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]

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 3.296 billion, XPeng Motors-W (09868) with 1.147 billion, and Xiaomi Group-W (01810) with 0.853 billion [1][2] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -0.559 billion, China Life (02628) with -0.427 billion, and China National Offshore Oil Corporation (00883) with -0.368 billion [1][2] - In terms of net inflow ratio, ICBC South China (03167) leads with 100.00%, followed by Xiaocai Garden (00999) with 74.08%, and Qingdao Bank (03866) with 67.42% [1][3] - The companies with the highest net outflow ratios include Q Tech (01478) at -58.31%, China National Heavy Duty Truck Group (03808) at -53.04%, and Nexperia (01316) at -43.99% [1][4] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 3.296 billion, representing a 20.59% increase in its closing price to 154.600 [2] - XPeng Motors-W (09868) saw a net inflow of 1.147 billion, with a 25.58% increase in its closing price to 85.950 [2] - Xiaomi Group-W (01810) experienced a net inflow of 0.853 billion, with a 9.75% increase in its closing price to 40.780 [2] Net Outflow Rankings - Yingfu Fund (02800) had a net outflow of -0.559 billion, with a -4.24% change in its closing price to 26.060 [2] - China Life (02628) experienced a net outflow of -0.427 billion, with a -23.81% change in its closing price to 26.140 [2] - China National Offshore Oil Corporation (00883) had a net outflow of -0.368 billion, with a -14.88% change in its closing price to 21.800 [2]

Group 1 - The current A-share market is in a phase of consolidation and preparation for future investments, with expectations of a potential upward trend in the near future [1][8] - The Hang Seng Index Company announced the results of the third quarter review of the Hang Seng Index series [2] - The U.S. stock market saw a collective decline, with the Dow Jones down 0.84%, Nasdaq down 2.15%, and S&P 500 down 1.56%, primarily driven by a drop in technology stocks [3] Group 2 - China's foreign trade has maintained stable growth despite external pressures, with a focus on supporting new business models like cross-border e-commerce and enhancing logistics systems [4] - The Chinese government is emphasizing the need for high-quality development in manufacturing and is increasing financial support for key technologies [4] - The China Chemical and Physical Power Industry Association plans to release guidelines to address the challenges faced by the lithium iron phosphate industry, including price competition and industry standards [6] Group 3 - In September 2025, the domestic smartphone market shipped 27.93 million units, a year-on-year increase of 10.1%, with 5G smartphones accounting for 86.3% of total shipments [7] - The total smartphone shipments for the first nine months of 2025 reached 220 million units, a slight decline of 0.3% year-on-year, with 5G smartphones showing minimal growth [7]

Core Insights - Nvidia's strong earnings report failed to sustain market confidence, leading to a collective decline in major U.S. stock indices [1] Market Performance - The Dow Jones index fell by 0.84% - The S&P 500 index decreased by 1.56% - The Nasdaq Composite index dropped by 2.15% [1] Technology Sector - Major tech stocks experienced significant declines: - AMD fell over 7% - Oracle decreased by over 6% - Netflix and Nvidia both dropped over 3% - Tesla and Amazon fell over 2% - Microsoft declined by over 1% - Broadcom fell by 2.14% - Qualcomm decreased by 3.90% - Adobe dropped by 1.79% - Salesforce fell by 1.10% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index declined by 3.26% - Notable declines among popular Chinese stocks: - Canadian Solar fell by 18.3% - Daqo New Energy dropped by 9.2% - NIO decreased by 6% - JinkoSolar fell by 5.7% - Other companies like Pony.ai, Xpeng, Xiaomi, Pinduoduo, and Baidu dropped over 4% - However, some stocks saw gains: - NetEase rose by 0.6% - Beike increased by 1.3% - GDS Holdings gained 1.8% - Yatsen Holding rose by 3.3% [1]

