XPENG(US:XPEV) Huaxin Securities·2025-10-19 09:05Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry, particularly focusing on humanoid robots and related technologies [6][11]. Core Insights - Xiaopeng Motors is set to unveil its next-generation humanoid robot, with plans for mass production of thousands of units by 2026. The company has invested significantly in this area, with a potential total investment of 100 billion yuan [5][6]. - The humanoid robot will leverage Xiaopeng's existing technology stack, including the self-developed Turing AI chip and shared AI infrastructure with its automotive division [4][5]. - The report highlights the advantages of automotive companies in the robotics sector, including hardware, models, and supply chain capabilities, positioning Xiaopeng as a leader in this field [6]. Market Performance and Valuation Levels - The automotive sector in the A-share market has seen a decline, with the CITIC Automotive Index dropping by 6.2%, underperforming the broader market [19][23]. - The report notes that the humanoid robot index has increased by 6.2%, contrasting with the declines in other automotive segments [23]. Industry Data Tracking - In October, the average daily retail of passenger cars in China showed a mixed performance, with a year-on-year decline of 18% in the first week, followed by a 7% increase in the second week [42][44]. - The cumulative retail for the year reached 1,769.4 million units, reflecting an 8% year-on-year growth [42]. Company Announcements and Industry News - Xiaopeng Motors reported a significant increase in exports, with a 79.4% year-on-year growth in September 2025, totaling over 29,723 units for the year [56]. - The report also mentions strategic collaborations in the automotive retail space, with JD.com partnering with major manufacturers to enhance online and offline sales channels [8][9].