Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting strong performance in the sector [5]. Core Insights - The automotive sector has shown resilience, with the A-share automotive sector rising by 2.2% from October 27 to October 31, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.8% [29]. - Key companies to focus on include Geely Automobile, Xiaopeng Motors, Li Auto, BYD, Xiaomi Group, Berteli, Top Group, New Spring Co., Hu Guang Co., and Chunjun Power [9][12]. Summary by Sections Weekly Market Performance - The automotive sector outperformed the market, with various segments such as commercial passenger vehicles and automotive parts seeing significant increases in stock prices [29]. Weekly Insights - The report emphasizes the upcoming IPOs of Wenyan and Xiaoma, indicating a rapid development in smart driving technology [3][11]. - The report suggests a focus on the T-chain core line, with optimism surrounding the release of the Optimus robot in Q1 2026 [10]. Passenger Vehicles - The report highlights the positive impact of the "old-for-new" policy, which is expected to stimulate demand for passenger vehicles, particularly for high-quality domestic brands [12]. Smart Electric Vehicles - The report notes the ongoing growth in the smart electric vehicle segment, with a focus on the increasing market share of domestic brands and the potential for significant growth in the automotive parts sector [13]. Robotics - The report discusses the entry of leading companies into the robotics sector, indicating a new era of embodied intelligence and the potential for significant advancements in this field [15][17]. Motorcycles - The report highlights the rapid expansion of the large-displacement motorcycle market, with significant year-on-year sales growth [21][22]. Heavy Trucks - The report indicates a recovery in the heavy truck market, driven by expanded subsidies for replacing old vehicles, which is expected to boost demand [23][24]. Tires - The report emphasizes the ongoing globalization of the tire industry, with a focus on leading companies that are well-positioned for growth [25][27].

（原标题：小鹏汽车CEO何小鹏：当十五运会火炬手感到骄傲、自豪） 南方财经 21世纪经济报道记者 谭砚文 黄子豪 郑全怡 广州报道 11月2日上午，第十五届全国运动会火炬传递于广州、深圳、香港、澳门四地开跑。此次火炬传递的"收 官之笔"意蕴深长。KNJ（投资）有限公司董事长何敬麟，香港霍英东集团行政总裁霍震寰依次跑过海 心沙星光大道，广东小鹏汽车科技集团有限公司董事长、首席执行官何小鹏进入收火仪式现场，登上舞 台后展示火炬并点燃火种盆，定格了大湾区深度协同的美好画面。 海外运营监制: 黄燕淑 海外运营内容统筹: 黄子豪 海外运营编辑：庄欢 吴婉婕 龙李华 郑全怡 出品：南方财经全媒体集团 其中，第50棒火炬手小鹏汽车CEO何小鹏在接受南方财经记者采访时表示："作为十五运会广州站最后 一棒火炬手感到骄傲、自豪。" 策划：赵海建 监制：黄燕淑 内容：谭砚文 黄子豪 郑全怡 设计：刘妍妍 ...

Core Viewpoint - The October performance of the new energy vehicle (NEV) market has shown significant growth, marking a strong sales season that contrasts with the overall automotive market's decline [2][7][8]. Group 1: Sales Performance - Multiple NEV brands reported record-high delivery numbers in October, with Leap Motor delivering 70,289 vehicles, a year-on-year increase of over 84% [2][5]. - BYD achieved sales of 441,706 vehicles in October, the highest for the year, with cumulative sales from January to October reaching 3,701,852 vehicles, and over 14.2 million NEVs sold cumulatively [3]. - Geely's passenger car sales reached 307,133 units in October, a year-on-year increase of 35%, maintaining an upward trend for eight consecutive months [3]. - Changan's Avita Technology reported sales of 13,500 units in October, a year-on-year increase of 34%, marking a historical high [6]. Group 2: Market Dynamics - The NEV market's robust performance is attributed to supportive policies and the launch of new models, positioning it as a key driver for growth in the automotive industry [2][9]. - Despite the NEV market's growth, the overall passenger car market saw a decline, with retail sales dropping by 7% year-on-year in October [7][8]. - The China Passenger Car Association anticipates that the NEV penetration rate will reach new heights, driven by ongoing policy support and new model launches [9]. Group 3: Future Outlook - The fourth quarter is expected to see continued support from vehicle scrappage and replacement, as well as demand driven by the upcoming reduction in NEV purchase tax subsidies [9]. - Analysts suggest focusing on leading companies in the NEV industry and those with international market presence, as well as component suppliers and infrastructure firms benefiting from the NEV growth [9].

