Core Insights - Xpeng Motors has achieved a significant milestone by producing its one millionth vehicle, marking a rapid increase in production efficiency [1] - The time taken to produce the first 500,000 vehicles was 82 months, while the subsequent 500,000 vehicles were produced in just 14 months, indicating a substantial improvement in production speed [1] - For the period from January to October 2025, Xpeng Motors reported cumulative deliveries of 355,209 vehicles, reflecting a year-on-year growth of 190% [1] Production Milestones - The production timeline for Xpeng Motors shows a drastic reduction in the time required to reach production milestones, with the first 500,000 vehicles taking 82 months and the next 500,000 only taking 14 months [1] - This acceleration in production could suggest enhancements in manufacturing processes or increased operational capacity [1] Delivery Performance - Xpeng Motors' delivery figures for the first ten months of 2025 indicate a strong market performance, with a total of 355,209 vehicles delivered [1] - The year-on-year growth rate of 190% in deliveries highlights the company's expanding market presence and consumer demand [1]

Core Insights - Xiaopeng Motors' Chairman and CEO He Xiaopeng announced at the Guangzhou Auto Show that the Xiaopeng X9 Super Extended Range version broke the historical daily order record within one hour, with northern region orders exceeding 50% for the first time [1] - The Xiaopeng P7+ is set to officially launch in overseas markets in January 2026, with plans to introduce three new models internationally in the same year [1] - Xiaopeng Motors celebrated the production of its 1 millionth vehicle, achieving this milestone in just 14 months after reaching 500,000 units, compared to 82 months for the first 500,000 units [1]

Core Viewpoint - Xpeng Motors' stock has declined nearly 20% this week, with a current price of 78.8 HKD, amid concerns over slowing sales growth and increased market competition following the launch of the new X9 extended-range model [1][1]. Group 1: Stock Performance - Xpeng Motors' stock fell by 3.73% to 78.8 HKD, with a trading volume of 880 million HKD [1]. - The stock has cumulatively dropped nearly 20% this week [1]. Group 2: New Product Launch - The Xpeng X9 extended-range version was officially launched on November 20, with prices ranging from 309,800 to 329,800 RMB, offering two models differentiated by their assisted driving capabilities [1]. - The new model incorporates "Xpeng Kunpeng Super Extended Range Technology," utilizing an 800V high-voltage platform and 5C fast charging technology [1]. Group 3: Financial Outlook - Goldman Sachs reported that Xpeng's Q3 performance met expectations, but the Q4 revenue guidance is likely to fall short due to slowing sales growth and intensified market competition [1]. - Despite short-term sales momentum being relatively mild and a limited number of new model releases, Xpeng is expected to outperform peers in seasonal performance in Q1 next year, with plans to launch three extended-range electric vehicle versions (G6, G7, P7+) [1]. - Management comments on pre-order data for the X9 suggest that orders for the extended-range versions may be three times higher than those for pure electric vehicles [1].

Core Viewpoint - Xiaopeng Motors (09868) has seen a nearly 4% decline in stock price, accumulating a 20% drop this week, attributed to market competition and slowing sales growth despite the recent launch of the X9 extended-range model [1] Group 1: Stock Performance - As of the latest update, Xiaopeng Motors' stock is down 3.73%, trading at HKD 78.8, with a trading volume of HKD 880 million [1] - The stock has experienced a cumulative decline of 20% this week [1] Group 2: New Product Launch - On November 20, Xiaopeng officially launched the X9 extended-range version, priced between CNY 309,800 and CNY 329,800, with two models differing mainly in driving assistance capabilities [1] - The new model incorporates "Xiaopeng Kunpeng Super Extended Range Technology," utilizing an 800V high-voltage platform and 5C fast charging technology [1] Group 3: Analyst Insights - Goldman Sachs reported that Xiaopeng's Q3 performance met expectations, but the Q4 revenue guidance is likely to fall short due to slowing sales growth and increased market competition [1] - Despite short-term sales momentum being relatively mild and limited new model releases, Xiaopeng is expected to outperform peers in seasonal performance in Q1 next year, with plans to launch three extended-range electric vehicle versions (G6, G7, P7+) [1] - Management comments on pre-order data for the X9 suggest that orders for the extended-range version may be three times higher than those for the pure electric version [1]

