机构：东北证券 研究员：康杭/李恒光 小鹏汽车在过去十年完成了从"智能电动车新势力"向"面向全球的 AI汽车智能科技企业"的路径重构， 其核心不是简单的新能源车企扩张，而是围绕AI 定义汽车构建"汽车+机器人+飞行汽车"三位一体具身 智能生态。伴随"增程+全球化"双轮驱动、与大众的深度技术合作以及内部组织效率显著提升，小鹏正 从"技术领先但盈利承压"的阶段，切入"批量爆款+技术输出"驱动的盈利拐点通道。 "双能策略+多款新车"开启强势产品周期。为解决用户里程焦虑，公司正式推出"纯电+增程"双动力策 略。首款增程车型X9 EREV 已于2025年11 月正式上市，搭载63.3kWh 大电池和油电转化率超3.6kWh/L 的第三代增程器，实现452km 的CLTC 纯电续航。在2026M1，G7 与P7+两款车型增程版也完成同时上 市。2026Q1 还将上市G6 增程版。同时，在2026 年公司还将有4 款全新车型上市，其中包括MONA 平 台两款SUV与全尺寸6 座SUV 等车型。我们预计随着增程与全新车型的陆续上市，小鹏汽车将正式开始 强势产品周期，其整车销量有望持续攀升。 AI 战略布局：从"智能汽车"到" ...

（文章来源：每日经济新闻） 每经AI快讯，1月26日，纳斯达克中国金龙指数跌超0.5%，名创优品跌4.08%，再鼎医药跌4.36%，大全 新能源跌2.80%，小鹏汽车跌2.70%，百度跌2.51%。 ...

今年 1月初在广州，小鹏选择了一种并不"保守"的方式，拉开了 2026 年的序幕：2026款P7+、2026 款 G7、超级增程、2026款G6、2026款G9四车同台，其中的 P7+ 直接以"全球 36 国同步发布"的节奏登 场。 这不是常规意义上的年度改款发布会，更像是一种主动的叙事切换，小鹏想把外界对它的认知，从"纯 电+智驾"这两个标签，升级成产品双能源、技术新范式、市场全球化三条线同时推进的结构。 真正值得反复咀嚼的，是这场发布会所承载的周期意味。 源：小鹏汽车 交流中，何小鹏将 2025 年定义为"行稳致远的第三年"，他给未来三年明确框定为一个时间窗 口："2026、2027、2028 年是物理 AI 非常重要的三年，而 2026 年是其中的第一年。" 这句话的潜台词很明确：2026年作为新周期的开端，要么把过去两年的积累兑现成可感知的产品力与交 付力，要么就被行业的下一轮淘汰赛反噬。 所以，为什么要"四车齐上"？首先是把节奏抢回来。过去几年，新势力的很多发布会像是被市场牵着 走：竞品出一招、我跟一招；热点来了、就临时加戏。小鹏这次的动作更像按计划出牌，主力价位段同 时补齐纯电与增程的产品供给，并 ...

导读："高端MPV已不再停留在商务车使用，转变为年轻家庭日常出行代步主力。"小鹏汽车表示。 （文 / 观察者网 周盛明 编辑 / 高莘） 日前，小鹏汽车公布了旗下MPV车型小鹏X9增程版的用户画像。 从总体来看，依托差异化产品定位与技术优势，小鹏X9增程版突破了传统MPV固有的用户圈层，其中 个人购车者占绝大多数，并且超过半数为90后年轻人群。此外，女性车主的占比也相对较高。 小鹏汽车的调研数据显示，在小鹏X9的用户中，首购比例高达21%，接近行业两倍。购买小鹏X9增程 版的人群中，年轻人是主力军，90后占比高达57.2%，00后占比13.7%。 "整个MPV行业中00后的平均占比仅为2%，这意味着小鹏X9用户的购车年龄，比MPV用户平均年龄年 轻10岁，展现出明显的年轻化趋势。"小鹏汽车表示。 据悉，目前超过70%的消费者选择了小鹏X9增程版的Ultra版本车型，这也体现出小鹏在智能化领域的 口碑和用户对高阶辅助驾驶的偏好。 值得注意的是，小鹏X9增程版在北方市场增速显著，核心城市销量同比增长超300%。在产品定义上， 小鹏X9增程版拥有"大电池+大油箱"的组合，并且搭配了"冰雪稳行系统"等北方用户看重的技 ...

