关注 「电动车公社」 和我们一起重新思考汽车 "大家不敢相信一个极其强大的技术，竟然来自一家中国的创业公司。" "就像十年前有很多人不相信中国的新能源汽车，可以做好并且走向世界，但是我们在这个行业里真正做到了这一点。" 这是何小鹏在 X9 增程版预售发布会上的开场白。 在 X9 增程版预售发布会的前一天，是 2025 小鹏科技日。当天，恐怕没有多少人会预料到，何小鹏台上那句"有人以为这台机器人是真人"的玩笑，居然一 语成谶。 仅仅一个晚上，针对小鹏全新一代人形机器人 IRON "藏着个真人"的质疑，就在网上铺天盖地汹涌而来。 有人盯着视频上女性机器人的各种细节，说头上的凹陷处是耳朵、腿部和臀部的褶皱明显是人的肉体 …… 只因为 IRON 展现出来的形态实在太像人，走的猫步实在太生动了。 所以哪怕第二天一早，小鹏放出了一个视频， 将 IRON 背后的拉链拉开 ，给所有人展示"衣服"下面的晶格肌肉与控制，来证明那确实是一台没有藏人的、货 真价实的机器人，还是有人不相信。 甚至还有人提出这样的观点： 机器人压根走不出这样的步伐，否则波士顿动力、特斯拉怎么没有展示过这样的技术？如果小鹏的机器人真那么厉害，还造什 么车 ...

2024 年以来， AI 推动全球科技公司进入新一轮估值重塑期。 在传统的 AI 世界， " 模型、算力、算法 " 等关键词是核心的叙事。但走在更前面的创业者们和公司正在进一步探索 AI 与现实世界之间的关系。 这也让另一个更为底层的趋势成为当下的 AI 讨论热潮： AI 正从数字世界进入物理世界 —— 即 " 物理 AI" 时代正在到来。 小鹏，正是这一趋势中最具代表性的中国公司之一。在 "2025 小鹏科技日 " 上，小鹏汽车董事长兼 CEO 何小鹏结合人类科技浪潮演进规律提出核心洞 察： AI 浪潮重塑数字世界，新能源革命颠覆汽车工业，而两者的深度融合将催生 " 物理 AI" 新浪潮。 基于这一判断，小鹏正式升级企业定位，从 " 未来出行探索者 " 向 " 物理 AI 世界的出行探索者，面向全球的具身智能公司 " 转型。 随着公司定位的升级，小鹏的价值也需要被重新估量，市场需要跳出造车的眼光，以物理 AI 的视角重新打量小鹏。而对小鹏的重估，不只是造车企业的估 值修正，而是一家面向全球的以 AI 驱动物理世界智能化的科技企业的价值重构。对此，资本市场已经快速给出直观的情绪，美股 11 月 6 日开盘之后 ...

每经AI快讯，有投资者在投资者互动平台提问：小鹏飞行汽车采用东安动力提供的增程式动力系统， 续航能力表现突出。请问上述贵司的增程动力系统是纯电的还是混动的？ 东安动力（600178.SH）11月7日在投资者互动平台表示，公司为小鹏飞行汽车提供增程动力，增程动力 属于混动产品。 （文章来源：每日经济新闻） ...

马斯克还没有赌成功的局，何小鹏刚刚说他做到了—— 小鹏自研多模态大模型，迸发智能涌现，从量产智能辅助驾驶开始，统一Robotaxi、具身智能、飞行汽车底层架构，升维到通用物理AI层面： 太过逼真而引来网友纷纷"打假"，小鹏只好一镜到底证明真的不是cosplay： 物理AI的"涌现"，不仅体现在小鹏人形机器人从去年蹒跚学步到今年迈着T台猫步登场： 何小鹏的回应更有意思： 回到造车本行，小鹏这次最直接的进展就是量产车系统超越"辅助"范围，开始成规模成批次克服各种Corner case： 以及在Robotaxi和量产车拉通底层软硬件架构，扫清落地的范围、规模限制： 换句话说，普通用户买到的L4级体验量产车，小鹏率先实现。 所谓"物理AI"，和之前智能驾驶模型最直观的不同，是终端AI直接操控的维度，从简单前后左右二维，变成了飞行汽车的XYZ三维，甚至是机器人数十 个不同的运动关节…… 从车到复杂AI场景智能涌现的基础，何小鹏自述是从重构车端VLA架构开始。 小鹏重构VLA 从体验上看，小鹏第二代VLA最直观的进步，是打通智能辅助驾驶覆盖的"最后一公里"。 包括郊区、城乡结合部、胡同等等，平均接管里程提高了13倍。 小 ...