Group 1 - Recent focus on the unlocking of restricted shares in the Hong Kong stock market, with significant declines observed in stock prices, such as a drop of 8.75% for CATL's H-shares [1] - Upcoming unlocks for companies including Sanhua Intelligent Control and Hengrui Medicine, with Hai Tian Flavor Industry scheduled for December, potentially exerting pressure on stock prices [1] - The Hang Seng Technology Index has experienced a correction of over 18% since its peak after the National Day holiday, indicating a broader market trend [1] Group 2 - Continuous inflow of funds into the Hang Seng Technology/ Hong Kong Technology/ Hong Kong Stock Connect Internet sectors, with the Hong Kong Technology ETF (159751) seeing a net inflow of 50.63 million yuan over four days [1] - The average daily net inflow for the Hong Kong Technology ETF reached 12.66 million yuan, highlighting investor interest [1] - Institutional investors are expected to have reduced pressure for profit-taking in November and December, leading to a neutral upward expectation for the index despite economic meeting forecasts [1] Group 3 - The CSI Hong Kong Stock Connect Technology Index (931573) includes top-weighted stocks such as Alibaba, Tencent, and SMIC, with the top ten stocks accounting for 66.81% of the index [2]

Core Insights - The Guangzhou Auto Show 2025 opened today, featuring a speech by Xiaopeng Motors' Chairman and CEO He Xiaopeng [1] Group 1: Company Performance - The Xiaopeng X9 Super Extended Range version set a record for daily orders, with northern regions accounting for over 50% of total orders for the first time [3] - Xiaopeng Motors achieved a significant milestone by producing its 1 millionth vehicle, taking only 14 months to reach this figure after the 500,000th vehicle, compared to 82 months for the first 500,000 [3] Group 2: Product Launches - The Xiaopeng P7+ is set to officially launch in overseas markets in January 2026, with three new models planned for international release that year [3] - The recently launched Xiaopeng X9 Extended Range version has a starting price of 309,800 yuan for the 1602Max version and 329,800 yuan for the 1602Ultra version [3]

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 01810 | 小米集团-W | 港股通(沪) | 497638.32 | -8562.44 | -2.89 | | 02800 | 盈富基金 | 港股通(沪) | 477217.64 | 472488.75 | 0.08 | | 09988 | 阿里巴巴-W | 港股通(沪) | 390877.70 | 18626.19 | -1.02 | | 01810 | 小米集团-W | 港股通(深) | 334534.00 | -52012.32 | -2.89 | | 02800 | 盈富基金 | 港股通(深) | 270916.00 | 269508.27 | 0.08 | | 09988 | 阿里巴巴-W | 港股通(深) | 262831.00 | 88081.62 | -1.02 | | 00700 | 腾讯控股 | 港股通(沪) | 223515.49 | -67133.19 | -0.24 | | 00981 | 中芯国 ...

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating which companies saw the largest increases and decreases in ownership percentages among investors [1][2]. Summary by Category Increase in Holdings - Maanshan Iron & Steel Co., Ltd. (00323) saw the largest increase in ownership percentage, rising by 0.90% to a total of 16.56% [2]. - Guofu Hydrogen Energy (02582) and XPeng Inc. (09868) both increased by 0.70%, with their latest holdings at 15.15% and 19.48% respectively [2]. - Over the last five trading days, Guofu Hydrogen Energy (02582) experienced the most significant increase of 7.57%, bringing its total to 15.15% [3]. - Other notable increases include Giant Star Legend (06683) with a 4.97% rise to 17.88% and InnoCare Pharma Limited (09606) with a 3.28% increase to 27.68% [3]. Decrease in Holdings - Shandong Molong Petroleum Machinery Co., Ltd. (00568) had the largest decrease in ownership, dropping by 1.61% to 58.05% [2]. - Beijing Jingcheng Machinery Electric Company Limited (00187) and Qiu Tai Technology (01478) also saw significant decreases of 0.95% and 0.76%, with their latest holdings at 50.50% and 8.73% respectively [2]. - In the last five trading days, the largest decrease was observed in Hang Seng China Enterprises Index (02828), which fell by 5.47% to 2.63% [3]. - Other companies with notable decreases include the Tracker Fund of Hong Kong (02800) and ZTE Corporation (00763), which decreased by 2.06% and 1.70% respectively [3].

