Market Overview - The Hong Kong stock market experienced a downward trend, with the Hang Seng Index closing down 1.72% at 25,930.03 points, and the total trading volume reaching 242.11 billion HKD [1] - The Hang Seng Tech Index fell by 1.93%, indicating a lack of upward momentum in AI technology stocks amid a stagnant industrial environment [1] Blue-Chip Stocks Performance - Ctrip Group-S (09961) saw a rise of 1.62% to 564.5 HKD after reporting a 16% year-on-year increase in net operating revenue for Q3 2025, reaching 18.3 billion RMB [2] - Semiconductor company SMIC (00981) increased by 1.44% to 74 HKD, contributing 7.4 points to the Hang Seng Index [2] Sector Performance - Large tech stocks faced pressure, with Tencent dropping over 2% and Alibaba slightly declining by 0.19% [3] - The semiconductor sector showed resilience, with Hua Hong Semiconductor rising by 3.48% and SMIC by 1.44% [3][4] Gold and Precious Metals - Gold stocks continued to decline, with Lingbao Gold (03330) down 8.88% and Zijin Mining International (02259) down 5.02% [4][5] - The market anticipates a continued adjustment phase for precious metals due to a decrease in the likelihood of a Fed rate cut [5] Cryptocurrency Market - Bitcoin fell below the 90,000 USD mark, marking a significant drop of nearly 30% from its peak in early October [6] - Cryptocurrency-related stocks also suffered, with Okex Chain (01499) down 6.82% [5] Lithium Battery Sector - The lithium battery sector faced a collective adjustment, with companies like CATL (03931) and Tianqi Lithium (09696) experiencing declines of over 6% [7] - Predictions for lithium prices remain conservative, with expectations of limited upward movement in the near term [7] Notable Stock Movements - Xpeng Motors (09868) saw a significant drop of 10.47% after reporting a net loss of 380 million RMB for Q3 [8] - Cambridge Technology (06166) rose by 7.52%, with plans to launch a 1.6T optical module in Q1 2026 [9] - Kingsoft Cloud (03896) increased by 4.1%, driven by strong growth prospects in AI [10]

中经记者 赵毅 广州报道 11月17日，小鹏汽车发布第三季度业绩报告，报告显示，第三季度实现营收203.8亿元，同比增长 101.8%，第三季度净亏损为人民币3.8亿元，虽然仍为负值，但却是小鹏汽车五年来最小的季度净亏 损。每股亏损为人民币0.16元，研发费用增至人民币24.3亿元，较上年增长48.7%。此前，在接受媒体 采访时小鹏汽车董事长何小鹏曾透露，2025年在AI上投入接近50亿元人民币。 此外，销售、一般及行政费用也实现增长，总计人民币24.9亿元，同比增长52.6%。从流动性状况来 看，尽管未达到盈利目标，但截至2025年9月30日，小鹏汽车公布的现金、现金等价物、短期投资和定 期存款总额为人民币483.3亿元。充裕的流动性使其能够灵活应对竞争压力，并继续投资于电动汽车技 术的研发。 小鹏汽车预计第四季度交付量为12.5万辆至13.2万辆，这意味着年增长率约为36.6%至44.3%。预计总收 入将在人民币215亿元至人民币230亿元之间，同比增长约33.5%至42.8%。 回顾2024年，小鹏汽车总收入408亿元，毛利率14.3%，净亏损从103.8亿元缩减至57.9亿元。2021— 2024年净 ...

11月18日，受多重因素影响市场风险情绪恶化，全球金融市场集体下挫。港股三大指数今日全天弱势， 且午后跌幅进一步加大，恒生指数跌1.72%失守26000点大关，国企指数、恒生科技指数分别下跌1.65% 及1.93%。 | 代码 名称 | 最新价 涨跌额 涨跌幅 ^ | | --- | --- | | 800700 恒生科技指数 | 5645.73 -111.15 -1.93% | | 800000 恒生指数 | 25930.03 -454.25 -1.72% | | 800100 国企指数 | 9174.84 -153.56 -1.65% | 消息面上，美联储副主席杰斐逊周一表示，美联储在未来的降息步伐上需"循序渐进"，进一步削弱市场 对下个月降息的期待。FXStreet分析师Christian Borjon Valencia指出，由于美联储鹰派言论刺激美元指数 走强，黄金承受下行压力。这令金价维持在4000美元/盎司至4050美元/盎司区间内。 | 序号 | 名称 | 最新价 | 涨跌额 | 涨跌幅 ^ | | --- | --- | --- | --- | --- | | 7 | 灵宝黄金 | 15.29 ...

