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]

Market Overview - Hong Kong stocks opened positively in November, with major indices rising, and the Hang Seng Index closing at 26,158.36 points, up 0.97% or 251.71 points, with a total turnover of HKD 228.68 billion [1] - The Hang Seng China Enterprises Index increased by 0.98% to 9,258.73 points, while the Hang Seng Tech Index rose by 0.24% to 5,922.48 points [1] Blue Chip Performance - Chow Tai Fook (01929) led the blue-chip decline, falling 8.67% to HKD 13.9, impacting the Hang Seng Index by 4.04 points [2] - AIA Group (01299) rose 5.96%, contributing 75.25 points to the index, while Wanzhou International (00288) increased by 4.69%, adding 4.62 points [2] Sector Performance Technology Sector - Technology stocks showed mixed results, with Alibaba down 1.15% and Tencent down 0.16%, while Kuaishou rose 1.52% [3] Oil Sector - Oil stocks experienced a broad increase, with China National Offshore Oil Corporation (00883) up 3.49% and China Petroleum (00857) up 3.37%, following OPEC+'s announcement to pause production increases in early 2024 [3] Coal Sector - Coal stocks generally rose, with China Qinfa (00866) up 7.53% and Yanzhou Coal (01171) up 4.69%, driven by seasonal demand and safety production assessments [4] AI Application Sector - AI application stocks were active, with Fenbi (02469) surging 10.36% after announcing a share buyback plan, reflecting strong market interest in AI education products [4][10] Gold and Jewelry Sector - Gold mining and jewelry stocks fell sharply, with Chow Tai Fook down 8.67% and Lao Pu Gold (06181) down 7.16%, following new tax policies affecting gold trading [6] Automotive Sector - The automotive sector showed varied performance, with XPeng Motors (09868) up 4.59% and NIO (09866) up 4.21%, supported by strong October delivery figures for new energy vehicles [7] Notable Stock Movements - Minglue Technology (02718) debuted with a significant rise of 106.1%, closing at HKD 290.6, indicating strong investor interest in data intelligence applications [8] - WuXi AppTec (02126) surged 16.09% due to positive developments regarding its CAR-T cell therapy's inclusion in commercial health insurance [9]

部分传统车企也公布了10月销量成绩。10月，比亚迪新能源汽车销量达441706辆，同比下滑12%，环比 增长11.47%，海外销量大幅增长155%，全球化发展进一步提速。上汽集团10月汽车销量达453978辆， 同比增长12.96%，已连续十个月实现同比增长。其中，新能源车销量达206692辆，同比增长31.6%。奇 瑞集团10月汽车销量达281161辆，同比增长3.3%。其中，新能源汽车销量达110346辆，同比增长 54.7%，首次单月突破11万辆。 转自：北京日报客户端 进入11月，多家车企披露10月销量或交付数据。由于新能源购置税免费、以旧换新置换补贴等进入倒计 时，叠加车企密集上市新车型等有利因素，今年车市"银十"变"金十"，市场格外火热，多家车企销量表 现强劲。新势力中，零跑汽车月销量首次超过7万辆，小鹏汽车、蔚来汽车月交付均超过4万辆，创下品 牌新高。 新势力阵营中，零跑汽车单月交付达70289辆，同比增长超84%，今年三季度以来，该品牌销量不断攀 升，多月蝉联新势力月度销冠。小鹏汽车10月交付42013辆，创历史新高，同比增长76%，环比增长 1%。同样交付量创新高的还有蔚来汽车，在爆款新车型 ...

