Core Viewpoint - Xiaopeng Motors achieved significant growth in Q3 2025, with a 102% year-on-year increase in revenue and a 149.3% increase in vehicle sales, indicating strong market demand and successful product launches [3][8]. Financial Performance - In Q3 2025, Xiaopeng Motors reported total revenue of 203.8 billion RMB, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [3][9]. - The net profit for Q3 2025 was -3.8 billion RMB, an improvement from -18.1 billion RMB in the same period last year and -4.8 billion RMB in Q2 2025 [3][9]. - The automotive sales revenue for Q3 2025 was 180.5 billion RMB, reflecting a year-on-year growth of 105.3% and a quarter-on-quarter growth of 6.9% [4][9]. - Service and other income reached 23.3 billion RMB in Q3 2025, up 78.1% year-on-year and 67.3% quarter-on-quarter [4][9]. Cost Management and Profitability - Xiaopeng Motors improved its gross margin to 20.1% in Q3 2025, up 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [4][10]. - The net margin for Q3 2025 was -1.9%, an improvement of 16.0 percentage points year-on-year and 0.7 percentage points quarter-on-quarter [4][10]. - R&D expense ratio decreased to 11.9%, down 4.3 percentage points year-on-year, while sales, general, and administrative expense ratio was 12.2%, down 3.9 percentage points year-on-year [4][10]. Sales and Delivery Guidance - Xiaopeng Motors sold 116,000 vehicles in Q3 2025, a 149.3% increase year-on-year and a 12.4% increase quarter-on-quarter [5][13]. - The company delivered 42,000 vehicles in October 2025, marking a 76% year-on-year increase [5][13]. - For Q4 2025, the company expects to deliver between 125,000 and 132,000 vehicles, representing a year-on-year increase of approximately 36.6% to 44.3% [5][13]. Technological Advancements - On November 5, 2025, Xiaopeng Motors showcased its advancements in physical AI at the 2025 Xiaopeng Technology Day, including the second-generation VLA system and plans for autonomous driving taxis [6][18]. - The second-generation VLA system integrates vision and language processing, enhancing the efficiency of autonomous driving capabilities [19][20]. - Xiaopeng Motors plans to launch three Robotaxi models in 2026, utilizing a vision-based approach without reliance on LiDAR or high-definition maps [26][28]. Product Development - The new generation IRON humanoid robot features advanced design and capabilities, including 82 degrees of freedom and the ability to perform complex movements [31][32]. - The IRON robot will utilize a solid-state battery for improved safety and efficiency, and it will be deployed in commercial scenarios such as guiding and inspection [33][34].

凤凰网科技讯 11月24日，据多位车主反馈及官方确认，11月23日晚22时左右，极越汽车出现突发网络 故障。此次故障主要表现为手机App端显示车辆处于"离线"状态，导致用户无法使用远程控制等关键功 能。 针对这一突发状况，极越方面迅速做出回应。官方表示，技术团队在接到反馈后已第一时间启动应急响 应机制，目前正在全力进行问题排查与修复工作。对于此次服务短暂异常给用户用车带来的不便，极越 官方表达了歉意，并恳请用户耐心等待系统恢复正常。 值得注意的是，车机软件服务的稳定性是智能汽车的核心体验之一。极越汽车曾在今年7月发布《关于 极越车机软件服务及车辆售后质保范围》的公告，明确了相关服务的边界。公告指出，对于被盗、已报 废及跨境流通的海外销售车辆，官方将不再提供车机软件服务及车辆售后质保。此外，通过授权渠道销 售的车辆仅享受车机软件服务，其售后责任由销售方承担；只有通过官方正常渠道售出的车辆，才能同 时享受完整的车机服务与国家法定质保服务。 ...

