格隆汇1月12日｜小鹏汽车(XPEV.US)盘前涨近3%，报20.6美元。消息面上，彭博援引知情人士透露， 小鹏汽车已聘请银行协助其飞行汽车部门"小鵬汇天"在香港进行首次公开募股(IPO)。知情人士透露， 小鹏汽车已选择摩根大通和摩根士丹利为其上市做准备。由于信息属于保密范畴，知情人士要求匿名。 他们还表示，小鹏汽车已秘密提交上市申请，最早可能在今年内完成。 ...

1月12日，港股汽车股持续疲弱，其中，吉利汽车、零跑汽车跌超3%，广汽集团跌2.8%，理想汽车、小 鹏汽车跌超2%，长城汽车、蔚来汽车、赛力斯、奇瑞汽车均有跌幅。（新浪财经） 作者丨彭鑫 编辑丨安安 ...

Core Viewpoint - The article highlights the performance of the Chinese automotive market in December 2025, noting a decline in retail sales for traditional vehicles while emphasizing growth in the new energy vehicle (NEV) sector and exports. The market is expected to transition into 2026 with a focus on new energy vehicles and a recovery in demand [4]. Sales Performance - In December 2025, the domestic narrow passenger car market retail sales reached 2.261 million units, a year-on-year decrease of 14.0% but a month-on-month increase of 1.6%. Cumulative sales for the year totaled 23.744 million units, reflecting a year-on-year growth of 3.8% [2]. - The wholesale sales ranking for December 2025 shows BYD leading with 414,784 units sold, followed by Geely and Chery with 236,817 and 234,736 units, respectively. Notably, BYD's sales decreased by 12.7% month-on-month and 18.6% year-on-year [5]. - For the entire year of 2025, BYD also topped the wholesale sales with 4.545 million units, marking a 6.9% increase year-on-year, while Geely's sales surged by 39.0% to 3.025 million units [6]. New Energy Vehicle Market - In December 2025, the NEV wholesale sales ranking was led by BYD with 414,784 units, despite a month-on-month decline of 12.7% and a year-on-year drop of 18.6%. Geely followed with 154,264 units, showing a year-on-year increase of 38.7% [9]. - The retail sales for NEVs in December 2025 also saw BYD at the forefront with 339,854 units sold, a month-on-month increase of 10.9% but a year-on-year decrease of 15.7% [13]. - For the full year, BYD maintained its dominance in the NEV sector with 3.485 million units sold, although this represented a year-on-year decline of 6.3% [14]. Market Trends and Future Outlook - The article notes that the end of the year typically sees a surge in vehicle purchases, but the depletion of subsidy funds across provinces has tempered this effect, leading to a more stable demand outlook heading into 2026 [4]. - The performance of various manufacturers indicates a competitive landscape, with traditional automakers facing challenges while NEV manufacturers like BYD and Geely continue to show resilience and growth potential [6][9].

