机构：中信建投证券 研究员：程似骐/陶亦然/胡天贶 核心观点 小鹏汽车是中国领先的智能电动汽车设计及制造商，也是全球AI定义汽车的先行者，即将迎来盈利拐 点。2025Q3 季度交付量创历史新高达11.6 万辆，同比大增149%，实现营收203.8 亿元。 伴随MONA M03、新款P7、超级增程X9 的陆续发布，公司开启强势产品周期，确立"纯电+增程"双能 战略，计划进一步抢占细分市场份额。同时，公司战略升级为面向全球的科技公司，围绕"物理AI"发布 的四项重要应用，包括小鹏第二代VLA、小鹏Robotaxi、全新一代IRON，以及汇天飞行体系，均将于 2026 年进入量产阶段。预计2025-2027 年收入约781、1169、1471 亿元，首次覆盖给予"买入"评级。 事件 1）11 月5 日，小鹏科技日在广州举行，主题为"涌现"，活动展示了小鹏在"物理AI"领域的最新成果， 包括第二代VLA 模型、Robotaxi、新一代人形机器人IRON 等。 2）11 月20 日，小鹏汽车超级增程X9 正式上市，起售价30.98万元。 2025Q3，公司季度交付量创历史新高达11.6 万辆，同比大增149%。截至20 ...

昨日收涨2.82%的小鹏汽车(XPEV.US)今日美股盘前续涨5.48%，报19.62美元。近日有消息称小鹏汽车 已在广州市获得L3级自动驾驶道路测试牌照，并启动常态化的L3道路测试。小鹏汽车副总裁"托马斯电 火车"在微博发文透露："期待明年第一季度的惊喜，全量上车。其实，部分人可以更早就正式体验这个 版本。"有机构指出，伴随MONA M03、新款P7、超级增程X9的陆续发布，公司开启强势产品周期，确 立"纯电+增程"双能战略，计划进一步抢占细分市场份额。同时，公司战略升级为面向全球的科技公 司，围绕"物理AI"发布的四项重要应用，包括小鹏第二代VLA、小鹏Robotaxi、全新一代IRON，以及 汇天飞行体系，均将于2026年进入量产阶段。 来源：视频滚动新闻 ...

有机构指出，伴随MONA M03、新款P7、超级增程X9的陆续发布，公司开启强势产品周期，确立"纯电 +增程"双能战略，计划进一步抢占细分市场份额。同时，公司战略升级为面向全球的科技公司，围 绕"物理AI"发布的四项重要应用，包括小鹏第二代VLA、小鹏Robotaxi、全新一代IRON，以及汇天飞 行体系，均将于2026年进入量产阶段。(格隆汇) 昨日收涨2.82%的小鹏汽车(XPEV.US)今日美股盘前续涨5.48%，报19.62美元。近日有消息称小鹏汽车 已在广州市获得L3级自动驾驶道路测试牌照，并启动常态化的L3道路测试。小鹏汽车副总裁"托马斯电 火车"在微博发文透露："期待明年第一季度的惊喜，全量上车。其实，部分人可以更早就正式体验这个 版本。" | XPEV 小鹏汽车 | | | | --- | --- | --- | | 18.600 + +0.510 +2.82% | | 收盘价 12/18 16:00 美东 | | 19.620 + 1.020 +5.48% | | 盘前价 12/19 04:08 美东 | | 一 5 24 4 5 8 9 日 0 0 10 15 12 | | ● 快捷交易 ...

（原标题：何小鹏：当前没有AI泡沫！物理AI或将在未来三年迎关键突破） 小鹏汽车董事长何小鹏近日在美国和近三十位AI领域的外部和内部朋友聊天，他对中美AI竞逐和产业 生态等有了最新判断。 关于美国的新创业和机器人，何小鹏认为，美国在AI，生物，金融方面的创业多。"对于AI方面的创 业，从硅谷看，在SaaS和物理AI机器人领域特别多，估值也特别高，我这次聊了其中一半都是做机器 人创业的朋友，非常集中。" 何小鹏认为，未来3年，最有可能有大突破的不一定是在数字世界（可以很明显看到OpenAI虽然核心在 说AGI，但是全力在做业务落地。"当然，期待下一个Transformer或者训练费用的巨大下行，反而有可 能在物理AI领域会产生大变局，例如自动驾驶会直接到达准L4或完整L4；人形机器人会实现从类自动 驾驶的L1到L4初阶的快速跨越，这些反而会产生巨大的突破。物理AI的发展速度会比数字AI慢，但是 改变我们生活的力度会更大。" 关于AI泡沫，何小鹏认为，任何科技时代都是阶段或局部有泡沫的，无论是互联网时代，还是新能源 汽车时代，但是这是一个市场从混沌到有序的必然竞争过程。"整体来说，我认为AI必然会推动整个社 会巨 ...

