消息面上，小鹏汽车近期发布小鹏第二代VLA大模型、小鹏Robotaxi、全新一代IRON人形机器人，以 及汇天飞行汽车等。花旗认为，小鹏汽车虽然目前正处于量化小鹏新业务盈利能力上行的早期阶段，但 相信这将为股票带来良好市场情绪，并有助其估值从过去新能源车的估值水平，逐步提升至与AI、科 技及Robotaxi连结的更高溢价水平。 摩根士丹利发布研报称，将小鹏汽车港股目标价上调至131港元，以反映新发布的人形机器人和自动驾 驶出租车所带来的增长潜力和估值重估机会。摩根士丹利表示，预计从2026年中期开始，随着小鹏开始 大规模生产实体AI产品，市场情绪将显著改善。将多种情景概率加权后，美股目标价也上调至34美 元。 智通财经APP获悉，小鹏汽车-W(09868)昨日暴涨18%，今日早盘高开低走，截至发稿，跌4.24%，报 103.9港元，成交额25.44亿港元。 ...

11月5日，小鹏汽车在2025小鹏科技日上，围绕"物理AI"发布四项重要应用，包括小鹏第二代VLA 大模型、小鹏Robotaxi、全新一代IRON人形机器人，以及汇天飞行汽车等。 11月6日，小鹏汽车X9超级增程正式开启预售。"今晚之后，小鹏就不仅仅是一家纯电车公司 了。"小鹏汽车董事长、CEO何小鹏表示。 2025.11. 11 本文字数：2611，阅读时长大约4分钟 作者 | 第一财经 李隽 11月11日，小鹏汽车（09868.HK）上涨近18%，报收108.5港元，总市值2022亿港元，超越了吉 利汽车（00175.HK）的1833亿港元。对这种突如其来的暴涨，市场人士的解读是——人工智能、 机器人、增程新车等新产品的发布超预期。 有业内人士表示，香港市场目前资金充足，依然热衷于追逐市场热点，小鹏刚好产品都在风口上，获 得资金青睐；也有市场人士提出，小鹏估值应该对标特斯拉（TSLA），之前主要反映电动车业务估 值，但并未反映人工智能、机器人等新业务快速发展。 不过，从潜在风险角度来看，尽管当前的发展趋势向好，但小鹏汽车的新业务要实现全面商业化和技 术普及，仍需克服许多技术挑战，竞争也非常激烈，增程新产品 ...

Core Viewpoint - The article highlights the emergence of a new industrial wave in China's manufacturing sector characterized by intelligence and embodiment, with artificial intelligence (AI) transitioning from virtual algorithms to real-world applications, exemplified by XPeng Motors' focus on "physical AI" [1][3]. Group 1: Industry Trends - The "14th Five-Year Plan" is nearing completion, while the "15th Five-Year Plan" emphasizes the acceleration of innovation in strategic emerging industries such as new energy, new materials, aerospace, and low-altitude economy, particularly focusing on embodied intelligence [3]. - The embodied intelligence industry in China is projected to reach a scale of 400 billion yuan by 2030 and exceed 1 trillion yuan by 2035, fostering industrial clusters in transportation, logistics, industrial manufacturing, and commercial services [4]. Group 2: Company Developments - XPeng Motors showcased its advancements in embodied intelligence at the "2025 XPeng Technology Day," presenting the second-generation VLA model, Robotaxi, the new generation humanoid robot IRON, and the flying car system, aligning with national strategic directions [3][4]. - The new generation IRON humanoid robot features 82 degrees of freedom and is designed for commercial applications such as guiding and touring, with plans for mass production by the end of 2026 [6]. - XPeng's flying car, the A868, is entering critical flight verification stages, with a range of 500 kilometers, as part of its low-altitude economy initiatives [8][9]. Group 3: Technological Innovations - The second-generation VLA model serves as the intelligent core of XPeng's physical AI system, enabling autonomous understanding of environments and decision-making without high-precision maps [10][12]. - XPeng has invested over 50 billion yuan in research and development over the past decade, with a focus on self-developed technologies, including the Turing chip, which provides approximately 2250 TOPS of effective computing power for advanced autonomous driving and robotic perception [13][15].