Core Viewpoint - The launch of the Xiaopeng X9 Kunpeng Super Extended Range model marks a significant step for Xiaopeng Motors in diversifying its vehicle offerings, particularly in the extended range segment, which is expected to cater to a broader market demand [2][4]. Group 1: Product Launch and Features - The Xiaopeng X9 Kunpeng Super Extended Range model is available in two versions, Max and Ultra, with starting prices of 309,800 yuan and 329,800 yuan, respectively, which is 50,000 yuan lower than the pure electric version priced at 359,800 yuan [2][4]. - This model features a "large battery + large fuel tank" configuration, equipped with a 63.3 kWh battery and a 60-liter fuel tank, providing users with flexible options for fuel usage [4]. Group 2: Market Context and Sales Trends - Despite the increasing number of companies entering the extended range market, sales of extended range vehicles have seen a decline, with October's sales at 121,000 units, down 1.9% year-on-year, while pure electric vehicle sales reached 1.02 million units, up 31.6% year-on-year [5][6]. - The extended range vehicle segment experienced a significant growth rate of 78.7% in 2024, contrasting with the 15.5% growth of pure electric vehicles during the same period [6]. Group 3: Future Outlook and Strategy - Xiaopeng Motors' chairman, He Xiaopeng, believes that the decline in extended range vehicle sales may be a short-term fluctuation, with expectations for a strong market demand for "super extended range" vehicles in the future [6][8]. - The company plans to introduce seven extended range models next year, with at least three aimed at international markets, indicating a strategic push towards global expansion [9].

Core Viewpoint - The launch of the Xiaopeng X9 Super Extended Range marks Xiaopeng's entry into the dual-energy market of pure electric and extended range vehicles, aiming to address key consumer pain points such as range anxiety and safety concerns [1][2] Group 1: Product Features - The Xiaopeng X9 Super Extended Range is available in two versions: Max and Ultra, priced at 309,800 yuan and 329,800 yuan respectively [1] - The vehicle boasts a comprehensive CLTC range of 1602 km and a pure electric range of 452 km, making it the longest-range seven-seater globally [1] - It features a 63.3 kWh ultra-fast charging lithium iron phosphate battery, supporting a charging rate of 5C+800V, allowing for a 313 km charge in just 10 minutes [1] - The vehicle is compatible with 92-octane gasoline, enabling operation in regions with limited access to high-octane fuel [1] - The battery pack meets the new national battery standards set to be implemented in July 2026, ensuring safety against thermal runaway [1] Group 2: Market Strategy and Trends - The Xiaopeng X9 Super Extended Range introduces the Kunpeng Super Extended Range technology to the market, with a focus on enhancing market share through smart technology and continuous advancements in electric vehicle technology [2] - The company has shifted from a pure electric focus to introducing its first extended range model, reflecting a broader industry trend of "technology route adjustment" in the Chinese electric vehicle market [2] - Despite the industry's long-term goal of promoting pure electric vehicles, there is still significant consumer investment in extended range and hybrid technologies, indicating a competitive landscape with multiple technological pathways [2]

小鹏(09868)X9超级增程1602Max版上市价为30.98万元，1602Ultra版为32.98万元。小鹏X9超级增程以14 项全球领先、32项同级领先、200+项全系标配的越级实力，打造40万级最满配家用大七座。 隔音媲美百万级好车：同级唯一搭载ENC+RNC双重主动降噪技术大七座，配合超静谧无感增程器与全 车双层隔音玻璃设计，静谧性媲美百万级豪车，打造移动"隔音房"。 豪华舒适与超大空间：全球首发三排电动三折叠，支持4-7座灵活变换，配合同级领先的第三排乘坐空 间，实现从日常通勤到长途旅行的全场景空间自由。 全球续航最长大七座：综合续航1602km，纯电续航452km，实现"一周一充"日常通勤；配合800V 5C超 充技术，10分钟即可补能80%，满足全家跨省出游需求。 全球统一安全标准：同步满足中欧双五星安全标准，配备全球首个零重力座椅专属气囊，支持130km/h AEB+AES主动安全系统，具备全场景爆胎稳行与冰雪、脱困双模式能力。 ...

