Core Insights - Xiaopeng Motors has officially launched the Xiaopeng X9 Super Extended Range model, available in Max and Ultra versions, priced at 309,800 yuan and 329,800 yuan respectively [1] Group 1: Vehicle Specifications - The Xiaopeng X9 features a "large fuel tank + large battery" combination, achieving a CLTC comprehensive range of 1602 km and a pure electric range of 452 km [1] - The vehicle has a comprehensive energy consumption of 16.5 kWh/100 km, with a cost per kilometer less than one-third of traditional fuel MPVs [1] - It is equipped with an 800V mixed silicon carbide coaxial electric drive, reducing volume by 30% while achieving 93.5% efficiency under CLTC conditions [1] - The vehicle includes a 63.3 kWh ultra-fast charging lithium iron phosphate extended range battery, supporting 5C+800V ultra-fast charging, allowing for a 313 km range in just 10 minutes [1] Group 2: Safety Features - The Xiaopeng X9 uses a lithium iron phosphate battery pack that meets the new national battery standards effective July 1, 2026, ensuring no fire or explosion during thermal runaway of a single cell for 24 hours [2] - The vehicle's structure meets the five-star safety design standards of both China and Europe, and it is equipped with nine airbags, including specialized safety airbags for zero-gravity seats [2] - It features advanced safety capabilities, including the ability to maintain stability even in extreme conditions such as tire blowouts at speeds of 160 km/h on wet roads [2] Group 3: Interior and Comfort - The interior of the Xiaopeng X9 is designed with Ayous wood material, featuring 27 speakers for surround sound and a 3.6-meter ambient lighting system, along with the industry's first natural light aviation reading lights [3] - All models come standard with 12-way electric adjustments for the driver and passenger seats, zero-gravity space seats for the second row, and heated cushions and backs for the three seats in the third row [3] - The vehicle utilizes a front double-wishbone and rear H-arm all-aluminum suspension system, combined with dual-chamber air springs and Tai Chi hydraulic bushings [3]

Group 1: Federal Reserve and Interest Rate Expectations - The expectation for a rate cut by the Federal Reserve in December has further decreased, with significant internal divisions among officials regarding the decision [1][4] - The CME "FedWatch" tool indicates a 29.8% probability of a 25 basis point rate cut in December, while the probability of maintaining the current rate is 70.2% [5] Group 2: Employment Data and Economic Indicators - The U.S. non-farm payroll report for September showed an increase of 119,000 jobs, significantly exceeding the expected 51,000, while the unemployment rate rose to 4.4%, the highest since October 2021 [3] - The Labor Department has decided to cancel the release of the October non-farm data and postpone the November report to December 16, limiting the Fed's access to recent employment data before the December meeting [3] Group 3: Market Reactions and Stock Performance - Major U.S. stock indices experienced declines, with the Nasdaq dropping 2.15% and the Nasdaq China Golden Dragon Index falling 3.26%, reflecting a broader downturn in Chinese concept stocks [1][2] - Large tech stocks also faced significant losses, with Nvidia down over 3%, AMD down over 7.8%, and Oracle down over 6%, indicating a negative sentiment in the tech sector [2]

Group 1 - The current A-share market is in a phase of consolidation and preparation for future investments, with expectations of a potential upward trend in the near future [1][8] - The Hang Seng Index Company announced the results of the third quarter review of the Hang Seng Index series [2] - The U.S. stock market saw a collective decline, with the Dow Jones down 0.84%, Nasdaq down 2.15%, and S&P 500 down 1.56%, primarily driven by a drop in technology stocks [3] Group 2 - China's foreign trade has maintained stable growth despite external pressures, with a focus on supporting new business models like cross-border e-commerce and enhancing logistics systems [4] - The Chinese government is emphasizing the need for high-quality development in manufacturing and is increasing financial support for key technologies [4] - The China Chemical and Physical Power Industry Association plans to release guidelines to address the challenges faced by the lithium iron phosphate industry, including price competition and industry standards [6] Group 3 - In September 2025, the domestic smartphone market shipped 27.93 million units, a year-on-year increase of 10.1%, with 5G smartphones accounting for 86.3% of total shipments [7] - The total smartphone shipments for the first nine months of 2025 reached 220 million units, a slight decline of 0.3% year-on-year, with 5G smartphones showing minimal growth [7]

