18 November 2025 | 7:03AM CST Equity Research XPeng Inc. (XPEV): 3Q25 First Take: Operating profit in line, 4Q25E revenue guidance below expectation XPeng reported 3Q25 result with total revenue and operating profit in line with expectation, with higher revenue and gross margin from services and others mitigating the impact from lower vehicle sales and margin. However, 4Q25E revenue guidance was below expectation, with revenue of Rmb21.5bn-23.0bn (-17%/-16% vs.GSe/Consensus at the midpoint) and vehicle sale ...

China Semiconductors Horizon Robotics Rating Outperform Price Target Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com 9660.HK 15.00 HKD HK$12 HK$10 HK$8 HK$6 HK$4 11/24 02/25 05/25 08/25 11/25 1200 1300 1400 1500 1600 1700 1800 9660.HK ASIAX Francis Ma +852 2123 2626 francis.ma@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com Horizon Robotics: The first vehicle equipped with HSD L2++ hardware and software solution open for order The first vehicle equipped with the Horizon Ur ...

Investor Presentation | Asia Pacific Asia Pacific Summit 2025: The Battle for the Future of Electric Mobility | M | | Foundation | | --- | --- | --- | | November 17, 2025 08:41 AM GMT | | | | Investor Presentation Asia Pacific | Morgan Stanley Asia Limited+ | | | | Tim Hsiao | | | | Equity Analyst | | | Asia Pacific Summit 2025: The | Tim.Hsiao@morganstanley.com | +852 2848-1982 | | | Stanley Wang | | | | Research Associate | | | Battle for the Future of Electric | Stanley.Wang@morganstanley.com | +852 2848 ...

Core Viewpoint - Li Auto is transitioning from a traditional automotive company to an AI technology company, focusing on foundational research in artificial intelligence to drive innovation in smart automotive technologies [4][6][51]. Group 1: Research Achievements - The Li Auto base model team achieved significant breakthroughs with 12 high-quality research papers accepted at top international AI conferences, including AAAI, NeurIPS, EMNLP, ACM MM, and ICCV [4][6]. - The research outcomes are characterized by three main features: depth of technology, breadth of application, and ecological collaboration with over ten top universities [9][51]. Group 2: Key Research Papers and Innovations - AAAI 2026: Three papers focused on temporal reasoning, instruction following, and 3D scene reconstruction, with one paper receiving oral presentation honors [6][7]. - NeurIPS 2025: Two papers on brain-like planning and multi-character animation, showcasing advancements in AI's ability to plan and animate [6][17]. - EMNLP 2025: Two papers on multi-agent collaboration and language safety, with one paper highlighted for its significant academic value [6][26]. - ACM MM 2025: Two papers on cross-modal consistency and visual reasoning, contributing to the understanding of AI's multimodal capabilities [6][35]. - ICCV 2025: Three papers on facial video generation, image fine-tuning, and token compression, enhancing AI's visual processing abilities [6][42]. Group 3: Practical Applications - The research findings are being applied in real products, such as the cross-calendar temporal reasoning in the Li AI calendar and language safety technologies ensuring safe cockpit interactions [9][51]. - The 3D reconstruction technology supports understanding complex driving scenarios, demonstrating the practical impact of the research on product development [51]. Group 4: Collaborative Ecosystem - Li Auto has established deep collaborations with leading universities, creating a new model of industry-academia cooperation that combines theoretical research with practical applications [9][51].

吉利汽车在港交所公告，于2025年11月18日，公司与独立经纪商Morgan Stanley & Co. International plc订 立一份股份回购协议，据此，该经纪商或其联属人士将于香港联交所回购股份，涉及金额最高达23亿港 元。据公司了解，该经纪商将参与回购计划相关的自营交易活动。 ...

2026款捷途旅行者燃油版12.49万元起售，XWD全自动智能四驱0.1秒切换模式，满足更多新手小白 的轻越野需求；插混版15.29万元起售，搭载鲲鹏超能混动C-DM系统，并提供华为乾坤智驾版。#2026 款捷途旅行者#终身质保#双动力#方盒子#硬派越野#改装 ...

吉利汽车(00175)发布公告，于2025年11月18日，本公司与独立经纪商Morgan Stanley&Co.International plc(该经纪商)订立一份股份回购协议(回购协议)，据此，该经纪商或其联属人士(为交易所参与者(定义 见香港联合交易所有限公司证券上市规则))将于香港联合交易所有限公司(联交所)回购股份，涉及金额 最高达23亿港元。该等回购将根据回购协议项下所载预定参数进行(回购计划)，且由该经纪商(独立于本 公司及其关连人士)全权酌情决定。 ...

Core Viewpoint - Morgan Stanley reports that Geely Automobile's Q3 performance exceeded expectations, with core net profit 4% higher than the bank's forecast [1] Financial Performance - Geely's profit per vehicle increased by 15% quarter-on-quarter to 5,200 RMB [1] - The third-quarter performance was driven by scale effects, improved product mix, and expanded export contributions [1] Market Outlook - The bank notes that Geely's stock price increase this year is primarily due to profit upgrades rather than multiple expansions [1] - Management emphasized plans for new vehicle launches, autonomous driving (AD), and export strategies in the earnings meeting [1] - The bank is optimistic about stronger growth momentum in the upcoming fourth quarter and next year [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating with a target price of 24 HKD [1]

智通财经APP讯，吉利汽车(00175)发布公告，于2025年11月18日，本公司与独立经纪商Morgan Stanley & Co. International plc(该经纪商)订立一份股份回购协议(回购协议)，据此，该经纪商或其联属人士(为交 易所参与者(定义见香港联合交易所有限公司证券上市规则))将于香港联合交易所有限公司(联交所)回购 股份，涉及金额最高达23亿港元。该等回购将根据回购协议项下所载预定参数进行(回购计划)，且由该 经纪商(独立于本公司及其关连人士)全权酌情决定。 ...

（来源：科创100ETF基金） 吉利汽车公告，公司与独立经纪商Morgan Stanley&Co.International plc订立股份回购协议，该经纪商或 其联属人士将于香港联合交易所有限公司回购股份，涉及金额最高达23亿港元。该等回购将根据回购协 议项下所载预定参数进行，且由该经纪商(独立于公司及其关连人士)全权酌情决定。 来源：市场资讯 ...