行 业 研 究 2025 年 10 月 19 日 邓健全（首席分析师） 证书编号：S0790525090003 赵旭杨（分析师） 证书编号：S0790523090002 傅昌鑫（分析师） 证书编号：S0790525090005 徐剑峰（分析师） 证书编号：S0790525090004 王镇涛（研究员） 证书编号：S0790124070021 相关研究报告 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-10 2025-02 2025-06 汽车 沪深300 汽车研究团队 《小鹏汽车将举行 AI 科技日，Figure 03 开启人形机器人量产时代—行业周 报》-2025.10.11 《理想 i6 正式发布，尚界 H5 1 小时大 定突破 1 万台—行业周报》-2025.9.28 《8 月汽车产销保持稳健增长，英伟达 入局 Robotaxi—行业周报》-2025.9.21 ——行业周报 | 邓健全（分析师） | 傅昌鑫（分析师） | 王镇涛（联系人） | | --- | --- | --- | | dengjianquan@kysec.cn | fuc ...

Key Points - NIO is facing a lawsuit from Singapore's sovereign wealth fund GIC, but the allegations were clarified three years ago, stemming from a short-selling report by Grizzly Research in June 2022 [2][3] - Honor's imaging team claims to have reached a competitive level with peers, expressing confidence in competing with Apple across multiple dimensions [4] - Lei Jun emphasizes that the development of smart connected vehicles is not a zero-sum game and calls for industry collaboration to resist negative online practices [5] - Dong Mingzhu asserts the importance of strict management principles in her leadership style, while also announcing plans for Gree Electric's expansion in Northern Europe [6][7] - Xiaopeng Motors plans to mass-produce flying cars next year, with a production capacity of 10,000 units annually, aiming for a market share surpassing traditional cars [11] - Geely's founder's son's startup in embodied intelligence has reportedly disbanded shortly after its establishment [13] - Meituan's CEO discusses the need for structural cost advantages in the restaurant industry rather than relying on internal competition [14] - Ant Group has restructured its content business by forming a new AIRS department to integrate search, advertising, and recommendation capabilities, focusing on AI-driven development [21] - Fuyao Glass announces a leadership change with Cao Dewang stepping down as chairman, while Cao Hui is elected as the new chairman [22] - Polestar has closed its last direct sales store in China but continues to focus on production for international markets [19][20]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company is developing a 720 billion parameter large-scale autonomous driving model, named "Xiaopeng World Base Model," which aims to significantly enhance the intelligence of AI vehicles and support various applications such as AI robots and flying cars [2][4][8]. - The company has established a robust AI infrastructure, including a computing cluster with a cloud capacity of 10 EFLOPS, which is crucial for building a "cloud model factory" [8][30]. - The company has achieved significant milestones in AI development, including the successful implementation of scaling laws in autonomous driving, demonstrating that larger models yield better performance [36][41]. Summary by Sections Company Overview - Xiaopeng Motors is focusing on AI-driven autonomous driving technology, with a significant investment in developing a large-scale model that is 35 times the parameter size of mainstream models [27][30]. AI Infrastructure - The company has built the first 10,000-car intelligent computing cluster in the domestic automotive industry, achieving a cloud computing capacity of 10 EFLOPS, with a high operational efficiency of over 90% [8][25]. - The data infrastructure has been self-developed to enhance data access efficiency, with video data for training the base model currently at 20 million clips, expected to increase to 200 million clips by the end of the year [30][20]. Technological Advancements - The company is leveraging a multi-modal model that incorporates visual understanding, chain reasoning, and action generation capabilities, which are essential for achieving L3 and L4 level autonomous driving [8][23]. - The company has initiated the training of the 72 billion parameter base model, focusing on reinforcement learning to enhance the model's performance and adaptability [45][50]. Market Position - The company is positioned to benefit from a new vehicle launch cycle in 2025, with multiple new models expected to drive sales growth [8][30]. - The anticipated revenue for 2025 is projected to be 99.1 billion, corresponding to a price-to-sales ratio of 1.4X, indicating a strong market outlook [8].