补充资料：Box5:the relevant class of shares is Class A ordinary shares.Box28:the derivative interests represent ADSs listed on NYSE. 香港联交所最新资料显示，8月21日，首席执行官兼董事长何小鹏增持小鹏汽车-W(09868)310万股，每 股作价80.4852港元，总金额约2.5亿港元。增持后最新持股数目约为1133.98万股，持股比例为0.73%。 ...

补充资料：Box 5: the relevant class of shares is Class A ordinary shares. Box 28: the derivative interests represent ADSs listed on NYSE. 智通财经APP获悉，香港联交所最新资料显示，8月21日，首席执行官兼董事长何小鹏增持小鹏汽车- W(09868)310万股，每股作价80.4852港元，总金额约2.5亿港元。增持后最新持股数目约为1133.98万 股，持股比例为0.73%。 ...

沪港通（南向）十大活跃成交公司 智通财经APP获悉，2025年8月22日当天，中芯国际(00981)、腾讯控股(00700)、阿里巴巴-W(09988)位 居沪港通（南向）成交额前3位，成交额分别为86.49 亿元、43.85 亿元、34.37 亿元；中芯国际 (00981)、腾讯控股(00700)、华虹半导体(01347) 位居深港通（南向）成交额前3位，成交额分别为49.08 亿元、23.58 亿元、21.97 亿元。 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 中芯国际(00981) | 86.49 亿元 | +2.14 亿元 | | 腾讯控股(00700) | 43.85 亿元 | +5.45 亿元 | | 阿里巴巴-W(09988) | 34.37 亿元 | -1.02 亿元 | | 华虹半导体(01347) | 33.14 亿元 | -6.13 亿元 | | 小米集团-W(01810) | 27.02 亿元 | -7.51 亿元 | | 小鹏汽车-W(09868) | 26.23 亿元 | -4.61 亿元 | | 中兴通讯(00763) | 26.0 ...

Investment Rating - The report maintains a "Buy" rating for Xiaopeng Motors (09868) [1] Core Views - Xiaopeng Motors reported Q2 2025 revenue of 18.27 billion yuan, a year-on-year increase of 125.3%, with a Q2 gross margin of 17.3%, up 3.3 percentage points from the same period in 2024 [4][6] - The company’s gross margin reached a historical high, driven by the launch of high-priced models G6 and G9, while the sales proportion of the lower-priced Mona M03 decreased from 50% in Q1 2025 to 38% in Q2 2025 [6] - The Q3 delivery guidance is conservative, with expected deliveries between 113,000 and 118,000 units, reflecting a year-on-year growth of approximately 142.8% to 153.6% [6] - The potential of Xiaopeng's extended-range vehicles is still to be fully realized, with the upcoming X9 model expected to alleviate range anxiety and enhance gross margins [6] - The report emphasizes the importance of the new P7 pricing and the performance of extended-range vehicles in shaping the company's growth trajectory [6] Financial Summary - Projected revenues for 2025-2027 are 76.99 billion, 116.42 billion, and 142.15 billion yuan, respectively, with significant growth rates of 88.4%, 51.2%, and 22.1% [8] - The net profit forecast shows a turnaround from a loss of 1.61 billion yuan in 2025 to a profit of 3.95 billion yuan in 2027, indicating a growth rate of 222% [8] - The report anticipates a price-to-sales ratio of 1.6 for 2026, suggesting a market capitalization of approximately 200.4 billion HKD and a target share price of 106 HKD [6][8]

Group 1 - Southbound funds recorded a net purchase of 51.66 billion HKD today [1] - The top three net purchases were Kuaishou-W, SMIC, and Meituan-W, with net purchases of 11.73 billion HKD, 10.93 billion HKD, and 10.09 billion HKD respectively [1] - In terms of net selling, Xpeng Motors-W, Xiaomi Group-W, and Hua Hong Semiconductor experienced net sales of 13.09 billion HKD, 9.03 billion HKD, and 7.5 billion HKD respectively [1]

Core Viewpoint - Southbound funds recorded a net purchase of HKD 51.66 billion, indicating strong investor interest in specific stocks [1] Group 1: Net Purchases - Kuaishou-W received a net purchase of HKD 11.73 billion, leading the gains among southbound funds [1] - Semiconductor Manufacturing International Corporation (SMIC) saw a net purchase of HKD 10.93 billion, reflecting positive sentiment in the semiconductor sector [1] - Meituan-W had a net purchase of HKD 10.09 billion, highlighting its attractiveness to investors [1] Group 2: Net Sales - Xpeng Motors-W experienced a net sale of HKD 13.09 billion, indicating a decline in investor confidence [1] - Xiaomi Group-W faced a net sale of HKD 9.03 billion, suggesting potential concerns regarding its market performance [1] - Hua Hong Semiconductor recorded a net sale of HKD 7.5 billion, reflecting a negative outlook from investors [1]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from Northbound trading, with a total net buy of HKD 51.66 billion on August 22, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Stock Performance - Kuaishou-W (01024) received the highest net buy of HKD 11.72 billion, supported by its strong Q2 earnings report showing a revenue of HKD 350.5 billion, a year-on-year increase of 13.1%, and an adjusted net profit of HKD 56.2 billion, up 20.1% [4]. - Semiconductor stocks showed mixed results, with SMIC (00981) and ZTE Corporation (00763) gaining net buys of HKD 10.92 billion and HKD 3.16 billion respectively, while Hua Hong Semiconductor (01347) faced a net sell of HKD 7.5 billion [5]. - Meituan-W (03690) attracted a net buy of HKD 10.08 billion, bolstered by its international expansion efforts, including the launch of its food delivery brand Keeta in Qatar [5]. Group 2: Notable Transactions - Tencent (00700) saw a net buy of HKD 4.61 billion, driven by a 17% year-on-year increase in domestic game revenue to HKD 404 billion in Q2 [6]. - Xiaopeng Motors-W (09868) experienced a significant net sell of HKD 13.08 billion, following a 13% surge in its stock price, as investors took profits [7]. - Alibaba-W (09988) recorded a net buy of HKD 3.85 billion, while Xiaomi Group-W (01810) faced a net sell of HKD 9.02 billion [7].

