Core Insights - Xiaopeng Motors achieved a record monthly delivery of 42,013 vehicles in October 2025, marking the highest monthly delivery in its history and surpassing 40,000 units for two consecutive months [1] - From January to October 2025, Xiaopeng Motors delivered a total of 355,209 vehicles, representing a year-on-year growth of 190% [1] Summary by Categories - **Monthly Delivery Performance** - In October 2025, Xiaopeng Motors delivered 42,013 vehicles, setting a new monthly record [1] - The company has exceeded 40,000 vehicle deliveries for two consecutive months [1] - **Cumulative Delivery Figures** - For the period from January to October 2025, the total number of vehicles delivered reached 355,209 [1] - This figure reflects a significant year-on-year increase of 190% [1]

Core Insights - XPeng Inc. achieved record deliveries of 42,013 Smart EVs in October 2025, representing a 76% increase year-over-year and a 1% increase month-over-month [2][7] - The total deliveries for the first 10 months of 2025 reached 355,209 units, which is 190% higher compared to the same period last year [2] - XPeng's global expansion accelerated with entry into seven new markets: Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia, and Qatar [3] User Adoption and Technology - The user adoption of XPeng's advanced driver assistance system, XNGP, remains strong, with a monthly active user penetration rate of 86% in urban driving as of October [3] - XPeng will host its 2025 XPENG AI Day on November 5, focusing on breakthroughs and future developments in AI technology, including Physical AI and robotaxi advancements [4] Company Overview - XPeng is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs, targeting technology-savvy middle-class consumers [5] - The company is headquartered in Guangzhou, China, with manufacturing plants located in Zhaoqing and Guangzhou, Guangdong province [5]

Group 1 - Li Auto issued an apology regarding the fire incident involving the MEGA 2024 model, stating that they are cooperating with relevant authorities for an investigation and have initiated an internal review [1] - The internal investigation revealed that the batch of MEGA 2024 vehicles had insufficient coolant corrosion resistance, which could lead to battery overheating under specific conditions, posing safety risks [1] - Li Auto has proactively filed a recall plan with the State Administration for Market Regulation to conduct safety inspections and repairs on all vehicles from the same batch [1] Group 2 - Li Auto's CEO, Li Xiang, emphasized that the recall is a proactive measure, highlighting the importance of addressing even a one-in-ten-thousand risk to ensure safety [2] - The investigation into the fire incident may take time, potentially extending over several months [2] Group 3 - Starbucks CEO Brian Niccol addressed speculation about selling equity in its China business, indicating strong interest from high-quality partners while maintaining confidence in the region's growth potential [5] - Starbucks plans to retain significant equity in its China operations and is focused on finding suitable partners to unlock future growth [5] Group 4 - Nvidia's CEO Jensen Huang dined with South Korean business leaders during the APEC summit, showcasing a cultural exchange while discussing potential collaborations [3] - Nvidia announced plans to deploy up to 260,000 GPUs in South Korea, collaborating with the government and major companies to establish a large-scale AI factory [13] Group 5 - Apple executives clarified that the supply constraints for the iPhone 17 are due to demand exceeding production plans, rather than manufacturing capacity issues [15] - Google reported that Android users receive 58% fewer scam messages compared to iPhone users, indicating advancements in Android's fraud protection capabilities [15] Group 6 - OpenAI announced the launch of the "Stargate" data center project in Michigan, which will have a planned capacity exceeding 8 gigawatts and is expected to drive over $450 billion in investments over the next three years [18]

Core Insights - US stock indices collectively rose, with Nasdaq up 0.61%, S&P 500 up 0.26%, and Dow Jones up 0.09% [1] - Amazon surged over 9%, reaching an all-time high; Tesla rose over 4%, and Netflix increased by more than 2% [1] - Illumina Inc. experienced a significant increase of over 24%, marking its largest single-day gain since January 2012 [1] Company Performance - Meta Platforms declined over 2%, while Microsoft fell more than 1% [1] - Intel, Apple, Nvidia, and Google saw slight declines [1] - Among popular Chinese stocks, Pony.ai initially dropped about 5%, while Tencent and Alibaba fell over 2% [1] - Xiaomi, JD.com, and Baidu decreased by more than 1%, whereas NetEase rose by 0.7%, Li Auto by 1.6%, Xpeng by 2.2%, and NIO by 3.3% [1] Market Trends - Nasdaq Golden Dragon China Index increased by 0.53% [1]