Core Insights - The acquisition of Dispelix by AAC Technologies marks a significant move to enhance its XR capabilities, focusing on transparent waveguide technology for AR devices [1][4] - The deal has garnered positive attention from industry leaders, indicating strong interest and support for the transaction [3] Group 1: Strategic Implications - The acquisition is a key step for AAC Technologies in the XR field, as it collaborates with top mobile ecosystem builders to develop next-generation XR reference design hardware platforms [4][5] - The announcement hints at potential partnerships with major players like Meta, Apple, and Google, which are pivotal in the XR ecosystem [4][5] Group 2: Business Synergies - Prior to the acquisition, AAC Technologies had established capabilities in acoustic, haptic, and optical modules, and the addition of Dispelix fills a critical gap in AR waveguide technology [6] - The integration of XR capabilities is expected to synergize with AAC's existing business, leveraging its supply chain resources and manufacturing expertise to accelerate XR commercialization [6][7] Group 3: Growth Strategy - The acquisition aligns with AAC Technologies' strategic focus on building core technology platforms and achieving cross-domain technology reuse, which has been a consistent theme in its growth strategy [7] - Previous acquisitions have successfully expanded AAC's capabilities across various sectors, indicating a replicable growth model for future ventures into emerging fields [7] Group 4: Market Potential - The global XR investment is projected to grow from $15.22 billion in 2024 to $39.7 billion by 2029, with a compound annual growth rate of 21.1%, highlighting significant growth potential in the industry [8]

Core Insights - The Ministry of Industry and Information Technology emphasized the continuous promotion of high-quality development in the power battery industry during the 2025 World Power Battery Conference [1] - In October, new energy vehicle sales accounted for over half of total sales at 51.6%, with domestic brand passenger cars holding a market share of 72.5% [1] - Dongfeng Motor showcased its next-generation solid-state battery technology with an energy density of 350Wh/kg, aiming for mass production by September 2026, which will support a range of 1000 kilometers [1] Industry Developments - The "14th Five-Year" intelligent connected new energy vehicle development plan will be formulated, focusing on expanding power battery application scenarios, including supporting battery swap mode innovations and vehicle-network interaction trials [1] - A robust carbon management system for power batteries will be established to enhance sustainability in the industry [1] - The export volume of new energy vehicles increased by 22.9% year-on-year to 666,000 units, indicating a positive growth trend in the industry [1] Investment Opportunities - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects representative listed companies involved in smart driving and vehicle networking from the A-share market [1] - The index covers multiple industry segments from hardware to software, reflecting the diversity and broad characteristics of the smart car industry [1]

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Core Insights - The strategic partnership between Avatr and Huawei has evolved from the HI model to the HI PLUS co-creation model, marking a significant upgrade in their collaboration and setting a new path for cooperation in the automotive industry [1][17] - This partnership emphasizes a comprehensive approach covering user insights, product definition, R&D, marketing, and service, aiming to reshape the luxury smart electric vehicle market and support the high-end branding of Chinese manufacturers [1][17] Technology Collaboration - The core of the Avatr and Huawei partnership is technological collaboration, transitioning from single component empowerment to full-stack joint R&D under the HI PLUS model [3] - Avatr's vehicles are equipped with Huawei's advanced technologies, creating a positive feedback loop between technology upgrades and product iterations [3] Smart Driving Innovations - The Huawei Dry Kun ADS 4 system has been integrated across all Avatr models, making it the first brand to fully deploy advanced driving assistance features [5] - The Avatr 12 model showcases advanced sensing capabilities with a four-laser radar system, enhancing performance in complex driving conditions [5] Smart Cabin Features - The HarmonySpace 5 smart cabin provides seamless integration with mobile devices, enhancing user experience with fast voice recognition and interactive features [6] - The Avatr 06 model is designed with advanced detection capabilities, catering to younger users with its innovative design and technology [6] Powertrain Technology - The Avatr 12 offers both pure electric and range-extended power options, with impressive performance metrics such as a 356 km electric range and a 3.8-second acceleration time for the all-wheel-drive version [7] - The collaboration aims to launch 17 new models by 2030, covering various segments including sedans, SUVs, and MPVs [7] Ecosystem Collaboration - The HI PLUS model focuses on channel integration, service upgrades, and capital binding to create a closed-loop ecosystem [8] - Avatr has entered the Huawei ecosystem, allowing users to browse and purchase vehicles through the Huawei Dry Kun app, enhancing market reach [11] Capital Binding - Avatr's investment of 11.5 billion yuan in Huawei has established a strong capital relationship, ensuring long-term stability and coherence in decision-making [12] - The partnership has resulted in significant sales growth, with Avatr achieving a record high of 13,506 units sold in October 2025, a 34% year-on-year increase [12] User Co-Creation - The partnership emphasizes user co-creation, allowing customers to participate in product development and fostering emotional connections with the brand [13] - Initiatives like the Avatr × Huawei Dry Kun Smart Driving City Open Competition engage users in real-world scenarios, enhancing product relevance [15] Brand Recognition - Positive user experiences and endorsements from Huawei employees have strengthened brand recognition and loyalty, creating a virtuous cycle of internal approval and market promotion [16] - The collaboration is positioned as a model for how Chinese brands can leverage technology and user engagement to compete in the global high-end automotive market [17]

