| 2026年2月26日星期四 | NO.1 华为乾崑、小鹏汽车发布春节出行报告 2月24日，华为乾崑智能汽车解决方案发布2026年春节出行报告。2月15日至23日春节期间，华为乾崑智 驾辅助驾驶里程超4.7亿公里，相比去年春节增长235%。人均辅助驾驶里程382公里，人均使用时长5.1 小时。其中，单用户单日最长辅助驾驶2266公里。 2月24日，小鹏汽车发布了2026新春出行报告，统计了2月9日至2月23日的出行情况。其中，单个纯电用 户的辅助驾驶里程达到1.176万公里；单个纯电用户最长辅助驾驶时长高达141.7小时，平均每天辅助驾 驶时长10.12小时；单个增程用户最长辅助驾驶里程高达7050公里。 点评：1月乘用车行业库存达357万辆，处于历史同期高位。高库存直接挤压车企资金周转空间、压缩盈 利水平，后续或引发车企加大价格优惠力度以消化库存。行业正面临供需调整压力，投资者需重点关注 车企库存管控与终端促销策略的落地效果。 NO.3 河南发布2026年汽车以旧换新实施细则 2月25日，据"郑州发布"消息，河南省发布2026年汽车以旧换新实施细则。其中，汽车置换更新方面， 对换购符合条件新能源乘用车的， ...

Group 1 - Xpeng Motors has hired banks to assist its flying car division in preparing for an IPO in Hong Kong [1] - JPMorgan and Morgan Stanley have been selected to help with the listing process, and a confidential application has already been submitted [1] - The IPO could potentially be completed within the year, indicating a significant step for the company [1] Group 2 - Xpeng Huitian, the flying car division, has plans for an IPO, although the timeline is still uncertain [3] - The company has received substantial investments totaling over $750 million (approximately 5.375 billion RMB) from various venture capital firms and state-owned enterprises [3] - Successful completion of the IPO would signify market recognition of Xpeng Huitian's technological capabilities and mass production potential [3]

Core Viewpoint - Xiaopeng Motors has secretly submitted an IPO application for its flying car division, Xiaopeng Huitian, in Hong Kong, with JPMorgan and Morgan Stanley assisting in the process, potentially completing the IPO within this year [1] Group 1: Company Overview - Xiaopeng Huitian aims to be a "global leader in low-altitude products," focusing on creating safe and intelligent flying cars and low-altitude transportation solutions [1] - The company was established in 2020 after Xiaopeng Motors invested in Huitian, which originally started in Dongguan in 2013 [1] Group 2: Financial Milestones - Xiaopeng Huitian completed over $500 million in Series A financing in 2021 and secured an additional $150 million in Series B1 financing in 2024 [1] - Reports indicate that the company completed $250 million in Series B financing last year [1] Group 3: Product Development and Market Strategy - The company's split-type flying car, "Land Aircraft Carrier," is set for its first public flight in 2024 and will debut overseas in 2025 [1] - Xiaopeng Huitian has received approximately 5,000 orders for the "Land Aircraft Carrier" and plans to expand into overseas markets by 2027 [1]

Core Viewpoint - Xiaopeng Motors has secretly submitted an IPO application for its flying car division, Xiaopeng Huitian, in Hong Kong, with plans to potentially complete the listing by the end of this year [1] Group 1: Company Overview - Xiaopeng Huitian is a subsidiary of Xiaopeng Motors, aiming to be a "global leader in low-altitude products" and focusing on making flying more accessible [1] - The company was established after Xiaopeng Motors invested in Huitian in 2020, which originally started in Dongguan in 2013 [1] Group 2: Financial Background - Xiaopeng Huitian completed over $500 million in Series A financing in 2021 and secured an additional $150 million in Series B1 financing in 2024 [1] - Reports indicate that the company completed $250 million in Series B financing last year [1] Group 3: Product Development - The company's split-type flying car, referred to as "Land Aircraft Carrier," is set for its first public flight in 2024 and will debut overseas in 2025 [1] - Xiaopeng Huitian has received approximately 5,000 orders for the "Land Aircraft Carrier" and plans to expand into overseas markets by 2027 [1]

