Core Viewpoint - The report from Guosheng Securities expresses optimism about XPeng Motors' strong product cycle, overseas expansion, advancements in intelligent driving, and emerging business opportunities in robotics and Robotaxi services. The company is projected to achieve sales of approximately 450,000, 680,000, and 1,010,000 vehicles from 2025 to 2027, with total revenues reaching 80.6 billion, 133.3 billion, and 188.5 billion yuan respectively, and a non-GAAP net profit margin of -1.5%, 3.4%, and 5.2% for the same years. The target price is set at 126 HKD or 32.4 USD, maintaining a "buy" rating [1]. Group 1: AI Development and Model Training - XPeng's AI team has been developing a physical AI foundational model for over a year, with significant advancements reported in a recent AI technology sharing event [1]. - The company is working on a large-scale autonomous driving model with 72 billion parameters, which is approximately 35 times larger than mainstream VLA models. The training data volume is expected to reach 200 million clips [1]. - The model's training speed has improved fivefold due to the development of a proprietary data infrastructure, enhancing data upload scale by 22 times and training data bandwidth by 15 times [1]. Group 2: Competitive Edge in Hardware and Software - XPeng's software and robotics models are interconnected, allowing for rapid deployment of AI capabilities across various platforms, including AI cars and robots [2]. - The self-developed Turing chip offers higher effective computing power at a lower cost, with a single chip equivalent to three Orin-X chips. The new P7 and G7 Ultra models are equipped with three Turing chips, and the L4 model planned for 2026 will feature 3000 TOPS of computing power [2]. - The combination of high computing power and larger models is expected to significantly enhance the driving experience and position XPeng as a leader among domestic automakers [2]. Group 3: Industry Comparisons - Tesla is also advancing in high-performance chip development and has introduced a "world simulator" that demonstrates the versatility of its AI systems for both vehicles and robots [3]. - Tesla's fourth-generation hardware aims to increase AI parameters significantly, with future hardware expected to enhance computing power by tenfold at the same cost [3]. - The similarities in technological approaches and business strategies between XPeng and Tesla suggest a competitive landscape where both companies are likely to achieve breakthroughs in physical AI [3].

Core Viewpoint - Leap Motor has received significant attention since the release of D19, emphasizing its commitment to core technology and independent research and development [2] Group 1: Company Strategy - Leap Motor's senior vice president, Cao Li, clarified that the company has never stated a position of not collaborating with Huawei, countering media misinterpretations [2] - The company maintains that its strategy of full-domain independent research and development does not conflict with partnerships with other leading enterprises [2] Group 2: Industry Context - Leap Motor regards Huawei as a benchmark for China's technological self-reliance and expresses respect for the company [2]

Group 1 - The report highlights a significant increase in fund assets and holdings, with total fund assets rising by 20.2% to 4.15 trillion yuan and total market value of holdings increasing by 22.0% to 3.56 trillion yuan in Q3 2025 [3][5] - The report indicates a shift in fund positioning, with a notable increase in allocations to the ChiNext and STAR Market while reducing exposure to the main board [5][27] - The concentration of holdings has increased, with CR5/10/20/30/50 ownership concentration rising by 3.4/5.2/6.1/6.3/5.8 percentage points compared to Q2 2025, reflecting a preference for large-cap stocks [5][27] Group 2 - The report identifies a trend of reducing allocations in consumer and financial sectors while increasing exposure to technology and advanced manufacturing sectors, particularly in electronics and communications [27][32] - The allocation to the eight broad technology manufacturing sectors has risen significantly, with the overall allocation increasing from 52.2% in the mid-report to 63.2% in Q3 2025, and the overweight ratio rising from 16.8% to 22.1% [27][36] - The report notes that the allocation to TMT sectors has reached a historical high, with the overall allocation increasing from 28.9% to 40.4% in Q3 2025, and the overweight ratio rising from 10.5% to 17.9% [27][36] Group 3 - The report details a decrease in allocations to essential and discretionary consumer sectors, with the allocation to discretionary consumption dropping by 2.8 percentage points and essential consumption by 3.7 percentage points [27][36] - The financial sector saw a decline in allocation, with the banking sector's allocation decreasing by 3.0 percentage points and non-bank financials slightly down by 0.3 percentage points [27][36] - The report emphasizes that the current market structure and economic adjustments are driving the stock market's structural changes, with technology and advanced manufacturing sectors becoming increasingly correlated with macroeconomic conditions [27][36]