Group 1: Hong Kong Stocks - Anhui Wantuo Expressway (00995) saw a rise of over 4%, reporting a revenue of 5.3855 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.07%, while net profit increased by 5.43% to 1.477 billion yuan [1] - Conant Optical (02276) increased by over 5%, with a cumulative rise of over 22% in the last six trading days, as it is the exclusive lens supplier for Alibaba's Quark AI glasses [1] - China Construction Bank (00939) rose over 3%, reporting a revenue of 174.376 billion yuan for Q3 2025, a year-on-year decrease of 1.77%, while net profit increased by 4.19% to 95.284 billion yuan [1] - Xiaomi Group-W (01810) increased by over 3%, with over 40,000 cars delivered in October 2025, and a total of over 290,000 cars delivered in the first ten months of the year, more than double last year's total [1] Group 2: Other Notable Stocks - Modern Dairy (01117) rose nearly 5% after announcing a 37.52 million HKD acquisition of approximately 1.28% of China Shengmu's shares, increasing its stake to over 30% [2] - China Coal Energy (01898) increased nearly 4%, reporting a 23.78% year-on-year decline in Q3 revenue, but a 28.26% quarter-on-quarter profit increase, with a 21.24% revenue decline for the first three quarters [2] - Wan Zhou International (00288) rose over 3%, reporting a revenue of 20.477 billion USD for the first nine months of 2025, an increase of 8.54%, and a profit of 1.168 billion USD, up 8.05% [2] Group 3: Biotech and Medical Stocks - Kangfang Biologics (09926) rose over 5% after its dual-specific antibody drug was included in the breakthrough therapy designation list, accelerating its clinical development for triple-negative breast cancer [3] - Chunli Medical (01858) increased over 9%, with a revenue of 756 million yuan for the first three quarters, a year-on-year increase of 48.75%, and a net profit of 192 million yuan, up 213.21% [4] Group 4: US Stocks - Tesla (TSLA.US) rose nearly 4% as it prepares to showcase its Cybercab autonomous taxi at the China International Import Expo [5] - Roku (ROKU.US) increased over 6%, reporting a revenue of 1.21 billion USD for Q3, a year-on-year increase of 14% [5] - First Solar (FSLR.US) rose over 14%, reporting Q3 sales of 1.59 billion USD, an 80% year-on-year increase [5] - Amazon (AMZN.US) increased over 9%, with Q3 net sales growing 13% to 180.2 billion USD, exceeding analyst expectations [6]

往 期推荐 1.比亚迪：10月销量44.17万辆，同比增长5.31%，环比增长11%，2025年累计销量370.19万辆，累计同比增长20.93%。 2.吉利汽车：10月销量30.71万辆，同比增长35.49%，环比增长12%，2025年累计销量247.73万辆，累计同比增长44.33%。 3.长城汽车：10月销量14.31万辆，同比增长22.50%，环比增长7%，2025年累计销量106.64万辆，累计同比增长9.87%。 4.小鹏汽车：10月销量4.20万辆，同比增长76%，环比增长1%，2025年累计销量35.52万辆，累计同比增长190.02%。 5.理想汽车：10月销量3.18万辆，同比下降38.25%，环比下降6%，2025年累计销量32.89万辆，累计同比下降16.36%。 6.蔚来汽车：10月销量4.04万辆，同比增长92.59%，环比增长16%，2025年累计销量24.16万辆，累计同比增长41.91%。 7.零跑汽车：10月销量7.03万辆，同比增长94.78%，环比增长5%，2025年累计销量46.58万辆，累计同比增长126.93%。 8.极氪：10月销量2.14万辆，同比下降14.4 ...

每经AI快讯，小鹏汽车-W涨近5%，截至发稿，涨4.76%，报91.35港元，成交额6.52亿港元。 ...

消息面上，11月1日，小鹏汽车披露最新交付成绩。2025年10月，小鹏汽车共交付新车42013台，同比增 长76%，环比增长1%，单月交付量创下历史新高，并连续2个月交付量超过4万台。2025年1-10月，小鹏 汽车累计交付355209台，同比增长190%。此外，小鹏汽车今日宣布，小鹏 X9鲲鹏超级增程技术发布会 将于11月6日19:00 举行。据官方介绍，小鹏X9超级增程首搭"鲲鹏"超级增程技术，以 "63.3度超快充磷 酸铁锂大电池 + 60L大油箱" 的黄金组合，成就了综合续航1602公里的全球续航最长的大7座座驾。 智通财经APP获悉，小鹏汽车-W(09868)涨近5%，截至发稿，涨4.76%，报91.35港元，成交额6.52亿港 元。 ...

人民财讯11月3日电，恒生指数开盘涨0.36%，恒生科技指数涨0.48%。蔚来、小鹏汽车涨超3%。 ...