小鹏 VLA2.0 发布：智能驾驶体现更强大的泛化性：智联汽车系列深度之 39

Investment Rating - The report maintains a positive outlook on the investment potential of companies involved in the development of VLA2.0 technology, particularly focusing on Xiaopeng Motors and its partners [4][36]. Core Insights - The VLA2.0 model demonstrates enhanced generalization capabilities, achieving performance similar to human drivers in certain scenarios, such as navigating complex roads with minimal human intervention [3][5]. - The technology is expected to spill over into other fields of embodied intelligence, including robotics and low-altitude economy applications [4][29]. - The report highlights the significant investment in training the VLA2.0 model, which consumed 30,000 computing units and over 2 billion yuan in training costs, utilizing nearly 100 million training data points [2][14]. Summary by Sections Section 1: Xiaopeng's VLA2.0 Release - Xiaopeng's VLA2.0 is designed to be more efficient and responsive, capable of handling various road conditions seamlessly, including complex intersections and narrow roads [9][12]. Section 2: Algorithm Development - The VLA model has a clear historical evolution, transitioning from single-modal processing to multi-modal understanding and execution, enhancing its application in the industry [20][22]. Section 3: Computing Power - Turing Chip - The Turing chip, which supports the VLA2.0 model, features independent ISP and enhanced perception capabilities, crucial for recognizing challenging environmental conditions [32][34]. Section 4: Investment Targets - Key investment targets identified include Xiaopeng Motors, Desay SV, Geek+, and Tianzhun Technology, which are positioned to benefit from advancements in VLA technology [4][36]. Section 5: Appendix - The report includes a comparison of mainstream VLA algorithms, highlighting various technical paths and architectures that have emerged in the field [41][42].