Group 1 - iQIYI and Xpeng Motors saw an increase of over 1% [1] - Bilibili, NetEase, Baidu, and NIO experienced a rise of nearly 1% [1] - JD.com increased by 0.06% and Pinduoduo by 0.03% [1] Group 2 - Alibaba experienced a decline of nearly 1% [1]

Group 1: Overall Market Performance - The automotive sector is at a crossroads, with electric vehicle (EV) benefits waning and smart vehicle technology in its early stages[2] - The overall performance of the passenger vehicle sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition[3] - The passenger vehicle industry saw a year-on-year growth of only 3% in retail sales, while exports grew by 23%[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a significant year-on-year sales increase of 58.1%, with domestic sales up 64.5% and exports up 22.9% in Q3 2025[5] - The bus segment saw strong performance, with leading companies like Yutong exceeding expectations due to rapid sales growth and improved profit margins[6] - Motorcycle exports showed robust growth, with large-displacement motorcycle exports reaching 146,000 units, a year-on-year increase of 57.4%[7] Group 3: Financial Metrics - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases[3] - The overall net profit margin for the heavy-duty truck sector improved, with major players like China National Heavy Duty Truck Group reporting a 21% increase in net profit[8] - The motorcycle industry saw a year-on-year profit increase of 21%, despite a 10% decline in revenue quarter-on-quarter[7] Group 4: Risks and Challenges - Risks include potential escalations in trade wars, slower-than-expected global economic recovery, and geopolitical uncertainties[2] - The automotive industry faces challenges from regulatory pressures and a lack of significant price reductions among manufacturers[3]

Group 1 - The Chinese automotive market continued its strong growth momentum in October, with 14 out of 18 surveyed automakers reporting both year-on-year and month-on-month sales increases [2][5] - SAIC Motor Corporation led the sales chart with approximately 454,000 vehicles sold in October, marking a year-on-year increase of 12.96%. BYD followed closely with 441,700 vehicles sold, achieving over 11% month-on-month growth [5][6] - New energy vehicle sales saw significant growth, with Geely and Chery achieving breakthroughs in multi-brand operations and transitions to new energy. Geely's sales exceeded 300,000 vehicles for the first time in October, while Chery's sales grew by 3.3% year-on-year, with over 110,000 new energy vehicles sold [2][5] Group 2 - New energy vehicle brands under traditional automakers, such as Deep Blue, Lantu, and Zhiji, also experienced strong sales growth in October [3] - The China Automobile Dealers Association reported an increase in the automotive consumption index for October 2025, indicating a slight rise in the market for November. Factors contributing to this include the arrival of government subsidies and promotional activities during the Guangzhou Auto Show [3] - The market is expected to maintain an upward trend in November, driven by increased consumer demand due to government incentives and promotional efforts from dealers [3]

Core Viewpoint - Xiaopeng Motors (09868) has achieved significant growth in electric vehicle deliveries, marking a record month in October 2025 with 42,013 units delivered, reflecting a year-on-year increase of 76% and a month-on-month increase of 1% [1] Group 1: Delivery Performance - In October 2025, Xiaopeng Motors delivered 42,013 smart electric vehicles, achieving a new monthly delivery record [1] - For the first ten months of 2025, the total deliveries reached 355,209 units, representing a 190% increase compared to the same period last year [1] - This marks the second consecutive month where monthly deliveries exceeded 40,000 units, indicating a strong growth trend and enhanced brand presence [1] Group 2: Global Expansion - In October 2025, Xiaopeng Motors accelerated its global expansion by entering seven new markets across Asia, Europe, and Africa, including Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia, and Qatar [1] Group 3: Advanced Driver Assistance System - The user engagement for Xiaopeng's advanced driver assistance system, XNGP, remains robust, with a monthly active user penetration rate of 86% for urban intelligent driving in October 2025 [1] Group 4: Upcoming Events - On November 5, 2025, Xiaopeng Motors will host the 2025 Xiaopeng Technology Day at the Xiaopeng Technology Park in Guangzhou, showcasing advancements in artificial intelligence technology and innovations in areas such as physical AI and Robotaxi [1]

