🇭🇰 港交所XPENG-WCodex · 实盘不做把握 5/10不做原因:证据不足
北京时间·🕒 发布 12:22:00时区推断·⟳ 抓取 12:24:25·⚡ 决策 09-01 12:26:01 +1m36s·56.2 天前
小鹏集团披露2026年8月交付3.91万辆、同比仅增4%，并更新G9L预售和广州Robotaxi测试进展
本次公告是小鹏月度交付和技术进展更新，交付同比增长仅4%、环比改善有限；Robotaxi测试许可虽正面但离商业化收入仍有距离。未能取得本轮必需的stock_quote、内部去重、KB和event_study结果，因此不满足ENTER所需的真实价格、price-in和先例校准。
📄 原文XPENG-W↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 小鹏集团（09868.HK）
不做：月度交付同比仅增4%、环比改善有限，Robotaxi测试资质未量化商业化收入；且未取得真实报价、近20日轨迹和先例测算，无法给可执行价格。
不做 XPeng Inc. ADS（XPEV.US）
不做：同一主体美股ADS会受消息传导，但当前事件强度不足且缺少盘前真实报价与price-in检查，不满足ENTER条件。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
一手港交所公告确认小鹏8月交付39,107辆，同比增4%，较7月38,027辆小幅环比增长；这说明销量保持韧性但不是强预期差。G9L预售和广州Robotaxi远程测试许可提升技术叙事，但短线收入量级难以量化，且自动驾驶出租车仍处道路验证阶段。综合催化强度、可量化增量和执行价格缺口，本轮不做。
消息传播链
- 港交所披露易发布小鹏集团2026年8月交付公告，确认39,107辆、同比增4%及Robotaxi测试资质进展。
关键理由
- 月度交付39,107辆较7月38,027辆仅环比约2.8%，同比增4%，更像温和经营更新而非强销量拐点。
- Robotaxi获广州远程测试资质是技术验证进展，但公告未披露商业化收费、车队规模或新增收入贡献。
- 量级句：小鹏2026年上半年收入约327.8亿元、车辆销售收入约280.5亿元；8月交付数据能支撑收入延续但未披露ASP和利润增量，无法估算对全年收入/市值的新增超预期占比。
主要风险
- 若市场此前已预期8月交付约3.8万至4万辆，则同比4%的例行月度数据容易被视为已反映。
- 未取得真实行情和近20日价格轨迹，无法排除公告前抢跑或盘中午休后高开低走风险。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-08-26 · 影响 weakens
公开背景显示Robotaxi仍以内部测试和2027年无安全员乘客运营目标为主，本次许可未直接确认收费运营或收入增量。
检索:小鹏 2026年8月 交付 39107 同比4% 预期 Robotaxi 商业化 风险 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-08-24 · 影响 weakens
公司上半年车辆交付同比下降15.8%、车辆销售收入同比下降10.3%，8月同比4%的单月增长不足以单独证明强业绩拐点。
检索:XPeng Q2 2026 revenue deliveries vehicle sales gross margin 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例证据不足使仓位和幅度无法量化，叠加真实报价缺口，最终转为AVOID。
方向:没有完成可验证的同市场同机制先例测算，不能用历史样本支持追多或做空。
涨幅量级:缺少event_study对月度交付披露、Robotaxi测试许可类事件的真实日线反应测算，无法校准tp/sl。
形态:未形成足够样本判断是否存在见光死或持续重估模式。
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原文全文
展开原文 · 4,112 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no
responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole
or any part of the contents of this announcement.
XPeng Inc.
小鵬集團*
(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)
（Stock Code: 9868）
VOLUNTARY ANNOUNCEMENT
VEHICLE DELIVERY RESULTS FOR AUGUST 2026
The board of directors of XPeng Inc. (the “Company” or “XPENG”) is pleased to announce its vehicle
delivery results for August 2026.
XPENG delivered 39,107 vehicles in August 2026, up 4% year-over-year.
On August 11, 2026, the XPENG G9L made its official debut and commenced pre-sales in the Chinese
mainland.
