Core Viewpoint - The article discusses the challenges faced by Xiaomi in the electric vehicle market, particularly following recent accidents involving its SU7 model, highlighting the need for a stronger focus on safety rather than just aesthetics and marketing [3][4][5]. Summary by Sections Product Design and Marketing - Xiaomi's approach to car design emphasizes aesthetics, with the founder, Lei Jun, stating that "the best-looking, best-driving, and smartest" features are the main focus, often neglecting safety considerations [4][5]. - The marketing strategy has been criticized for being overly focused on user experience and design, similar to its smartphone business, which may not be appropriate for the automotive industry [5][6]. Safety Concerns - The article points out that safety is a critical aspect of automotive design that has been overlooked by Xiaomi, with Lei Jun only briefly mentioning safety features in the context of design [4][5]. - Following the accidents, there has been a significant shift in public expectations, with Lei Jun acknowledging the need for Xiaomi to take on the responsibilities of a major player in the automotive industry [6][7]. Recent Incidents and Responses - The article references two serious incidents involving the Xiaomi SU7, which have raised questions about the company's commitment to safety and its marketing practices [5][6]. - In response to the accidents, Xiaomi has initiated a recall of 116,887 vehicles due to safety concerns related to the L2 highway navigation assist feature, indicating a recognition of the potential risks involved [7]. Industry Standards and Practices - The article emphasizes the importance of treating the automotive market with respect and caution, contrasting Xiaomi's approach with that of other companies that prioritize thorough testing before releasing vehicles to consumers [8].

Core Viewpoint - The article discusses the challenges and criticisms faced by Xiaomi in the electric vehicle market, particularly following recent accidents involving its SU7 model, highlighting the importance of safety over marketing and aesthetics in the automotive industry [2][3][4]. Group 1: Company Performance and Reputation - Xiaomi's founder Lei Jun's previous statements about the company's car design and marketing strategies are being scrutinized after the "10·13 Xiaomi SU7 Chengdu explosion incident" [2]. - The public's patience with Xiaomi's marketing tactics is waning, leading to a trust crisis for the company in the automotive sector [2][3]. - The perception of Xiaomi's vehicles as "the first car for young people" is being questioned in light of safety concerns following tragic accidents [2]. Group 2: Safety Concerns - The article emphasizes that safety should be the primary focus in automotive design, contrasting it with the consumer electronics approach where user experience is paramount [3]. - Xiaomi's marketing has focused heavily on aesthetics and user experience, neglecting critical safety features, which has raised alarms among consumers [3][4]. - Following the "3·29 Copper陵 Xiaomi SU7 explosion incident," Lei Jun acknowledged the heightened expectations and responsibilities that come with being a major player in the automotive industry [4]. Group 3: Regulatory Actions - On September 19, Xiaomi announced a recall of 116,887 units of the SU7 due to safety concerns related to the L2 highway navigation assistance feature, which may not adequately respond to extreme scenarios [5]. - The recall highlights the potential risks associated with treating the market as a testing ground for new technologies, a practice criticized by industry leaders [5].

2025年10月13日上午9时11分，小米集团董事长雷军在微博转发了小米YU7车主摄影大赛的作品，配文"帕米尔高 原非常美。我用小米YU7也拍几张风景"。 此时，距成都天府大道凌晨3时18分发生的小米SU7 Ultra碰撞起火事故，仅过去不足6小时。现场有多人参与救 援，4人合力"拳打脚踢"SU7门窗，但车门仍无法打开，车辆严重焚毁，驾驶人员未能脱逃。 从今年3月29日安徽铜陵3人遇难的"爆燃事故"，到10月13日凌晨成都"焚毁悲剧"。198天的时间里，小米汽车接连 陷入安全、智能驾驶宣传、产品质量问题等争议。 而电池安全、辅助驾驶安全、门把手安全三大国家强标今年来密集出台，恰似一面镜子，精准映照出企业和快速 发展的新能源汽车产业在安全设计等方面的疏漏。 一边是雷军微博里的"帕米尔高原"与汽车产品宣发，一边是车祸事故舆论与公众的质疑。小米汽车的市场口碑正 从上市初期的"爆款光环"陷入滑坡，更折射出新能源汽车行业智能化浪潮下的安全焦虑。 雷军和小米的高音与沉默 今年5月份，雷军首次公开回应状态，坦言"过去一个多月是创办小米以来最艰难的时期"，透露曾因情绪低落取消 会议、暂停出差及社交互动，未直接提及前舱盖争议或 ...

Group 1 - The index focuses on AI hardware, which is currently a major category of smart terminal products, including companies involved in component production, complete machine manufacturing, and design in the consumer electronics sector [3] - The index experienced a decline of 3.9% as of the midday close [3] - Since its launch in 2020, the index has a rolling market rate of 68.9 times and a valuation percentile of 100% [3]

