瑞银发布研报称，多家车企公布今年11月销量，环比大多持平或下滑。理论上11月属行业旺季，会受 2026年潜在政策退坡前的提前购车效应推动，但市场却显现更多走弱迹象，这加剧了市场对2026年车市 需求前景的担忧。瑞银对行业短期前景愈发谨慎，因市场需求走弱速度超预期，明年风险信号增多。 汽车股尾盘跌幅扩大，截至发稿，小鹏汽车-W(09868)跌4.32%，报75.35港元；长城汽车（601633） (02333)跌2.57%，报14.41港元；北京汽车(01958)跌2.28%，报2.14港元；广汽集团（601238）(02238)跌 2.12%，报4.16港元。 海通国际表示，年末冲刺阶段的格局分化进一步加剧，翘尾效应也明显弱于往年。随著两新政策补贴基 本退出，销量增速趋缓甚至下滑的态势恐难以逆转。车企年终冲刺更考验销量与盈利之间平衡。 ...

海通国际表示，年末冲刺阶段的格局分化进一步加剧，翘尾效应也明显弱于往年。随著两新政策补贴基 本退出，销量增速趋缓甚至下滑的态势恐难以逆转。车企年终冲刺更考验销量与盈利之间平衡。 瑞银发布研报称，多家车企公布今年11月销量，环比大多持平或下滑。理论上11月属行业旺季，会受 2026年潜在政策退坡前的提前购车效应推动，但市场却显现更多走弱迹象，这加剧了市场对2026年车市 需求前景的担忧。瑞银对行业短期前景愈发谨慎，因市场需求走弱速度超预期，明年风险信号增多。 智通财经APP获悉，汽车股尾盘跌幅扩大，截至发稿，小鹏汽车-W(09868)跌4.32%，报75.35港元；长 城汽车(02333)跌2.57%，报14.41港元；北京汽车(01958)跌2.28%，报2.14港元；广汽集团(02238)跌 2.12%，报4.16港元。 ...

| 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 9868 | 小鵬汽车-W | 75.450 | -3.300 | -4.19% | | 0268 | 金蝶国际 | 13.260 | -0.520 | -3.77% | | 9866 | 百来-SW | 38.900 | -1.500 | -3.71% | | gggg | 网易-S | 217.200 | -7.200 | -3.21% | | 9626 | 哔哩哔哩-W | 198.000 | -5.600 | -2.75% | | 1024 | 快手-W | 67.650 | -1.300 | -1.89% | | 9988 | 阿里巴巴-W | 154.100 | -2.900 | -1.85% | | 0992 | 联想集团 | 9.770 | -0.180 | -1.81% | | 6618 | 京东健康 | 60.300 | -1.050 | -1.71% 来 | 来源：wind 来源：上海证券报·中国证券网 上证报中国证券网讯 12月3日，恒生科技指数跌超1%，截至 ...

Group 1 - The Hang Seng Index fell by 0.97%, down 252 points, closing at 25,842 points, while the Hang Seng Tech Index dropped by 1.3% [1] - China Aluminum (02600) rose by 5.66% as it plans to acquire stakes in three subsidiaries, enhancing its control [1] - CGN Mining (01164) increased by over 3% due to two major uranium suppliers lowering their 2026 production guidance, tightening supply and supporting uranium prices [1] - Longpan Technology (02465) surged over 10% after its subsidiary signed a nearly 5 billion yuan long-term contract with Sunwoda [1] - Yunji (02670) rose over 5%, reaching a new high since its listing, up 70% from its IPO price, leading in the smart hotel robot application competition [1] - Yijun Group Holdings (02442) resumed trading and skyrocketed by 66% after a change in controlling stake, receiving a buyout offer at over 80% discount [1] Group 2 - Lemo Technology (02539) debuted with a 68% increase, recognized as a leader in shared massage equipment [2] - Jinyan Gaoling New Materials (02693) also debuted, rising by 3%, being the largest producer of precision casting mullite materials in China [2] - Yidu International Holdings (00259) increased by over 7%, with its subsidiary, Canfeng Information, being a core client and shareholder of the domestic AI chip star company, Muxi, which will start its Sci-Tech Innovation Board subscription on December 5 [2] Group 3 - Capital界金控 (00204) plummeted over 50%, with mid-term losses expanding 3.73 times to 50.13 million HKD [3] Group 4 - XPeng Motors-W (09868) fell over 4%, with November sales declining by 12% month-on-month, failing to meet the target of 40,000 units [4]

