| 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾讯控股 | 58.48 | -1.91 | 21 | 623.500 | -2.04 | | 00981 | 中芯国际 | 42.27 | 3.74 | 21 | 74.000 | 1.44 | | 01347 | 华虹半导 体 | 36.13 | 3.67 | 21 | 80.250 | 3.48 | | 01810 | 小米集团 W | 45.92 | 8.54 | 21 | 40.780 | -2.81 | | 09988 | 阿里巴巴 | 92.79 | 32.97 | 21 | 154.600 | -0.19 | | | W | | | | | | | 00883 | 中国海洋 石油 | 23.73 | -3.65 | 16 | 21.800 | -3.11 | | 09868 | 小鹏汽车 | 28. ...

从连续性进行统计， 有3只股获南向资金连续3天以上净买入，连续净买入天数较多的有小米集团-W、 华虹半导体、阿里巴巴-W，连续净买入天数分别为15天、4天、4天。以其间净买入金额统计，净买入 金额最多的是小米集团-W，合计净买入为106.60亿港元，其次是阿里巴巴-W合计净买入为89.99亿港 元，华虹半导体合计净买入为5.48亿港元。（数据宝） 11月18日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 927896.33 | 329665.50 | -0.19 | | 09868 | 小鹏汽车-W | 282759.05 | 115165.34 | -10.47 | | 01810 | 小米集团-W | 459249.26 | 85350.37 | -2.81 | | 01378 | 中国宏桥 | 241867.66 | 83227.44 | -5.88 | | 03033 | 南方恒生科技 | 159270.66 | 51581.48 ...

以下文章来源于电厂 ，作者翟芳雪 电厂 . 探索科技公司的未知，为你充电 本文来自微信公众号： 电厂 ，作者：翟芳雪，编辑：高宇雷，原文标题：《直营大退潮，腾势、鸿 蒙智行、极氪等品牌三四线门店转为加盟 | 电厂》，题图来自：AI生成 在非一线省会城市见到国产新能源汽车直营店，可能将成为一件难事。 进入四季度，多家新能源汽车品牌传来大面积渠道变革的消息。在社交平台，腾势河北、河南、浙 江、广东等地区多名销售员工表示其所在直营店关店或转让给经销商，其中一名销售对"电厂"表示腾 势或将在全国范围转成经销商渠道，仅保留一线省会城市直营店面。 鸿蒙智行也开始大范围裁撤直营店，广东、四川、江苏等地已开始变革，相关人士向"电厂"透露，鸿 蒙智行直营店未来亦将只在一线城市保留。多名鸿蒙智行销售人员表示，目前其大部分为经销商形 式，直营店中也多为类直营，纯直营很少。 一名广东的鸿蒙智行直营店员工告诉"电厂"，其所在城市被选中转经销商的门店销售，会调去其他直 营门店。比如A店与B店各有10名销售，但A店被改经销商，就全部调去B店，等于B店有20名销售， 从而提高B店的目标，这样造成销售之间的激烈竞争，达到优化的目的。 极氪同样 ...

Core Viewpoint - The company aims to become a globally recognized embodied intelligence company, integrating humanoid robots with the automotive industry as its "third growth curve" following AI and globalization [1][2]. Group 1: Financial Performance - In Q3 2025, the company reported revenue of 20.38 billion, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [4]. - The net loss for Q3 was 380 million, reduced from 480 million in Q2 and 1.81 billion in the same period last year [4]. - The overall gross margin reached a new high of 20.1%, up 4.8 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [4]. - The company expects to achieve breakeven in Q4, with projected deliveries of 125,000 to 132,000 vehicles and revenue between 21.5 billion and 23 billion, representing year-on-year growth of 33.5% to 42.8% [7]. Group 2: Product Strategy and Market Position - The company plans to launch 7 new models next year, including 4 dual-energy vehicles, to enhance its market presence in the extended-range electric vehicle segment [10][11]. - The MONA M03 currently accounts for 40% of the company's sales, indicating a reliance that poses risks if market competition intensifies [5]. - The extended-range electric vehicle market is experiencing a decline, with wholesale sales down 1.9% year-on-year in October, and a continuous drop in market share since June [12][13]. Group 3: Research and Development Focus - R&D expenses reached 2.43 billion in Q3, a year-on-year increase of 48.7% and a quarter-on-quarter increase of 10.1% [6]. - The company is committed to humanoid robot development, with plans to mass-produce self-developed humanoid robots by the end of 2026, targeting annual sales of over 1 million units by 2030 [8][9]. - The company faces challenges in ensuring technological reliability, supply chain maturity, and scenario validation for its robot products [9].

