新京报贝壳财经讯（记者陈维城）11月20日，在2025年广州车展上，元戎启行携多款搭载组合辅助驾驶 方案的合作车型亮相，元戎启行CEO周光介绍，截至目前，元戎启行已交付20万辆搭载城市NOA（领 航辅助驾驶）的量产车型。"从2024年9月搭载元戎启行城市NOA系统的车型量产上市，到目前实现多 达10款车型辅助驾驶规模化交付，在一年多时间内，完成从零到单月近40%的第三方城市NOA市场占有 率。" 编辑 杨娟娟 校对 柳宝庆 元戎启行正加速推动Robotaxi（无人驾驶出租车）业务落地。今年10月，元戎启行与无锡市政府达成战 略协议，宣布在无锡建设测试研发基地，并计划于今年年底以消费级量产车型落地Robotaxi业务。 周光介绍，2026年元戎启行将继续聚焦量产车辅助驾驶、Robotaxi、RoadAGI三大核心业务。其中，量 产车辅助驾驶业务将继续扩大合作车型与客户体系，力争实现累计交付突破一百万辆；Robotaxi业务将 加速推动商业化落地，打造真正具备商业复制能力的Robotaxi体系；在RoadAGI业务方面，元戎启行将 持续推动商业化落地进程，赋能移动智能体在末端配送等关键场景的实际应用。 ...

对此，21财经.南财快讯记者联系了小鹏汽车，相关部门负责人表示，公司留意到市场消息后进行了核实，发现并非源自官方披 露的数据。随后，公司与消息发布方取得联系，对方称相关内容源自一份预测分析报告，并非小鹏汽车实际生产安排，公司因 此判定上述传闻不实。 21财经.南财快讯记者查询后发现，原消息发布页内容已修改，称相关机构分析师"在一份报告中写道，在2026年至2027年期间小 鹏汽车的无人驾驶出租车年产量可能会在数千辆以内。" 此前，在11月5日的"2025小鹏科技日"上，小鹏汽车宣布将在2026年正式推出三款Robotaxi(无人驾驶出租车)车型，同时还将启动 Robotaxi试运营，并称高德将成为小鹏Robotaxi的首个全球生态合作伙伴，未来双方将共同面向全球提供Robotaxi服务，引发市 场关注。 11月19日，21财经《辟谣财知道》注意到，有市场消息称，小鹏汽车(9868.HK)将于2026-2027年每年生产数千辆自动驾驶出租 车。 11月19日，小鹏汽车港股盘中窄幅震荡，报收85.70港元/股，跌0.29%，总市值为1637亿港元。 l "M 卖4 85.850 8.50万(13) 1.00 卖3 ...

Core Insights - Xiaopeng Motors reported Q3 2025 total revenue of 20.38 billion yuan, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [1] - The net loss for the quarter was 380 million yuan, down from a net loss of 1.81 billion yuan in the same period last year and 480 million yuan in the previous quarter [1] - Adjusted net loss, not in accordance with US GAAP, was 150 million yuan, compared to 1.53 billion yuan in the same period last year and 390 million yuan in the previous quarter [1] Financial Performance - Total revenue for Q3 2025 reached 20.38 billion yuan, marking a significant growth of 101.8% year-on-year and 11.5% quarter-on-quarter [1] - The company reported a net loss of 380 million yuan, a notable improvement from the previous year's loss of 1.81 billion yuan and a reduction from the last quarter's loss of 480 million yuan [1] - Adjusted net loss was 150 million yuan, significantly lower than the 1.53 billion yuan loss in the same quarter last year and the 390 million yuan loss in the previous quarter [1] Strategic Developments - Xiaopeng Motors is focusing on "physical AI" research and development, aiming to redefine technological advancements in the automotive industry [2][3] - The company plans to enhance its competitive advantage in "physical AI" through a combination of full-stack self-research and cross-domain integration [3] - The partnership with Volkswagen for the Turing chip is expected to generate revenue starting in Q4 2025, with significant growth anticipated as joint vehicle development progresses [4][5][6] Robotics and Future Outlook - Xiaopeng Motors aims to achieve a sales target of 1 million robots by 2030, with a focus on humanoid robots that integrate seamlessly into daily life [7][8] - The company is working on overcoming challenges related to the mass production of its IRON robot, with expectations for a new generation of robots to enter production soon [9][10] - The anticipated commercialization of robots is expected to expand into various applications, including industrial and household settings within five years [10][11] Product Launches and Market Expansion - Xiaopeng Motors plans to launch four new models in 2026, including both pure electric and extended-range versions, targeting different market segments [13][14] - The company is expanding its international presence with local production facilities in Indonesia and Austria, aiming to increase production capacity and support overseas growth [16][17] - The introduction of super extended-range models is expected to significantly drive sales growth in the upcoming year [15]

