据不完全统计，除了沃尔沃、起亚等海外品牌，东风日产、长安马自达等合资品牌，小米、蔚来、尚界 等新势力和长安、东风、奇瑞等本土传统车企都给出了开年促销政策，涉及超76款车型，开年车市第一 波"价格战"正如火如荼地展开。 | 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 09866 | 蔚来-SW | 37.600 | -3.29% | | 01211 | 比亚迪股份 | 96.050 | -3.18% | | 09863 | 零跑汽车 | 49.080 | -2.81% | | 09868 | 小鹏汽车-W | 77.600 | -2.76% | | 00175 | 吉利汽车 | 17.460 | -2.08% | | 02015 | 理想汽车-W | 66.900 | -1.55% | | 02333 | 长城汽车 | 14.440 | -1.23% | | 01130 | 中国环境资源 | 0.495 | -1.00% | | 01114 | BRILLIANCE CF | 4.070 | -0.73% | | 01958 | 北京汽车 | 1.94 ...

东北证券发布研报称，首次覆盖，给予小鹏汽车-W(09868)"买入"评级，小鹏汽车2025年第三季度交付 量、营收与综合毛利率均创新高，公司通过推出"纯电+增程"双能策略及多款新车型开启强势产品周 期。同时，小鹏加速向"物理AI"转型，发布VLA 2.0大模型、前装量产Robotaxi及人形机器人IRON，推 动智能驾驶与具身智能技术的研发与商业化落地。 东北证券主要观点如下： 2025Q3交付量与综合毛利均创新高 在2025年科技日上，公司清晰地展示了其向"物理AI"公司转型的决心和具体路径。 核心技术VLA2.0：发布第二代视觉-语言-行动(VLA)大模型，通过砍掉语言转译环节，实现从视觉到动 作的直接映射，推理效率提升12倍。该模型在复杂小路场景的平均接管里程提升13倍。VLA 2.0计划于 2026Q1在Ultra车型上全量推送，并有望技术外溢至机器人等其他具身智能领域。 Robotaxi商业化：公司发布了中国首款全栈自研的前装量产Robotaxi，计划于2026年推出3款车型，并在 2026H2开始试运营。虽然在运营经验上与行业头部尚有差距，但凭借前装量产能力和创新的"全共享 +私享"商业模式，有望 ...

Core Insights - Northeast Securities initiates coverage on XPeng Motors (09868) with a "Buy" rating, highlighting record-high delivery volumes, revenue, and gross margin in Q3 2025, driven by a dual-energy strategy and new vehicle launches [1][2] Group 1: Financial Performance - In Q3 2025, XPeng Motors achieved total revenue of 20.38 billion yuan, a year-on-year increase of 101.8%, with net losses significantly narrowing to 380 million yuan [1] - The total delivery volume reached 116,007 units, marking a year-on-year growth of 149.3%, setting a historical record [1] - The company's gross margin surpassed 20% for the first time, reaching 20.1%, indicating a notable improvement in profitability [1] Group 2: Product Strategy - To address user range anxiety, XPeng Motors launched a "pure electric + range extender" dual-energy strategy, with the first range-extended model, X9 EREV, officially launched in November 2025 [2] - The X9 EREV features a 63.3 kWh battery and a third-generation range extender with an efficiency of over 3.6 kWh/L, achieving a CLTC pure electric range of 452 km [2] - Additional range-extended versions of key models such as G6, G7, and P7i are expected to be released in Q1 2026, along with four new models including two SUVs based on the MONA platform [2] Group 3: AI Strategy and Technological Advancements - XPeng Motors is transitioning towards a "physical AI" company, showcasing its commitment and specific pathways during the 2025 Technology Day [3] - The core technology, VLA 2.0, is a second-generation visual-language-action model that enhances reasoning efficiency by 12 times and improves average takeover mileage in complex scenarios by 13 times [3] - The company plans to fully deploy VLA 2.0 in Ultra models by Q1 2026 and aims to extend its technology to robotics and other embodied intelligence fields [3] - XPeng Motors has introduced China's first fully self-developed mass-produced Robotaxi, with plans to launch three models in 2026 and begin trial operations in the second half of 2026 [3] - The humanoid robot IRON is expected to achieve mass production by the end of 2026, initially piloting in commercial scenarios such as guiding and shopping, with AI technology synergies benefiting both the robot and autonomous driving sectors [3]

本文源自：金融界AI电报 港股汽车股震荡走低，比亚迪股份(01211.HK)跌超3%，蔚来汽车(09866.HK)、小鹏汽车(09868.HK)跌超 2%，吉利汽车(00175.HK)、长城汽车(02333.HK)、赛力斯(09927.HK)、理想汽车(02015.HK)跌超1%。 ...

