随着新车换代、一车双能平台量产以及智驾功能的全面普及，该行预计集团销量有望维持高位增长，第 四季盈利具可实现性。该行同时预计，小鹏汽车今明两年平均单价及毛利的改善弹性将优于同业。集团 亦在AI晶片、自主智驾、低空经济、RoboTaxi及人形机器人方向持续布局，提升估值中枢与长期增长 性。 交银国际发布研报称，小鹏汽车-W(09868,XPEV.US)今年第三季受惠于服务及技术收入占比提升与规模 效应，集团综合毛利率录得20.1%，创历史新高。该行维持对小鹏汽车目标价134.69港元及"买入"的投 资评级。 ...

恒指涨0.09%，恒生科技指数涨0.37%。百度涨超2%，小鹏汽车涨近2%，小米集团跌近2%。 (本文来自第一财经) ...

上证报中国证券网讯 11月19日，恒生指数开盘涨0.09%，恒生科技指数涨0.37%。百度集团涨超2%，小 鹏汽车涨近2%，小米集团跌近2%。 来源：上海证券报·中国证券网 来源：wind | | | of the Real | 日本三五 | | --- | --- | --- | --- | | = | 1.50 0 | | 0.09% | | 11 | te | | 0.37% AMERICA | | -------- . | | | | ...

美银证券发表研究报告指，小鹏汽车第三季收入达200亿元，按年及按季分别增长102%及12%，大致符 合该行预期。综合毛利率为20.1%，按年及按季上升4.8及2.8个百分点，好过该行预期的17.7%。整车利 润率为13.1%，按年升4.5个百分点，按季跌1.2个百分点，主要因清库存而进行促销。期内非通用会计 准则净亏损1.52亿元，好过该行预期的净亏损3.98亿元。展望第四季，小鹏管理层预期交付量为12.5万 至13.2万辆，按年增长37%至44%，收入为215亿至230亿元，按年增长34%至43%。 该行下调对小鹏的2025年销量预测1%，但将2026及27年预测分别上调3%及5%；将2025年非通用会计准 则净亏损预测由10.94亿元下调至8.84亿元，同时将2026及27年非通用会计准则净利润分别下调20%及 9%。该行对小鹏港股目标价由105港元升至109港元，美股目标价由27美元升至28美元，反映销量预测 上调，重申"买入"评级，看好2026年强劲的产品布局。 ...

Core Viewpoint - The report from China Merchants Securities International maintains a target price of HKD 115 and USD 29 for Xpeng Motors (09868, XPEV.US), while keeping an "Overweight" investment rating, highlighting the company's growth potential through its dual-energy vehicle strategy and accelerated overseas expansion, despite a downward adjustment in sales forecasts due to increased industry competition [1] Group 1: Financial Performance - Xpeng Motors reported a narrowing net loss in Q3, with a year-on-year and quarter-on-quarter reduction of 78.9% and 20.3% respectively, outperforming expectations [1] - The partnership with Volkswagen has led to higher gross profit income, improving profit margins [1] Group 2: Sales and Production Guidance - The guidance for Q4 deliveries is set between 125,000 and 132,000 units, representing a year-on-year increase of 37% to 44%, with an average of 43,000 units in the last two months [1] Group 3: Strategic Outlook - The company is optimistic about expanding its range of extended-range vehicles, while maintaining a cautious stance on its pure electric vehicle models [1] - The collaboration with Volkswagen and accelerated international expansion are expected to continuously improve profitability [1] - Anticipated increases in AI-related research and development investments may exceed market expectations [1]

Core Viewpoint - The report from China Merchants Securities International maintains a target price of HKD 115 and USD 29 for Xpeng Motors (09868, XPEV.US), while keeping an "Overweight" investment rating, highlighting growth potential driven by a dual-energy vehicle strategy and accelerated overseas expansion, despite a downward revision in sales forecasts due to increased industry competition [1] Group 1: Financial Performance - Xpeng Motors reported a narrowing net loss in Q3, with a year-on-year and quarter-on-quarter reduction of 78.9% and 20.3% respectively, which was better than expected [1] - The company achieved higher gross profit margins through collaboration with Volkswagen, contributing to improved profitability [1] Group 2: Sales and Production Guidance - The guidance for Q4 indicates expected deliveries of 125,000 to 132,000 vehicles, representing a year-on-year increase of 37% to 44%, with an average of 43,000 vehicles over the last two months [1] Group 3: Strategic Outlook - The company is optimistic about expanding its range of extended-range vehicles, while maintaining a cautious stance on its pure electric vehicle models [1] - There is a positive outlook on the collaboration with Volkswagen and the acceleration of overseas expansion, which is expected to continuously improve profitability [1] - Anticipated increased investment in AI-related research and development may exceed market expectations [1]

