Core Insights - The highest short-selling ratios were observed for New World Development-R, Geely Automobile-R, and China Resources Beer-R, all at 100.00% [1] - The top three companies by short-selling amount were Alibaba-SW, Xiaomi Group-W, and Tencent Holdings, with amounts of 2.247 billion, 1.597 billion, and 1.377 billion respectively [1] - The highest deviation values were recorded for Geely Automobile-R, China National Offshore Oil-R, and Meituan-WR, with values of 63.65%, 52.70%, and 40.64% respectively [1] Short-Selling Ratio Rankings - New World Development-R (80016): Short-selling amount of 405,600, with a ratio of 100.00% and a deviation of 25.33% [2] - Geely Automobile-R (80175): Short-selling amount of 872,700, with a ratio of 100.00% and a deviation of 63.65% [2] - China Resources Beer-R (80291): Short-selling amount of 102,900, with a ratio of 100.00% and a deviation of 34.15% [2] - Anta Sports-R (82020): Short-selling amount of 227,100, with a ratio of 88.24% and a deviation of 5.81% [2] - BYD Company-R (81211): Short-selling amount of 1,923,700, with a ratio of 87.66% and a deviation of 28.04% [2] Short-Selling Amount Rankings - Alibaba-SW (09988): Short-selling amount of 2.247 billion, with a ratio of 22.01% and a deviation of 6.56% [2] - Xiaomi Group-W (01810): Short-selling amount of 1.597 billion, with a ratio of 12.18% and a deviation of -5.08% [2] - Tencent Holdings (00700): Short-selling amount of 1.377 billion, with a ratio of 15.85% and a deviation of -0.40% [2] - XPeng Motors-W (09868): Short-selling amount of 949 million, with a ratio of 32.35% and a deviation of 14.52% [2] Short-Selling Deviation Rankings - Geely Automobile-R (80175): Short-selling amount of 872,700, with a ratio of 100.00% and a deviation of 63.65% [2] - China National Offshore Oil-R (80883): Short-selling amount of 828,200, with a ratio of 74.60% and a deviation of 52.70% [2] - Meituan-WR (83690): Short-selling amount of 2,121,200, with a ratio of 86.46% and a deviation of 40.64% [2] - China Resources Beer-R (80291): Short-selling amount of 102,900, with a ratio of 100.00% and a deviation of 34.15% [2]

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 3.296 billion, XPeng Motors-W (09868) with 1.147 billion, and Xiaomi Group-W (01810) with 0.853 billion [1][2] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -0.559 billion, China Life (02628) with -0.427 billion, and China National Offshore Oil Corporation (00883) with -0.368 billion [1][2] - In terms of net inflow ratio, ICBC South China (03167) leads with 100.00%, followed by Xiaocai Garden (00999) with 74.08%, and Qingdao Bank (03866) with 67.42% [1][3] - The companies with the highest net outflow ratios include Q Tech (01478) at -58.31%, China National Heavy Duty Truck Group (03808) at -53.04%, and Nexperia (01316) at -43.99% [1][4] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 3.296 billion, representing a 20.59% increase in its closing price to 154.600 [2] - XPeng Motors-W (09868) saw a net inflow of 1.147 billion, with a 25.58% increase in its closing price to 85.950 [2] - Xiaomi Group-W (01810) experienced a net inflow of 0.853 billion, with a 9.75% increase in its closing price to 40.780 [2] Net Outflow Rankings - Yingfu Fund (02800) had a net outflow of -0.559 billion, with a -4.24% change in its closing price to 26.060 [2] - China Life (02628) experienced a net outflow of -0.427 billion, with a -23.81% change in its closing price to 26.140 [2] - China National Offshore Oil Corporation (00883) had a net outflow of -0.368 billion, with a -14.88% change in its closing price to 21.800 [2]

Group 1 - The current A-share market is in a phase of consolidation and preparation for future investments, with expectations of a potential upward trend in the near future [1][8] - The Hang Seng Index Company announced the results of the third quarter review of the Hang Seng Index series [2] - The U.S. stock market saw a collective decline, with the Dow Jones down 0.84%, Nasdaq down 2.15%, and S&P 500 down 1.56%, primarily driven by a drop in technology stocks [3] Group 2 - China's foreign trade has maintained stable growth despite external pressures, with a focus on supporting new business models like cross-border e-commerce and enhancing logistics systems [4] - The Chinese government is emphasizing the need for high-quality development in manufacturing and is increasing financial support for key technologies [4] - The China Chemical and Physical Power Industry Association plans to release guidelines to address the challenges faced by the lithium iron phosphate industry, including price competition and industry standards [6] Group 3 - In September 2025, the domestic smartphone market shipped 27.93 million units, a year-on-year increase of 10.1%, with 5G smartphones accounting for 86.3% of total shipments [7] - The total smartphone shipments for the first nine months of 2025 reached 220 million units, a slight decline of 0.3% year-on-year, with 5G smartphones showing minimal growth [7]

