8 AM Digest: Doubao Overtaken by Guo Guo in User Numbers; Controversy Over iPhone Duo Screen Cracks, Tim Cook Responds for the First Time; Nasdaq to Trade 23 Hours a Day, Ushering in a "Late Night" for US Stocks

Today's Hot Spots Overview The IOC confirms China will not bid to host the 2036 Olympics Zhongji Innolight's total market value falls below 600 billion yuan; Goldman Sachs cuts profit forecast Rumors say Kunlunxin's IPO has been postponed; Baidu denies the market rumor The parent company of "Haoxiang Lai" sees its shares plunge after CSRC opens an investigation Zhong Xue Gao "revives" with single popsicles priced as low as 7.5 yuan Trump vows to firmly back Musk TOP 3 Headlines Douyin, Hongguo short dramas, Doubao, and Toutiao shift rankings; Hongguo overtakes Doubao as the second-largest app in the Douyin Group QuestMobile released its Fall 2026 China Mobile Internet Report: as of September 2026, China's mobile internet monthly active users reached 1.281 billion, up 0.9% year on year, and average monthly usage time per person was 189.8 hours, up 6.5% year on year. The app landscape within the Douyin Group has changed significantly. The latest top three apps are Douyin, Hongguo short dramas, and Doubao, with deduplicated total users of 1.029 billion, 430 million, and 419 million, respectively. Hongguo short dramas surpassed Doubao in user scale to become the Group's second-largest app. In the same period last year, the Group's top three were Douyin, Toutiao, and Douyin Lite. In terms of usage time, short drama videos and short videos are the two core engines driving overall internet time growth, with short dramas showing a clear lead in incremental time. User attention continues to shift from traditional long-form video to short dramas. The short drama boom has also brought intense industry reshuffling: Hippo Theater's user base has declined, while new players such as Hongguo comic dramas and Green Bubble short dramas have grown quickly. Traffic fluctuations are significant, and whether platforms can retain users will be the key competitive factor in the next phase. The report notes that AI-native products, short drama content, community commerce, local decision-making, and instant fulfillment are becoming the new main battlegrounds for big tech companies restructuring their traffic matrices and competing for the starting point of user decisions. (36Kr, Caixin) Apple CEO responds to iPhone Duo screen issue After US market close on November 2, Apple released its fourth-quarter fiscal 2026 earnings: revenue rose 11.7% year on year to $114.477 billion, and diluted earnings per share grew about 14% year on year to $2.10, both above market expectations. On the earnings call, responding to user reports about screen problems with the iPhone Duo, Apple CEO Tim Cook said the affected devices account for an "extremely small proportion," and Apple is providing replacement services to affected users. Cook also warned that, due to rising memory prices, the gross margin for the next quarter ending in December is expected to be 45%-46%, down from 47.9% in the previous quarter; services business revenue