Market Overview - The Hang Seng Index (HSI) is currently at 26,765.52, with a slight increase of 16.01 points or 0.06%, and a trading volume of 261.7 billion [1] - The Hang Seng Technology Index (HSTECH) has decreased by 72.02 points or 1.24%, with a trading volume of 57.2 billion [1] - The Hang Seng Biotech Index (HSBIO) is at 15,631.84, down by 305.23 points or 1.92%, with a trading volume of 10 billion [1] - The Hang Seng China Enterprises Index (HSCEI) is at 9,147.21, down by 13.60 points or 0.15%, with a trading volume of 85.4 billion [1] - The Hang Seng Composite Index (HSCI) is at 4,121.71, down by 0.87 points or 0.02%, with a trading volume of 178.4 billion [1] Technology Sector Performance - Most tech stocks have experienced a pullback, with Xiaopeng Motors falling over 4% and companies like SMIC, Kuaishou, Baidu, Leap Motor, and NIO dropping over 3% [1] - Other notable declines include Xiaomi Group, Bilibili, and Alibaba, all of which have also seen decreases [1] Precious Metals Sector Performance - China Silver Group has seen a significant increase of 19.12%, currently priced at 0.810, with a rise of 0.130 [3] - China Gold International has increased by 8.08%, now at 235.400, with a rise of 17.600 [3] - Laopu Gold has risen by 7.80%, currently at 849.500, with an increase of 61.500 [3] - Other companies in the precious metals sector, such as Chifeng Gold and Shandong Gold, have also reported positive changes, with increases ranging from 4.51% to 7.44% [3]

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].

（文章来源：每日经济新闻） 每经AI快讯，港股汽车股集体走低。截至发稿，小鹏汽车-W(09868.HK)跌4.62%，报73.25港元；长城 汽车(02333.HK)跌4.54%，报13.24港元；广汽集团(02238.HK)跌1.29%，报3.83港元。 ...

ab 20 January 2026 Global Research China Auto Sector 2026 GCC Wrap: When everyone targets superior growth Wrap of GCC 2026 on auto sector More than 20 auto-related companies participated in the UBS Greater China Conference 2026 and shared their outlook. We generally agree that overseas expansion and intelligence transformation are growth drivers. Yet we are more concerned by the ambitious targets set by individual companies, in contrast to domestic car demand cooling down. Near term, we remain cautious on t ...

恒生指数高开0.35%，恒生科技指数涨0.05%。泡泡玛特涨逾4%，紫金矿业涨近3%，腾讯音乐、京东健 康涨幅靠前；百度集团、小鹏汽车、蔚来跌幅靠前。 恒生指数高开0.35%，恒生科技指数涨0.05%。泡泡玛特涨逾4%，紫金矿业涨近3%，腾讯音乐、京东健 康涨幅靠前；百度集团、小鹏汽车、蔚来跌幅靠前。 ...

Investment Rating - The report provides a "Buy" rating for several companies in the automotive sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [5][22]. Core Insights - The change in subsidy policies has led to the disappearance of the tail effect in Q4 2025, resulting in a reduction of demand overdraw for 2026. In December 2025, the number of insured vehicles was 2.278 million, down 16.4% year-on-year but up 13.6% month-on-month. The total number of insured vehicles for the year reached 23.047 million, a slight increase of 0.6% year-on-year, with the penetration rate of new energy vehicles rising to 54.0%, an increase of 7.1 percentage points year-on-year [4][7][16]. Summary by Sections 1. Changes in Subsidy Policies - The report highlights that the changes in subsidy policies have caused consumers to adopt a wait-and-see approach, leading to a decrease in demand overdraw for 2026. The expectation is that as replacement subsidy application channels open, pent-up demand will materialize, and the domestic terminal market will trend towards "price increase and stable volume" [4][7]. 2. PHEV Market Share Tracking - The focus is on the performance of PHEV market shares, particularly for BYD and Geely, as the "mid-level assisted driving equity" leads to share differentiation. The report emphasizes the importance of monitoring configuration adjustments and terminal discount changes to understand further market share differentiation [9][16]. 3. Recent Report Insights - The report notes that the passenger vehicle inventory saw a slight reduction in December 2025, with an estimated 1.5 million vehicles in demand waiting to be fulfilled. The overall industry theme for 2025 was "emerging from deflation," with a judgment of "stable volume and slow price increase" being validated. The outlook for 2026 remains "price increase and stable volume," differing from market consensus due to regulatory changes and risk-return assessments [16][17]. 4. Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies across the passenger vehicle chain. Right-side targets include Geely, BYD, and others, while left-side targets include Great Wall Motors and Changan Automobile. In the commercial vehicle chain, recommended companies include China National Heavy Duty Truck Group and Weichai Power [17].