Group 1 - The majority of Chinese concept stocks experienced a decline in pre-market trading on December 3, with Baidu down by 0.94% [1] - JD.com saw a decrease of 1.20% in pre-market trading [1] - Xpeng Motors dropped by 1.68% [1] - Alibaba's stock fell by 1.82% [1]

小鹏汽车(XPEV.US)今日美股盘前续跌1.68%，报19.33美元。该股昨日收跌7.92%，盘中股价创8月15日以来逾3个月新低。消息面上，小鹏汽车11月交付新 车36728辆，同比增长19%，环比下降12.58%。据悉，这也是小鹏自今年6月以来首次录得单月环比下滑。 瑞银发报告指，内地多家车企公布今年11月销量，按月大多持平或下滑。理论上11月属行业旺季，会受2026年潜在政策"退坡"前的提前购车效应推动，但市 场却显现更多走弱迹象，这加剧了市场对2026年内地车市需求前景的担忧。瑞银对行业短期前景愈发谨慎，因市场需求走弱速度超预期，2026年风险信号增 多。长期来看，该行仍看好中国车企在技术创新、成本竞争力与全球扩张方面的优势。(格隆汇) ...

Core Insights - Xiaopeng Motors and Huawei jointly announced the global launch of the Xiaopeng X9 Super Extended Range vehicle, featuring Huawei's DriveONE all-in-one high-pressure oil-cooled generator [2][3] - The decision to enter the extended range vehicle market comes after internal discussions at Xiaopeng Motors, driven by disappointing sales of their pure electric models [3][4] Group 1: Product Launch and Technology - The Xiaopeng X9 is the company's first extended range model, despite previous statements from CEO He Xiaopeng indicating a focus on pure electric and smart technology [2][3] - The X9's extended range system aims to address common issues in extended range vehicles, such as weak high-speed power and high noise levels, but its core product strength is perceived as a "large battery + large fuel tank" configuration [3][4] Group 2: Market Position and Challenges - Xiaopeng's pure electric version of the X9 has seen monthly sales of only around a thousand units, leading to a decline in average selling prices and damage to the brand's high-end image [2][3] - The company faces skepticism regarding its ability to develop leading extended range technology in a short timeframe, especially compared to competitors like Denza and Lantu, which have been in the market longer [3][4] Group 3: Technical Specifications - The DriveONE generator boasts an industry-leading continuous power density of 1.88 kW/kg and a power generation efficiency of ≥92%, allowing the X9 to achieve a low energy consumption of 16.5 kWh per 100 km under CLTC conditions [4] - The collaboration has resulted in the first mass-produced "GCU control precise active cylinder deactivation" technology, which minimizes noise levels, enhancing the driving experience to be closer to that of pure electric vehicles [4]

人民财讯12月3日电，港股收盘，恒生指数跌1.28%，恒生科技指数跌1.58%，金蝶国际、小鹏汽车跌超 4%。 ...

Group 1 - Tesla CEO Elon Musk shared a video of the "Optimus" humanoid robot running, indicating progress in the robot's development [1] - The Tesla team claimed to have set a personal record in the lab, showcasing advancements in humanoid robotics [1] Group 2 - Xiaopeng Motors' Vice President responded to online comments about the authenticity of their robot, emphasizing the team's commitment to R&D for mass production by 2026 [2] - Xiaopeng Motors' Chairman He Xiaopeng publicly demonstrated the robot's capabilities to counter skepticism, asserting that their robot is genuine [2] - On December 2, Zhongqing Company launched the full-sized humanoid robot T800, priced at 180,000 yuan, which can perform advanced martial arts moves [2]

Core Viewpoint - Xiaopeng Motors and Huawei jointly launched the Xiaopeng X9 Super Extended Range model, featuring Huawei's DriveONE high-integration high-voltage oil-cooled generator, marking a significant advancement in extended range technology [1] Technology Highlights - The generator has a continuous power density of 1.88 kW/kg and an operational efficiency of no less than 92%, specifically customized for Xiaopeng's high-voltage platform [1] - The generator utilizes multi-slice oil cooling technology for miniaturization, with a Y-axis dimension compressed to under 230 mm, combined with front cabin integrated die-casting technology to save space [1] - It is equipped with a 1.5T range extender, providing a maximum power output of 85 kW and a continuous power output of 75 kW, capable of supporting the vehicle at a cruising speed of 150 km/h without running out of power [1] Noise and Vibration Control - The collaboration addresses noise and vibration issues through active cylinder deactivation technology and joint tuning, reducing start-stop vibration by 60% and controlling range extender noise to within 0.5 decibels [1] Performance Metrics - The Xiaopeng X9 Super Extended Range model boasts a CLTC comprehensive range of 1602 kilometers and a fuel consumption of 2.53 liters per 100 kilometers [1] - The partnership aims to resolve industry pain points related to energy replenishment efficiency, power generation, and quietness in traditional range extender systems, promoting a "seamless" experience in extended range technology [1]