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area serves as a significant hub for advanced manufacturing, providing a multi-layered and high-value testing ground for the development of the low-altitude economy [1] Company Overview - Guangdong Gaoyu Technology Co., Ltd. (referred to as "Gaoyu Technology" or "the company") is incubated by GAC Group and focuses on achieving technological equity in low-altitude travel, aiming to make economic, safe, and convenient air transportation services accessible to the public [1] - Gaoyu Technology has established a comprehensive low-altitude travel system that includes research, production, sales, and service of flying cars [1] Product Offerings - The company has launched three different product configurations, covering all terminal scenarios of eVTOL (electric Vertical Take-Off and Landing) solutions [1] - The AirCar, which is land and air dual-use, and the multi-rotor AirCab are designed for short-distance travel within 30 kilometers, addressing the need for rapid access in specific scenarios [1] - The composite wing AirJet targets intercity travel within 200 kilometers, particularly focusing on the connectivity needs of urban clusters like the Greater Bay Area, with future plans to enhance its range to over 400 kilometers using GAC's all-solid-state batteries [1] Technological Advantages - The core advantage of Gaoyu Technology lies in the deep integration of "automotive industrial genes" and "aviation technology innovation" [3] - The company has achieved comprehensive self-research in key components such as flight control, autonomous driving, and navigation, overcoming several critical issues in civil aviation equipment [3] - All products utilize autonomous driving modes, with the multi-rotor AirCab featuring a redundant rotor power system and the AirJet employing innovative designs and advanced technologies to ensure safety in complex environments [3] Supply Chain Integration - Gaoyu Technology leverages GAC Group's intelligent manufacturing system and mass production capabilities, integrating aviation safety standards into its operations [3] - This "automotive + aviation" IPD paradigm enhances the reliability of the automotive supply chain while benefiting from the scale production experience of the automotive industry, significantly improving product consistency and reducing manufacturing costs [3] Business Strategy - The company aims to promote technological equity in low-altitude travel, starting with high-end ride-hailing pricing and gradually reducing to private car pricing [5] - With the improvement of policies and infrastructure, Gaoyu Technology plans to launch regular routes in the Greater Bay Area and Yangtze River Delta, making air travel a more accessible option [5] - As a representative of the integration of automotive and aviation capabilities, Gaoyu Technology is positioned to become a key player in the large-scale and inclusive development of low-altitude transportation, contributing to the Greater Bay Area's ambition to become a global hub for the low-altitude economy [5]

Group 1 - The 21st China (Changsha) International Auto Show showcased a high interest in "flying cars," with many Chinese automakers accelerating their R&D efforts in this area [1] - XPeng Huitian's split-type flying car, referred to as "land aircraft carrier," reportedly receives over 10 orders daily, with deliveries expected in the second half of next year after flight training for owners [1] - The auto show, known as a "barometer of the central auto market," featured over 70 global automotive brands and nearly 1,000 models, highlighting the industry's transformation towards electrification and intelligence [1] Group 2 - The auto industry is enabling the low-altitude industry, with companies developing a product matrix for short-distance multi-rotor and cross-city composite wing flying vehicles, aiming for integrated air-ground transportation [2] - Chinese automakers are focusing on mass-produced flying cars for tourism, short-distance travel, and intercity transport, while exploring applications in tourism, emergency rescue, and logistics [2] - Industry experts believe that advancements in new energy and intelligent connected vehicles allow for a "leapfrog" in the flying car sector, although challenges such as energy efficiency, airspace regulations, and noise must be addressed [2]