Investment Rating - The report maintains a positive investment rating for leading internet companies with stable performance and strong AI positioning, such as Tencent Holdings, Kuaishou, Bilibili, Meitu, and Yuedu Group [1]. Core Insights - The report emphasizes the upcoming third-quarter earnings reports for Hong Kong-listed internet companies and continues to recommend companies that are performing well and are leaders in the AI sector [1]. Summary by Sections Important Announcements - Weimeng Group reported an increase of 172 million shares issued as of October 31, 2025, with a subscription price of HKD 2.26 per share [2]. - Fubo Group's third-quarter revenue grew approximately 27% year-on-year, with mainland China business revenue increasing about 22% [3]. Market Performance Review - The overall market performance from November 3 to November 9 shows the Shanghai Composite Index rising by 1.08%, while the Hang Seng Internet Technology Index fell by 2.21% [15]. - Tencent Holdings saw a slight increase of 0.79%, while Bilibili-W and Kuaishou-W experienced declines of 6.71% and 5.67%, respectively [20]. Core Recommendations and Rationale - Tencent Holdings is highlighted for its strong performance in gaming, social networking, and marketing services, with significant revenue growth in various segments [24]. - Kuaishou is noted for its user engagement improvements and revenue growth in advertising and e-commerce, with a focus on technological innovation [25]. - Bilibili is recognized for maintaining strong performance in advertising and gaming, with a focus on releasing commercial value [26].

Core Points - Elon Musk received overwhelming support for a 10-year compensation plan at Tesla's annual shareholder meeting, which could potentially yield nearly $1 trillion in stock value if performance targets are met [1] - The plan requires Musk to achieve challenging performance goals, including the commercial application of 1 million Robotaxis and increasing Tesla's market value to $8.5 trillion [1] - Musk expressed confidence in Tesla's humanoid robot, Optimus, and highlighted the potential of autonomous driving technology to save millions of lives [1] Company Developments - The shareholder meeting approved the compensation plan, leading to a post-meeting increase in Tesla's stock price, which had previously dropped by 3.5% [1] - As of November 7, Tesla's stock price was $445.91, with a total market capitalization of $1.48 trillion [1] - Production of the CyberCab, a fully electric vehicle designed for the Robotaxi service, is set to begin in April 2026 [1]

