Core Viewpoint - The performance of popular Chinese concept stocks showed mixed results, with the Nasdaq Golden Dragon China Index increasing by 0.42% [1] Group 1: Stock Performance - iQIYI saw a significant increase, rising over 6% [1] - Baidu, Huya, and Kingsoft Cloud each rose by more than 2% [1] - Alibaba and NetEase experienced gains of over 1% [1] - Pinduoduo faced a notable decline, dropping 7.33%, marking its largest drop since May 27 [1] - Tiger Brokers fell by more than 2% [1] - NIO decreased by over 1% [1] - Li Auto and JD.com had slight declines [1]

Core Viewpoint - Li Auto is transitioning from a traditional automotive company to an AI technology company, focusing on foundational research in artificial intelligence to drive innovation in smart automotive technologies [4][6][51]. Group 1: Research Achievements - The Li Auto base model team achieved significant breakthroughs with 12 high-quality research papers accepted at top international AI conferences, including AAAI, NeurIPS, EMNLP, ACM MM, and ICCV [4][6]. - The research outcomes are characterized by three main features: depth of technology, breadth of application, and ecological collaboration with over ten top universities [9][51]. Group 2: Key Research Papers and Innovations - AAAI 2026: Three papers focused on temporal reasoning, instruction following, and 3D scene reconstruction, with one paper receiving oral presentation honors [6][7]. - NeurIPS 2025: Two papers on brain-like planning and multi-character animation, showcasing advancements in AI's ability to plan and animate [6][17]. - EMNLP 2025: Two papers on multi-agent collaboration and language safety, with one paper highlighted for its significant academic value [6][26]. - ACM MM 2025: Two papers on cross-modal consistency and visual reasoning, contributing to the understanding of AI's multimodal capabilities [6][35]. - ICCV 2025: Three papers on facial video generation, image fine-tuning, and token compression, enhancing AI's visual processing abilities [6][42]. Group 3: Practical Applications - The research findings are being applied in real products, such as the cross-calendar temporal reasoning in the Li AI calendar and language safety technologies ensuring safe cockpit interactions [9][51]. - The 3D reconstruction technology supports understanding complex driving scenarios, demonstrating the practical impact of the research on product development [51]. Group 4: Collaborative Ecosystem - Li Auto has established deep collaborations with leading universities, creating a new model of industry-academia cooperation that combines theoretical research with practical applications [9][51].

Industry Information - As of the end of 2024, the installed capacity of new energy storage will account for over 40% of the global total installed capacity, reaching 73.76 million kilowatts or 168 million kilowatt-hours, which is 20 times that of 2020 [9][10] - China's combination driving assistance technology has reached an international leading level, with a market penetration rate of 62.58% for passenger cars equipped with such systems [8] - The global installed capacity of power batteries increased by 35% year-on-year in the first three quarters of 2025, with China leading significantly [10][15] - In October, the domestic power battery installation volume reached 84.1 GWh, a year-on-year increase of 42.1% [15] - The first "all-in-one battery hospital" has been established in Yibin, focusing on intelligent testing and verification of battery performance [14][17] - The global automotive roll-on/roll-off capacity at Shanghai Port continues to expand, with a significant increase in the volume of electric vehicles being shipped [8] Policy Information - The Ministry of Industry and Information Technology has set the new energy vehicle credit ratio requirements at 48% for 2026 and 58% for 2027 [25] - The State Council has issued opinions to accelerate the cultivation of new application scenarios for clean energy vehicles in various sectors [27] - The implementation of the 2025 automobile scrapping and updating subsidy policy has been suspended in several provinces, including Hubei and Beijing [28][33] - Inner Mongolia aims for 35% of new cars to be new energy vehicles by 2027 [34] Company Information - CATL has begun mass production of its fifth-generation lithium iron phosphate battery, achieving breakthroughs in energy density and cycle life [12][21] - Harmony Auto has received a strategic investment of $40 million (approximately 284 million RMB) for its overseas new energy vehicle business platform [11] - BYD's total installed capacity of power batteries and energy storage batteries has exceeded 230 GWh as of October [15] - Xpeng Motors' Guangzhou factory has entered the trial production phase, aiming for mass production of flying cars [22]

