Daily Investment Strategy
Daily focus：Li Auto (2015)
Li Auto reported revenue of RMB 27.4 billion in the third quarter, a 36.2% year-on-year decrease, and a net loss of RMB 624 million, reversing the profit trend from the previous year. Total vehicle deliveries during the period were 93,211 units, a 39.0% decrease compared to the same period last year, with the poor performance primarily dragged down by declining sales. Looking ahead to the fourth quarter, the company expects deliveries of 100,000 to 110,000 vehicles and revenue between RMB 26.5 billion and RMB 29.2 billion. Management anticipates a major upgrade to the L series and addressing battery production bottlenecks in 2026 to regain growth momentum, but short-term profit margins remain under pressure and the market remains highly competitive.
NDRC warned of a potential bubble in the humanoid robot industry
US stock markets were closed on Thursday for Thanksgiving public holiday. China's top economic planning agency issued a rare warning on Thursday, cautioning about the potential bubble risk in the rapidly expanding humanoid robot industry, despite the sector attracting significant investment and government support. An NDRC spokesperson stated that there are currently over 150 humanoid robot companies operating in China, and the number is still increasing. More than half of these are startups or companies entering from other sectors. The government must prevent a flood of highly similar models from inundating the market and squeezing out research and development space. We believe this will help the domestic robot industry avoid the situation seen with new energy vehicles, where a large number of inferior robots were launched, leading to industry infighting.
Hong Kong Stock Connect saw a net inflow of HK$1.33bn on Thursday, with Alibaba (9988) experiencing the largest net inflow at HK$920mn, followed by Pop Mart (9992). On the other hand, Xiaomi Group (1810) recorded the largest net outflow at HK$690mn, followed by Zijin Mining (2899).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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