标的方面 推荐：1)规模已成、领先布局出海的中国自主车企：比亚迪（002594）(01211)、零跑汽车(09863)、长 城汽车（601633）(601633.SH)、吉利汽车(00175)、小鹏汽车(09868)等。2)随着欧美日车企电动智能转 型，深耕全球、技术领先的国际化零部件白马将迎来戴维斯双击：敏实集团(00425)、福耀玻璃 中金发布研报称，全球汽车正处于格局重构阶段，2025年中国汽车已完成出口扩张，即将迎来出海加 速，预计2030年中国自主品牌车企有望实现全球近3000万辆的产量规模，并培育数家年产500万辆以上 的车企。全球消费者对电动智能技术认知已建立，欧美日车企加速产品投放，非中国市场的新能源渗透 率，将从拖累转向加速。因此，建议对应关注中国自主车企的出海扩张机遇；欧美日车企加速新能源转 型，拉动的中国供应链机遇。 中金主要观点如下： 中国汽车电动智能变革基本完成，立足出口走向出海 中金预计2025年中国汽车新能源渗透率突破50%，依托技术变革优势，中国自主品牌实现本土新能源市 场份额的领先(新能源上险口径8M25达89%)；依托规模优势和运营效率，中国蝉联汽车出口全球第一， 自主车企 ...

Key Points - The top three companies with net inflows of southbound funds are Shandong High Holdings (22.20 billion), Yingfu Fund (21.69 billion), and Alibaba-W (17.13 billion) [1][2] - The top three companies with net outflows of southbound funds are Tencent Holdings (-6.24 billion), Xiaomi Group-W (-4.00 billion), and Xpeng Motors-W (-2.89 billion) [1][2] - In terms of net inflow ratio, Yanzhou Coal Mining (47.47%), Shenwei Pharmaceutical (44.33%), and Xinhua Wencuan (42.23%) lead the market [1][2] - The companies with the highest net outflow ratios are Zhenjiu Lidu (-59.14%), China National Heavy Duty Truck Group (-51.32%), and Yancoal Australia (-46.95%) [1][2] Net Inflow Rankings - Shandong High Holdings (22.20 billion, 37.22% increase) [2][3] - Yingfu Fund (21.69 billion, 9.52% increase) [2][3] - Alibaba-W (17.13 billion, 7.73% increase) [2][3] - Other notable inflows include Pop Mart (9.73 billion, 19.07% increase) and Meituan-W (8.48 billion, 12.33% increase) [2] Net Outflow Rankings - Tencent Holdings (-6.24 billion, -4.66% decrease) [2][3] - Xiaomi Group-W (-4.00 billion, -4.06% decrease) [2][3] - Xpeng Motors-W (-2.89 billion, -17.08% decrease) [2][3] - Other significant outflows include WuXi Biologics (-2.33 billion, -12.08% decrease) and Ping An Insurance (-2.14 billion, -10.00% decrease) [2]

纳斯达克中国金龙指数开盘走低，现跌1%。百度跌超4%，哔哩哔哩跌近3%，京东跌超1%，小鹏汽车 涨超1%。 ...

I am a full-time analyst interested in a wide range of stocks. With my unique insights and knowledge, I hope to provide other investors with a contrasting view of my portfolio, given my particular background.If you have any questions, feel free to reach out to me via a direct message on Seeking Alpha or leave a comment on one of my articles.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the ...

每经AI快讯，9月23日，纳斯达克中国金龙指数开盘走低，现跌1%。百度跌超4%，哔哩哔哩跌近3%， 京东跌超1%，小鹏汽车涨超1%。 ...

