香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失 承擔任何責任。 2025年11月，小鵬汽車智能導航輔助駕駛（XNGP）的城區智駕月度活躍用戶滲透率達 84%。2025年12月下旬，小鵬汽車將邀請中國用戶參與第二代視覺語言動作模型的試 點計劃。 本公司股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 承董事會命 XPeng Inc. 董事長 何小鵬 香港，2025年12月1日（星期一） 自願公告 2025 年 11 月智能車交付數據 XPeng Inc. （「本公司」或「小鵬汽車」）之董事會欣然宣佈其2025年11月車輛交付數 據。 2025年11月，小鵬汽車共交付智能電動汽車36,728輛，同比增長19%。自2025年1月至 11月，小鵬汽車的累計交付量達到391,937輛，同比增長156%。 2025年1月至11月，小鵬汽車的海外交付量達到39,773輛，同比增長95%。 2025年11月5日，小鵬汽車成功舉辦2025小鵬科技日活動，推出了一系列突破性的「物 理AI」 ...

| 编纂]的[编纂]數目 | : [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | | [編纂]數目 | .. [编纂]股H股(可予[编纂]) | | [编纂]數目 | : [编纂]股H股(可予[编纂]及視乎[编纂]行使與否而 | | | 定) | | 最高[编纂] | : 每股H股[編纂]港元,另加1.0%經紀佣金、 | | | 0.0027%證監會交易徵費、0.00565%聯交所交 | | | 易費及0.00015%會財局交易徵費(須於申請時 | | | 以港元繳足,多繳款項可予退還) | | 面值 " | 每 股H股人民幣1.00元 | | [禮臺] | : [编纂] | 据港交所11月30日披露，上海移芯通信科技股份有限公司(简称：移芯通信)递表港交所主板，中信建投（601066）国际为其 独家保荐人。 招股书显示，移芯通信是一家蜂窝通信芯片提供商，专注于蜂窝通信芯片的研究、开发、架构及商业化，使设备能够通过蜂 窝LTE/5G网络进行通信。公司的芯片产品矩阵覆盖低、中、高无线传输全速域，具有优化"PPA(功耗、性能、面积/成本)"平 衡的独特优势。 公司提供覆盖低速率至高速率 ...

继生成式AI之后，人形机器人正被视为下一个颠覆性技术风口，一个潜在的万亿美元市场正在浮现。 据追风交易台消息，摩根士丹利在最新发布的深度报告——《人形机器人技术：把握未来》中指出，人形机器人作为"物理AI"（Physical AI）的 终极形态，标志着人类历史进入一个关键篇章。报告指出，到2050年全球人形机器人规模有望达5万亿美元，累计部署量将达10亿台。而在这一长 达数十年的增长中，半导体成为了最大的变量与增量。 报告测算，随着单台机器人的物料清单（BOM）成本从约13.1万美元降至2045年的2.3万美元，半导体在BOM中的成本占比将逆势大涨，从目前 的个位数飙升至24%。 报告估计，"非中国供应链下，目前一台人形机器人的平均BOM成本约为13.1万美元，但到2045年将降至2.3万美元"。这一成本远低于大多数发达 市场工人的年薪。到2050年，随着规模化和效率提升，每小时有效成本可能降至2.6美元，使其在经济上变得不可或缺。 到2050年，全球人形机器人市场规模将达到5万亿美元。 届时，全球累计部署量将达到10亿台，相当于"大约每10人拥有一台人形机器人"。 而人形机器人成本的下降将使人形机器人的投资 ...

Core Insights - CES 2026 is set to showcase significant advancements in AI technology, with major companies like Siemens, Caterpillar, AMD, and Lenovo focusing on AI in their presentations [5][8][19] - The event will highlight a variety of AI hardware products, including AI glasses, AI PCs, AI smartphones, and humanoid robots, indicating a strong trend towards AI integration in consumer electronics [18][19] - Chinese brands are expected to dominate CES, showcasing their technological innovations across various categories, reflecting their growing influence in the global market [40][41] AI as the Central Theme - AI will be the overarching theme of CES 2026, with confirmed keynote speeches from industry leaders emphasizing its importance [5][19] - Companies like Siemens will demonstrate how AI and digital twin technology can transform manufacturing and infrastructure [8] - Lenovo plans to unveil innovations related to AI-driven experiences, including applications in sports and personalized user interactions [11] PC and Gaming Innovations - Intel, AMD, and NVIDIA are anticipated to launch new products, including Intel's Panther Lake mobile processors and AMD's R9 9950X3D processor with enhanced cache capabilities [19][21] - The introduction of new gaming processors and graphics cards is expected to attract significant attention from the gaming community [21][22] Display Technology Competition - Major TV manufacturers, including TCL and Hisense, are expected to showcase advancements in RGB display technology, competing with international brands like LG and Samsung [25][26] - The CES 2026 will feature a variety of display technologies, including Micro RGB LCD and Mini LED, highlighting the competitive landscape in the display sector [25][26] Smart Cleaning Devices - Chinese smart cleaning brands are set to unveil new products, including robotic vacuums and lawn mowers, reinforcing their leadership in the global smart cleaning market [27][30] - The focus will be on comprehensive cleaning solutions that leverage AI and advanced navigation technologies [30] Accessory and Audio Innovations - Accessory brands like Baseus and Ugreen are expected to expand their product lines beyond traditional charging devices, venturing into audio and smart home solutions [31][34] - The introduction of high-end audio products and smart home security devices will be a key focus for these brands at CES 2026 [36] AI Glasses and New Hardware - AI glasses are anticipated to be a major highlight, with various brands competing in this emerging category [38] - The presence of established players and new entrants in the AI hardware space will create a dynamic showcase of innovative products [39] Chinese Brands' Dominance - Chinese companies are projected to play a pivotal role at CES, with a significant share of exhibitors and a focus on technological innovation rather than just cost competitiveness [40][41] - The event serves as a platform for Chinese brands to demonstrate their rapid product development and engineering capabilities across multiple tech sectors [40][41]

