To The Moon

$Li Auto(LI)$ ’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