Group 1 - The Nasdaq China Golden Dragon Index rose by 0.53% on November 1, ending a five-month streak of gains with a cumulative decline of 4.19% in October [1] - NIO saw an increase of over 3%, while XPeng Motors rose by over 2%, and iQIYI increased by nearly 2% [1] - Alibaba experienced a decline of over 2%, and JD.com fell by nearly 1% [1]

Core Viewpoint - The competition between Xiaopeng P7 and Xiaomi SU7 is seen as a normal and orderly competition, with the belief that having only a few companies in the market would lead to a brotherly relationship among them [3]. Group 1: Company Strategy and Globalization - Xiaopeng's leadership team, including the chairman and president, is actively involved in the company's globalization efforts, emphasizing the need for top executives to work together in this process [2]. - The company aims to enhance its comprehensive capabilities globally, with a focus on product and resource integration [2]. Group 2: Competition Perspective - The competition with Xiaomi is viewed positively, as it is believed that orderly competition is beneficial for the industry [3]. - The expectation is that Xiaomi would eventually enter the automotive industry, and this competition is seen as a natural progression [3]. Group 3: Decision-Making and Reflection - The company values learning from past decisions, regardless of their outcomes, and does not dwell on regrets, viewing past choices as part of the growth process [6][5]. - The approach to decision-making involves regular reflection on past choices to improve future success probabilities [6].

Group 1 - XPeng Motors announced that the XPeng X9 Super Extended Range will be unveiled next week, expected on November 5 during the "2025 XPeng Technology Day," claiming it to be the "world's longest-range large seven-seater" with a CLTC comprehensive range of 1602 kilometers [2] - The XPeng X9 will feature three self-developed Turing AI driving chips and one Qualcomm Snapdragon 8295P cockpit chip, boasting the strongest AI computing power for a large seven-seater vehicle, with a driving computing power of 2250 TOPS, equivalent to the power of nine NVIDIA Orin-X chips [2] - XPeng Motors' CEO He Xiaopeng previously approached Luo Yonghao to lead a flying car project, highlighting the challenges and the need for expertise in hardware, policy, market orientation, and corporate operations in this emerging industry [3] Group 2 - NIO's Chairman Li Bin expressed frustration over frequent questions regarding the company's potential bankruptcy, emphasizing the importance of stable operations for user trust and responsibility [3] - Li Bin stated that the team recognizes that managing the company well is the greatest responsibility to users, as customers invest their trust in NIO [3] - The CFO of WeRide criticized Pony.ai for allegedly providing false data in their roadshow materials for Hong Kong investors, indicating a competitive tension in the autonomous driving sector [4]

