Market Overview - Major U.S. stock indices remained stable, with the S&P 500 and Nasdaq rising for three consecutive days, while the Dow Jones Industrial Average fell slightly by 31.96 points, or 0.07%, closing at 47,850.94 points [2] - The labor market showed mixed signals, with initial jobless claims dropping to a three-year low of 191,000, significantly below economists' expectations of 220,000 [4] - The Chicago Fed's model estimates the unemployment rate to remain around 4.4%, indicating a resilient labor market despite some concerns [4] Company Performance - In the technology sector, Meta's stock rose by 3.43% following news of a potential 30% budget cut for its Metaverse projects, while Amazon's stock fell by 1.41% due to ongoing discussions with the U.S. Postal Service [2] - Snowflake's stock plummeted by 11.41% as its fourth-quarter product revenue guidance fell short of high growth expectations [6] - Hormel Foods saw a stock increase of 3.82% as the company projected better-than-expected annual profits, while Dollar General's stock surged by 10.5% after raising its annual guidance [7] Commodity Performance - International oil prices increased, with light crude oil for January delivery rising by $0.72 to $59.67 per barrel, a 1.22% increase, and Brent crude for February delivery up by $0.59 to $63.26, a 0.94% increase [7] - Spot gold prices slightly rose by 0.1% to $4,210.49, while COMEX gold futures increased by 0.2%, settling at $4,243.00 [7]

Core Viewpoint - The Chinese automotive market faces uncertainty as it transitions into the "post-subsidy era," with increased competition and policy changes impacting sales expectations for the end of 2025 [1][2]. Group 1: Market Dynamics - Many car manufacturers are uncertain about their sales expectations for December, with some indicating a lack of preparedness for the end-of-year sales push [2]. - The withdrawal of local trade-in subsidies and the adjustment of the new energy vehicle purchase tax from full exemption to a 50% reduction are significant factors affecting consumer purchasing decisions [2][3]. - The market is moving away from reliance on policy support, entering a phase where product quality and user experience will be the primary competitive factors [1][6]. Group 2: Competitive Landscape - The competition among car manufacturers is expected to intensify, with a focus on product strength, cost control, and user experience as key differentiators [1][9]. - Smaller brands may struggle to absorb increased sales costs associated with "bottom-line" subsidy schemes, leading to potential operational challenges [4][9]. - The market is predicted to undergo significant differentiation, with leading companies leveraging scale and brand influence to maintain competitiveness [8][10]. Group 3: Industry Trends - The automotive industry is witnessing a shift towards a more transparent and direct competition environment, with a potential "淘汰赛" (elimination race) for less competitive players [10][11]. - Companies that can innovate and maintain service quality are likely to thrive, while those lacking core technology and cost control may face difficulties [10][11]. - The overall sentiment indicates that the automotive market will see a consolidation of strong brands, with predictions that only a few dominant players will remain in the long term [11].

从纯电杀到增程的小鹏汽车，找来华为帮忙。近日，小鹏汽车与华为共同宣布，小鹏X9超级增程全球 首发华为DriveONE全栈高集成高压油冷发电机。据了解，与普通的供应商采购关系不同，此次小鹏与 华为采用了"共同研发"模式。在竞争加速的新能源汽车产业链中，小鹏汽车与华为联手提升增程技术背 后，不仅是为增强市场竞争力，更是进一步强化造血能力。明年，小鹏汽车计划推出多款超级增程产 品，并将以增程车型切入海外市场，进一步提升竞争力。 为何是华为 去年，在小鹏汽车科技日上，小鹏汽车CEO何小鹏官宣推出"鲲鹏超级电动体系"，一时间引发外界关 注；一年后的广州车展前夜，小鹏汽车带来小鹏X9超级增程版，售价分别为30.98万元和32.98万元，至 此开启"纯电+增程"双线布局。 据统计，2020—2023年，国内混动车市场销量增长10倍。中国汽车流通协会乘用车市场信息联席分会发 布的数据显示，今年10月狭义插混车销量为48万辆，环比增长13%；增程式车批发量为12.1万辆，环比 增长0.01%。中汽中心的报告显示，增程通过纯电续航的不断增大，让33%的燃油用户在增换购时选择 BEV或者REEV，而REEV车主换车时，有48%的车 ...

