Chinese Concept Stocks | Nasdaq Golden Dragon Index Rises as XPeng and NIO Shares Plummet

On November 12th (Tuesday), Eastern Time, the three major U.S. stock indexes collectively closed lower. The S&P 500 index fell by 0.29% to 5,983.99 points, the Dow Jones index dropped by 0.86% to 43,910.98 points, and the Nasdaq index decreased by 0.09% to 19,281.40 points.

On November 11th, the Nasdaq Golden Dragon China Index rose by 0.59%.

Regarding popular Chinese concept stocks, NetEase rose by 1.11%, NIO fell by 9.39%, JD.com dropped by 7.48%, Bilibili decreased by 7.34%, Baidu fell by 3.94%, Alibaba dropped by 3.82%, Pinduoduo fell by 2.86%, XPeng Motors decreased by 10.72%, and TSMC fell by 1.20%.

Chinese concept stocks with consecutive gains include: Distoken with a recent increase of 0.99% over ten days, gaining 2.29% over the period; Metaverse Holdings increased by 9.49% over six days, gaining 27.08%; GD Culture Group rose by 42.11% over five days, with a 140.00% gain; Smart Charge increased by 1.92% over four days, gaining 21.31%; Abits Group rose by 14.30% over four days, gaining 28.59%; Digital Ocean Information increased by 9.92% over four days, gaining 21.01%; DayDayCook rose by 14.22% over four days, gaining 44.12%; TMS Biotech increased by 0.68% over four days, gaining 10.94%.

Chinese concept stocks with consecutive losses include: Fresh2 Group with a recent decrease of 9.56% over seven days, losing 49.01% over the period; iQIYI decreased by 4.35% over five days, losing 14.73%; Zhihu fell by 5.09% over five days, losing 10.70%; Connect Biopharma decreased by 0.95% over five days, losing 16.13%; Ucar fell by 5.76% over five days, losing 20.22%; Taihe Cheng Medical decreased by 1.17% over five days, losing 35.82%; Sound Group fell by 1.20% over five days, losing 13.16%; Happy fell by 2.31% over five days, losing 30.28%.

BeiGene: Q3 net profit loss of 809 million yuan
BeiGene announced that its third-quarter revenue was 7.139 billion yuan, a year-on-year increase of 26.9%, but its net profit loss was 809 million yuan. For the first three quarters, revenue was 19.136 billion yuan, a year-on-year increase of 48.6%, with a net profit loss of 3.687 billion yuan.

TSMC approves approximately $15.48 billion capital budget
TSMC held a board meeting approving a capital budget of approximately $15.48 billion, including plant construction and facility engineering, setting up advanced process capacity, 2025 R&D capital budget, and routine capital budget; 2025 capitalized lease assets.

Tencent Music: Q3 total revenue of 7.02 billion yuan, a year-on-year increase of 6.8%
Tencent Music announced its unaudited financial results for the third quarter ended September 30, 2024. The total revenue for the third quarter of 2024 was 7.02 billion yuan, a year-on-year increase of 6.8%. Adjusted net profit was 1.94 billion yuan, a year-on-year increase of 29.1%. Online music subscription revenue increased by 20.3% year-on-year, reaching 3.84 billion yuan. The number of online music paying users increased by 15.5% year-on-year to 119 million. This quarter, the average revenue per paying user (ARPPU) further increased to 10.8 yuan.

Dingdong Maicai tests unmanned vehicle delivery in Hangzhou
On November 12th, it was reported that Dingdong Maicai had begun small-scale testing of unmanned vehicle delivery in Hangzhou. A related person in charge of Dingdong Maicai said that the unmanned vehicle test mainly focuses on the "last mile" delivery and distribution between Dingdong front warehouses. It is still in the early testing stage and has not yet been put into large-scale use.

JinkoSolar's third-generation TOPCon modules to increase prices, mass production expected in 2025
Recently, there are reports that JinkoSolar, the world's largest photovoltaic module supplier, intends to raise the quotation for its third-generation TigerNeo modules. The company responded that due to high demand, the supply of bifacial modules above 650W in 2025 is expected to be tight, possibly unable to meet all demand and obtain sufficient capacity allocation. The previous prices were too low, already below the reasonable cost line for customers' return on investment. The third-generation TigerNeo is expected to enter mass production in 2025. Jinko believes that 2025 will be a year of healthy growth for the industry, with prices having bottomed and starting to recover.

Alibaba Cloud releases Qwen2.5-Coder model
Alibaba Cloud's Tongyi model team released and open-sourced the full series of the Qwen2.5-Coder model, including six models. The flagship 32B size code model surpasses the closed-source model GPT-4o in several key capabilities such as code generation.

Robin Li: The era of AI applications has arrived, intelligent agents are about to reach a tipping point
At the Baidu World 2024 conference, Baidu Group Chairman and CEO Robin Li pointed out that intelligent agents are the most mainstream form of AI applications and are about to reach a tipping point. He compared creating intelligent agents to building websites in the PC era or creating social media accounts in the mobile era. "The difference is that intelligent agents are more human-like, more intelligent, and more like your sales, customer service, and assistants. Intelligent agents might become the new carriers of content, information, and services in the AI-native era." The Wenxin intelligent agent platform has already attracted 150,000 enterprises and 800,000 developers to participate, covering numerous application scenarios.

Robin Li: The biggest change in the large model industry over the past 24 months is the basic elimination of illusions
Baidu Chairman Robin Li stated at the Baidu World conference that the biggest change in the large model industry over the past 24 months is that large models have basically eliminated illusions, and the accuracy of answering questions has significantly improved.

Robin Li: Wenxin large model daily calls exceed 1.5 billion
At Baidu World 2024, Robin Li stated that the daily calls of the Wenxin large model exceeded 1.5 billion, increasing 7.5 times over half a year.

The United States requires TSMC to stop supplying 7nm AI chips to China
According to reports, the U.S. Department of Commerce sent a letter to TSMC, requesting the cessation of supplying 7nm and more advanced AI chips to customers in mainland China starting from the 11th. This export restriction mainly targets chips used for AI accelerators and graphics processing units (GPUs). The letter allows the U.S. to bypass the rule-making process and quickly impose new licensing requirements on specific companies. Affected customers were notified by TSMC, with shipments of the relevant chips to be suspended from the 11th. The latest control measures are limited to AI/GPU-related chips and do not affect chips for mobile phones, cars, and communication devices.