2026年，随着反内卷成为车企和行业的主流趋势，汽车市场的竞争逐渐回归理性，新能源汽车市场竞争将聚焦技术与产品力。小鹏汽车通过新品矩阵以覆盖 主流价格区间，将L4级智能驾驶技术下放至20万级市场，结合增程技术解决续航焦虑，形成差异化竞争优势，叠加全球化布局，为巩固扩大市场份额做准 备。 2026年1月8日，小鹏汽车举办全球新品发布会，集中推出2026款小鹏P7+、G7超级增程、G6及G9四款新车。此次发布会以第二代VLA智能驾驶技术和鲲鹏 超级增程系统为核心，覆盖17万元至27万元价格区间，标志着小鹏汽车向新能源汽车市场发起全面攻势。 乘联会预测，2026年乘用车零售约2400万辆，同比增长1%，行业增速明显放缓；中国新能源乘用车销量同比增长13%，也显著低于2025年的17.6%。受到 2026年补贴政策退坡、成本波动等因素影响，车市淘汰赛将进一步加速，2026的国内车市面临巨大的压力。在此背景下，小鹏汽车掀开技术和产品攻势。 小鹏汽车此次发布会的最大技术变量是VLA2.0，该系统采用端到端架构，取消传统"V-L-A"架构中的语言转译环节，直接将摄像头输入的视觉信息转化为车 辆控制指令。其与小鹏Robota ...

点 击 蓝 字 关 注 我 们 | 目录 | | | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 生产厂商 | 子车型 | 上市时间 | 细分市场及车身结构 | 工程更改规模 | | 1 | 一汽丰田 | 丰田 bZ3 | 2025 / 12 / 31 | B NB | NM | | 2 | 吉利汽车 | 吉利 帝豪 | 2026 / 01 / 01 | A NB | NM | | 3 | 吉利汽车 | 领克 08 EM-P | 2026 / 01 / 01 | B SUV | NM | | র্য | 智马达汽车 | smart精灵#1 | 2026 / 01 / 01 | AO SUV | NM | | 5 | 上汽乘用车 | 名爵 MG7 | 2026 / 01 / 06 | B NB | MCE1 | | 6 | 北京现代 | 现代 胜达 | 2026 / 01 / 06 | B SUV | MCE1 | | 7 | 广汽丰田 | 丰田 凯美瑞 | 2026 / 01 / 07 | B NB | NM | | 8 | 东风本田 | 本田 HR- ...

证券研究报告 本周板块行情复盘 整车主线周报： 12月新能源批发符合预期，看好26年景气度向上 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年1月12日 请务必阅读正文之后的免责声明部分 板块最新观点 2 （ ◼ 乘用车观点更新：短期来看，行业补贴政策已落地，看好观望需求转化下26Q1乘用车景气度复苏，坚定看好乘 用车板块。全年维度来看：国内选抗波动+出口选确定性。国内关注高端电动化赛道中对政策扰动不敏感的个股 江淮汽车，以及高端化有望放量的吉利汽车/长城汽车/北汽蓝谷/赛力斯/理想等；出口主线优先配置海外体系 成熟、执行能力已验证的头部车企，优选比亚迪/长城汽车/奇瑞汽车，以及零跑/小鹏/上汽集团/长安汽车等。 ◼ 重卡观点更新：回顾2025：2025年，重卡批发销量114万辆，同比+26%，终端79.2万，同比+32%，出口 33.5万辆，同比+15.2%，全年内销及出口超市场年初预期。年初国四及以下营运重卡保有量69万，预计年底 淘汰至45-50万，全年淘汰21万，全年内销政策拉动+自然需求回升共振。展望2026：我们预计2 ...

