新势力车企销量点评月报：小鹏&零跑交付量创新高，车型热销考验交付能力

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1] Core Viewpoints - The new energy vehicle (NEV) companies achieved a total sales volume of 330,000 units in November, representing a year-on-year increase of 68.1% and a month-on-month increase of 6.7%. Cumulatively, 2.445 million units have been sold year-to-date, reflecting a year-on-year growth of 60.1% [1][18] - The report highlights the strong sales performance of various NEV companies, with Li Auto, Xpeng, and Leap Motor showing significant month-on-month growth in deliveries [1][23][24] Summary by Sections 1. Total Sales of New Energy Vehicle Companies - In November, the total sales of new energy vehicle companies reached 330,000 units, marking a year-on-year increase of 68.1% and a month-on-month increase of 6.7% [1][18] 2. Sales by Individual Companies - Li Auto delivered 48,740 units in November, with a year-on-year increase of 18.8% and a cumulative delivery of 442,000 units year-to-date, up 35.7% [15] - Xpeng delivered 30,895 units in November, reflecting a month-on-month increase of 29.2% and a year-to-date total of 153,000 units, up 26.2% [23] - Leap Motor achieved a record delivery of 40,169 units in November, with a year-to-date total of 251,000 units, representing a year-on-year increase of 100.1% [24] - Changan's Deep Blue brand delivered 36,026 units in November, with a year-to-date total of 208,000 units, up 75.1% [24] - Avita delivered 11,579 units in November, with a year-to-date total of 63,000 units, reflecting a year-on-year increase of 183.2% [24] 3. Investment Recommendations - The report suggests focusing on companies with high-level intelligent vehicles such as Changan Automobile, Seres, and Jianghuai Automobile, as well as those expanding overseas like BYD and Great Wall Motors [1][40]