【周观点】小鹏机器人引入VLT系统，继续看好汽车板块

Investment Highlights - This week, the performance of the automotive sector lagged behind the broader market, with the best-performing sub-sector being commercial passenger vehicles, which declined by 1.0% [4][12][13] - The top five stocks covered this week included Daimay Co., GAC Group, Weichai Power, Changan Automobile, and Suzhou Axis, which showed positive growth [4][12][32] Industry Core Changes - Xiaopeng's new generation robot, IRON, is set to introduce the VLT system, which will enable direct output of tasks from visual and language inputs, potentially evolving into a thinking system in the future [6][12][14] - Leapmotor's flagship D platform technology was unveiled, showcasing the D19 model [6][12][14] - Yutong delivered 400 units of new energy buses to Pakistan in bulk [6][12][14] - Fuyao Glass reported Q3 2025 revenue of 11.855 billion yuan, a 2.75% increase quarter-on-quarter, while net profit attributable to shareholders decreased by 18.59% to 2.259 billion yuan [6][12][14] Investment Opportunities - The automotive industry is entering a new crossroads, with the end of the electric vehicle (EV) dividend and the dawn of automotive intelligence, while robotics innovation is in the 0-1 stage [8][14] - Three main investment themes are emerging: - AI Intelligent Vehicles: Focus on Robotaxi and Robovan, with key players including Tesla, Xiaopeng, and Horizon Robotics [8][14] - AI Robotics: Emphasis on component selection, with companies like Top Group and Junsheng Electronics highlighted [8][14] - Dividend & Good Pattern: Focus on commercial vehicles (Yutong), heavy trucks (China National Heavy Duty Truck Group), and two-wheelers (Chunfeng Power) [9][14] Market Performance - The automotive sector's valuation metrics, such as PE (TTM), have shown a decline this week, with the SW commercial passenger vehicle sector being the best performer [39][48] - The overall market sentiment for the automotive sector remains cautious, with a notable decrease in stock prices across various segments [12][18][25]