格隆汇9月25日｜小鹏汽车董事长兼首席执行官何小鹏在一场财经论坛上指出，希望未来10年小鹏汽车 销量占比一半来自海外，收入超过一半在全球。何小鹏指出，中国车在欧洲受到很多关注，但现在只 是"一点点"重视，销量占比还很低。中国的车，包括中国大型的硬件要真正做好，一定是要做到有全方 位、立体化的能力。小鹏在这个领域走了一条不同的道路，期望在海外实现从高端进入到最后"高端 +中高端"的组合。他提到，小鹏汽车目前已进入46个国家、有200多家门店，今年还可能到60个国家， 这是一个先逐步探索到快速前进的过程。公司期望把全球的超快充做好，现时已做了将近2600个超充 站，布局在全国。明年会用全新的技术和超充体系，布局欧洲及东南亚，让更多的国家进入到超充体 系。 ...

小鹏汽车-W(09868)午前涨超5%，截至发稿，涨5.04%，报87.5港元，成交额10.51亿港元。 通过此次合作，小鹏汽车成为首家同时接入新加坡、马来西亚和泰国超3800个充电桩的中国新势力车 企，实现新加坡、马来西亚和泰国三国南北高速公路网络的充电全覆盖。这将显著提升小鹏汽车在东南 亚地区充电网络的覆盖密度，为当地小鹏车主提供更便捷的充电服务。 消息面上，据小鹏汽车官微消息，2025年9月23日，小鹏汽车宣布其在亚太区的充电基础设施布局又落 一子：小鹏汽车品牌充电站在新加坡、马来西亚和泰国正式上线。此举将助力小鹏汽车进一步拓展全球 合作伙伴充电网络，为其具备800V超充能力的G6、G9、X9等主力车型提供属地化的充电支持。 据介绍，小鹏汽车旗下充电补能品牌——小鹏充电将全面接入新加坡最大的充电运营商Charge Plus在新 加坡、马来西亚及泰国部署的充电网络，逾3800个充电桩。该网络涵盖了新加坡本土最大的公共充电网 络(市场份额超30%)，以及总里程达5000公里的高速公路充电站。 ...

Core Viewpoint - Xiaopeng Motors has expanded its charging infrastructure in the Asia-Pacific region by launching charging stations in Singapore, Malaysia, and Thailand, enhancing its global partner charging network for its vehicles with 800V ultra-fast charging capabilities [1] Group 1: Company Expansion - Xiaopeng Motors' stock price increased by over 5%, reaching 87.5 HKD with a trading volume of 1.051 billion HKD [1] - The company announced the launch of its brand charging stations in Singapore, Malaysia, and Thailand on September 23, 2025 [1] - This expansion aims to support the charging needs of its main models, including G6, G9, and X9 [1] Group 2: Charging Network Collaboration - Xiaopeng Motors' charging brand will fully integrate with Charge Plus, the largest charging operator in Singapore, which has deployed over 3,800 charging stations across Singapore, Malaysia, and Thailand [1] - The network includes Singapore's largest public charging network, holding over 30% market share, and features charging stations along a highway network totaling 5,000 kilometers [1] - This collaboration makes Xiaopeng Motors the first Chinese new energy vehicle company to access over 3,800 charging stations across Singapore, Malaysia, and Thailand, achieving comprehensive charging coverage along the north-south highway network in these countries [1]

Group 1 - Chery Automobile's stock surged on its first trading day, opening up 11.22% and currently up over 9%, leading the automotive sector in Hong Kong [1] - Other automotive stocks also saw gains, with Leap Motor up 5.8%, Xpeng Motors up 3.4%, and NIO and Geely both rising over 2% [1] - Chery is the second largest domestic passenger car company in China and the 11th largest globally, with a projected 49.4% year-on-year growth in passenger car sales for 2024, the highest growth rate among the top 20 global passenger car companies [1] Group 2 - According to Escalent's research, 47% of buyers are considering purchasing Chinese cars, compared to 44% for American cars; however, this trend is expected to reverse in 2024, with only 31% considering Chinese cars and 51% considering American cars [1]

Group 1 - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou on September 23-24, focusing on the theme "New Pattern, New Path" and gathering global political, business, and academic elites to explore development opportunities [1] Group 2 - Xiaopeng Motors' Chairman and CEO He Xiaopeng emphasized the goal of achieving 50% of sales from overseas and over 50% of revenue globally in the next decade [3] - He highlighted the transformative impact of AI combined with large hardware on personal mobility, which is a key focus for Xiaopeng Motors [3] - The company has expanded its international presence significantly, entering 46 countries and over 200 stores, with plans to reach 60 countries by the end of the year [3] - Xiaopeng Motors ranks 6th in global sales among all pure electric brands and is the 4th Chinese brand in 10 major European markets, showing rapid growth [3] - The company aims to become a "global AI automotive company" in the next decade [3]