Group 1 - The Hang Seng Index fell by 0.97%, down 252 points, closing at 25,842 points, while the Hang Seng Tech Index dropped by 1.3% [1] - China Aluminum (601600) (02600) rose by 5.66% as it plans to acquire stakes in three subsidiaries, enhancing its control [1] - CGN Mining (01164) increased by over 3% due to two major uranium suppliers lowering their 2026 production guidance, tightening supply and supporting uranium prices [1] - Longpan Technology (603906) (02465) surged over 10% after its subsidiary signed a nearly 5 billion yuan long-term contract with Sunwoda [1] - Yunji (02670) rose over 5%, reaching a new high since its listing, up 70% from its IPO price, leading in the smart hotel robot application competition [1] - Yijun Group Holdings (02442) resumed trading and skyrocketed by 66% after a change in controlling stake, receiving a buyout offer at over 80% discount [1] - LeMo Technology (02539) debuted with a 68% increase, recognized as a leader in shared massage equipment [1] - Jinyan Gaoling New Materials (02693) also debuted, rising by 3%, being the largest producer of precision casting mullite materials in China [1] - Yidu International Holdings (00259) increased by over 7% as Muxi Co., Ltd. plans to initiate its Sci-Tech Innovation Board application on December 5 [1] - Capital Market Financial Holdings (00204) plummeted over 50%, with mid-term losses expanding 3.73 times to 50.13 million HKD [1] Group 2 - XPeng Motors-W (09868) fell over 4% as November sales declined by 12% month-on-month, failing to meet the target of 40,000 units [2]

Group 1 - The Hang Seng Index fell by 0.97%, down 252 points, closing at 25,842 points, while the Hang Seng Tech Index dropped by 1.3% [1] - China Aluminum (02600) rose by 5.66% as it plans to acquire stakes in three subsidiaries, enhancing its control [1] - CGN Mining (01164) increased by over 3% due to two major uranium suppliers lowering their 2026 production guidance, tightening supply and supporting uranium prices [1] - Longpan Technology (02465) surged over 10% after its subsidiary signed a nearly 5 billion yuan long-term contract with Sunwoda [1] - Yunji (02670) rose over 5%, reaching a new high since its listing, now 70% above its IPO price, leading in the smart hotel robot application competition [1] Group 2 - Yijun Group Holdings (02442) resumed trading and skyrocketed by 66% after a change in controlling interest, receiving a buyout offer at over 80% discount [2] Group 3 - Lemo Technology (02539) debuted with a 68% increase, recognized as a leader in shared massage equipment [3] - Jinyan High-Alumina New Materials (02693) also debuted, rising by 3%, being the largest producer of precision casting mullite materials in China [3] - Yidu International Holdings (00259) increased by over 7%, with its subsidiary, Sanfeng Information, being a core client and shareholder of domestic AI chip star company Muxi, which will start its Sci-Tech Innovation Board subscription on December 5 [3] Group 4 - Capital界金控 (00204) plummeted over 50%, with mid-term losses expanding 3.73 times to 50.13 million HKD [4] Group 5 - XPeng Motors-W (09868) fell over 4% as November sales decreased by 12% month-on-month, failing to meet the target of 40,000 units [5]