点 击 蓝 字 关 注 我 们 目 录 行业自责 1、赛力斯、比亚迪、小米汽车等十多家车企宣布积极响应中汽协《汽车整车企业供应 商账款支付规范倡议》 2、国家统计局：我国 8 月 3D 打印设备、新能源汽车、工业机器人等产品产量同比分 别增长 40.4%、22.7%、14.4% 3、"澳车北上"持续升温 拱北海关备案车辆已超 5 万辆次 9、亿纬理能:已在固态电池领域进行技术布局,并做了相关产业规划 10、富士康旗下合资公司将于 12 月启动中东工厂建设 11、华为 ADS 4 智驾系统支持 WEWA 架构: 45EFLOPS 云端 AI 算力+10 亿公里高质 量训练数据 14、国家能源局:我国电动汽车充电基础设施（枪）总数达到 1734.8 万个,同比增长 53.5% 政策信息 4、新能源汽车险亏损现象正在逐步改善 5、蔚来旗下南京能源公司增资至 2.5 亿 增幅 1150% 6、北京新能源汽车保有量超 119 万辆 7、李家超：香港支持市场发展换电型电动车及自动化换电站技术 8、宁德时代签约 21 世纪创新研发与试验中试基地等多个项目 12、香港将批三个区域用于自动驾驶测试 13、孚能科技:公司第三代半 ...

"今年上半年中国的表现好于预期，"摩根大通印度首席经济学家萨吉德·奇诺伊（Sajjid Chinoy）在接受彭博电视 台采访时表示："部分原因是中国巧妙地寻找了其他出口市场，包括欧洲，这在对美出口放缓时起到了关键的对冲 作用。" 【文/观察者网 熊超然】今年4月初，美国总统特朗普悍然发动关税贸易战，其中对中国滥施畸高关税，中方随即 反制，成为对抗这股全球贸易逆流的"中流砥柱"。 彭博社9月23日报道指出，在过去五个月里，即便面临美国的高额关税，中国的出口引擎依旧势不可挡，正朝着创 纪录的1.2万亿美元贸易顺差迈进。特别是在美国市场受限的情况下，中国制造商展现出强硬姿态——印度在今年 8月份的采购量创下历史新高，对非洲的出货量有望刷新年度纪录，对东南亚的销售额也超过了新冠疫情时期的峰 值。 "由于中国出口商极具竞争力，美国和其他国家的保护主义已沦为纸老虎，"咨询机构佳富龙洲（Gavekal Dragonomics）的研究主管葛艺豪（Arthur Kroeber）指出："他们能够吸收部分关税冲击，也有很多通过转运或将 后期生产转移到低关税国家的变通方式。" 山东烟台，国产汽车在烟台港集结，并通过汽车运输船出口。 ...

XPeng Inc. 小鵬汽車有限公司* (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立以不同投票權控制的有限公司） (Stock Code: 9868) （股份代號: 9868） NOTIFICATION LETTER 通知信函 Dear Non-Registered Shareholder(1), 22 September 2025 XPeng Inc. (the "Company") — Notification of publication of 2025 Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company, in both English and Chinese versions, is available on the websites ...

XPeng Inc. 小鵬汽車有限公司* (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立以不同投票權控制的有限公司） (Stock Code: 9868) （股份代號: 9868） NOTIFICATION LETTER 通知信函 Dear Shareholder, 22 September 2025 XPeng Inc. (the "Company") — Notification of publication of 2025 Interim Report (the "Current Corporate Communication") We wish to notify you that the Current Corporate Communication of the Company is available in printed English and Chinese versions. It is ...

