within WeChat and advertising.Advertising

$Circle Internet Corp.(CRCL)$ 3Q25 Update: Solid Quarter, but Rate Sensitivity Limits UpsideThe Tiger Research team maintains a HOLD rating on Circle and lowers the price target to $100 (from $140) after a strong third quarter that was overshadowed by softer margin guidance and continued sensitivity to interest rates. Circle beat expectations across revenue and profit as USDC adoption accelerated. Total revenue and reserve income rose 66% YoY to $740 million, while net income more than tripled to $214 million. Adjusted EBITDA reached $166 million, up 78% YoY with a margin of 22.5%, reflecting solid scale benefits. USDC in circulation surged 108% YoY to $73.7B, bringing Circle’s share of the dollar stablecoin market to 29%. Network activity remaine

Bilibili 3Q25 Update: Solid Quarter with Further Profit ImprovementTiger Research maintains a BUY on $Bilibili Inc.(BILI)$ and raises its price target to $30 (from $25) following a quarter that again demonstrated the platform’s strong engagement and improving profitability.Bilibili posted record user stickiness, with DAUs up 9% YoY to 117M, MAUs up 8% to 376M, and paying users up 17% to 35M. Average daily time spent reached a new high of 112 minutes, underscoring growing user retention and long-term monetization potential.Revenue grew 5% YoY to RMB 7.69B, with advertising once again the standout. Ad revenue rose 23% YoY to RMB 2.57B, supported by stronger brand budgets, better targeting from the platform’s multimodal LLM, and wider use of AI-gener

$JD.com(JD)$ (JD, BUY) - 3Q25: Solid Top-line; Profit Impacted by Strategic Investments; Maintain BUY but Decreasing PT to $40JD.com delivered a mixed third quarter with revenue slightly above expectations but profit coming in softer, as the company continued to deploy capital into strategic growth areas including Food Delivery, Jingxi, and International expansion. The Tiger Research team maintains a BUY rating but lowers the price target to $40 (from $45) to reflect near-term margin pressure associated with JD’s reinvestment cycle. Total revenue grew 14.9% year-on-year to RMB299.1 billion, supported by strong performance in general merchandise, logistics, and advertising, partially offset by modest growth in electronics and home appliances. Profita

The latest third-quarter holdings of H&H Investments, managed by renowned investment magnate Duan Yongping, have been revealed.He's from my hometown, ; I know him, but he doesn't know me. [Shy]According to H&H Investments' latest 13F filing with the U.S. SEC, H&H Investments manages 13F securities worth $14,678,516,884, holding 11 stocks:New position: 80,000 shares of $ASML Holding NV(ASML)$ ; Increased position: $Berkshire Hathaway(BRK.B)$ ;Reduced holdings: $Apple(AAPL)$ , $PDD Holdings Inc(PDD)$ , $Alibaba(BABA)$ , $Alphabet(

UBS stated that $Best Buy(BBY)$ upcoming earnings are likely to highlight its increasingly robust business model. The electronics retailer is benefiting from a new wave of technology products and internal cost controls, laying the foundation for a solid holiday season and a constructive outlook through 2026.UBS reiterated its "Buy" rating and raised its price target from $90 to $93.With a market cap of $17.5 billion, $Best Buy(BBY)$ is a leading American consumer electronics retailer headquartered in Richfield, Minnesota. The company operates more than 1,000 stores across the U.S., Canada, and Mexico, offering a wide range of products, including computers, appliances, mobile devices, entertainment

In mid-November, Cathie Wood made another round of headline-worthy moves—and this time, they’re anything but subtle.Cathie WoodARK Invest released its daily trading activity for Wednesday, November 12, 2025, revealing several major shifts in positioning. The standout transaction was a purchase of 353,328 shares of $Circle Internet Corp.(CRCL)$ worth $34,732,142. This buy came on the very same day Circle’s stock dropped roughly 12%.In stark contrast, ARK significantly trimmed its position in $Tesla Motors(TSLA)$ selling 70,474 shares worth $30,981,779, while also unloading 43,940 shares of $SoFi Technologies Inc.(SOFI)$ for $1,359,943. These weren’t isolated mov

