Group 1 - The Hong Kong stock market opened lower on November 18, with the Hang Seng Index down 0.80% at 26,172.27 points, and the Hang Seng Tech Index falling 1.25% [1] - Xpeng Motors reported a total vehicle delivery of 116,007 units for Q3 2025, a year-on-year increase of 149.3%, with total revenue reaching RMB 20.38 billion, up 101.8% year-on-year [1] - The company's net loss narrowed to approximately RMB 380 million, a decrease of 78.9% year-on-year and 20.3% quarter-on-quarter [1] Group 2 - Xpeng Motors expects Q4 2025 vehicle deliveries to be between 125,000 and 132,000 units, representing a year-on-year increase of approximately 36.6% to 44.3% [1] - Total revenue for Q4 2025 is projected to be between RMB 21.5 billion and RMB 23 billion, an increase of approximately 33.5% to 42.8% year-on-year [1] - Citic Securities maintains a "Buy" rating for Xpeng Motors, forecasting revenue of RMB 77.8 billion, RMB 115.4 billion, and RMB 141.9 billion for 2025-2027, with corresponding price-to-sales ratios of 2.2, 1.5, and 1.2 [2] Group 3 - The Hong Kong Stock Connect Auto ETF (159323) focuses on the Hong Kong new energy vehicle sector, including emerging car manufacturers like Xpeng and Li Auto, and is expected to benefit from advancements in robotics technology [3] - The Hang Seng Tech Index ETF (513180) includes major Chinese tech assets such as Xiaomi, NetEase, Tencent, Alibaba, and Meituan, providing a way for investors to access Hong Kong tech leaders without a Stock Connect account [3]

编辑丨 11月18日，恒生指数低开0.8%，恒生科技指数跌1.25%。新能源车概念股走低，小鹏汽车跌逾7%，蔚来 跌超3%，理想汽车跌超2%；创新药概念股回调。 | 心一 | | --- | ...

Core Viewpoint - The Hong Kong automotive stocks are experiencing a continuous decline, with significant drops in shares of various companies following the earnings report of XPeng Motors, which reported a larger-than-expected loss and lower-than-expected revenue growth [1] Group 1: Company Performance - XPeng Motors reported Q3 revenue of 20.38 billion yuan, a year-on-year increase of 102%, but below the market estimate of 20.45 billion yuan; adjusted loss per share was 0.080 yuan [1] - The gross margin for the quarter was 20.1%, an increase of 4.8 percentage points compared to the same period in 2024 [1] - XPeng Motors expects Q4 revenue to be between 21.5 billion and 23 billion yuan, representing a year-on-year increase of approximately 33.5% to 42.8% [1] Group 2: Market Trends - In October, the total retail sales of consumer goods reached 46.291 billion yuan, a year-on-year increase of 2.9%; however, automotive consumption was 4.255 billion yuan, a year-on-year decline of 7% [1] - From January to October, automotive consumption totaled 40.009 billion yuan, showing a slight year-on-year decline of 0.2% [1] Group 3: Stock Performance - XPeng Motors shares fell by 8.28% to 88.050 yuan, making it the weakest performer among automotive stocks [2] - Other companies also saw declines, with Li Auto down 2.19%, NIO down 3.00%, and BYD down 1.69% [2]

| 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 恒生指数 | 26172.27 с | -0.80% | | 恒生科技 | 5684.81 c | -1.25% | | 名称 | 现价 | 涨跌幅 ▲ | | 小鹏汽车-W | 89.000 | -7.29% | | 蔚来-SW | 47.840 | -3.00% | | 同程旅行 | 21.700 | -2.43% | | 理想汽车-W | 73.600 | -2.39% | | 网易-S | 214.200 | -1.92% | | 百度集团-SW | 111.500 | -1.85% | | 地平线机器人-W | 7.770 | -1.77% | | 阿里健康 | 5.790 | -1.53% | | 快手-W | 65.800 | -1.50% | | 商汤-W | 2.150 | -1.38% | 11月18日，恒生指数低开0.8%，恒生科技指数跌1.25%。新能源车概念股走低，小鹏汽车跌逾7%， 蔚来跌超3%，理想汽车跌超2%；创新药概念股回调。 编辑丨心一 ...

