XPENG(US:XPEV) Zhao Yin Guo Ji·2025-11-18 02:52Group 1: Semiconductor Industry - The analog semiconductor industry is experiencing a clear internal differentiation, with power management ICs (PMIC) and signal chain markets stabilizing and entering a cyclical recovery phase after a deep downturn [2] - The mobile radio frequency front-end (RFFE) is still under pressure, while the automotive RFFE is becoming a new strategic growth area [2] - Global analog market recovery is indicated by Texas Instruments' price increases, with WSTS forecasting a 3% growth in global analog revenue in 2025 and 5% in 2026, although growth lags behind AI-driven sectors [6] Group 2: Automotive Companies - Geely Automobile (175 HK) reported a robust performance in Q3 2025, with revenue up 48% year-on-year, driven by resilient pricing of its Zeekr models [9] - Geely's gross margin improved to 16.6%, with expectations for continued growth in sales and margins due to new high-margin models and accelerated exports of new energy vehicles [8][9] - XPeng Motors (XPEV US/9868 HK) is expected to turn profitable in Q4 2025, with a projected 36% year-on-year sales growth in 2026, driven by new models and increased average selling prices [10][11] - Leap Motor (9863 HK) is also expected to see strong sales momentum, with a projected 52% year-on-year increase in total sales in 2026, supported by new model launches [12][13]