Core Insights - The new energy vehicle market in China is experiencing a significant reshaping, with leading brands achieving record deliveries while differentiation among companies intensifies [1][3] - Li Auto has faced a decline in deliveries, with a 38% year-on-year drop in October, marking five consecutive months of declining sales [2] Group 1: Leading Brands Performance - Leap Motor topped the delivery charts with over 70,000 units in October, achieving a year-on-year growth of over 84% and maintaining its position as the leading new energy vehicle brand for eight consecutive months [1] - Hongmeng Zhixing followed closely with a record delivery of 68,200 units, while XPeng and NIO delivered 42,013 and 40,397 units respectively, both surpassing 40,000 for the first time [1] - NIO is expanding its brand matrix, with the NIO brand delivering 17,143 units and the Le Dao brand surpassing it with 17,342 units in October [1] Group 2: Other Brands and Market Trends - Li Auto's deliveries fell to 31,767 units in October, a 38% year-on-year decrease, despite the CEO's optimism about the i6 model's strong sales and high order volume [2] - Traditional automakers' new energy brands also performed well, with Zeekr and Lynk & Co achieving a combined monthly sales of over 60,000 units, marking a year-on-year increase of 9.8% [2] - The market is characterized by an expanding advantage for leading brands, increased differentiation among companies, and a reshaping of the market landscape due to favorable sales conditions and policy incentives [3]

Core Insights - The October delivery data from various new energy vehicle manufacturers indicates a significant divergence in performance among companies, with leading brands achieving record deliveries while others struggle [2][3][4]. Group 1: Delivery Performance - Leap Motor topped the delivery charts with over 70,000 units delivered in October, marking a year-on-year increase of over 84%, maintaining its position as the leading new energy vehicle brand for eight consecutive months [2]. - Hongmeng Zhixing followed closely with a record delivery of 68,200 units across all models in October [2]. - Xiaopeng and NIO both surpassed 40,000 units delivered, achieving historical highs with deliveries of 42,013 and 40,397 units respectively [2]. - NIO is expanding its multi-brand strategy, with the NIO brand delivering 17,143 units and the Ladao brand surpassing it with 17,342 units delivered [2]. Group 2: Declining Performance - Li Auto reported a decline in deliveries, with 31,767 units delivered in October, representing a year-on-year drop of 38% and a month-on-month decrease of 6.43% [3]. - Li Auto has faced five consecutive months of year-on-year sales declines since June, although the CEO noted strong demand for the new Li i6 model with over 70,000 orders [3]. Group 3: Traditional Automakers - Traditional automakers' new energy brands also showed strong performance, with Zeekr and Lynk & Co achieving a combined monthly sales of over 60,000 units, a year-on-year increase of 9.8% and a month-on-month increase of 20.5% [3]. - BAIC New Energy delivered over 30,000 units in October, marking a year-on-year increase of 112% and a month-on-month increase of 48.7% [3]. Group 4: Market Trends - The data indicates a trend of increasing advantages for leading brands, exacerbated differentiation among companies, and a reshaping of the market landscape [4]. - The favorable consumer environment, driven by traditional sales peaks and policy incentives, has allowed leading brands to effectively convert market demand into actual sales [4]. Group 5: Competitive Landscape - Differences in investment and outcomes in technology research, product innovation, and service enhancement among companies have led to varying product competitiveness [5]. - As the fourth quarter approaches, the product competitiveness and capacity release speed of new energy vehicle companies will be crucial in determining their annual rankings [5].