从人才供给端看，产业科技更迭速度远超教育体系更新周期，"毕业了，专业没了"现象越发常见，如何 造就敏捷响应、高效运转的人才供应链成为紧迫课题。广东等地先行破题，近年来探索打造了"链主"企 业主导的产业、教学、评价融通的技能生态链，将产业前端需求及时传导至人才供应链。在"链主"们主 导培养、主导评价之后，链式招聘的出现水到渠成，将进一步形成从"强产业"到"稳就业"的闭环。 2026年，全国高校毕业生规模预计达到1270万人新高，人工智能等新技术发展带来的结构性就业矛盾仍 将存在。期待更多畅通人才"引、育、留、用"全链条的有效模式涌现，为现代化产业体系"造血"，为广 大人才拓展实现价值的广阔舞台。 （文章来源：经济日报） 在广东2025年"百万英才汇南粤"行动计划年末压轴招聘会上，"链主企业专区"分外吸睛：华为、腾讯、 比亚迪、小鹏等"链主"携手上下游生态伙伴组团招聘，将产业全链条岗位打包呈现，让求职者直呼"找 工作像逛专业超市一样方便"。 从企业"各自为战"迈向产业"链式协同"，广东的探索可谓"管产业就要管就业"这一就业观的生动体现。 通观"百万英才汇南粤"实施全年，5000多场招聘活动，紧扣产业链密集靶向引才 ...

Group 1 - The company achieved a record high in total deliveries and gross margin in Q3 2025, with total revenue reaching 20.38 billion yuan, a year-on-year increase of 101.8%, and a significant reduction in net loss to 380 million yuan. Total delivery volume reached 116,007 units, a year-on-year increase of 149.3%, and the gross margin exceeded 20% for the first time, reaching 20.1% [1] - The company has launched a "dual power" strategy to address user range anxiety, introducing the first range-extended model, the X9 EREV, which features a 63.3 kWh battery and a conversion rate exceeding 3.6 kWh/L, achieving a pure electric range of 452 km. Additional range-extended versions of key models such as G6, G7, and P7i are expected to be launched in Q1 2026, along with four new models including two SUVs on the MONA platform [1] - The company is expected to enter a strong product cycle with the launch of range-extended and new models, leading to a continuous increase in vehicle sales [1] Group 2 - The company is transitioning to a "physical AI" company, showcasing its commitment and specific path at the 2025 Technology Day. The core technology, VLA 2.0, is a second-generation visual-language-action model that enhances reasoning efficiency by 12 times and improves average takeover mileage in complex scenarios by 13 times. This model is planned for full deployment on Ultra models in Q1 2026 and is expected to extend to robotics and other embodied intelligence fields [2] - The company announced the launch of China's first fully self-developed front-mounted mass-produced Robotaxi, with plans to introduce three models in 2026 and begin trial operations in H2 2026. Despite a gap in operational experience compared to industry leaders, the innovative "fully shared + private" business model may allow the company to secure a position in the billion-level mobility market [2] - The humanoid robot IRON is set to achieve mass production by the end of 2026, with initial trials in commercial scenarios such as guiding and shopping. The AI technology developed for the humanoid robot will also benefit the autonomous driving sector, creating a positive feedback loop [2] Group 3 - Revenue forecasts for the company from 2025 to 2027 are projected to be 75.8 billion, 132.1 billion, and 166.3 billion yuan, with year-on-year growth rates of 85.4%, 74.3%, and 25.9%, respectively. The net profit attributable to the parent company is expected to be -1.55 billion, 2 billion, and 6.13 billion yuan [3]

根据2025Q4 业绩指引，公司预期交付量12.5-13.2 万辆，同比增长36.6%至44.3%，预期收入215-230 亿 元，同比增长33.5%至42.8%。2025Q4 由于行业需求下滑，小鹏实际交付11.6 万辆，整体略低于前期指 引。 机构：长江证券 研究员：高伊楠/张扬 小鹏汽车发布2025 年12 月销量。12 月公司共交付新车37,508 台，同比+2.2%，环比+2.1%。 2025 年全年公司累计交付新车共42.9 万台，同比+125.9%。 事件评论 12 月交付约3.75 万辆，同环比小幅提升，X9 增程版交付强势。公司12 月公司共交付新车37,508 台，同 比+2.2%，环比+2.1%；2025Q4 交付11.6 万辆，同比+27.0%。2025年全年公司累计交付新车共42.9 万 台，同比+125.9%。全新X9 增程上市并快速开启交付，12 月小鹏X9 交付5,424 台，创车型历史单月最 高交付纪录，环比+68%，同比+289%。 2026 年，小鹏即将举办新年第一场发布会，发布2026 款小鹏P7+和小鹏G7 车型，开启"一车双能"。出 海方面，2025 年全年小鹏汽车 ...