智通财经获悉，据港交所11月30日披露，上海移芯通信科技股份有限公司(简称：移芯通信)递表港交所 主板，中信建投国际为其独家保荐人。 招股书显示，移芯通信是一家蜂窝通信芯片提供商，专注于蜂窝通信芯片的研究、开发、架构及商业 化，使设备能够通过蜂窝LTE/5G网络进行通信。公司的芯片产品矩阵覆盖低、中、高无线传输全速 域，具有优化"PPA(功耗、性能、面积/成本)"平衡的独特优势。 公司提供覆盖低速率至高速率全场景的蜂窝通信芯片产品矩阵，为广泛的现实世界应用提供支撑。芯片 构成了物联网生态系统的基石，使智能表计、车辆及工业设备等物理实体能够实现无缝数据交换。 此外，公司的芯片产品矩阵不仅赋予设备连接能力，更通过矢量增强端侧AI及Open CPU技术使其具备 智能，能够高效地采集、处理及交换信息。这种广泛能力解锁了从智能传感器、AI玩具、移动支付到 可穿戴设备、网联汽车、工业自动化等更复杂系统的广泛应用场景。 根据技术特点及应用场景，蜂窝通信芯片可分为低速、中速、高速及超高速。公司的产品系列根据其支 持的蜂窝物联网标准分为多个类别，为广泛的市场需求提供解决方案。 NB-IoT：非常适合低数据速度、长距离及超低功耗 ...

Core Insights - Xiaopeng Motors is experiencing a series of positive developments, including the introduction of a humanoid robot and record-high third-quarter financial results, aiming for profitability in the fourth quarter [1][3][4] - The company is transitioning from a pure automotive focus to a broader technology-driven approach, emphasizing AI and autonomous driving [3][30] Financial Performance - In Q3 2025, Xiaopeng Motors reported total revenue of 20.38 billion yuan, marking a year-on-year increase of 100% [4] - The company has set a delivery guidance of 125,000 to 132,000 units for Q4, indicating confidence in maintaining a monthly delivery level of 42,000 units [7] - The gross margin for Q3 reached a historic high of 20.1%, surpassing Tesla's 18%, although the automotive business gross margin remains at 13.1% [23][24] Product Strategy - Xiaopeng introduced its first super-extended range model, the X9, which achieved record pre-sale orders, particularly in northern regions [10][11] - The company plans to launch three extended range versions of existing electric models in Q1 2026, aiming to boost sales and profitability [12][14] - The extended range models are designed with a large battery and fuel tank to maximize user convenience and address regional sales challenges [17][20] Technological Advancements - Xiaopeng's R&D expenses have significantly increased, reaching 2.43 billion yuan in Q3, a 48.7% rise from the previous year, focusing on electronic architecture and AI technology [28] - The company is leveraging its technology sales, generating 2.33 billion yuan in revenue with a profit margin of 74.6%, primarily from collaborations with Volkswagen [25][27] - Xiaopeng's second-generation VLA model is expected to revolutionize its software capabilities, applicable across various intelligent hardware, including autonomous vehicles and humanoid robots [34][36] Future Outlook - The company is optimistic about achieving profitability in Q4, with a high probability of success, and anticipates improvements in automotive gross margins thereafter [30] - Xiaopeng's long-term vision includes significant growth in the humanoid robot market, projecting sales to exceed 1 million units by 2030 [36][40] - The competitive landscape in the automotive market is expected to intensify in 2026, prompting Xiaopeng to focus on technological advancements to secure its future [40]