智通财经APP获悉，小鹏(09868)X9超级增程1602Max版上市价为30.98万元，1602Ultra版为32.98万元。小鹏X9超级增程以14项全球领先、32项同级领先、 200+项全系标配的越级实力，打造40万级最满配家用大七座。 隔音媲美百万级好车：同级唯一搭载ENC+RNC双重主动降噪技术大七座，配合超静谧无感增程器与全车双层隔音玻璃设计，静谧性媲美百万级豪车，打造 移动"隔音房"。 豪华舒适与超大空间：全球首发三排电动三折叠，支持4-7座灵活变换，配合同级领先的第三排乘坐空间，实现从日常通勤到长途旅行的全场景空间自由。 全球续航最长大七座：综合续航1602km，纯电续航452km，实现"一周一充"日常通勤；配合800V 5C超充技术，10分钟即可补能80%，满足全家跨省出游需 求。 全球统一安全标准：同步满足中欧双五星安全标准，配备全球首个零重力座椅专属气囊，支持130km/h AEB+AES主动安全系统，具备全场景爆胎稳行与冰 雪、脱困双模式能力。 ...

Core Insights - The Guangzhou Auto Show, themed "New Technology, New Life," will commence on November 21, featuring 93 global debut vehicles among 1,085 total exhibits, with 629 being new energy vehicles, marking a penetration rate of 57% [1] Group 1: New Vehicle Highlights - Xiaopeng X9 Super Extended Range: First extended range model from Xiaopeng, featuring a 60L fuel tank and 63.3 kWh battery, offering a pure electric range of 452 km and a comprehensive range of 1,602 km, with a combined energy consumption of 16.5 kWh/100 km and fuel consumption as low as 2.53 L/100 km [1] - Xiaopeng G01: A larger six-seat extended range model based on the G9, expected to have a pure electric range exceeding 400 km, equipped with 800V high-voltage architecture and 5C ultra-fast charging technology [2] - Leap Motor D19: The first model in Leap's flagship D series, targeting the 200,000-300,000 yuan market, offering both extended range and pure electric versions, with a battery capacity of 80.3 kWh and a pure electric range of 500 km [3] - Leap Motor A10: An entry-level small SUV with a starting price expected to be under 80,000 yuan, featuring laser radar for advanced driver assistance, competing with models like BYD Yuan UP [4] - Xiangjie S9: The annual flagship model from Hongmeng Zhixing, has received over 8,000 pre-orders in just 2 hours, featuring upgraded four-laser radar and enhanced cabin comfort options [5] - Lantu Taisan: The flagship model of Lantu, equipped with a 65 kWh battery, offering a pure electric range of 370 km and a comprehensive range of 1,400 km, featuring advanced suspension and driving assistance technologies [6] - Lantu Zhuiguang L: A mid-large plug-in hybrid sedan with a pure electric range of 410 km, featuring a 63 kWh battery and advanced suspension systems [7] - BMW iX3: Built on the new NCAR pure electric platform, featuring a redesigned front grille and enhanced local adaptations, including integration with Alibaba and Huawei technologies [8] Group 2: Market Trends - The upcoming Guangzhou Auto Show is set to showcase a competitive landscape among fuel, hybrid, and pure electric vehicles, highlighting the latest automotive technologies and indicating future directions for the Chinese automotive market [8][9]

Core Viewpoint - XPeng Inc. reported significant growth in key financial metrics for Q3 2025, including revenue, delivery volume, and gross margin, while narrowing its losses, moving closer to its profitability target [1][4][12]. Financial Performance - Total revenue for Q3 2025 reached RMB 20.38 billion, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%, marking a record high for a single quarter [1][10]. - The automotive sales revenue was RMB 18.05 billion, up 105.3% year-on-year [1][10]. - Gross margin for the quarter was 20.1%, an increase of 4.8 percentage points compared to the same period in 2024 [10][12]. Delivery Metrics - Total delivery volume for Q3 2025 was 116,007 vehicles, a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4%, setting a new record for single-quarter deliveries [1][5][9]. Loss Reduction - The net loss attributable to ordinary shareholders was RMB 380 million, a reduction of 79% year-on-year and a decrease from RMB 480 million in the previous quarter [12]. Future Outlook - XPeng anticipates Q4 2025 delivery volume to be between 125,000 and 132,000 units, representing a year-on-year increase of 36.6% to 44.3% [12]. - Total revenue for Q4 2025 is expected to be between RMB 21.5 billion and RMB 23 billion, reflecting an annual increase of approximately 33.5% to 42.8% [12]. Product Development - The company has recently launched several AI technology products, including the second-generation VLA physical world model, self-developed Robotaxi, flying car "A868," and the new generation IRON humanoid robot, which may drive future growth [12].