Core Insights - The Chinese automotive market in November 2025 showcased a stark contrast between the booming sales of new energy vehicles (NEVs) and rising inventory warning indices, indicating a potential disconnect between reported sales and actual consumer demand [2][9][12]. Sales Performance - Several companies, including Li Auto and Xiaopeng Motors, have reported significant year-on-year growth, with Xiaopeng achieving a 156% increase in deliveries from January to November 2025, surpassing its annual target [3][5]. - Leap Motor emerged as a standout performer, announcing over 500,000 units sold in 2025, significantly exceeding industry expectations [2][3]. - NIO's multi-brand strategy is paying off, with total deliveries reaching 36,275 units in November, driven by the new ES8 and the recently launched Le Dao brand [4][5]. Inventory Concerns - The inventory warning index for automotive dealers rose to 55.6% in November, indicating increased pressure on the distribution channel and suggesting that some of the reported sales figures may be due to inventory transfers rather than actual consumer purchases [9][10][12]. - The rising inventory levels reflect a shift in market dynamics from supply-driven growth to demand-constrained conditions, highlighting the need for companies to focus on genuine consumer demand rather than just sales figures [12][13]. Market Dynamics - The market is experiencing a transition from broad growth to a phase of "stock competition," where the ability to innovate and create demand through product offerings becomes increasingly critical [6][7]. - Companies are employing various strategies to navigate this competitive landscape, with some relying on flagship models to drive sales while others are transitioning from hybrid to fully electric vehicles [7][10]. Conclusion - The juxtaposition of high delivery numbers against rising inventory levels suggests that the automotive market is undergoing a significant transformation, necessitating a focus on channel health and sustainable demand rather than merely chasing sales figures [14][15].

| 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 9868 | 小鵬汽车-W | 75.450 | -3.300 | -4.19% | | 0268 | 金蝶国际 | 13.260 | -0.520 | -3.77% | | 9866 | 百来-SW | 38.900 | -1.500 | -3.71% | | gggg | 网易-S | 217.200 | -7.200 | -3.21% | | 9626 | 哔哩哔哩-W | 198.000 | -5.600 | -2.75% | | 1024 | 快手-W | 67.650 | -1.300 | -1.89% | | 9988 | 阿里巴巴-W | 154.100 | -2.900 | -1.85% | | 0992 | 联想集团 | 9.770 | -0.180 | -1.81% | | 6618 | 京东健康 | 60.300 | -1.050 | -1.71% 来 | 来源：wind 来源：上海证券报·中国证券网 上证报中国证券网讯 12月3日，恒生科技指数跌超1%，截至 ...

点击蓝字，关注我们 今日上午港股 10 . 象兴国际(01732)再涨超22%，截至发稿，涨16.67% 。消息面上，象兴国际发布公告称，西井控股 (香港)有限公司拟以每股0.21港元的价格，部分要约收购公司3.712亿股，占公司已发行股本的比例为 29%，要约价较上一交易日收盘价0.228港元折让约7.89%。 昨日美股 1 . 德银天下(02418)大跌36.06% 。消息面上，香港证监会公布，最近曾就德银天下(02418.HK)股权分 布查询。结果显示该公司于11月18日，有十名股东合共持有5.46亿股，相当于该公司已发行H股股本 98.9%。因此，该公司只有605.45万股，占已发行H股股本之1.1%由其他投资者持有。 2. 资本界金控(00204)大跌56.15% 。消息面上，资本界金控上月底发布截至9月底的中期业绩，该集团 取得其他收入520.2万港元，同比减少31.81%；公司拥有人应占亏损5013.4万港元，同比增加373.1%； 每股亏损0.57港仙。公告称，亏损主要由于按公平值计入在损益处理的财务资产的已变现亏损净额。 3 . 中国铝业(02600)涨5.48% 。消息面上，中国铝业近日宣 ...

性能方面，华为DriveONE全栈高集成高压油冷发电机拥有高功率密度。得益于多冲片齿部喷油/冷却技术，赋予其更小的体积和更轻的体重，实现持续发电 功率密度高达1.88kW/kg。搭配1.5T高效增程器，带来85kW最大发电功率以及75kW持续发电功率，成为系统的"强力心脏"。配合小鹏自研的综合效率高达 93.5%的800V混合碳化硅同轴电驱，可实现150km/h巡航不亏电，8%低SOC动力不衰减。 NVH方面，小鹏与华为联合研发的精准主动停缸技术，启停时的噪音与振动降低超过60%，软件上还配备去旋变控制策略，通过精准算法与控制，同时加上 小鹏汽车增程器的结构深度优化与引入ENC主动降噪技术，最终实现增程器介入噪音≤0.5dB。 12月2日，小鹏汽车发布与华为合作的DriveONE全栈高集成高压油冷发电机。 效率方面，华为DriveONE全栈高集成高压油冷发电机实现了工况发电效率≥92%、燃油发电效率达3.6kWh/L，配合小鹏自研的高压纯电架构16.5kWh/100km 的电耗与小鹏自研超级增程模式的2.53L/100km油电折算综合油耗，使得小鹏X9增程版具备1602km的综合续航。 ...