Core Viewpoint - Goldman Sachs expects Xiaomi Group-W (01810) to disclose more AI-related achievements in the coming quarters, which will enhance its "human × vehicle × home" ecosystem and strengthen its differentiated ecological advantage, supporting its brand premiumization strategy. Therefore, the firm maintains a "Buy" rating with a target price of HKD 53.5 based on SOTP valuation [1] Group 1 - Despite potential short-term stock price volatility, Xiaomi Group's risk-reward ratio remains attractive [1] - Xiaomi has increased its share buybacks in recent months, with a total buyback amount reaching HKD 2.3 billion this year, at an average repurchase price of HKD 42.2 per share [1] Group 2 - On November 21, Xiaomi officially launched the open-source cross-entity foundational model MiMo-Embodied and an upgraded version of its Super Autonomous Driving (HAD) system [1] - Looking ahead, Xiaomi aims to upgrade its smart driving technology from "rule-driven" and "data-driven" to "cognitive-driven," focusing on developing a visual-language-action model (VLA) based on its self-developed foundational model, with specialized fine-tuning for autonomous driving scenarios [1]

Core Insights - Shenzhen Denza New Energy Vehicle Co., Ltd. has announced a strategic partnership with Midea Group's high-end AI technology home appliance brand, COLMO, allowing Denza N8L users to control smart home appliances from their vehicles and monitor vehicle status remotely at home [2] - Avita Technology has also partnered with Haier Group's Katai Chi Holdings to innovate in product customization, vehicle-home scenario integration, and in-car function design, aiming to create a high-end experience and technology-integrated smart travel solutions [2][3] - The "vehicle-home" concept is gaining traction, leading to increased competition among companies as they provide new smart experiences and shift market competition from product-centric to ecosystem-centric [2][3] Industry Trends - The collaboration between automotive and home appliance companies is becoming a trend, with BYD and Midea launching a "vehicle-home" life solution, enhancing smart interconnectivity [3] - Changan Automobile has signed a cooperation agreement with Haier Group to develop vehicle-home ecosystem collaborations and create vehicle-mounted electrical products [3] - Midea Group has unveiled a new "whole-home smart" strategy, integrating AI capabilities and smart home appliances, and showcasing collaborative results with NIO [3] Technological Developments - The "vehicle-home" concept is not new, with Huawei and Xiaomi previously establishing their own ecosystems integrating smartphones, smart homes, and smart vehicles [4][5] - The integration of smart vehicles as mobile smart terminals is expected to expand the "vehicle-home" ecosystem, enabling features like dual control and automated scene triggering based on geofencing technology [6] - Ultra-wideband (UWB) technology is emerging as a key enabler for precise and seamless connections between devices, while operating system integration is crucial for ecosystem connectivity [7] Challenges and Opportunities - The development of the "vehicle-home" ecosystem faces challenges such as technological and standard barriers, which create information silos among devices [8] - Security risks are heightened as vehicles connect to home networks, necessitating robust measures to protect user data and system integrity [8] - The commercial model for the "vehicle-home" ecosystem remains unclear, with companies exploring sustainable profitability strategies [8] Competitive Landscape - The "vehicle-home" ecosystem is expected to see layered competition, with a few companies acting as "ecosystem leaders" and many others as "ecosystem participants" seeking differentiation [9] - User experience is anticipated to evolve towards proactive intelligence, with vehicles adapting to user needs rather than the other way around [9] - The market for smart sockets supporting vehicle-home energy exchange is projected to exceed 30 billion yuan by 2026, indicating a growing focus on energy collaboration between vehicles and home devices [10]