摘要 小鹏汽车三季度交付量与二季度持平，9 月和 10 月单月交付量突破 4,000 辆，但汽车毛利率环比略有下降，综合毛利率首次超过 20%，服 务及其他业务毛利率高达 74.6%，主要得益于大众业务收入翻倍至约 12 亿元。 公司预计 2025 年研发费用达 90 亿元，四季度预计 25 亿元左右，销售 及管理费用因新车上市增加。三季度亏损 3.8 亿元，较二季度减亏 1 亿 元。预计 2025 年四季度交付量为 12.5 万至 13.2 万辆，计划 2026 年 推出 7 款新车，包括增程车型和 SUV。 小鹏汽车计划至少导入三款新车至海外市场，包括一款小型 SUV。预计 四季度大众合作收入与三季度相当，2026 年技术授权费、IP 授权费及 硬件收费预计贡献 30 亿至 40 亿元收入。 公司计划 2026 年底量产高阶机器人，预计 2030 年机器人年销量超百 万台。同时，计划 2026 年推出三款 Robotaxi 车型，与高德合作运营， 旨在通过创新产品占领用户心智，提升品牌认可度。 Q&A 小鹏汽车 20251118 同时，大众技术授权费将继续反哺公司的盈利能力。在费用端，尽管研发投入 仍会增 ...

小鹏目标在2026年底开始人形机器人的大规模生产，管理层设想人形机器人的总目标市场将超过电动汽 车，到2030年小鹏机器人在全球的销量将超过100万台。花旗将该公司美股目标价下调3.4%至28.4美 元；港股目标价下调3.7%至110.6港元。 11月17日，小鹏汽车公布的第四财季营收预测不及预期，拖累隔夜ADR重挫逾10%。花旗称，考虑到明 年一季度的汽车销售淡季，将小鹏汽车美股和港股目标价分别下调逾3%，但仍看好公司在明年多元化 增长的潜力。 分析师Jeff Chung等在报告中指出，在分析师简报会后，小幅下调对公司2025年的销量预测以符合公司 的新指引进入2026年，公司计划有7款新车型发布，并计划启动Robotaxi的试运行。 ...

每经AI快讯，恒指涨0.09%，恒生科技指数涨0.37%。百度涨超2%，小鹏汽车涨近2%，小米集团跌近 2%。 ...

Group 1 - UBTECH's humanoid robot Walker S2 production video was questioned for authenticity by Figure's CEO, who claimed that the video contained computer-generated effects. UBTECH responded by releasing a continuous video showing real robots in action, emphasizing the strength of China's manufacturing capabilities [4][5] - UBTECH's CBO stated that skepticism about Chinese manufacturing stems from a lack of understanding and encouraged critics to visit China to witness the industry's growth firsthand. The company has reported a total of 800 million yuan in orders, holding itself accountable to shareholders and the public [5] - New Oriental's founder, Yu Minhong, faced employee backlash after a trip to Antarctica, leading him to announce plans for a youth exploration center focused on natural education [7][8] Group 2 - Fat Donglai announced a compensation of 359,000 yuan for employees who faced disrespect from customers, highlighting the importance of respecting personal dignity in the workplace. Other companies like Meituan and Xibei are also implementing similar support measures for their employees [10][12] - Tencent filed a lawsuit against Competitive World and Taobao for trademark infringement related to the game "JJ Happy Landlord," leading to an apology and the removal of the infringing game from the market [14] - Canopus Robotics has filed for an IPO in Hong Kong, aiming to raise funds for R&D, brand building, and market expansion. The company reported revenues of 197 million yuan in 2022 and projected growth in subsequent years [16] Group 3 - Xiaopeng Motors reported a total revenue of 20.38 billion yuan for Q3 2025, with a year-on-year growth of 101.8%. CEO He Xiaopeng believes the robotics market has greater potential than the automotive sector, with plans for significant growth in robot sales by 2030 [16][17] - ByteDance has established a new department for transactions and advertising in China, consolidating its engineering teams to enhance efficiency in e-commerce and advertising [19][20] - Geely is expected to complete the acquisition of Zeekr by the end of the year, following a plan to integrate resources and enhance competitiveness within the group [21] Group 4 - Alibaba launched the Qianwen app, directly competing with ChatGPT, while Ant Group introduced the Lingguang AI assistant, showcasing advancements in AI technology [21][22] - Xiaomi's 17 series smartphones achieved sales of over 200,000 units within five days of launch, positioning them as a strong competitor against Apple's iPhone [24] - Baidu reported Q3 revenue of 31.17 billion yuan, with its autonomous driving service, "Luobo Kuaipao," experiencing a significant increase in usage [28][29] Group 5 - BYD's sales in the UK surpassed 50,000 vehicles, with a notable increase in sales in October, indicating strong market performance [38] - Jeff Bezos has launched a new AI startup named "Project Prometheus," which has raised $6.2 billion in funding, focusing on AI applications in various industries [33][34] - Tesla's CEO Elon Musk criticized Bezos's new venture, calling it a copycat initiative [34]