Core Viewpoint - Xiaopeng Motors (09868.HK) announced record vehicle delivery data for October 2025, highlighting significant growth and brand enhancement in the electric vehicle market [1] Group 1: Delivery Performance - In October 2025, Xiaopeng Motors delivered 42,000 smart electric vehicles, representing a year-on-year increase of 76% and a month-on-month increase of 1%, setting a new monthly delivery record [1] - For the first ten months of 2025, the total vehicle deliveries reached 355,209 units, a substantial increase of 190% compared to the same period last year [1] Group 2: Global Expansion - In October 2025, Xiaopeng Motors accelerated its global expansion by entering seven new markets across Asia, Europe, and Africa, including Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia, and Qatar [1] Group 3: Technology and Innovation - The user engagement for Xiaopeng's advanced driver-assistance system, XNGP, remained strong, with a monthly active user penetration rate of 86% for urban intelligent driving in October 2025 [1] - On November 5, 2025, Xiaopeng Motors will host the 2025 Xiaopeng Technology Day in Guangzhou, showcasing advancements in artificial intelligence technology and innovations in areas such as physical AI and Robotaxi [1]

Core Insights - Xiaopeng Motors delivered 42,013 smart electric vehicles in October 2025, marking a 76% year-on-year increase and a 1% month-on-month increase, setting a new monthly delivery record [1] - In the first ten months of 2025, the company delivered a total of 355,209 smart electric vehicles, representing a 190% increase compared to the same period last year [1] - Xiaopeng Motors expanded its global presence by entering seven new markets in Europe, Asia, and Africa in October 2025, including Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia, and Qatar [1] Delivery Performance - The company achieved over 40,000 monthly deliveries for the second consecutive month, indicating a strong growth trajectory and enhanced brand presence [1] - The penetration rate of the advanced driver-assistance system, Xiaopeng's Intelligent Navigation Assisted Driving (XNGP), reached 86% among monthly active users in urban driving scenarios in October 2025 [1] Upcoming Events - Xiaopeng Motors will host the 2025 Xiaopeng Technology Day on November 5, 2025, at the Xiaopeng Technology Park in Guangzhou, where it will showcase advancements in artificial intelligence technology and innovations in areas such as physical AI and Robotaxi [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失 承擔任何責任。 2025年11月5日，小鵬汽車將在廣州小鵬科技園舉辦2025小鵬科技日。本届小鵬科技日 上，小鵬汽車將展示其在人工智能技術自主研發中取得的最新突破和未來發展路線， 並重點展示在物理AI、自動駕駛出租車（Robotaxi）等方面的創新進展。 本公司股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 自願公告 2025 年 10 月智能車交付數據 XPeng Inc. （「本公司」或「小鵬汽車」）之董事會欣然宣佈其2025年10月車輛交付數 據。 2025年10月，小鵬汽車共交付智能電動汽車42,013輛，同比增長76%，環比增長1%， 創下單月交付新紀錄。這是小鵬汽車連續第二個月月交付量超過40,000輛，凸顯了本公 司加速增長的態勢和品牌聲勢的提升。2025年前十個月，小鵬汽車共交付355,209輛智 能電動汽車，較去年同期增長190%。 2025年10月，小鵬汽車加速全球擴張，進入了亞歐非七個新市場, 包括 ...

