$蔚来(NIO)$   $蔚来-SW(09866)$   $蔚来(NIO.SI)$   NIO’s 3Q25 results came in stronger on margins, but the bigger picture remains challenging. Gross margin beat expectations, yet net loss was still RMB 3.66bn. Management also cut 4Q guidance and is less confident about breakeven this year. Competition in China’s EV SUV market is intensifying, and NIO may need price cuts when its new L-series arrives. Key question now: Can NIO protect margins and recover volume in early 2026?

$阿里巴巴(BABA)$   $阿里巴巴-W(09988)$   Alibaba just posted one of its most contradictory quarters in years. ☁ Cloud revenue jumped 34.5% YoY — the strongest growth since the restructuring. 🔥 But adj. EBITA collapsed 78%, dragged down by heavy investment in quick commerce (QC). Here’s the twist: Management says cloud demand is so strong that supply can’t keep up, and QC losses have been cut by 50% per order since August. And Keeta Hong Kong? ➡ Turned profitable in just 29 months, beating its own 36-month target. So the big question: Is Alibaba entering a new “cloud + quick commerce” synergy cycle? Or will QC continue burning profits?

$XIAOMI-W(01810)$   This launch wasn’t just about SU7, but a full AI stack. Over RMB60bn will be invested in AI. Short term profits are under pressure, but rating stays BUY.

$宇树科技-W(688836)$   Unitree went public. Robots rang the bell. Valuation went to space. Issue PE: 219x. Industry reference: 38.56x. The funnier part? 2025 R&D expense: about RMB 145m. LEGO, Bandai Namco and Mattel all spent far more on R&D. So the market question is simple: Is this the future of embodied AI, or did a robot just walk into a toy-store joke? For discussion only. Not investment advice.

$网易(NTES)$   $网易-S(09999)$   NetEase’s 3Q25 looked “fine” at first glance — but one number changes everything: 🔥 Deferred revenue +25% YoY This is future profit already locked in and waiting to be recognized. If you follow China gaming, you know: Deferred revenue spikes → earnings beat in the next 1–2 quarters. And the setup looks strong: 🎮 PC games +33% YoY after Blizzard’s return 📱 Mobile still growing with legacy blockbusters + new momentum 🚀 A loaded 2026 pipeline: Forgotten Seas, Unbounded, Starry Abyss, Returning Tang — multiple titles capable of becoming annual hits. Profitability is inflecting too: Non-GAAP NP +26.7% YoY Youdao: 5th consecutive profitable quarter Cloud Music: stable

$赛富时(CRM)$   Salesforce just posted one of its strongest AI-driven quarters yet. 🔥 AI ARR jumped 114% YoY (Agentforce + Data 360) 🔥 Agentforce ARR surged 330% YoY, with over 3.2 trillion tokens processed 🔥 The company closed 9,500 Agentforce deals — up 50% QoQ Meanwhile, operating margin improved and cRPO growth outpaced expectations. Management now believes AI will be a multi-year growth engine, with FY30 revenue still tracking toward US$60B. But here’s the key question: Is Salesforce becoming the leading enterprise AI agent platform, or is the market already pricing in perfection? What’s your take on CRM right now?