新势力11月销量跟踪报告：年底旺季效应趋弱，小鹏首款超级增程车型X9上市

Investment Rating - The report maintains a "Buy" rating for the automotive and auto parts industry [4]. Core Insights - The report highlights a weakening year-end peak season effect, with the launch of Xiaopeng's first super extended-range model, the X9 [1]. - November delivery data for new forces shows: 1) Xiaopeng delivered 36,728 units, up 18.9% year-on-year but down 12.6% month-on-month; 2) NIO delivered 36,275 units, up 147.9% year-on-year but down 10.2% month-on-month; 3) Li Auto delivered 33,181 units, down 31.9% year-on-year but up 4.5% month-on-month [1][2]. - Xiaopeng's X9 model achieved a record for daily pre-orders within one hour of its launch, indicating strong market interest [1]. Summary by Sections Delivery Performance - Xiaopeng: 36,728 units delivered in November, +18.9% YoY, -12.6% MoM [1]. - NIO: 36,275 units delivered, +147.9% YoY, -10.2% MoM [1]. - Li Auto: 33,181 units delivered, -31.9% YoY, +4.5% MoM [1]. Model Launches and Market Strategy - Xiaopeng launched the X9 super extended-range model on November 20, aiming to differentiate with "large battery + full-domain high-voltage platform" technology [1]. - The report suggests that Xiaopeng's strategy of introducing high-cost-performance "dual-energy" models may help capture more market segments [1]. Company Recommendations - The report recommends buying shares of NIO and Xiaopeng, while also suggesting attention to Geely [3]. - For auto parts, it recommends Fuyao Glass for its strong performance and overseas expansion, and Wuxi Zhenhua, Huguang Co., and Bojun Technology for their attractive valuations [3].