The stock market has retreated, but the numbers that emerged after hours indeed add up to 12 trillion for a short essay. The focus is on debt reduction, but it also mentions that more policies will be arranged subsequently to strengthen counter-cyclical adjustments. It seems to emphasize a mid-term boost strategy, and overall, it cannot be said to be below expectations; it's more about selling the fact.
However, the economic data for October is expected to be good, and fiscal spending has not yet begun, so future reliable expectations will continue to drive the market. The speculative atmosphere seems to be maintained, while giants like Tencent are also about to release their earnings, and the resumption of buybacks has once again become a support factor. With uncertainties being eliminated, the U.S. stock market also appears to be continuing towards new highs.
Tesla's significant rise in the U.S. stock market is due to the potential policy support for FSD and Robotaxi, which can be better priced compared to Optimus. Meanwhile, XPeng, which launched its first AI car P7+ yesterday, also saw a surge today. The P7+ focuses on being competitively priced while standardizing more powerful ADAS and intelligent features.
Previously mentioned, the stock prices of new forces fluctuate with the new car cycle. Currently, after XPeng successfully launched the MONA M03, the market has shifted its focus to the P7+, and strong sales momentum will consolidate the company's sales growth and gross margin trend for the next year.
XPeng previously estimated that the gross margin for the P7+ would exceed 10%. Considering the aggressive pricing, this will validate XPeng's cost reduction achievements, which is also one of the important factors for turning free cash flow positive.
In addition to the new car cycle, accelerated overseas expansion and incremental contributions from Volkswagen are also potential catalysts. In the first half of the year, the company has entered 30 countries and has 70 overseas stores, while the number of overseas stores is expected to double in the second half of the year.
XPeng is engaged in automotive, intelligent driving, robotics, and underlying chips, basically referencing Tesla's strategy. However, whether cash flow can support such a grand dream is a question, but it has achieved some results so far

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The Hong Kong stock market has seen a pullback, with overall performance falling short of expectations, mainly due to the market's reaction to policies. Economic data for October is expected to be good, and fiscal policies have yet to be implemented, allowing the market's speculative atmosphere to remain. Giants like Tencent are about to release their earnings, and the resumption of share buybacks has become a support. The U.S. stock market continues to rise after uncertainties are resolved, with Tesla surging due to policy support. XPeng's new P7+ model is performing well, with expected gross margins exceeding 10%, accelerating overseas expansion, and promising future development potential

- The stock market experienced a pullback, but post-market figures indicate a significant focus on debt management and upcoming policy measures aimed at mid-term economic support.  
- October's economic data is expected to be positive, with major companies like Tencent set to report earnings, potentially sustaining market enthusiasm.  
- Xpeng's new P7+ model, featuring competitive pricing and advanced features, is anticipated to boost sales and profitability, while the company's international expansion continues to accelerate.

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