汽车行业动态研究报告：新势力11月销量点评：小鹏、零跑等多家车企交付量创历史新高，汽车消费维持高景气度

Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting strong performance and growth potential in the sector [11][54]. Core Insights - The report emphasizes that several new energy vehicle manufacturers, including Xiaopeng, Li Auto, and Xiaomi, have achieved record-high monthly deliveries, indicating sustained high demand in the automotive market [6][11]. - NIO delivered 20,575 vehicles in November, marking a year-on-year increase of 28.9% and maintaining a delivery volume above 20,000 for seven consecutive months [24]. - Xiaopeng's November deliveries reached 30,895 units, a year-on-year increase of 54.2%, driven by strong sales of the MONA M03 and P7+ models [26]. - Li Auto maintained its position as the leading new energy vehicle manufacturer with 48,740 deliveries in November, reflecting an 18.8% year-on-year increase [28]. - Xiaomi's deliveries exceeded 20,000 units in November, with a target of 130,000 units for the year [31]. - The report also highlights the performance of other manufacturers such as Hongmeng Zhixing, which delivered 41,931 vehicles in November, a year-on-year increase of 122.7% [37]. - The report notes that the automotive industry is experiencing a trend of increasing concentration among leading manufacturers, with a positive outlook for companies like Xiaopeng and those closely collaborating with Huawei [11][54]. Summary by Sections Section 1: NIO, Xiaopeng, Li Auto, and Xiaomi - NIO's November deliveries were 20,575 units, with a cumulative total of 190,832 units for the year, reflecting a 34.4% year-on-year increase [24]. - Xiaopeng's November deliveries reached 30,895 units, with a total of 153,373 units delivered from January to November, a 26% year-on-year increase [26]. - Li Auto delivered 48,740 units in November, with a total of 441,995 units delivered year-to-date [28]. - Xiaomi's November deliveries exceeded 20,000 units, aiming for a total of 130,000 units for the year [31]. Section 2: Hongmeng Zhixing - Hongmeng Zhixing delivered 41,931 vehicles in November, marking a year-on-year increase of 122.7% [37]. Section 3: Zeekr, Leap Motor, and GAC Aion - Zeekr achieved 27,011 deliveries in November, a year-on-year increase of 106.1% [43]. - Leap Motor's deliveries reached 40,169 units in November, marking its first month surpassing 40,000 units, with a total of 251,207 units delivered year-to-date [46]. - GAC Aion delivered 42,301 units in November, maintaining stable delivery performance [51]. Section 4: Recommended Stocks - The report recommends focusing on companies with deep collaborations with Huawei, such as Seres and Jianghuai Automobile, as well as various automotive parts manufacturers poised for growth [54].