公司预计25Q4交付12.5–13.2万辆、营收215–230亿元，指引体现订单与产能节奏保持稳健。同时，自研 图灵芯片将在Q3–Q4进一步放量，提升高阶智驾渗透率；而"鲲鹏超级电动体系"(一车双能：纯电/增程) 预计在25Q4进入量产节奏，对ASP、整车毛利及成本结构的改善均更具边际贡献。短期结构仍由中高 阶车型占比主导，中期毛利改善更依赖新平台规模化后摊薄成本与智驾功能渗透提升。新车规划方面， 明年计划推出7款增程车型，海外推出3款新车。 25Q3营收203.8亿元(人民币，下同)，环比增11.5%，基本符合市场和该行预期。汽车销量11.6万辆，环 比增12.4%。受车型结构影响，单车ASP 15.6万元，环比降0.8万元，基本符合预期。受益于服务及技术 收入占比提升与规模效应，公司综合毛利率20.1%，创历史新高；但受新平台爬坡及车型结构轻微变化 影响，汽车毛利率13.1%，较2Q25小幅回落。研发/销售费用仍保持在可控区间，研发/销售费用环比增 12.5%，占收比环比略增。25Q3公司净亏损3.8亿元/non-GAAP净亏损1.5亿元，按季进一步收窄。 公司预计4Q25营收为215亿-230亿元，按中 ...

ASP、综合毛利率仍具边际向上弹性，关注新平台(鲲鹏体系)与图灵芯片放量带来的结构改善 公司预计25Q4交付12.5–13.2万辆、营收215–230亿元，指引体现订单与产能节奏保持稳健。同时，自研 图灵芯片将在Q3–Q4进一步放量，提升高阶智驾渗透率；而"鲲鹏超级电动体系"(一车双能：纯电/增程) 预计在25Q4进入量产节奏，对ASP、整车毛利及成本结构的改善均更具边际贡献。短期结构仍由中高 阶车型占比主导，中期毛利改善更依赖新平台规模化后摊薄成本与智驾功能渗透提升。新车规划方面， 明年计划推出7款增程车型，海外推出3款新车。 交银国际主要观点如下： 小鹏汽车综合毛利率20.1%创历史新高 25Q3营收203.8亿元(人民币，下同)，环比增11.5%，基本符合市场和该行预期。汽车销量11.6万辆，环 比增12.4%。受车型结构影响，单车ASP 15.6万元，环比降0.8万元，基本符合预期。受益于服务及技术 收入占比提升与规模效应，公司综合毛利率20.1%，创历史新高；但受新平台爬坡及车型结构轻微变化 影响，汽车毛利率13.1%，较2Q25小幅回落。研发/销售费用仍保持在可控区间，研发/销售费用环比增 12. ...

Core Viewpoint - The Hong Kong stock market experienced a decline on November 18, with the Hang Seng Index dropping by 0.8%, the State-Owned Enterprises Index falling by 0.72%, and the Technology Index decreasing by 1.25%. Notably, Xpeng Motors saw a significant drop of over 7% [1] Group 1 - The Hang Seng Index opened lower, reflecting a broader market downturn [1] - The State-Owned Enterprises Index also showed a decline, indicating weakness in state-owned companies [1] - The Technology Index's drop suggests challenges within the tech sector, with Xpeng Motors being a notable underperformer [1]

但值得一提的是，公司四季度收入指引和销量指引双双低于预期：四季度销量指引12.5-13.2万辆，低于 市场预期的13.6万辆；四季度收入指引215-230亿，同样也要低于市场预期的250亿元。 花旗发表报告称，考虑到明年第一季的汽车销售淡季，下调小鹏汽车美股和港股目标价逾3%，但仍看 好公司在明年多元化增长的潜力。花旗指出，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。 11月18日午后，港股三大指数集体下跌，恒生科技指数跌超2%。盘面上，科网股普跌，汽车股走弱。 主流ETF方面，聚焦造车新势力的港股通汽车ETF（159323）午后跌超4%，持仓股中，小鹏汽车、赣锋 锂业、德昌电机控股、天齐锂业、亿华通、敏实集团等跌幅居前，其中小鹏汽车跌超10%。 消息面上，11月17日港股盘后，小鹏汽车交出了三季度成绩单：公司总营收达到203.8亿元，创下历史 新高，同比大幅增长102%；三季度净亏损收窄至3.8亿元，较去年同期的18.1亿元，大幅减少79.01%； 毛利率达到20.1%，同比提升4.8个百分点，创历史新高。 ...

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]

(本文来自第一财经) 恒指跌0.8%，恒生科技指数跌1.25%。汽车股多数低开，小鹏汽车跌超7%，蔚来跌3%，理想汽车跌超 2%。 ...

国金证券发布研报称，车市10月运转进入负增长区间，由于地方补贴的持续退坡，叠加25年同期基数较 高，造成车市销量走弱；渗透率持续走高验证购置税减免退坡影响。预计Q4市场销量同比持平，渗透 率持续破新高；但更需要观望26年一季度需求。 智通财经APP获悉，汽车股跌幅居前，截至发稿，小鹏汽车-W(09868)跌10.47%，报85.95港元；长城汽 车(02333)跌4.35%，报14.95港元；理性汽车-W(02015)跌3.51%，报72.75港元；广汽集团(02238)跌 2.67%，报3.28港元。 消息面上，汽车消费热度有所下降。乘联会近期公布的10月最新销量数据。10月全国乘用车市场零售 224.2万辆，同比下降0.8%，环比下降0.1%。根据乘联会口径，11月1-9日乘用车零售同比下滑19%，批 发同比下滑22%。 ...