当地时间11月17日（周一），美股三大指数集体收跌，道指下跌超500点，跌幅1.18%。 美股全线收跌 标普500指数跌0.92%，纳斯达克综合指数跌0.84%。大型科技股多数下跌，戴尔科技跌超8%，超微电脑 跌超6%，超威半导体、英特尔跌超2%，美光科技、安森美半导体、英伟达、苹果、META跌超1%。AI 风向标英伟达将于本周三盘后公布财报，英伟达和其他AI概念股近期成为市场压力来源。 热门中概股多数下跌，纳斯达克中国金龙指数收跌1.21%。 当地时间11月17日，美股三大指数集体收跌，道指跌1.18%，标普500指数跌0.92%，纳斯达克综合指数 跌0.84%。 当天，美联储副主席杰斐逊表示，他认为就业面临的下行风险有所上升，但由于利率正接近中性水平， 美联储在进行进一步降息时应保持谨慎。 美联储今年9月和10月分别实施了各25个基点的降息，将联邦基金利率目标区间下调25个基点到3.75% 至4.00%。 大型科技股多数下跌，戴尔科技跌超8%，超微电脑跌超6%，超威半导体、英特尔跌超2%，美光科技、 安森美半导体、英伟达、苹果、META跌超1%，奈飞、亚马逊、微软小幅下跌，谷歌-A涨超3%，阿斯 麦、特斯 ...

导语："骨折式"降价，彻底颠覆了超豪华品牌高高在上的形象。 商业世界的前沿阵地 以下文章来源于每日商业必读 ，作者余生 每日商业必读 . " 35.88 万，玛莎拉蒂纯电 SUV 开回家！" 近日，全国多地玛莎拉蒂门店在社交媒体刷屏，旗下纯电 SUV 车型 Grecale Folgore 以惊人的 35.88 万元裸车价引发热议。 这个价格相较于官方指导价的 89.88 万元，暴降 54 万元，相当于打了 4 折。 曾经对标保时捷的超豪华品牌，如今价格直接杀入小米、蔚来、理想等国产新势力的主力区间。这场"骨折式"降价，彻底颠覆了超豪华品牌高高在 上的形象。 从云端坠落凡间 玛莎拉蒂的这次降价，堪称"腰斩式"促销。 据蓝鲸新闻报道，此次低价源于新店开业的特批现车资源。有经销商透露，他们门店 10 月开业，这批特价车约有七八十台，现车已售出一半左 右，不仅有本地客户，还有许多外地客户前来订购，可见降价确实带来了一波销售热潮。 不过，消费者需要留意的是， 35.88 万仅为基础裸车价，需额外支付选配费用才能达到燃油版外观水准，最终落地价约 40 万元。 此次降价背后，其实是玛莎拉蒂在中国市场的节节败退。 回顾辉煌时 ...

Core Viewpoint - The 2026 Future Industries New Materials Expo aims to lead global innovation in new materials, emphasizing their critical role in the development of high-tech industries and future industrial transformations [2][3]. Group 1: Event Overview - The expo will take place from June 10-12, 2026, at the Shanghai New International Expo Center, featuring a total exhibition area of 50,000 square meters [2][3]. - The event is an upgrade of three major exhibitions: the 10th International Carbon Materials Industry Expo, the 7th Thermal Management Industry Expo, and the New Materials Technology Innovation Expo [2][3]. - It is expected to attract over 100,000 professional visitors and 800+ exhibiting companies, along with 200+ research institutions [3][28]. Group 2: Focus Areas - The expo will highlight five common demands in future industries: advanced semiconductors, advanced batteries, lightweight materials, low-carbon sustainability, and thermal management [3][6]. - It will feature five specialized thematic exhibition areas, including advanced semiconductors, advanced batteries and energy materials, lightweight high-strength and sustainable materials, thermal management technologies and materials, and new materials technology innovation and achievement trading [6][11]. Group 3: Activities and Forums - The event will host over 30 specialized vertical forums and more than 300 expert presentations, focusing on cutting-edge technologies and industry trends in sectors such as artificial intelligence, aerospace, smart vehicles, and quantum technology [16][18]. - Key topics will include technology innovation, investment strategies, and advanced manufacturing technologies related to new materials [16][18]. Group 4: Industry Impact - The expo aims to facilitate the transformation of scientific and technological achievements, helping enterprises connect with industry funds, government parks, and project resources, thereby accelerating innovation in the new materials sector [3][28]. - It is positioned as a one-stop platform for communication, cooperation, and procurement across the entire innovation chain, from end products to components, materials, and cutting-edge technologies [3][6].

