Market Performance - Major tech stocks showed positive performance, with Nvidia up 4.1%, Tesla up 3.68%, Google up 2.82%, Facebook up 1.44%, Microsoft up 1.26%, Amazon up 1.19%, and Apple up 1.18% [2] - The Nasdaq Golden Dragon Index rose over 2%, with notable individual stock performances including Arctech Solar up over 12%, XPeng Motors up over 11%, and Miniso up nearly 5% [3][4] European Market - European stock markets experienced significant gains, with Italy's MIB Index rising over 2%, and France's CAC40, Germany's DAX, and the Europe STOXX50 all increasing by more than 1% [4] U.S. Government Funding Bill - The U.S. Senate passed a temporary funding bill to end the government shutdown, providing funding until January 30, 2026, following an agreement between some Democratic and Republican senators [4] - President Trump expressed optimism about the end of the shutdown, indicating progress in negotiations [4] Economic Data Release - Analysts predict that the reopening of the U.S. government will lead to a surge of delayed economic data releases, which could impact the Federal Reserve's December meeting [5] - The probability of a 25 basis point rate cut by the Federal Reserve in December is estimated at 65.6%, while the likelihood of maintaining current rates is 34.4% [5] - Federal Reserve officials indicated concerns about prolonged high interest rates potentially harming the economy, while noting that the labor market is nearing full employment but showing signs of cooling [5]

Company Overview - XPENG is a leading Chinese electric vehicle manufacturer founded in 2014, focusing on "smart EVs" for tech-savvy, middle-class customers [1] - The company is vertically integrated, manufacturing its powertrains, electronics, and vehicle software in-house, allowing for competitive pricing [1] - The "Mona M03" model starts at approximately $17,000, while the "G7" SUV starts at $27,300, undercutting Tesla's Model Y by about $9,000 [1] Record Deliveries - XPENG achieved record deliveries of 42,013 vehicles in the last month, representing a 76% year-over-year growth [2] - October marked the fourth consecutive month of record deliveries for the company [2] - Despite being slightly unprofitable, XPENG's revenues have shown strong upward trends with triple-digit year-over-year growth in the last two quarters [2] AI and Technology Expansion - XPENG aims to expand beyond being a traditional EV manufacturer, as demonstrated in a recent AI event [3] - The company plans to launch three robotaxi models next year, leveraging its in-house autonomous driving technology [3] - XPENG has partnered with Volkswagen as a strategic ally in its robotaxi initiative [3] Innovative Products - The company unveiled a humanoid robot named "Iron," which gained significant attention [6] - XPENG also showcased an eVTOL concept, indicating its ambitions in the flying car market [6] - The focus on AI-driven mobility positions XPENG to capitalize on emerging markets for robotaxis and humanoid robots [7] Market Position - XPENG's combination of increasing EV deliveries, a refreshed product lineup, and a strategic move into AI-driven mobility suggests potential for long-term success [11]

Group 1 - The Nasdaq Golden Dragon China Index increased by 2.25% on Monday, indicating a positive trend in Chinese concept stocks [1] - Xpeng Motors saw a significant rise of 16.15%, reflecting strong investor interest [1] - Other notable performers included Vipshop and Baidu, both rising over 5%, and Tiger Brokers, which increased by over 3% [1] Group 2 - iQIYI experienced a gain of over 2%, while Pinduoduo rose by over 1%, contributing to the overall positive performance of Chinese stocks [1]

Group 1 - Major tech stocks showed positive performance, with Nvidia up 4.1%, Tesla up 3.68%, Google up 2.82%, Facebook up 1.44%, Microsoft up 1.26%, Amazon up 1.19%, and Apple up 1.18% [2] - Spot gold increased by 2.04% and spot silver rose by 3.15% [3] - The Nasdaq China Golden Dragon Index rose over 2%, with notable individual stock performances including Arctech Solar up over 12%, Xpeng Motors up over 11%, and Miniso up nearly 5% [3][4] Group 2 - European stock markets experienced significant gains, with Italy's MIB index up over 2%, and France's CAC40, Germany's DAX, and the European STOXX50 all up over 1% [4] - The U.S. Senate passed a temporary funding bill to end the government shutdown, providing funding until January 30, 2026, marking the 40th day of the shutdown since October 1 [5] - Analysts suggest that the reopening of the U.S. government will lead to a surge of delayed economic data, which could impact the Federal Reserve's decision-making regarding interest rates [5]