来源：读懂财经 ©读懂新能源原创/出品 作者：杨扬 编辑：夏益军 特斯拉活成了所有汽车股都羡慕的样子。 虽然业绩绝大部分都是由汽车业务贡献，但AI能力的溢出，让它孵化出了FSD、Robotaxi和人形机器人 等一系列愿景宏大、短期内又难以证伪的科技业务。 这也使特斯拉的身份悄然转变，从一家制造企业变成了科技公司。目前，特斯拉市盈率（TTM）高达 280倍，而全球销量第一的丰田仅8倍。 特斯拉打了个样，有没有其他汽车股也能成为"下一个汽车科技股"？ 国内新势力的科技属性也在增强，理想正视图成为一家"具身智能公司"，小鹏则试图通过已发布的机器 人和飞行汽车，布局"物理AI"。 那它们能成为中国版的特斯拉吗？ 本文持有以下观点： 1、汽车基本盘是支撑AI愿景的基础。转型科技公司需要巨大投入，这就要求新势力在红海竞争中必须 具备稳定的自我造血能力。只有证明销量可持续、利润能稳住，新势力才有向科技股升级的可能。 2、规模领先是跳板。与美国的技术创新驱动不同，国内企业的成功公式更多依托规模与成本优势实现 快速市场渗透。具身智能的终局大概率是消费级产品，规模领先的企业更有可能构筑竞争力，实现商业 化闭环。 "大家好，我是李 ...

Core Insights - The AI industry is entering a rapid change cycle, with 2025 being a pivotal year for the development of large models, particularly with the emergence of DeepSeek, which is reshaping the global landscape and promoting open-source initiatives [1][10][18] - The dual-core driving force of AI development is characterized by the United States and China, each following distinct paths, with key technologies accelerating towards engineering applications [1][10][11] - Despite advancements in model capabilities, challenges in real-world application remain prevalent, indicating a shift in focus from "large models" to "AI+" [1][10][19] Group 1: Global Large Model Landscape - The global large model development is driven by a dual-core approach, with the U.S. leading in closed-source models and China focusing on open-source models [10][11][13] - OpenAI, Anthropic, and Google represent the leading trio in the large model arena, each adopting differentiated strategic paths [17] - DeepSeek's emergence marks a significant breakthrough for China's large model development, showcasing the potential of open-source models [18][19] Group 2: Key Technological Evolution - The evolution of large models is marked by four major technological trends: native multimodal integration, reasoning capabilities, long context memory, and agentic AI [22][24] - Native multimodal architectures are replacing text-centric models, allowing for seamless integration of various modalities [23] - Reasoning capabilities are becoming a core feature of advanced models, enabling them to demonstrate their thought processes [24][26] Group 3: Industry Chain and Infrastructure - The AI infrastructure is still dominated by Nvidia, with a slow transition towards a multi-polar ecosystem despite the emergence of alternatives like Google’s TPU and AMD’s chips [47][48] - The AI industry is shifting from reliance on a few cloud providers to a more collaborative funding model, with Nvidia and OpenAI acting as dual cores driving the ecosystem [51][52] Group 4: Application Layer Opportunities - Large model companies are positioning themselves as "super assistants" while also aiming to control user entry points through various products and services [53][54] - Independent application companies can find opportunities in vertical markets that require deep industry understanding and complex workflow integration [55][56] - The evolution of AI applications is moving towards intelligent agents capable of autonomous operation, indicating a significant shift in application development paradigms [61][62]

邓思邈 李根 发自 纽凹非寺 量子位 | 公众号 QbitAI 韩旭变了。 文远知行创始人、CEO韩旭，现在是 "全球Robotaxi第一股" 的董事长，并且刚实现了港交所挂牌上市——双重资本认可。 文远知行的Robotaxi落地也全球开花结果，通行八国。在广州、北京、南京、苏州、鄂尔多斯、阿布扎比、苏黎世、新加坡，都 有"WeRide"标识的无人驾驶出租车运营……按商业化落地的Robotaxi车队规模来排名，文远知行即便不是 全球最大也是最大之一 。 一度被百炼千锤的文远知行，现在可谓苦尽甘来。 但以诗人性情闻名的CEO韩旭，现在无意谈论"Robotaxi格局"、拒绝预测"X年后谁还能在牌桌上"，甚至表态Robotaxi也好任何AI黑科技落地 也好—— "少关注一些竞争对手，多关注一些市场和用户反馈。" 韩旭的变化不光是言辞之变，更早之前的 美股IPO上市 ，他甚至没去现场，朋友圈也找不到一张庆祝的纪念照片。港股挂牌去了，但没有典 型的上市庆祝，重点转发了一条 "三年不减持" 的公告，表明决心。 如果对文远知行堪称坚韧的创业历程熟悉，对韩旭"不服比一比"的耿直风格了解，就能感知到变化之大反差之强烈。 这些计 ...

（文章来源：每日经济新闻） 中信建投指出，科技属性及新兴成长方向是核心主线。广州车展期间，多车企发布2026年新款车型，广 汽与华为合作品牌"启境"上市175天大定突破1.8万台，2026年华为新车大年值得关注。小鹏、广汽、长 安等车企展出自研机器人产品，2026年伴随特斯拉FSD V14、Robotaxi、Optimus等技术迭代量产，汽车 及机器人作为物理AI核心应用有望催生产业趋势拐点，整车科技属性或重估。 智能汽车ETF（159889）跟踪的是CS智汽车指数（930721），该指数从沪深市场中选取涉及智能化技 术、汽车零部件及服务等业务的上市公司证券作为指数样本，以反映智能汽车相关上市公司证券的整体 表现及行业发展趋势。 ...