Core Points - XPeng Motors announced a donation of 5 million HKD to support fire rescue efforts in Tai Po, Hong Kong [1] - The company expressed its commitment to monitor the disaster situation and collaborate with various parties to assist affected individuals in returning to normal life [1] Group 1 - The donation amount is 5 million HKD, which reflects the company's social responsibility initiatives [1] - XPeng Motors emphasizes unity and support during challenging times, highlighting a community-oriented approach [1]

公司点评 | 小鹏汽车-W Q3 总毛利继续提升，AI 业务及全球化战略提速 小鹏汽车-W（9868.HK）跟踪点评 事件：2025Q3 小鹏汽车营收 203.8 亿，同比 101.8%；毛利率 20.1%，同比提 升 4.8pct；净亏损 3.8 亿。 Q3 车端营收继续高增。Q3 车端营收 180.5 亿，同比 105%；毛利率 13.1%， 同比增长是由于持续降本，环比下降是由于产品换代。2025Q3 服务及其他 利润率 74.6%，同环比均有增长，主要与技术研发服务收入相关。 1 | 请务必仔细阅读报告尾部的投资评级说明和声明 证券研究报告 全新 IRON 人形机器人亮相并规划量产。科技日上，公司全新一代 IRON 人 形机器人以高度拟人的外形、猫步般轻盈的步态，惊艳亮相。IRON 将搭载 3 颗图灵 AI 芯片与全固态电池，并优先进入导览、导购、导巡等商业场景。 小鹏目标是在 2026 年底实现高阶人形机器人的规模量产。 欧洲本地化生产项目启动，全球化战略提速。2025 年 1-9 月，小鹏汽车海 外累计交付量突破 2.9 万台，同比增加 125%。小鹏已正式在印尼、奥地利 落子本地化生产布局，并启 ...

（文章来源：每日经济新闻） 每经AI快讯，港股汽车股多数上扬，截至发稿，奇瑞汽车(09973.HK)涨3.61%，报31.58港元；广汽集团 (02238.HK)涨3.52%，报3.53港元；零跑汽车(09863.HK)涨3.27%，报52.05港元；北京汽车(01958.HK)涨 3.02%，报2.05港元；小鹏汽车-W(09868.HK)涨1.46%，报83.3港元。 ...

消息面上，11月27日，国新办举行国务院政策例行吹风会，介绍增强消费品供需适配性进一步促进消费 政策措施有关情况。商务部市场运行和消费促进司负责人杨枿表示，商品消费是促消费惠民生的重要领 域，下一步商务部将推进汽车流通消费改革试点，扩大二手车流通，拓展汽车改装、租赁、赛事、房车 露营等汽车后市场，全链条扩大汽车消费。 汽车股多数上扬，截至发稿，奇瑞汽车(09973)涨3.61%，报31.58港元；广汽集团(02238)涨3.52%，报 3.53港元；零跑汽车(09863)涨3.27%，报52.05港元；北京汽车(01958)涨3.02%，报2.05港元；小鹏汽车- W(09868)涨1.46%，报83.3港元。 光大证券发布研报称，2025年底旺季、购置税退坡或带动年底订单再创新高，重点关注车型周期。该行 预计2026E国内乘用车零售销量同比微降、新能源乘用车出口仍有望维持高速增长，带动全年乘用车批 发销量同比表现相对稳定。中信建投（601066）指出，汽车行业具备顺周期、成长及出海三条投资方 向，26年政策预期走弱下行业顺周期属性弱化，建议淡化内需总量预期，聚焦行业格局及产业趋势变 化。 ...

消息面上，11月27日，国新办举行国务院政策例行吹风会，介绍增强消费品供需适配性进一步促进消费 政策措施有关情况。商务部市场运行和消费促进司负责人杨枿表示，商品消费是促消费惠民生的重要领 域，下一步商务部将推进汽车流通消费改革试点，扩大二手车流通，拓展汽车改装、租赁、赛事、房车 露营等汽车后市场，全链条扩大汽车消费。 光大证券发布研报称，2025年底旺季、购置税退坡或带动年底订单再创新高，重点关注车型周期。该行 预计2026E国内乘用车零售销量同比微降、新能源乘用车出口仍有望维持高速增长，带动全年乘用车批 发销量同比表现相对稳定。中信建投指出，汽车行业具备顺周期、成长及出海三条投资方向，26年政策 预期走弱下行业顺周期属性弱化，建议淡化内需总量预期，聚焦行业格局及产业趋势变化。 智通财经APP获悉，汽车股多数上扬，截至发稿，奇瑞汽车(09973)涨3.61%，报31.58港元；广汽集团 (02238)涨3.52%，报3.53港元；零跑汽车(09863)涨3.27%，报52.05港元；北京汽车(01958)涨3.02%，报 2.05港元；小鹏汽车-W(09868)涨1.46%，报83.3港元。 ...

港股汽车股普遍上涨，其中，广汽集团涨超4%，零跑汽车、北京汽车涨3.5%，奇瑞汽车涨2.4%，小鹏 汽车涨2%，理想汽车、吉利汽车、华晨中国均有涨幅。 消息上，国新办今日举行国务院政策例行吹风 会，商务部市场运行和消费促进司负责人杨枿表示，商品消费是促消费惠民生的重要领域，下一步商务 部将推进汽车流通消费改革试点，扩大二手车流通，拓展汽车改装、租赁、赛事、房车露营等汽车后市 场，全链条扩大汽车消费。 有分析称，这项政策的核心在于疏通汽车消费的"毛细血管"和"大动脉"， 从整个汽车生命周期的各个环节入手，解决"买车烦、用车难、卖车亏"的痛点，从而真正激发消费潜 力。这比简单的"价格战"或购置税减免更具可持续性。 小鹏汽车-W(09868.HK)：单三季度销量同比增长149% 打造物理AI未来出行全新范式 小鹏汽车- W(09868.HK)：2025Q3综合毛利率亮眼 多重增长可期 港股异动丨汽车股普涨 零跑汽车涨3.5% 奇瑞汽 车涨2.4% 商务部推全链条扩大汽车消费 港股异动丨零跑汽车大涨超7%，获纳入恒生科技指数 港股异 动丨汽车股普涨 零跑汽车涨3.5% 奇瑞汽车涨2.4% 商务部推全链条扩大汽车消费 ...