Core Viewpoint - XPeng Motors (XPEV.US) shares surged over 10% during intraday trading following the announcement of four significant applications related to physical AI at the 2025 XPeng Technology Day [1] Sales and Revenue Forecast - Bank of America has raised XPeng Motors' sales forecasts for 2025 to 2027 by 0.2%, 0.2%, and 0.3% respectively, and revenue forecasts by the same percentages for the same years [1] - The bank has increased the target price for XPeng Motors' U.S. stock from $26 to $27, maintaining a "Buy" rating due to the anticipated strong model launch plans in the second half of 2025 and into 2026 [1]

Core Viewpoint - Xiaopeng Motors-W has seen a continuous net buying from southbound funds for three consecutive days, with a total net buying amount of HKD 1.68 billion and a cumulative stock price increase of 4.90% [2] Group 1: Trading Activity - On November 10, the total trading volume of active stocks through the Hong Kong Stock Connect reached HKD 30.933 billion, with a net buying amount of HKD 688 million [2] - Xiaopeng Motors-W recorded a trading amount of HKD 1.067 billion through the Hong Kong Stock Connect on November 10, with a net buying amount of HKD 103 million [2] - The stock has experienced a cumulative net buying amount of HKD 1.68 billion over the past three days [2]

Core Insights - China Duty Free Group (中国中免) made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month, with a trading volume of 1.698 billion HKD and a net sell of 29 million HKD on November 10 [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached 30.933 billion HKD, accounting for 29.76% of the day's total trading amount, with a net buying amount of 688 million HKD [1] - Alibaba (阿里巴巴-W) led the trading volume with 5.302 billion HKD, followed by SMIC (中芯国际) and Tencent (腾讯控股) with 4.304 billion HKD and 4.019 billion HKD respectively [1] Trading Activity Summary - The active stocks on November 10 included: - Tencent Holdings (00700): 4.019 billion HKD, net sell of 128 million HKD, 20 appearances in the last month, closing price 649.5 HKD, daily increase of 2.44% [1] - SMIC (00981): 4.304 billion HKD, net sell of 217 million HKD, 20 appearances in the last month, closing price 74.7 HKD, daily decrease of 0.99% [1] - Huahong Semiconductor (01347): 1.306 billion HKD, net sell of 198 million HKD, 20 appearances in the last month, closing price 78.1 HKD, daily decrease of 1.70% [1] - Xiaomi Group (01810): 3.256 billion HKD, net buy of 173 million HKD, 20 appearances in the last month, closing price 42.36 HKD, daily increase of 0.28% [1] - Alibaba (09988): 5.302 billion HKD, net sell of 653 million HKD, 20 appearances in the last month, closing price 163.4 HKD, daily increase of 2.06% [1] - Pop Mart (09992): 3.164 billion HKD, net buy of 519 million HKD, 17 appearances in the last month, closing price 221.4 HKD, daily increase of 8.11% [1] - Meituan (03690): 570 million HKD, net sell of 31 million HKD, 13 appearances in the last month, closing price 103.3 HKD, daily increase of 1.27% [1] - CNOOC (00883): 3.742 billion HKD, net buy of 1.313 billion HKD, 13 appearances in the last month, closing price 22.44 HKD, daily increase of 5.95% [1] - China Mobile (00941): 758 million HKD, net sell of 79 million HKD, 7 appearances in the last month, closing price 87.8 HKD, daily increase of 0.75% [1] - Ganfeng Lithium (01772): 1.142 billion HKD, net sell of 74 million HKD, 4 appearances in the last month, closing price 54.0 HKD, daily increase of 2.47% [1] - Sangfor Technologies (01530): 605 million HKD, net sell of 12 million HKD, 3 appearances in the last month, closing price 29.0 HKD, daily increase of 0.62% [1] - Xpeng Motors (09868): 1.067 billion HKD, net buy of 103 million HKD, 3 appearances in the last month, closing price 92.0 HKD, daily increase of 1.21% [1] - China Duty Free Group (01880): 1.698 billion HKD, net sell of 29 million HKD, 1 appearance in the last month, closing price 81.6 HKD, daily increase of 15.34% [1]