Group 1 - The article emphasizes the importance of popularizing scientific knowledge and promoting scientific spirit to enhance the overall scientific literacy of the population, contributing to the goal of achieving high-level technological self-reliance and strength in China [1] - A collaborative initiative between the China Association for Science and Technology and People's Daily is highlighted, focusing on key national science and technology strategies, significant scientific awards, and critical core technologies [1] - The initiative aims to conduct in-depth interviews and research at the grassroots level, producing engaging and high-quality scientific popularization content to promote the spirit of scientists and gather momentum for building a technologically strong nation [1] Group 2 - In Hefei, Anhui, a group of innovators is working on expanding commuting dimensions by bringing the concept of "flying cars" from science fiction into the low-altitude travel sector, specifically between 100 meters and 1000 meters [3] - This development marks the beginning of a revolution in "low-altitude travel," indicating a significant shift in transportation technology [3] - The article invites readers to explore the entire process of the emergence of "air taxis," showcasing advancements in this innovative field [3]

Core Viewpoint - The eighth China International Import Expo showcased a variety of new mobility products and innovative technologies, highlighting a diverse and multi-dimensional future of transportation [2][4][6][8][16]. Group 1: New Mobility Products - A range of new mobility solutions was presented, including smart driving technologies, low-altitude travel options, and human-centered designs [2][4][6][8][16]. - Notable exhibits included electric vertical take-off and landing (eVTOL) aircraft, showcasing advancements in urban air mobility [2][15][20]. Group 2: Innovative Technologies - Innovations such as wheeled exoskeleton robots designed to enhance walking speed were featured, indicating a focus on assistive technologies [4]. - Vehicles equipped with electric lift and rotating seats were displayed, aimed at improving accessibility for individuals with disabilities [6]. Group 3: Industry Trends - The expo reflects a growing trend towards integrating renewable energy solutions in transportation, emphasizing sustainability [2][4][16]. - The presence of major automotive brands like Tesla and Toyota indicates a competitive landscape focused on innovation in the automotive sector [8][6].

Core Insights - The eighth China International Import Expo showcases the burgeoning low-altitude economy, which has been included in the "14th Five-Year Plan" as a strategic emerging industry [1][2] - The event highlights new collaborations and orders in the low-altitude transportation sector, particularly with eVTOL (electric Vertical Take-Off and Landing) aircraft [2][8] Industry Developments - Multiple low-altitude economy companies presented eVTOL models, with Tianling Technology showcasing a hybrid eVTOL capable of a maximum range of 600 kilometers and a cruising speed of 360 kilometers per hour [2][3] - The event featured advancements in low-altitude travel technology, with companies like Wolant and Yufeng Future demonstrating upgraded models and signing multiple cooperation agreements [3][6] Market Opportunities - Wolant secured 30 orders from a Dubai-based aviation finance company, while Yufeng Future received 100 orders from Saudi Arabia for low-altitude cargo and offshore energy transport [8][10] - The increasing interest from international audiences, including those from France, South Korea, and Malaysia, indicates a growing global market for Chinese low-altitude products [3][4] Strategic Collaborations - Wolant and Shenzhou Car Rental formed a strategic partnership to explore autonomous driving technologies, aiming to integrate low-altitude and ground transportation [7] - The "Air Silk Road Global Navigation Partner Program" was launched to foster global cooperation in building a future-oriented low-altitude travel network [6] Competitive Landscape - The eVTOL sector is characterized by high technological content and intense competition, with Chinese manufacturers demonstrating significant appeal in the global market [8][10] - Chinese brands are gaining traction internationally, not solely based on pricing but also on the quality and innovation of their products [10]

Core Insights - Xiaopeng Motors is developing two flight systems for low-altitude travel, including a personal land carrier and a multi-passenger hybrid electric flying car named "A868" [1] Group 1: Product Development - The "A868" flying car features a tilt-rotor design and is based on Xiaopeng's Kunpeng super-range architecture, utilizing self-developed aviation-grade hybrid technology [1] - The "A868" is expected to achieve a range of 500 kilometers and a maximum speed of 360 kilometers per hour, with a six-seat cabin designed to meet business travel needs [1] - The "A868" has entered a critical phase of flight verification [1]