🇭🇰 港交所XPENG-WQwen · 实盘不做把握 3/10不做原因:无增量信息
北京时间·🕒 发布 12:22:00时区推断·⟳ 抓取 12:24:25·⚡ 决策 09-01 12:26:50 +2m25s·56.1 天前
小鹏集团2026年8月交付39,107辆，同比仅增4%，增速显著放缓
月度交付数据为例行运营披露，+4%同比增速虽弱但已被股价持续下行充分定价（13周跌32%、距52周高-59%、接近52周低点）。G9L预售和Robotaxi资质均为8月中旬旧闻，不构成本次新增催化。股价处于明确下行趋势中，'低位'不构成做多理由；数据仍为正增长，不满足做空'明确强空催化'红线。双向均无edge。
📄 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）
月度交付为例行披露，+4%增速放缓已被股价13周-32%的持续下行充分定价；股价处于明确下行趋势，低位不构成做多理由；数据仍为正增长，不满足做空强空红线。双向均无可交易edge。
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
小鹏8月交付39,107辆（+4% YoY），较6月+15.9%和2025Q4的+27%显著放缓。但这是每月例行披露，且股价已在过去13周持续下行32%至接近52周低点（HKD 44.9 vs 高点110.8），市场对增速放缓的定价已相当充分。G9L预售（8月11日）和Robotaxi远程测试资质均为旧闻。做多无催化（下行趋势中低位不是理由），做空不满足强空红线（仍为正增长、例行数据）。
🔎 新鲜度:最早出现 2026-09-01 · 扩散 low · price-in 风险 high ↗
主要风险
- 增速从+15.9%降至+4%若持续，可能触发进一步估值下修，但当前股价已反映大部分悲观预期
反向证据
- 做多前查反向 · 来源 price_snapshot · 日期 2026-08-31 · 影响 invalidates
path_13wk_idx100从100持续降至68，无企稳迹象；8月25日单日-9.19%后反弹未能持续，确认下行趋势仍有效
检索:小鹏汽车 增速放缓 下行趋势 - 做空前查反向 · 来源 事件正文 · 日期 2026-09-01 · 影响 invalidates
+4%仍为正增长，属例行月度数据而非'业绩大幅下修/财务暴雷/监管处罚'等强空催化，不满足做空红线①
检索:做空红线检查：是否满足明确强空催化
先例如何影响了这次决策
对本次决策的影响:先例不足不影响AVOID结论——例行月度数据在股价已充分反映趋势的情况下本身不构成可交易催化
方向:无足够先例
涨幅量级:不适用
形态:不适用
工具执行结果 · 成功 4 · 降级 3 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 612 ms
{"result": "search_processed_events:agent query=`xpeng august 2026 delivery | 小鹏 8月交付 | 小鹏集团 39107辆`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 71.0/72 小时、1519 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不是重复；按当前事件继续正常研判。"} - stock_quote 降级 stock_tools HTTP · 1,962 ms
取价失败: Futu returned no quote - kb_search 降级 stock_tools HTTP · 9,570 ms
{ - stock_quote 降级 stock_tools HTTP · 1,959 ms
取价失败: Futu returned no quote - price_snapshot 成功 stock_tools HTTP · 1,295 ms
{ - kb_search 成功 stock_tools HTTP · 1,739 ms
{ - search_case_library 成功 stock_tools HTTP · 417 ms
{"result": "search_case_library「09868.HK,XPEV.US」无历史决策命中(我们过去没在这些标的上决策过,或历史尚未回填)。\n◆ 09868.HK：相关历史决策 71 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n◆ XPEV.US：相关历史决策 124 条 · 其中该标的 ENTER 3 条(2.4%) · 已结算 3 笔 · 胜率 67% · 中位 +0.15% · 均值 -0.37% ⚠️只有 3 笔,样本太薄,只能当线索不能当规律\n↑ 胜率/收益口径:ENTER 当日之后 T+1 开盘入场、次日开
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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