Investment Rating - The report maintains a "Recommended" investment rating for Tesla (TSLA.O) [11] Core Insights - Tesla's Q3 2025 total revenue reached $28.095 billion, a year-on-year increase of 12%, while net profit decreased by 37% to $1.389 billion [4][5] - The energy business showed significant growth with a revenue increase of 44%, while automotive revenue growth slowed to 6% [5] - The company is facing pressure on profit margins due to rising operational costs and pricing strategies, despite maintaining strong cash flow [9][11] Revenue and Profitability - Total revenue for Q3 2025 was $28.095 billion, with automotive sales contributing $21.205 billion, reflecting a 6% year-on-year growth [5][6] - Energy generation and storage revenue reached $3.415 billion, marking a 44% increase [5] - The gross margin for the quarter was approximately 18%, slightly lower than the previous year, influenced by cost pressures [5][9] Automotive Sales and Costs - Automotive sales revenue increased from $18.831 billion in Q4 2024 to $20.359 billion in Q3 2025, a growth of about 8% [6] - The cost of automotive sales was $17.365 billion, indicating ongoing cost challenges despite efforts to optimize production and logistics [6] FSD and Deferred Revenue - Deferred revenue related to Full Self-Driving (FSD) reached $3.83 billion as of September 30, 2025, up from $3.60 billion at the end of 2024, indicating a strong future revenue source [8] - The company anticipates recognizing $880 million of this deferred revenue within the next 12 months [8] Operational Expansion and Cash Flow - Tesla's operational expansion led to a 57% increase in R&D expenses to $1.630 billion, and a 32% rise in selling, general, and administrative expenses to $1.562 billion [9][10] - Despite these increases, operating cash flow remained robust at $10.934 billion for the nine months [9] AI Strategy - R&D expenses for AI and related projects significantly increased, with total AI infrastructure assets reaching $6.621 billion [10] - The company is integrating its AI chip design team, incurring $238 million in restructuring costs [10]

Market Overview - The A-share market showed a recovery last week, with major indices rising and trading volume increasing [1] - Among the 31 Shenwan first-level industries, communication, electronics, and electrical equipment performed relatively well [1] Macroeconomic Data Analysis - In Q3 2025, GDP growth slowed to 4.8%, reflecting weak investment and consumption data [3][4] - The cumulative industrial added value for the first three quarters increased by 6.2% year-on-year, while retail sales of consumer goods in September grew by 3.0%, down from 3.4% in the previous month [3][4] - Fixed asset investment for January to September showed a cumulative decline of 0.5% year-on-year, with the urban unemployment rate at 5.2%, slightly down from the previous month [3][4] Investment Trends - Real estate investment from January to September saw a significant decline of 13.9% year-on-year, with a monthly drop of 21.2% [4][5] - Manufacturing investment for the same period increased by 4.0% year-on-year, but showed a monthly decline of 1.92%, continuing a downward trend since Q2 [6] - The government plans to arrange 500 billion yuan in local government debt to address existing debt and expand effective investment [5] Policy and Strategic Outlook - The recent Fourth Plenary Session emphasized the importance of high-quality development and the role of the government in the economy [6] - The focus on strengthening the real economy and technological development reflects a commitment to maintaining competitiveness amid international challenges [6] - The market is expected to remain volatile in the short term, influenced by domestic policies and U.S.-China negotiations, but may see upward momentum driven by technology sectors [7] Sector Focus - Defensive dividend sectors are recommended for lower allocation, while attention should be paid to sectors with potential catalysts, such as certain industries related to real estate and consumer goods [7] - The technology sector remains a key focus, with ongoing interest in AI, manufacturing, and other high-growth areas [7]

每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ 2025年1至6月份，模塑科技的营业收入构成为：汽车产业占比92.83%，医疗产业占比3.48%，铸件占比 2.58%，房地产产业占比1.11%。 截至发稿，模塑科技市值为85亿元。 每经AI快讯，模塑科技（SZ 000700，收盘价：9.23元）10月30日晚间发布公告称，公司第十二届第四 次董事会临时会议于2025年10月30日以通讯方式召开。会议审议了《关于召开2025年第二次临时股东会 的议案》等文件。 （记者 贾运可） ...