Group 1 - Geely Automobile (0175.HK) reported a total revenue of 239.48 billion yuan for the first three quarters of 2025, a year-on-year increase of 26.5%, with a gross margin of 16.5%, up 0.3 percentage points [5] - In Q3 2025, Geely's total revenue reached 89.19 billion yuan, a year-on-year increase of 26.1% and a quarter-on-quarter increase of 14.7%, with a net profit attributable to shareholders of 3.82 billion yuan, up 57.6% year-on-year [5] Group 2 - XPeng Motors (XPEV.N) achieved total revenue of 20.38 billion yuan in Q3 2025, representing a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%, with a gross margin of 20.1% [6] - The Non-GAAP net loss for XPeng narrowed by 90.1% year-on-year and 60.6% quarter-on-quarter to 150 million yuan [6] Group 3 - Zhejiang Dingli (603338.SH) reported operating revenue of 6.67 billion yuan for Q1-Q3 2025, an increase of 8.8% year-on-year, with a net profit of 1.59 billion yuan, up 9.2% [6] - The gross margin for Zhejiang Dingli was 35.9%, a decrease of 0.3 percentage points year-on-year, while the net profit margin increased by 0.1 percentage points to 23.9% [6] Group 4 - Xunwei Communication (300136.SZ) is expanding into the North American AI hardware supply chain, focusing on new business areas such as AI terminal hardware and data centers, which opens up future growth opportunities [9] - The global consumer electronics market is showing signs of recovery, and the company is investing in foundational materials and technologies [9] Group 5 - Kuaishou-W (1024.HK) reported total revenue of 35.6 billion yuan in Q3 2025, a year-on-year increase of 14.2%, slightly exceeding expectations [10] - The core commercial business revenue, which includes online marketing services, grew by 19.2% year-on-year [10] Group 6 - Xiaomi Group (1810.HK) achieved revenue of 113.1 billion yuan in Q3 2025, a year-on-year increase of 22.3%, with a Non-IFRS net profit of 11.3 billion yuan, up 80.9% year-on-year [10] - The smart car and AI innovation business reported a positive profit of 700 million yuan for the first time in a single quarter [10] Group 7 - Baidu Group-SW (9888.HK) reported core business revenue of 24.66 billion yuan in Q3 2025, a year-on-year decline of 7.0%, but still exceeding Bloomberg consensus expectations [10] - The operating profit was 1.22 billion yuan, below consensus expectations, with a significant increase in capital expenditure to 3.38 billion yuan, up 106.4% year-on-year [10]

Core Insights - Nvidia's strong earnings report failed to sustain market confidence, leading to a collective decline in major U.S. stock indices [1] Market Performance - The Dow Jones index fell by 0.84% - The S&P 500 index decreased by 1.56% - The Nasdaq Composite index dropped by 2.15% [1] Technology Sector - Major tech stocks experienced significant declines: - AMD fell over 7% - Oracle decreased by over 6% - Netflix and Nvidia both dropped over 3% - Tesla and Amazon fell over 2% - Microsoft declined by over 1% - Broadcom fell by 2.14% - Qualcomm decreased by 3.90% - Adobe dropped by 1.79% - Salesforce fell by 1.10% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index declined by 3.26% - Notable declines among popular Chinese stocks: - Canadian Solar fell by 18.3% - Daqo New Energy dropped by 9.2% - NIO decreased by 6% - JinkoSolar fell by 5.7% - Other companies like Pony.ai, Xpeng, Xiaomi, Pinduoduo, and Baidu dropped over 4% - However, some stocks saw gains: - NetEase rose by 0.6% - Beike increased by 1.3% - GDS Holdings gained 1.8% - Yatsen Holding rose by 3.3% [1]

相较纯电版车型，新车不仅换装了增程系统，还对造型、车身长度及内饰舒适配置进行了差异化提升，起售价则比纯电版车型（35.98万元）降低5万元。 对此，何小鹏表示："增程车销量下滑是事实，但这可能是短期波动。另一种可能是，整个市场都在期待'超级增程'。不仅是我们，其他已推出增程产品的 公司也可能推出下一代产品。市场就像波浪，会有起有伏。" 11月20日晚间，小鹏X9鲲鹏超级增程版车型上市。新车推出Max和Ultra两个版本，售价分别为30.98万元起和32.98万元起。 图片来源：每经记者孙磊摄 据悉，这是小鹏汽车推出的首款增程车型。"企业如果要走向全球市场，还需要新的补能方式。同时，一辆车的续航想要达到1000公里以上，需要通过纯电 之外的动力形式来实现。"小鹏汽车董事长何小鹏告诉《每日经济新闻》记者，"从中国的混动汽车在不同城市、不同区域的分布地图来看，小鹏在很多区域 的销售是比较欠缺的，因为我们没有（推出）适合当地使用的车。所以，我相信无论是在中国还是在全球（市场），超级增程都会有非常大的使用场景。" 值得一提的是，与当下配备大容量电池和小容量油箱的主流增程车型有明显区别，小鹏X9鲲鹏超级增程版车型采用了" ...