Financial Performance - Total vehicle deliveries for the six months ended June 30, 2025, reached 197,189 units, an increase of 279.0% compared to 52,028 units for the same period in 2024[4]. - Total revenue for the six months ended June 30, 2025, was RMB 34.09 billion, up 132.5% from RMB 14.66 billion for the same period in 2024[9]. - Vehicle sales revenue for the six months ended June 30, 2025, amounted to RMB 31.25 billion, a 152.8% increase from RMB 12.36 billion for the same period in 2024[4]. - Gross margin for the six months ended June 30, 2025, was 16.5%, compared to 13.5% for the same period in 2024[10]. - Net loss for the six months ended June 30, 2025, was RMB 1.14 billion, a decrease from RMB 2.65 billion for the same period in 2024[4]. - The non-GAAP net loss for the six months ended June 30, 2025, was RMB 0.81 billion, down from RMB 2.63 billion for the same period in 2024[14]. - The basic and diluted net loss per American Depositary Share for the six months ended June 30, 2025, was RMB 1.20, compared to RMB 2.81 for the same period in 2024[14]. - For the six months ended June 30, 2025, the net loss was RMB 1,141,800, a significant improvement from a net loss of RMB 2,652,571 in the same period of 2024, representing a reduction of approximately 57%[57]. - The company reported a cumulative deficit of RMB (42,744,171) thousand as of June 30, 2025, compared to RMB (41,585,549) thousand at the end of 2024, indicating an increase in losses[50]. Cash Flow and Liquidity - As of June 30, 2025, cash and cash equivalents totaled RMB 47.57 billion, compared to RMB 41.96 billion as of December 31, 2024[4]. - The net cash provided by operating activities for the six months ended June 30, 2025, was approximately RMB 7.64 billion, compared to a net cash used of RMB 7.39 billion for the same period in 2024[17]. - Cash generated from operating activities was RMB 7,636,590, compared to cash used in operating activities of RMB 7,391,612 in the prior year, indicating a turnaround in operational cash flow[57]. - The total cash and cash equivalents increased to RMB 23,340,567 at the end of the period, up from RMB 17,704,744 at the end of June 2024[60]. - As of June 30, 2025, the group's cash and cash equivalents, including restricted cash and short-term deposits, amounted to RMB 40,393,753, providing sufficient liquidity for operational needs[73]. Research and Development - Research and development expenses for the six months ended June 30, 2025, were RMB 4.19 billion, an increase of 48.6% from RMB 2.82 billion for the same period in 2024[10]. - The company reported R&D expenses of RMB 4,186,868 and RMB 2,817,200 for the six months ending June 30, 2025, and 2024, respectively, indicating a significant increase in investment in innovation[127]. Inventory and Assets - As of June 30, 2025, total inventory reached RMB 6,602,952 thousand, up from RMB 5,562,922 thousand as of December 31, 2024, representing a 18.7% increase[153]. - The net value of property, plant, and equipment was RMB 11,887,778 thousand as of June 30, 2025, compared to RMB 11,521,863 thousand as of December 31, 2024, showing a 3.2% increase[159]. - Total intangible assets amounted to RMB 5,521,716 thousand as of June 30, 2025, down from RMB 5,524,637 thousand as of December 31, 2024, a decrease of 0.1%[161]. Borrowings and Liabilities - The total short-term bank loans from banks in China as of June 30, 2025, amounted to RMB 3.20 billion, with an effective annual interest rate of 2.09%[22]. - Total liabilities reached RMB 62,089,592 thousand, up from RMB 51,431,317 thousand, indicating an increase of about 20.3%[48][50]. - The total borrowings amounted to RMB 11,256,478 as of June 30, 2025, a decrease of 7.2% from RMB 12,132,254 as of December 31, 2024[183]. - The company has not violated any financial covenants related to its credit facilities as of June 30, 2025[187]. Government Subsidies and Income - The company received government subsidies totaling RMB 3.58 billion and RMB 3.67 billion for interest expenses related to loans as of June 30, 2025, and December 31, 2024, respectively[24]. - Government subsidies recognized as other income amounted to RMB 781,442 thousand and RMB 352,883 thousand for the six months ended June 30, 2025, and 2024, respectively[131]. Market Strategy and Future Outlook - The company aims to enhance product market acceptance and improve sales through more effective marketing strategies and cost control measures[18]. - The company believes that the long-term development trend of the smart electric vehicle market remains unchanged despite short-term challenges[41]. - The company is committed to long-term investments in core technologies of electrification and intelligence, expecting to accelerate the release of new products[41]. Acquisitions and Subsidiaries - The company has established several key subsidiaries, including Beijing XPeng Motors Co., Ltd. with a registered capital of RMB 50,000,000 and a 100% ownership stake[64]. - The company acquired 100% of Jiangsu Zhipeng Spatial Information Technology Co., Ltd. on June 23, 2021, which holds surveying qualifications[66]. - The company is actively expanding its market presence through strategic acquisitions and partnerships in the automotive technology sector[66]. Revenue Recognition and Accounting Policies - Revenue is recognized when control of goods or services is transferred to customers, either over time or at a specific point in time, depending on the contract terms[111]. - The group allocates the total contract price to various performance obligations based on relative standalone selling prices, which may involve significant assumptions and estimates[113]. - The company has a structured approach to recognizing revenue from contracts with customers, ensuring compliance with ASC 606 standards[119].