Core Points - XPeng Motors announced a donation of 5 million HKD to support fire rescue efforts in Tai Po, Hong Kong [1] - The company expressed its commitment to monitor the disaster situation and collaborate with various parties to assist affected individuals in returning to normal life [1] Group 1 - The donation amount is 5 million HKD, which reflects the company's social responsibility initiatives [1] - XPeng Motors emphasizes unity and support during challenging times, highlighting a community-oriented approach [1]

公司点评 | 小鹏汽车-W Q3 总毛利继续提升，AI 业务及全球化战略提速 小鹏汽车-W（9868.HK）跟踪点评 事件：2025Q3 小鹏汽车营收 203.8 亿，同比 101.8%；毛利率 20.1%，同比提 升 4.8pct；净亏损 3.8 亿。 Q3 车端营收继续高增。Q3 车端营收 180.5 亿，同比 105%；毛利率 13.1%， 同比增长是由于持续降本，环比下降是由于产品换代。2025Q3 服务及其他 利润率 74.6%，同环比均有增长，主要与技术研发服务收入相关。 1 | 请务必仔细阅读报告尾部的投资评级说明和声明 证券研究报告 全新 IRON 人形机器人亮相并规划量产。科技日上，公司全新一代 IRON 人 形机器人以高度拟人的外形、猫步般轻盈的步态，惊艳亮相。IRON 将搭载 3 颗图灵 AI 芯片与全固态电池，并优先进入导览、导购、导巡等商业场景。 小鹏目标是在 2026 年底实现高阶人形机器人的规模量产。 欧洲本地化生产项目启动，全球化战略提速。2025 年 1-9 月，小鹏汽车海 外累计交付量突破 2.9 万台，同比增加 125%。小鹏已正式在印尼、奥地利 落子本地化生产布局，并启 ...

【#阿里蔡崇信试乘小鹏X9#】11月26日，小鹏汽车微博发文称，近日，阿里巴巴集团董事会主席蔡崇 信在2025以体树人教育研讨会现场，体验了小鹏X9超级增程，对其1602km超长续航与三排电动三折 叠、二排超舒适零重力座椅等配置点赞。 ...

11月26日，美股盘中拉升，纳指一度涨超1%。 市场持续关注可能影响美联储下次利率决策的催化因素。 周三公布的经济数据方面，美国上周首次失业救济人数降至21.6万低于预期。美联储周三公布的经济景 气状况褐皮书报告显示，近几周美国经济活动变化不大，但整体消费者支出进一步下滑，高端消费者例 外。 褐皮书调查报告显示，就业略有下降，价格温和上涨。 分析称，美联储官员要到12月议息会议之后才能获得10月和11月的大部分劳动力市场和通胀数据。 截至收盘，美股三大指数集体上涨，道琼斯指数涨0.67%，标普500指数涨0.69%，纳斯达克综合指数涨 0.82%。 科技股普涨，甲骨文涨超4%，AMD涨超3%，英伟达、特斯拉、奈飞、微软涨超1%。博通涨超3%，创 历史新高。 纳斯达克中国金龙指数收跌0.03%。热门中概股走势分化，哔哩哔哩、小鹏汽车跌超2%，百度跌1.3%， 拼多多涨1.58%，京东、阿里巴巴小幅上涨。 欧洲主要股指集体收涨，欧洲斯托克50指数涨近1.5%，英国富时100指数涨超0.8%，法国CAC40指数涨 0.88%，德国DAX30指数涨约1%，富时意大利MIB指数涨1.01%。 周三国际金价走高，现货黄金 ...

