11月20日消息，港股汽车股走弱，小鹏汽车再度下跌超5%，报81港元创近一个月新低，近7日累计跌幅 高达25%。 此外，11月19日，市场消息称，小鹏汽车将于2026-2027年每年生产数千辆自动驾驶出租车。对此，小 鹏汽车相关部门负责人表示，公司留意到市场消息后进行了核实，发现并非源自官方披露的数据。随 后，公司与消息发布方取得联系，对方称相关内容源自一份预测分析报告，并非小鹏汽车实际生产安 排，公司因此判定上述传闻不实。 来源：新浪港股 消息上，小鹏汽车此前公布的第四财季营收预测不及预期，这一增速相较于第三季度的101.8%，出现 了大幅放缓，引发了市场的担忧。花旗银行在财报后发布报告，承认第四季度的营收预测不及预期，并 因此小幅下调了小鹏汽车的目标价。但花旗同时指出，仍看好该公司在2026年包括Robotaxi试运行和人 形机器人量产的多元化增长潜力。 ...

消息上，小鹏汽车此前公布的第四财季营收预测不及预期，这一增速相较于第三季度的101.8%，出现 了大幅放缓，引发了市场的担忧。机构的观点也出现了分化。花旗银行在财报后发布报告，承认第四季 度的营收预测不及预期，并因此小幅下调了小鹏汽车的目标价。但花旗同时指出，仍看好该公司在2026 年包括Robotaxi试运行和人形机器人量产的多元化增长潜力。 格隆汇11月20日｜小鹏汽车再度下跌超5%，近7日累计跌幅高达25%，完全抹平此前涨幅，并且走出过 山车行情。报81.25港元创近一个月新低，总市值1551亿港元。 ...

| 恒生指数 | | 25798.16 | -32.49 | -0.13% | | --- | --- | --- | --- | --- | | 800000 | | | | | | 国企指数 | | 9123.69 | -27.35 | -0.30% | | 800100 | | | | | | 恒生科技指数 | | 5545.47 | -61.43 | -1.10% | | 800700 | 1 | | | | 格隆汇11月20日｜恒生科技指数跌1.1%至5545.47点。金山软件跌超10%，小鹏汽车跌近5%，携程、小 米、网易均跌超3%。 ...

小鹏汽车再度下跌超5%，近7日累计跌幅高达25%，完全抹平此前涨幅，并且走出过山车行情。报81.25港元创近一个月新低，总市值1551亿港元。 消息上，小鹏汽车此前公布的第四财季营收预测不及预期，这一增速相较于第三季度的101.8%，出现了大幅放缓，引发了市场的担忧。机构的观点也出现 了分化。花旗银行在财报后发布报告，承认第四季度的营收预测不及预期，并因此小幅下调了小鹏汽车的目标价。但花旗同时指出，仍看好该公司在2026年 包括Robotaxi试运行和人形机器人量产的多元化增长潜力。 ...

消息面上，11月19日，市场消息称，小鹏汽车将于2026-2027年每年生产数千辆自动驾驶出租车。对 此，小鹏汽车相关部门负责人表示，公司留意到市场消息后进行了核实，发现并非源自官方披露的数 据。随后，公司与消息发布方取得联系，对方称相关内容源自一份预测分析报告，并非小鹏汽车实际生 产安排，公司因此判定上述传闻不实。 招商证券国际发布研报称，小鹏汽车明年推动一车双能策略，增程车拓展新市场空间，以及海外拓展加 快，2026年有充足增长动力，但考虑行业竞争加剧，下调2025-2027年销量3%/6%/11%。同时考虑AI相 关研发加大投入，同期利润预测调整为-14亿/12亿/37亿元人民币。维持小鹏汽车目标价115港元及29美 元，维持"增持"评级。 智通财经APP获悉，小鹏汽车-W(09868)再跌超4%，截至发稿，跌4.38%，报81.95港元，成交额10.97亿 港元。 ...

（文章来源：每日经济新闻） 每经AI快讯，11月20日，港股汽车股持续走弱，小鹏汽车跌超4%，小米集团跌超3%，蔚来汽车等跟 跌。 ...

消息面上，11月19日，市场消息称，小鹏汽车将于2026-2027年每年生产数千辆自动驾驶出租车。对 此，小鹏汽车相关部门负责人表示，公司留意到市场消息后进行了核实，发现并非源自官方披露的数 据。随后，公司与消息发布方取得联系，对方称相关内容源自一份预测分析报告，并非小鹏汽车实际生 产安排，公司因此判定上述传闻不实。 小鹏汽车-W(09868)再跌超4%，截至发稿，跌4.38%，报81.95港元，成交额10.97亿港元。 招商证券国际发布研报称，小鹏汽车明年推动一车双能策略，增程车拓展新市场空间，以及海外拓展加 快，2026年有充足增长动力，但考虑行业竞争加剧，下调2025-2027年销量3%/6%/11%。同时考虑AI相 关研发加大投入，同期利润预测调整为-14亿/12亿/37亿元人民币。维持小鹏汽车目标价115港元及29美 元，维持"增持"评级。 ...