Core Insights - Nvidia's strong earnings report failed to sustain market confidence, leading to a collective decline in major U.S. stock indices [1] Market Performance - The Dow Jones index fell by 0.84% - The S&P 500 index decreased by 1.56% - The Nasdaq Composite index dropped by 2.15% [1] Technology Sector - Major tech stocks experienced significant declines: - AMD fell over 7% - Oracle decreased by over 6% - Netflix and Nvidia both dropped over 3% - Tesla and Amazon fell over 2% - Microsoft declined by over 1% - Broadcom fell by 2.14% - Qualcomm decreased by 3.90% - Adobe dropped by 1.79% - Salesforce fell by 1.10% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index declined by 3.26% - Notable declines among popular Chinese stocks: - Canadian Solar fell by 18.3% - Daqo New Energy dropped by 9.2% - NIO decreased by 6% - JinkoSolar fell by 5.7% - Other companies like Pony.ai, Xpeng, Xiaomi, Pinduoduo, and Baidu dropped over 4% - However, some stocks saw gains: - NetEase rose by 0.6% - Beike increased by 1.3% - GDS Holdings gained 1.8% - Yatsen Holding rose by 3.3% [1]

相较纯电版车型，新车不仅换装了增程系统，还对造型、车身长度及内饰舒适配置进行了差异化提升，起售价则比纯电版车型（35.98万元）降低5万元。 对此，何小鹏表示："增程车销量下滑是事实，但这可能是短期波动。另一种可能是，整个市场都在期待'超级增程'。不仅是我们，其他已推出增程产品的 公司也可能推出下一代产品。市场就像波浪，会有起有伏。" 11月20日晚间，小鹏X9鲲鹏超级增程版车型上市。新车推出Max和Ultra两个版本，售价分别为30.98万元起和32.98万元起。 图片来源：每经记者孙磊摄 据悉，这是小鹏汽车推出的首款增程车型。"企业如果要走向全球市场，还需要新的补能方式。同时，一辆车的续航想要达到1000公里以上，需要通过纯电 之外的动力形式来实现。"小鹏汽车董事长何小鹏告诉《每日经济新闻》记者，"从中国的混动汽车在不同城市、不同区域的分布地图来看，小鹏在很多区域 的销售是比较欠缺的，因为我们没有（推出）适合当地使用的车。所以，我相信无论是在中国还是在全球（市场），超级增程都会有非常大的使用场景。" 值得一提的是，与当下配备大容量电池和小容量油箱的主流增程车型有明显区别，小鹏X9鲲鹏超级增程版车型采用了" ...

小鹏X9超级增程希望以续航、安全、静谧、空间、舒适五大维度的颠覆性突破，解决家庭用户的里程 焦虑、安全顾虑、乘坐舒适性与空间灵活性等痛点。 新品摒弃传统增程小电池+大油箱的组合方案，以"大油箱+大电池"领先组合，实现CLTC综合续航 1602km、纯电续航452km的突破，成为全球续航最长大七座。 11月20日晚，"续航最长大七座"小鹏X9超级增程正式上市，这意味着小鹏正式开启纯电+增程"双能"之 路。 新车共推出Max版和Ultra版两个版本，官方指导售价分别为30.98万元和32.98万元。小鹏汽车同步推出 多重上市权益及购车礼遇。 从产业来看，业内将纯电车型看作是政策导向的终极目标，纯电车型销量占比亦不断攀升。但现阶段市 场却仍然对增程等混动技术用真金白银投票。业内认为，以"技术对调"打破"路线围城"未来将会继续演 绎。在碳中和的大目标下，多条技术路线并行竞争，最终受益的是消费者和整个产业。 其他卖点方面，小鹏X9超级增程拥有行业首发三排电动三折叠，支持三排座椅四六分折叠纯平收纳， 满足4/5/6/7人出行场景，让一车变四房。 随着小鹏X9超级增程的上市，鲲鹏超级增程技术正式投入市场。在媒体交流会上，小 ...

小鹏(09868)X9超级增程1602Max版上市价为30.98万元，1602Ultra版为32.98万元。小鹏X9超级增程以14 项全球领先、32项同级领先、200+项全系标配的越级实力，打造40万级最满配家用大七座。 隔音媲美百万级好车：同级唯一搭载ENC+RNC双重主动降噪技术大七座，配合超静谧无感增程器与全 车双层隔音玻璃设计，静谧性媲美百万级豪车，打造移动"隔音房"。 豪华舒适与超大空间：全球首发三排电动三折叠，支持4-7座灵活变换，配合同级领先的第三排乘坐空 间，实现从日常通勤到长途旅行的全场景空间自由。 全球续航最长大七座：综合续航1602km，纯电续航452km，实现"一周一充"日常通勤；配合800V 5C超 充技术，10分钟即可补能80%，满足全家跨省出游需求。 全球统一安全标准：同步满足中欧双五星安全标准，配备全球首个零重力座椅专属气囊，支持130km/h AEB+AES主动安全系统，具备全场景爆胎稳行与冰雪、脱困双模式能力。 ...

