Core Viewpoint - Xpeng Motors (09868) shares rose over 4%, currently trading at 81.65 HKD, following the announcement of its first range-extended SUV, the Xpeng G7 Super Range Extender, which features the latest range-extending technology [1][1]. Group 1: Product Launch - The Xpeng G7 Super Range Extender was officially unveiled on September 12, featuring a pure electric range of 430 km and equipped with an 800V high-voltage platform and 5C supercharging AI battery [1][1]. - The vehicle is designed to offer both long-range capabilities and fast charging advantages [1]. Group 2: Future Plans - Xpeng's CEO, He Xiaopeng, indicated at the Munich Auto Show that future models will generally feature "dual energy" capabilities, launching both pure electric and super range extender versions for the global market [1][1]. - The Xpeng P7+ is planned to launch a super range extender version in 2026, also featuring a 5C supercharging AI battery, with an expected pure electric range of approximately 400 km [1].

小鹏汽车董事长CEO何小鹏此前在德国慕尼黑车展表示，未来小鹏车型将普遍实现"一车双能"，同步推 出纯电与超级增程版本并面向全球市场。消息人士透露，小鹏P7+计划于2026年推出超级增程版，同样 搭载5C超充AI电池，预计纯电续航约400km。 小鹏汽车(09868)涨超4%，截至发稿，涨3.55%，报81.65港元，成交额7.7亿港元。 消息面上，9月12日，工信部最新新车公告披露，小鹏汽车首款增程SUV——小鹏G7超级增程正式亮 相。该车采用小鹏最新一代增程技术，纯电续航里程430km，并配备全域800V高压平台架构及5C超充 AI电池，官方称其兼具长续航与快充优势。 ...

最后咱们快速过几个焦点个股，大家也能感受下市场的热度：网易昨天盘中刚创了历史新高，它家《命运》手游在美区iOS下载榜霸榜好几天了，盘前还 涨了1%；阿里刚上的"高德扫街榜"，一天就有4000万用户，直接成了国内最大的美食榜；蔚来又拿到10亿美元融资，小鹏的飞行器在阿联酋拿到了飞行 证，咱们国内的科技和车企也在悄悄发力。 作为干了20年财经记者、又蹲守中长线投资的老炮，帮主得跟大家掰扯掰扯，这波美股涨得这么猛，到底是跟风炒情绪，还是有真东西在支撑？核心就 一个事儿：市场现在几乎认定，美联储下周三开会，十有八九要降息了。 说到底，今天美股这波新高，本质是市场提前给降息"打了预防针"。但大家别光盯着眼前的涨幅，中长线看，下周美联储到底降多少、会后声明怎么说， 才是真正的关键。毕竟咱们做投资不是赌短期涨跌，得跟着政策和经济趋势走。跟着帮主，咱们慢慢把这波行情的来龙去脉摸清楚，不慌不忙做判断。 更有意思的是就业端，昨天每周失业金申请人数飙到26.3万，创了快三年新高，比预期多了快3万。加上前几天PPI还意外降了0.1%，这一串数据摆在一 起，等于告诉美联储：经济增速在放缓，就业也有点松劲，是时候松松货币政策了。所以现在 ...

财务方面，于2022年度、2023年度、2024年度，公司实现营业收入分别约为23.5亿元、29.05亿元、39.5亿元，同期实现净 利润分别约为2.33亿元、3.21亿元、4.05亿元人民币。 智通财经APP获悉，9月12日，友升股份(603418.SH)开启申购，发行价格为46.36元/股，申购上限为1.5万股，市盈率22.31 倍，属于上交所，国泰海通证券为其保荐人。 招股书披露，友升股份是集设计、开发、生产、销售、服务于一体的专业铝合金汽车零部件制造商，公司始终专注于轻量 化汽车零部件领域，致力于推动新能源汽车的续航升级和燃油车的节能减排。 友升股份是国内重要的新能源汽车铝合金零部件供应商，与全球领先的主要新能源汽车整车厂商特斯拉、广汽集团、蔚来 汽车、北汽新能源、吉利集团、小鹏汽车、赛力斯等建立了稳定的合作关系，公司主要产品已覆盖行业内主流的新能源车 型如特斯拉Model 3、Model Y、广汽埃安系列、蔚来 ES/EC/ET 系列、北汽新能源极狐阿尔法系列、极氪 001/009 系列、问 界 M5/M7/M9 系列等。在燃油车业务领域，公司主要客户包括凌云工业、富奥股份、华域汽车等知名一级汽车零 ...