关注 「电动车公社」 和我们一起重新思考汽车 以下是上周新能源圈的新闻： 新车上市： 新款小鹏 P7+ 上市，售价 18.68-19.88 万元； 新款小鹏 G6 上市，售价 17.68-18.68 万元； 新款小鹏 G7 增程版上市，售价 19.58-20.58 万元； 新款小鹏 G9 上市，售价 24.88-27.88 万元； 新款比亚迪秦 PLUS DM-i 上市，售价 7.98-9.98 万元； 新款比亚迪秦 L DM-i 上市，售价 9.68-12.68 万元； 新款比亚迪宋 Pro DM-i 上市，售价 9.98-12.78 万元； 新款小米 SU7 开启预售，预售价 22.99-30.99 万元； 吉利银河 V900 开启预售，预售价 31.98-38.98 万元； 公司动态： 北汽极狐与中石油昆仑网电达成充电网络服务合作； 宝马集团 2025 年全球交付 2463715 台； 保时捷召回部分 Taycan 车型； 宾利召回部分添越插混版车型； 红牛超跑将在今年发布； 蔚来公司第 100 万辆新车下线； 国内新闻： 商务部等 9 部门发文促进汽车绿色消费； 新车上市 新款小鹏P7+上市 售价18 ...

Core Insights - The launch of the new P7+ and G7 Super Extended Range models marks a significant advancement in Xpeng's technology, featuring the latest Kunpeng Super Extended Range technology that achieves a global record in range while maintaining price parity with pure electric models, allowing users to enjoy both long range and flexible refueling without additional costs [1][4][5] Product Launch and Features - On January 8, Xpeng officially unveiled four new models for 2026, including the P7+, G7 Super Extended Range, G6, and G9, emphasizing breakthroughs in dual energy and smart upgrades [2] - The G7 Super Extended Range features a leading 55.8 kWh battery and a 60L fuel tank, achieving a CLTC comprehensive range of 1704 km and a pure electric range of 430 km. The P7+ Super Extended Range boasts a pure electric range of 430 km and a comprehensive range of 1550 km, with energy consumption rates of 10.9 kWh/100 km in pure electric mode and 12.5 kWh/100 km in extended range mode, both leading in its class [4][5] Technological Advancements - The new models support a "pay to upgrade" option for enhanced AI capabilities, allowing users to experience the second-generation VLA technology, which includes options for different AI chip configurations to meet varying user needs [8] - The second-generation VLA model represents a breakthrough in physical AI, eliminating the "language translation" step and enabling direct generation of action commands from visual signals, positioning Xpeng as a leader in the industry with L4 capabilities [7][8] Global Strategy and Market Performance - Xpeng's global delivery volume reached 45,000 units in 2025, a 96% year-on-year increase, with plans to expand into more countries and regions, enhancing local R&D and manufacturing capabilities [8][9] - The company aims to launch four new global SUV models in 2026, further solidifying its presence in both left-hand and right-hand drive markets [9] Strategic Vision for 2026 - The year 2026 is identified as a pivotal year for Xpeng, focusing on the transition from "steady progress" to "strategic breakthroughs," with an emphasis on strengthening market foundations and advancing from software to AI paradigms [10][11] - The CEO expressed confidence in achieving significant growth in 2026, despite current market pressures, viewing the situation as an opportunity to focus on technological advancements and global expansion [11][12]