智通财经APP获悉，11月11日港股市场，北水成交净买入44.67亿港元，其中港股通(沪)成交净买入26.81亿港元，港股通(深) 成交净买入17.86亿港元。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 17.19亿 | 31.69 乙 | 48.88亿 | | HK 09988 | | | -14.50 乙 | | 小鹏汽车-W | 11.82 乙 | 23.95 乙 | 35.78亿 | | HK 09868 | | | -12.13 Z- | | 中芯国际 | 15.39亿 | 10.69 亿 | 26.09亿 | | HK 00981 | | | +4.70 Z | | 小米集团-W | 13.65 乙 | 7.70亿 | 21.35亿 | | HK 01810 | | | +5.95 乙 | | 腾讯控股 | 7.19亿 | 9.34亿 | 16.53亿 | | HK 00700 | | | -2.15 Z- | | 美团-W | 5.43亿 | 9.70亿 | 15.14 乙 | | ...

11月11日，小鹏汽车（09868.HK）上涨近18%，报收108.5港元，总市值2022亿港元，超越了吉利汽车 （00175.HK）的1833亿港元。对这种突如其来的暴涨，市场人士的解读是——人工智能、机器人、增 程新车等新产品的发布超预期。 有业内人士表示，香港市场目前资金充足，依然热衷于追逐市场热点，小鹏刚好产品都在风口上，获得 资金青睐；也有市场人士提出，小鹏估值应该对标特斯拉（TSLA），之前主要反映电动车业务估值， 但并未反映人工智能、机器人等新业务快速发展。 不过，从潜在风险角度来看，尽管当前的发展趋势向好，但小鹏汽车的新业务要实现全面商业化和技术 普及，仍需克服许多技术挑战，竞争也非常激烈，增程新产品同样面临众多对手。即将公布的第三季度 财报，也存在不确定因素，市场热点可能会随时变化。 长江证券表示，历史来看，小鹏汽车从估值层面一般仅考虑了汽车业务预期，而对于AI相关的智驾、 Robotaxi、机器人和飞行汽车并未在估值中体现，因此市销率（PS）主要集中在1.5倍到2倍区间。相比 之下，特斯拉当前市销率（PS）估值超过10倍，远高于其他车企，其背后核心估值来源于重要AI应用 领域。当前小鹏处于 ...

11月11日，小鹏汽车上涨近18%，报收108.5港元，总市值2022亿港元，超越了吉利汽车（00175.HK） 的1833亿港元。对这种突如其来的暴涨，市场人士的解读是——人工智能、机器人、增程新车等新产品 的发布超预期。 有业内人士表示，香港市场目前资金充足，依然热衷于追逐市场热点，小鹏刚好产品都在风口上，获得 资金青睐；也有市场人士提出，小鹏估值应该对标特斯拉（TSLA），之前主要反映电动车业务估值， 但并未反映人工智能、机器人等新业务快速发展。 不过，从潜在风险角度来看，尽管当前的发展趋势向好，但小鹏汽车的新业务要实现全面商业化和技术 普及，仍需克服许多技术挑战，竞争也非常激烈，增程新产品同样面临众多对手。即将公布的第三季度 财报，也存在不确定因素，市场热点可能会随时变化。 机器人等概念炒作助推小鹏暴涨 11月5日，小鹏汽车在2025小鹏科技日上，围绕"物理AI"发布四项重要应用，包括小鹏第二代VLA大模 型、小鹏Robotaxi、全新一代IRON人形机器人，以及汇天飞行汽车等。 11月6日，小鹏汽车X9超级增程正式开启预售。"今晚之后，小鹏就不仅仅是一家纯电车公司了。"小鹏 汽车董事长、CEO何小鹏 ...

