如果您希望可以时常见面，欢迎标星收藏哦~ 来 源 ： 内容来自 禾赛科技 。 11 月 24 日，全球激光雷达领导者禾赛科技（NASDAQ: HSAI； HKEX: 2525）在上海禾赛麦克 斯韦全球研发智造中心举办 2025 技术开放日活动。禾赛科技联合创始人及首席科学家孙恺博士 以"激光雷达的鱼与熊掌：拉高上限还是守住下限"为主题，重磅发布基于 RISC-V 架构的激光雷 达专用高性能智能主控芯片费米 C500，同时发布全球唯一「光子隔离」安全技术，和 256 线安全 激光雷达 ATX 焕新版。目前，「光子隔离技术」已全系搭载至禾赛 ATX、ETX 等主激光雷达， 具备超越行业的安全性与可靠性，做到了物理层面的极致"零误报"。 累计交付 1.85 亿颗， 全栈自研完成最后一块拼图 禾赛激光雷达专用高性能智能主控芯片费米 C500，补齐了禾赛第四代芯片平台全栈自研的最后一 块拼图。费米 C500 采用自主可控的 RISC-V 架构，保障供应链安全与技术迭代自主性。其单芯 片集成 MCU、FPGA、ADC 于一体，是全球首款片上融合功能安全与网络安全双重认证的激光雷 达专用主控芯片，从硬件层满足车载场景对可靠 ...

AI芯片霸主英伟达，再次用一份炸裂的财报点燃了市场。 | 最高: 184.56 | 今开:181.24 | 成交量: 3.47亿股 | 换手: 1.43% | | --- | --- | --- | --- | | 最低: 172.93 | 昨收:180.64 | 成交额:622.06亿 | 振幅:6.44% | | 52周最高: 212.19 | 量比： 1.48 | 市盈率(TTM): 43.82 | 市净率:36.56 | | 52周最低: 86.61 | 委比:5.88% | 市盈率(静): 59.64 | 市销率:23.23 | | 每股收益:4.08 | 股息(TTM): 0.04 | 每手股数:1 | 总市值:4.35万亿 | | 每股净资产:4.89 | 股息率(TTM): 0.02% | 最小价差: 0.01 | 总股本:243.00亿 | | 机构持股: -- | Beta: -- | 空头回补天数: -- | 货币单位:USD | 2026财年第三季度，其营收冲上570亿美元，同比激增62%；经调整净利润达319亿美元，同比增长65%——两大核心指标均大幅超越华尔街预 期，在"AI泡沫论 ...

