与此同时，国际金融市场避险情绪升温。分析指出，受政治与财政风险上升影响，投资者纷纷转向避险 资产。1 月 26 日，黄金价格一度大幅上扬 2.5%，创下每盎司 5100 美元以上的历史新高；现货白银日 内涨幅更是高达 14%，最高触及 117 美元/盎司。然而，国际金银价格在冲高后大幅跳水，现货白银尾 盘转跌，报约 102.8 美元/盎司；现货黄金向下跌破 5000 美元/盎司，最终收涨 0.26%。1 月 27 日亚洲早 盘，国际黄金高开后继续拉升，白银震荡反弹，盘中涨幅逾 2%。 在贸易领域，一则消息引发广泛关注。据央视新闻 1 月 27 日报道，美国总统特朗普宣称对韩国产汽车 等产品加征关税。韩国总统府青瓦台表示，尚未收到美方正式通报及相关说明。韩国政府 27 日上午紧 急召开相关政府部门会议研究应对策略，正在加拿大访问的韩国产业通商部部长金正官也将尽快前往美 国进行磋商。当地时间 1 月 26 日，特朗普在其社交平台"真实社交"发文称，因韩国国会未批准并落实 此前与美国达成的贸易协议，美方决定将对韩国汽车、木材、制药产品以及其他对等关税项目的税率从 15%上调至 25%。 当地时间 1 月 26 日， ...

隔夜美股盘中拉升。黄金、白银今日高开后拉升。 1月27日亚洲早盘，国际黄金高开后拉升，白银震荡反弹，盘中涨逾2%。 美股收涨 黄金白银巨震 美股三大指数集体收涨，纳指涨0.43%，道指涨0.64%，标普500指数涨0.5%。 个股方面，苹果、甲骨文、Meta涨超2%，英特尔跌超5%，AMD、特斯拉跌超3%。市场关注苹果、甲骨文、Meta等将于本周公布财报。 热门中概股多数下跌，纳斯达克中国金龙指数收跌0.63%，百度跌超3%，小鹏汽车跌超2%，阿里巴巴跌超1%，理想汽车涨超1%。 分析称，受政治与财政风险上升推动，投资者转向避险资产。1月26日黄金价格一度大涨2.5%，创下每盎司5100美元以上的历史新高。现货白银日内涨幅 一度高达14%，最高触及117美元/盎司。不过国际金银在冲高后大幅跳水，现货白银尾盘转跌，报约102.8美元/盎司。现货黄金向下跌破5000美元/盎司， 收涨0.26%。 特朗普称提高对韩国多种商品关税税率至25% 据央视新闻报道，1月27日，针对美国总统特朗普宣称对韩国产汽车等产品加征关税，韩国总统府青瓦台表示尚未收到美方正式通报以及相关说明。 韩国政府27日上午将召开相关政府部门会议研 ...

Core Insights - Xiaopeng Motors has transformed from a "new force in smart electric vehicles" to a "global AI automotive technology enterprise," focusing on an integrated intelligent ecosystem of "automobiles + robots + flying cars" [1] - The company is shifting from a phase of "technological leadership but profitability pressure" to a profitability inflection point driven by "mass market hits + technology output" [1] Product Strategy - The introduction of a "dual power strategy" with both pure electric and range-extended vehicles aims to alleviate user range anxiety, starting with the launch of the X9 EREV model in November 2025 [1] - 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 pure electric range of 452 km [1] - In 2026, the company plans to launch multiple new models, including the G7 and P7+ range-extended versions, and four additional new models, including two SUVs on the MONA platform and a full-size 6-seat SUV [1] AI Strategic Layout - The company is transitioning from "smart cars" to "physical AI," showcasing its commitment and specific path at the 2025 Technology Day [2] - The core technology, VLA 2.0, is a second-generation visual-language-action model that enhances reasoning efficiency by 12 times and is set for full deployment in Ultra models by Q1 2026 [2] - The company plans to launch three models of its self-developed Robotaxi in 2026, aiming to capture a share of the trillion-yuan mobility market with an innovative "fully shared + private" business model [2] - The humanoid robot IRON is expected to achieve mass production by the end of 2026, initially targeting commercial scenarios such as guiding and shopping [2] Financial Forecast - Revenue projections for Xiaopeng Motors from 2025 to 2027 are estimated at 75.8 billion, 132.1 billion, and 166.3 billion yuan, with year-on-year growth rates of 85.5%, 74.3%, and 25.9% respectively [2] - The net profit attributable to the parent company is forecasted to be -1.64 billion, 2.4 billion, and 6.48 billion yuan for the same period [2] - The company maintains a "buy" rating based on these projections [2]