Core Viewpoint - The dual listing of domestic autonomous driving companies Pony.ai and WeRide on the Hong Kong Stock Exchange marks a significant milestone, establishing a "US + HK" dual primary listing structure for both companies [1] Group 1: Listing Details - Pony.ai and WeRide officially listed on the Hong Kong Stock Exchange on November 6, 2024, following their US listings in October and November 2024 respectively [1] - WeRide's IPO price was set at HKD 27.10 per share, raising a total of HKD 2.39 billion (before the "greenshoe" option), while Pony.ai's IPO price was HKD 139 per share, with a total fundraising of HKD 7.7 billion (after the "greenshoe" option) [1] Group 2: Stock Performance - As of November 6, WeRide's stock price was HKD 23.50, reflecting a decline of 13.28% from its IPO price, while Pony.ai's stock price was HKD 120.3 [4] - Both founders expressed confidence in their companies' future despite initial stock price fluctuations, attributing the volatility to broader market conditions [4] Group 3: Revenue Growth and Business Focus - Pony.ai operates a fleet of over 750 Robotaxis and plans to expand to 1,000 vehicles by year-end, while WeRide has over 1,400 L4 autonomous vehicles globally [5] - WeRide's revenue from Robotaxi and related services was USD 667.7 million in 2024, increasing to USD 865.9 million in the first half of the current year, with the revenue share rising from 13.2% to 31% [5] - Pony.ai reported USD 726.6 million in autonomous driving service revenue for 2024, with a 9.4% share of total revenue, and USD 325.6 million in the first half of the year, maintaining a 9.2% share [5] Group 4: Market Dynamics and Competition - The Robotaxi sector is entering a critical phase driven by both capital and commercialization, with projections indicating significant market growth by 2030 [9] - The cost of sensors and computing units for Robotaxis has significantly decreased, enhancing the competitive landscape [12] - Companies like Xiaopeng Motors and Yuanrong Qixing are also entering the Robotaxi market, intensifying competition [12] Group 5: Strategic Focus and Future Plans - Pony.ai aims to achieve profitability by 2028-2029, with a focus on scaling operations and expanding its fleet [8] - WeRide plans to invest the funds raised from the IPO in recruiting top AI and autonomous driving talent, enhancing GPU infrastructure, and expanding its global Robotaxi fleet [13]

Group 1 - Pang Donglai Supermarket rewarded 20 employees with a total of 200,000 yuan for their bravery during a violent incident, with the highest individual reward being 50,000 yuan [2] - Ele.me clarified that the new uniforms for delivery riders can be exchanged for old ones, with different conditions based on rider categories [3] - Shao Jiayi has been appointed as the head coach of the Chinese national football team [3] Group 2 - Apple responded to claims that iPhone Face ID does not require a camera, stating that it uses a depth-sensing camera system for recognition [4][5] - ByteDance is hiring a senior expert for humanoid robot operation algorithms with a salary range of 95,000 to 120,000 yuan per month [7] - Xiaomi announced that its calling service will cease on December 3, 2025, with all user data being cleared [8] Group 3 - Guizhou Moutai plans to repurchase shares worth between 1.5 billion and 3 billion yuan, with a maximum repurchase price of 1,887.63 yuan per share [9][10] - Pang Donglai's founder stated that there are no plans for the company to go public [10] - The International Air Transport Association will introduce the Chinese yuan as a settlement currency by December 2025 [12] Group 4 - Stellantis announced a global recall of 375,000 vehicles due to battery safety issues linked to Samsung SDI [13] - Japan is experiencing a surge in flu cases, leading to over 1,000 schools closing [14] - The U.S. government has entered its longest shutdown in history, now at 36 days [15] Group 5 - Google plans to test solar-powered AI data centers in space, with satellite launches expected by early 2027 [19] - Apple is reportedly looking to integrate Google's AI technology to upgrade Siri, with an annual payment of approximately 1 billion dollars [19] - XPeng Motors will launch three Robotaxi models in 2026, aiming for trial operations [20]

