Core Insights - Xiaopeng Motors delivered 42,013 smart electric vehicles in October 2025, marking a 76% year-on-year increase and a 1% month-on-month increase, setting a new monthly delivery record [1] - In the first ten months of 2025, the company delivered a total of 355,209 smart electric vehicles, representing a 190% increase compared to the same period last year [1] - Xiaopeng Motors expanded its global presence by entering seven new markets in Europe, Asia, and Africa in October 2025, including Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia, and Qatar [1] Delivery Performance - The company achieved over 40,000 monthly deliveries for the second consecutive month, indicating a strong growth trajectory and enhanced brand presence [1] - The penetration rate of the advanced driver-assistance system, Xiaopeng's Intelligent Navigation Assisted Driving (XNGP), reached 86% among monthly active users in urban driving scenarios in October 2025 [1] Upcoming Events - Xiaopeng Motors will host the 2025 Xiaopeng Technology Day on November 5, 2025, at the Xiaopeng Technology Park in Guangzhou, where it will showcase advancements in artificial intelligence technology and innovations in areas such as physical AI and Robotaxi [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失 承擔任何責任。 2025年11月5日，小鵬汽車將在廣州小鵬科技園舉辦2025小鵬科技日。本届小鵬科技日 上，小鵬汽車將展示其在人工智能技術自主研發中取得的最新突破和未來發展路線， 並重點展示在物理AI、自動駕駛出租車（Robotaxi）等方面的創新進展。 本公司股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 自願公告 2025 年 10 月智能車交付數據 XPeng Inc. （「本公司」或「小鵬汽車」）之董事會欣然宣佈其2025年10月車輛交付數 據。 2025年10月，小鵬汽車共交付智能電動汽車42,013輛，同比增長76%，環比增長1%， 創下單月交付新紀錄。這是小鵬汽車連續第二個月月交付量超過40,000輛，凸顯了本公 司加速增長的態勢和品牌聲勢的提升。2025年前十個月，小鵬汽車共交付355,209輛智 能電動汽車，較去年同期增長190%。 2025年10月，小鵬汽車加速全球擴張，進入了亞歐非七個新市場, 包括 ...

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]

Core Insights - The automotive market in October experienced strong performance, driven by favorable policies and the launch of new models, leading to a "golden October" for the industry [3] Group 1: New Energy Vehicle Sales - Leap Motor achieved a monthly delivery of 70,289 units, marking a year-on-year increase of over 84%, maintaining its position as the monthly sales champion among new forces [1] - Xiaopeng Motors delivered 42,013 vehicles in October, a historical high with a year-on-year growth of 76% and a month-on-month increase of 1% [1] - NIO's deliveries reached 40,397 units, a year-on-year increase of 92.6%, supported by the launch of new models [1] - Xiaomi Motors also surpassed 40,000 monthly deliveries [1] - Li Auto's deliveries decreased both year-on-year and month-on-month, totaling 31,767 units in October [1] Group 2: Traditional Automakers' Performance - Geely's Zeekr brand sold 21,400 units in October, a year-on-year increase of 63.8% [2] - BAIC's Arcfox brand achieved sales of 23,400 units, a remarkable year-on-year growth of 110% [2] - Dongfeng's Lantu delivered 17,200 units, while Changan's Avita Technology sold 13,500 units, both reaching historical highs [2] - SAIC's Zhiji brand sold 13,200 units, also a record for the brand [2] Group 3: Overall Market Trends - BYD's new energy vehicle sales reached 441,706 units in October, showing a year-on-year decline of 12% but a month-on-month increase of 11.47%, with overseas sales surging by 155% [2] - SAIC's total vehicle sales for October were 453,978 units, reflecting a year-on-year growth of 12.96%, with new energy vehicle sales increasing by 31.6% [2] - Chery Group's total sales reached 281,161 units, a year-on-year increase of 3.3%, with new energy vehicle sales surpassing 110,000 units for the first time [2]

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]

Sales Performance Summary - BYD achieved sales of 441,700 units in October, representing a year-on-year increase of 5.31% and a month-on-month increase of 11%. Cumulative sales for 2025 reached 3.7019 million units, with a year-on-year growth of 20.93% [1] - Geely Automobile reported sales of 307,100 units in October, showing a year-on-year increase of 35.49% and a month-on-month increase of 12%. Cumulative sales for 2025 reached 2.4773 million units, with a year-on-year growth of 44.33% [1] - Great Wall Motors sold 143,100 units in October, marking a year-on-year increase of 22.50% and a month-on-month increase of 7%. Cumulative sales for 2025 reached 1.0664 million units, with a year-on-year growth of 9.87% [1] - Xpeng Motors recorded sales of 42,000 units in October, a significant year-on-year increase of 76% and a month-on-month increase of 1%. Cumulative sales for 2025 reached 355,200 units, with a year-on-year growth of 190.02% [1] - Li Auto's sales were 31,800 units in October, reflecting a year-on-year decline of 38.25% and a month-on-month decline of 6%. Cumulative sales for 2025 reached 328,900 units, with a year-on-year decrease of 16.36% [1] - NIO sold 40,400 units in October, achieving a year-on-year increase of 92.59% and a month-on-month increase of 16%. Cumulative sales for 2025 reached 241,600 units, with a year-on-year growth of 41.91% [1] - Leap Motor reported sales of 70,300 units in October, with a year-on-year increase of 94.78% and a month-on-month increase of 5%. Cumulative sales for 2025 reached 465,800 units, with a year-on-year growth of 126.93% [1] - Zeekr's sales were 21,400 units in October, showing a year-on-year decline of 14.48% but a month-on-month increase of 17%. Cumulative sales for 2025 reached 165,000 units, with a year-on-year decrease of 1.73% [1] - Deep Blue sold 36,800 units in October, marking a year-on-year increase of 69.33% and a month-on-month increase of 9%. Cumulative sales for 2025 reached 262,400 units, with a year-on-year growth of 80.66% [1] - Lantu reported sales of 17,200 units in October, achieving a year-on-year increase of 69.52% and a month-on-month increase of 13%. Cumulative sales for 2025 reached 114,200 units, with a year-on-year growth of 82.14% [1]

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。 ...