11月21日下午，小鹏汽车在广州工厂举行了第100万台下线暨首批X9超级增程车主交付，数百家海内外媒体和X9超级增程 车主共同见证。从第1台到第50万台整车下线，小鹏汽车用了82个月，从第50万台到第100万台整车下线，小鹏汽车只用了 14个月。 在现场，何小鹏分享了首测小鹏X9超级增程第二代VLA大模型的感受："小鹏X9超级增程同时也搭载了图灵AI芯片和后轮 转向，这样一台五米三的大七座MPV竟然能从容通过夜晚极窄小巷、人车混杂十字路口等复杂场景。"第二代VLA也让小 鹏清晰地看到了从L2级辅助驾驶迈向L4级高级别自动驾驶的确定性路径。 2025年1-10月，小鹏汽车累计交付量达355,209台，同比增190%；2025年1-10月，小鹏汽车海外交付量达34,712台，同比增 106.7%。 小鹏汽车董事长 CEO何小鹏将百万节点定义为全新的台阶，他表示下一阶段小鹏汽车将聚焦四大方向持续深耕：一定要做 好安全、品质、服务与运营体系，这是小鹏的责任与义务；一定要做好物理与AI的融合、做好科技平权 ，让每一个普通人 都能够体验到不一样的科技产品；一定要坚持愿景，做全球用户喜爱的智能科技公司；一定要在海外建立销售 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7][5]. Core Insights - In Q3 2025, the company achieved a revenue of 20.4 billion RMB, representing a year-on-year growth of 102%. The total sales volume reached 116,000 units, a year-on-year increase of 149.3% [2][11]. - The company is focusing on developing a new paradigm for future mobility through physical AI, with significant advancements in autonomous driving and robotics showcased during the 2025 Xiaopeng Technology Day [4][23]. - The company maintains its revenue forecasts for 2025, 2026, and 2027 at 88.5 billion, 128 billion, and 147.2 billion RMB respectively, while projecting net profits of -1.6 billion, 2.7 billion, and 4.7 billion RMB for the same years [5][49]. Financial Performance - In Q3 2025, the gross margin was 20.1%, an increase of 4.9 percentage points year-on-year, while the net margin was -1.9%, improving by 16.0 percentage points year-on-year [3][15]. - The automotive sales revenue for Q3 2025 was 18.05 billion RMB, up 105.3% year-on-year, driven by increased deliveries of new models [11][19]. - The company reported a net loss of 3.8 billion RMB in Q3 2025, a significant improvement from a loss of 18.1 billion RMB in the same period last year [2][11]. Sales and Delivery Guidance - The company delivered 42,000 vehicles in October 2025, marking a year-on-year increase of 76% and a quarter-on-quarter increase of 1% [4][21]. - For Q4 2025, the company expects to deliver between 125,000 and 132,000 vehicles, representing an annual increase of approximately 36.6% to 44.3% [4][21]. Product Development and Innovation - The company introduced the second-generation VLA (Vision-Language-Action) system, which integrates visual perception and language understanding for enhanced autonomous driving capabilities [31][32]. - The company plans to launch three Robotaxi models in 2026, leveraging a pure vision solution without reliance on lidar or high-definition maps [37][41]. - The new generation of IRON humanoid robots is designed for various applications, featuring advanced AI capabilities and a focus on safety and user privacy [42][45].

Core Insights - The overall iteration speed of global large models is expected to slow down by 2025, with the gap between China and the US rapidly narrowing, and it is anticipated that by 2026, China may surpass in certain areas [1] - Domestic models are seeking a better balance between performance, efficiency, and cost, leading to accelerated commercialization [1] - Industry know-how is becoming a competitive advantage in AI applications, marking the software industry as an optimal investment period [1] AI Applications - Companies with AI revenue exceeding 10% are increasing, with a focus on areas such as Deep Research, AI programming, and multimodal applications [1] - Custom software remains irreplaceable by models, emphasizing the importance of tailored solutions in the market [1] AI Infrastructure - Huawei's Flex:ai technology achieves unified management of heterogeneous computing power, improving utilization rates by 30% and accelerating industry implementation [1] - The industrialization process of domestic computing power is accelerating, driven by innovations in super nodes and IDC across multiple dimensions [1] Future Outlook - By 2026, the Chinese AI industry chain is expected to develop into a self-sustaining system, with accelerated innovation and iteration across all segments [1] - Physical AI, including digital twins and embodied intelligence, is projected to become a core development direction [1] Computer ETF - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies in the Chinese A-share market involved in computer hardware, software, and services [1] - The index focuses on the information technology sector, characterized by high technological content and growth potential, effectively reflecting the overall development trend of the computer industry [1]