智通财经APP获悉，小鹏(09868)X9超级增程1602Max版上市价为30.98万元，1602Ultra版为32.98万元。小鹏X9超级增程以14项全球领先、32项同级领先、 200+项全系标配的越级实力，打造40万级最满配家用大七座。 隔音媲美百万级好车：同级唯一搭载ENC+RNC双重主动降噪技术大七座，配合超静谧无感增程器与全车双层隔音玻璃设计，静谧性媲美百万级豪车，打造 移动"隔音房"。 豪华舒适与超大空间：全球首发三排电动三折叠，支持4-7座灵活变换，配合同级领先的第三排乘坐空间，实现从日常通勤到长途旅行的全场景空间自由。 全球续航最长大七座：综合续航1602km，纯电续航452km，实现"一周一充"日常通勤；配合800V 5C超充技术，10分钟即可补能80%，满足全家跨省出游需 求。 全球统一安全标准：同步满足中欧双五星安全标准，配备全球首个零重力座椅专属气囊，支持130km/h AEB+AES主动安全系统，具备全场景爆胎稳行与冰 雪、脱困双模式能力。 ...

Core Insights - The Guangzhou Auto Show, themed "New Technology, New Life," will commence on November 21, featuring 93 global debut vehicles among 1,085 total exhibits, with 629 being new energy vehicles, marking a penetration rate of 57% [1] Group 1: New Vehicle Highlights - Xiaopeng X9 Super Extended Range: First extended range model from Xiaopeng, featuring a 60L fuel tank and 63.3 kWh battery, offering a pure electric range of 452 km and a comprehensive range of 1,602 km, with a combined energy consumption of 16.5 kWh/100 km and fuel consumption as low as 2.53 L/100 km [1] - Xiaopeng G01: A larger six-seat extended range model based on the G9, expected to have a pure electric range exceeding 400 km, equipped with 800V high-voltage architecture and 5C ultra-fast charging technology [2] - Leap Motor D19: The first model in Leap's flagship D series, targeting the 200,000-300,000 yuan market, offering both extended range and pure electric versions, with a battery capacity of 80.3 kWh and a pure electric range of 500 km [3] - Leap Motor A10: An entry-level small SUV with a starting price expected to be under 80,000 yuan, featuring laser radar for advanced driver assistance, competing with models like BYD Yuan UP [4] - Xiangjie S9: The annual flagship model from Hongmeng Zhixing, has received over 8,000 pre-orders in just 2 hours, featuring upgraded four-laser radar and enhanced cabin comfort options [5] - Lantu Taisan: The flagship model of Lantu, equipped with a 65 kWh battery, offering a pure electric range of 370 km and a comprehensive range of 1,400 km, featuring advanced suspension and driving assistance technologies [6] - Lantu Zhuiguang L: A mid-large plug-in hybrid sedan with a pure electric range of 410 km, featuring a 63 kWh battery and advanced suspension systems [7] - BMW iX3: Built on the new NCAR pure electric platform, featuring a redesigned front grille and enhanced local adaptations, including integration with Alibaba and Huawei technologies [8] Group 2: Market Trends - The upcoming Guangzhou Auto Show is set to showcase a competitive landscape among fuel, hybrid, and pure electric vehicles, highlighting the latest automotive technologies and indicating future directions for the Chinese automotive market [8][9]

Core Viewpoint - XPeng Inc. reported significant growth in key financial metrics for Q3 2025, including revenue, delivery volume, and gross margin, while narrowing its losses, moving closer to its profitability target [1][4][12]. Financial Performance - Total revenue for Q3 2025 reached RMB 20.38 billion, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%, marking a record high for a single quarter [1][10]. - The automotive sales revenue was RMB 18.05 billion, up 105.3% year-on-year [1][10]. - Gross margin for the quarter was 20.1%, an increase of 4.8 percentage points compared to the same period in 2024 [10][12]. Delivery Metrics - Total delivery volume for Q3 2025 was 116,007 vehicles, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4%, setting a new record for single-quarter deliveries [1][5][9]. Loss Reduction - The net loss attributable to ordinary shareholders was RMB 380 million, a reduction of 79% year-on-year and a decrease from RMB 480 million in the previous quarter [12]. Future Outlook - XPeng anticipates Q4 2025 delivery volume to be between 125,000 and 132,000 units, representing a year-on-year increase of 36.6% to 44.3% [12]. - Total revenue for Q4 2025 is expected to be between RMB 21.5 billion and RMB 23 billion, reflecting an annual increase of approximately 33.5% to 42.8% [12]. Product Development - The company has recently launched several AI technology products, including the second-generation VLA physical world model, self-developed Robotaxi, flying car "A868," and the new generation IRON humanoid robot, which may drive future growth [12].