Group 1: 52-Week Highs - A total of 34 stocks reached their 52-week highs as of November 18, with Shenglong International (01182) leading at a high rate of 42.17% [1] - Other notable stocks include MOS HOUSE (01653) and Wanwei International (00167), with high rates of 22.01% and 21.88% respectively [1] - The closing prices and highest prices for these stocks are as follows: Shenglong International at 0.800 and 1.180, MOS HOUSE at 1.880 and 1.940, and Wanwei International at 3.130 and 3.900 [1] Group 2: 52-Week Lows - TRUE PARTNER (08657) experienced the largest decline, with a drop of 64.71% to a low of 0.120 [2] - Other significant declines include Huaxia SOL-R (83460) at -16.28% and Guofu Hydrogen Energy (02582) at -8.75% [2] - The closing and lowest prices for these stocks are: TRUE PARTNER at 0.300 and 0.120, Huaxia SOL-R at 5.050 and 4.860, and Guofu Hydrogen Energy at 34.880 and 34.820 [2]

Market Overview - On November 18, global financial markets experienced a collective decline due to multiple factors affecting market risk sentiment, with Hong Kong's three major indices showing weakness throughout the day. The Hang Seng Index fell by 1.72%, closing below the 26,000-point mark, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index dropped by 1.65% and 1.93%, respectively [1][2]. Sector Performance - Concerns over overvaluation in artificial intelligence have led to a continued decline in technology stocks. The spot gold price briefly fell below $4,000, causing significant drops in gold and non-ferrous metal stocks, with Lingbao Gold experiencing a nearly 9% decline. The steel sector also faced notable declines due to significant price drops throughout the year [2][5]. - The steel sector led the declines, with China Hanking down over 9%, Maanshan Iron & Steel down over 7%, and several other steel companies experiencing declines of over 5%. A report from CITIC Construction indicated that the steel price is expected to decline significantly by 2025 due to supply-demand mismatches and weakened cost support [5][6]. - The gold sector saw substantial losses, with Lingbao Gold down nearly 9% and other gold mining companies also experiencing declines of over 5% [6][8]. - The lithium battery sector continued to decline, with major companies like Cai Ke New Energy and Zhong Chuang Innovation falling over 10% and 8%, respectively [10]. - The automotive sector faced a downturn, with sales data indicating a 0.8% year-on-year decline in retail sales for October, and a significant drop in November sales figures [11][12]. Investment Trends - Southbound funds recorded a net inflow of HKD 7.466 billion, with the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect seeing net purchases of HKD 2.745 billion and HKD 4.721 billion, respectively [15]. - Looking ahead, Guosen Securities noted that the upcoming Central Economic Work Conference in December will set the tone for macro policies and key tasks for the following year, influencing investment strategies and stock valuations [17].

Group 1 - Li Auto-W (02015.HK) has seen a nearly 4% decline, reaching a new low of 72.6 HKD since September of last year [2] - The current stock price has dropped over 40% from its peak earlier this year [2] - As of the report, the stock is down 3.71%, trading at 72.6 HKD with a transaction volume of 825 million HKD [2]

Core Viewpoint - Li Auto's stock price has dropped nearly 4%, reaching a new low of 72.6 HKD since September of last year, with a decline of over 40% from its peak this year [1] Group 1: Delivery Performance - In November, Li Auto reported a delivery of 31,767 vehicles for October 2025, representing a year-on-year decline of approximately 38% [1] - This marks the fifth consecutive month of decline in vehicle deliveries for the company [1] - For the first ten months of this year, Li Auto has cumulatively delivered 329,000 vehicles [1] Group 2: Recall and Financial Meeting - Li Auto's MEGA model has been recalled due to "insufficient coolant corrosion resistance," affecting 11,411 units of the 2024 model [1] - The company plans to hold a board meeting on November 26 to consider and approve the unaudited financial results for the three months ending September 30, 2025 [1]

