3800点附近获得支撑，市场情绪开始修复。周二A股结束了连续调整，在3800点一线展开超跌反弹，并收出小阳线。3800点一线曾是9月的密集成交 区，支撑力度较大，指数在该区域获得支撑展开修复在情理之中。全天超4200家个股上涨，成交量结束了连续萎缩的趋势，市场情绪开始修复。 后市展望 ：临近年底市场观望氛围浓厚，但4000点整数关的反复震荡或为市场上一台阶做准备。临近年底，市场主要参与方的交易积极性有所下 降，导致A股成交量明显萎缩，市场开始进入一种观望氛围。但市场经历了10月以来的持续横盘震荡后，已经具备了进一步向上拓展空间的条件。2026年 中下游制造业迎来供需形势的好转是大概率事件，A股上市公司的盈利增速有望迎来明显回升，因此当前市场在4000点反复震荡或为市场上一台阶做准 备。11月关注重点包括十五五发展规划定调对产业带来的刺激作用，科技行业的事件驱动，反内卷带动的物价回升等，预计多板块有望迎来催化剂，从而 推动市场维持震荡上行格局。 热点板块 ：11 月科技方向依然值得关注，反内卷出现成果的板块有补涨机会。科技板块在经历了8-10 月的持续上涨后，板块内部出现有序轮动和高 低切换。预计11月科技板块 ...

假设所有配售股份获悉数配售予承配人，配售事项的所得款项总额预期合共约为2.085亿港元，而配售 事项的所得款项净额预期合共约为2.044亿港元。公司拟将配售事项的所得款项净额按以下金额分配并 作以下用途：(i)约70%用于集团L4无人物流车的业务发展，包括新一代产品研发、运营平台升级及销售 网络拓展；(ii)约30%用于基础研发平台的升级，包括数据闭环体系的效率提升，高效赋能前装和L4无 人车多产品线发展。公司拟于未来两年将配售事项的所得款项净额拨作上述拟定用途。 格隆汇11月26日丨佑驾创新(02431.HK)发布公告，2025年11月26日(交易时段前)，公司与联席配售代理 (即中信里昂证券、国泰君安国际及软库中华)订立配售协议，据此，各联席配售代理同意作为公司的代 理尽最大努力促使不少于6名承配人(将为独立第三方)按配售价每股配售股份14.88港元认购最多1401.28 万股新H股。 配售事项项下的配售股份总数为最多1401.28万股新H股，占于本公告日期已发行股份数目(即约4.067亿 股股份，不包括库存股份)的约3.45%及经配发及发行配售股份扩大后的已发行股份数目(即约4.208亿股 股份，不包括 ...

今年广州车展上智能辅助驾驶技术的发展趋势十分明显：一边"向上"，朝着高阶水平进化，在更安全的同时适配更多场景；一边"向下"，即不断"下放"到更多 车型。 除小鹏等极少数车企采取全栈自研智能驾驶技术外，大多数车企选择接入以"地大华魔(地平线、大疆、华为、Momenta)"为核心的第三方供应商的方案。广 州车展地平线HSD（Horizon SuperDrive）城区辅助驾驶系统公布的进展尤其引人关注。今年4月，地平线推出基于自家征程6系列芯片打造的城区辅助驾驶 方案HSD，半年后HSD就已被搭载在多款量产车型上：首发车型奇瑞星途ET5将于11月28日正式上市，奇瑞全新合作车型风云T9L与iCAR V27亮相广州车 展，HSD赋能的深蓝汽车合作车型深蓝L06已上市发售。 第三方智驾方案落地一款新车，需供应商在定义阶段就与主机厂共创。地平线HSD能在半年时间内就登陆4款量产车，堪称神速。在HSD规模化量产媒体沟 通会上，地平线还透露，HSD已获得国内外一共10家车企品牌，超20款车型的定点合作，未来3-5年HSD计划达成千万量产目标。 地平线HSD的落地进程比外界预期的都要快，一夜之间，中国车企拥有了媲美FSD的智驾 ...

