According to China's customs data compiled by the China Association of Automobile Manufacturers (CAAM), China's total automotive product import and export value reached USD25.31 billion in October 2025, up 1.7% MoM or 9.5% YoY.

Specifically, the import value dropped by 4.6% MoM or 17.5% YoY to USD3.68 billion, while the export value rose by 2.9% MoM or 15.9% YoY to USD 21.63 billion.
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Regarding ByteDance's Doubao AI smartphone assistant, Morgan Stanley said in its research report that this feature envisions a rich ecosystem, but its execution faces challenges.

The broker still views app-related stocks as the top picks for AI investment, reiterating an Overweight rating on TENCENT (00700.HK), BABA-W (09988.HK), and MEITU (01357.HK).

Yesterday, ByteDance released a demo video showcasing the new Doubao AI smartphone assistant, which has been integrated into a sample smartphone operating system from ZTE (00763.HK). While the video indicates that the Doubao assistant can read users' screens, access smartphone apps, and complete complex tasks, Morgan Stanley believes that its promotion will be challenging, as major smartphone OEMs and super apps are more inclined to develop their own AI assistants rather than rely on ByteDance.

The broker also believes that there will be substantial obstacles in OEM cooperation. The implementation of the Doubao assistant requires deep technical cooperation and commercial negotiations with different smartphone OEMs, given that it involves operating system-level modifications, redefines the value proposition of smartphones, and weakens the bargaining power of OEMs in the supply chain.

As for major smartphone OEMs (such as Apple, Huawei, and XIAOMI-W (01810.HK)), they have strong technical capabilities and are more likely to have their own AI assistants rather than cooperate with ByteDance, leaving very limited OEM cooperation options for ByteDance. Accordingly, it will be very hard to build the Doubao ecosystem in the Chinese market.
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Warner Bros Discovery (WBD.US) has received a second round of bids, including a mostly cash acquisition proposal from Netflix (NFLX.US), Reuters reported, citing sources. The bidding process is expected to conclude in the coming days or weeks.

It is understood that Paramount Skydance (PSKY.US), Comcast (CMCSA.US), and Netflix revised their proposals over the past weekend for acquiring all or part of Warner Bros' assets. These offers are binding, and the board can quickly approve the transaction should terms be agreed upon.
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ByteDance has finally given its answer to the long-rumored "Doubao Phone", according to Chinese media reports.

On December 1, the Doubao team at ByteDance released a technical preview of the Doubao Phone Assistant, which is not a self-developed smartphone but a system-level assistant created through deep collaboration with phone manufacturers, enabling AI to operate a phone just like a human.

Unlike Apple (AAPL.US), Samsung (005930.KS), and XIAOMI-W (01810.HK), which are advancing AI-native strategies based on their own hardware and operating systems, ByteDance has chosen a path toward a partnership model between "phone maker + large model developer", an approach bringing large models down to the device level, allowing them to participate in phone operations in a perceptible way.

Specifically, the Doubao Phone Assistant, according to ByteDance, is an AI assistant software built on the Doubao app, developed in collaboration with phone manufacturers at the operating system level. Leveraging the capabilities of the Doubao large model and the authorization of phone makers, the Doubao Phone Assistant can operate a smartphone like a human, handling a wide range of complex tasks.

At this stage, developers and tech enthusiasts can experience the technical preview version of the Doubao Phone Assistant on the engineering prototype nubia M153 jointly developed by Doubao and ZTE. The limited release is currently available to developers and tech enthusiasts at a price of RMB3,499.
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Prestigious American investor "The Big Short" Michael Burry stated that he is shorting Tesla (TSLA.US), claiming that the company's current valuation is ridiculously overestimated and this situation has last for a long time.

It is estimated that Tesla dilutes shareholders by approximately 3.6% annually, with no share buybacks, while CEO Elon Musk's compensation plan will continue to dilute shareholders' equity, Burry said.

This is not the first time Burry has been bearish on Tesla. As early as May 2021, his hedge fund company, Scion Asset Management, had disclosed a large-scale short position on Tesla through options.
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In October 2025, a total of 8.64 million cars were sold around the world, up 4% YoY or 1% MoM, lifting the global sales figure for 10M25 by 6% YoY to 79.25 million cars, Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), said in a published article.

Cui also highlighted China's rising share in the global automobile market. It reached a favorable level of 38% in October, an increase of 1 ppt compared to last year.
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Apple (AAPL.US) announced on Monday that its head of AI department, John Giannandrea, will step down but will continue to serve as an advisor and retire in the spring of next year.

The company added that Amar Subramanya will take over the position. Previously, he had served as Vice President of Microsoft's (MSFT.US) AI company and worked at Google for 16 years.
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The three major US stock indices descended on the first trading day of December, snapping a five-day rally, hampered by the decline in cryptocurrency prices.

The Nasdaq led the decline early on Monday, but the DJIA later marked losses more than Nasdaq, closing down 0.9% or 427 points at 47,289. The Nasdaq ended down 89 points or 0.4% at 23,275. The S&P 500 settled down 36 points or 0.5% at 6,812.

Broadcom (AVGO.US) and Super Micro Computer (SMCI.US) sagged over 4% and 1% respectively, indicating ongoing profit-taking in some AI concept stocks. However, Nvidia (NVDA.US) ticked up 1.7% after investing US$2 billion in Synopsys (SNPS.US), with Synopsys soaring 4.9% against the market trend.

Beyond the tech sector, retailers performed outstandingly. Ulta Beauty (ULTA.US) and Walmart (WMT.US) both rose about 1%, benefiting from the full swing of the holiday shopping season. The State Street SPDR S&P Retail ETF (XRT.US) also hiked against the market, with a cumulative spike of over 6% in the past five trading days.

Bitcoin fell off 8%, briefly dipping below US$84,000, while major player Strategy (MSTR.US) slid more than 3%.
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Tesla (TSLA.US) experienced a sequential downswing in sales across several European markets last month, with a slump of up to approximately 60%, leading to a gradual shrinkage in its market share.

According to data from the ACEA, Tesla's new car sales in France slid by 58% in November, to slightly below 1,600 units. Meanwhile, sales in Denmark and Sweden also tumbled by 49% and 59%, respectively.
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Stock | Investment Rating | Target Price
FORTUNE REIT (00778.HK) | Buy | HKD5.92
Nvidia (NVDA.US) | Buy | USD245
XPENG-W (09868.HK) | Buy | HKD134.69
3SBIO (01530.HK) | Buy | HKD39.5
SHENZHOU INTL (02313.HK) | Buy | HKD84
SUNGROW POWER (300274.SZ) | Buy | RMB220
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