Core Viewpoint - XPeng has demonstrated significant growth in vehicle deliveries and revenue in Q3 2025, but its reliance on a limited number of core models poses potential risks to its performance [1][13]. Group 1: Strong Q3 Results, Surging Sales - In Q3 2025, XPeng's deliveries reached 116,007 units, marking a 149.3% year-over-year increase and a 12.4% quarter-over-quarter increase, setting a new record for quarterly deliveries [1] - Revenue for Q3 2025 was RMB 20.38 billion, up 101.8% year-over-year, while net loss narrowed to RMB 0.38 billion from RMB 0.48 billion in Q2 and RMB 1.81 billion in the same period last year [2] - Vehicle sales revenue accounted for RMB 18.05 billion, representing a 105.3% year-over-year increase and 88.6% of total revenue [3] Group 2: Sales Volume Breakdown - In July 2025, XPeng sold 36,717 vehicles, up 229% year-over-year; in August, sales reached 37,709 vehicles, up 169% year-over-year; and in September, sales were 41,581 vehicles, up 95% year-over-year [3] - By the end of October 2025, cumulative sales for the year reached 355,000 vehicles, surpassing the 350,000-unit target set at the beginning of the year [4] Group 3: Product Portfolio Optimization - XPeng is optimizing its product portfolio by streamlining Stock Keeping Units (SKUs) and focusing on core models, creating a tiered product lineup to cater to different consumer segments [7] - The MONA M03, priced around RMB 150,000, includes advanced intelligent driving technology, making it accessible to a broader consumer base [8] - The P7+ model enhances its competitive edge with features like automated parking and a smart cockpit, addressing consumer concerns about driving range and technology [9] Group 4: R&D Investment and Technological Advancements - XPeng's R&D expenses rose to RMB 2.43 billion in Q3 2025, up 48.7% year-over-year, accounting for 10% of operating revenue [10] - The company has filed over 3,000 patents related to intelligent driving technology, showcasing its innovation capabilities [11] - The XNGP full-scenario intelligent ADAS has achieved a 60% penetration rate, enhancing XPeng's competitive position in the market [12] Group 5: Risks and Future Outlook - XPeng's reliance on the MONA M03 and P7+ models, which together account for over 70% of total deliveries, presents a risk if market demand shifts or competitors introduce more compelling products [13] - To mitigate this risk, XPeng plans to accelerate the rollout of new models in 2025 to diversify its product offerings [15] - For Q4 2025, XPeng is expected to deliver between 125,000 and 132,000 vehicles, with projected revenue of approximately RMB 22 billion, reflecting a 36.6% year-over-year growth [16]

| | 家公司 | 景老板 营关系 黄风局 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 大眼堂 | 部 (X 用 的 用 金 宜 得 工 具 | 苏州翻起汽车销售服务有限公司 | 0 天眼一下 | 品 融用 · | | 颜务合作 金业级产品 · 沙开通合员 · 童 186 ... | | | 基本信息 = | 法律诉讼 | 经营风险 | 经营信息 | 公司发展 | 知识产权 | | 历史信息(1) | | 工资信息 市史工委员员 | | | | | | | 0 导出 | | 企业名称 | 苏州副配汽车销售服务有限公司 | | | | | | | | 法定代表人 | 1 CE HHH | 登记状态 | 在业 | | 天眼评分 | 67 % | | | | | 成立日期 | 2026-01-05 | | | | | | 统一社会信用代码 > | 91320507MAK4M6Q782 | 注册资本 | 500万人民币 | | 实做资本 | | | | 工鹅注册号 | 320507000919528 | 榜模人识别号(I) | 913 ...

Core Insights - The article discusses the evolution of autonomous driving technology in 2025, marking a transition from research to practical implementation, with significant advancements in various technical areas [2][3]. Group 1: Industry Trends - The year 2025 is characterized as a turning point for autonomous driving, with technologies like BEV perception, multi-sensor fusion, and trajectory prediction reaching maturity [2]. - The competition in the smart electric vehicle sector is intensifying, with companies like Horizon, Xiaomi, and Li Auto making notable advancements [4][22]. Group 2: Company Highlights - Horizon has made significant strides with its HSD technology, showcasing high potential in end-to-end solutions and innovative approaches like GoalFlow and ResAD [9]. - Xiaomi's autonomous driving development has rapidly progressed, with a team exceeding 1000 members and a series of iterative improvements leading to the release of HAD enhanced version [10][11]. - Li Auto has established itself in the domestic autonomous driving tier, although it faces challenges in transitioning from range-extended to pure electric vehicles [13]. - Xiaopeng Motors experienced a rebound in sales, doubling its volume to nearly 430,000 units in 2025, driven by the successful launch of VLA 2.0 technology [14]. - Bosch is actively investing in both research and production lines, focusing on end-to-end solutions and enhancing its engineering capabilities [16]. Group 3: Future Outlook - The competition in the smart electric vehicle market is expected to become more fierce in 2026, with a shift towards L3 and L4 autonomous driving technologies gaining traction [22][23].