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。 ...

Core Viewpoint - Xiaopeng Motors (9868.HK) continues to experience a weak market trend, with a decline of over 4% to HKD 75.5, marking a four-month low and a total market capitalization of HKD 144.2 billion [1] Group 1: Sales Performance - Xiaopeng Motors reported November sales of 36,728 vehicles, representing a year-on-year increase of 19% [1] - However, there was a month-on-month decline of 12%, marking the first monthly sequential drop in six months [1] - The company failed to meet its previously set target of maintaining monthly deliveries above 40,000 vehicles since September [1] Group 2: Shareholding Changes - As of November 21, The Goldman Sachs Group, Inc. increased its stake in Xiaopeng Motors-WH shares from 4.57% to 5.15% [1]

Core Insights - The collaboration between XPeng Motors and Huawei aims to innovate the automotive experience through advanced technology integration, particularly with the launch of the XPeng X9 Super Range Extender and Huawei's DriveONE high-integration high-voltage oil-cooled generator [1][2] Group 1: Product Features - The XPeng X9 Super Range Extender is designed for global family users, emphasizing long pure electric range, fast charging, sufficient power during low battery, low overall energy consumption, low noise during range extension, and high spatial integration [2][3] - The DriveONE generator achieves a continuous power density of 1.88 kW/kg and an operational efficiency of ≥92%, setting a new benchmark for next-generation range extenders [1][4] Group 2: Technical Innovations - The generator features advanced technologies such as multi-slice oil cooling, allowing for a compact design while maintaining high power output, with a maximum power of 85 kW [3][5] - The collaboration has led to significant noise reduction, with noise and vibration during start-stop reduced by over 60%, providing a near-silent operation experience [3][5] Group 3: Development Challenges - Key challenges included optimizing space to ensure the range extender does not occupy passenger space, achieving high efficiency for a maximum range of 1602 km, and ensuring consistent power delivery and driving experience [4][5] - The integration of advanced control strategies and noise reduction technologies has resulted in a quiet operation, with noise levels during generator engagement reaching ≤0.5 dB [5]

智通财经APP获悉，小鹏汽车-W(09868)再跌超4%，截至发稿，跌3.49%，报76港元，成交额5.98亿港 元。 数据显示，自2025年1月至11月，小鹏汽车的累计交付量达到391,937辆，同比增长156%。 2025年1月至 11月，小鹏汽车的海外交付量达到39773辆，同比增长95%。 消息面上，12月1日，小鹏汽车公布其11月销量为36728辆，同比增长19%，环比上月却下滑了12%，这 是小鹏汽车近六个月来首次的单月环比下滑，也未能达成何小鹏此前给出"自9月起月交付稳健超过4万 辆"的目标。 ...

数据显示，自2025年1月至11月，小鹏汽车的累计交付量达到391,937辆，同比增长156%。2025年1月至 11月，小鹏汽车的海外交付量达到39773辆，同比增长95%。 消息面上，12月1日，小鹏汽车公布其11月销量为36728辆，同比增长19%，环比上月却下滑了12%，这 是小鹏汽车近六个月来首次的单月环比下滑，也未能达成何小鹏此前给出"自9月起月交付稳健超过4万 辆"的目标。 小鹏汽车-W(09868)再跌超4%，截至发稿，跌3.49%，报76港元，成交额5.98亿港元。 ...

Market Performance - A-share indices showed mixed performance, with the Shanghai Composite Index down 0.2% and the ChiNext Index up 0.25% [1] - The Hang Seng Index opened lower and fell by 0.44%, while the Hang Seng Tech Index dropped over 1% [1][6] - Major tech stocks like Tencent, Alibaba, and JD.com experienced minor declines, with losses under 0.8% [1] - NIO and XPeng Motors continued to decline, with drops exceeding 4% [1][6] Sector Performance - The shipbuilding sector, liquid-cooled servers, AI smartphones, photolithography machines, and 6G concept stocks weakened [1] - The lithium battery supply chain showed strength, indicating potential investment opportunities [1] - Nuclear power stocks, building materials, cement, and new consumption concept stocks mostly rose [1] Commodity and Bond Market - Commodity futures opened mostly lower, with coking coal down 1.60%, low-sulfur fuel oil down 1.35%, and industrial silicon down 1.10% [1][7] - Silver futures rose by 1.62%, and the shipping index (European line) increased by 0.73% [1] - Government bond futures mostly increased, with the 30-year main contract up 0.07% and the 10-year main contract up 0.05% [1][2] New Listings - New stock Jin Yan Gao Ling New Materials opened over 27% higher, indicating strong market interest [1]

