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].

Core Insights - The Hong Kong stock market saw a net inflow of 74.66 billion HKD from northbound trading on November 18, with 27.45 billion HKD from the Shanghai Stock Connect and 47.21 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - Alibaba (09988) received a net inflow of 37.70 billion HKD, with total trading volume of 58.63 billion HKD, reflecting a net increase of 16.78 billion HKD [2] - Tencent (00700) experienced a net outflow of 15.41 billion HKD, with total trading volume of 39.12 billion HKD, resulting in a decrease of 8.31 billion HKD [2] - Xiaomi (01810) had a net inflow of 18.54 billion HKD, with total trading volume of 30.75 billion HKD, showing an increase of 6.33 billion HKD [2] - Xpeng Motors (09868) saw a net inflow of 14.30 billion HKD, with total trading volume of 20.32 billion HKD, indicating an increase of 8.29 billion HKD [2] Group 2: Company News - Alibaba's net inflow was supported by the launch of its Qianwen App, which is expected to enhance its AI capabilities and user engagement [4] - Xpeng Motors reported a narrowed net loss of 381 million HKD for Q3, with adjusted losses of 150 million HKD, and projected Q4 revenue between 21.5 billion to 23 billion HKD, a year-on-year increase of 33.5% to 42.8% [5] - Xiaomi's Q3 revenue reached 113.12 billion CNY, a year-on-year increase of 22.3%, with adjusted net profit growing by 80.9% [5] - China Hongqiao (01378) received a net inflow of 8.32 billion HKD, as it plans to place 400 million shares to raise approximately 11.49 billion HKD [5] - Semiconductor companies SMIC (00981) and Hua Hong Semiconductor (01347) received net inflows of 5.15 billion HKD and 3.74 billion HKD, respectively, with SMIC projecting annual sales exceeding 9 billion USD [6]

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。 ...

Industry Information - As of the end of 2024, the installed capacity of new energy storage will account for over 40% of the global total installed capacity, reaching 73.76 million kilowatts or 168 million kilowatt-hours, which is 20 times that of 2020 [9][10] - China's combination driving assistance technology has reached an international leading level, with a market penetration rate of 62.58% for passenger cars equipped with such systems [8] - The global installed capacity of power batteries increased by 35% year-on-year in the first three quarters of 2025, with China leading significantly [10][15] - In October, the domestic power battery installation volume reached 84.1 GWh, a year-on-year increase of 42.1% [15] - The first "all-in-one battery hospital" has been established in Yibin, focusing on intelligent testing and verification of battery performance [14][17] - The global automotive roll-on/roll-off capacity at Shanghai Port continues to expand, with a significant increase in the volume of electric vehicles being shipped [8] Policy Information - The Ministry of Industry and Information Technology has set the new energy vehicle credit ratio requirements at 48% for 2026 and 58% for 2027 [25] - The State Council has issued opinions to accelerate the cultivation of new application scenarios for clean energy vehicles in various sectors [27] - The implementation of the 2025 automobile scrapping and updating subsidy policy has been suspended in several provinces, including Hubei and Beijing [28][33] - Inner Mongolia aims for 35% of new cars to be new energy vehicles by 2027 [34] Company Information - CATL has begun mass production of its fifth-generation lithium iron phosphate battery, achieving breakthroughs in energy density and cycle life [12][21] - Harmony Auto has received a strategic investment of $40 million (approximately 284 million RMB) for its overseas new energy vehicle business platform [11] - BYD's total installed capacity of power batteries and energy storage batteries has exceeded 230 GWh as of October [15] - Xpeng Motors' Guangzhou factory has entered the trial production phase, aiming for mass production of flying cars [22]

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]