Market Overview - The Hong Kong stock market opened positively on November 1, with the Hang Seng Index rising by 0.97% to 26,158.36 points, the Hang Seng China Enterprises Index increasing by 0.98% to 9,258.73 points, and the Hang Seng Tech Index gaining 0.24% to 5,922.48 points [1][2]. Sector Performance - Large technology stocks showed mixed results, with Xiaomi up 3.5%, Baidu and Meituan in the green, while Alibaba fell over 1% [4]. - Oil stocks performed strongly, with China National Offshore Oil Corporation and China Petroleum & Chemical Corporation both rising over 3% [6]. - Coal stocks surged as the seasonal consumption peak began, with notable gains in companies like Feishang Non-Ferrous Coal, which skyrocketed by 91% [9][10]. - New energy vehicle stocks also saw significant increases, with XPeng Motors and NIO both rising over 4% [11][12]. - Airline stocks rebounded, with China Southern Airlines and China Eastern Airlines both gaining over 4% [7][8]. - Banking stocks rose, with Huishang Bank increasing by over 4% and several major banks like China Construction Bank and Industrial and Commercial Bank of China also showing gains [14]. - Insurance stocks had a positive outlook, with AIA Group rising nearly 6% [15][16]. - Retail stocks, particularly in the jewelry sector, faced declines, with Chow Tai Fook dropping 8.67% [18][19]. - Semiconductor stocks continued to struggle, with major players like Semiconductor Manufacturing International Corporation and Huahong Semiconductor both declining [20][21]. Investment Trends - The market is experiencing a shift towards defensive assets, with increased interest in precious metals due to rising risk aversion [25]. - There is a growing focus on dividend-paying assets as market conditions change, alongside potential interest in technology and consumer sectors highlighted in recent policy discussions [25].

Core Insights - The automotive market in October experienced strong performance, driven by favorable policies and the launch of new models, leading to a "golden October" for the industry [3] Group 1: New Energy Vehicle Sales - Leap Motor achieved a monthly delivery of 70,289 units, marking a year-on-year increase of over 84%, maintaining its position as the monthly sales champion among new forces [1] - Xiaopeng Motors delivered 42,013 vehicles in October, a historical high with a year-on-year growth of 76% and a month-on-month increase of 1% [1] - NIO's deliveries reached 40,397 units, a year-on-year increase of 92.6%, supported by the launch of new models [1] - Xiaomi Motors also surpassed 40,000 monthly deliveries [1] - Li Auto's deliveries decreased both year-on-year and month-on-month, totaling 31,767 units in October [1] Group 2: Traditional Automakers' Performance - Geely's Zeekr brand sold 21,400 units in October, a year-on-year increase of 63.8% [2] - BAIC's Arcfox brand achieved sales of 23,400 units, a remarkable year-on-year growth of 110% [2] - Dongfeng's Lantu delivered 17,200 units, while Changan's Avita Technology sold 13,500 units, both reaching historical highs [2] - SAIC's Zhiji brand sold 13,200 units, also a record for the brand [2] Group 3: Overall Market Trends - BYD's new energy vehicle sales reached 441,706 units in October, showing a year-on-year decline of 12% but a month-on-month increase of 11.47%, with overseas sales surging by 155% [2] - SAIC's total vehicle sales for October were 453,978 units, reflecting a year-on-year growth of 12.96%, with new energy vehicle sales increasing by 31.6% [2] - Chery Group's total sales reached 281,161 units, a year-on-year increase of 3.3%, with new energy vehicle sales surpassing 110,000 units for the first time [2]

格隆汇11月3日｜港股午后三大指数开盘呈现快速拉升行情，恒生指数一度涨恒指1.3%，最终收涨 0.97%，国企指数涨0.98%，恒生科技指数转涨至0.24%。盘面上，大型科技股涨跌各异，其中，小米涨 3.5%，百度、美团飘红，阿里巴巴跌超1%，京东、腾讯小幅下跌；欧佩克+拟明年Q1暂停增产，大摩 上调短期油价预期，三桶油全天强势，中国石油股份涨约4%刷新阶段新高；煤炭季节性消费旺季正式 拉开序幕，煤炭股集体活跃；大摩维持对保险股全年业绩正面看法，增长超预期友邦保险大涨15%表现 最佳；行业Q3净利润增速有所提升，内银股普遍上涨，10月交付出炉新能源汽车集体上涨，造车新势 力蔚小理涨幅靠前，航空股、风电股、生物医药股、重型机械股集体上涨。另一方面，黄金交易税收政 策调整，黄金股、珠宝首饰股最为跌幅明显，明星股老铺黄金大跌近7%，中国黄金国际、紫金黄金国 际均下跌，此外，铜等有色金属股跟跌，半导体股继续弱势，苹果概念股、家电股、零售股普遍下跌。 (格隆汇) 来源：格隆汇APP ...

