但值得一提的是，公司四季度收入指引和销量指引双双低于预期：四季度销量指引12.5-13.2万辆，低于 市场预期的13.6万辆；四季度收入指引215-230亿，同样也要低于市场预期的250亿元。 花旗发表报告称，考虑到明年第一季的汽车销售淡季，下调小鹏汽车美股和港股目标价逾3%，但仍看 好公司在明年多元化增长的潜力。花旗指出，在分析师简报会后，小幅下调对公司2025年的销量预测， 以符合公司的新指引。 11月18日午后，港股三大指数集体下跌，恒生科技指数跌超2%。盘面上，科网股普跌，汽车股走弱。 主流ETF方面，聚焦造车新势力的港股通汽车ETF（159323）午后跌超4%，持仓股中，小鹏汽车、赣锋 锂业、德昌电机控股、天齐锂业、亿华通、敏实集团等跌幅居前，其中小鹏汽车跌超10%。 消息面上，11月17日港股盘后，小鹏汽车交出了三季度成绩单：公司总营收达到203.8亿元，创下历史 新高，同比大幅增长102%；三季度净亏损收窄至3.8亿元，较去年同期的18.1亿元，大幅减少79.01%； 毛利率达到20.1%，同比提升4.8个百分点，创历史新高。 ...

财通证券认为小鹏汽车Robotaxi与机器人业务可期，正打造物理AI全栈体系，上行空间可期。预计公司 2025-2027年实现营业收入778/1154/1419亿元，对应PS分别为2.2/1.5/1.2倍，维持"增持"评级。 支持T+0交易的相关ETF： 1）港股通汽车ETF（159323）：标的指数高度聚焦港股新能源车板块，乘用车含量在同类指数中领 先，且拥有相对A股稀缺的造车新势力（理想、小鹏、零跑）。此外，指数覆盖汽车零部件板块和汽车 智能化领域，有望深度受益于机器人科技浪潮。（场外联接A/C：024144/024145）。 2）恒生科技指数ETF（513180）：标的指数软硬科技兼备，高弹性，高成长，囊括小米、网易、腾 讯、阿里、美团等相较于A股更为稀缺的中国核心科技资产。没有港股通账户的投资者或可通过恒生科 技指数ETF（513180）一键布局港股科技龙头。（场外联接A/C：013402/013403）。 11月18日早盘，港股三大指数集体低开，恒生指数跌0.80%，报26172.27点，恒生科指跌1.25%，国企指 数跌0.72%。盘面上，科网股普跌，保险股低开，黄金股回调，汽车股走弱。主流ETF ...

Group 1 - The Hong Kong stock market indices experienced an overall increase, with mixed performance in tech stocks and a majority of innovative drug concepts rising [1] - The largest ETF in the A-share sector, the Hang Seng Tech Index ETF (513180), saw a slight increase, with leading stocks including JD Health, Xiaomi, and Midea, while NIO, Baidu, and Alibaba faced declines [1] - According to the November strategy report from China Merchants Securities, the recent volatility in the Hong Kong market presents investment opportunities, driven by factors such as breakthroughs in China's tech industry, improved US-China relations, the implementation of the "14th Five-Year Plan," and anticipated interest rate cuts by the Federal Reserve [1] Group 2 - The Hong Kong Stock Connect Automotive ETF (159323) focuses on the new energy vehicle sector, featuring a leading proportion of passenger cars and covering automotive parts and smart technology, benefiting from the robotics technology wave [2] - The Hang Seng Tech Index ETF (513180) includes a mix of hard and soft tech, showcasing high growth potential with core Chinese tech assets like Xiaomi, NetEase, and Tencent, providing an accessible option for investors without a Hong Kong Stock Connect account [2]

Group 1 - The Hong Kong stock market experienced fluctuations with the Hang Seng Technology Index ETF (513180) following a downward trend, influenced by major stocks like Alibaba and JD Group declining, while Xpeng Motors and Baidu saw gains, with Xpeng rising over 14% [1] - Southbound capital continues to actively increase its holdings in the Hong Kong market, with a net purchase of 66.54 billion HKD on November 10, pushing the total net purchase for the year to exceed 1.3 trillion HKD, setting a new record [1] - Major brokerages remain optimistic about the inflow of southbound capital, with estimates suggesting an additional 1.54 trillion HKD by the end of next year, potentially supporting a "slow bull" market for Hong Kong stocks over the next five years [1] Group 2 - As of November 10, the latest valuation of the Hang Seng Technology Index ETF (513180) stands at 23.09 times, which is approximately 30.75% below its historical average, indicating it is undervalued compared to nearly 70% of its historical data [2] - The Hong Kong technology sector is expected to benefit from current trends in AI and potential foreign capital inflow due to a favorable interest rate environment, alongside continuous accumulation of southbound capital [2] - Investors without a Hong Kong Stock Connect account may consider the Hang Seng Technology Index ETF (513180) as a means to access core Chinese AI assets [2]