点击蓝字，关注我们 今日上午港股 10 . 象兴国际(01732)再涨超22%，截至发稿，涨16.67% 。消息面上，象兴国际发布公告称，西井控股 (香港)有限公司拟以每股0.21港元的价格，部分要约收购公司3.712亿股，占公司已发行股本的比例为 29%，要约价较上一交易日收盘价0.228港元折让约7.89%。 昨日美股 1 . 德银天下(02418)大跌36.06% 。消息面上，香港证监会公布，最近曾就德银天下(02418.HK)股权分 布查询。结果显示该公司于11月18日，有十名股东合共持有5.46亿股，相当于该公司已发行H股股本 98.9%。因此，该公司只有605.45万股，占已发行H股股本之1.1%由其他投资者持有。 2. 资本界金控(00204)大跌56.15% 。消息面上，资本界金控上月底发布截至9月底的中期业绩，该集团 取得其他收入520.2万港元，同比减少31.81%；公司拥有人应占亏损5013.4万港元，同比增加373.1%； 每股亏损0.57港仙。公告称，亏损主要由于按公平值计入在损益处理的财务资产的已变现亏损净额。 3 . 中国铝业(02600)涨5.48% 。消息面上，中国铝业近日宣 ...

性能方面，华为DriveONE全栈高集成高压油冷发电机拥有高功率密度。得益于多冲片齿部喷油/冷却技术，赋予其更小的体积和更轻的体重，实现持续发电 功率密度高达1.88kW/kg。搭配1.5T高效增程器，带来85kW最大发电功率以及75kW持续发电功率，成为系统的"强力心脏"。配合小鹏自研的综合效率高达 93.5%的800V混合碳化硅同轴电驱，可实现150km/h巡航不亏电，8%低SOC动力不衰减。 NVH方面，小鹏与华为联合研发的精准主动停缸技术，启停时的噪音与振动降低超过60%，软件上还配备去旋变控制策略，通过精准算法与控制，同时加上 小鹏汽车增程器的结构深度优化与引入ENC主动降噪技术，最终实现增程器介入噪音≤0.5dB。 12月2日，小鹏汽车发布与华为合作的DriveONE全栈高集成高压油冷发电机。 效率方面，华为DriveONE全栈高集成高压油冷发电机实现了工况发电效率≥92%、燃油发电效率达3.6kWh/L，配合小鹏自研的高压纯电架构16.5kWh/100km 的电耗与小鹏自研超级增程模式的2.53L/100km油电折算综合油耗，使得小鹏X9增程版具备1602km的综合续航。 ...

小鹏汽车(9868.HK)延续弱势行情，目前跌超4%报75.5港元，股价创4个月新低价，总市值1442亿港元。消息上，小鹏汽车日前公布其11月销量为36728辆， 同比增长19%，环比上月却下滑了12%，这是小鹏汽车近六个月来首次的单月环比下滑，也未能达成何小鹏此前给出"自9月起月交付稳健超过4万辆"的目 标。值得一提的是，香港交易所信息显示，The Goldman Sachs Group, Inc.在小鹏汽车-WH股的持股比例于11月21日从4.57%升至5.15%。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a pullback, but there is a counter-trend inflow of funds, particularly into the Hong Kong Technology ETF (159751), which saw a net subscription of 10 million units. The market is expected to continue its upward trend due to strong overall profitability and the scarcity of assets in sectors like the internet, new consumption, and innovative pharmaceuticals, alongside the anticipated interest rate cut by the Federal Reserve in December [1]. Group 1 - The Hong Kong Technology ETF (159751) closely tracks the CSI Hong Kong Stock Connect Technology Index, which selects 50 large-cap, high R&D investment, and high revenue growth technology companies to reflect the overall performance of technology leaders in the Hong Kong Stock Connect [1]. - As of December 3, 2025, the CSI Hong Kong Stock Connect Technology Index (931573) shows mixed performance among its constituent stocks, with Huahong Semiconductor (01347) leading with a 2.40% increase, followed by Gao Wei Electronics (01415) at 1.81%, and BYD Electronics (00285) at 1.28% [1]. - The overall valuation of the Hong Kong stock market remains low despite several months of increases, indicating a high long-term allocation cost-performance ratio [1]. Group 2 - As of November 28, 2025, the top ten weighted stocks in the CSI Hong Kong Stock Connect Technology Index (931573) include Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981), with these ten stocks accounting for 67.26% of the index [2].