Core Viewpoint - The Hong Kong stock market for the new energy vehicle sector opened high on November 3, with notable gains in several companies including NIO, Xpeng Motors, and others [1] Group 1: Company Performance - NIO-SW and Xpeng Motors-W both saw their stock prices increase by over 3% [1] - Other companies such as Leap Motor, Great Wall Motors, and Xiaomi Group-W also experienced a strong opening [1]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [7] Core Insights - The automotive market is experiencing a year-on-year decline in retail sales for October, with a 7% decrease compared to the same period last year, but the cumulative retail sales for the year remain above expectations, showing an 8% increase year-on-year [2][20] - The report highlights the importance of price competition among car manufacturers, as several companies, including Chery, have announced subsidies to offset the impact of tax adjustments on consumers [3][30] - The rebranding of "semi-solid batteries" to "solid-liquid batteries" is expected to stabilize market expectations and promote orderly competition within the industry [4][35] Summary by Sections Weekly Market Review (2025.10.25-10.31) - The automotive sector saw a weekly increase of 0.92%, outperforming the Shanghai and Shenzhen 300 index by 1.35 percentage points [13] - The commercial vehicle segment had the highest weekly growth at 3.17%, while the passenger vehicle segment experienced a decline of 2.00% [15] Data Tracking (2025.10.25-10.31) - Retail sales of passenger vehicles from October 1-26 totaled 1.613 million units, a 7% year-on-year decline, while cumulative retail sales for the year reached 18.621 million units, an 8% increase [20] - New energy vehicle retail sales during the same period were 901,000 units, showing a 0% year-on-year growth, with cumulative sales for the year at 9.771 million units, a 22% increase [20] Industry News (2025.10.25-10.31) - Huawei and Dongfeng are accelerating the implementation of their DH project, focusing on deep technological integration [28][29] - Chery announced a subsidy plan for vehicle purchases, with a maximum subsidy of 15,000 yuan per vehicle [30] - Changan Automobile is collaborating with JD.com to develop new energy autonomous vehicles [31] - The report notes that the semi-solid battery will be renamed to solid-liquid battery to avoid market confusion [35]

Core Viewpoint - NIO-SW (09866) shares rose over 3%, reaching HKD 56.35 with a trading volume of HKD 63.84 million following the release of October delivery data, which showed significant year-on-year growth in vehicle deliveries [1] Delivery Performance - In October, NIO delivered 40,397 vehicles, marking a year-on-year increase of 92.6% and surpassing the 40,000 mark for the first time [1] - NIO brand deliveries reached 17,143 units, reflecting a month-on-month growth of 24.9% [1] - The new ES8 model achieved 10,000 deliveries, setting a record for electric vehicles priced above 400,000 yuan [1] Brand Highlights - The Ladao brand delivered 17,342 units, achieving a new historical high [1] - The Ladao L90 model, launched three months ago, has delivered 33,348 units, maintaining its position as the best-selling large electric SUV for three consecutive months [1] - The Firefly brand delivered 5,912 units, also reaching a new historical high and continuing to lead in the 100,000 yuan compact car segment [1]

Core Viewpoint - Goldman Sachs has raised NIO's sales forecast for 2026 to 2030 by 6% to 11% due to the improved market competitiveness of new models like the L90 and ES8, which have driven continuous sales growth in the past quarter [1] Group 1 - The company has accelerated its new model product line rollout to 2026, planning to launch two new models, L80 and ES9, along with a facelifted model ES7, which is expected to further enhance sales momentum [1] - The firm now predicts that the company will achieve full-year non-GAAP EBIT breakeven by 2028, one year earlier than the previous forecast of 2029 [1] - The target price for the US stock has been raised from $4.3 to $7, while the target price for the H-shares has been increased from HKD 33.3 to HKD 55, maintaining a "Neutral" rating [1]