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company reported a narrowing loss in Q3 2025, with a revenue of 20.38 billion yuan, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%. The net profit attributable to shareholders was -0.38 billion yuan, narrowing by 78.9% year-on-year and 20.3% quarter-on-quarter [3][6] - The company achieved a vehicle delivery volume of 116,000 units in Q3, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4%. The automotive business revenue reached 18.05 billion yuan, with a year-on-year increase of 105.3% and a quarter-on-quarter increase of 6.9% [6] - The company is expanding its collaboration with Volkswagen, which has become a strategic partner for the second-generation VLA model, indicating potential growth in revenue from R&D services [6][7] - The launch of the Kunpeng Super Range Extender is expected to open new growth opportunities in the new energy vehicle sector [6][7] - The second-generation VLA model was released, which enhances the company's capabilities in physical AI, with plans to launch three Robotaxi models in 2026 [7] Financial Summary - The company’s projected revenues for 2025 to 2027 are 76.93 billion yuan, 117.47 billion yuan, and 144.84 billion yuan, respectively, with year-on-year growth rates of 88.2%, 52.7%, and 23.3% [5][10] - The net profit is expected to improve from -1.4 billion yuan in 2025 to 4.5 billion yuan in 2027, reflecting a significant turnaround [5][10] - The gross margin for the automotive business is projected to increase from 18.2% in 2025 to 20.5% in 2027, indicating improved profitability [5][10] Delivery and Revenue Guidance - The company has provided a Q4 delivery guidance of 125,000 to 132,000 units, corresponding to a revenue guidance of 21.5 billion to 23 billion yuan [6] - In October, the company delivered 42,013 vehicles, with an expected average monthly delivery of 41,000 to 45,000 units for November and December [6]

小鹏汽车（9868.HK）系列点评九 2025Q3 盈利能力改善 具身智能开启新时代 2025 年 11 月 18 日 [Table_Author] 分析师：崔琰 分析师：乔木 执业证号：S0100523110002 执业证号：S0100524100002 邮箱：cuiyan@glms.com.cn 邮箱：qiaomu@glms.com.cn ➢ 事件：公司发布 2025Q3 财报：2025Q3 实现单季营收 203.8 亿元，同比/ 环比分别为+101.8%/+11.5%。2025Q3 汽车业务毛利率为+13.1%，同比/环比 分别为+4.5pts/-1.2pts。2025Q3 non-GAAP 归母净利润为-1.5 亿元，同环比 减亏 90.1%/60.6%。 ➢ 毛利率超预期 经营质量持续优化 营 收 端 ： 2025Q3 实 现 单 季 营 收 入 203.8 亿 元 ， 同 比 / 环 比 分 别 为 +101.8%/+11.5%。其中 2025Q3 汽车业务收入为 180.5 亿元，同比/环比分别 为+105.3%/+6.9%，主要是由于新推出车型的交付量增加。其他业务方面， 2025Q3 营收由 ...

研究报告 Research Report 18 Nov 2025 小鹏汽车-W XPeng (9868 HK) (Please see APPENDIX 1 for English summary) 盈利修复延续，技术服务放量成为新增长点。公司发布三季报， 3Q25 实现营收 203.8 亿元稍逊市场预期（BBG consensus：204.5 亿），同/环比增 102%/12%；净亏损收窄至 3.8 亿元，同比缩窄 79%、环比改善 20%。季度毛利率升至 20.1%，同比提升 5 个百分 点、环比提升 3 个百分点，其中国内整车业务毛利率为 13.1% （ BBG consensus： 14.4%） ， 同比 增 4.5pcts、 环 比 小 幅回 落 1.2pcts；服务及其他业务利润率高达 74.6%，构成毛利改善的主要 增量，主要来自向车企提供的技术研发服务，尤其是对大众的项 目贡献突出。展望 2026，公司与大众的合作将从研发服务延伸至 量产车型落地，首款合作车型计划于明年初上市，并逐步深化至 芯片、核心技术授权等更高价值链环节，意味着小鹏未来从大众 获取的授权收入有望继续扩大，协同价值将进一步释 ...

