Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, totaling HKD 74.66 billion, with notable buying in Alibaba, Xpeng Motors, and Xiaomi, while China National Offshore Oil Corporation and Tencent experienced the highest net sell-offs [1][2]. Group 1: Northbound Trading Activity - Northbound trading recorded a net buy of HKD 74.66 billion, with HKD 27.45 billion from the Shanghai Stock Connect and HKD 47.21 billion from the Shenzhen Stock Connect [1]. - The most bought stocks included Alibaba (HKD 37.70 billion buy, HKD 20.92 billion sell, net +HKD 16.78 billion), Xpeng Motors (net +HKD 8.29 billion), and Xiaomi (net +HKD 6.33 billion) [2][5]. - The most sold stocks were China National Offshore Oil Corporation (net -HKD 3.65 billion) and Tencent (net -HKD 1.91 billion) [7]. Group 2: Company-Specific Developments - Alibaba (HKD 09988) received a net buy of HKD 32.96 billion, with news of its Qianwen App entering public testing and strategic collaboration with Quark App [5]. - Xpeng Motors (HKD 09868) reported a narrowed Q3 loss of HKD 3.81 billion, with adjusted losses of HKD 1.5 billion, and projected Q4 revenue between HKD 215 billion and HKD 230 billion, reflecting a growth of 33.5% to 42.8% [5]. - Xiaomi (HKD 01810) saw a net buy of HKD 8.53 billion ahead of its earnings report, which showed a Q3 revenue of RMB 113.12 billion, up 22.3%, and an adjusted net profit of RMB 11.31 billion, up 80.9% [6]. - China Hongqiao (HKD 01378) attracted a net buy of HKD 8.32 billion, with plans to place 400 million shares, raising approximately HKD 114.9 billion [6]. - Semiconductor companies like SMIC (HKD 00981) and Hua Hong Semiconductor (HKD 01347) received net buys of HKD 5.15 billion and HKD 3.74 billion, respectively, with SMIC projecting annual sales exceeding USD 9 billion [6][7].

智通财经APP获悉，11月18日港股市场，北水成交净买入74.66亿港元，其中港股通(沪)成交净买入27.45亿港元，港股通 (深)成交净买入47.21亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、小鹏汽车-W(09868)、小米集团-W(01810)。北水净卖出最多的个股是中海 油(00883)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 37.70 乙 | 20.92亿 | 58.63亿 | | | | | +16.781Z | | 腾讯控股 | 15.41 乙 | 23.71 乙 | 39.12亿 -8.31 Z | | HK 00700 | | | | | 小米集团-W HK 01810 | 18.54 Z | 12.21亿 | 30.75亿 +6.33 Z | | 中芯国际 HK 00981 | 12.30亿 | 13.58 乙 | 25.88 乙 -1.28 亿 | | 华虹米营体 | 11.41亿 | 11.12亿 | 22.52 ...

11月18日港股市场，北水成交净买入74.66亿港元，其中港股通(沪)成交净买入27.45亿港元，港股通(深)成交净买入47.21亿 港元。 北水净买入最多的个股是阿里巴巴-W(09988)、小鹏汽车-W(09868)、小米集团-W(01810)。北水净卖出最多的个股是中海 油(00883)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | | 37.70 乙 | 20.92 乙 | 58.63亿 +16.78 乙 | | 腾讯控股 | 15.41 乙 | 23.71 乙 | 39.12 乙 | | | | | -8.31 Z | | | 18.54 Z | 12.21 乙 | 30.75亿 +6.33 乙 | | | 12.30 乙 | 13.58 乙 | 25.88亿 | | | | | -1.28 亿 | | | 11.41亿 | 11.12亿 | 22.52亿 | | | | | +2910.50万 | | | 14.30亿 | 6.01亿 | 20.32亿 | | | | | +8.29 ...

18 November 2025 | 7:03AM CST Equity Research XPeng Inc. (XPEV): 3Q25 First Take: Operating profit in line, 4Q25E revenue guidance below expectation XPeng reported 3Q25 result with total revenue and operating profit in line with expectation, with higher revenue and gross margin from services and others mitigating the impact from lower vehicle sales and margin. However, 4Q25E revenue guidance was below expectation, with revenue of Rmb21.5bn-23.0bn (-17%/-16% vs.GSe/Consensus at the midpoint) and vehicle sale ...

花旗随即发表报告称，考虑到明年第一季的汽车销售淡季，下调小鹏汽车目标价，美股目标价下调3.4%至28.4美元。但仍看好公司在明年多元化增长的潜 力。 港股小鹏汽车再度大跌超10%，带动小鹏汽车(XPEV.US)美股盘前继续跌近2%，该股此前4日连跌超20%完全抹平近期涨幅。 消息上，小鹏汽车昨晚公布业绩显示，第三季股东应占亏损收窄至3.81亿元，经调整亏损收窄至1.5亿元。公司预期今年第四季度总收入将介乎215亿至230亿 元，增加约33.5%至42.8%，不及市场预期。 ...