美东时间周一，美股三大指数集体下跌，截止收盘，道指跌1.18%，纳指跌0.84%，标普500指数跌0.92%。 01 冈拉克警告美国股市投机过热 建议投资者持有20%现金避险 对于美股当下市场，华尔街资深投资人、双线资本首席执行官兼首席投资官杰弗里·冈拉克表示，目前众多资产价格已极度高估，建议投资者将投资组合 中约20%配置为现金，以防范重大市场回调风险。 冈拉克警告称，当前美国股市呈现出危险的投机特征，是他整个职业生涯中见过的最不健康的市场之一。"这个市场极度投机，而投机市场总会涨到荒谬 的高度，每一次都是如此。" 这位毕业于达特茅斯学院、20世纪80年代中期在TCW集团开启华尔街生涯的投资者称，如今的AI概念股及数据中心投资存在明显的投机过热，并提醒在 繁荣周期中进行动量投资往往以惨败收场。 他表示仍然看好黄金，但已将建议配置比例从25%下调至15%。他曾在9月中旬基于"关税将推高进口价格、通胀难降"的逻辑，建议投资者重仓黄金。 大型科技股多数下跌，AMD、英特尔跌超2%，英伟达、苹果、甲骨文、Meta跌超1%；谷歌逆势涨超3%、盘中刷新历史高位，巴菲特旗下伯克希尔·哈撒 韦在第三季度买入谷歌母公司Alp ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The automotive lightweighting trend is irreversible, driven by "dual carbon" policies and the endogenous needs of new energy vehicles. Aluminum alloy is the most cost - effective lightweight material under the current technical system, and its application in the automotive industry is gradually expanding. However, the process of "aluminum replacing steel" is more complex than expected, and the development of automotive casting aluminum alloy consumption needs to be comprehensively considered from multiple aspects such as technology, market, and policy [3][11][54] Summary by Relevant Catalogs 1. Era Wave: Automotive Lightweighting in Progress - **"Dual Carbon" Policy as the Core Driving Force**: The "dual carbon" policy is the fundamental driving force for automotive lightweighting. The "Technical Roadmap 2.0" and "Technical Roadmap 3.0" of energy - saving and new energy vehicles have set clear goals for automotive lightweighting and carbon emission reduction at different stages [3] - **Material Lightweighting and Aluminum Alloy Advantages**: Material lightweighting is the foundation, and among various lightweight materials, aluminum alloy has significant advantages. It has good weight - reduction effects, corrosion resistance, and is more cost - effective compared to magnesium alloy and carbon fiber materials, making it the most cost - effective lightweight material at present [8][11] - **Regenerated Aluminum as the Primary Choice**: Regenerated aluminum has become the primary choice for automotive die - castings due to its ability to meet the performance requirements of die - cast aluminum alloy, and it also has significant economic and environmental benefits [12][14] - **Rapid Development of Integrated Die - Casting**: Integrated die - casting can simplify the automotive manufacturing process, reduce costs, and improve manufacturing accuracy and structural strength. It has been actively promoted by Tesla and domestic car - making new forces [15] - **免热处理压铸铝合金引领潮流**:免热处理压铸 aluminum alloy is an important cornerstone of integrated die - casting. Although it currently uses primary aluminum, regenerated aluminum is expected to benefit in the future [18] 2. Peering into the Application of Automotive Aluminum Alloy - **Body Lightweighting**: Aluminum alloy penetration in the body is accelerating, and the steel - aluminum hybrid body has become the mainstream. Different parts of the body use different aluminum alloy materials, such as 5XXX and 6XXX series deformed aluminum alloys for body panels, and AlSi10MnMg alloy for body structural parts [25][35][36] - **Chassis Lightweighting**: Chassis lightweighting has entered a new stage, and aluminum alloy is reshaping the future of the chassis. Although there is a gap in the aluminization rate between domestic and foreign markets, it is expected to accelerate penetration [40] - **Engine Lightweighting**: Aluminum alloy is widely used in engine components such as cylinder blocks, cylinder heads, pistons, etc., which can effectively reduce the weight of the engine and improve fuel efficiency [43][44] - **Three - Electric System Lightweighting**: The concept of automotive lightweighting has shifted from "lighter single components" to "optimal system integration", and the battery system is a typical example [48] - **Management System Lightweighting**: Aluminum alloy is the basic material for the automotive thermal management system. The rise of new energy vehicles has driven the increase in the demand for aluminum heat - transfer materials, and aluminum brazing composite materials are the core beneficiaries [49] 3. Thoughts on "Aluminum Replacing Steel": Deviation of Linear Extrapolation - **Reasons for the Complexity of "Aluminum Replacing Steel"**: There are four main reasons for the complexity of "aluminum replacing steel", including battery technology breakthroughs, the shortcomings of single - material replacement, market acceptance and business logic, and the cost challenges of integrated die - casting [54] - **Observation Perspectives**: Through the analysis of the changes in the exhibition cars at the ECB conference, the evolution of the body materials of Audi A8 and NIO's full - range models, it is found that the application of steel - aluminum hybrid bodies is gradually increasing, and multi - material collaborative design will become the industry norm [57][61][64] 4. Bottom - Up Calculation of the Consumption of Automotive Casting Aluminum Alloy - **Selection of the Caliber of Aluminum Consumption per Vehicle**: The data from the CM Group is selected as the underlying data for splitting and prediction because it is considered to be more in line with the actual aluminum consumption per vehicle in the automotive industry [70] - **Calculation Logic of ADC12 Consumption in the Automotive Industry**: A calculation model is constructed, including benchmark data decomposition, component material identification, differentiated correction for different models, and final summation to estimate the total ADC12 consumption in the automotive industry [72] - **Calculation of Aluminum Consumption per Component for Different Types of Vehicles**: The aluminum consumption per vehicle and ADC12 consumption per vehicle for fuel vehicles, pure - electric vehicles, and hybrid vehicles in 2025 and 2030 are calculated respectively [74][76][78] - **Sales Forecast of the Chinese Automotive Industry during the "15th Five - Year Plan"**: It is expected that the production and sales of the Chinese automotive industry will continue to reach new highs in 2025, and the new energy vehicle market will become more competitive in the future [79] - **Calculation of Aluminum Consumption and ADC12 Demand for Different Vehicle Types in the Chinese Automotive Industry**: It is expected that the ADC12 consumption of fuel vehicles will gradually decrease, while that of new energy vehicles will continue to increase. The total consumption of recycled casting aluminum alloy may remain stable [81]