在发布这款产品前，小鹏汽车内部曾多次讨论。何小鹏曾表示："小鹏汽车实际上推动了5次增程，第5 次才成功。"据了解，在小鹏X9超级增程研发之初，小鹏汽车方面就发现传统增程系统无法满足下一代 增程大七座性能指标要求。小鹏汽车相关人士表示，行业现有增程解决方案，普遍存在补能效率受限、 纯电续航不足、发电功率跟不上、NVH表现难以相比纯电等痛点。同时，市场上没有一款现成发电 机，能够同时满足在高压平台、超高集成、极致效率与无感静谧性上的严苛技术要求。 面对市场情况，在小鹏汽车与华为共同研发下，小鹏X9超级增程全球首发了DriveONE全栈高集成高压 油冷发电机。小鹏汽车方面介绍称，该发电机是小鹏鲲鹏超级增程技术的核心部件，功率密度为 1.88kW/kg，峰值发电功率为85kW，协同小鹏自研800V混合碳化硅同轴电驱，支撑每小时150公里巡航 不亏电，8%低电量动力不衰减。 为何是华为 去年，在小鹏汽车科技日上，小鹏汽车CEO何小鹏官宣推出"鲲鹏超级电动体系"，一时间引发外界关 注；一年后的广州车展前夜，小鹏汽车带来小鹏X9超级增程版，售价分别为30.98万元和32.98万元，至 此开启"纯电+增程"双线布局。 在竞争 ...

从纯电杀到增程的小鹏汽车，找来华为帮忙。近日，小鹏汽车与华为共同宣布，小鹏X9超级增程全球 首发华为DriveONE全栈高集成高压油冷发电机。据了解，与普通的供应商采购关系不同，此次小鹏与 华为采用了"共同研发"模式。 在竞争加速的新能源汽车产业链中，小鹏汽车与华为联手提升增程技术背后，不仅是为增强市场竞争 力，更是进一步强化造血能力。明年，小鹏汽车计划推出多款超级增程产品，并将以增程车型切入海外 市场，进一步提升竞争力。 不过，在上市之初，小鹏汽车曾多次提及"大电池+大油箱"的配置，而对于华为两个字并未过多提及， 上市后小鹏汽车与华为联合举办下一代增程发电机媒体技术分享会，被外界解读为把华为推至前台为小 鹏产品背书。 从进入新能源汽车市场后，多年来小鹏汽车一直深耕纯电领域，在纯电技术与市场有一定积累，然而对 于增程市场小鹏汽车仍是新人。中国汽车流通协会专家委员会成员颜景辉认为，目前华为在汽车行业的 智能化赛道上处于头部企业，多项技术助力车企扩展市场，具有强大的资金实力与市场高认可度，小鹏 联手华为可以为增程车型进行更有力的背书。 竞争红海 上市后，通过技术分享会将华为推至台前，小鹏汽车借助华为市场背书的同时 ...

2014年创立的小鹏汽车，日前迎来11岁"生日"。此时恰逢其搬进岑村新总部及第100万台整车下线，小 鹏汽车在"新家"开起了"司庆家年华"。这是小鹏汽车成立以来规模最大的一次家庭日活动，同时也是新 总部首次向员工家属开放参观。据悉，当日有超2万名员工及家属到场参与。 南都·湾财社记者当日观察到，小鹏汽车整座科技园连带8万平公园人声鼎沸：剪腿版IRON机器人以静 态形式亮相，鹏厂吃喝玩乐集市、顶校学霸面对面、相亲角等多个互动区域成为活动亮点。 何小鹏还首次以"向同学和家人们汇报"的方式，分享了公司十一年的创业成果以及员工背后的支持力 量，并介绍了小鹏在员工关怀、工作环境与组织成长方面的最新进展。 从大学城车库起步，到近40万平方米的新总部，小鹏汽车已汇聚全球2.8万名的同学，服务超过100万名 用户，业务覆盖52个国家和地区。 尤其今年，小鹏汽车发展迅猛，多款产品赢得市场青睐，交付量屡破记录。在刚刚过去的11月，小鹏汽 车交付新车36728台，前十一月共计交付391937台，率先完成年度目标，同比增长超过1倍。11月21日， 小鹏汽车迎来第100万辆整车下线，市场规模开始显现。 另据日前发布的三季报显示，前三季 ...

连续下跌的小鹏汽车(XPEV.US)有望终止连跌行情，盘前涨近4%报19.6美元。消息上，小鹏汽车宣布， 小鹏X9超级增程正式全球首发搭载华为DriveONE下一代增程发电机。这是华为面向高压纯电平台开发 的全栈高集成油冷发电机首次量产上车。作为鲲鹏超级增程系统核心部件，其与小鹏自研800V高压架 构协同，支撑X9实现1602km综合续航。 | XPEV 小鹏汽车 | | | | --- | --- | --- | | 18 870 L -0.790 -4.02% | | 收盘价 12/03 15:59 美东 | | 19.600↑ 0.730 +3.87% | | 盘前价 12/04 04:37 美东 | | 三分 24 字 8 9 日 9 | | ● 快捷交易 | | 最高价 19.560 | 开盘价 19.540 | 成交量 1594.5万 | | 最低价 18.545 | 昨收价 19.660 | 成交额 3.01亿 | | 平均价 18.907 | 市盈率TM 亏损 | 总市值 180.19亿元 | | 振 幅 5.16% | 市盈率(静) 亏损 | 总股本 9.55亿 | | 换手率 2.38% ...