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (72.33%), Power Assets Holdings (69.46%), and GCL-Poly Energy Holdings (69.45%) [1][2] - Alibaba (W) saw the largest increase in holding amount over the last five trading days, with an increase of 88.38 billion, followed by Xiaomi Group (22.55 billion) and Xpeng Motors (15.37 billion) [1][2] - The largest decreases in holding amounts were observed in the Tracker Fund of Hong Kong (-25.69 billion), Hang Seng China Enterprises Index ETF (-16.22 billion), and China Shenhua Energy (-9.29 billion) [1][3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) holds 100.39 million shares, representing 72.33% of its total [2] - Power Assets Holdings (01635) holds 3.71 million shares, representing 69.46% [2] - GCL-Poly Energy Holdings (01330) holds 2.81 million shares, representing 69.45% [2] - Other notable companies include Huitian International Investment (68.37%) and COSCO Shipping Energy Transportation (68.31%) [2] Recent Increases in Holdings - Alibaba (W) increased by 88.38 billion, with a share increase of 57.1 million [2] - Xiaomi Group (W) increased by 22.55 billion, with a share increase of 59.8 million [2] - Xpeng Motors (W) increased by 15.37 billion, with a share increase of 18.8 million [2] - Other companies with notable increases include China Construction Bank (11.86 billion) and Semiconductor Manufacturing International Corporation (11.37 billion) [2] Recent Decreases in Holdings - Tracker Fund of Hong Kong decreased by 25.69 billion, with a share decrease of 98.8 million [3] - Hang Seng China Enterprises Index ETF decreased by 16.22 billion, with a share decrease of 17.3 million [3] - China Shenhua Energy decreased by 9.29 billion, with a share decrease of 22.9 million [3] - Other companies with significant decreases include Agricultural Bank of China (-6.39 billion) and WuXi Biologics (-6.06 billion) [3]

Core Insights - The highest short-selling ratios were observed for New World Development-R, Geely Automobile-R, and China Resources Beer-R, all at 100.00% [1] - The top three companies by short-selling amount were Alibaba-SW, Xiaomi Group-W, and Tencent Holdings, with amounts of 2.247 billion, 1.597 billion, and 1.377 billion respectively [1] - The highest deviation values were recorded for Geely Automobile-R, China National Offshore Oil-R, and Meituan-WR, with values of 63.65%, 52.70%, and 40.64% respectively [1] Short-Selling Ratio Rankings - New World Development-R (80016): Short-selling amount of 405,600, with a ratio of 100.00% and a deviation of 25.33% [2] - Geely Automobile-R (80175): Short-selling amount of 872,700, with a ratio of 100.00% and a deviation of 63.65% [2] - China Resources Beer-R (80291): Short-selling amount of 102,900, with a ratio of 100.00% and a deviation of 34.15% [2] - Anta Sports-R (82020): Short-selling amount of 227,100, with a ratio of 88.24% and a deviation of 5.81% [2] - BYD Company-R (81211): Short-selling amount of 1,923,700, with a ratio of 87.66% and a deviation of 28.04% [2] Short-Selling Amount Rankings - Alibaba-SW (09988): Short-selling amount of 2.247 billion, with a ratio of 22.01% and a deviation of 6.56% [2] - Xiaomi Group-W (01810): Short-selling amount of 1.597 billion, with a ratio of 12.18% and a deviation of -5.08% [2] - Tencent Holdings (00700): Short-selling amount of 1.377 billion, with a ratio of 15.85% and a deviation of -0.40% [2] - XPeng Motors-W (09868): Short-selling amount of 949 million, with a ratio of 32.35% and a deviation of 14.52% [2] Short-Selling Deviation Rankings - Geely Automobile-R (80175): Short-selling amount of 872,700, with a ratio of 100.00% and a deviation of 63.65% [2] - China National Offshore Oil-R (80883): Short-selling amount of 828,200, with a ratio of 74.60% and a deviation of 52.70% [2] - Meituan-WR (83690): Short-selling amount of 2,121,200, with a ratio of 86.46% and a deviation of 40.64% [2] - China Resources Beer-R (80291): Short-selling amount of 102,900, with a ratio of 100.00% and a deviation of 34.15% [2]