日前，一则关于"何小鹏哽咽"的消息引发众多网友的关注。能让小鹏汽车董事长、首席执行官何小鹏 动容至眼眶泛红的，正是小鹏新一代人形机器人IRON。 日前，在2025小鹏科技日上，IRON因其猫步走得过于流畅，登场时遭到了不少网友的质疑。次日，何小 鹏在现场让工作人员剪开IRON的腿部覆盖件，以证真实。"希望这是最后一次证明IRON是真的机器人，希 望今晚之后，能有更多人相信，能走出猫步的机器人是由中国企业制造的。"何小鹏的这番言论，虽显悲 壮，但自家的人形机器人被误认为是真人，却又透露出一丝"凡尔赛"的意味。 当然，不止小鹏汽车一家，近年来，越来越多的车企开始向"汽车＋机器人＋飞行器"三位一体的业务模式 转型。无论是出于跟风还是拓展生态，毋庸置疑的是，车企正试图从人形机器人和飞行汽车中，探寻企业 进化的全新维度。 车企跨界驶向多维战场 相较于初代IRON，全新一代IRON不仅能走猫步，还拥有拟人的骨骼、肌肉和皮肤，同时在仿生结构、智 能系统和能源架构方面实现了全面升级，使其在外观和思考交互上更加接近人类。除了人形机器人，小鹏 长期布局的飞行汽车也迎来了新进展。在2025小鹏科技日前夕，小鹏汇天飞行汽车量产工厂成 ...

AI芯片霸主英伟达，再次用一份炸裂的财报点燃了市场。 2026财年第三季度，其营收冲上570亿美元，同比激增62%；经调整净利润达319亿美元，同比增长65%——两大核心指标均大幅超越华尔街预期，在"AI泡沫论"四 起的舆论场中，给出了最有力的回击。 | GAAP | | | | | | | --- | --- | --- | --- | --- | --- | | (除每股收益以外,其余 | 2026 财年 | 2026 财年 | 2025 财年 | 环比 | 同比 | | 数据单位均为百万美元 | 第三季度 | 第二季度 | 第三季度 | | | | 收入 | $57.006 | $46.743 | $35,082 | 22% | 62% | | 毛利率 | 73.4% | 72.4% | 74.6% | 1.0 | (1.2) | | | | | | 个百分点 | 个百分点 | | 运营费用 | $5.839 | $5.413 | $4.287 | 8% | 36% | | 营业收入 | $36,010 | $28.440 | $21.869 | 27% | 65% | | 净收益 | $31.910 ...

Group 1 - The current market has weak expectations for automotive stimulus policies and total production and sales volume for next year, indicating a weakening of the automotive cyclical attributes, while technology and emerging growth directions are the core focus [1] - Xiaopeng Motors' Technology Day showcased the second-generation VLA large model, Robotaxi, and humanoid robot Iron, which boosted market expectations. By 2026, with the iteration and mass production of technologies like Tesla's FSD V14, Robotaxi, and Optimus, the automotive and robotics sectors are expected to experience a turning point in industry trends, leading to a potential revaluation of the technology attributes of automotive stocks [1] - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which selects listed companies involved in vehicle manufacturing, components, and intelligent driving from the Stock Connect range. This index reflects the overall performance of listed companies related to the automotive industry and features high R&D investment and growth characteristics, with the vehicle sector accounting for over 60% of its weight, demonstrating strong market elasticity and international characteristics [1] Group 2 - The Hong Kong Automotive ETF (520720) can be traded directly through A-share accounts without the need to open a Stock Connect account, effectively addressing the pain point of ordinary investors lacking investment tools [1]