【#阿里蔡崇信试乘小鹏X9#】11月26日，小鹏汽车微博发文称，近日，阿里巴巴集团董事会主席蔡崇 信在2025以体树人教育研讨会现场，体验了小鹏X9超级增程，对其1602km超长续航与三排电动三折 叠、二排超舒适零重力座椅等配置点赞。 ...

Core Viewpoint - The Hong Kong technology sector is experiencing a strong rally, driven by multiple favorable factors including increased expectations for Federal Reserve interest rate cuts and improved market liquidity, alongside significant revenue growth in Alibaba's cloud business and a resurgence in AI focus [1]. Group 1: Market Performance - As of November 27, 2025, the CSI Hong Kong Stock Connect Technology Index (931573) has seen a strong increase, with notable gains in constituent stocks such as Huahong Semiconductor (up 5.36%), Kangfang Biotech (up 4.89%), and Li Auto (up 3.87%) [1]. - The Hong Kong Technology ETF (159751) has risen by 0.73%, marking its fourth consecutive increase, with the latest price reported at 1.1 HKD [1]. Group 2: Influencing Factors - The recent rally in the Hong Kong technology sector is attributed to the anticipated easing of monetary policy by the Federal Reserve, which is expected to enhance liquidity in the market [1]. - The combination of the Federal Reserve's halt on balance sheet reduction and the relaxation of SLR regulations is expected to limit liquidity pressure in the medium term [1]. Group 3: Index Composition - The CSI Hong Kong Stock Connect Technology Index comprises 50 large-cap technology companies with high R&D investment and revenue growth, reflecting the overall performance of leading technology stocks within the Hong Kong Stock Connect [1]. - As of October 31, 2025, the top ten weighted stocks in the index include Alibaba-W, Tencent Holdings, and SMIC, collectively accounting for 66.81% of the index [2].

Market Performance - US stock market opened high and closed higher, with all three major indices rising for four consecutive days [1] - Dow Jones increased by 0.67% to 47,427.12 points, S&P 500 rose by 0.69% to 6,812.61 points, and Nasdaq Composite climbed by 0.82% to 23,214.69 points [1] - Market volatility eased, with the S&P 500 volatility index (VIX) dropping approximately 35% over four days, marking the largest decline since mid-April [1] Technology Sector - Mixed performance among large tech stocks: Nvidia up 1.37%, Apple up 0.21%, Google C down 1.04%, Microsoft up 1.78%, Amazon down 0.22%, Broadcom up 3.26%, Meta down 0.41%, and Tesla up 1.71% [1] - Philadelphia Semiconductor Index rose by 2.76%, with all 30 component stocks closing higher [1] - Notable gains in semiconductor stocks: Teradyne up 6.98%, Marvell Technology up 5.14%, AMD up 3.93%, ASML up 3.76%, and Micron Technology up 2.55% [1] Chinese Stocks - Nasdaq Golden Dragon China Index slightly declined by 0.03% [2] - Most popular Chinese stocks saw gains: Vipshop up 2.54%, Pinduoduo up 1.58%, JD.com up 0.96%, Li Auto up 0.6%, New Oriental up 0.39%, and Alibaba up 0.38% [2] - Declines were noted in some Chinese stocks: Hesai down 7.37%, Tencent Music down 2.33%, Xpeng down 2.22%, Baidu down 1.31%, and NIO down 0.73% [3]

Industry News - The China Insurance Industry Association issued a risk warning regarding the "Anwo Stock Insurance" business, stating that it is not an approved insurance product and that stock investment losses are not insurable. The platform's activities may involve illegal financial operations [6]. - Beijing's Internet Information Office and the Beijing Financial Regulatory Bureau launched a three-month campaign to address six types of online financial misconduct, focusing on misleading public information and illegal financial services [7]. - The Ministry of Industry and Information Technology and five other departments released a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [7]. - The Ministry of Natural Resources announced breakthroughs in the efficient extraction of low-grade rare metals from coal, aluminum, copper, lead, and zinc ores, with significant improvements in recovery rates for various metals [7]. - The first hydrogen refueling station in China utilizing underground hydrogen storage technology has been operational for over 1500 days, supplying over 400 tons of hydrogen, marking a significant advancement in high-pressure underground hydrogen storage technology [8]. Company News - Dongwei Technology announced a significant increase in PCB plating equipment orders, driven by rapid growth in the PCB and memory sectors, with expected record-high order amounts this year [11]. - North University Pharmaceutical stated that related flu medications have not yet been produced or sold, and this will not impact the company's performance for a considerable time [12]. - *ST Dongtong disclosed that its annual reports from 2019 to 2022 contained false records and has received a notice of termination of listing [13]. - Debang Technology's largest shareholder, the National Big Fund, reduced its stake by 2% between September 11 and October 16, completing its reduction plan [13]. - Muxi Co., Ltd. plans to issue 40.1 million shares, with the initial strategic placement of 8.02 million shares, and the subscription date set for December 5, 2025 [15].