Core Viewpoint - The core viewpoint of the article emphasizes that the future of mobility will be defined by intelligence rather than traditional mechanical or energy forms, highlighting the strategic direction of Xiaopeng Motors over the past decade [2][3]. Group 1: Company Evolution and Strategy - Xiaopeng Motors was founded by a diverse team of engineers with a vision that diverges from traditional automotive definitions, focusing on "AI-defined" mobility [3]. - The company shifted from a technology-driven approach to a consumer-centric model, recognizing the importance of understanding user needs [3]. - Global expansion has been a priority, with Xiaopeng establishing a presence in over 50 countries, differentiating itself from competitors focused solely on the domestic market [4]. Group 2: Competitive Landscape - The Chinese electric vehicle (EV) market is characterized by intense competition, which drives innovation and keeps companies competitive [5]. - Chinese consumers are more receptive to new technologies, which accelerates innovation cycles compared to Western markets [5]. - The robust supply chain in China, built over years of industrial accumulation, is a critical factor enabling Chinese EVs to stand out globally [5]. Group 3: Addressing Over-Competition - Competition is viewed as healthy and necessary for industry development, but there are concerns about extreme competitive practices leading to "involution" [6]. - Companies must focus on differentiation through innovation and strong branding to avoid being consumed by over-competition [6]. - Xiaopeng aims to establish a unique brand identity and leverage global expansion to mitigate the risks of excessive competition [6]. Group 4: Brand Differentiation - Xiaopeng focuses on aspects that are hard to replicate, such as advanced smart driving technologies, to build its brand [7]. - The company has been a pioneer in introducing features like highway autonomous driving and has positioned itself as a technology-centric brand for future mobility [7]. Group 5: Globalization Efforts - Xiaopeng began its global journey early, starting with markets in Northern Europe, and has learned to adapt its business models to different markets [8]. - The company has successfully established itself as a leader in the high-end Chinese EV segment in Europe, with a focus on long-term brand building and local partnerships [9]. Group 6: Future Outlook and Technological Expansion - The company believes that the future of mobility extends beyond vehicles to include diverse solutions like robotics and AI, which could be larger markets than the current automotive sector [13]. - Xiaopeng's capabilities in AI and autonomous driving naturally lead to opportunities in the robotics field, leveraging existing technologies [13]. Group 7: Entrepreneurial Spirit and Leadership - The entrepreneurial spirit and ambition of Chinese leaders are seen as key advantages in navigating the rapidly evolving landscape of the EV industry [15]. - Successful entrepreneurs in the EV sector often have prior experience in other industries, which provides them with confidence and resources to tackle complex challenges [15].

在充电网络建设方面，何小鹏表示，截至2025年底，小鹏在全球累计接入充电桩达266万个，其中欧洲地区接入106万个。自2026年起，小鹏计划在欧洲、亚 洲、美洲等地区逐步建设自营超快充站，推动其补能体系走向全球。 对于2026年，何小鹏展现出更强的信心。何小鹏透露，过去自动驾驶难以进入欧洲乃至全球市场，主要原因在于政策法规限制，例如联合国相关交通法规此 前不允许类似NGP/NOA（领航辅助驾驶）这样的高阶辅助驾驶功能在海外开放。但到2026年下半年，这一限制有望放开，自动驾驶技术将从中国真正走向 全球。 另一方面，过去基于固定规则编写的自动驾驶系统，难以适应各国不同的道路环境、交通文化和基础设施。而目前小鹏在欧洲的测试已取得显著突破，为全 球泛化奠定了技术基础。 何小鹏定义未来"魔幻五年" 小鹏P7+并非小鹏唯一一款全球同步首发的车型。1月8日，小鹏四款新车上市，其中P7+、G6、G9三车同步面向全球发售。何小鹏表示，"好的产品、好的 科技一定要从中国走向全球。" 新华财经上海1月9日电（李一帆）"2026款小鹏P7+是我们首款面向全球36个国家同步发布的车型。它不仅在中国生产，也将在欧洲制造，这标志着在创业 ...

"2026款小鹏P7+是我们首款面向全球36个国家同步发布的车型。它不仅在中国生产，也将在欧洲制 造，这标志着在创业十一年后，小鹏首次实现在全球多区域同步生产与发布，也意味着我们正从一家初 创企业，真正走向全球舞台。"在1月8日举办的小鹏汽车全球新品发布会上，小鹏汽车创始人何小鹏这 样说道，"这是一个属于小鹏的里程碑时刻。1月8日，小鹏P7+在中国上市；1月9日，P7+将正式登陆欧 洲市场。" 何小鹏定义未来"魔幻五年" 小鹏P7+并非小鹏唯一一款全球同步首发的车型。1月8日，小鹏四款新车上市，其中P7+、G6、G9三车 同步面向全球发售。何小鹏表示，"好的产品、好的科技一定要从中国走向全球。" 此前，小鹏G6、G9已经登陆海外市场。据何小鹏介绍，2025年，小鹏G6在欧洲5个国家成为中型纯电 SUV的新势力销量冠军；小鹏G9则在瑞典、德国、意大利等9个国家成为大型纯电SUV的新势力销量冠 军。 2025年，小鹏汽车在海外市场快速发展，全年交付量达到45008辆，同比增长96%，业务已拓展至全球 60个国家和地区。年内，小鹏成功进入英国、意大利、瑞士、匈牙利等10余个新市场，进一步扩大了全 球布局。 在加速市 ...