$XPeng Inc.(XPEV)$ 3Q25 Preview: Adjusting Estimates Ahead of EarningsTiger Research team maintains a BUY rating and $28 price target on XPeng as they fine-tune forecasts ahead of 3Q earnings.Below are the key highlights from their updated outlook.While XPeng’s 3Q vehicle deliveries are trimmed slightly (–1% to ~116K units) to align with recent disclosures, the team cuts the average selling price (ASP) by 4% due to a heavier mix of lower-priced models and promotional activity. As a result, 3Q vehicle sales are reduced by 5%, and vehicle gross margin is revised down 70bps to 14.3%.However, momentum is expected to recover in 4Q, supported by stronger-than-expected demand for MONA M03 and P7i. The team lifts 4Q delivery estimates by 4% and now expect

BABA- F2Q26 Preview: Early Signs of Quick Commerce Payoff, Yet Risk-Reward Looks Balanced; Maintain HOLD and $180 PT Tiger Research team are maintaining HOLD rating and $180 price target as they fine-tune their estimates ahead of F2Q earnings.Below are some highlights of their report.While our F2Q revenue estimate is modestly reduced, we are cutting our EBITDA forecast by more than half, as losses from quick commerce more than doubled in the September quarter due to seasonality and BABA’s continued push to expand market share. We estimate quick commerce losses reached RMB 35–40 billion in the September quarter, up sharply from the low-teen billions in the June quarter, reflecting both a full-quarter impact and strong seasonal demand.On a positive note, investments in quick commerce ar

J.P. Morgan's Market Intelligence (Market Intel) team stated in its report that U.S. stocks may experience a modest further decline next week, but will then enter a "decisive moment" (gametime) and are expected to accelerate toward the 7,000-point mark before November.Executive SummaryThe $S&P 500(.SPX)$ stands at a critical juncture with a clear technical pathway to the 7000 level. However, this bullish setup faces significant geopolitical event risks in the immediate term. The convergence of historically strong seasonal tailwinds and high-impact binary events creates a classic "wall of worry" scenario that will likely determine market direction through year-end.Current Market ContextThe S&P 500 currently trades at 6890.88, hovering near

$Baidu(BIDU)$ - 3Q25 Preview: Short-Term Search Pressure, Long-Term AI Re-Rating Potential;Maintain BUY and Increasing PT to $135We are(Tiger Research) maintaining BUY rating and increasing PT to $135 (from $100) as we believe Baidu (BIDU) stands to benefit from accelerating AI adoption in China and its leadership in global robotaxi operations.That said, we are trimming our near-term revenue and profit forecasts, as monetization from AI-enhanced search results is taking longer than expected to materialize. Specifically, we now expect BIDU’s Search + Feed revenue to decline 20% and 17% y/y in 3Q and 4Q, respectively. Given search remains BIDU’s key profit driver, we also lower our 3Q/4Q Baidu Core non-GAAP EBIT estimates by 46% and 38%.On a more po

$Circle Internet Corp.(CRCL)$ - 3Q25 Preview: USDC Circulation Growth Continues, but Lower Yields Cap Reserve Income; Maintain HOLD and Decreases PT to $140Tiger Research maintaining HOLD rating but decreasing PT to $140 (was $180) ahead of CRCL’s 3Q25 earnings.According to CoinMarketCap, the average USDC in circulation reached $67.9B in 3Q25, up 11% q/q from $61.0B in 2Q. The quarter-end balance stood at $73.9B, up 21% q/q from $61.3B, likely driven by increased institutional adoption and a moderate crypto market rebound. For 4Q to date, USDC circulation has increased by $2.3B from October 1 to October 20, maintaining a healthy growth pace.From an industry standpoint, total fiat-backed stablecoin circulation rose from $222.8B as of June 30 to $2