Core Viewpoint - The Hong Kong stock market experienced a collective decline, with the Hang Seng Technology Index dropping over 2%, primarily driven by weak performance in tech and automotive stocks [1] Group 1: Market Performance - The Hong Kong stock market indices fell collectively, with the Hang Seng Technology Index down more than 2% [1] - The Hong Kong Stock Connect automotive ETF (159323) dropped over 4%, with significant declines in holdings such as XPeng Motors, Ganfeng Lithium, and others, where XPeng Motors fell over 10% [1] Group 2: XPeng Motors Financial Results - XPeng Motors reported a record total revenue of 20.38 billion yuan for Q3, marking a substantial year-on-year increase of 102% [1] - The net loss for Q3 narrowed to 380 million yuan, a significant reduction of 79.01% compared to the same period last year, which had a loss of 1.81 billion yuan [1] - The gross margin reached 20.1%, an increase of 4.8 percentage points year-on-year, also a historical high for the company [1] Group 3: Future Guidance and Analyst Reactions - XPeng Motors provided Q4 guidance that fell short of market expectations, with a sales forecast of 125,000 to 132,000 vehicles, below the anticipated 136,000 vehicles [1] - The revenue guidance for Q4 is set at 21.5 to 23 billion yuan, also lower than the market expectation of 25 billion yuan [1] - Citigroup downgraded XPeng Motors' target price for both US and Hong Kong stocks by over 3%, citing the upcoming sales slump in Q1 of next year, but remains optimistic about the company's potential for diversified growth in the coming year [1]
港股汽车股普跌，小鹏汽车绩后跌超10%，港股通汽车ETF（159323）午后跌超4%