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].

Investment Rating - The report assigns a "Buy" rating for the company [7] Core Insights - The company achieved total revenue of 20.38 billion yuan in Q3 2025, a year-on-year increase of 101.8%, with net loss significantly narrowing to 0.38 billion yuan. Total deliveries reached 116,007 units, up 149.3%, marking a historical high. The comprehensive gross margin exceeded 20% for the first time, reaching 20.1%, indicating a notable improvement in profitability [1][4] - The company has launched a "dual power" strategy combining pure electric and range-extended vehicles to address user range anxiety. The first range-extended model, X9 EREV, was launched in November 2025, featuring a 63.3 kWh battery and a conversion efficiency exceeding 3.6 kWh/L, achieving a pure electric range of 452 km. Additional range-extended versions of key models are expected in Q1 2026, alongside four new models in 2026, including two SUVs based on the MONA platform [2] - The company is transitioning from "smart cars" to a "physical AI" company, showcasing its commitment and specific path at the 2025 Technology Day. The core technology, VLA 2.0, enhances reasoning efficiency by 12 times and improves average takeover mileage in complex scenarios by 13 times. The model is set to be fully deployed in Ultra models by Q1 2026 and is expected to extend to robotics and other embodied intelligence fields [3] - The company forecasts revenues of 75.8 billion yuan, 132.1 billion yuan, and 166.3 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 85.4%, 74.3%, and 25.9%. The net profit attributable to the parent company is projected to be -1.55 billion yuan, 2.00 billion yuan, and 6.13 billion yuan for the same years [4][5]

天眼查工商信息显示，近日，苏州鹏昭汽车销售服务有限公司成立，法定代表人为韩键，注册资本500 万人民币，经营范围含汽车销售、新能源汽车整车销售、新能源汽车电附件销售、汽车零配件批发、汽 车零配件零售、商务代理代办服务、信息技术咨询服务、信息咨询服务等。股东信息显示，该公司由小 鹏汽车旗下苏州小鹏汽车销售服务有限公司全资持股。 ...

消息面上，1月5日，小鹏汽车-W宣布，2026款小鹏P7+车型已在奥地利格拉茨工厂顺利完成试装，目前 中奥团队正协同推进后续研发与生产流程，全力保障高质量交付。据介绍，该工厂拥有百年制造积淀和 超过300万辆整车量产经验，是全球最大且唯一生产梅赛德斯-奔驰G级车型的制造商。 小鹏汽车-W(09868)涨近4%，截至发稿，涨3.85%，报79.6港元，成交额5.58亿港元。 据悉，作为小鹏汽车首款面向全球发布的车型，新款小鹏P7+采用全球统一的生产与安全标准，将于 2026年1月8日在中国上市，并于1月9日在欧洲上市。日前，2026款小鹏P7+和小鹏G7相继亮相，新车定 档1月8日正式上市。两款新车均将推出增程动力车型，并将升级第二代VLA辅助驾驶大模型和三颗图 灵AI芯片，算力达到2250TOPS，硬件支持更高级别的辅助驾驶能力。 ...

据悉，作为小鹏汽车首款面向全球发布的车型，新款小鹏P7+采用全球统一的生产与安全标准，将于 2026年1月8日在中国上市，并于1月9日在欧洲上市。日前，2026款小鹏P7+和小鹏G7相继亮相，新车定 档1月8日正式上市。两款新车均将推出增程动力车型，并将升级第二代VLA辅助驾驶大模型和三颗图 灵AI芯片，算力达到2250TOPS，硬件支持更高级别的辅助驾驶能力。 智通财经APP获悉，小鹏汽车-W(09868)涨近4%，截至发稿，涨3.85%，报79.6港元，成交额5.58亿港 元。 消息面上，1月5日，小鹏汽车-W宣布，2026款小鹏P7+车型已在奥地利格拉茨工厂顺利完成试装，目前 中奥团队正协同推进后续研发与生产流程，全力保障高质量交付。据介绍，该工厂拥有百年制造积淀和 超过300万辆整车量产经验，是全球最大且唯一生产梅赛德斯-奔驰G级车型的制造商。 ...

n OEM net cash increase from US$15.6bn (Rmb111bn) equity fundraising (Exhibit 6) despite shortening payable days. During 2025, we estimate a total of US$15.6bn (Rmb111bn) was raised by China auto OEMs through equity issuance, which has enabled sustained new product investment and market competition. Meanwhile, loss-making OEMs were also provided more capacity to manage the cash burn, making industry consolidation difficult to occur, in our view. For 2026, we expect another year of intense competition with 1 ...

每经AI快讯，小鹏汽车-W(09868.HK)涨超3%，截至发稿涨3.2%，报79.1港元，成交额2.08亿港元。 ...

智通财经APP获悉，小鹏汽车-W(09868)涨超3%，截至发稿，涨3.2%，报79.1港元，成交额2.08亿港 元。 消息面上，1月5日，小鹏汽车宣布，2026款小鹏P7+车型已在奥地利格拉茨工厂顺利完成试装，目前中 奥团队正协同推进后续研发与生产流程，全力保障高质量交付。作为小鹏汽车首款面向全球发布的车 型，新款小鹏P7+采用全球统一的生产与安全标准，将于2026年1月8日在中国上市，并于1月9日在欧洲 上市。此前小鹏汽车宣布，1月8日，小鹏的产品大幕正式开启。新款小鹏P7+和G7正式开启"一车双能 时代"。 ...

小鹏汽车-W(09868)涨超3%，截至发稿，涨3.2%，报79.1港元，成交额2.08亿港元。 消息面上，1月5日，小鹏汽车宣布，2026款小鹏P7+车型已在奥地利格拉茨工厂顺利完成试装，目前中 奥团队正协同推进后续研发与生产流程，全力保障高质量交付。作为小鹏汽车首款面向全球发布的车 型，新款小鹏P7+采用全球统一的生产与安全标准，将于2026年1月8日在中国上市，并于1月9日在欧洲 上市。此前小鹏汽车宣布，1月8日，小鹏的产品大幕正式开启。新款小鹏P7+和G7正式开启"一车双能 时代"。 ...

华润啤酒-R(80291)、比亚迪股份-R(81211)、小米集团-WR(81810)上一交易日沽空比率位于前三位，分 别为100.00%、100.00%、75.49%。中国平安(02318)、阿里巴巴-W(09988)、小米集团-W(01810)的沽空 金额位居前三，分别为20.81 亿元、18.71 亿元、16.24 亿元。比亚迪股份-R(81211)、旭辉控股集团 (00884)、小米集团-WR(81810)的偏离值位居前三，分别为43.54%、39.74%、34.28%。 前十大沽空偏离值排行 | 股票名称 | 沽空金额 | 沽空比率 | 偏离值↓ | | --- | --- | --- | --- | | 比亚迪股份-R(81211) | 64.27 万元 | 100.00% | 43.54% | | 旭辉控股集团(00884) | 424.46 万元 | 48.32% | 39.74% | | 小米集团-WR(81810) | 243.83 万元 | 75.49% | 34.28% | | 华润啤酒-R(80291) | 16.62 万元 | 100.00% | 31.17% | | 香格里拉(亚 ...