Core Viewpoint - The automotive market is experiencing an unprecedented surge in new energy vehicle (NEV) launches as companies rush to capitalize on the impending reduction of the purchase tax exemption policy, which will halve from January 1, 2026, leading to increased consumer costs and heightened competition among manufacturers [1][2][4]. Group 1: Market Dynamics - Over 70 new energy models are being launched in September, with an average of two new cars released daily, significantly higher than the previous year's figure of less than 40 models [2]. - The upcoming reduction in the purchase tax exemption, which has been in place for ten years, will result in consumers facing an additional burden of up to 15,000 yuan per vehicle starting in 2026 [2][4]. - The competition in the high-end segment is intensifying, with brands like Zeekr and NIO introducing advanced models that enhance performance and technology [2]. Group 2: Consumer Behavior - The impending tax policy change is influencing consumer purchasing decisions, with many opting to buy now to avoid higher costs in the future [5]. - Companies are implementing various promotional strategies, including financial incentives and trade-in subsidies, to attract consumers and alleviate their concerns [3][4]. Group 3: Sales Pressure - Many manufacturers are facing challenges in meeting their annual sales targets, with companies like Li Auto, NIO, and XPeng reporting completion rates below 60% for their goals [4]. - The competitive landscape is shifting towards aggressive financial strategies, including low or zero-interest loans, to lower the barriers for consumers [4]. Group 4: Future Outlook - The current market dynamics signify a transition towards a more competitive environment post-policy changes, where product quality, brand strength, and cost management will become critical [6]. - The ongoing promotional efforts are not only aimed at capturing the last of the policy benefits but also at preparing for a more challenging market landscape in the coming years [6].

9月23日，小鹏汽车宣布，小鹏汽车品牌充电站在新加坡、马来西亚和泰国正式上线。据介绍，小鹏汽 车旗下充电补能品牌——小鹏充电将全面接入新加坡最大的充电运营商Charge Plus在新加坡、马来西亚 及泰国部署的充电网络，逾3800个充电桩。 ...

每经AI快讯，9月24日，小鹏汽车宣布小鹏全球互联充电桩超240万。9月，小鹏汽车东南亚首批品牌联 名充电站在新加坡、马来西亚、泰国同步上线。此次与新加坡最大充电运营商Charge Plus合作，首批接 入超3800个公共充电桩，推动小鹏全球互联充电桩总量突破240万。 ...

Core Viewpoint - The Chinese lithium battery industry is accelerating its global presence driven by strong demand in electric vehicles and energy storage, despite facing challenges such as price wars and geopolitical uncertainties [1] Group 1: Industry Trends - In the first eight months of 2025, China's lithium-ion battery exports exceeded 3.003 billion units, marking an 18.66% year-on-year increase, with export value reaching $48.296 billion, up 25.79% [1] - The industry is experiencing a significant price war, particularly in the electric vehicle and energy storage sectors, with prices for energy storage systems dropping over 80% in the past three years [2][4] Group 2: Historical Lessons - The current price competition in the new energy sector mirrors the historical decline of the Chinese motorcycle industry in the 1990s, where aggressive pricing led to a loss of market trust and quality issues [2][4] - The decline in quality due to price cuts could result in a loss of overseas markets and damage the reputation of Chinese products globally [4] Group 3: Policy Responses - The Chinese government is implementing a series of anti-involution policies starting in 2024 to regulate competition in the lithium battery and new energy vehicle sectors, aiming to prevent a repeat of past industry failures [5][6] - New regulations, including the revised Anti-Unfair Competition Law, prohibit selling below cost, providing a legal basis to combat price dumping [5] Group 4: Market Adjustments - As a response to the anti-involution policies, some companies are adjusting their strategies, moving away from aggressive pricing to prioritize quality [6][7] - The lithium battery material market is showing signs of recovery, with prices for key materials like lithium hexafluorophosphate beginning to rise [7] Group 5: Sustainable Development - The focus is shifting towards a collaborative ecosystem across the entire supply chain, emphasizing the importance of maintaining healthy profit margins for all players involved [9] - The industry is encouraged to prioritize technological and quality advancements over price competition to establish a sustainable growth path [10]

标的方面 推荐：1)规模已成、领先布局出海的中国自主车企：比亚迪（002594）(01211)、零跑汽车(09863)、长 城汽车（601633）(601633.SH)、吉利汽车(00175)、小鹏汽车(09868)等。2)随着欧美日车企电动智能转 型，深耕全球、技术领先的国际化零部件白马将迎来戴维斯双击：敏实集团(00425)、福耀玻璃 中金发布研报称，全球汽车正处于格局重构阶段，2025年中国汽车已完成出口扩张，即将迎来出海加 速，预计2030年中国自主品牌车企有望实现全球近3000万辆的产量规模，并培育数家年产500万辆以上 的车企。全球消费者对电动智能技术认知已建立，欧美日车企加速产品投放，非中国市场的新能源渗透 率，将从拖累转向加速。因此，建议对应关注中国自主车企的出海扩张机遇；欧美日车企加速新能源转 型，拉动的中国供应链机遇。 中金主要观点如下： 中国汽车电动智能变革基本完成，立足出口走向出海 中金预计2025年中国汽车新能源渗透率突破50%，依托技术变革优势，中国自主品牌实现本土新能源市 场份额的领先(新能源上险口径8M25达89%)；依托规模优势和运营效率，中国蝉联汽车出口全球第一， 自主车企 ...