小鹏汽车 20251116 摘要 小鹏汽车凭借智能驾驶领域的精准定位和持续投入，销量显著增长，尤 其是在市场对智能驾驶认可度提升的背景下，通过管理层调整和供应链 优化，实现了产品竞争力的提升。 未来三至五年，小鹏汽车有望受益于 AI 应用在主机厂的广泛应用，实现 从周期股向科技股的估值体系转变，其图灵 AI 芯片、大模型迭代以及机 器人和飞行汽车布局是关键驱动因素。 小鹏汽车计划在 2026 年推出多款增程车型，包括 X9 增程版以及 G7、P7+、G6 等车型的增程版本，预计将显著提升销量，同时 Mona 系列新车型的上市也将贡献可观销量。 新款 P7 上市后销量迅速突破 1 万辆，表明小鹏汽车在产品力方面取得 了显著提升，尤其是在吸引年轻消费者和对自动驾驶有追求的群体方面 表现突出，售价区间为 22 万到 30 万元。 小鹏汽车加速海外渠道布局，预计年底将达到 100 多个门店，海外累计 销量占比约为 10%，随着全球新能源汽车市场向智能化转变，海外市场 有望成为新的增长点。 1. 增程车型：2026 年小鹏将推出多款增程车型，包括 X9 增程车以及 G7、P7+、G6 等车型的增程版本。这些新车型预计将 ...

Investment Rating - The industry rating is "Recommended" [6] Core Insights - The demand for humanoid robots is expected to surge due to advancements in AI technology and domestic companies' efforts in cost reduction, leading to significant market opportunities for early movers [2][14] - The domestic new energy vehicle (NEV) market is experiencing robust growth, with sales expected to continue rising due to new model launches and seasonal demand, achieving over 50% market penetration [3][18] - The global energy storage market is entering a high prosperity phase, driven by increasing demand for energy storage solutions and supportive government policies [4][31] - The overseas power equipment market is anticipated to maintain high demand due to urgent upgrades in power grids and the rising need for AI electrical equipment [8] Summary by Sections Humanoid Robots - The completion of the IPO guidance for Yushu Technology indicates a strong market potential for humanoid robots, with significant domestic demand for core components [2][14] - Major companies are entering the humanoid robot space, enhancing the industry's growth prospects, particularly in the T-chain and domestic supply chains [15][16] New Energy Vehicles - October saw a year-on-year increase in NEV sales, with production and sales reaching 1.772 million and 1.715 million units respectively, marking a 21.1% and 20.0% increase [19] - The introduction of new technologies, such as solid-state batteries and high-performance materials, is expected to drive further growth in the NEV sector [20][21] Energy Storage - The global energy storage battery shipments reached 428 GWh in the first nine months of 2025, a 90.7% increase year-on-year, indicating strong market demand [31] - The implementation of compensation policies for energy storage projects is expected to enhance project profitability and stimulate market growth [30][31] Power Equipment - The urgent need for power grid upgrades in Europe and North America is creating significant opportunities for domestic power equipment manufacturers [8][9] - The price of energy meters has rebounded significantly due to new regulations, suggesting potential recovery in profitability for meter manufacturers [9]

2025年，具身智能行业持续火热，技术迭代与资本涌入并行。但与此同时，一系列现实问题也随之浮出 水面：巨头入场是否会挤压创业公司空间？行业的技术护城河究竟是什么？业界翘首以盼的规模化、商 业化落地，究竟何时能到来？ 11月14日，在接受《每日经济新闻》等媒体的记者采访时，具身智能企业——星动纪元创始人陈建宇表 示，具身智能并非赢者通吃的互联网生意，其明显的长尾效应为创业公司留出了时间窗口。 谈到行业壁垒时，陈建宇认为，模型与算法架构决定了系统能力的天花板，数据与工程化能力则决定企 业能否逼近这个上限。 陈建宇还进一步指出，2025年将是具身智能规模化落地的元年，行业将从尝试阶段迈向"真实场景的规 模化部署"。 "成本完全不是问题" 大模型竞速如今行至深水区，随着腾讯、字节跳动等巨头纷纷下场，昔日"AI六小虎"的生存空间进一步 被大厂挤压。如今，具身智能是否会重复类似路径？ 面对这一问题，陈建宇的判断是，更多参与者入场是必然趋势，对于创业公司而言，要在巨头入场前做 大做强。 陈建宇认为，具身智能不像互联网产品，能够凭一套大模型瞬间覆盖用户，机器人需要一台一台制造， 因此发展节奏相对更慢，留给创业公司的时间窗口也 ...