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 1、 奔驰固态电池上车 纯电续航1342公里 近日，搭载固态电池的奔驰EQS完成了续航测试。 测试车满电从德国出发，跨越丹麦抵达瑞典，途经不同气候环境、不同路况条件， 全程1205公里， 抵达 终点后剩余里程137公里，合计1342公里，刷新了此前由 VISION EQXX能效概念车创下的单次纯电长途行驶里程纪录。 奔驰固态电池上车，纯电续航1342公里 ； 小鹏G7增程版、岚图泰山、零跑Lafa5等新车登录工信部 ； 根据已知信息，奔驰固态电池采用的是硫化物技术 路线。 此次奔驰完成续航测试的意义是重大的，可以说是固态电池在真实用车场景下，量产落地的一次重 大突破。而 奔驰的目标是在5年内将这种固态电池投入量产上车。想必在此之前，国内企业必然会奋起直追，率先抢占固态电池量产上车的制高点。 3、 小鹏G7增程版、岚图泰山、零跑Lafa5等新车登录工信部 近日，小鹏G7增程版、岚图泰山、 零跑Lafa5、 iCar V27 、 ...

新华财经德国慕尼黑9月11日电 2025年德国国际汽车及智慧出行博览会（简称：慕尼黑车展）于近期开 幕。业内专家认为，本届展会凸显了汽车产业技术转型的三大趋势：深度拓展的电动化、软件定义为核 心的数字化以及AI赋能的智能化。这三大趋势在展会现场的量产车型、概念车和试驾演示得到了体 现。 电动化深度拓展 电动化已不再是"新兴趋势"，而是在技术和市场层面更深入发展。观察人士认为，电池技术和替代动力 系统作为未来汽车的核心备受重视，动力电池系统的安全性与可持续性问题在本届展会也受到关注。 数字化已成为整个出行生态系统的关键驱动力。德国专业汽车杂志《汽车周报》将今年展会的主旋律总 结为"数字化、电动化"，软件定义汽车则是重要技术焦点之一。 德国汽车零部件供应商采埃孚集团在本届展会上展示了软件定义底盘与电动化出行技术以及自研的车辆 运动控制软件cubiX。采埃孚表示，线控转向技术以可变的纯软件连接取代方向盘和车轮之间的机械传 动，确保了更精准的操控性、更高的稳定性与安全性，以及最优的响应速度，同时也为新型方向盘和驾 驶舱设计创造了条件。 德国博世集团展出的产品组合包含高性能车载计算机、保障车辆电控单元高效数据通信的控制 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [1]. Core Insights - The current period until next year is expected to be a breakthrough window for the maturity of advanced driving technologies, policy regulations, user acceptance, and business models, emphasizing the importance of automotive intelligence [6]. - The transformation of the automotive industry is characterized by a shift from a single focus on electrification to a core emphasis on intelligence, making intelligent features essential for survival rather than just an added benefit [6]. - The competition landscape is expected to evolve from a fragmented market to a concentrated one, where leading companies with a strategic focus on intelligence and cost reduction will widen the gap with competitors [6]. - The automotive industry is projected to see rapid growth in intelligent vehicle sales from 2025 to 2030, with a significant increase in the penetration rate of electric vehicles [15][19]. Summary by Sections 1. Intelligent Automotive: Disruptive Innovation - The integration of AI, big data, and IoT will transform vehicles from traditional fuel-based transportation to AI-driven mobile terminals [15]. - The penetration rate of electric vehicles in the Chinese market is expected to rise from 10% to over 50% between 2020 and 2024, with projections of reaching 80% by 2030 [15]. 2. Upstream Components: Computing Power as a Foundation - The competition in the automotive parts industry is shifting from scale and cost to technology, architecture, and ecosystem integration [6]. - Companies that can develop complete system solutions and possess Tier 0.5 capabilities will dominate the automotive intelligence landscape [6]. 3. Midstream Vehicles: New Entrants Leading and Benefiting from Intelligence - Leading companies with self-developed large models and computing power will be the primary beneficiaries of automotive intelligence [6]. - The transition from electrification to intelligence is a critical change period, with AI large model technology driving industry development [6]. 4. Downstream Operations: New Business Models Accelerating Based on Advanced Driving - The maturity of advanced driving technologies will accelerate the commercialization of new business models like Robotaxi, which is expected to become a core infrastructure for urban mobility [6]. - The report anticipates that Robotaxi will shift from technical validation to scalable profitability within the next 1-2 years [6]. 5. Investment Highlights - The report suggests focusing on companies that are leading in advanced driving solutions and system-level solution providers, as they are likely to benefit from the commercialization of Robotaxi [6].