Core Insights - On November 18, 2025, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 5.863 billion, 3.912 billion, and 3.075 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also ranked as the top three, with trading amounts of 3.416 billion, 1.935 billion, and 1.640 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 5.863 billion with a net buying amount of +1.678 billion [2] - Tencent Holdings (00700) recorded a trading amount of 3.912 billion with a net selling amount of -0.831 billion [2] - Xiaomi Group-W (01810) achieved a trading amount of 3.075 billion with a net buying amount of +0.633 billion [2] - SMIC (00981) had a trading amount of 2.588 billion with a net selling amount of -0.128 billion [2] - Other notable companies included Huahong Semiconductor (01347) with a trading amount of 2.252 billion and a net buying amount of +29.105 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 3.416 billion with a net buying amount of +1.618 billion [2] - Tencent Holdings (00700) recorded a trading amount of 1.935 billion with a net buying amount of +0.639 billion [2] - SMIC (00981) achieved a trading amount of 1.640 billion with a net buying amount of +0.502 billion [2] - Xiaomi Group-W (01810) had a trading amount of 1.518 billion with a net buying amount of +0.220 billion [2] - Other significant companies included Huahong Semiconductor (01347) with a trading amount of 1.361 billion and a net buying amount of +0.338 billion [2]

Core Insights - Three major automotive companies, Geely, Leapmotor, and Xpeng, reported record-high revenues, gross profits, and delivery volumes for Q3, while addressing market changes due to adjustments in vehicle purchase tax policies [1][2][3] Financial Performance - Geely achieved a record revenue of 89.2 billion yuan in Q3, a 15% increase quarter-on-quarter and a 27% increase year-on-year, with a net profit of 3.96 billion yuan, up 19% year-on-year [1] - Leapmotor reported Q3 revenue of 19.45 billion yuan, a 97.3% year-on-year increase, with a net profit of 150 million yuan and a gross margin of 14.5% [2] - Xpeng's Q3 revenue reached 20.38 billion yuan, a 102% year-on-year increase, with a net loss of 380 million yuan, significantly narrowing from a loss of 1.81 billion yuan in the same period last year [2] Market Outlook - The automotive market is expected to face challenges in 2026 due to the reduction of purchase tax incentives for new energy vehicles, transitioning from exemption to a 50% reduction [3] - Geely's CEO expressed confidence in the company's ability to adapt, highlighting that the market is maturing and that companies with strong strategic foundations will have advantages [3][4] - Leapmotor's management believes the tax policy changes will not significantly impact overall vehicle sales, as evidenced by the continued growth in new energy vehicle penetration [4] Strategic Initiatives - Geely plans to launch multiple new and updated models in Q4 to meet its annual sales target of 3 million vehicles, having achieved 2.477 million units by the end of October [1][4] - Leapmotor aims for a combined domestic and overseas sales target of 1 million vehicles by 2026, with a focus on expanding into new markets [4] - Xpeng is transitioning towards becoming a technology company, with plans to develop flying cars, humanoid robots, and Robotaxi services, aiming for significant advancements in AI applications [5][6] Future Innovations - Xpeng's CEO outlined plans for the launch of three Robotaxi models and humanoid robots by 2026, with initial deployments in commercial settings [5][6] - Leapmotor has completed strategic planning for its new product lines, with expectations to launch new products by 2027-2028 [6] - Geely is set to unveil a new five-year plan focused on AI and technology on January 1, 2026, emphasizing the importance of strong manufacturing capabilities in the automotive sector [6]

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].