Economic Comparison - The U.S. economy faces multiple constraints, with public debt exceeding $34 trillion and interest payments accounting for 3.5% of GDP, limiting fiscal space and resulting in a mere 2.1% growth in infrastructure investment [1] - In contrast, China's fixed asset investment maintains a growth rate of 6.3%, supported by supply-side structural reforms, highlighting its resilience in the global value chain [1] GDP Revision Insights - The revision of China's GDP in 2023 reflects a comprehensive coverage from the fifth national economic census, increasing sample enterprises from 800,000 to 1 million and enhancing statistical accuracy by 15% [3] - The adjustment raised the value added of the tertiary industry by 1.1 trillion yuan, with significant contributions from the information transmission and software service sectors, driven by the deployment of over 3.2 million 5G base stations [3] Structural Adjustments - The share of the secondary industry remains stable at 37.9%, but there is a shift from traditional steel to high-tech sectors like photovoltaic cells, with a 20% increase in export volume [5] - The contribution rate of consumption in China has risen to 52%, with e-commerce transactions growing by 12%, compensating for fluctuations in exports [5] Employment and Investment - China's infrastructure investment in 2023 reached 10 trillion yuan, creating employment for 100 million people, while R&D expenditure accounted for 2.64% of GDP [7] - The high-tech manufacturing sector saw a significant increase, with the added value reaching 16.3% of industrial output, indicating a shift towards digital and intelligent manufacturing [9] Trade Resilience - In 2023, China's goods trade amounted to $5.3 trillion, with service trade contributing an additional $50 billion, showcasing resilience amid U.S.-China trade tensions [13] - The digital silk road facilitated over $100 billion in exports of 5G equipment, supporting digitalization along the Belt and Road [13] Cultural and Tourism Recovery - The cultural and tourism sectors demonstrated strong recovery, with domestic tourism generating 5 trillion yuan and digital content reaching 150 billion yuan [15] - Employment in the platform economy has expanded to 200 million, reflecting the robust growth of flexible employment opportunities [15] Future Projections - By 2025, China's GDP is projected to reach 141 trillion yuan, with a growth rate of 5.2%, while the U.S. is expected to grow at 1.9%, indicating a narrowing gap between the two economies [17] - This trend is expected to enhance China's global influence and provide a stable economic model for future development [17]

【重点关注】 ·李强主持召开国务院常务会议研究深入实施"两重"建设有关工作部署增强消费品供需适配性进一步促 进消费政策措施 ·国务院办公厅印发《关于进一步促进民间投资发展的若干措施》 ·国家发展改革委主任郑栅洁主持召开民营企业座谈会就"十五五"时期服务业发展听取意见建议 ·国家发展改革委：83个基础设施REITs项目已发行上市预计可带动新项目总投资超过1万亿元 ·中国人民银行：做好逆周期和跨周期调节，提升宏观经济治理效能，持续稳增长、稳就业、稳预期 ·荷方代表是否已来华磋商安世半导体问题？商务部回应 ·历时不到4个月宇树科技IPO辅导完成 ·为平台经营者反垄断合规提供指引市场监管总局拟出台新规 ·多家航司发布日本航线客票处理通知：机票可免费退改 ·美国国会众议院通过临时拨款法案创纪录的美国联邦政府"停摆"闹剧落幕 【国内要闻】 ·国务院总理李强11月14日主持召开国务院常务会议。会议指出，要把"两重"建设放在"十五五"全局中谋 划和推进，牢牢把握战略性、前瞻性、全局性要求，强化部门协同，注重软硬结合，推动国家重大战略 深入实施、重点领域安全能力稳步提升。要以消费升级引领产业升级，以优质供给更好满足多元需求， ...