Core Insights - The smart vehicle ETF, Taikang (159720), has seen a 2.07% increase, marking its third consecutive rise, with the underlying index, the CSI Smart Electric Vehicle Index (H11052), up by 2.22% [1] - Major electric vehicle manufacturers, including Xiaopeng, NIO, and Li Auto, reported record-high monthly deliveries for September, indicating strong market demand [1] - The Ministry of Industry and Information Technology has released a draft for mandatory national standards for intelligent connected vehicles, which is expected to enhance consumer trust in smart driving technologies [2] Group 1: ETF Performance and Market Trends - The smart vehicle ETF Taikang (159720) reached a new high in size at 70.4062 million yuan as of September 30, with a significant increase of 200,000 shares over the past two weeks [1] - Key stocks within the ETF, such as Chipone Technology (688521) and Ganfeng Lithium (002460), have shown substantial gains, with increases of 12.84% and 9.00% respectively [1] - The ETF employs a full replication strategy to closely track the CSI Smart Electric Vehicle Index, outperforming its benchmark by 0.41% in Q2 2025 [3] Group 2: Industry Developments and Standards - The newly proposed national standards for intelligent driving systems include features for hand and gaze detection, which are expected to increase the penetration of L2 and higher-level driving functions [2] - The introduction of these standards is anticipated to expand the market for essential components such as lidar, high-performance driving chips, and driver monitoring systems [2] Group 3: Investment Opportunities - The ETF covers critical segments of the smart driving industry, with top holdings in companies like CATL and BYD, which are well-positioned to benefit from the dual trends of electrification and intelligence in vehicles [4][5] - The ETF's top ten holdings account for 55.33% of its total weight, indicating a strong focus on companies that are integral to the L4 autonomous driving supply chain [3] - Investors are encouraged to monitor developments in smart driving regulations and pilot operations of Robotaxi services to capitalize on investment opportunities in the smart driving sector [3]

Group 1 - The National Robot Industry Index increased by 0.2% as of the midday close [1] - The China Securities Intelligent Electric Vehicle Index rose by 2.7% [1] - The China Securities Consumer Electronics Theme Index saw a rise of 4.0% [1] - The China Securities Internet of Things Theme Index increased by 3.6% [1] - As of September 30, the E Fund Consumption Electronics ETF (562950) experienced a net inflow of over 400 million yuan in the last 10 trading days [1]

Core Insights - Xpeng Motors achieved a record delivery of 41,581 smart electric vehicles in September 2025, representing a year-on-year increase of 95% and a month-on-month growth of 10%, surpassing the milestone of 40,000 monthly deliveries [1] - In Q3 2025, Xpeng Motors delivered a total of 116,007 smart electric vehicles, marking a year-on-year growth of 149% [1] - Cumulatively, Xpeng Motors delivered 313,196 vehicles in the first nine months of 2025, which is a 218% increase compared to the same period in 2024 [1] Delivery Milestones - The 10,000th all-new Xpeng P7 rolled off the production line in September 2025, making it the fastest model to achieve a production rate of 40 vehicles per hour on the new production line [1] ESG Rating - Xpeng Motors maintained its "AAA" rating from MSCI ESG for three consecutive years, which is the highest global rating, reinforcing the company's leading position in the global automotive industry [1] Technology and User Engagement - The monthly active user penetration rate for Xpeng's intelligent navigation assisted driving (XNGP) reached 83% in urban driving scenarios as of September 2025 [1] - The company launched the VLA-driven version of XNGP, featuring a full-scenario parking-to-parking intelligent assisted driving system (ADAS), initially applied to the all-new Xpeng P7 and G7 Ultra models [1]

Core Insights - Xiaopeng Motors achieved a record delivery of 41,581 smart electric vehicles in September 2025, representing a year-on-year growth of 95% and a month-on-month increase of 10%, surpassing the milestone of 40,000 monthly deliveries [1] - In Q3 2025, the total delivery of smart electric vehicles reached 116,007 units, marking a year-on-year increase of 149% [1] - Cumulatively, Xiaopeng Motors delivered 313,196 vehicles in the first nine months of 2025, a significant increase of 218% compared to the same period in 2024 [1] Delivery Milestones - The 10,000th all-new Xiaopeng P7 rolled off the production line in September 2025, making it the fastest model to achieve a production rate of 40 vehicles per hour on the new production line [1] ESG Rating - Xiaopeng Motors maintained its "AAA" MSCI ESG rating in September 2025, the highest global rating, reinforcing its leading position in the global automotive industry [1] Technology and User Engagement - The monthly active user penetration rate for Xiaopeng's intelligent navigation assisted driving (XNGP) reached 83% in urban driving scenarios as of September 2025 [1] - The company launched the VLA driving version of XNGP, featuring a full-scenario parking-to-parking intelligent driving assistance system (ADAS), initially applied to the all-new Xiaopeng P7 and G7 Ultra models [1]

2025年9月，小鵬汽車智能導航輔助駕駛（XNGP）的城區智駕月度活躍用戶滲透率達 83%。本公司已推出VLA驅動版XNGP，具備全場景車位到車位智能輔助駕駛系統 （ADAS）功能，並已首先應用於全新小鵬P7和G7 Ultra車型。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失 承擔任何責任。 自願公告 2025 年 9 月及第三季度智能車交付數據 XPeng Inc. （「本公司」或「小鵬汽車」）之董事會欣然宣佈其2025年9月及第三季度 車輛交付數據。 2025年9月，小鵬汽車創記錄交付智能電動汽車41,581輛，同比增長95%，較上月增長 10%，超過每月交付40,000輛的里程碑。2025年第三季度，小鵬汽車共交付智能電動汽 車116,007輛，同比增長149%。2025年前九個月，小鵬汽車累計交付量達到313,196輛， 較2024年同期增長218%。 2025年9月，第10,000輛全新小鵬P7正式下線，小鵬P7成為本公司車型中在新生產線上 最快達成40JP ...

Group 1 - The index experienced a rise of 1.4% with a rolling price-to-earnings ratio of 35.7 times, reflecting a valuation increase of 76.5% since its inception [3] - Another index showed an increase of 1.1% with a rolling price-to-earnings ratio of 66.7 times, indicating a valuation increase of 99.8% since its launch [5] - A different index reported a rise of 0.6% with a rolling price-to-earnings ratio of 33.8 times, marking a valuation increase of 53.8% since its introduction [6]