深圳商报首席记者 陈小慧 在造车新势力中，"蔚小理"是极具标志性的存在。然而随着新能源汽车竞争加剧，这一车圈创业"三巨 头"格局似乎悄然生变。最新数据显示，11月，蔚来汽车销量达3.62万辆，小鹏汽车则为3.67万辆，略超 蔚来。而曾经常年登顶新势力第一的理想汽车，11月销量3.31万辆，在"蔚小理"中最低。从3家企业的 港股市值看，小鹏总市值最高，紧接着是理想和蔚来。 除了"汽车"标签，"蔚小理"也在跨界求变。比如理想入局AI眼镜，小鹏高调造人形机器人，忙着找新增 长业务曲线。这些动作都在指向一个显著变化： 新势力车企不再满足于"汽车"的标签，而是强化"科技公司"属性。这背后，是"蔚小理"乃至整个新能源 汽车行业必须打好的一场"突围战"。 增长乏力，各有隐忧 销量增长主要得益于MONA M03车型的持续热销。数据显示，该车作为支柱贡献了超40%的销量。 时间回到2014年，彼时蔚来汽车和小鹏汽车相继成立。2015年，理想汽车也正式成立。自此，中国新能 源汽车行业涌现三股新势力。3家车企中，蔚来率先上市，小鹏和理想紧随其后。当时，由于蔚来成立 最早且声势最大，逐渐有了"蔚小理"的说法。 随着新能源汽车行业发展 ...

12月18日，以"AI 时代的先进组织力"为主题的 2025 飞书先进生产力峰会·广州站在小鹏汽车广州总部举办。本次峰会聚焦大湾区"物理 AI"产业的组织升 级，吸引了小鹏汽车、小马智行、优必选、欣旺达动力、乐聚机器人等新能源汽车产业链、智能驾驶、具身智能等领域的数百位企业高层、政府代表及行业 专家参与，共同探讨 AI 时代先进生产力的实践路径。 让"组织 AI"追上"物理 AI" 深圳商报•读创客户端记者 陈姝 物理AI是一种能够理解物理定律并与现实世界交互的智能系统，由瑞士学者于2020年提出，现已成为AI核心发展方向，广泛应用于机器人、自动驾驶等领 域。物理AI通过将物理规则（如运动规律、能量守恒）内化到算法中，使机器具备感知、推理和行动能力，实现与物理环境的动态交互。其技术原理基于 强化学习在模拟环境中训练模型，结合数字孪生和3D数据生成，确保行为符合物理规律。 "从汽车、智能驾驶到机器人，大湾区不仅是制造高地，更是全球'物理 AI'浓度最高的城市之一。尽管AI浪潮已经改变很多生产方式，但管理方式可能还停 留在很多年前，出现了'身体比脑子跑得快'的错位。"飞书制造行业总经理张棣认为，物理AI的进化，必 ...

Core Insights - The emergence of humanoid robots, flying cars, and the integration of these technologies into the automotive industry is a significant trend, with companies like XPeng and Tesla leading the charge [2][4][10] - XPeng's new humanoid robot, IRON, has garnered attention for its advanced capabilities, including a lifelike appearance and improved interaction systems, reflecting the company's commitment to innovation [3][8] - The automotive industry is witnessing a shift towards a multi-dimensional business model that includes robotics and aerial vehicles, indicating a broader transformation in transportation [2][11] Group 1: XPeng's Developments - XPeng's IRON robot features upgrades in bionic structure, intelligent systems, and energy architecture, making it more human-like [3] - The company has successfully trialed its flying car production line, marking a milestone in the mass production of flying vehicles [3][8] - XPeng plans to launch three Robotaxi models by 2026, utilizing a vision-based system for navigation without relying on Lidar [3][12] Group 2: Industry Trends - Tesla has been a pioneer in the integration of automotive and robotics, launching its Cybercab Robotaxi and expanding its humanoid robot production [4][10] - Other automakers, such as GAC and Chery, are also advancing in the fields of autonomous driving and flying vehicles, indicating a competitive landscape [5][6] - The collaboration between companies and research institutions is becoming a common strategy to enhance capabilities in these emerging sectors [9][10] Group 3: Market Dynamics - The integration of automotive, robotics, and flying vehicles is seen as a necessary evolution in response to changing transportation needs and technological advancements [11][12] - Experts suggest that while the current focus is on innovation, traditional automotive manufacturing remains crucial for sustaining competitive advantages [15] - The development of a cohesive ecosystem for these technologies is still in its early stages, with challenges in achieving a self-sustaining business model [14][15]

小鹏汽车仍然没能盈利，但亏损进一步收窄了。 2025年第三季度财报显示，小鹏汽车该季度亏损为3.8亿元，同比收窄将近80%，环比收窄20.3%。 小鹏汽车正处于一个关键转折点，亏损收窄的速度超出预期。不过，摆在何小鹏面前的挑战还有很多。 在国内新能源车企业对马斯克的"模仿秀"大赛中，何小鹏是目前为止学得最像的那个，但小鹏汽车毕竟尚未盈利，说小鹏"活到决赛圈"可能还为时尚 早。 A 虽然亏损收窄，交付量猛增，但很显然，市场对小鹏的期待远远高出了这份成绩单。 财报显示，第三季度小鹏汽车总交付量为116007辆，同比增长149.3%；营收203.8亿元人民币，同比增长101.8%。这一增速与特斯拉早期扩张阶段相当 ——2018年第三季度，特斯拉凭借Model 3的放量，营收从40亿美元跃升至68亿美元，同比增长129%。 从单月数据来看，小鹏汽车的增长势头同样强劲。8月交付37709辆，同比增长169%；9月交付约41600辆，同比增长95%，突破4万大关，刷新了小鹏的 单月交付纪录；10月继续突破，交付42013辆，同比增长76%，单月交付量再次创下历史新高，并连续两个月突破4万辆大关。 小鹏三季度毛利率达到20 ...