Market Overview - The Hang Seng Index rose by 1.26% this week, with a trading volume of HKD 1.16 trillion[1] - The Hang Seng Technology Index decreased by 0.42%, while the Hang Seng China Enterprises Index increased by 1.41%[1] - Net inflow from southbound trading was HKD 22.6 billion this week, totaling HKD 1,214.3 billion year-to-date, which is 164.5% of the total net inflow for 2024[1] Sector Performance - The top two performing sectors this week were Consumer Staples and Paper & Packaging, with weekly gains of 10.27% and 6.66% respectively[1] - Notable stocks in the Consumer Staples sector included Jiangsu Hongxin, Alpha Enterprises, and JD Health, with increases of 13.21%, 11.54%, and 6.59% respectively[1] - Other strong performing sectors included Pharmaceuticals & Biotechnology (5.4%) and Durable Goods (5.03%)[1] AI Developments - GPT-5.1 was officially released on November 13, featuring enhanced models for improved communication and reasoning capabilities[2] - Baidu launched the Wenxin 5.0 model, which supports multimodal input and output, boasting over 2.4 trillion parameters[2] Company Earnings - Tencent reported Q3 2025 revenue of HKD 192.9 billion, a 15% year-on-year increase, with a net profit of HKD 63.1 billion, up 19%[8] - JD Group achieved Q3 2025 revenue of HKD 299.1 billion, a 14.9% increase year-on-year, but net profit fell to HKD 5.3 billion from HKD 11.7 billion in the previous year[8] - Bilibili's Q3 2025 revenue was HKD 7.69 billion, a 5% increase, with adjusted net profit soaring 233% to HKD 0.79 billion[8] Investment Recommendations - The report suggests focusing on platform-based internet companies with computational resources and model capabilities, including Tencent, Kuaishou, Alibaba, Xiaomi, Baidu, and Meituan[4] - AI ecosystem companies with model or application capabilities are also recommended, such as Qunar, Meitu, JD Health, and Zhihu[4] Risks - Geopolitical risks may impact overseas revenue and competitiveness, potentially affecting stock prices[26] - Regulatory risks in the internet sector could influence industry and individual stock performance[26] - Consumer recovery may not meet expectations, posing a risk to the consumer sector[26]

来源：杭州日报 随着冬季气温持续走低，新能源车辆在高速公路上的"续航焦虑"，也需引起关注。近日，杭州高速交警 就处置一起因新能源货车电量耗尽引发的险情。 11月12日凌晨4点58分，杭州市公安局高速交警五大队接到报警，一驾驶员称其驾驶的新能源厢式货车 在G25杭新景高速千岛湖方向行驶时电量即将耗尽。民警迅速锁定车辆位置，发现该车正异常缓慢地在 硬路肩上移动，随后彻底失去动力，停在一处弯道路段。由于天色未明、视野不良，加上凌晨属于疲劳 驾驶高发时段，现场情况十分危险。经紧急调度，故障车辆被安全拖离现场。 记者 谢珂 通讯员 黄华斌 袁帅枫 据驾驶员彭某陈述，上高速前车辆电量显示为20%，表显续航约60公里，原计划抵达目的地后充电。但 因不熟悉新能源车性能，车辆仅行驶十余公里便完全"趴窝"。彭某承认存在侥幸心理，直至车辆失去动 力，才意识到事态严重。民警随即对其开展了安全教育。 相关资料指出，新能源车辆在低温环境下会出现性能显著下降。低温会降低锂离子活性，影响电池充放 电效率，直接导致续航里程缩水。当表显电量低于20%-30%时，电池电压下降加快，系统为保护电池将 限制功率输出，此时实际续航往往远低于表显数值，常 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the power equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The global power battery installation volume reached 811.7 GWh from January to September 2025, marking a year-on-year increase of 34.7% [2][10]. - In September 2025, China's photovoltaic module exports increased by 62% year-on-year, with a total export of approximately 27 GW [20]. - In October 2025, Chinese companies signed or completed overseas strategic cooperation and orders totaling approximately 69 GWh [3][23]. Summary by Sections New Energy Vehicles - The global power battery installation volume for January to September 2025 was 811.7 GWh, a 34.7% increase year-on-year [2][10]. - CATL led the market with 297.2 GWh, followed by BYD with 145.0 GWh, and LG Energy with 79.7 GWh [11][14]. - The top ten Chinese companies accounted for 68.2% of the market share, with significant growth from companies like Honeycomb Energy and EVE Energy [11][14]. New Energy Generation - China's photovoltaic module exports reached approximately 27 GW in September 2025, a 62% increase year-on-year [20]. - By the end of September 2025, total exports of photovoltaic modules were about 206 GW, up 10% from the previous year [20]. - In October 2025, 47 Chinese companies signed or completed overseas projects totaling approximately 69 GWh, with significant orders in Europe and North America [3][23]. Power Equipment and Automation - The State Grid issued six batches of bidding announcements for power transmission and transformation equipment, with a total of 498 bidding packages, a year-on-year increase of 32 packages [4]. - The report highlights key companies to watch, including CATL, Keda, and others [4]. Market Performance - The power equipment and new energy sector saw a decline of 0.80% in the week from November 10 to November 14, 2025, underperforming the Shanghai Composite Index [1]. - The lithium battery index experienced the highest increase of 1.29%, while the automation index saw the largest decline of 5.08% [1].