Core Viewpoint - Under the backdrop of policy adjustments, the new energy vehicle industry is accelerating the iteration of AI and autonomous driving technologies, updating models to reshape the competitive landscape [1][3]. Group 1: Policy Changes and Industry Response - Starting January 1, 2026, the purchase tax for new energy vehicles will change from "fully exempt" to "50% reduction," with a maximum tax reduction of 15,000 yuan per vehicle [3]. - In response to policy changes, multiple new energy vehicle companies are actively adapting. For instance, Xiaopeng Motors launched a purchase tax "safety net" or equivalent subsidy plan in October last year to capture part of the market early [3]. Group 2: Technological Innovations - Xiaopeng Motors introduced the second-generation VLA (Visual Language Action) physical world model, which aims to achieve L4 initial capabilities by innovatively omitting the intermediate steps of "visual signal-language translation-action instruction," allowing for direct generation from visual perception to action execution [3][4]. - This architectural innovation significantly enhances system reasoning efficiency, enabling vehicles to perceive and understand the real world more accurately, with the system set to begin initial rollouts in March 2026 [4]. Group 3: Product Launches - Xiaopeng Motors unveiled four new models at its global product launch: the 2026 Xiaopeng P7+, Xiaopeng G7 Super Range Extender, 2026 Xiaopeng G6, and 2026 Xiaopeng G9 [1]. - The 2026 Xiaopeng P7+ features the longest pure electric range among range-extended sedans, with an official starting price of 186,800 yuan. The range-extended version has a CLTC comprehensive range of 1,550 kilometers and a pure electric range of 430 kilometers [4]. - The G7 range-extended version, as Xiaopeng's first range-extended SUV, offers four versions with an official starting price of 195,800 yuan, featuring a CLTC comprehensive range of 1,704 kilometers and a pure electric range of 430 kilometers [5].

中证报中证网讯(记者李嫒嫒)1月8日，小鹏汽车在2026全球新品发布会上推出四款新车，包括2026款小 鹏P7+、小鹏G7、2026款小鹏G6和G9。其中，前两款车型均有纯电和增程两种动力形式。实际上，自 2025年11月份推出首款增程车以来，小鹏汽车加快了"纯电+增程"的布局，小鹏汽车此前表示，2026年 会推出4款"一车双能"的全新车型。 小鹏汽车把2026年视为产品大年，规划了多款新车。小鹏汽车董事长何小鹏在接受中国证券报记者采访 时表示，从车型来看，今年还会有4款全新的SUV上市。同时，2026年将开启Robotaxi运营和规模量产 人形机器人及飞行汽车。 业内人士认为，小鹏汽车多元化的业务布局，正是为应对激烈的市场竞争。 在何小鹏看来，真正的全自动驾驶正在加速到来，会直接从L2跳到L4。 同时，小鹏汽车正在加快辅助驾驶技术的迭代，其最新推出的四款新车Ultra和Ultra SE版将搭载小鹏自 研第二代VLA(视觉语言动作)模型。何小鹏表示，第二代VLA是可以实现L4初阶能力的物理世界大模 型。 何小鹏介绍，小鹏第二代VLA创新性地去掉了"语言转译"环节，实现从视觉信号到动作指令的端到端生 成，更真实 ...