Core Viewpoint - The Hong Kong Technology ETF Tianhong (159128) has shown significant trading activity and growth, with a recent increase in scale and continuous net inflow of funds, despite a slight decline in the underlying index [1][2]. Fund Performance - As of November 21, 2025, the Hong Kong Technology ETF Tianhong (159128) recorded a turnover of 25.61% and a transaction volume of 174 million yuan, indicating active market trading [1]. - The fund's scale increased by 32.41 million yuan over the past week, reaching a new high of 740 million shares since its inception [1]. - The ETF has seen a total net inflow of 115 million yuan over the past six days, reflecting strong investor interest [1]. Index and Valuation - The underlying index, the National Certificate Hong Kong Stock Connect Technology Index (987008), experienced a decline of 2.74% [1]. - The latest price-to-earnings ratio (PE-TTM) for the index is 23.60 times, which is at a historical low, being below 81.22% of the time over the past five years [2]. Earnings Reports - Major technology companies like Tencent and Xiaomi reported strong third-quarter results, with Tencent achieving double-digit growth in both revenue and net profit, driven by its AI strategy [2]. - Xiaomi's innovative business segments, particularly in electric vehicles and AI, saw a revenue increase of 29 billion yuan, a year-on-year surge of 199.2%, with the automotive sector achieving profitability in a single quarter [2]. Capital Flows - Since the launch of the Southbound Trading, cumulative net inflows have reached nearly 5.1 trillion HKD, with over 1.36 trillion HKD net inflows this year alone, surpassing last year's total [3]. - In the last 60 trading days, only 10 days recorded net outflows, indicating robust support for Hong Kong stocks from Southbound funds [3]. Industry Insights - Analysts from Shenwan Hongyuan Securities noted a shift in the AI sector from capital expenditure focus to investment return emphasis, with accelerated listings of domestic AI chips and rapid commercialization of AI applications [3]. - Cloud computing and internet companies with diverse application scenarios are gaining attention due to their quick revenue realization and favorable valuation [3].

Market Trends - The market is expected to experience a rebound that will last until mid-December, similar to the pattern observed last year [1] - Historical data indicates that from late November to mid-December, the market often shows positive performance, but a turning point typically occurs around December 12 [3][4] Short-term Trading Dynamics - In 2023, the market from September to December was characterized by a short-term bull market, particularly in the North Exchange, which outperformed the main board [2] - The 中证1000 index reflects the overall performance of small and medium-sized stocks, showing a significant decline from 6091 points to 4177 points between December 12, 2023, and February 3, 2024 [2] Historical Patterns - The analysis of December trends from 2021 to 2023 reveals a consistent pattern where the market performs well until mid-December, followed by a downturn after significant meetings [3][4] - Major meetings held in December often lead to market stability before the events, but subsequent reactions can result in pessimism once the events conclude [3] Industry Focus - The focus for the upcoming rebound will be on the sectors mentioned in the upcoming meetings, particularly AI applications and the integration of digital and real economies [4][5] - Consumer spending is increasingly emphasized, with expectations for measures to stimulate consumption in the coming year [4] Conclusion - The market is entering a rebound phase, with the core of the market dynamics centered around the industries likely to be highlighted in the upcoming meetings, especially AI applications [5]