Market Performance - US stock market opened high and closed higher, with all three major indices rising for four consecutive days [1] - Dow Jones increased by 0.67% to 47,427.12 points, S&P 500 rose by 0.69% to 6,812.61 points, and Nasdaq Composite climbed by 0.82% to 23,214.69 points [1] - Market volatility eased, with the S&P 500 volatility index (VIX) dropping approximately 35% over four days, marking the largest decline since mid-April [1] Technology Sector - Mixed performance among large tech stocks: Nvidia up 1.37%, Apple up 0.21%, Google C down 1.04%, Microsoft up 1.78%, Amazon down 0.22%, Broadcom up 3.26%, Meta down 0.41%, and Tesla up 1.71% [1] - Philadelphia Semiconductor Index rose by 2.76%, with all 30 component stocks closing higher [1] - Notable gains in semiconductor stocks: Teradyne up 6.98%, Marvell Technology up 5.14%, AMD up 3.93%, ASML up 3.76%, and Micron Technology up 2.55% [1] Chinese Stocks - Nasdaq Golden Dragon China Index slightly declined by 0.03% [2] - Most popular Chinese stocks saw gains: Vipshop up 2.54%, Pinduoduo up 1.58%, JD.com up 0.96%, Li Auto up 0.6%, New Oriental up 0.39%, and Alibaba up 0.38% [2] - Declines were noted in some Chinese stocks: Hesai down 7.37%, Tencent Music down 2.33%, Xpeng down 2.22%, Baidu down 1.31%, and NIO down 0.73% [3]

Industry News - The China Insurance Industry Association issued a risk warning regarding the "Anwo Stock Insurance" business, stating that it is not an approved insurance product and that stock investment losses are not insurable. The platform's activities may involve illegal financial operations [6]. - Beijing's Internet Information Office and the Beijing Financial Regulatory Bureau launched a three-month campaign to address six types of online financial misconduct, focusing on misleading public information and illegal financial services [7]. - The Ministry of Industry and Information Technology and five other departments released a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [7]. - The Ministry of Natural Resources announced breakthroughs in the efficient extraction of low-grade rare metals from coal, aluminum, copper, lead, and zinc ores, with significant improvements in recovery rates for various metals [7]. - The first hydrogen refueling station in China utilizing underground hydrogen storage technology has been operational for over 1500 days, supplying over 400 tons of hydrogen, marking a significant advancement in high-pressure underground hydrogen storage technology [8]. Company News - Dongwei Technology announced a significant increase in PCB plating equipment orders, driven by rapid growth in the PCB and memory sectors, with expected record-high order amounts this year [11]. - North University Pharmaceutical stated that related flu medications have not yet been produced or sold, and this will not impact the company's performance for a considerable time [12]. - *ST Dongtong disclosed that its annual reports from 2019 to 2022 contained false records and has received a notice of termination of listing [13]. - Debang Technology's largest shareholder, the National Big Fund, reduced its stake by 2% between September 11 and October 16, completing its reduction plan [13]. - Muxi Co., Ltd. plans to issue 40.1 million shares, with the initial strategic placement of 8.02 million shares, and the subscription date set for December 5, 2025 [15].

2025.11. 26 尽管这些大厂并非传统意义上的租赁住房运营方，跨界布局的过程中实际上也给周边租赁市场带来了 一定压力，但克而瑞长租认为，这一新形势对专业长租公寓运营商而言，也创造了重要战略机遇，进 一步倒逼企业加速产品升级。与此同时，长租行业本身也在不断变化，向着改善型租赁需求持续升 级。 大厂筹建长租公寓 美团提供的公寓不限骑手跑单类型，所有类型骑手均可申请，将重点覆盖有过渡住房需求的骑手。据 透露，在北京、深圳和重庆等地，首批将陆续有600名骑手入住。 在租金方面，美团方面也表示将提供租房补贴，确保实际月租金低于市场水平。以北京天坛附近的骑 手公寓为例，美团骑手可以700元的月租价入住单间公寓，而同区域房型月租金约为1500元以上。 这不是首个提供此类住宿保障的大厂。今年以来，已有包括华为、小米、京东等在内的多家公司的员 工公寓到位。 本文字数：2593，阅读时长大约4分钟 作者 | 第一财经 郑娜 大厂也下场做配套公寓了。近日，美团官方宣布，将在全国各地建设"骑手公寓"，有住房需求的骑 手可申请入住相关公寓。 早在这之前，各个科技大厂就已经纷纷出手构建自己的员工住房保障体系。今年以来，小米、华为、 ...

