Group 1 - The Chinese automotive market continued its strong growth momentum in October, with 14 out of 18 surveyed automakers reporting both year-on-year and month-on-month sales increases [2][5] - SAIC Motor Corporation led the sales chart with approximately 454,000 vehicles sold in October, marking a year-on-year increase of 12.96%. BYD followed closely with 441,700 vehicles sold, achieving over 11% month-on-month growth [5][6] - New energy vehicle sales saw significant growth, with Geely and Chery achieving breakthroughs in multi-brand operations and transitions to new energy. Geely's sales exceeded 300,000 vehicles for the first time in October, while Chery's sales grew by 3.3% year-on-year, with over 110,000 new energy vehicles sold [2][5] Group 2 - New energy vehicle brands under traditional automakers, such as Deep Blue, Lantu, and Zhiji, also experienced strong sales growth in October [3] - The China Automobile Dealers Association reported an increase in the automotive consumption index for October 2025, indicating a slight rise in the market for November. Factors contributing to this include the arrival of government subsidies and promotional activities during the Guangzhou Auto Show [3] - The market is expected to maintain an upward trend in November, driven by increased consumer demand due to government incentives and promotional efforts from dealers [3]

Core Viewpoint - Xiaopeng Motors (09868) has achieved significant growth in electric vehicle deliveries, marking a record month in October 2025 with 42,013 units delivered, reflecting a year-on-year increase of 76% and a month-on-month increase of 1% [1] Group 1: Delivery Performance - In October 2025, Xiaopeng Motors delivered 42,013 smart electric vehicles, achieving a new monthly delivery record [1] - For the first ten months of 2025, the total deliveries reached 355,209 units, representing a 190% increase compared to the same period last year [1] - This marks the second consecutive month where monthly deliveries exceeded 40,000 units, indicating a strong growth trend and enhanced brand presence [1] Group 2: Global Expansion - In October 2025, Xiaopeng Motors accelerated its global expansion by entering seven new markets across Asia, Europe, and Africa, including Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia, and Qatar [1] Group 3: Advanced Driver Assistance System - The user engagement for Xiaopeng's advanced driver assistance system, XNGP, remains robust, with a monthly active user penetration rate of 86% for urban intelligent driving in October 2025 [1] Group 4: Upcoming Events - On November 5, 2025, Xiaopeng Motors will host the 2025 Xiaopeng Technology Day at the Xiaopeng Technology Park in Guangzhou, showcasing advancements in artificial intelligence technology and innovations in areas such as physical AI and Robotaxi [1]

Core Insights - The successful trial production and rollout of the first "land aircraft carrier" flying vehicle at Xiaopeng Huitian's manufacturing facility in Guangzhou marks the establishment of the world's first mass production line for flying cars, utilizing modern assembly line techniques for large-scale production [1][15] Group 1: Manufacturing Capabilities - The factory has a production capacity of one flying vehicle every 30 minutes when operating at full capacity, with a planned annual output of 10,000 units and an initial capacity of 5,000 units, making it the first flying car manufacturing facility with a "ten-thousand level" annual capacity [2] - The facility integrates automotive assembly line principles into the aviation sector, achieving significant advancements in scale, efficiency, and quality consistency [2][15] - The factory operates under the principles of "delicate, intelligent, and green," utilizing photovoltaic power generation and energy-efficient equipment to significantly reduce carbon emissions [2] Group 2: Manufacturing Process Innovations - The facility features five core workshops: composite materials, power, connections, painting, and final assembly, which combine high-quality aviation standards with the efficiency of automotive manufacturing [6][15] - The composite materials workshop is set to produce 300 tons of key carbon fiber components annually, establishing itself as one of the largest manufacturers of aviation carbon fiber parts globally [6] - The power workshop includes the world's first power assembly detection line, which innovatively combines electric drives and propellers, reducing errors and enhancing flight safety [7] Group 3: Advanced Technologies - The connection workshop employs unique cold connection techniques, such as riveting and adhesive bonding, to achieve lightweight and high-strength assembly of the flying vehicle's airframe [10] - The painting workshop utilizes a complex "8C6B" spraying process, allowing for up to eight layers of coating, significantly enhancing the aesthetic and performance of the flying vehicle [11][13] - The final assembly workshop employs a pioneering cloud-based intelligent calibration detection technology, enabling automated testing and calibration of the flying vehicle's autonomous functions and flight control systems [14] Group 4: Industry Impact - The successful trial production of the flying car manufacturing facility signifies a leap from "handcrafted production" to "mass production" in China's low-altitude economy, highlighting the country's global leadership in the aviation industry [15] - Guangdong province aims to leverage its complete industrial chain and manufacturing advantages to create a model for "ground + air" transportation, contributing to the development of a world-class industrial cluster in the Guangdong-Hong Kong-Macao Greater Bay Area [15]

