汽车周观点：小鹏增程首款车型X9发布，继续看好汽车板块-20251124

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly highlighting the potential of AI smart vehicles and the recent launch of the Xiaopeng X9 range-extended model [1][3]. Core Insights - The automotive industry is at a crossroads, transitioning from the electric vehicle boom to the dawn of automotive intelligence, with significant investment opportunities in AI smart vehicles and robotics [5][60]. - Xiaopeng's X9 model was officially launched, with prices starting at 309,800 CNY for the Max version and 329,800 CNY for the Ultra version [2][4]. - Geely's Q3 2025 revenue reached 89.19 billion CNY, showing a quarter-on-quarter increase of 26.5% and a year-on-year increase of 14.7%, with a net profit of 3.82 billion CNY [2][4]. - Leap Motor reported Q3 2025 revenue of 19.45 billion CNY, with a quarter-on-quarter increase of 97.3% and a year-on-year increase of 36.7%, achieving a net profit attributable to shareholders of 150 million CNY [2][4]. Summary by Sections Industry Performance - The automotive sector showed mixed performance, with commercial freight vehicles performing the best, while passenger vehicles experienced a decline of 5.9% [2][4][17]. - The report indicates that the automotive sector is currently ranked 17th in A-shares and 22nd in Hong Kong stocks [9][11]. Investment Opportunities - The report identifies three main investment themes: AI smart vehicles, robotics, and traditional vehicle segments [5][60]. - Key investment targets include Robotaxi and Robovan applications, with companies like Tesla, Xiaopeng, and Horizon Robotics highlighted as potential leaders in the AI vehicle space [5][60]. Market Trends - The report anticipates a significant increase in the penetration of L3 and L2+ intelligent driving technologies by 2025, with expectations of 20% penetration for L3 and 34% for L2+ in the new energy vehicle segment [55][56]. - The domestic retail sales forecast for 2025 is projected at 23.62 million units, reflecting a year-on-year growth of 3.8% [52][60].