Core Insights - Xpeng Motors has maintained a consistent delivery performance, achieving a total of 42,013 vehicle deliveries in the past year without any declines, which is notable in the competitive Chinese electric vehicle (EV) market [1][2]. Company Performance - Xpeng has successfully delivered over 40,000 vehicles for the second time this year, with the latest milestone occurring after the launch of the Mona series in late August, which began deliveries in September [2]. - The Mona series is positioned as Xpeng's mass-market brand, featuring models like the M03 sedan priced at 119,800 yuan ($16,812) and 155,800 yuan for models with advanced assistive features [3]. Market Context - Xpeng's steady growth is increasing competitive pressure on Tesla, which has experienced fluctuations in its delivery numbers amid the crowded EV market in China [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Viewpoints - The 2026 purchase tax subsidy for new energy vehicles (NEVs) is set to be halved, yet it is expected that electric vehicle (EV) sales can still maintain a mid-to-high single-digit growth rate [3][9] - The impact of the subsidy reduction will be significant, affecting approximately 90% of NEV consumers, particularly in the low-price segment [6][17] - The overall market for NEVs is influenced by multiple factors beyond subsidies, including the introduction of quality supply and the gradual penetration of NEVs into various channels [7][9] Summary by Sections 1. Analysis of the Impact of the 2026 New Energy Vehicle Purchase Tax Policy - The purchase tax subsidy for NEVs will be halved from 2026 to 2027, with the maximum subsidy per vehicle reduced to 15,000 yuan [5][13] - The technical requirements for subsidies will also increase, with the pure electric range requirement for plug-in hybrid and extended-range vehicles rising from 43 km to 100 km [5][13][24] - The subsidy reduction will have broad implications, with 90% of low-price segment consumers feeling the impact significantly [6][17] 2. Overall Forecast - The expected growth rates for NEV insurance registrations are 19% for 2025 and 9% for 2026, with potential upward adjustments depending on advancements in autonomous driving technology [8][33] - Despite the subsidy reduction, the NEV penetration rate is anticipated to maintain a slight increase due to factors such as quality supply and market dynamics [7][9][41] - The total volume of NEVs is projected to grow moderately, with the potential for unexpected demand driven by technological innovations [8][40] 3. Investment Opportunities - Focus on high-end automakers less affected by the subsidy reduction, such as Jianghuai Automobile [9] - Attention to automakers with strong new product cycles that can offset the impact of subsidy reductions, including Geely Automobile and SAIC Group [9] - Consider companies that may create additional demand through technological innovations, such as Li Auto and Xpeng Motors [9]

Market Overview - A-shares rebounded in the afternoon on November 3, with all three major indices turning positive by the close; the Shanghai Composite Index rose by 0.55% to 3976.52 points, the Shenzhen Component increased by 0.19% to 13404.06 points, and the ChiNext Index gained 0.29% to 3196.87 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 21.33 billion yuan, a decrease of 2.17 billion yuan from the previous day [1] Sector Performance Coal and Oil - The coal sector saw significant gains, with companies like Antai Group and Zhongmei Energy hitting the daily limit, and others like Shanxi Black Cat and Jin控煤业 rising over 4% [4][6] - The oil sector also performed well, with Huibo Group and Intercontinental Oil hitting the daily limit, and China National Offshore Oil Corporation and China Petroleum rising over 4% [7] AI Applications - The AI application sector was notably active, with stocks like Fushi Holdings and Xinghuan Technology rising over 10%, and several others hitting the daily limit [12][14] Nuclear Power - The nuclear power concept experienced a surge, with significant advancements in thorium-based molten salt reactor technology reported by the Chinese Academy of Sciences, marking a key development in nuclear energy [10] Key Insights - The current prices of thermal coal and coking coal remain at historical lows, providing room for a rebound due to supply-side policies and seasonal demand increases [6] - The "three barrels of oil" (China National Petroleum, Sinopec, and CNOOC) are expected to continue increasing their oil and gas equivalent production, with respective growth rates of 2.6%, 2.2%, and 6.7% projected for the first three quarters of 2025 [7] - The AI-driven content creation market is projected to grow significantly, with over 3000 new works expected in the first half of 2025, indicating a robust demand for AI applications in media [14]