Core Viewpoint - The A-share market opened higher on November 11, with significant gains in the automotive sector, particularly for companies like Xpeng Motors, which launched a new range-extended technology solution and began pre-sales for its new model, the X9 Super Range Extender [1] Group 1: Market Performance - The A-share indices collectively opened higher, with the Hong Kong Stock Connect Automotive ETF (159323) rising by 2.66% [1] - Xpeng Motors' stock surged over 14%, with other automotive stocks like Ganfeng Lithium, Zhejiang Sebao, Geely, and Leap Motor also experiencing gains [1] Group 2: New Product Launch - Xpeng Motors officially launched its new generation range-extended technology solution, the Kunpeng Super Range Extender, with the X9 Super Range Extender model available for pre-sale at prices of 350,000 and 370,000 yuan for the Max and Ultra versions, respectively [1] Group 3: Market Outlook - According to CMB International, the adjustment of the new energy vehicle purchase tax exemption policy in 2026 is expected to stimulate consumer purchases before the end of the year, combined with the peak sales season in September and October and year-end sales pushes from automakers [1] - Shenwan Hongyuan noted the recent launch of several updated models, which is likely to enhance the already strong Q4 automotive market [1] - Companies such as Geely, BYD, Great Wall, Li Auto, and NIO are highlighted as those that can effectively release supply [1] Group 4: Index Information - The Hong Kong Stock Connect Automotive ETF (159323) tracks the Hong Kong Stock Connect Automotive Index (931239.CSI), which focuses on the Hong Kong automotive sector, featuring a higher proportion of passenger vehicles compared to similar indices and includes emerging car manufacturers [1] - The index also encompasses companies in the intelligent driving industry, such as Zhixing Technology and Horizon Robotics, offering a higher concentration of intelligent driving elements compared to the A-share automotive theme index [1]

Group 1 - The Hong Kong stock market indices experienced a decline, with the Hang Seng Tech Index ETF (513180) showing a slight drop, while the Hong Kong Stock Connect Auto ETF (159323) saw a minor increase, driven by stocks like XPeng and Dongyue Group [1] - XPeng Motors recently unveiled its humanoid robot IRON, showcasing impressive walking capabilities and providing insights into its core technology and commercialization plans [1] - Longjiang Securities highlighted that XPeng's valuation has primarily focused on its automotive business, neglecting AI-related sectors such as autonomous driving and robotics, which could lead to significant valuation growth in the future [2] Group 2 - The Hong Kong Stock Connect Auto ETF (159323) is focused on the new energy vehicle sector, including emerging car manufacturers, and is expected to benefit from advancements in robotics technology [3] - The Hang Seng Tech Index ETF (513180) includes a mix of technology companies and offers exposure to key Chinese tech assets, making it an attractive option for investors without a Hong Kong Stock Connect account [3]

Core Viewpoint - The Hong Kong stock market opened lower on November 7, with the Hang Seng Index down 0.51% at 26,350.74 points, reflecting a general decline in tech stocks and the Apple concept [1] Group 1: Company Developments - XPeng Motors officially launched its humanoid robot, IRON, on November 5, showcasing its walking capabilities and core technologies, with plans for mass production by the end of 2026 [1] - XPeng has assembled over 1,000 team members across 10 R&D teams and 20+ collaborative departments to advance the commercialization of the IRON robot [1] - XPeng's CEO reiterated that the new generation humanoid robot does not contain any human inside, emphasizing its technological advancements [1] Group 2: Market Analysis - Shenwan Hongyuan highlighted that XPeng's IRON robot features a humanoid design and that China's robotics technology is globally leading, which may enhance market confidence in domestic products [2] - The report suggests investors pay attention to XPeng Motors and its supply chain, as well as its strategic partnership in solid-state battery technology [2] Group 3: Related ETFs - The Hong Kong Stock Connect Automotive ETF (159323) focuses on the new energy vehicle sector, including emerging car manufacturers like XPeng, and is expected to benefit from advancements in robotics technology [3] - The Hang Seng Technology Index ETF (513180) includes major Chinese tech assets and offers a way for investors without a Hong Kong Stock Connect account to access leading tech stocks [3]