Core Viewpoint - The article provides an overview of upcoming vehicle models from various manufacturers, detailing their specifications, market segments, and expected launch dates, highlighting the competitive landscape in the automotive industry for 2026 [2][5][10]. Group 1: Upcoming Models Overview - FAW Toyota will launch the Toyota bZ3 on December 31, 2025, targeting the B NB segment with a price range of 10.98 to 15.98 million yuan [10]. - Geely Auto is set to release the Geely Emgrand on January 1, 2026, in the A NB segment, priced at 7.29 million yuan [18]. - Lynk & Co will introduce the Lynk 08 EM-P on January 1, 2026, as a B SUV with a price of 20.58 million yuan [25]. - Smart will launch the smart 1 on January 1, 2026, in the AO SUV segment, priced at 13.99 million yuan [34]. - SAIC Passenger Vehicle will release the MG7 on January 6, 2026, in the B NB segment, with prices ranging from 13.79 to 17.89 million yuan [41]. - Beijing Hyundai will launch the Hyundai Santa Fe on January 6, 2026, in the B SUV segment, with a price range of 19.58 to 26.88 million yuan [49]. - GAC Toyota will introduce the Toyota Camry on January 7, 2026, in the B NB segment, with prices ranging from 19.58 to 26.88 million yuan [57]. - Dongfeng Honda will launch the Honda HR-V on January 8, 2026, in the A SUV segment, with prices between 15.99 and 17.59 million yuan [65]. - Xpeng Motors will release multiple models including the P7+, G7, G6, and G9 on January 8, 2026, with prices ranging from 18.68 to 27.88 million yuan [71][82][96]. - BYD will introduce the Qin PLUS DM-i and other models on January 8 and 9, 2026, with prices ranging from 7.98 to 12.68 million yuan [102][110][118]. Group 2: Technical Specifications - The Toyota bZ3 features a pure electric engine with a power output of 135 kW and a torque of 303 N·m, offering a range of up to 610 km [10]. - The Geely Emgrand is equipped with a 1.5L engine, producing 88 kW and 150 N·m of torque [18]. - The Lynk 08 EM-P has a 1.5T plug-in hybrid engine with a total power output of 300 N·m [25]. - The smart 1 offers a pure electric engine with a power output of 175 kW and a torque of 300 N·m, with a range of 410 km [34]. - The MG7 features a 1.5T engine with a power output of 138 kW and a torque of 300 N·m [41]. - The Hyundai Santa Fe is powered by a 2.0T engine, producing 182 kW and 353 N·m of torque [49]. - The Honda HR-V has a 1.5T engine with a power output of 134 kW and a torque of 240 N·m [65]. - The Xpeng P7+ offers both range-extended and pure electric versions, with the latter providing a range of 725 km [71]. - BYD's Qin PLUS DM-i features a 1.5L plug-in hybrid engine with a total power output of 210 km range [102].

Core Viewpoint - Xiaopeng Motors is preparing for an IPO of its flying car division in Hong Kong, having engaged JPMorgan and Morgan Stanley for the process, with a potential completion as early as this year [1] Group 1: Stock Performance - Xiaopeng Motors' stock rose by 2.04% to HKD 80.15, with a trading volume of HKD 1.318 billion [1] Group 2: IPO Plans - The company has secretly submitted its IPO application for the flying car division, with plans to complete the process within the year [1] - JPMorgan and Morgan Stanley have been selected to assist in the IPO preparations [1] Group 3: Product Launches - On January 8, Xiaopeng Motors unveiled multiple new models and technology updates at its 2026 Spring Product Launch, including the 2026 P7+, G7 Super Extended Range, G6, and G9 [1] - CEO He Xiaopeng announced that these new vehicles will feature the second-generation VLA (Vision-Language-Action) large model, which is the first in the industry to achieve L4-level initial capabilities [1] Group 4: Future Developments - The company plans to implement physical AI and scale production this year, including the operation of Robotaxi services, humanoid robots, and flying cars [1]

Core Viewpoint - XPeng Motors has engaged banks to assist its flying car division in preparing for an IPO in Hong Kong, with plans to submit a confidential listing application, potentially completing the process within this year [1] Group 1: Stock Performance - XPeng Motors-W (09868) saw a late-session increase of over 2%, after initially dropping more than 2% earlier in the day, closing at HKD 80.15 with a trading volume of HKD 1.318 billion [1] Group 2: IPO Plans - The company has selected JPMorgan and Morgan Stanley to prepare for its IPO [1] - The IPO is part of XPeng's strategy to expand its flying car division, with a confidential application already submitted [1] Group 3: Product Launches - On January 8, XPeng Motors announced multiple new models and technology updates during its 2026 Spring product launch, including the 2026 P7+, G7 Super Extended Range, G6, and G9 [1] - CEO He Xiaopeng stated that these new vehicles will feature the second-generation VLA (Vision-Language-Action) large model, marking a significant advancement in the industry [1] - The company plans to implement physical AI and scale production of Robotaxis, humanoid robots, and flying cars this year [1]

