消息面上，据第一财经报道，小鹏汽车已在广州市获得L3级自动驾驶道路测试牌照，并启动常态化的 L3道路测试。该牌照主要用于在广州市智能网联汽车测试高快速路上进行有条件自动驾驶的测试。 （原标题：港股异动 | 小鹏汽车-W(09868)午后跌幅收窄至不足2% 小鹏已在广州市获得L3级自动驾驶道 路测试牌照） 智通财经APP获悉，小鹏汽车-W(09868)盘中一度跌超5%，午后跌幅快速收窄。截至发稿，跌1.76%， 报72.45港元，成交额14.76亿港元。 据悉，12月15日，工信部许可两款 L3 级自动驾驶车型产品，两款产品分别属于长安品牌和极狐品牌， 下一步，两款产品将分别在重庆和北京的部分区域和道路开展上路通行试点。国泰海通证券发布研报 称，本次工信部车辆许可标志着中国自动驾驶正式进入 L3 时代。相关车企有望受益前期布局，推荐小 鹏汽车等。 ...

港股市场小鹏汽车-W(9868.HK)短线拉升，跌幅收窄至2%以内，此前一度跌5%。消息面上，有媒体 称，小鹏汽车已在广州市获得L3级自动驾驶道路测试牌照，并启动常态化的L3道路测试。该牌照主要 用于在广州市智能网联汽车测试高快速路上进行有条件自动驾驶的测试。 ...

据悉，12月15日，工信部许可两款L3级自动驾驶车型产品，两款产品分别属于长安品牌和极狐品牌， 下一步，两款产品将分别在重庆和北京的部分区域和道路开展上路通行试点。国泰海通证券发布研报 称，本次工信部车辆许可标志着中国自动驾驶正式进入L3时代。相关车企有望受益前期布局，推荐小 鹏汽车等。 小鹏汽车-W(09868)盘中一度跌超5%，午后跌幅快速收窄。截至发稿，跌1.76%，报72.45港元，成交额 14.76亿港元。 消息面上，据第一财经报道，小鹏汽车已在广州市获得L3级自动驾驶道路测试牌照，并启动常态化的 L3道路测试。该牌照主要用于在广州市智能网联汽车测试高快速路上进行有条件自动驾驶的测试。 ...

每经AI快讯，12月16日，小鹏汽车午后跌幅缩小，现跌2.44%，此前一度跌近5%。 ...

小鹏汽车(09868.HK)午后跌幅缩小，现跌2.44%，此前一度跌近5%。 来源：滚动播报 ...

Core Viewpoint - The Hong Kong technology stocks experienced a collective decline, with the Hang Seng Technology Index dropping by 2.5% Group 1: Stock Performance - SenseTime (商汤) fell over 6%, closing at 2.000, down by 0.130 [1][2] - Xpeng Motors (小鹏汽车) decreased by 4.88%, with a latest price of 70.150, down by 3.600 [1][2] - Alibaba (阿里巴巴) saw a decline of 3.77%, trading at 143.000, down by 5.600 [1][2] - JD Health (京东健康) dropped by 3.84%, with a price of 55.100, down by 2.200 [1][2] - Semiconductor Manufacturing International Corporation (中芯国际) fell by 3.71%, closing at 62.300, down by 2.400 [1][2] - Tencent Music (腾讯音乐) decreased by 3.37%, with a latest price of 68.750, down by 2.400 [1][2] - Alibaba Health (阿里健康) dropped by 3.07%, trading at 5.060, down by 0.160 [1][2] - Xiaomi (小米) fell by 3.06%, closing at 40.560, down by 1.280 [1][2] - Huahong Semiconductor (华虹半导体) decreased by 3.05%, with a price of 65.250, down by 2.050 [1][2] - Li Auto (理想汽车) saw a decline of 2.82%, trading at 63.750, down by 1.850 [1][2] - NIO (蔚来) fell by 2.60%, closing at 38.220, down by 1.020 [1][2]

Group 1: Market Movements - Baoji Pharmaceutical-B (02659) surged over 3.2% amid its debut on the Hong Kong Stock Exchange, closing up 138.82% on its first day, with a market capitalization exceeding HKD 20 billion [1] - New Energy (01799) and Xinyi Solar (00968) saw declines of 3.01% and 3.67% respectively, as the photovoltaic sector faced weakness, with rumors of a 30 billion yuan investment for capacity storage by major companies [1] - Xpeng Motors-W (09868) and Li Auto-W (02015) dropped 4.88% and 2.67% respectively, following data from the China Association of Automobile Manufacturers indicating a month-on-month increase in production and sales [1] Group 2: Company-Specific News - Bolek Vision Cloud-B (02592) experienced a significant drop of nearly 15%, having previously doubled in price over 10 trading days, as it announced a new drug trial application to the FDA [2] - Hu Shang Ayi (02589) rose nearly 6% as Nayuki Tea expanded into the U.S. market, enhancing the international presence of Chinese tea brands [2] - Gold stocks fell sharply, with Zijin Mining (02899) and Shandong Gold (01787) declining by 4.29% and 4.94% respectively, following a report on the Bloomberg Commodity Index's upcoming rebalancing [2] Group 3: Cryptocurrency and Technology - Cryptocurrency ETFs faced significant declines, with notable drops in Bitcoin and Ethereum-related funds, as Bitcoin fell 3.3% from its record high, reflecting market pressures amid weak liquidity [3] - Oracle (ORCL.US) continued its downward trend, dropping 2.66% due to delays in delivering AI data centers for OpenAI, attributed to labor and material shortages [6] - Nvidia (NVDA.US) saw a slight increase of 0.73% after announcing the release of its third-generation language model, aimed at writing and programming tasks [6]