In August 2026, XPENG Robotaxi business validation gained further progress. The Company secured
a permit to conduct remote testing of intelligent connected vehicles in Guangzhou, allowing road trials
without an onboard safety operator on designated Level 1, 2 and 3 test roads across the city and marking
a key milestone toward fully driverless road testing.
XPENG’s electric vehicles delivered from January to August 2026 are expected to reduce life-cycle
greenhouse gas emissions by more than 3.72 million tons compared to internal combustion engine
vehicles, equivalent to the carbon absorbed by 61.6 million young trees over 10 years.
Shareholders and potential investors of the Company are advised to exercise caution when
dealing in the securities of the Company.
By order of the Board
XPeng Inc.
Xiaopeng He
Chairman
Hong Kong, Tuesday, September 1, 2026
This announcement contains forward-looking statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the
Company’s expansion plans; the Company’s future business development, financial condition and results of
operations; the trends in, and size of, China’s EV market; the Company’s expectations regarding demand for, and
market acceptance of, its products and services; the Company’s expectations regarding its relationships with
customers, contract manufacturers, suppliers, third-party service providers, strategic partners and other
stakeholders; general economic and business conditions; and assumptions underlying or related to any of the
foregoing. All information provided in this announcement is as of the date of this announcement, and the Company
1
does not undertake any obligation to update any forward-looking statement, except as required under applicable
law.
As at the date of this announcement, the board of directors of the Company comprises Mr. Xiaopeng He as an
executive director, Mr. Ji-Xun Foo as a non-executive director, and Mr. Donghao Yang, Ms. Fang Qu, Mr.
HongJiang Zhang and Mr. Yudong Chen as independent non-executive directors.
* For identification purpose only
2
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦
不發表聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失
承擔任何責任。
XPeng Inc.
小鵬集團*
（於開曼群島註冊成立以不同投票權控制的有限公司）
（股份代號：9868）
自願公告
2026 年 8 月智能車交付數據
XPeng Inc. （「本公司」或「小鵬集團」）之董事會欣然宣佈其2026年8月車輛交付數
據。
2026年8月，小鵬集團共交付新車39,107輛，同比增長4%。
2026年8月11日，小鵬G9L於中國內地正式首發並開啟預售。
2026年8月，小鵬自動駕駛出租車（Robotaxi）業務驗證進一步提速。本公司獲得廣州
市智能網聯汽車遠程測試資質，可在廣州相關一、二、三級測試道路開展主駕無安全
員道路測試，進入主駕無人的關鍵道路驗證階段。
2026年1至8月，小鵬集團交付的電動汽車，相比内燃機汽車，全生命週期溫室氣體預
計減排超372萬噸，相當於6,160萬棵小樹十年的碳吸收量。
本公司股東及潛在投資者於買賣本公司證券時，務請謹慎行事。
承董事會命
XPeng Inc.
董事長
何小鵬
香港，2026年9月1日（星期二）
本公告載有前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。多種因素可能導致實際結果與
任何前瞻性陳述中的結果產生實質性差異，包括但不限於以下方面：本公司的目標及戰略；本
公司的拓展計劃；其未來的業務發展、財務狀況和經營成果；中國智能電動汽車市場的發展趨
勢和規模；本公司對於其產品及服務的需求及市場接受程度的期待；本公司對於其與客戶、合
作廠商、供應商、第三方服務提供商、戰略合作夥伴及其他持份者的關係的期待；總體經濟及
商業狀況；及與上述任何一項有關或與之相關的假設。本公告中提供的所有信息均截至本公告
日期，除適用法律要求的範圍外，本公司不承擔任何更新前瞻性陳述的義務。
1
於本公告日期，本公司董事會由執行董事何小鵬先生，非執行董事符績勳先生，以及獨立非執
行董事楊東皓先生、瞿芳女士、張宏江先生及陳玉東先生組成。
* 僅供識別
2
responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole
or any part of the contents of this announcement.
XPeng Inc.
小鵬集團*
(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)
（Stock Code: 9868）
VOLUNTARY ANNOUNCEMENT
VEHICLE DELIVERY RESULTS FOR AUGUST 2026
The board of directors of XPeng Inc. (the “Company” or “XPENG”) is pleased to announce its vehicle
delivery results for August 2026.
XPENG delivered 39,107 vehicles in August 2026, up 4% year-over-year.