小鹏汽车董事长何小鹏近日 在美国和近三十位 AI领域的外部和内部朋友聊天， 他对中美 AI竞逐和产 业生态等有了最新判断。 关于美国的新创业和机器人， 何小鹏认为， 美国在 AI，生物，金融方面的创业多。" 对于 AI方面的创 业，从硅谷看，在SaaS和 物理AI 机器人领域特别多，估值也特别高，我这次聊了其中一半都是做机器 人创业的朋友，非常集中。" 对比来看， 中国的机器人公司很多是从关节和控制入手，而美国的机器人公司很多是从模型入手。 何小 鹏认为， 人形机器人 将来会是巨头的竞争，而不同的专用机器人则会有大量不同领域的选手，且会有非 常多的成功机会。 今年 11月中旬， 2025小鹏科技日举办。活动现场， 何 小鹏 强调了 "物理AI"概念，并 围绕 "物理 AI"发布了四项重要应用，包括小鹏第二代VLA、 小鹏Robotaxi 、全新一代IRON，以及汇天两套飞行体 系，勾勒出物理AI未来出行的清晰图景。 让市场更为关注的是， 这 些 AI应用已有明确的量产计划。 小鹏汽车表示， "物理AI"并非遥不可及，而 是人人触手可及的现实。 何小鹏也最新谈及了对 " 物理 AI" 的理解。 他表示， 维特根 ...

何小鹏也最新谈及了对"物理AI"的理解。 （原标题：何小鹏：当前没有AI泡沫！） 小鹏汽车董事长何小鹏近日在美国和近三十位AI领域的外部和内部朋友聊天，他对中美AI竞逐和产业 生态等有了最新判断。 关于美国的新创业和机器人，何小鹏认为，美国在AI，生物，金融方面的创业多。"对于AI方面的创 业，从硅谷看，在SaaS和物理AI机器人领域特别多，估值也特别高，我这次聊了其中一半都是做机器 人创业的朋友，非常集中。" 对比来看，中国的机器人公司很多是从关节和控制入手，而美国的机器人公司很多是从模型入手。何小 鹏认为，人形机器人将来会是巨头的竞争，而不同的专用机器人则会有大量不同领域的选手，且会有非 常多的成功机会。 今年11月中旬，2025小鹏科技日举办。活动现场，何小鹏强调了"物理AI"概念，并围绕"物理AI"发布了 四项重要应用，包括小鹏第二代VLA、小鹏Robotaxi、全新一代IRON，以及汇天两套飞行体系，勾勒 出物理AI未来出行的清晰图景。 让市场更为关注的是，这些AI应用已有明确的量产计划。小鹏汽车表示，"物理AI"并非遥不可及，而是 人人触手可及的现实。 他表示，维特根斯坦曾经说过，"语言即世界"。 ...

Core Insights - At the 2025 Guangzhou International Auto Show, XPeng Motors announced the production of its 1 millionth vehicle and the delivery of the first batch of XPeng X9 super-extended range vehicles [1][2] Group 1: Vehicle Production and Sales - XPeng Motors achieved a significant milestone by becoming the first pure electric new force to reach a production scale of 1 million vehicles, taking only 14 months to go from 500,000 to 1 million units, compared to 82 months for the first 500,000 [3] - From January to October 2025, XPeng delivered a total of 355,209 vehicles, representing a year-on-year increase of 190%, with overseas deliveries reaching 34,712 units, up 106.7% year-on-year [3] Group 2: Product Launches and Features - The XPeng X9 super-extended range model was officially launched on November 20, featuring a pure electric CLTC range of 452 km and a comprehensive range of 1,602 km, with prices set at 309,800 CNY for the Max version and 329,800 CNY for the Ultra version [2][3] - XPeng plans to introduce a total of 7 super-extended range models by 2026, addressing common user pain points related to range, charging speed, energy consumption, and noise [2][3] Group 3: Technological Advancements - XPeng showcased several advanced technologies, including the second-generation VLA, Robotaxi, and the new generation of IRON humanoid robots, with plans for mass production in 2026 [3] - The second-generation VLA will be fully pushed to the Ultra version in the first quarter of 2026, enhancing the vehicle's capabilities in complex driving scenarios [3] Group 4: Global Expansion and Infrastructure - XPeng has established a global sales and service network with 690 stores in 242 cities in China and 321 service points overseas, covering 52 countries and regions [4] - The company has connected over 2.58 million charging piles globally, with plans to initiate overseas charging network construction starting in 2026, focusing on Europe and the Asia-Pacific market [4] - XPeng's Guangzhou smart manufacturing plant will open to the public in December, showcasing its manufacturing processes enhanced by digital and AI technologies [4]