作为首款搭载鲲鹏超级增程技术的车型，小鹏X9超级增程配备63.3kWh超快充磷酸铁锂大电池+60L大油箱，实现CLTC纯电续航452公里、CLTC综合续航 1602公里。据了解，鲲鹏超级增程运用5C+800V超充技术，充电12分钟即可补能70%SOC。 此外，小鹏X9超级增程后桥空间利用率高达95.8%，在保证超大车内空间的同时，集成了排气系统、大油箱、后轮转向、三排收纳、空气悬架、DCC减震 器、电驱、独立悬架和传动轴总成。 北京商报讯（记者刘晓梦）11月20日，小鹏汽车宣布，旗下首款增车车型小鹏X9正式上市，共推出Max和Ultra两种版本车型，售价分别为30.98万元和32.98 万元，预售时两款车型预售价格分别为35万元和37万元。 （文章来源：北京商报） ...

小鹏X9超级增程希望以续航、安全、静谧、空间、舒适五大维度的颠覆性突破，解决家庭用户的里程 焦虑、安全顾虑、乘坐舒适性与空间灵活性等痛点。 新品摒弃传统增程小电池+大油箱的组合方案，以"大油箱+大电池"领先组合，实现CLTC综合续航 1602km、纯电续航452km的突破，成为全球续航最长大七座。 11月20日晚，"续航最长大七座"小鹏X9超级增程正式上市，这意味着小鹏正式开启纯电+增程"双能"之 路。 新车共推出Max版和Ultra版两个版本，官方指导售价分别为30.98万元和32.98万元。小鹏汽车同步推出 多重上市权益及购车礼遇。 从产业来看，业内将纯电车型看作是政策导向的终极目标，纯电车型销量占比亦不断攀升。但现阶段市 场却仍然对增程等混动技术用真金白银投票。业内认为，以"技术对调"打破"路线围城"未来将会继续演 绎。在碳中和的大目标下，多条技术路线并行竞争，最终受益的是消费者和整个产业。 其他卖点方面，小鹏X9超级增程拥有行业首发三排电动三折叠，支持三排座椅四六分折叠纯平收纳， 满足4/5/6/7人出行场景，让一车变四房。 随着小鹏X9超级增程的上市，鲲鹏超级增程技术正式投入市场。在媒体交流会上，小 ...

Core Viewpoint - Xiaopeng Motors has officially launched its first range-extended model, the Xiaopeng X9 Super Range Extender, which offers a maximum range of 1602 kilometers and features advanced technology and safety standards [1][2]. Group 1: Product Specifications - The Xiaopeng X9 Super Range Extender is available in two configurations: Max and Ultra, priced at 309,800 yuan and 329,800 yuan respectively [1]. - It is equipped with a 63.3 kWh lithium iron phosphate battery and a 60-liter fuel tank, achieving a comprehensive range of 1602 km (CLTC) and a pure electric range of 452 km [1]. - The vehicle supports a 5C charging capability, allowing for 70% state of charge (SOC) in just 11.7 minutes [1]. - The energy consumption is rated at 16.5 kWh/100 km (CLTC) and 2.53 L/100 km (WLTP) for combined fuel and electricity [1]. Group 2: Safety Features - The Xiaopeng X9 Super Range Extender meets multiple safety standards, including the 2026 E-NCAP five-star rating and the 2024 C-NCAP five-star rating [2]. - It features a front energy-absorbing box and a lithium iron phosphate battery pack that complies with the new national battery standards, ensuring safety against thermal runaway [2]. - The vehicle is equipped with nine airbags, including a new remote airbag for the driver and passenger, and a zero-gravity seat airbag to prevent forward sliding during collisions [2]. Group 3: Comfort and Technology - The Xiaopeng X9 Super Range Extender includes advanced noise cancellation technology and double-layer soundproof glass for enhanced comfort [3]. - The third-row seats can be fully folded down, allowing for flexible cargo space, accommodating up to seven 24-inch suitcases [3]. - The Max version features a Turing chip with a computing power of 750 TOPS, while the Ultra version has three Turing chips with a total computing power of 2250 TOPS [3]. - The vehicle will also incorporate the second-generation VLA model for improved inference efficiency and response speed, with updates planned for early 2026 [3].

智通财经APP获悉，小鹏(09868)X9超级增程1602Max版上市价为30.98万元，1602Ultra版为32.98万元。小鹏X9超级增程以14项全球领先、32项同级领先、 200+项全系标配的越级实力，打造40万级最满配家用大七座。 隔音媲美百万级好车：同级唯一搭载ENC+RNC双重主动降噪技术大七座，配合超静谧无感增程器与全车双层隔音玻璃设计，静谧性媲美百万级豪车，打造 移动"隔音房"。 豪华舒适与超大空间：全球首发三排电动三折叠，支持4-7座灵活变换，配合同级领先的第三排乘坐空间，实现从日常通勤到长途旅行的全场景空间自由。 全球续航最长大七座：综合续航1602km，纯电续航452km，实现"一周一充"日常通勤；配合800V 5C超充技术，10分钟即可补能80%，满足全家跨省出游需 求。 全球统一安全标准：同步满足中欧双五星安全标准，配备全球首个零重力座椅专属气囊，支持130km/h AEB+AES主动安全系统，具备全场景爆胎稳行与冰 雪、脱困双模式能力。 ...