它不只是岚图的节点，更像是整个行业的一面镜子：在所有人都在问"什么才是真正可持续的增长模 式"时，岚图把自己的答案摆在了桌面上。 只不过，这份答案的价值，不体现在增长曲线本身，而体现在它与行业主流路径的反差。 当行业用价格换增长时，岚图却用体系换确定性 2025 年的新能源车市，是过去十年最像"真实市场"的一年。 岚图汽车第30万辆整车下线 在中国新能源汽车产业的巨大震荡周期里，任何一个数字都不再只是数字。今年的 30 万辆，对岚图来 说尤其如此。 20 万到 30 万只用了 7 个月，在一个价格战越打越狠、智能化叙事越说越虚、供应链冲击不断加剧的 2025 年，这样的增速几乎带着逆风奔跑的戏剧性，成立5年的岚图终于支棱起来了。 补贴退出、资源紧张、研发成本攀升、智能化焦虑蔓延、用户耐心衰减，大多数品牌都在通过降价、促 销、缩员、减配来熬周期。所谓卷，不再是互联网式的"故事之卷"，而是赤裸裸的"成本之卷"。 但岚图显然没有被这股周期裹挟。销量保持稳定爬坡，从月度纪录到"九连涨"，再到 1—10 月同比超 82%；利润表现同样罕见，在行业亏损潮里依然保持连续盈利；生产效率更是把"63 秒下线一台车"写在 产能节 ...

苏州举办的热管理材料相关展览会。展会主要聚焦于热管理材料、设备及技术解决方案，服务于新能源、汽车、电子等多个行业。 CIME 2026苏州国际热管理材料技术博览会 实用信息 时间：2026年9月16日 - 18日 地点：苏州国际博览中心 规模：展览面积15,000平方米，预计300+参展商，30,000人次专业观众 重点领域：为新能源电池、汽车应用、5G通信等行业提供轻量化热管理材料解决方案 覆盖范围：导热/散热材料全产业链，重点邀约新能源、汽车制造、半导体等领域观众 内容：展会涵盖导热、散热、隔热、储热等领域，包括热管理材料、液冷产业、仪器设备等，预计吸引近20,000名专业观众 苏州国际博览中心是上述多个展会的主要举办地，地址为江苏省苏州市苏州工业园区月廊街新光天地西侧约150米。 如需了解更详细的参展或参观信息，建议直接访问展会官方网站或联系主办方。 2026苏州国际数 散热新纪 组织机构|Organizer 协办单位| 深圳励悦展览有限公司 Shenzhen Liyue Exhibition Co., Ltd. 博寒展览(上海)有限公司 Bohan Exhibition (Shanghai) Co., ...