Market Overview - The Hong Kong stock market saw a significant rise, with the Hang Seng Index increasing by 0.93% to close at 25,339.14 points, and the Hang Seng Technology Index soaring nearly 3% [1] - The overall trading volume for the day was HKD 285.58 billion, with the Hang Seng Index gaining 0.27% over the week [1] Blue Chip Performance - Semiconductor company SMIC (00981) led the blue-chip stocks, rising by 10.06% to HKD 56.9, contributing 36.87 points to the Hang Seng Index [2] - Other notable performers included Li Ning (02331) up 8.78%, BYD Electronics (00285) up 6.13%, while Sinopec (00386) and China Resources Power (00836) saw declines [2] Sector Highlights - The technology sector experienced a collective surge, with major stocks like Kuaishou and Alibaba rising significantly [3] - Chip stocks exploded, with Huahong Semiconductor rising by 17.85% and ZTE Corporation by 15.13% [3] - The automotive sector also performed well, with XPeng Motors increasing by 13% following significant share purchases by its CEO [3][8] Earnings Reports - Miniso (09896) reported a revenue of HKD 4.97 billion for Q2, a year-on-year increase of 23.1%, with a notable 87% surge in TOP TOY revenue [7] - SUTENG (02498) achieved a revenue of approximately HKD 460 million, up 24.4% year-on-year, driven by a 631.9% increase in robot sales [7] - Kuaishou's Q2 revenue grew by 13.1% to HKD 35 billion, with adjusted net profit rising by 20.1% [7] Chip Industry Developments - DeepSeek launched its new model, DeepSeek-V3.1, which is expected to enhance the domestic chip design process [4] - The domestic computing power sector is anticipated to see accelerated growth due to increased demand for AI chips and local chip production [4] Airline Sector Performance - Airline stocks faced declines, with China Southern Airlines (01055) down 1.77% and China Eastern Airlines (00670) down 2.83% [5] - July operational data indicated a 2.3% year-on-year increase in domestic route capacity, but the overall demand remains subdued [6] Notable Stock Movements - XPeng Motors saw a strong performance with a 13.6% increase after its CEO's share purchase [8] - NIO's new ES8 model launch led to an 11.12% rise in its stock price [9] - COSCO Shipping Energy (01138) rose by 7.63% due to changes in global oil supply dynamics [9]

Market Overview - The Hong Kong stock market saw a significant rise, with the Hang Seng Index increasing by 0.93% to close at 25,339.14 points, and the Hang Seng Technology Index rising by nearly 3% [1] - The overall trading volume for the day was HKD 285.58 billion, with the Hang Seng Index gaining 0.27% over the week [1] Blue Chip Performance - Semiconductor company SMIC (00981) led the blue-chip stocks, surging by 10.06% to HKD 56.9, contributing 36.87 points to the Hang Seng Index [2] - Other notable performers included Li Ning (02331) up 8.78% and BYD Electronics (00285) up 6.13% [2] Sector Highlights - The technology sector saw a collective rise, with major stocks like Kuaishou and Alibaba increasing by over 4% and nearly 2%, respectively [3] - Chip stocks experienced a significant boost, with Huahong Semiconductor rising by 17.85% and ZTE Corporation increasing by 15.13% [3] Earnings Reports - Miniso (09896) reported a 23.1% year-on-year revenue increase to HKD 4.97 billion, with a net profit growth of 10.6% to HKD 690 million [6] - Kuaishou's revenue grew by 13.1% year-on-year to HKD 35 billion, with adjusted net profit increasing by 20.1% [6] Notable Stock Movements - XPeng Motors (09868) saw a strong performance, rising 13.6% after its CEO purchased shares worth approximately HKD 250 million [7] - NIO (09866) also climbed 11.12% following the announcement of its new ES8 model, which is set to launch in September 2025 [8] Industry Trends - The aviation sector faced declines, with China Southern Airlines (01055) dropping 1.77% amid concerns over demand despite a seasonal increase in capacity [5] - The domestic airline industry reported a 2.3% year-on-year increase in capacity for July, but the growth rate was considered low [5]

| 代码 | 名称 | | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 00031 | 航天控股 | 0 | 0.580 | 5.45% | | 02357 | 中航科工 | | 4.700 | 3.98% | | 00317 | 中胎防务 | | 16.460 | 3.78% | | 00232 | 大陆航空科技控 | | 0.188 | 2.73% | 新能源车企股震荡走高，小鹏汽车涨超13%。小鹏汽车公告，公司联合创始人、执行董事、董事长、首 席执行官兼控股股东何小鹏于2025年8月20日至2025年8月21日通过全资拥有的Galaxy Dynasty Limited在 公开市场购买了310万股A类普通股，平均价为每股A类普通股80.49港元。 | 代码 | 名称 | 最新价 | 涨跌幅 V | | --- | --- | --- | --- | | 09868 | (0) 小鹏汽车-W | 91.900 | 13.60% | | 09866 | 蔚来-SW | 45.760 | 11.12% | | 01211 | HATTOBER | 114.30 ...