Group 1 - The core viewpoint of the article is that Xiaopeng Motors is transitioning from a new energy vehicle company to a physical AI enterprise, but faces significant challenges in achieving profitability and maintaining market competitiveness against established players like Tesla [3][5][6] - Xiaopeng's stock price experienced a decline of 2.81% on November 12, following a previous surge of approximately 29% over four trading days due to the Xiaopeng Technology Day event [2][3] - The company announced several key innovations at the Xiaopeng Technology Day, including the second-generation VLA architecture, Xiaopeng Robotaxi, and a new generation of IRON robots, with plans for mass production of high-level humanoid robots by 2026 [3][5][6] Group 2 - Despite a significant year-on-year increase in vehicle deliveries (190% growth), Xiaopeng's market valuation and sales figures still lag behind Tesla, which has achieved profitability since 2020 [5][9] - In October, Xiaopeng delivered 42,013 smart vehicles, setting a new monthly record, but the sales of some mid-range models have declined, indicating potential structural issues in its product lineup [6][7] - The company is focusing on high-end models, such as the Xiaopeng X9, which has seen a drop in sales but is being promoted with new technology solutions [7][10] Group 3 - Xiaopeng's research and development expenses are projected to reach approximately 100 billion yuan this year, with a significant portion allocated to software development [10][12] - The company is pursuing partnerships for its Robotaxi initiative, aiming to position itself as a technology supplier rather than a direct operator, which may help mitigate operational risks [16][20] - Xiaopeng's strategy includes leveraging its self-developed Turing chip and VLA model to attract external partnerships, with Volkswagen already identified as a strategic partner [13][14] Group 4 - The Robotaxi sector is highly competitive and characterized by long development cycles and challenging profitability, with Xiaopeng adopting a cautious approach compared to other players [18][19] - The company plans to utilize a pure vision solution for its Robotaxi, aiming to reduce costs and avoid reliance on expensive technologies like LIDAR [19][20] - Xiaopeng's ultimate goal is to create an open platform ecosystem to attract partners and share the costs of autonomous driving research and development [20]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The electronic industry is experiencing a downturn due to liquidity concerns in the US, with domestic technology stocks also facing pressure. The electronic industry index fell by 0.22%, with consumer electronics down 2.05% and semiconductors down 0.11% [3][4] - Despite the overall market weakness, there are emerging opportunities in the AI and semiconductor sectors, particularly with upcoming product launches expected at CES in January [7] Summary by Sections Market Review - Domestic technology stocks have declined, influenced by new public fund benchmark regulations. The Nasdaq dropped by 3.04%, while major companies like Nvidia and AMD saw significant declines of 7.08% and 8.82%, respectively [3] - Storage companies performed well, with SanDisk increasing by 20.14% and Micron by 6.32% [3] Industry Updates - The storage sector is experiencing price increases due to shortages, with HBM4 prices exceeding HBM3E by over 50%. Samsung has delayed DDR5 contract pricing until mid-November, with spot prices tripling [6] - AI-related products are gaining traction, with Lenovo's AI glasses and Xiaopeng's humanoid robot generating significant interest [4][5] Investment Recommendations - The report suggests focusing on key beneficiaries such as Luxshare Precision, Zhuhai CosMX, Cambricon, Industrial Fulian, Huahong Semiconductor, and Tongfu Microelectronics as potential investment opportunities [7]

Key Points - ByteDance attempted to acquire the Manus team last year but was rejected due to a low offer of $30 million, and subsequent financing efforts failed as the founder was unwilling to relocate from Wuhan [3][4] - Leap Motor achieved a net profit of RMB 80 million in Q4 2024, becoming the second new car manufacturer to turn profitable, with a pre-sale of the Leap B10 exceeding 15,010 orders in just one hour [6] - Manus disclosed that its base model is based on the American Claude and Alibaba's Qwen after its code was leaked by a user [9][10] - SAIC Volkswagen's general manager stated that their automotive standards are higher than domestic brands, and there are significant cost reduction opportunities in China [11][12] - Yush Robotics is accelerating its global market expansion by entering Alibaba's cross-border platform AliExpress, supported by a substantial subsidy [14] - Reports indicate that the domestic ERP software giant Yonyou is undergoing layoffs, affecting at least 2,000 employees due to significant losses [15][16] - Ferrari's F1 aerodynamic expert has joined Xiaomi as the chief aerodynamic engineer for its automotive division [17] - Ford's Focus and Mazda 6 have both been announced for discontinuation, marking the end of an era for these iconic models [33][34] Domestic News - Leap Motor's Q4 2024 net profit marks a significant milestone, with founder Zhu Jiangming highlighting the recognition of their product quality [6] - Yush Robotics has captured 60%-70% of the global quadruped robot market, showcasing its competitive pricing against foreign counterparts [14] - Yonyou's projected losses for 2024 are between RMB 1.72 billion and RMB 1.92 billion, with a revenue decline of 6.1%-7.1% expected [15][16] International News - Ford and Mazda's decision to cease production of the Focus and Mazda 6 reflects changing consumer preferences and market dynamics [33][34] - Tesla's stock plummeted by 14% amid a significant drop in sales, with February's wholesale figures showing a 49% year-on-year decrease [35] - Apple is reportedly developing smart glasses and camera-equipped AirPods, expected to launch in 2027, indicating a focus on visual technology [36][37]