Group 1 - The Nasdaq China Golden Dragon Index fell by over 0.5% on January 26 [2] - Miniso Group saw a decline of 4.08% [2] - Zai Lab Limited experienced a drop of 4.36% [2] - Daqo New Energy Corp decreased by 2.80% [2] - Xpeng Motors fell by 2.70% [2] - Baidu Inc. declined by 2.51% [2]

Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Insights - The company has transitioned from being a "smart electric vehicle new force" to a "global AI automotive intelligent technology enterprise," focusing on building an integrated intelligent ecosystem of "automobiles + robots + flying cars" [1][20]. - The introduction of the "dual-energy strategy" and multiple new models is expected to initiate a strong product cycle, with significant sales growth anticipated [2][21]. - The company is shifting from a phase of "technology leadership but profitability under pressure" to a profitability inflection point driven by "mass-market hits + technology output" [1][20]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 758 billion, 1321 billion, and 1663 billion respectively, with year-on-year growth rates of 85.5%, 74.3%, and 25.9% [4][5]. - The company is expected to achieve a net profit of -16.4 billion, 24.0 billion, and 64.8 billion for the same period, indicating a significant recovery in profitability [4][5]. Product Strategy - The company has launched its first range-extended model, the X9 EREV, with a large battery and high energy conversion efficiency, addressing user range anxiety [2][3]. - A total of four new models are expected to be launched in 2026, including two SUVs based on the MONA platform and a full-size six-seat SUV [2][21]. AI Strategy - The company is transitioning to a "physical AI" company, showcasing its commitment to this transformation with the release of the VLA 2.0 model, which significantly enhances reasoning efficiency [3][20]. - The company plans to commercialize its self-developed Robotaxi and has set ambitious goals for its humanoid robot, IRON, to begin mass production by the end of 2026 [3][20]. Organizational Changes - The company has undergone significant organizational restructuring to enhance efficiency and product development capabilities, which is expected to support its transition to a more robust business model [20][46]. Market Position - The company is positioned to leverage its technological advancements and strategic partnerships, particularly with Volkswagen, to enhance its competitive edge in the automotive market [20][21].

Group 1 - Hong Kong automotive stocks collectively declined, with Xpeng Motors-W (09868.HK) falling by 4.62% to HKD 73.25 [2] - Great Wall Motors (02333.HK) decreased by 4.54% to HKD 13.24 [2] - GAC Group (02238.HK) dropped by 1.29% to HKD 3.83 [2]

汽车股集体走低，截至发稿，小鹏汽车-W(09868)跌4.62%，报73.25港元；长城汽车（601633）(02333) 跌4.54%，报13.24港元；广汽集团(02238)跌1.29%，报3.83港元。 国泰海通证券则表示，2025年全年，乘用车批发销量2990.8万辆，同比+9%。综合考虑新能源购置税优 惠退坡及2026年以旧换新政策力度边际减弱，我们预计2026年整体乘用车市场销量约3021万辆，同比 +1%，新能源乘用车销量约1685万辆，同比+10%。 消息面上，1月22日，乘联分会发布数据，1月狭义乘用车零售销量预计约为180万辆，环比下降 20.4%，同比微增0.3%。其中，新能源乘用车零售量预计达80.0万辆，渗透率约为44.4%。国金证券发布 研报称，1月处于政策衔接期，消费者观望情绪较强，上半月车市表现较弱。 ...

消息面上，1月22日，乘联分会发布数据，1月狭义乘用车零售销量预计约为180万辆，环比下降 20.4%，同比微增0.3%。其中，新能源乘用车零售量预计达80.0万辆，渗透率约为44.4%。国金证券发布 研报称，1月处于政策衔接期，消费者观望情绪较强，上半月车市表现较弱。 国泰海通证券则表示，2025年全年，乘用车批发销量2990.8万辆，同比+9%。综合考虑新能源购置税优 惠退坡及2026年以旧换新政策力度边际减弱，我们预计2026年整体乘用车市场销量约3021万辆，同比 +1%，新能源乘用车销量约1685万辆，同比+10%。 智通财经APP获悉，汽车股集体走低，截至发稿，小鹏汽车-W(09868)跌4.62%，报73.25港元；长城汽 车(02333)跌4.54%，报13.24港元；广汽集团(02238)跌1.29%，报3.83港元。 ...

Group 1 - The Hang Seng Index opened up by 0.35% and the Hang Seng Tech Index increased by 0.05% [1] - Pop Mart surged over 4%, while Zijin Mining rose nearly 3% [1] - Tencent Music and JD Health also showed significant gains [1] Group 2 - Baidu Group, Xpeng Motors, and NIO experienced notable declines [1]

本文源自：金融界AI电报 港股汽车板块盘初走低，小鹏汽车(09868.HK)跌超3%，蔚来汽车(09866.HK)跌2.51%，长城汽车 (02333.HK)、零跑汽车(09863.HK)跌幅居前。 ...