Group 1 - The core viewpoint of the report emphasizes that AI is driving the continuous upgrade of computing infrastructure and smart terminals, leading to a surge in demand for liquid cooling systems and robotics in the automotive parts industry [1][2] - The integration of liquid cooling and robotics is highly synergistic with automotive components, allowing for an extension from automotive thermal management to data center cooling and from precision manufacturing to core robotic components [1][2] - The automotive parts industry is expected to experience a "second/third growth curve," reshaping its business boundaries and growth trajectories due to advancements in AI and related technologies [1][2] Group 2 - Companies with technological synergies, system integration capabilities, cost reduction abilities, and global reach will benefit from the AI-driven wave in the automotive parts sector [2] - Automotive manufacturers and parts companies are expanding their business boundaries to achieve "same-source manufacturing + scenario collaboration," enhancing their competitive edge [2] - The report recommends specific companies in the robotics and liquid cooling sectors, highlighting their potential as beneficiaries of the ongoing technological advancements [2]

Group 1 - The Hang Seng Index opened down 0.44%, and the Hang Seng Tech Index fell by 0.51%. The new energy vehicle sector continued its downward trend, with Xpeng Motors (09868) dropping by 2.6%. Meanwhile, the new Hong Kong stock LeMo Technology opened up 62%, trading at HKD 64.8, compared to its issue price of HKD 40 [1] - According to CMB International, domestic demand policies are being promoted, and the market is focusing on the "New Year Opening" expectations. After a consolidation phase in November, the Hong Kong stock market is expected to welcome a layout window for the year-end rally in December. Attention is shifting from external environments to internal policies, particularly the Central Economic Work Conference scheduled for mid-December, which is expected to further detail the "14th Five-Year Plan" and set the fiscal tone for 2026 [1] - China Galaxy stated that as the year-end approaches, market risk appetite is becoming cautious, and the Hong Kong stock market may continue its volatile trend. Suggested sectors to watch include: (1) cyclical stocks that may continue to rebound due to changes in supply-demand dynamics and rising downstream commodity prices; (2) defensive dividend stocks as market risk appetite declines; (3) the positive development of China-U.S. trade relations, which is beneficial for overseas sectors in the medium to long term [1] Group 2 - GF Securities noted that historical data shows the Hong Kong Stock Connect High Dividend Total Return Index is about to enter a period (from December to mid-January) where calendar effects are most significant. The probability of achieving absolute and excess returns during this period is relatively high, and the performance of returns is expected to be considerable. In the current market environment, focusing on the allocation opportunities in the Hong Kong Stock Connect high dividend sector may become an effective strategy for investors to enhance year-end and early-year returns [1][2]

Market Overview - US stock markets saw collective gains with the Dow Jones up by 0.39%, Nasdaq up by 0.59%, and S&P 500 up by 0.25%. Major tech stocks mostly rose, with Intel increasing over 8%, and Apple and Qualcomm rising over 1% [1][3] - However, popular Chinese stocks mostly declined, with the Nasdaq Golden Dragon China Index down by 0.65%. Xpeng Motors fell nearly 8%, iQIYI dropped over 3%, and NIO and Bilibili fell over 2%. Alibaba and NetEase also saw declines of over 1% [1][3] Currency and Commodities - Following comments from Trump regarding potential candidates for the Federal Reserve chair, the US dollar index decreased by 0.1%, settling at 99.33 [4] - According to the American Petroleum Institute (API), US crude oil inventories increased by 2.48 million barrels, contrasting with a previous decrease of 1.859 million barrels [2][5]