Core Viewpoint - Xiaopeng Motors (09868.HK) announced record vehicle delivery data for October 2025, highlighting significant growth and brand enhancement in the electric vehicle market [1] Group 1: Delivery Performance - In October 2025, Xiaopeng Motors delivered 42,000 smart electric vehicles, representing a year-on-year increase of 76% and a month-on-month increase of 1%, setting a new monthly delivery record [1] - For the first ten months of 2025, the total vehicle deliveries reached 355,209 units, a substantial increase of 190% compared to the same period last year [1] Group 2: Global Expansion - In October 2025, Xiaopeng Motors accelerated its global expansion by entering seven new markets across Asia, Europe, and Africa, including Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia, and Qatar [1] Group 3: Technology and Innovation - The user engagement for Xiaopeng's advanced driver-assistance system, XNGP, remained strong, with a monthly active user penetration rate of 86% for urban intelligent driving in October 2025 [1] - On November 5, 2025, Xiaopeng Motors will host the 2025 Xiaopeng Technology Day in Guangzhou, showcasing advancements in artificial intelligence technology and innovations in areas such as physical AI and Robotaxi [1]

Core Insights - Xiaopeng Motors delivered 42,013 smart electric vehicles in October 2025, marking a 76% year-on-year increase and a 1% month-on-month increase, setting a new monthly delivery record [1] - In the first ten months of 2025, the company delivered a total of 355,209 smart electric vehicles, representing a 190% increase compared to the same period last year [1] - Xiaopeng Motors expanded its global presence by entering seven new markets in Europe, Asia, and Africa in October 2025, including Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia, and Qatar [1] Delivery Performance - The company achieved over 40,000 monthly deliveries for the second consecutive month, indicating a strong growth trajectory and enhanced brand presence [1] - The penetration rate of the advanced driver-assistance system, Xiaopeng's Intelligent Navigation Assisted Driving (XNGP), reached 86% among monthly active users in urban driving scenarios in October 2025 [1] Upcoming Events - Xiaopeng Motors will host the 2025 Xiaopeng Technology Day on November 5, 2025, at the Xiaopeng Technology Park in Guangzhou, where it will showcase advancements in artificial intelligence technology and innovations in areas such as physical AI and Robotaxi [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失 承擔任何責任。 2025年11月5日，小鵬汽車將在廣州小鵬科技園舉辦2025小鵬科技日。本届小鵬科技日 上，小鵬汽車將展示其在人工智能技術自主研發中取得的最新突破和未來發展路線， 並重點展示在物理AI、自動駕駛出租車（Robotaxi）等方面的創新進展。 本公司股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 自願公告 2025 年 10 月智能車交付數據 XPeng Inc. （「本公司」或「小鵬汽車」）之董事會欣然宣佈其2025年10月車輛交付數 據。 2025年10月，小鵬汽車共交付智能電動汽車42,013輛，同比增長76%，環比增長1%， 創下單月交付新紀錄。這是小鵬汽車連續第二個月月交付量超過40,000輛，凸顯了本公 司加速增長的態勢和品牌聲勢的提升。2025年前十個月，小鵬汽車共交付355,209輛智 能電動汽車，較去年同期增長190%。 2025年10月，小鵬汽車加速全球擴張，進入了亞歐非七個新市場, 包括 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies Core Insights - NVIDIA has announced the launch of NVQLink, a new architecture that connects quantum systems with classical computing systems, marking the beginning of the "quantum GPU computing era" [1][15] - The competition between NVIDIA and AMD has extended into the quantum computing domain, with NVIDIA collaborating with around 17 companies to develop NVQLink, while AMD has partnered with IBM to demonstrate quantum error correction on FPGA chips [2][16] - Nokia has re-emerged as a key player in the AI race due to NVIDIA's strategic investment, highlighting the importance of networking alongside computing power in building next-generation AI infrastructure [3][17][18] - Apple reported that iPhone 17 sales exceeded expectations, with strong momentum expected to continue into the next fiscal quarter, particularly in the Chinese market [4][19][20] - Chinese automakers, including BYD and XPeng, are rapidly deploying AI robots in manufacturing, focusing on enhancing production speed and efficiency to gain market share [7][21][22] - Hesai Technology has launched a low-cost LiDAR priced at $200, challenging the notion that reliance on LiDAR is doomed, and aims to make it a standard feature in vehicles [8][23][24] Summary by Sections Quantum Computing - NVIDIA's NVQLink architecture aims to interconnect quantum and classical computing systems, representing a significant advancement in quantum GPU computing [1][15] - AMD's collaboration with IBM has successfully demonstrated quantum error correction on FPGA chips, showcasing competitive advancements in the quantum domain [2][16] AI and Networking - NVIDIA's investment in Nokia signifies a strategic move to integrate computing and networking resources, emphasizing the growing importance of networking in AI infrastructure [3][17][18] Consumer Electronics - Apple's iPhone 17 has shown strong sales performance, with expectations of continued demand in the Chinese market, potentially impacting local smartphone brands [4][19][20] Automotive Industry - Chinese automakers are leading the deployment of AI robots in manufacturing, focusing on speed and efficiency to enhance production capabilities and market competitiveness [7][21][22] - Hesai Technology's introduction of a $200 LiDAR aims to challenge existing perceptions in the autonomous vehicle market and promote wider adoption [8][23][24]