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [4][6]. Core Insights - The penetration rate of NOA (Navigation on Autopilot) in urban areas reached 16% in September, with significant advancements in autonomous driving technologies from companies like Xiaopeng and others [1][16]. - The report highlights a continuous increase in the adoption of high-resolution cameras, with 800 million pixel cameras accounting for 46.7% of the market by September 2025, reflecting a year-on-year increase of 28 percentage points [2]. - The market share of lidar technology is also on the rise, with a penetration rate of 12.2% for passenger vehicles by September 2025, up 5.3 percentage points year-on-year [2]. Summary by Sections Industry News - Xiaopeng launched its second-generation VLA, Robotaxi, and the new generation IRON, marking a significant step in the integration of AI in transportation [1][16]. - Other notable developments include the mass production plans for autonomous trucks by Xiaoma Zhixing and the acquisition of a pure unmanned license by WeRide in Switzerland [1]. High-Frequency Core Data Updates - The penetration rate of front-view cameras in passenger vehicles reached 67.8% by September 2025, with a notable increase in the adoption of 800 million pixel cameras [2]. - The share of Nvidia chips in the driving domain increased to 57.6%, reflecting a year-on-year growth of 25.9% [2]. Smart Driving - The penetration rate of passenger vehicles equipped with L2-level or higher functions reached 34.8% by September, with significant growth in both highway and urban NOA functionalities [3]. - The report indicates that the penetration rates for various sensors, including front-view cameras and lidar, have shown consistent growth [3]. Investment Recommendations - The report recommends investing in companies such as Xiaopeng Motors, Leap Motor, and Geely for complete vehicles, while suggesting Xiaoma Zhixing and WeRide for L4 technologies [4]. - For components, it recommends companies like Hesai Technology for data acquisition and Horizon Robotics for data processing [4].

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 - XPeng Motors showcased multiple popular models, including the XPeng X9 Super Range Extender, at the 2025 Guangzhou International Auto Show, emphasizing the theme "AI Changes the World" [1] - The company celebrated the production of its one millionth vehicle, achieving this milestone in just 14 months from the previous 500,000 units [1][5] - The XPeng X9 Super Range Extender is positioned as the "world's longest-range large seven-seater," with two versions priced at 309,800 CNY and 329,800 CNY [1] Product Strategy - XPeng aims to initiate a "dual-energy" product cycle with the XPeng X9 Super Range Extender, planning to launch seven models with super range extender configurations by 2026 [2] - The first three super range extender models will debut in the first quarter of 2026, addressing user pain points with longer electric range and faster charging [2] - The XPeng P7+ will be launched in overseas markets in January 2026, with domestic deliveries surpassing 85,000 units in its first year [2] Technological Advancements - The second-generation VLA model in the XPeng X9 Super Range Extender is expected to facilitate a transition from L2 to L4 autonomous driving capabilities [3] - XPeng has made significant advancements in robotics, showcasing the new generation IRON robot, with plans for mass production and a target of over one million units sold by 2030 [4] Market Performance - From January to October 2023, XPeng delivered a total of 355,209 vehicles, marking a 190% year-on-year increase, with overseas deliveries reaching 34,712 units, up 106.7% [4] - The global sales and service network has expanded to cover 52 countries and regions, with 690 stores in China and 321 in overseas markets [4] Charging Infrastructure - XPeng's global charging network includes over 2.58 million charging points across 31 countries, with more than 2,810 self-operated stations in China [5] - The company plans to establish over 1,000 ultra-fast charging stations in key European and Asia-Pacific markets over the next three years [5]