Group 1 - In October 2025, XPeng Motors delivered 42,013 vehicles, marking a 76% year-on-year increase and a 1% month-on-month increase, achieving a historical monthly delivery record and surpassing 40,000 units for two consecutive months [2] - From January to October 2025, XPeng Motors accumulated total deliveries of 355,209 vehicles, representing a year-on-year growth of 190% [2] - The electric vehicles delivered from January to October 2025 are expected to reduce carbon emissions by over 5.56 million tons compared to traditional fuel vehicles, equivalent to the carbon absorption of 91.96 million medium-sized trees over ten years [2] Group 2 - The new XPeng P7 has gained popularity among over 10,000 young and fashionable users, while the P7+ has accumulated over 80,000 deliveries by the end of October, maintaining its position as the best-selling large electric sedan in the 150,000-200,000 RMB segment for 11 consecutive months [2] - The SUV family (G6/G7/G9) achieved over 10,000 units in sales in October, ranking among the top three in the 150,000-250,000 RMB pure electric SUV segment, with the G6 surpassing 65,000 cumulative deliveries, reflecting a nearly 60% year-on-year growth [2] - The XPeng MONA M03 delivered over 15,000 units in October, marking 14 consecutive months of monthly deliveries exceeding 10,000 units, making it the fastest A-class electric sedan to reach 200,000 units off the production line [2] Group 3 - XPeng Motors is set to unveil its next-generation extended-range product, the XPeng X9, which features a unique combination of a 63.3 kWh large battery and a 60L fuel tank, achieving a comprehensive range of 1,602 km [3] - In October, XPeng expanded its market presence in Europe, Asia, and Africa by entering seven new countries, including Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia, and Qatar, shifting its global strategy from rapid deployment to solid operations [3] - XPeng showcased its technological and brand capabilities at the 8th World Intelligent Connected Vehicles Conference, featuring models such as the new XPeng P7, G7, 2025 XPeng G9, and 2025 XPeng X9 [3] Group 4 - XPeng's new headquarters, the XPeng Technology Park, officially opened in October, covering nearly 400,000 square meters and featuring an 80,000 square meter park, three technology sales showrooms, a 20,000 square meter restaurant, and eight "mom's kitchen" stalls [3] - The monthly active user penetration rate for XPeng's XNGP urban intelligent driving reached 86% in October [3]

Core Viewpoint - The integration of physical environments and AI is expected to shape the future, leading to advancements in autonomous vehicles and robotics, enhancing everyday life [2]. Group 1 - The 15th National Games torch relay took place in Guangzhou, Shenzhen, Hong Kong, and Macau, concluding in Guangzhou [2]. - He Xiaopeng, Chairman and CEO of Xiaopeng Motors, emphasized the significance of "physical AI" in the future, indicating that various physical environments will evolve [2]. - The participation of autonomous vehicles and robots in the torch relay symbolizes the onset of the "physical AI" era, which is anticipated to improve the quality of life [2].

"我相信就像火炬一样，科技创新可能是火，实体经济可能是炬。"何小鹏表示，相信新的时代一定会有 物理和AI的组合。所谓"物理"，就是所有的物理世界的环境都会变化，比如汽车、低空飞行、机器人， 这些东西都会越来越聪明，越来越像人。这也正是无人驾驶汽车、机器人参与火炬传递的意义所在。 何小鹏相信，随着物理AI时代的到来，下个10年、下个20年，这个世界会更加美好，帮助大家的生活 变得更美好。 （文章来源：21世纪经济报道） 南方财经记者谭砚文实习生练行勇佩言广州报道 11月2日，第十五届全国运动会火炬传递广州站在海心沙收官。 "我觉得特别骄傲自豪，可以'吹牛'吹一辈子，特别兴奋。"作为收火仪式最后一棒火炬手，小鹏汽车董 事长何小鹏向南方财经记者表示，既紧张又期待，火炬传递是一个庄严的活动，需要确保万无一失，同 时也希望向市民传递快乐。为了迎接火炬传递，他最近都用椭圆机进行锻炼。 ...

