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]

部分传统车企也公布了10月销量成绩。10月，比亚迪新能源汽车销量达441706辆，同比下滑12%，环比 增长11.47%，海外销量大幅增长155%，全球化发展进一步提速。上汽集团10月汽车销量达453978辆， 同比增长12.96%，已连续十个月实现同比增长。其中，新能源车销量达206692辆，同比增长31.6%。奇 瑞集团10月汽车销量达281161辆，同比增长3.3%。其中，新能源汽车销量达110346辆，同比增长 54.7%，首次单月突破11万辆。 转自：北京日报客户端 进入11月，多家车企披露10月销量或交付数据。由于新能源购置税免费、以旧换新置换补贴等进入倒计 时，叠加车企密集上市新车型等有利因素，今年车市"银十"变"金十"，市场格外火热，多家车企销量表 现强劲。新势力中，零跑汽车月销量首次超过7万辆，小鹏汽车、蔚来汽车月交付均超过4万辆，创下品 牌新高。 新势力阵营中，零跑汽车单月交付达70289辆，同比增长超84%，今年三季度以来，该品牌销量不断攀 升，多月蝉联新势力月度销冠。小鹏汽车10月交付42013辆，创历史新高，同比增长76%，环比增长 1%。同样交付量创新高的还有蔚来汽车，在爆款新车型 ...

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]

往 期推荐 1.比亚迪：10月销量44.17万辆，同比增长5.31%，环比增长11%，2025年累计销量370.19万辆，累计同比增长20.93%。 2.吉利汽车：10月销量30.71万辆，同比增长35.49%，环比增长12%，2025年累计销量247.73万辆，累计同比增长44.33%。 3.长城汽车：10月销量14.31万辆，同比增长22.50%，环比增长7%，2025年累计销量106.64万辆，累计同比增长9.87%。 4.小鹏汽车：10月销量4.20万辆，同比增长76%，环比增长1%，2025年累计销量35.52万辆，累计同比增长190.02%。 5.理想汽车：10月销量3.18万辆，同比下降38.25%，环比下降6%，2025年累计销量32.89万辆，累计同比下降16.36%。 6.蔚来汽车：10月销量4.04万辆，同比增长92.59%，环比增长16%，2025年累计销量24.16万辆，累计同比增长41.91%。 7.零跑汽车：10月销量7.03万辆，同比增长94.78%，环比增长5%，2025年累计销量46.58万辆，累计同比增长126.93%。 8.极氪：10月销量2.14万辆，同比下降14.4 ...

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。 ...

消息面上，11月1日，小鹏汽车披露最新交付成绩。2025年10月，小鹏汽车共交付新车42013台，同比增 长76%，环比增长1%，单月交付量创下历史新高，并连续2个月交付量超过4万台。2025年1-10月，小鹏 汽车累计交付355209台，同比增长190%。此外，小鹏汽车今日宣布，小鹏 X9鲲鹏超级增程技术发布会 将于11月6日19:00 举行。据官方介绍，小鹏X9超级增程首搭"鲲鹏"超级增程技术，以 "63.3度超快充磷 酸铁锂大电池 + 60L大油箱" 的黄金组合，成就了综合续航1602公里的全球续航最长的大7座座驾。 智通财经APP获悉，小鹏汽车-W(09868)涨近5%，截至发稿，涨4.76%，报91.35港元，成交额6.52亿港 元。 ...

人民财讯11月3日电，恒生指数开盘涨0.36%，恒生科技指数涨0.48%。蔚来、小鹏汽车涨超3%。 ...

小鹏汽车-W(9868.HK)盘初涨4.36%报91港元。消息面上，小鹏汽车宣布，2025年10月交付新车42,013 台，单月交付量创下历史新高，并连续2个月超过4万台。2025年1-10月，小鹏汽车累计交付355,209 台，同比增长190%。 ...