Core Viewpoint - The automotive industry is experiencing a trend of "anti-involution," with 17 companies committing to reduce supplier payment terms to within 60 days, aimed at alleviating financial pressure on parts manufacturers [1] Group 1: Financial Performance of Automotive Companies - As of the first half of the year, 18 listed automotive companies reported a total accounts payable and notes payable of 1,020.903 billion yuan, a decrease of 62.934 billion yuan compared to the end of last year [2] - The average turnover days for accounts payable increased to 192.46 days, up by 6.17 days from the end of last year, indicating a divergence between total reduction and extended payment terms [2] - BYD, SAIC Motor, and Geely Automobile had the highest accounts payable, with amounts reaching 236.686 billion yuan, 230.553 billion yuan, and 105.061 billion yuan respectively [3] Group 2: Changes in Accounts Payable - 14 automotive companies saw a reduction in accounts payable compared to the end of last year, with Changan Automobile, SAIC Motor, and Geely Automobile showing the largest decreases of 24.085 billion yuan, 10.591 billion yuan, and 8.124 billion yuan respectively [4] - Conversely, NIO, XPeng Motors, and Leap Motor reported increases in accounts payable, with XPeng Motors rising by 7.607 billion yuan, a 32.96% increase [7] Group 3: Turnover Days Analysis - Only 6 companies improved their accounts payable turnover days compared to the end of last year, with XPeng Motors achieving the most significant reduction of approximately 63 days, bringing it down to 170 days [9] - In contrast, companies like Seres and BYD experienced increases in turnover days, with Seres rising to 266.3 days, an increase of over 100 days [11] Group 4: Cash Flow and Payment Terms - The overall trend shows a reduction in accounts payable but an increase in turnover days, suggesting that companies are accelerating cash collection and proactively making payments [12] - Some companies, like Ideal Automotive, have adjusted their payment terms to comply with the 60-day requirement, with cash flow expected to improve in the fourth quarter [15][16] - However, challenges remain in managing cash flow and ensuring timely payments to suppliers, as highlighted by industry analysts [17][18] Group 5: Cash Reserves and Coverage of Payables - Among the 18 companies, only Jiangling Motors and Haima Automobile have cash reserves sufficient to cover their accounts payable [19] - Companies like BYD, Geely, and NIO have cash reserves that fall short of their accounts payable, indicating pressure on short-term liquidity [20]

更值得关注的是合作，不少在车展上亮相的欧洲国家车企新车型都搭载来自中国的电池与智能驾驶技 术。宝马、奥迪都和中国伙伴合作打造了智驾方案。业内称这是"合资合作2.0时代"，研发正成为合作 新核心。专家们认为，中国的电动化和智能化优势，正帮助欧洲车企加快迭代、控制成本。德国汽车工 业协会的在华调查显示，七成受访企业计划未来加大在华投资，其中研发占比最高。 可以看到，跨国车企从"在中国，为中国"到"在中国，为全球"，中欧汽车产业正形成互补格局。正如德 国汽车专家所说，汽车行业的未来在中国。（记者：李函林、邰思聪；视频：李佳旭） 在2025慕尼黑国际车展的现场，中国展台格外亮眼。116家中国整车和供应链企业集体登场，从动力电 池、智能座舱，到自动驾驶和车联网，全面展示了中国新能源汽车产业的实力和完整生态。像小鹏、零 跑、比亚迪、长安的展台，都吸引不少观众排队试驾。宁德时代、地平线、Momenta等供应链企业同样 集体亮相，展现中国在智能化与电动化上的体系优势。 不少德国观众现场体验了中国电动车，普遍感叹智能座舱和交互体验"比想象更先进"。今年1到8月，中 国品牌在德国新车注册量超过3.5万辆，增长明显。 0:00 ...

| XPEV 小鹏汽车 | | O | | --- | --- | --- | | 20.100 + -0.650 -3.13% | | 收盘价 09/10 15:59 美东 | | 20.300 + 0.200 +1.00% | | 盘前价 09/11 04:08 美东 | | 三 24 24 4 5 8 9 同 ♥自选 | | ● 快捷交易 | | 最高价 20.430 | 开盘价 20.320 | 成交量 850.21万 | | 最低价 20.010 | 昨收价 20.750 | 成交额 1.71亿 | | 平均价 20.152 | 市盈率TM 亏损 | 总市值 191.6亿 (... | | 振 幅 2.02% | 市盈率(静) 亏损 | 总股本 9.53亿 | | 换手率 1.27% | 市净率 4.497 | 流通值 134.63亿 | | 52周最高 27.160 | 委 比 50.00% | 流通股 6.7亿 | | 52周景低 8.620 | 量 比 1.15 | 色 手 1股 | | 历史最高 74.490 | 股息TIM -- | 换股比率 2.00 | | 历史景低 6.180 | 股 ...