Summary of XPeng Inc. Conference Call Company Overview - **Company**: XPeng Inc. (XPEV/9868.HK) - **Industry**: Electric Vehicles (EVs) Key Points 1. Financial Performance and Guidance - XPeng's share price declined by 10% following a 3Q25 result that was in line with expectations but provided below-expectation revenue guidance for 4Q25E, projecting a revenue growth slowdown from 149% year-over-year (YoY) in 3Q25 to 41% in 4Q25E due to increased competition in the market [1][2] - For the full year 2026E, XPeng anticipates a revenue growth of 40%, driven by the launch of 7 new models and collaboration with Volkswagen (VW) [2][6] - The company expects to achieve a GAAP net income of Rmb2.2 billion in 2026E, marking its first full-year break-even with a margin of 2.0% [2][6] 2. New Model Launches - XPeng plans to launch three EREV versions of existing models (G6/G7/P7+) and four new dual-energy models in 2026, including two MONA SUVs [6][9] - The X9 EREV model is set for an official launch on November 20, with pre-sales orders reportedly three times higher than the BEV version [6][9] 3. Collaboration with Volkswagen - XPeng's collaboration with VW is expanding, with technical R&D services expected to contribute to sustainable revenue levels [7][9] - The Turing AI SoC, which has significantly enhanced capabilities, has secured design wins from VW for two B-segment vehicles [7][9] 4. Gross Margin and Cost Management - XPeng reported a total gross margin of 20.1% in 3Q25, an increase of 4.9 percentage points YoY, attributed to higher service revenue from VW [7][9] - The vehicle gross margin was reported at 13.1%, with management expecting stable company-level gross profit margin around 20% in 4Q25E [7][9] 5. Research and Development (R&D) Investments - R&D expenses are projected to increase to Rmb11 billion in 2026E, reflecting ongoing investments in new technologies, including autonomous driving and humanoid robots [2][6] - Management maintains a 2025 full-year R&D expense guidance of Rmb9 billion [7][9] 6. Overseas Expansion - XPeng's overseas sales volume reached 11,000 units in 3Q25, a 54% YoY increase, with local production facilities established in Indonesia and Austria [6][9] - The company expects overseas volume growth to outpace domestic sales in 2026E [6][9] 7. Balance Sheet and Cash Flow - XPeng ended 3Q25 with Rmb29 billion in net cash, with improvements in working capital conditions noted [10][9] - The company has seen a reduction in receivable days from 22 days in 2024 to 10 days in 2025, which is expected to remain stable in 2026E [2][10] 8. Investment Thesis - XPeng is recognized as one of the fastest-growing pure EV makers in China, with a focus on intelligent vehicle features and a significant increase in new model launches [9][11] - The company is currently trading in line with its historical average forward price-to-sales multiple, which is considered attractive given its growth trajectory [11][12] 9. Price Target and Risks - The 12-month price target for XPeng is set at US$25 for ADR and HK$96 for H shares, with an upside potential of approximately 11% [8][12] - Risks include lower-than-expected sales volume, increased price competition, and weaker market demand [12][12] Conclusion XPeng Inc. is positioned for significant growth in the EV market with a robust pipeline of new models and strategic collaborations, particularly with Volkswagen. The company's focus on R&D and overseas expansion, coupled with improving financial metrics, supports a positive investment outlook despite potential market risks.

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2]. Short Selling Ratios - AIA Group (81299), Li Ning (82331), and JD Health (86618) have the highest short-selling ratios at 100.00% each [1][2]. - JD Group (89618) follows closely with a short-selling ratio of 98.73%, while Tencent Holdings (80700) has a ratio of 94.71% [2]. Short Selling Amounts - Xiaomi Group (01810) leads in short-selling amount with 2.524 billion, followed by Alibaba (09988) at 2.305 billion and Tencent Holdings (00700) at 1.140 billion [1][2]. - Other notable mentions include Pop Mart (09992) with 1.016 billion and Lenovo Group (00992) at 676 million [2]. Deviation Values - Zhongyuan Bank (01216) has the highest deviation value at 62.66%, indicating a significant difference from its average short-selling ratio over the past 30 days [1][2]. - East Asia Bank (00023) and Autohome (02518) follow with deviation values of 38.85% and 38.65%, respectively [2].

Group 1: China Duty Free Group (601888.SH) - The company is positioned as a leading player in the duty-free market, benefiting from policy support for duty-free consumption, with growth potential in offshore, port, and city duty-free sales [2] - The company is enhancing its online, store, and supply chain capabilities, indicating a long-term strategic layout that is expected to yield benefits as domestic travel and consumption gradually recover [2] - Revenue projections for the company are estimated at 54.69 billion, 61.02 billion, and 65.67 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 3.72 billion, 4.65 billion, and 5.32 billion yuan, translating to EPS of 1.80, 2.25, and 2.57 yuan per share [2] Group 2: XPeng Motors (09868.HK) - The company is experiencing pressure on its main business profitability but has exceeded expectations in technical collaborations, with a strong product cycle and rapid growth overseas [3] - Sales forecasts for the company are approximately 440,000, 700,000, and 910,000 vehicles for 2025, 2026, and 2027, with total revenues projected at 77.3 billion, 124.3 billion, and 154.2 billion yuan, respectively [3] - The collaboration with Volkswagen is expected to deepen, with anticipated profits of around 2.7 billion yuan from this partnership in 2026, and the overall valuation of the company is estimated at 228.3 billion HKD [3]