Group 1 - Meituan has launched a new feature allowing delivery riders to block malicious users, enhancing the fairness of the evaluation mechanism [2] - Xiaoma Zhixing becomes the first company to obtain a city-wide robot taxi license in Shenzhen, allowing autonomous taxis to operate outside pilot areas [2] - Xiaomi's car deliveries exceeded 40,000 units in October, indicating strong demand [3][4] Group 2 - Nvidia CEO Jensen Huang completed a stock sale plan, cashing out over $1 billion amid a surge in AI processor demand, with Nvidia's stock rising over 85% in the past six months [3] - XPeng Motors reported a record delivery of 42,013 new cars in October, with cumulative deliveries of 355,209 units from January to October, a year-on-year increase of 190% [4] Group 3 - Cambrian Technology is facing a lawsuit from its former CTO, who is claiming 4.287 billion yuan in damages, marking a significant internal conflict in China's AI sector [5] - JD.com announced a "super supply chain" initiative and a plan to double imports from Asia-Pacific countries over the next three years [6] Group 4 - The Shenzhou 21 spacecraft successfully docked with the space station, setting a record for the fastest docking process [7] - Microsoft's Q1 financial report revealed a net loss of $3.1 billion from its investment in OpenAI, indicating a significant valuation drop [8] - Coinbase is in late-stage negotiations to acquire the stablecoin infrastructure startup BVNK for approximately $2 billion [8] Group 5 - China National Railway Group reported a net profit of 11.72 billion yuan for the first three quarters of 2025, with total operating revenue of 912.2 billion yuan [9]

Core Insights - The new energy vehicle (NEV) market in China is experiencing significant growth, with major players reporting increased delivery volumes in October compared to September, despite some companies facing year-on-year declines [2][6]. Company Performance - BYD achieved a record monthly sales of 441,706 units in October 2025, marking an 11.47% increase from September, but a 12.13% decrease year-on-year [3][6]. - Geely's NEV sales reached 177,882 units in October, a 63.61% increase year-on-year and a 7.68% increase month-on-month, setting a historical high [8]. - Chery's NEV sales surpassed 110,000 units for the first time, totaling 110,346 units in October, reflecting a 54.70% year-on-year increase and a 20.48% month-on-month increase [10]. - Leap Motor reported a record monthly delivery of 70,289 units, marking an 84.11% year-on-year increase [11]. - NIO's delivery volume reached 40,397 units in October, a 92.59% year-on-year increase and a 16.25% month-on-month increase [14]. - Ideal Auto's delivery volume fell to 31,767 units, representing a 38.25% year-on-year decline and a 6.43% month-on-month decline [23]. Market Trends - The competition among NEV manufacturers is intensifying, with no clear leader emerging as companies like Leap Motor, Xpeng, and NIO continue to innovate and expand their offerings [2][12]. - State-owned enterprises in the NEV sector, such as BAIC and Lantu, are also showing strong performance, with BAIC's sales increasing by 112.02% year-on-year [16][20]. - Lantu aims to establish itself as the leading high-end NEV brand among state-owned enterprises, achieving nine consecutive months of sales growth [20]. Future Outlook - Leap Motor is optimistic about achieving a total delivery of at least 500,000 units for the year, having already delivered 465,800 units in the first ten months [10]. - Ideal Auto is focusing on expanding its market presence in Central Asia, the Middle East, Europe, and the Asia-Pacific region, while also addressing production capacity issues [23][25].