Market Overview - The Hong Kong stock market continues to face pressure, with the Hang Seng Index opening down 0.8%, the National Enterprises Index down 0.72%, and the Hang Seng Tech Index down 1.25% [1] - Major stocks such as China Hongqiao, Hansoh Pharmaceutical, Li Auto, and NetEase experienced declines, with China Hongqiao dropping 7.74% [1] Company Performance - XPeng Motors reported a significant reduction in net loss for the three months ending September 30, 2025, with a loss of 381 million RMB, down 78.93% year-on-year. Revenue reached 20.381 billion RMB, a 101.76% increase, with automotive sales revenue at 18.054 billion RMB, up 105.27% [1] - The gross profit for XPeng Motors was 4.104 billion RMB, a 166.26% increase, with a quarterly gross margin of 20.1%, up 4.8 percentage points from the same period in 2024 [1] - Leap Motor reported a net profit of 150 million RMB for Q3 2025, with total net profit for the first three quarters reaching 180 million RMB. Q3 revenue was 19.45 billion RMB, a 97.3% increase from 9.86 billion RMB in Q4 2024 [2] - The gross margin for Leap Motor in Q3 2025 was 14.5%, up 0.9 percentage points from Q2 2025 [2] Debt Issuance - Yanzhou Coal Mining Company announced the successful issuance of its third phase of technology innovation bonds for 2025, raising 3 billion RMB with a term of 3+N years and an interest rate of 2.06% [2] Market Sentiment - Investor sentiment is cautious due to cooling interest rate cut expectations and a lack of surprises in earnings reports, leading to a downward trend in major indices [3] - The overall market is expected to maintain a volatile pattern in the short term, with significant support at 26,000 points and resistance at 27,000 points [3]

Core Viewpoint - The automotive sector is experiencing a decline in stock prices and sales, with significant drops in major companies like Xpeng Motors and Great Wall Motors, attributed to decreased consumer demand and the impact of subsidy reductions [1] Group 1: Stock Performance - Xpeng Motors-W (09868) shares fell by 10.47%, trading at HKD 85.95 [1] - Great Wall Motors (02333) shares decreased by 4.35%, trading at HKD 14.95 [1] - Li Auto-W (02015) shares dropped by 3.51%, trading at HKD 72.75 [1] - GAC Group (02238) shares declined by 2.67%, trading at HKD 3.28 [1] Group 2: Market Sales Data - In October, the national retail sales of passenger vehicles reached 2.242 million units, a year-on-year decrease of 0.8% and a month-on-month decrease of 0.1% [1] - From November 1 to 9, passenger vehicle retail sales fell by 19% year-on-year, while wholesale sales dropped by 22% [1] Group 3: Industry Analysis - Guojin Securities reported that the automotive market entered a negative growth phase in October due to the continuous reduction of local subsidies and a high base from the previous year [1] - The penetration rate continues to rise, indicating the impact of the reduction in vehicle purchase tax exemptions [1] - The forecast for Q4 suggests that market sales will remain flat year-on-year, with the penetration rate expected to reach new highs, but there is a need to observe demand in the first quarter of 2026 [1]

Core Viewpoint - The automotive sector is experiencing a decline in stock prices and sales, with significant drops in major companies like Xpeng Motors and Great Wall Motors, attributed to decreased consumer demand and the impact of subsidy reductions [1] Group 1: Stock Performance - Xpeng Motors-W (09868) shares fell by 10.47%, trading at HKD 85.95 [1] - Great Wall Motors (601633) shares decreased by 4.35%, trading at HKD 14.95 [1] - Li Auto-W (02015) shares dropped by 3.51%, trading at HKD 72.75 [1] - GAC Group (601238) shares declined by 2.67%, trading at HKD 3.28 [1] Group 2: Market Sales Data - In October, the national retail sales of passenger vehicles reached 2.242 million units, a year-on-year decrease of 0.8% and a month-on-month decrease of 0.1% [1] - From November 1 to 9, passenger vehicle retail sales fell by 19% year-on-year, while wholesale sales dropped by 22% [1] Group 3: Industry Analysis - Guojin Securities reported that the automotive market entered a negative growth phase in October due to the continuous reduction of local subsidies and a high base from the previous year [1] - The penetration rate continues to rise, indicating the impact of the reduction in vehicle purchase tax exemptions [1] - The forecast for Q4 suggests that market sales will remain flat year-on-year, with the penetration rate expected to reach new highs, but there is a need to observe demand in the first quarter of 2026 [1]