Recent Key Events - The recent US-China trade negotiations in Kuala Lumpur focused on key economic issues, including maritime logistics, tariffs, and agricultural trade, leading to a basic consensus on resolving mutual concerns [1][9] - The Chinese government released the 15th Five-Year Plan, emphasizing the development of strategic emerging industries such as new energy, aerospace, and quantum technology [2][10] - Nvidia announced collaborations to develop new supercomputers and autonomous vehicle fleets, projecting GPU sales to reach $500 billion by the end of 2026 [4][12] Market Situation - The Hong Kong stock market experienced a pullback in October, with the Hang Seng Index declining from 26,856 points at the end of September to 26,346 points by October 28, a drop of 1.9% [13] - The Hang Seng Technology Index fell by 5.8% during the same period, while both indices have seen significant gains year-to-date, with increases of 31.3% and 36.4% respectively [13] - Net inflows from southbound trading in Hong Kong stocks reached HKD 701 billion in October, indicating stable investment interest [14] Current Investment Recommendations - Focus on growth-oriented energy and non-ferrous metal companies such as Luoyang Molybdenum, China Qinfa, and China Hongqiao [23] - Pay attention to internet companies benefiting from AI model iterations, including Alibaba and Kuaishou [23] - Consider undervalued and high-growth electronic component firms like QiuTai Technology and AAC Technologies [23] - Monitor new energy vehicle companies and those recently listed in Hong Kong, such as Leap Motor, Xiaopeng Motors, and Pony.ai [23] Company-Specific Insights Luoyang Molybdenum (3993.HK) - The company reported a revenue of CNY 145.5 billion for the first three quarters of 2025, with a net profit increase of 72.6% year-on-year [24][30] - Production of copper and cobalt exceeded expectations, with copper output reaching 543,400 tons, a 14.14% increase [25][30] China Qinfa (0866.HK) - The company achieved a revenue of CNY 1.089 billion in the first half of 2025, with a focus on optimizing its operations in Indonesia [32][33] - The divestment of underperforming assets is expected to enhance financial metrics and allow for greater focus on profitable ventures [33] China Hongqiao (1378.HK) - The company reported a revenue of CNY 81.04 billion in the first half of 2025, a 10.1% increase, driven by higher aluminum prices and lower electricity costs [39][40] - The increase in production capacity is expected to further enhance profitability [41] Alibaba (9988.HK) - Alibaba's revenue for the first quarter of FY2026 was CNY 247.65 billion, with a 2% year-on-year growth, driven by its e-commerce and cloud services [45][48] - The company is focusing on enhancing its instant retail capabilities and AI-driven cloud services [46][48] Kuaishou (1024.HK) - Kuaishou reported a revenue of CNY 35 billion in Q2 2025, reflecting a 13.1% year-on-year growth, with significant contributions from e-commerce [50] - The company is optimizing its marketing strategies and enhancing its AI capabilities to drive future growth [51][52] QiuTai Technology (1478.HK) - The company achieved a revenue of CNY 8.83 billion in the first half of 2025, with a notable increase in profit margins [53] - QiuTai is expanding its product offerings in the IoT sector and enhancing its competitive edge through vertical integration [54]

Core Viewpoint - The chairman of XPeng Motors, He Xiaopeng, revealed in a recent interview that he once considered hiring Luo Yonghao to lead the flying car project, highlighting the unique skill set required for such an innovative industry [1] Group 1: Industry Insights - He Xiaopeng emphasized that the flying car sector is a completely new industry that necessitates a leader with hardware logic, policy understanding, strong market orientation, and excellent operational capabilities [1] - He noted that there are very few individuals in China who possess a combination of skills in hardware, software, corporate management, and policy, making Luo Yonghao a suitable candidate for the role [1]

Core Insights - The CEO of XPeng Motors, He Xiaopeng, has expressed interest in hiring Luo Yonghao to lead the flying car division, highlighting the need for multifaceted talent in this emerging industry [1] - XPeng's flying car manufacturing base in Guangzhou has been completed and is set to be the world's first large-scale production facility for flying cars, with an annual capacity of tens of thousands of units, aiming for production by 2026 [4] - The "land aircraft carrier" flying car from XPeng features a unique design and technology that allows for automatic separation and combination of its land and air components, with plans for mass production next year [6] Company Developments - XPeng Motors is focusing on the development of flying cars, indicating a strategic shift towards innovative transportation solutions [1][6] - The completion of the manufacturing base marks a significant milestone in XPeng's ambition to lead in the flying car market, with a production rate of one flying vehicle every 30 minutes once fully operational [4] - The flying car is designed to be user-friendly, requiring only a C driver's license for ground operation, and is positioned uniquely in the market as a vehicle that can also function as an aircraft [6] Market Outlook - He Xiaopeng anticipates that the growth rate and market share of flying cars will surpass that of traditional automobiles, indicating a strong future potential for this segment [6] - The emphasis on combining hardware capabilities, policy understanding, and market orientation reflects the complexity and opportunity within the flying car industry in China [1]