XPENG(US:XPEV) Xin Lang Cai Jing·2025-12-17 04:25Core Viewpoint - The chairman of XPeng Motors, He Xiaopeng, believes that there is currently no AI bubble and that the future AI market holds immense opportunities [5][7]. Group 1: AI and Robotics Landscape - The U.S. is experiencing a surge in entrepreneurship in AI, biotechnology, and finance, with a significant focus on SaaS and physical AI robotics, leading to high valuations [2][9]. - In the robotics sector, U.S. companies tend to focus on models, while Chinese companies often start with joints and control systems [9]. - The competition in humanoid robots is expected to be dominated by major players, while specialized robots will see a multitude of competitors across various fields, creating numerous success opportunities [2][9]. Group 2: Physical AI Developments - The development of physical AI is anticipated to yield significant breakthroughs in the next three years, particularly in areas like autonomous driving and humanoid robots, which may rapidly advance from Level 1 to Level 4 capabilities [3][10]. - The pace of physical AI development may be slower than digital AI, but its impact on daily life is expected to be much greater [10]. Group 3: AI Bubble Discussion - Any technological era may experience localized bubbles, but this is part of the natural competitive process from chaos to order [4][10]. - The current stage of AI is viewed as being at the very beginning, with a potential for substantial societal transformation [4][10]. - Valuations in China are perceived as more reasonable compared to the higher valuations in the U.S., which tends to focus more on cutting-edge research rather than market applications [4][10]. Group 4: AGI Development - Current AI capabilities are primarily based on imitation learning and reinforcement learning, lacking true creativity [6][12]. - The realization of Artificial General Intelligence (AGI) will require advancements in multi-modal learning, world modeling, continuous learning, and long-term planning abilities, which are still several years away [6][12].