Core Viewpoint - Xiaopeng G7 officially launched on July 3, with three models priced between 195,800 to 225,800 RMB, reflecting a price reduction of 40,000 RMB from the pre-sale price, exceeding expectations [1][4] Pricing and Market Position - Xiaopeng G7 focuses on family use, comfort, and smart technology, showcasing competitive advantages in the mid-to-high-end pure electric SUV market [1] - Competing models in the 200,000 to 300,000 RMB range include Xiaomi YU7, Tesla Model Y, and others, with Xiaopeng G7 offering significant price advantages [1] - Xiaopeng G7's pricing is notably lower than that of Tesla Model Y (263,500 to 313,500 RMB) and Xiaomi YU7 (223,500 to 329,900 RMB) [1] Product Features and Technology - Xiaopeng G7 boasts superior space and intelligence compared to Tesla Model Y, with dimensions of 4892/1925/1655mm and a wheelbase of 2890mm [2] - The vehicle is equipped with three self-developed Turing AI chips, achieving a total computing power of over 2200 TOPS, enhancing driving intelligence and user experience [3] - G7 features a single motor rear-wheel drive layout with a maximum power of 218 kW, a top speed of 202 km/h, and a CLTC range of 702 km, supported by an 80.8 kWh lithium iron phosphate battery [3] Sales Performance and Future Outlook - Xiaopeng Motors achieved cumulative deliveries of over 197,000 units in the first half of 2025, a year-on-year increase of 279%, with a target achievement rate of 56% [4] - The launch of G7 is expected to sustain sales momentum in the second half of the year, alongside the upcoming release of new models and a hybrid vehicle [4] - The company maintains a buy rating and a target price of 134.69 HKD, anticipating growth in sales, average selling price (ASP), and gross margin [4]

Investment Rating - The report maintains a "Buy" rating for XPeng Motors (9868 HK) with a target price of HKD 134.69, indicating a potential upside of 82.1% from the current price of HKD 73.95 [9][11]. Core Insights - The launch of the XPeng G7 on July 3, 2025, features three models with prices ranging from RMB 195,800 to RMB 225,800, showcasing a significant price reduction of RMB 40,000 from the pre-launch price [3]. - The XPeng G7 is positioned as a competitive option in the mid-to-high-end pure electric SUV market, emphasizing value for money, comfort, and advanced technology [3]. - The report highlights the G7's superior space and intelligent features compared to competitors like the Xiaomi YU7 and Tesla Model Y, with a focus on its AI capabilities and overall driving experience [3][4]. Summary by Sections Product Launch - The XPeng G7 was officially launched with three variants priced between RMB 195,800 and RMB 225,800, with the 702 km range version prioritized for delivery [3]. - The pricing strategy reflects a competitive edge against similar models in the market, particularly against the Xiaomi YU7 and Tesla Model Y [3]. Competitive Analysis - The G7's pricing is significantly lower than that of the Tesla Model Y (RMB 263,500 to RMB 313,500) and Xiaomi YU7 (RMB 223,500 to RMB 329,900), enhancing its attractiveness in the market [3][4]. - In terms of specifications, the G7 offers a larger body size and superior intelligent features, including three self-developed AI chips with a total computing power exceeding 2200 TOPS [3][4]. Performance and Technology - The G7 features a single rear motor with a maximum power of 218 kW, a top speed of 202 km/h, and a battery capacity of 80.8 kWh, achieving a CLTC range of 702 km [3]. - The vehicle supports 800V fast charging, allowing a charge from 10% to 80% in just 18 minutes, enhancing its long-distance travel convenience [3]. Market Outlook - XPeng Motors has delivered over 197,000 vehicles in the first half of 2025, representing a year-on-year growth of 279%, achieving 56% of its annual target [3]. - The report anticipates continued sales growth with the introduction of new models and the upcoming launch of the XPeng Kunpeng hybrid model in Q4 2025 [3].

Key Points - The article discusses various companies and industry developments, highlighting significant events and trends in the tech and automotive sectors. Group 1: Company Developments - Romoss has reportedly notified employees of a complete shutdown and stated that salaries will only be paid until June, but the company denied rumors of bankruptcy [4][5] - ByteDance has produced over 1,000 robots in two and a half years, with a long-term goal of achieving embodied intelligence [8][9] - Gree's marketing director claimed that the best air conditioner in the world is made by Gree, emphasizing the company's commitment to quality [10] - ByteDance's multi-dimensional table AI product head Wang Xuan has left the company to pursue a new venture in AI hardware [12] - Honor's product line president expressed excitement about competing with Apple in the foldable phone market, indicating that Honor's technology is advanced [13] Group 2: Industry Trends - The new player "Starry Sky Plan" is set to complete its factory by 2026 and aims to launch its first high-end electric SUV in 2027 [14][15] - Microsoft has faced internal dissatisfaction following layoffs in its Xbox division, despite reporting strong profits [32] - TikTok has initiated another round of layoffs in its U.S. e-commerce department, citing the need for operational adjustments [33][34] - JD.com has entered the autonomous vehicle market with its self-developed unmanned light truck, targeting the traditional 4.2-meter truck replacement market [20][21] - Changan Automobile plans to establish a factory in Europe to support its sales strategy, with a focus on local production [25][26]

Industry - Multiple automotive companies have collectively committed to reducing supplier payment terms to within 60 days, which is seen as a significant change in the competitive logic of the automotive supply chain [9] - The Ministry of Industry and Information Technology and the State-owned Assets Supervision and Administration Commission have initiated measures to stabilize the supply chain and promote high-quality development in the automotive industry [9] - The IPO process for new energy vehicle companies is slowing down, with some companies halting their listings due to stricter scrutiny and changing market conditions [10] Company - BYD has announced a unified payment term of 60 days for its suppliers, following the trend set by other automotive companies [10] - Insta360, known as "the global leader in smart imaging," debuted on the STAR Market with a stock price increase of 274.44%, reaching a market capitalization of approximately 70.977 billion [13] - Ying Tong Holdings is aiming to become "China's first fragrance stock" and is heavily reliant on brand licensing agreements with international luxury brands [18]

丨证券研究报告丨 港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏汽车 G7 上市点评：油车看马力，智车看算 力，G7 有望成为爆款 报告要点 [Table_Summary] 2025 年 6 月 11 日，全球首款 L3 级算力 AI 汽车小鹏 G7 正式亮相，将推出 G7 Max 和 Ultra 两个版本，预售价 23.58 万元起。小鹏 G7 将首发搭载三颗自研图灵 AI 芯片，车端算力超过 2200Tops，实现行业首个 L3 级算力车型。智驾能力持续领先，新车周期强势开启，叠加渠道 变革和营销体系加强，公司销量有望加速提升。规模提升、平台和技术降本效果将进一步体现， 叠加软件盈利的商业模式拓展以及出海持续增长，公司财务有望持续改善。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小鹏汽车-W（9868.HK） cjzqdt11111 [Table_Title ...