Core Viewpoint - The Hong Kong stock market presents both opportunities and challenges in the fourth quarter, with the technology sector emerging as a key area for aggressive allocation due to the dual concepts of AI and "new productivity" [1] Market Performance - The Hang Seng Index rose by 0.58% to 26,057.13 points, while the Hang Seng Technology Index slightly declined by 0.24%. The Hang Seng China Enterprises Index increased by 0.68%. The market's half-day trading volume reached HKD 132.1 billion [1] Technology Sector Insights - In the technology sector, XPeng Motors-W saw an increase of 3.84%, and NIO-SW rose by 2.93%. Conversely, Hua Hong Semiconductor fell by 4.39%, and SMIC dropped by 4.13% [1] - The demand side is characterized by explosive growth in the user base for generative AI in China, with local tech companies capturing the majority of market benefits. On the supply side, leading Hong Kong tech firms are evolving from mere users to builders of the industrial chain, covering various sectors including software and hardware, new energy vehicles, and innovative pharmaceuticals [1] Capital Flow and Valuation - There has been a continuous inflow of southbound capital, with a net purchase amount exceeding HKD 1.2 trillion this year, leading to an increasing pricing power of domestic capital. In terms of valuation, the technology sector is significantly undervalued compared to A-shares. Coupled with the Federal Reserve's interest rate cut cycle and the resilience of the domestic economy, the Hong Kong technology sector is expected to achieve excess returns in the fourth quarter [1]

Group 1 - Cadillac has introduced the new CT6 flagship model priced at 329,000 yuan, featuring the fourth-generation MRC electromagnetic suspension, which is typically found in luxury cars like the Ferrari SF90 priced at 5 million yuan [1] - The active suspension system is part of a broader trend in the automotive industry, with many smart chassis technologies emerging in the Chinese market, including systems from Huawei, BYD, NIO, and SAIC [3] - The smart chassis market for passenger vehicles in China is projected to exceed 50 billion yuan by 2025 and could surpass 100 billion yuan by 2027, indicating significant growth potential [5] Group 2 - The smart chassis integrates various subsystems such as steering, braking, driving, and suspension, playing a crucial role in vehicle dynamics and performance [11] - Smart chassis technology enhances vehicle stability, comfort, and safety by allowing for real-time adjustments based on driving conditions and user demands [13] - The integration of smart chassis with autonomous driving systems is essential for improving vehicle safety and reliability, as both systems are critical for the overall safety of intelligent electric vehicles [16][20] Group 3 - The lack of communication between the smart chassis and autonomous driving systems can lead to safety incidents, particularly in adverse weather conditions [18] - A seamless integration of smart chassis and autonomous driving systems is necessary to ensure safe and efficient vehicle operation, with a focus on creating a closed-loop system for information exchange [23] - Industry experts predict that the full integration of smart chassis and autonomous driving technologies will be achieved within the next three to five years, enhancing the safety of autonomous driving [26]

Market Overview - On November 3, the A-share market experienced fluctuations, with the ChiNext Index dropping over 1% at one point [1] - The Shanghai Composite Index closed at 3947.94, down 6.85 points or 0.17%, while the Shenzhen Component Index fell by 103.67 points or 0.77% [2] - The total trading volume reached 686 billion CNY, with a predicted turnover of 2.21 trillion CNY, a decrease of 139.6 billion CNY from the previous day [2] Sector Performance - Active sectors included nuclear power, coal, and software, with AI applications showing strong gains [5] - The nuclear fusion sector saw significant early gains, with stocks like Changfu Co. rising over 10% [9] - The short drama gaming concept stocks surged, with companies such as 37 Interactive Entertainment and Oriental Pearl hitting their daily limit [11] Notable Stocks - Changfu Co. reported a price increase of 11.81%, with a trading volume of 514 million shares [10] - The stock of Lanstone Heavy Industry reached a price of 9.58 CNY, up 9.99%, with a trading volume of 34.23 million shares [10] - The short drama gaming stock reached a peak of 22.85 CNY, with a trading volume of 50.66 million shares [12] Industry Developments - On November 1, the Chinese Academy of Sciences confirmed the successful operation of a 2 MW liquid fuel thorium-based molten salt experimental reactor, marking a significant advancement in thorium fuel technology [10]