对于车企来说，30万分水岭下的差异化应对。按照现行10%的税率计算，1.5万元减税额对应的车辆价 格上限为30万元，30万元及以下车型可享受全额减半，而超过30万元的车型，需缴纳"车价×10%-1.5万 元"的购置税。 对主打中低端市场的车企而言，政策冲击相对有限。2023年电池级碳酸锂现货年均价为26.2万元/吨， 而到了2025年12月国内电池级碳酸锂基准价9.4万元/吨，而新能源汽车电池成本通常占整车成本的 30%-60%，原材料降价为车企提供了充足的让利空间。某品牌新汽车人员透露，公司的主销车型集中在 10-20万元区间，购置税调整后每辆车仅增加5000-10000元成本，完全可以通过供应链优化消化。 "到底要不要赶在年底买车？"这是最近纠结买新能源汽车的人共同发出的疑问。一边是2026年起新能源 汽车购置税从"全额免征"变为"限额减半"的政策倒计时，一边是车企扎堆推出的"现金直降+0息贷款"优 惠套餐，再加上社交平台上关于"明年新车技术更先进"的讨论，让无数潜在购车者陷入抉择困境。 告别全免时代，新能源汽车市场迎来"30万定价战" 2023年财政部等三部门联合发布的《关于延续和优化新能源汽车车辆购置 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In November 2025, the company delivered 36,728 new vehicles, representing a year-on-year increase of 18.9% but a month-on-month decrease of 12.6%. Cumulatively, from January to November 2025, the total deliveries reached 392,000 units, up 155.5% year-on-year [2][4]. - The launch of the new X9 extended-range model has led to a rapid increase in deliveries, with November deliveries for the X9 increasing by 161% month-on-month. The model has gained significant popularity, with over 50% of orders coming from northern regions [6]. - The company is expected to deliver between 125,000 and 132,000 vehicles in Q4 2025, which would represent a year-on-year growth of 36.6% to 44.3%. Projected revenue for this period is estimated to be between 21.5 billion and 23 billion HKD, reflecting a year-on-year increase of 33.5% to 42.8% [6]. Summary by Sections Sales Performance - In November 2025, the company delivered 36,728 vehicles, with a year-on-year growth of 18.9% and a month-on-month decline of 12.6%. Total deliveries from January to November reached 392,000 units, marking a 155.5% increase year-on-year [2][4]. New Product Launches - The new X9 extended-range model has been well-received, with November deliveries increasing by 161% month-on-month. The model set a record for daily orders shortly after its launch, indicating strong market demand [6]. Future Outlook - The company anticipates a strong sales cycle driven by new product launches and advancements in AI technology. The expected revenue for 2025 is projected at 76.9 billion HKD, with a price-to-sales ratio of 1.9X, supporting the "Buy" rating [6].

Core Viewpoint - The report from China Merchants Securities International indicates a weakening in wholesale numbers for some domestic car manufacturers in November, with a forecasted year-on-year decline of 8.7% in retail sales of passenger vehicles due to high base effects and reduced subsidies impacting the industry in Q4 [1] Automotive Sector Summary - The overall retail sales of passenger vehicles in November are expected to remain flat month-on-month but show a significant year-on-year decline [1] - China Merchants Securities International suggests that market sentiment is currently very pessimistic, indicating a potential opportunity for forward-looking investments [1] Stock Recommendations - The firm recommends Geely Automobile as the top pick due to high earnings certainty and undervaluation, with a target price of HKD 32 [1] - BYD and Xpeng Motors are also recommended with target prices of HKD 130 and HKD 115 respectively [1] - In the automotive parts sector, Minth Group and Fuyao Glass are recommended with target prices of HKD 42 and HKD 86 respectively [1] - All five stocks are rated as "Buy" [1] Long-term Outlook - The company maintains a positive long-term outlook on the "AI + Automotive" and "AI + Robotics" sectors, highlighting potential catalysts in Q1 of the following year, including the IPO of Yushutech and the release of Tesla's third-generation robot [1] - Recommended stocks in the AI sector include Youbixuan, Horizon Robotics, and Hesai Technology, with target prices of HKD 172, HKD 13.8, and USD 28 respectively, all rated as "Buy" [1] - The report also includes a recommendation for Extreme Wisdom [1]