小鹏汽车销量尚不到吉利七分之一。 长江证券表示，历史来看，小鹏汽车从估值层面一般仅考虑了汽车业务预期，而对于AI相关的智驾、 Robotaxi、机器人和飞行汽车并未在估值中体现，因此市销率（PS）主要集中在1.5倍到2倍区间。相比 之下，特斯拉当前市销率（PS）估值超过10倍，远高于其他车企，其背后核心估值来源于重要AI应用 领域。当前小鹏处于强新车叠加强AI周期，历史积淀深厚，全面转向全球AI汽车公司，打造"AI汽车 +AI机器人+飞行汽车"的AI体系，成为国内最早形成AI科技生态的企业之一，对标特斯来看未来估值提 升空间较大。 有业内人士表示，香港市场目前资金充足，依然热衷于追逐市场热点，小鹏刚好产品都在风口上，获得 资金青睐；也有市场人士提出，小鹏估值应该对标特斯拉（TSLA），之前主要反映电动车业务估值， 但并未反映人工智能、机器人等新业务快速发展。 不过，从潜在风险角度来看，尽管当前的发展趋势向好，但小鹏汽车的新业务要实现全面商业化和技术 普及，仍需克服许多技术挑战，竞争也非常激烈，增程新产品同样面临众多对手。即将公布的第三季度 财报，也存在不确定因素，市场热点可能会随时变化。 机器人等概念炒作助推 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.18% at 26,696.41 points and a total turnover of HKD 2,102.31 million [1] - The short-term outlook for Hong Kong stocks is expected to be volatile, with a potential slowdown in upward momentum, although the current position is seen as attractive for medium to long-term investment [1] Blue-Chip Stocks Performance - Baidu Group-SW (09888) rose by 2.31% to HKD 128.7, contributing 5.77 points to the Hang Seng Index [2] - Other notable blue-chip stocks include China National Pharmaceutical Group (01099) up 3.98% and China Resources Mixc Lifestyle Services (01209) up 3.88% [2] Sector Performance - Technology stocks showed mixed results, with Alibaba down 1.84% and Tencent up 0.08%, while Baidu gained 2.31% [3] - Chip stocks declined, with Hua Hong Semiconductor down over 3% and SMIC down 2.74% [5] - Real estate and property management stocks saw gains, with Longfor Group (03380) up 3.95% and China Resources Land (01109) up 1.93% [3] Automotive Sector Insights - The automotive sector showed mixed performance, with Geely Automobile (00175) up 1.34% and NIO-SW (09866) up 1.1%, while Great Wall Motors (02333) fell by 2.1% [4] - The China Passenger Car Association reported a year-on-year increase in October production and wholesale sales of passenger cars by 11.4% and 7.6%, respectively [5] Notable Stock Movements - XPeng Motors-W (09868) surged by 17.93% following the announcement of significant advancements in AI technology and robotics [7] - Ruipu Lanjun (00666) rose by 10.27% due to favorable policies boosting the energy storage industry [8] - WeRide-W (02525) increased by 7.07% ahead of its quarterly earnings announcement [9] - Weisheng Holdings (03393) reached a new high, up 6.89%, driven by the growing demand for data centers [10] - Maoyan Entertainment (01896) gained 5.7% with strong pre-sale ticket sales for upcoming films [11]

市场11月11日消息，港股今日集体高开跳水，盘面上，汽车股涨幅居前，截至11：30，港股科技50ETF （513980）小幅回调，盘中成交额达3.96亿元，资金净流入方面，该基金近两日连续获得主力资金净流 入。 中金公司认为，AI科技投资方兴未艾。一方面，中美科技投资继续增长，2026年"美股七姐妹"仍在2025 年资本开支同比增长65%的基础上维持了10~20%的双位数增长，中国科技"十巨头"的2025年资本开支 预期增速也在年初转正后持续升至9月的26%。另一方面，四中全会对科技创新的追求上升到更高层 次，强调"科技自立自强水平大幅提高"，科技水平要"抢占制高点"。 消息面上，近日，小鹏汽车在2025小鹏科技日上，围绕"物理AI"发布四项重要应用，包括小鹏第二代 VLA大模型、小鹏Robotaxi、全新一代IRON人形机器人，以及汇天飞行汽车。受相关消息刺激，截至 11：30，小鹏汽车-W涨超14%。11月10日截至美股收盘，小鹏汽车大涨16.24%。另外，摩根士丹利、 德意志银行、花旗、中金公司等多家头部机构纷纷发布报告强推小鹏汽车。 素材源：吕怡蕾 编辑：康书源 审核：王怡然 港股科技50ETF（51 ...

Core Viewpoint - Xpeng Motors' stock surged over 18% today, reaching a new high since July 2022, driven by the announcement of significant advancements in AI technology and new product launches [1] Group 1: Stock Performance - Xpeng Motors opened high and saw its stock price rise to 108.7 HKD, marking a 17.93% increase at the time of reporting, with a trading volume of 8.382 billion HKD [1] Group 2: Product Announcements - At the 2025 Xpeng Technology Day, the company unveiled four key applications centered around "Physical AI," including the second-generation VLA large model, Xpeng Robotaxi, a new generation of IRON humanoid robots, and the Huitian flying car [1] - The introduction of a female robot with highly realistic walking capabilities garnered significant attention [1] Group 3: Strategic Partnerships and Future Plans - Xpeng will collaborate with Alibaba's Amap to launch Robotaxi services, with plans to introduce three fully self-developed Robotaxi models by 2026 and commence trial operations [1] Group 4: Analyst Insights - Guohai Securities released a report indicating that Xpeng Motors' new vehicle cycle remains strong for 2026, with potential advancements in partnerships with Volkswagen and Robotaxi services [1] - The report suggests that Xpeng is emerging as a leader in AI embodiment intelligence, with a valuation awaiting re-evaluation, projecting a price-to-sales ratio of 1.8x for 2026, corresponding to a market cap of 211.1 billion HKD and a target price of 111 HKD, maintaining a "Buy" rating [1]