Core Insights - Xiaopeng Motors showcased multiple popular models, including the Xiaopeng X9 Super Extended Range and the new Xiaopeng P7, at the Guangzhou Auto Show, emphasizing the theme "AI Changes the World" [1] - The company announced the production of its 1 millionth vehicle on the same day, with the first deliveries of the newly launched X9 Super Extended Range [1] Group 1: Product Launch and Features - The Xiaopeng X9 Super Extended Range, as the first mass-produced model of the Kunpeng series, features a "large battery + large fuel tank" design, achieving a CLTC comprehensive range of 1602 kilometers and a pure electric range of 452 kilometers, making it the "world's longest-range large seven-seater" [3] - The X9 Super Extended Range is available in two versions, priced at 309,800 yuan for the 1602 Max version and 329,800 yuan for the 1602 Ultra version, with additional promotional offers including up to 60,000 yuan in configuration value and a maximum of 23,500 yuan in repurchase benefits for existing car owners [3] - Within one hour of its launch, the X9 broke the record for daily pre-orders, with over 50% of orders coming from northern regions and 79% for the 1602 Ultra version [3] Group 2: Future Plans and Market Strategy - Xiaopeng Motors plans to launch a total of seven models with Super Extended Range configurations by 2026, covering various market segments, with three models expected to debut in the first quarter of 2026 [3] - The company aims to address user pain points in the extended range market with longer pure electric ranges and faster 5C ultra-fast charging [3] Group 3: Global Expansion and AI Technology - The Xiaopeng P7+ is set to officially launch in overseas markets in January 2026, following its global debut at the Paris Auto Show in October 2024, and will be showcased at various international events [4] - Xiaopeng Motors will introduce three new models to overseas markets next year, including a highly anticipated compact SUV to meet diverse consumer needs [4] - The company reiterated its new brand positioning as a "physical AI world mobility explorer" and shared breakthroughs in physical AI technology, with four AI applications expected to enter mass production by 2026 [4] Group 4: Robotics Development - After seven years of exploration, Xiaopeng Motors has completed multiple iterations of humanoid robots, with the new generation IRON receiving significant attention for its human-like appearance and agile movement [5] - The company aims to make humanoid robots accessible to households, targeting a sales price comparable to that of cars and projecting annual sales exceeding 1 million units by 2030 [5] Group 5: Sales and Service Network - Xiaopeng Motors is rapidly expanding its global sales service and charging network, currently covering 52 countries and regions, with 690 stores in China across 242 cities and 321 sales service points established overseas [7]

Core Insights - Xiaopeng Motors showcased multiple models at the 2025 Guangzhou International Auto Show, emphasizing its theme "AI Changes the World" and highlighting its technological innovations [1][3][30] - The company celebrated the production of its 1 millionth vehicle, achieving this milestone in just 14 months from the previous 500,000 units, marking a significant acceleration in production [1][19][30] Product Launch and Sales - The Xiaopeng X9 Super Range, the first mass-produced model of the Kunpeng Super Range, boasts a CLTC comprehensive range of 1602 kilometers and a pure electric range of 452 kilometers, making it the "world's longest-range large seven-seater" [3][5] - The X9 Super Range was launched with two versions priced at 309,800 yuan and 329,800 yuan, and it quickly broke the record for daily orders within an hour of its launch [3][5] - A "New Year Purchase Tax Subsidy" program was introduced for customers who place orders by December 31, 2025, offering up to 15,000 yuan in tax rebates [3][5] Technological Advancements - Xiaopeng Motors is set to launch seven models with Super Range configurations in 2026, addressing user pain points in the range-extender market with longer pure electric ranges and faster charging capabilities [5][7] - The company announced that its second-generation VLA model will be rolled out in the first quarter of 2026, aiming to transition from L2 to L4 level autonomous driving [8][10] Global Expansion and Market Performance - Xiaopeng Motors reported a significant increase in deliveries, with a total of 355,209 vehicles delivered from January to October 2025, representing a 190% year-on-year growth [14][16] - The company has expanded its global sales and service network to cover 52 countries and regions, with 690 stores in China and 321 overseas [16][30] Manufacturing and Sustainability - The Guangzhou smart manufacturing plant will open for public tours in December 2025, showcasing advanced manufacturing capabilities and adherence to Industry 4.0 standards [28][30] - The plant integrates AI technology throughout the production process, achieving zero emissions and earning the highest MSCI ESG "AAA" rating for two consecutive years [28][30] Future Outlook - Xiaopeng Motors aims to focus on safety, quality, service, and operational systems while promoting the integration of physical and AI technologies to enhance user experience [21][30] - The company is committed to establishing a comprehensive global presence in sales, research, production, and service, reinforcing its long-term competitive advantage [21][30]