Macro Economy - The Central Financial Office emphasizes the need to strengthen six key financial elements to build a strong financial nation, including a robust currency, central bank, financial institutions, international financial center, financial regulation, and talent pool [2] - The 8th China International Import Expo opened in Shanghai, with participation from 155 countries and regions, and over 600 new exhibiting companies compared to last year, setting a new record for scale [2] Investment News - On November 5, the A-share market experienced a rebound, with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component Index by 0.37%, and the ChiNext Index by 1.03%. The electric grid equipment sector saw significant gains, with nearly 20 stocks hitting the daily limit [5] - As of November 5, 1,035 companies announced interim dividends this year, totaling 735.686 billion yuan, surpassing last year's interim dividend amount. Among these, 316 companies are declaring interim dividends for the first time [5] - In the first three quarters, Shenzhen-listed companies achieved revenue growth of 4.31% year-on-year, totaling 15.72 trillion yuan, and a net profit of 903.018 billion yuan, up 9.69% year-on-year, with over 70% of companies reporting profits [5] - Huatai Securities and China Merchants Securities announced an increase in the upper limit of their margin financing business, following similar actions by other listed brokerages [5] Company Movements - Kweichow Moutai announced a share repurchase plan with a total fund of no less than 1.5 billion yuan and no more than 3 billion yuan, with a repurchase price not exceeding 1,887.63 yuan per share. The company also revealed a cash dividend of 23.957 yuan per share, totaling 30 billion yuan [6] - Seres officially listed on the Hong Kong Stock Exchange, becoming the first luxury electric vehicle company to achieve "A+H" listing, with its stock closing at the issue price of 131.5 HKD after a drop of over 10% during the day [6] - XPeng Motors plans to launch three fully self-developed Robotaxi models in 2026, with Gaode becoming the first global ecological partner for XPeng's Robotaxi service [6]

Group 1 - The core event is the opening of the 2025 AI DAY by XPeng Technologies on November 5 [2] - XPeng's CEO, He Xiaopeng, showcased the new "Huitian A868 flying car" [3] - The flying car is designed for a range exceeding 500 kilometers, enabling intercity routes rather than just short-distance urban travel [5] Group 2 - The flying car has a cruising speed exceeding 360 kilometers per hour, significantly reducing travel time compared to ground transportation [5] - XPeng has received 7,000 global orders for the Huitian flying car, aiming to set a world record for annual sales of manned flying vehicles [6] - A "high-level executive flight plan" will be implemented, requiring management to log over 5,000 kilometers of flight before mass production delivery [7] Group 3 - XPeng announced plans to launch three Robotaxi models in 2026, with trial operations starting that year [9] - The company believes that self-manufacturing Robotaxis will facilitate the scaling and commercialization of the industry, with plans to develop software and hardware in-house [9] - A partnership with Gaode has been established, making it the first global ecosystem partner for XPeng's Robotaxi, integrating with its ride-hailing platform [9] Group 4 - XPeng aims to achieve mass production of advanced humanoid robots by the end of 2026 [10] - The company will open the SDK for its IRON robot to global developers to build an application ecosystem [10] - Baosteel has been announced as a partner for exploring industrial applications of the IRON robot in inspection and other scenarios [10] Group 5 - The latest version of the IRON robot is the final pre-research version, with the mass production version not exceeding 170 cm in height [11] - The new generation of the IRON robot will feature all-solid-state batteries and will be equipped with three Turing chips and a physical world large model [11]

Group 1 - The core event is the launch of the "2025 AI DAY" by XPeng Technologies, where the CEO He Xiaopeng showcased the new "Huitian A868 flying car" [1] - The flying car is designed for a range exceeding 500 kilometers, making it suitable for intercity routes rather than just short-distance urban travel [3] - The cruising speed of the flying car exceeds 360 kilometers per hour, significantly reducing travel time compared to ground transportation [3] Group 2 - XPeng has received 7,000 orders for the Huitian land carrier and aims to set a world record for annual sales of manned flying vehicles [3] - The company plans to implement a "high-level executive first flight plan," requiring management to log over 5,000 kilometers of flight before mass production [3] - XPeng announced the launch of three Robotaxi models in 2026, with trial operations starting the same year [3] Group 3 - He Xiaopeng emphasized that self-investment in Robotaxi development will facilitate the scaling and commercialization of the industry [5] - XPeng will develop its own software and hardware for Robotaxi and has partnered with Gaode to integrate with its ride-hailing platform [5] - The company aims to achieve mass production of advanced humanoid robots by the end of 2026 and will open the SDK for global developers [5] Group 4 - The latest version of the humanoid robot, IRON, will be under 170 cm in height and will feature solid-state batteries and three Turing chips [5] - XPeng's stock price closed at 87.7 HKD, with a market capitalization of approximately 167.5 billion HKD, experiencing a nearly 6% drop during the trading session [7]