点 击 蓝 字 关 注 我 们 目 录 行业信息 3、截至 2024年底 新型储能装机规模占全球总装机比例超过 40% 4、中汽中心推出全球化技术验证体系助力新能源汽车出海 5、双环科技与中国钢电集团签署固态钠电池战略合作协议 12、宁德时代董事长曾毓群:第五代磷酸铁锂电池已开始量产 政策信息 1、中国组合驾驶辅助技术水平已在国际领先,车辆市场渗透率达 62.58% 2、上海港汽车滚装继续扩容增产 6、和谐汽车海外公司获车企注资,厂商协同出海迭代升级 7、海南新能源汽车快速普及:10月新车渗透率达 67.14% 8、1至9月湖南轨道交通装备、专用装备等高端装备出口同比增长 31% 9、俄罗斯加征高额关税致中国汽车出口量暴跌 10、2025 年前三季度全球动力电池装机量同比增长 35%，中国遥遥领先 11、10 月国内动力电池装车量 84.1GWh 同比增长 42.1% 13、华为申请注册"齐界"商标 14、首个"动力电池全科医院"落地宜宾 15、北京、上海首批外企 Al 大模型获批,分别来自奔驰、特斯拉和沃尔沃 16、中汽中心明确:将电池分为固态电池、固液混合电池、液态电池三大类 17、宁德时代成为全国首家动 ...

港股三大指数全天震荡下行，午后跌幅进一步扩大，恒生指数再失守两万六大关，恒科指数则一度跌超 2%。截止收盘，恒生指数跌1.72%或454.25点，报25930.03点，全日成交额为2421.12亿港元；恒生国企 指数跌1.65%，报9174.84点；恒生科技指数跌1.93%，报5645.73点。 东吴证券认为，港股短期震荡为主，上行斜率或放缓。从中长期配置来看，当前位置有吸引力。该行 指，自10月初开始，美股AI泡沫叙事再起，叠加近期产业缺乏新催化剂，港股AI科技类股票上涨动能 不足。英伟达财报临近，市场仍在等待信号。该行认为从中长期看当前位置港股科技吸引力凸显。 蓝筹股表现 4. 锂电板块集体调整，截至收盘，中创新航(03931)跌8.28%，报30.56港元；天齐锂业（002466） (09696)跌6.93%，报53.05港元；赣锋锂业（002460）(01772)跌6.62%，报58.5港元。 其他蓝筹股方面，中芯国际(00981)涨1.44%，报74港元，贡献恒指7.4点；周大福(01929)涨0.27%，报 14.84港元，贡献恒指0.12点；紫金矿业（601899）(02899)跌4.36%，报 ...

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]

Core Insights - Xiaopeng Motors reported Q3 revenue of 20.38 billion RMB, a year-on-year increase of 101.8%, with a net loss of 380 million RMB, marking the smallest quarterly loss in five years [1] - The company plans to invest nearly 5 billion RMB in AI by 2025, with R&D expenses rising to 2.43 billion RMB, a 48.7% increase from the previous year [1] - Xiaopeng expects Q4 delivery volumes between 125,000 and 132,000 units, representing a year-on-year growth rate of approximately 36.6% to 44.3% [1] Financial Performance - In 2024, Xiaopeng's total revenue reached 40.8 billion RMB, with a gross margin of 14.3%, and net losses reduced from 10.38 billion RMB to 5.79 billion RMB [2] - Historical net losses from 2021 to 2024 were 4.9 billion RMB, 9.1 billion RMB, 10.38 billion RMB, and 5.79 billion RMB respectively [2] - The company reported a cash and cash equivalents total of 48.33 billion RMB as of September 30, 2025, providing ample liquidity for competitive pressures and R&D investments [1] Strategic Developments - Xiaopeng has implemented internal reforms, including anti-corruption measures and budget cuts, following significant personnel changes in management [2] - The company has adopted a low-price strategy, launching the MONAM03 at a starting price of 119,800 RMB, aiming to penetrate the mainstream market [3] - Plans for 2025 include a major product overhaul, with new offerings across a wide price range, including full-size SUVs [3] Technological Advancements - Xiaopeng is transitioning towards becoming a technology company, with plans to launch three Robotaxi models by 2026 [3] - The company has introduced the IRON humanoid robot and is advancing its flying car business, emphasizing the technological synergies between these ventures [4] - Despite the promising prospects for Robotaxi and flying cars, regulatory uncertainties and public safety concerns remain challenges for commercial implementation [4]

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 ...