Group 1 - The Hang Seng Index rose by 1.55% on November 10, with total southbound trading amounting to HKD 103.94 billion, including buy transactions of HKD 55.30 billion and sell transactions of HKD 48.64 billion, resulting in a net buy of HKD 6.65 billion [1] - The southbound trading through Stock Connect (Shenzhen) totaled HKD 40.91 billion, with buy transactions of HKD 23.20 billion and sell transactions of HKD 17.70 billion, leading to a net buy of HKD 5.50 billion [1] - The southbound trading through Stock Connect (Shanghai) reached HKD 63.04 billion, with buy transactions of HKD 32.09 billion and sell transactions of HKD 30.94 billion, resulting in a net buy of HKD 1.15 billion [1] Group 2 - Among the actively traded stocks, Alibaba-W had the highest transaction amount at HKD 53.02 billion, followed by SMIC and Tencent Holdings with transaction amounts of HKD 43.04 billion and HKD 40.19 billion, respectively [1] - The stock with the highest net buy was China National Offshore Oil Corporation, with a net buy of HKD 13.13 billion, closing with a price increase of 5.95% [1] - Other notable net buys included Pop Mart with HKD 5.19 billion and Xiaomi Group-W with HKD 1.73 billion [1] Group 3 - Continuous net buying was observed for Xiaomi Group-W and XPeng Motors, with net buying days of 9 and 3 days, respectively, and total net buying amounts of HKD 53.68 billion and HKD 16.80 billion [2] - The stocks with the highest net sell amounts included Alibaba-W and Meituan-W, with net sell amounts of HKD 13.23 billion and HKD 2.45 billion, respectively [2] - The trading data for November 10 shows that China National Offshore Oil Corporation, Pop Mart, and Xiaomi Group-W were among the top stocks in terms of net buy and price increase [2]

Market Overview - On November 10, the Hang Seng Index rose by 1.55%, closing at 26,649.06 points, with a total net inflow of HKD 6.654 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 103.941 billion, with a net buying amount of HKD 6.654 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 63.035 billion, with a net buying of HKD 1.152 billion [1] - The Shenzhen Stock Exchange's southbound trading recorded a transaction amount of HKD 40.906 billion, with a net buying of HKD 5.502 billion [1] Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest transaction amount of HKD 30.14 billion, followed by SMIC and Tencent Holdings with transaction amounts of HKD 25.38 billion and HKD 23.94 billion, respectively [1] - In terms of net buying, China National Offshore Oil Corporation (CNOOC) led with a net buying amount of HKD 564 million, with its stock price increasing by 5.95% [1] - Alibaba-W recorded the highest net selling amount of HKD 748 million, while its stock price rose by 2.06% [1] Shenzhen Stock Exchange Active Stocks - In the Shenzhen Stock Exchange's southbound trading, Alibaba-W also topped the transaction amount with HKD 22.88 billion, followed by SMIC and CNOOC with transaction amounts of HKD 17.66 billion and HKD 16.28 billion, respectively [2] - CNOOC had the highest net buying amount of HKD 750 million, with its stock price increasing by 5.95% [2] - SMIC recorded the highest net selling amount of HKD 12.6 million, with its stock price declining by 0.99% [2]

Core Insights - On November 10, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 30.14 billion, 25.38 billion, and 23.94 billion respectively [1][2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and China National Offshore Oil Corporation (00883) also ranked as the top three, with trading amounts of 22.88 billion, 17.66 billion, and 16.28 billion respectively [1][2] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 30.14 billion with a net buy of -7.48 billion [2] - SMIC (00981) recorded a trading amount of 25.38 billion with a net buy of -91.6453 million [2] - Tencent Holdings (00700) had a trading amount of 23.94 billion with a net buy of -4.19 billion [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 21.14 billion with a net buy of +5.64 billion [2] - Xiaomi Group-W (01810) had a trading amount of 20.62 billion with a net buy of +2.62 billion [2] - Pop Mart (09992) recorded a trading amount of 18.74 billion with a net buy of +834.075 million [2] - Hua Hong Semiconductor (01347) had a trading amount of 13.06 billion with a net buy of -1.98 billion [2] - Ganfeng Lithium (01772) recorded a trading amount of 11.42 billion with a net buy of -743.079 million [2] - China Duty Free Group (01880) had a trading amount of 10.92 billion with a net buy of -1.47 billion [2] - Xpeng Motors-W (09868) achieved a trading amount of 10.67 billion with a net buy of +1.03 billion [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 22.88 billion with a net buy of +952.690 million [2] - SMIC (00981) recorded a trading amount of 17.66 billion with a net buy of -1.26 billion [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 16.28 billion with a net buy of +7.50 billion [2] - Tencent Holdings (00700) had a trading amount of 16.25 billion with a net buy of +2.91 billion [2] - Pop Mart (09992) recorded a trading amount of 12.90 billion with a net buy of +4.35 billion [2] - Xiaomi Group-W (01810) had a trading amount of 11.95 billion with a net buy of -883.856 million [2] - China Mobile (00941) achieved a trading amount of 7.58 billion with a net buy of -789.845 million [2] - China Duty Free Group (01880) recorded a trading amount of 6.07 billion with a net buy of +1.18 billion [2] - 3SBio (01530) had a trading amount of 6.05 billion with a net buy of -11.6094 million [2] - Meituan-W (03690) achieved a trading amount of 5.70 billion with a net buy of -306.287 million [2]