Summary of Xpeng Motors Conference Call Company Overview - **Company**: Xpeng Motors - **Market Position**: Transitioning from a pure automotive company to an AI technology company by 2026 [3] Key Industry Insights - **Sales Forecast**: Xpeng anticipates sales of 600,000 units by 2026, with domestic market growth of approximately 100,000 units and overseas contributions of about 15,000 units [2][4] - **Market Trends**: The overall domestic automotive market is expected to decline by around 3%, while the market share for new energy vehicles is projected to increase by 5-6 percentage points [2][4] Financial Projections - **Gross Margin**: Expected to improve in 2026, primarily due to profitability from the Volkswagen partnership, despite potential price reductions from subsidy policy changes [2][6] - **Profit Estimate**: Projected annual profit of approximately 2.5 billion RMB, with significant contributions from the Volkswagen business [2][6] - **Market Capitalization**: Current market cap is around 140 billion HKD, with expectations to reach 300 billion HKD by the end of 2026, driven by Volkswagen and Robotaxi business segments [2][8] Product Development and Launches - **New Models**: Plans to launch G7, G6, and P7+ extended-range models in Q1 2026, along with four new models including Volkswagen SUVs in Q2 and Q3 [2][7] - **Robotaxi Initiative**: Anticipated mass production of Robotaxi models in Q2 2026, with trial operations in Guangzhou later that year [2][7][12] Strategic Partnerships - **Collaboration with Volkswagen**: Development of two electric vehicles based on the G9 platform, with initial sales expectations of 100,000 units and projected revenue of 3 billion RMB from the partnership in the coming year [5][13] - **Shared Development**: Robotaxi models will share platforms with consumer models, providing cost advantages [5][12] Market Expansion - **Overseas Growth**: Significant progress in expanding overseas channels, particularly in Southeast Asia and Europe, with expectations of a 40-50% increase in overseas sales by 2026 [10] - **Local Production**: Establishment of factories in Indonesia and partnerships for localized production to mitigate trade tensions [10] Competitive Landscape - **EREV Market Outlook**: The penetration rate of extended-range electric vehicles (EREV) is expected to rise from 6-10% to 10-15% by the end of the year, with optimism about the technology's application in lower-priced models [9] - **Core Competencies**: Xpeng's strengths in intelligent driving technology, energy consumption control, and vehicle architecture platformization are seen as key competitive advantages [8] Future Outlook - **Robotaxi Development**: Positive outlook for Robotaxi operations, with expectations for advancements in autonomous driving technology and cost efficiencies [11][12] - **Industry Trends**: Overall optimism for the smart mobility industry, with potential for Xpeng to become a trillion-dollar market cap company despite current market uncertainties [15]

Group 1 - Automotive stocks continue to decline, with Xpeng Motors down 3.73% at HKD 71, Li Auto down 1.91% at HKD 64.35, and Great Wall Motors down 1.62% at HKD 14.6 [1] - In November, the China Association of Automobile Manufacturers reported that automobile production and sales reached 3.532 million and 3.429 million units, respectively, with month-on-month growth of 5.1% and 3.2%, and year-on-year growth of 2.8% and 3.4% [1] - However, the China Passenger Car Association indicated that retail sales of passenger cars in November fell by 8.1% year-on-year and 1.1% month-on-month, reflecting a significant decrease in consumer purchasing intent [1] Group 2 - A report from JPMorgan highlighted that passenger car sales in mainland China only grew by 3% month-on-month in November, which is below seasonal levels [1] - Weak demand is attributed to government subsidies being exhausted earlier than expected, leading to a cautious consumer attitude [1] - Major electric vehicle manufacturers have provided moderate sales guidance for Q4, and early December data suggests that the weak trend may continue, with expectations of a potential 30% quarter-on-quarter decline in demand for new energy passenger vehicles in the first quarter of next year, also below seasonal levels [1]

Group 1 - The automotive sector continues to decline, with stocks such as Xpeng Motors down 3.73%, Li Auto down 1.91%, and Great Wall Motors down 1.62% as of the report [1] - According to the China Association of Automobile Manufacturers (CAAM), November's automotive production and sales reached 3.532 million and 3.429 million units, respectively, with month-on-month increases of 5.1% and 3.2%, and year-on-year increases of 2.8% and 3.4% [1] - However, the China Passenger Car Association (CPCA) reported a significant decline in terminal retail, with a year-on-year drop of 8.1% and a month-on-month drop of 1.1%, indicating weakened consumer purchasing intent [1] Group 2 - A report from JPMorgan indicates that November's domestic passenger car sales only saw a month-on-month increase of 3%, which is below seasonal levels [1] - The weak demand is attributed to government subsidies being exhausted earlier than expected, leading consumers to adopt a wait-and-see attitude [1] - Major electric vehicle manufacturers have provided moderate guidance for fourth-quarter sales, and early December data suggests that the weak trend may continue, with expectations of a potential 30% quarter-on-quarter decline in demand for new energy passenger vehicles in the first quarter of next year, also below seasonal levels [1]