Core Insights - Xpeng has achieved consistent growth through 2025, which is notable in the competitive electric vehicle market in China [1] - The company delivered 42,013 vehicles in October, indicating a strong performance [1] Company Performance - Xpeng's delivery figures for October reflect a significant milestone, contributing to its ongoing growth trajectory [1] - The sustained growth trend positions Xpeng favorably against competitors in the electric vehicle sector [1] Market Context - The electric vehicle market in China remains highly competitive, making Xpeng's uninterrupted growth a remarkable achievement [1] - The company's ability to maintain growth amidst market challenges highlights its strategic positioning and operational effectiveness [1]

Core Insights - Xpeng Motors has maintained a consistent delivery performance, achieving a total of 42,013 vehicle deliveries in the past year without any declines, which is notable in the competitive Chinese electric vehicle (EV) market [1][2]. Company Performance - Xpeng has successfully delivered over 40,000 vehicles for the second time this year, with the latest milestone occurring after the launch of the Mona series in late August, which began deliveries in September [2]. - The Mona series is positioned as Xpeng's mass-market brand, featuring models like the M03 sedan priced at 119,800 yuan ($16,812) and 155,800 yuan for models with advanced assistive features [3]. Market Context - Xpeng's steady growth is increasing competitive pressure on Tesla, which has experienced fluctuations in its delivery numbers amid the crowded EV market in China [3].

Core Insights - Xiaopeng Huitian has successfully launched the world's first mass production line for flying cars, marking a significant milestone in the aviation and automotive industries [1][3]. Group 1: Production Capacity and Technology - The flying car production facility in Guangzhou covers approximately 120,000 square meters and is designed for the production of the "land aircraft carrier" flying vehicle, with a planned annual capacity of 10,000 units and an initial capacity of 5,000 units [3]. - This facility is the first in the world to achieve a production capacity of "ten thousand units" per year for flying cars, with a production line capable of producing one flying vehicle every 30 minutes at full capacity [3]. - The factory integrates automotive assembly line techniques into the aviation sector, achieving significant advancements in scale, efficiency, and quality consistency [3][4]. Group 2: Environmental and Manufacturing Innovations - The factory operates under the principles of "delicate, intelligent, and green," utilizing solar power and energy-efficient equipment to significantly reduce carbon emissions [3]. - Several breakthroughs in manufacturing processes have been achieved, including the development of a new type of airbag and high-pressure blow molding technology, resulting in lightweight and high-strength components that meet aviation-grade standards [3]. - The power workshop features the world's first power assembly detection line, innovating the semi-automatic assembly and fully automatic detection of electric drives and propellers, thereby minimizing errors from the outset [3]. Group 3: Market Implications - By reconstructing manufacturing processes with automotive industry methodologies, Xiaopeng Huitian has successfully integrated mature automotive production systems and supply chain management with aviation-grade quality, indicating a capability for large-scale and stable production [4]. - The subsequent production from this facility is expected to optimize manufacturing costs and ensure capacity for commercial operations, accelerating the arrival of the personal flying era [4].