Core Insights - Lei Jun, the founder, chairman, and CEO of Xiaomi Group, invested over 100 million HKD to purchase 2.6 million shares at an average price of approximately 38.58 HKD per share, increasing his shareholding to 23.26% [1] - Xiaomi's stock price surged in early trading on November 25, recovering above the 40 HKD mark, closing at 40.34 HKD per share, with a market capitalization of approximately 1.05 trillion HKD [3] - The board views Lei Jun's share purchase as a strong indication of his confidence in the company's growth potential and long-term commitment [6] Financial Performance - In Q3, Xiaomi reported total revenue of 113.1 billion RMB, a year-on-year increase of 22.3% [6] - Revenue from the mobile and AIoT segment was 84.1 billion RMB, up 1.6% year-on-year, while the smart electric vehicle and AI innovation segment reached a record high of 29 billion RMB, growing by 199.2% [6] - Adjusted net profit for Q3 was 11.3 billion RMB, marking a historical high with an 80.9% year-on-year increase [6] - The smart electric vehicle and AI innovation segment achieved operational profitability for the first time in a single quarter, with an operating profit of 700 million RMB [6] Stock Buyback Activity - Xiaomi has repurchased 21.5 million shares on November 20 and 21, with total expenditures exceeding 800 million HKD [6] - The total amount spent on share buybacks this year has surpassed 2.3 billion HKD, positioning Xiaomi among the top in buyback activity within the Hong Kong tech sector [6] Automotive Milestones - On November 20, Lei Jun announced the production of the 500,000th Xiaomi vehicle, emphasizing the company's commitment to safety, delivery, technological innovation, and the integration of AI and smart manufacturing [7] - Xiaomi's automotive division aims to meet its annual delivery target of 350,000 vehicles by the end of the week [8]

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]

（文章来源：每日经济新闻） 智能汽车ETF（159889）跟踪的是CS智汽车指数（930721），该指数从A股市场中选取涉及智能驾驶、 车联网等领域的代表性上市公司证券作为指数样本，以反映智能汽车产业链相关上市公司证券的整体表 现。指数覆盖从硬件到软件的多个产业环节，全面展现智能汽车行业的广泛性和多样性特征。 上海证券指出，工信部在2025世界动力电池大会上强调将持续推动动力电池产业高质量发展，重点包括 编制"十五五"智能网联新能源汽车发展规划、扩大动力电池应用场景（支持换电模式创新和车网互动试 点）、健全动力电池碳管理体系等。10月汽车产销数据显示，新能源车销量占比首次过半（达 51.6%），自主品牌乘用车市占率达72.5%，出口量同比增长22.9%至66.6万辆，行业延续良好发展态 势。东风汽车新一代固态电池技术亮相，能量密度达350Wh/kg，计划2026年9月量产，将助力实现1000 公里续航。政策支持与技术突破为智能汽车行业提供长期发展动能。 ...

为真正探索科技边界的企业点赞！#2025广州国际车展#小鹏汽车#人形机器人#大众汽车#智能汽车 ...

技术协同是阿维塔与华为合作的核心基石，而 HI PLUS 模式的升级，让双方的技术融合从单一部件赋能走向全栈联合研发。作为华为乾昆系唯一拥有 量产车型的品牌，阿维塔的产品迭代与华为技术升级形成高度同步，构建起 "技术 - 产品 - 市场" 的正向循环。 在智能驾驶领域，双方联合打造的华为乾崑 ADS 4 系统已实现全系车型标配，成为行业首个将高阶智驾全面下放的品牌。以广州车展亮相的阿维塔 12 四激光版为例，其搭载的四激光雷达系统（三颗长距激光雷达+一颗高精度固态激光雷达），实现 360 度无死角感知覆盖，在暴雨天高速行驶、地下车库昏 暗环境等复杂场景中表现卓越 —— 能提前识别缓行车辆主动减速，精准捕捉悬空障碍物避免剐蹭，配合辅助驾驶状态指示灯，大幅提升道路沟通效率。 2025 年 9 月的 AVATR.OS 4.7.0 OTA 升级更让智驾体验再进化，新增车位到车位 2.0、侧向障碍物防碰撞（LOCP）等功能，城区领航辅助（NCA）激活条件 更宽松，停车缴费实现自动扫码即付即走，使辅助驾驶的接管率显著降低，决策逻辑更贴近人类驾驶员习惯。 智能座舱方面，鸿蒙座舱 HarmonySpace 5 的全面落地，实 ...