证 券 研 究 报 告 行业周报 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2025年10月19日 小鹏新一代机器人即将登场，主机厂探索业务、零售新模式 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌小鹏新一代机器人即将登场，2026年有望量产数千台 小鹏布局具身智能已久，技术团队储备深厚。汽车人形机器人团队从2020年前后便开始筹备，目前一号位 为米良川，米良川曾经担任卡内基梅隆大学担任研究员，2005年曾加入英伟达团队，负责中国的安卓平台 部门。在英伟达期间，米良川曾向英伟达全球副总裁吴新宙汇报，有过管理百人团队的经验。何小鹏对机 器人赛道的关注始于2016年，"几乎每年都会认真调研一次机器人方向"，曾与宇树王兴兴长谈。2020 年，何小鹏收购了赵同阳创办的"多够机器人（Dogotix）"，并成立「鹏行智能」，高峰期团队人数高 达300多人。后续「鹏行智能」核心团队出走，曾经的团队负责人赵同阳创办了「众擎机器人」。2023年 以后，何小鹏又引进了米良川负责机器人业务。近两年，小鹏汽车的机器人团队进行了一波持续调整，团 队人数一度缩减到70个人，又重新建 ...

Investment Rating - The report maintains a "Positive" outlook on the automotive industry, particularly focusing on the mid-to-high-end market innovations and state-owned enterprise breakthroughs [1]. Core Insights - The automotive market is experiencing a new wave of innovation, driven by product, technology, and business model advancements, enhancing the competitiveness of Chinese smart electric vehicles globally. Companies like NIO, Xiaopeng, and Great Wall are expected to outperform in sales during the upcoming peak sales season [3][1]. - Retail sales of passenger cars reached 429,000 units in the 33rd week of 2025, with a month-on-month increase of 14.4% and a year-on-year increase of 6.24%. New energy vehicles accounted for 56.88% of total sales [3][1]. - The automotive industry index rose by 4.70% this week, outperforming the Shanghai Composite Index, which increased by 4.18% [15][3]. Industry Updates - Traditional energy vehicle sales were approximately 185,000 units, showing a month-on-month increase of 16.35% but a year-on-year decrease of 2.12%. New energy vehicle sales were 244,000 units, with a month-on-month increase of 12.96% and a year-on-year increase of 13.59% [3][1]. - The report highlights significant events, including the launch of Tesla's Model Y L targeting the high-end electric SUV market and the unveiling of NIO's new ES8 with a starting price of 308,800 yuan [10][3][12]. Market Conditions - The total transaction value in the automotive sector reached 780.43 billion yuan this week, reflecting a month-on-month increase of 28.73% [3][1]. - The report notes that 235 automotive stocks rose while 56 fell, with the largest gainers being Chengfei Integration and Southern Precision, which increased by 35.5% and 28.4%, respectively [19][3]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers with strong alpha, such as NIO, Xiaomi, Xiaopeng, and Li Auto, as well as companies involved in intelligent trends like Jianghuai Automobile and Seres [3][1]. - It also suggests monitoring state-owned enterprises undergoing reforms, such as SAIC Motor and Dongfeng Motor, and component manufacturers with strong growth potential [3][1].

问：上海车展的主要情况如何，有哪些亮点和新车？ 答：上海车展虽然部分性能车如理想i8和小鹏G7未发布，且很多发布会提前举行，但整体仍有亮点。车 展上比亚迪是重点，比亚迪在车展上推出了两款概念车 ——大唐和大汉，以及海洋网发布的比汉L更大 的轿车Ocean-S，还有王朝网推出的比唐L更大的轿车大唐。这两款概念车预计半年到一年内可能量 产，并可能定价在30万元左右，将D级尺寸的轿车带入这个价格区间。比亚迪低端市场的主要车型已经 不多，随着海狮07的逐渐推广，海洋网拿出了宋plus DMI的高配版——海狮06。这款车型是基于宋plus DMI升级底盘和内饰而来，预计会以加量不加价的方式在海洋网替代宋plus DMI，同时王朝网的宋 LDMI可能会重新设计并提高价格，以确保王朝网和海洋网的产品布局保持一致。 问：还有哪些其他品牌的亮点？ 答：除比亚迪外，还提到了腾势汽车推出的 Z 概念跑 车，这是一款设计独特的轿车，但其热度相对较 低，主要焦点集中在比亚迪的大唐和大汉轿车上。此外，城市汽车也有相关产品参展，不过由于市场定 位等原因，城市汽车G车型的市场意义并不大。 问：比亚迪这次新车矩阵的特点是什么？ 答：比亚迪此次 ...

Core Viewpoint - The article discusses the recent name change of XPeng Motors to XPeng Motors Technology Group, indicating a strategic shift and expansion in business operations, particularly in the fields of AI and smart vehicles [2][4][6]. Company Overview - XPeng Motors Technology Group was established in June 2019, with a registered capital of 40 billion RMB, and is fully owned by XPeng (HongKong) Limited [2]. - The company has made investments in several firms, including Guangzhou Chengxing Intelligent Automotive Technology Co., Ltd. and Guangdong XPeng Automotive Industry Holdings Co., Ltd. [2]. Strategic Implications of Name Change - The name change is seen as a move to enhance market positioning and brand image, potentially increasing competitiveness in the automotive sector [2][4]. - XPeng's diversification into areas such as manned flying vehicles and robotics suggests a broader strategic vision beyond traditional automotive manufacturing [4][6]. Financial Performance - In 2024, XPeng Motors reported a revenue of 40.87 billion RMB, a year-on-year increase of 33.2%, with automotive sales revenue reaching 35.83 billion RMB, up 27.9% [6][7]. - The net loss for 2024 was reduced to 5.79 billion RMB from 10.38 billion RMB in 2023, indicating improved financial health [6][7]. - As of December 31, 2024, the cumulative loss stood at 41.59 billion RMB, with cash and cash equivalents totaling 41.96 billion RMB, reflecting a net increase of over 6 billion RMB compared to the third quarter of 2024 [6][7]. Future Outlook - XPeng aims to significantly expand its market share in the smart electric vehicle industry both in China and globally, with plans for more robust product launches in 2025 [7]. - The company is also preparing to launch its first mass-produced flying car by 2026, indicating a commitment to innovation and diversification in transportation solutions [7].