Group 1: Market Performance - Major U.S. index futures are showing positive trends, with Dow futures up 0.18%, S&P 500 futures up 0.21%, and Nasdaq futures up 0.26% [1] - Chinese concept stocks are mixed, with Alibaba up 1.07%, Pinduoduo up 1.05%, and JD.com up 1.16%, while Xpeng Motors is down 2.26% and Bilibili is down 1.81% [1] Group 2: Company Earnings and Projections - Dell reported Q3 revenue of $27.005 billion, an 11% year-over-year increase, and attributed this growth to a surge in AI server orders, with $12.3 billion in orders received and $5.6 billion shipped [1] - Dell raised its annual AI server shipment forecast from $20 billion to $25 billion, projecting over 150% year-over-year growth, driven by strong demand for AI products [1] - Li Auto's Q3 revenue was 27.4 billion yuan, a 36.2% year-over-year decline, with a net loss of 624.4 million yuan compared to a profit of 2.8 billion yuan in the same period last year [5] - Li Auto's Q4 revenue guidance is between 26.5 billion yuan and 29.2 billion yuan, below market expectations of 37.25 billion yuan [5] Group 3: Industry Developments - Uber announced the launch of a fully autonomous Robotaxi service in Abu Dhabi, expanding its partnership with WeRide, although some routes will still have safety drivers [2] - Nvidia's market share is projected to decline from 85% to 75% by 2030, despite the company remaining a leader in the AI data center market, which is expected to grow to approximately $1.2 trillion [3] - Rapidus, a Japanese chip manufacturer, plans to build a 1.4nm wafer fab by FY2027, aiming to close the gap with TSMC [4] - Elon Musk announced that Tesla's Robotaxi fleet in Austin will double next month, although specific operational numbers have not been disclosed [4] Group 4: Fundraising and IPOs - Hedge fund manager Bill Ackman is planning to raise $5 billion for a new closed-end fund, with $2 billion coming from institutional investors, coinciding with an IPO of his company, Pershing Square Capital Management [5]

Group 1 - The Goldman Sachs Group, Inc. increased its stake in Xpeng Motors-WH shares from 4.57% to 5.15% as of November 21 [1]

导读：动力形式的不同不过是进入市场的两扇门，而门后的道路殊途同归。 （文 / 观察者网 周盛明 编辑 / 高莘） 广州车展前夕，小鹏第一次发布了一款"带油箱"的车：小鹏X9增程版。 油箱给小鹏X9带来了什么？从显性的维度来看，带来了CLTC工况1602km的综合续航，带来了里程焦虑 的消失，也带来了售价的下降。 对比小鹏X9纯电版35.98万—41.98万的售价区间，小鹏X9增程版的售价仅为30.98万—32.98万，起售价 足足降低了5万元之多。 小鹏X9增 程版售价 观察者网摄 对于首次试水增程的小鹏，市场给予了较强的认可。小鹏表示，增程版X9上市1小时即突破X9历史全天 大定纪录，北方地区订单占比首次突破50%。小鹏甚至向供应链发出保供通知，要求年底前追加5000套 备料。 从目前来看，小鹏用"油箱"换销量的尝试可以算是"成绩斐然"。未来，包括G6、P7+等多款车型在内， 小鹏都要推出对应的增程版车型，其对外称之为"一车双能"。 那么，自创立11年来仅生产纯电车型的小鹏，首款增程车型表现如何？继续追问，小鹏为何回心转意， 从今年开始发力增程？ 值得鼓励的体系创新 从产品层面出发，小鹏的首个增程产品在定义 ...