Group 1 - Xiaopeng Motors' chairman He Xiaopeng praised Lei Jun for the new SU7 Max achieving a record range of 4264 km in a 24-hour endurance challenge, highlighting the vehicle's performance capabilities [2] - Porsche reported a 10% decline in global sales for 2025, with China market sales dropping by 26.28%. The president of Porsche China attributed this to the challenging luxury car market and emphasized a strategy focused on quality over quantity [2] - The National Bureau of Statistics of China projected that by the end of 2025, the number of household cars will reach 52.9 vehicles per hundred households, an increase of 1.7 vehicles from the previous year, driven by policies promoting high-quality durable goods [2][3] Group 2 - Mitsubishi hinted at the revival of the classic SUV Pajero, which has been out of production for five years, with plans to launch a new full-size off-road SUV in 2026. The new Pajero is expected to feature a plug-in hybrid version [2][3] - The anticipated price range for the new Pajero in the Japanese market is estimated to be between 5.5 million and 7.5 million yen, approximately 243,000 to 331,000 RMB [3]

Core Viewpoint - Xiaomi has launched a "current vehicle selection" feature for its cars, allowing consumers to purchase new and nearly new vehicles directly through the Xiaomi Auto app, marking the company's first foray into immediate vehicle sales [2][4]. Group 1: Vehicle Offerings - The current vehicle selection includes three categories: brand new vehicles, official display vehicles, and nearly new vehicles, all of which have passed strict quality inspections [2][4]. - The nearly new vehicles are original new cars that have undergone repairs due to transportation issues and have completed official restoration and pre-sale inspections [4]. Group 2: Sales and Discounts - The vehicles available for the current selection include the YU7 Max, SU7 Max, and SU7 Ultra models, with discounts of 22,000 yuan for YU7 Max, 8,000 yuan for SU7 Max, and 19,000 yuan for SU7 Ultra [4]. - The current vehicle selection is open to all users, including those who have locked orders but have not yet received their vehicles [2]. Group 3: Production and Delivery - With the stabilization of production at Xiaomi's second-phase factory, the company has shifted from long waiting times to immediate vehicle availability [6]. - As of December 2, Xiaomi has exceeded a cumulative delivery of 500,000 vehicles since April 3, 2024, and has surpassed its initial annual delivery target of 350,000 vehicles for 2025 [6]. - In November, Xiaomi's vehicle deliveries exceeded 40,000 units for the third consecutive month, achieving a year-on-year growth of 99.7% and capturing a market share of 3.5% [6].

Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of HKD 42.86 billion on November 12, 2023, indicating strong investor interest in certain stocks while others faced notable sell-offs [1]. Group 1: Net Buying and Selling Activities - The top net bought stocks included Xiaomi Group-W (01810), Xpeng Motors-W (09868), and Pop Mart (09992) [1]. - The stocks with the highest net selling included Alibaba-W (09988), Hua Hong Semiconductor (01347), and SMIC (00981) [1]. - Xiaomi Group-W saw a net buy of HKD 15.91 billion, attributed to positive reports on its manufacturing capabilities [4]. - Xpeng Motors-W received a net buy of HKD 7.17 billion, with an upgraded target price reflecting growth potential from new product launches [5]. - Pop Mart (09992) had a net buy of HKD 6.3 billion, supported by optimistic growth forecasts from analysts [5]. Group 2: Individual Stock Performance - Alibaba-W faced a net sell of HKD 34.33 billion, with concerns over its advertising and investment returns amid rising CAPEX [7]. - SMIC and Hua Hong Semiconductor experienced net sells of HKD 4.27 billion and HKD 9.84 billion, respectively, with analysts adjusting their ratings based on profit forecasts [7]. - China Life (02628) and Tencent (00700) recorded net buys of HKD 3.03 billion and HKD 1.57 billion, respectively, indicating continued investor confidence in these companies [7]. Group 3: Market Context and Analyst Insights - Analysts from Goldman Sachs and Morgan Stanley provided positive outlooks for Xiaomi and Xpeng, respectively, highlighting their operational improvements and growth strategies [4][5]. - The geopolitical situation in South America and OPEC+ decisions are influencing oil prices, which may impact companies like CNOOC (00883) that saw a net buy of HKD 4.11 billion [5]. - The solar industry remains under scrutiny, with recent statements from industry associations aiming to dispel negative rumors affecting companies like GCL-Poly Energy (03800) [6].