On August 11, 2026, the XPENG G9L made its official debut and commenced pre-sales in the Chinese
mainland.
In August 2026, XPENG Robotaxi business validation gained further progress. The Company secured
a permit to conduct remote testing of intelligent connected vehicles in Guangzhou, allowing road trials
without an onboard safety operator on designated Level 1, 2 and 3 test roads across the city and marking
a key milestone toward fully driverless road testing.
XPENG’s electric vehicles delivered from January to August 2026 are expected to reduce life-cycle
greenhouse gas emissions by more than 3.72 million tons compared to internal combustion engine
vehicles, equivalent to the carbon absorbed by 61.6 million young trees over 10 years.
Shareholders and potential investors of the Company are advised to exercise caution when
dealing in the securities of the Company.
By order of the Board
XPeng Inc.
Xiaopeng He
Chairman
Hong Kong, Tuesday, September 1, 2026
This announcement contains forward-looking statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the
Company’s expansion plans; the Company’s future business development, financial condition and results of
operations; the trends in, and size of, China’s EV market; the Company’s expectations regarding demand for, and
market acceptance of, its products and services; the Company’s expectations regarding its relationships with
customers, contract manufacturers, suppliers, third-party service providers, strategic partners and other
stakeholders; general economic and business conditions; and assumptions underlying or related to any of the
foregoing. All information provided in this announcement is as of the date of this announcement, and the Company
1
does not undertake any obligation to update any forward-looking statement, except as required under applicable
law.
As at the date of this announcement, the board of directors of the Company comprises Mr. Xiaopeng He as an
executive director, Mr. Ji-Xun Foo as a non-executive director, and Mr. Donghao Yang, Ms. Fang Qu, Mr.
HongJiang Zhang and Mr. Yudong Chen as independent non-executive directors.
* For identification purpose only
2
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦
不發表聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失
承擔任何責任。
XPeng Inc.
小鵬集團*
（於開曼群島註冊成立以不同投票權控制的有限公司）
（股份代號：9868）
自願公告
2026 年 8 月智能車交付數據
XPeng Inc. （「本公司」或「小鵬集團」）之董事會欣然宣佈其2026年8月車輛交付數
據。
2026年8月，小鵬集團共交付新車39,107輛，同比增長4%。
2026年8月11日，小鵬G9L於中國內地正式首發並開啟預售。
2026年8月，小鵬自動駕駛出租車（Robotaxi）業務驗證進一步提速。本公司獲得廣州
市智能網聯汽車遠程測試資質，可在廣州相關一、二、三級測試道路開展主駕無安全
員道路測試，進入主駕無人的關鍵道路驗證階段。
2026年1至8月，小鵬集團交付的電動汽車，相比内燃機汽車，全生命週期溫室氣體預
計減排超372萬噸，相當於6,160萬棵小樹十年的碳吸收量。
本公司股東及潛在投資者於買賣本公司證券時，務請謹慎行事。
承董事會命
XPeng Inc.
董事長
何小鵬
香港，2026年9月1日（星期二）
本公告載有前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。多種因素可能導致實際結果與
任何前瞻性陳述中的結果產生實質性差異，包括但不限於以下方面：本公司的目標及戰略；本
公司的拓展計劃；其未來的業務發展、財務狀況和經營成果；中國智能電動汽車市場的發展趨
勢和規模；本公司對於其產品及服務的需求及市場接受程度的期待；本公司對於其與客戶、合
作廠商、供應商、第三方服務提供商、戰略合作夥伴及其他持份者的關係的期待；總體經濟及
商業狀況；及與上述任何一項有關或與之相關的假設。本公告中提供的所有信息均截至本公告
日期，除適用法律要求的範圍外，本公司不承擔任何更新前瞻性陳述的義務。
1
於本公告日期，本公司董事會由執行董事何小鵬先生，非執行董事符績勳先生，以及獨立非執
行董事楊東皓先生、瞿芳女士、張宏江先生及陳玉東先生組成。
* 僅供識別
2
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每次领取产生一条记录,重新决策追加一条并以 supersedes 指向被替代的记录(ADR 0014)。
这条决策早于决策账本(2026-10-08 起逐条追加),没有追加记录。