小鹏汽车1月交付表现亮眼，智界R71月交付破万

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - In January 2025, several automotive companies reported their sales figures, with notable performances from various brands. For instance, Hongmeng Zhixing delivered 34,987 vehicles, a month-on-month decrease of 29%. Xiaopeng Motors achieved a delivery of 30,350 vehicles, marking a year-on-year increase of 268% but a month-on-month decrease of 17% [1] - Xiaopeng Motors has maintained a delivery volume exceeding 30,000 units for three consecutive months, with the MONA M03 model achieving a monthly production capacity of 20,000 units before the Spring Festival [1] - The report highlights the acceleration of intelligent vehicle development among new energy vehicle manufacturers, with Xiaopeng's XNGP urban intelligent driving user penetration rate reaching 87% in January [3] - The overseas expansion of new energy vehicle companies is progressing steadily, with companies like Leap Motor and Xiaopeng Motors making strides in international markets [3] Summary by Sections Sales Performance - In January 2025, the delivery figures for various automotive brands were as follows: - Hongmeng Zhixing: 34,987 units (MoM -29%) - Xiaopeng Motors: 30,350 units (YoY +268%, MoM -17%) - Li Auto: 29,927 units (YoY -4%, MoM -49%) - Leap Motor: 25,170 units (YoY +105%, MoM -41%) - NIO: 13,863 units (YoY +38%, MoM -55%) - GAC Aion: 14,393 units (YoY -42%, MoM -69%) [1] Technological Advancements - Xiaopeng Motors launched the AI Tianji XOS 5.5.0, introducing new features such as "parking to parking" and coach car recognition [3] - Li Auto released its OTA 7.0 software update, enhancing its intelligent driving experience [3] Investment Recommendations - The report suggests focusing on a range of companies in the passenger vehicle sector, including BYD, Great Wall Motors, Leap Motor, and others. In the commercial vehicle sector, companies like China National Heavy Duty Truck and FAW Liberation are recommended [3]