Core Viewpoint - The collaboration among Li Auto, PICC Beijing Branch, Yuanbao Technology, and Shanghai Vehicle Inspection aims to innovate insurance solutions for high-level intelligent assisted driving, responding to the strategic deployment of financial technology and the evolving policies in the automotive industry [1][2]. Group 1: Industry Context - Intelligent driving is identified as a core engine for the transformation and upgrading of the automotive industry, significantly contributing to the integration of artificial intelligence and automotive innovation for high-quality development [1]. - Since 2025, China's intelligent assisted driving technology has accelerated, with the government actively promoting the development of the intelligent connected vehicle industry through various policies [1]. Group 2: White Paper Characteristics - The white paper is the first systematic research focusing on high-level intelligent assisted driving insurance, addressing the current immaturity of insurance products and lack of systematic solutions in this field [2]. - It features foresight and originality, filling a research gap in risk protection and product innovation for high-level intelligent assisted driving insurance, and aims to influence the formulation of related standards and policies [2]. - The white paper is comprehensive, covering industry trends, legal regulations, consumer rights, insurance development paths, risk management technologies, and pricing models, establishing a solid foundation for future financial product optimization [2]. Group 3: Practicality and Collaboration - The white paper's compilation involved collaboration among automakers, insurance companies, and third-party technology platforms, integrating practical experiences and expertise from various sectors [3]. - The proposed solutions are based on industry practices and aim to promote cross-industry collaboration, enhancing the operational feasibility and industry guidance value of the insurance products [3]. - The release of the white paper is expected to fill the gap in high-level intelligent assisted driving insurance policies and product development in China, supporting the implementation of industry policies and responding to the requirements of "financial technology" [3].

10月30日，针对"零跑称与华为道不同不相为谋"的说法，零跑汽车高级副总裁曹力在社交平台发布声明称，从来没说过这句话，也没有表达过类似的意思。 "我们走全域自研的路线，这与和其他优秀企业展开合作不矛盾、不冲突。华为是中国科技自立自强的标杆，是我们学习的榜样，我们也非常尊重华为。"他 写道。 据《每日经济新闻》此前报道，10月16日晚间，零跑汽车发布了全新产品序列D系列的首款产品零跑D19。据悉，零跑D19定位大型SUV，拥有纯电与增程 两种动力形式，上市之后将成为零跑汽车旗下售价最高的产品。 根据此前披露的消息，零跑D19的售价预计在25万~30万元。 而随着D19的亮相，零跑汽车正式踏入20万元以上新能源车市场。作为冲击高端市场的一款车型，零跑D19通过公司自研及与零部件企业合作的方式，将行 业众多最新技术"武装上车"。"零跑汽车所有产品的价格都是很有诚意的，零跑D19也不例外。"零跑汽车董事长朱江明认为。 图片来源：每经记者孙磊摄 根据官方的消息，零跑D19增程版使用了CTC电池技术，搭载了80.3kWh的大电池，带来了500km的纯电续航；纯电版则采用全栈1000V的架构，还有三电 机、双高通8797芯 ...

（文章来源：每日经济新闻） 10月30日，零跑汽车高级副总裁曹力通过微博发文称，自零跑D19发布以来，公司受到了很多关注，其 在当时的交流会中分享了公司的技术战略，表明公司会坚持核心技术全域自研的一贯理念。 "没想到这被部分不在场的媒体曲解为'零跑称与华为道不同不相为谋'。在这里和大家正式声明：我从 来没说过这句话，也没有表达过类似的意思。这个事实，在场的近60家媒体可以监督、佐证。"曹力表 示，"我们走全域自研的路线，这与和其他优秀企业开展合作不矛盾、不冲突。华为是中国科技自立自 强的标杆，是我们学习的榜样，我们也非常尊重华为。" ...

10月下旬，上海嘉定交出了一份亮眼的"十四五"成绩单：地区生产总值突破3000亿元，固定资产投资累计超3000亿元，汽车工业产值跨越3000亿 元大关。 "3个3000亿"的成绩背后，是这座"中国汽车产业摇篮"在产业变革中的战略定力与创新举措。 作为嘉定汽车产业的重要支柱，上汽大众在"十四五"期间，通过深化政企合作、拓展"科技朋友圈"、践行"油电同智"战略，成功构建了汽车产业 新生态，不但成为嘉定打造万亿级汽车产业集群的最新注脚，也为合资车企的智能化转型提供了可行范本。 政企协同，共同构筑产业新高地 "新中国第一台轿车出自嘉定，第一台合资品牌轿车也出自嘉定。"从嘉定区委书记肖文高在"十四五"规划成果系列新闻发布会上这句发言中，我 们不难看出汽车与嘉定的关系之深。作为嘉定最为闪亮的城市名片，汽车产业贡献了区域70%的产值、60%的销售、50%的GDP、40%的就业和 30%的税收。 同时，面对汽车产业的深刻变革，嘉定区也在主动应变、精准施策，加力推进世界智能网联新能源汽车创新高地建设。其显著的成果是汽车"新四 化"总产出规模实现跨越式增长，从2020年的943亿元快速跃升至2024年的2672亿元，展现出强劲的 ...