Market Overview - Global stock markets and bond yields remain strong, with the upcoming Nvidia earnings report expected to influence market direction [2][3] - US stock index futures show slight gains, with the Dow futures up 0.12%, S&P 500 futures up 0.33%, and Nasdaq futures up 0.58% [3] - European markets are cautiously rising after a volatile week, with the STOXX 600 index up 0.1% [3] Nvidia's Earnings Report - Nvidia is viewed as a "litmus test" for the tech sector, having seen its stock price surge approximately 1000% since the launch of ChatGPT in November 2022 [4] - The company became the first globally to surpass a market capitalization of $5 trillion last month, with a year-to-date increase of over 40% [4] Economic Data and Federal Reserve Outlook - The delayed US economic data, including the September non-farm payroll report, is expected to confirm a slowdown in the labor market [6] - The Federal Reserve's decision-making may be complicated by the data delays, with some officials expressing skepticism about further rate cuts [6] - Market expectations for a December rate cut have dropped below 50%, impacting high-valuation tech stocks [3][6] Long-term Investment Sentiment - Wall Street strategists maintain a positive long-term outlook for AI investments, viewing recent volatility as profit-taking rather than a fundamental shift [7] - Morgan Stanley's chief US equity strategist predicts a 16% increase in the S&P 500 over the next year, supported by strong corporate earnings [9][11]