小鹏汇天前身为汇天，早于2013年起航于东莞，小鹏汽车于2020年投资汇天，小鹏汇天随后正式成立， 于2021年完成逾5亿美元A轮融资，2024年再获1.5亿美元B1轮融资。有报道指，该公司已于去年中完成 2.5亿美元的B轮融资。 智通财经APP获悉，据报道，小鹏(09868)已秘密为其飞行汽车部门小鹏汇天在香港提交上市申请，目前 已聘请摩根大通和摩根士丹利协助其IPO事宜，有可能最快在今年内完成。 早在去年，便有消息称多家投行受邀参与竞标小鹏汇天在香港或美国的上市辅导工作。 根据小鹏汇天的官网，该公司是小鹏汽车的生态企业，以"全球领先的低空产品创造者"为愿景，以"让 飞行更自由"为使命，透过核心技术的自研革新与运用，致力于为用户打造安全、智能的飞行汽车等低 空出行产品，逐步解决个人飞行、空中通勤、公共服务等需求，推进低空出行方式，让人快速移动变 革，让人带来人捷带来的自由式飞行。 小鹏汇天的分体式飞行汽车"陆地航母"于2024年首次公开飞行，2025年海外首秀，早前该公司创始人赵 德力接受媒体群访时表示，目前"陆地航母"已获约5000台订单，公司计划2027年布局海外市场。 ...

Core Viewpoint - The automotive market in 2025 is characterized by intense competition, price wars, and a shift in consumer behavior towards value-driven purchases, leading to significant challenges for manufacturers [5][39]. Group 1: Market Dynamics - BYD, Geely, and Tesla dominated the sales rankings, with BYD maintaining a significant lead in the new energy vehicle sector, selling 4.545 million vehicles in 2025 [7][12]. - The overall sales of new energy vehicles in China reached 14.78 million units, a year-on-year increase of 31.2%, but BYD's growth rate was only 11% [11][12]. - Consumers are increasingly price-sensitive, often comparing prices across cities, which has benefited brands that offer high value for lower prices [7][10]. Group 2: Competitive Landscape - Geely has adopted aggressive pricing strategies, successfully positioning its models against BYD's offerings, resulting in a total of 1.687 million new energy vehicles sold in 2025 [13][14]. - New entrants like Leap Motor have carved out a niche in the budget segment, achieving sales of 596,600 units, and have become profitable, contrasting with many competitors still struggling [16][17]. - Xiaomi's foray into the automotive market has been successful, with its vehicles achieving significant sales and profitability, highlighting the potential for tech companies to disrupt traditional automotive players [21][22]. Group 3: Challenges and Future Outlook - The automotive industry is facing a bottleneck, with many companies struggling to innovate and maintain profitability amid ongoing price wars [39][40]. - The market is expected to become more challenging in 2026, with changes in tax policies and increased competition from established players like Xiaomi and Tesla [45][46]. - Companies are focusing on cost control and operational efficiency as key strategies to survive in a tightening market [41][39].

Core Viewpoint - Xiaopeng Motors aims to expand its core product lines, including smart cars, Robotaxi, robots, and low-altitude flying cars, into global markets from 2026 to 2030, emphasizing local R&D and manufacturing [1] Global Expansion Strategy - By 2025, Xiaopeng Motors plans to enter 60 countries and regions, with further expansion into more markets in 2026 [1] - The company intends to deepen local R&D and manufacturing efforts to introduce more globalized models suitable for both left-hand and right-hand drive markets [1]

Core Viewpoint - Xiaopeng Motors (09868) has launched four new models and established a timeline for AI product deployment, indicating a strong growth trajectory for the company [1] Group 1: Product Development - The second-generation visual intelligent driving system (VLA2.0) is expected to achieve mass production in the first quarter of this year [1] - Robotaxi operations are set to commence this year [1] - Humanoid robots and flying cars are anticipated to reach mass production in the second half of this year [1] Group 2: Growth Potential - The company is expected to maintain a high growth trend due to new vehicle iterations, large-scale production of the dual-energy platform, and the widespread adoption of intelligent driving features [1] - Continuous investment in AI chips and autonomous driving technology is likely to provide long-term growth momentum for the company [1] Group 3: International Expansion - The group is accelerating its overseas expansion efforts [1]