Group 1 - The Hong Kong stock market indices collectively declined, with the Hang Seng Tech Index experiencing a drop of up to 1% [1] - Technology stocks generally fell, while oil stocks continued to rise; banking stocks were active, and gold stocks saw widespread declines [1] - The largest ETF tracking the A-share sector, the Hang Seng Tech Index ETF (513180), mirrored the index's fluctuations, with leading stocks like Horizon Robotics, Sunny Optical Technology, Li Auto, and Xiaomi Group declining, while Baidu Group and Tencent Music saw gains, with Baidu Group rising nearly 5% in the afternoon [1] Group 2 - Baidu's autonomous driving service platform, Luobo Kuaipao, reported over 250,000 weekly orders as of October 31, all of which were fully autonomous, with a total of over 17 million cumulative service orders globally [1] - Luobo Kuaipao has expanded its operations to 22 cities worldwide, including Beijing, Shanghai, Wuhan, Shenzhen, Dubai, and Abu Dhabi [1] - Ping An Securities highlighted that China is at the forefront of autonomous driving pilot operations globally and recommended closely monitoring related companies such as Baidu Group and GAC Group [1] Group 3 - The Hong Kong Stock Connect Automotive ETF (159323) focuses on the Hong Kong new energy vehicle sector, featuring a leading proportion of passenger cars and covering emerging car manufacturers like Li Auto, XPeng, and Leap Motor [2] - The Hang Seng Tech Index ETF (513180) includes a mix of soft and hard technology, showcasing high elasticity and growth potential, encompassing core Chinese tech assets that are relatively scarce compared to A-shares [2]

Group 1 - The Hong Kong stock market is closed on October 29 due to the Double Ninth Festival, and the Shanghai and Shenzhen exchanges do not provide Hong Kong Stock Connect services, affecting the primary market for Hong Kong-listed ETFs like the Hang Seng Technology Index ETF (513180) and the Hong Kong Stock Connect Automotive ETF (159323) [1] - The A-share market opened higher with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.4%, and the ChiNext Index up 1.07%, with significant gains in computing hardware stocks [1] - The "14th Five-Year Plan" recommendations were released on October 28, providing guidance for the development of emerging and future industries, emphasizing the acceleration of strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy [1] Group 2 - Zheshang Securities emphasizes that building a modern industrial system relies on technological innovation to lead the development of new quality productivity, particularly in advanced manufacturing, which integrates high-tech achievements [2] - The latest valuation of the Hang Seng Technology Index ETF (513180) is 23.44 times (PETTM), which is at the 32.64% valuation percentile since the index's inception, indicating that the current valuation is lower than 70% of its historical time [2] - The outlook for the Hong Kong technology sector is positive, benefiting from the current AI-driven industrial trends, potential foreign capital inflow due to expected interest rate cuts by the Federal Reserve, and continuous accumulation of southbound funds, making the Hang Seng Technology Index promising for the fourth quarter [2]

Group 1 - The Chinese asset market is experiencing a rebound, with both A-shares and H-shares continuing their strong upward trend from the previous day. The three major A-share indices collectively rose, with the ChiNext Index increasing by over 3% in the afternoon [1] - The optical module CPO concept is leading the market, with significant price increases observed in related stocks such as "Yizhongtian" [1] - The Hang Seng Technology Index opened high and continued to rise, with tech stocks, semiconductor stocks, and automotive stocks remaining active [1] Group 2 - Tianfeng Securities has indicated that domestic policies are entering a phase of intensive catalysis, with clearer measures expected from the U.S. following the implementation of domestic policy plans. The current U.S. government shutdown is a pressing issue that needs resolution [1] - There is a close and broad economic cooperation between China and the U.S., with market reactions becoming more rational. The marginal effects of tariff impacts are decreasing, and a video call between trade leaders from both countries has taken place ahead of the APEC meeting at the end of October [1] - The investment focus is being simplified into three directions: 1) Technology AI led by Deepseek breakthroughs and open-source initiatives, 2) Economic recovery and market liquidity leading to a "stronger gets stronger" bull market style, and 3) The continued rise of undervalued assets [2]