Investment Highlights - This week, the performance of the automotive sector lagged behind the broader market, with the best-performing sub-sector being commercial passenger vehicles, which declined by 1.0% [4][12][13] - The top five stocks covered this week included Daimay Co., GAC Group, Weichai Power, Changan Automobile, and Suzhou Axis, which showed positive growth [4][12][32] Industry Core Changes - Xiaopeng's new generation robot, IRON, is set to introduce the VLT system, which will enable direct output of tasks from visual and language inputs, potentially evolving into a thinking system in the future [6][12][14] - Leapmotor's flagship D platform technology was unveiled, showcasing the D19 model [6][12][14] - Yutong delivered 400 units of new energy buses to Pakistan in bulk [6][12][14] - Fuyao Glass reported Q3 2025 revenue of 11.855 billion yuan, a 2.75% increase quarter-on-quarter, while net profit attributable to shareholders decreased by 18.59% to 2.259 billion yuan [6][12][14] Investment Opportunities - The automotive industry is entering a new crossroads, with the end of the electric vehicle (EV) dividend and the dawn of automotive intelligence, while robotics innovation is in the 0-1 stage [8][14] - Three main investment themes are emerging: - **AI Intelligent Vehicles**: Focus on Robotaxi and Robovan, with key players including Tesla, Xiaopeng, and Horizon Robotics [8][14] - **AI Robotics**: Emphasis on component selection, with companies like Top Group and Junsheng Electronics highlighted [8][14] - **Dividend & Good Pattern**: Focus on commercial vehicles (Yutong), heavy trucks (China National Heavy Duty Truck Group), and two-wheelers (Chunfeng Power) [9][14] Market Performance - The automotive sector's valuation metrics, such as PE (TTM), have shown a decline this week, with the SW commercial passenger vehicle sector being the best performer [39][48] - The overall market sentiment for the automotive sector remains cautious, with a notable decrease in stock prices across various segments [12][18][25]

证券研究报告 汽车周观点： 小鹏机器人引入VLT系统，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年10月20日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.10.13-2025.10.19 2 ◼ 本周细分板块涨跌幅排序：SＷ商用载客车(-1.0%) > SW乘用车(-3.5%) >SW摩托车 及其他(-3.7%) >SW商用载货车（-5.2%）>SW汽车零部件(-7.5%) 。本周已覆盖标 的岱美股份、广汽集团、潍柴动力、长安汽车、苏轴股份涨幅前五。 （ ◼ 本周团队研究成果：外发光洋股份深度报告、汽车智能化10月投资策略。 ◼ 本周行业核心变化：1）小鹏IRON全新一代机器人即将引入VLT系统，将视觉和语言 输入直接输出生成任务系统，甚至将来进化成思考；2）零跑旗舰D平台技术发布，D 19首秀；3）400辆宇通新能源公交批量交付巴基斯坦；4）福耀玻璃发布2025年三 季报，2025Q3公司实现营收118.55亿元，环比增长2.75%；实现归母净利润22.59 亿元， ...

Group 1 - The core viewpoint is that in the era of physical AI, large models serve as a new operating system, with data becoming the primary fuel for innovation [2] - The evolution of technology over the past thirty years has highlighted the importance of operating systems, computing power, and data, particularly with the rise of AI and large models [2] - The new generation of AI model companies recognizes that data, operating systems, and computing power all create value, with data often relying on models and operating systems [2] Group 2 - The choice for in-house development is driven by the coupling of the new manufacturing and digital worlds, leading to two forms: full self-research and complete division of labor [3] - Major tech companies, including the "seven giants" in the US and China's BAT and ByteDance, opt for self-research to maximize value [3] - Xiaopeng Motors is testing a new generation of VLA autonomous driving large models and has introduced a new AI system called VLT (Vision-Language-Task/Thinking) for its latest robot [3] Group 3 - The VLT system integrates visual and language inputs to generate task systems, with the potential to evolve into cognitive capabilities [4] - The company is developing a combination of over five operating systems to enhance the capabilities of autonomous robots, transitioning from remote-controlled to autonomous systems [4] - Looking ahead 5 to 10 years, the vision includes autonomous vehicles in cities, flying vehicles between cities, and robots in residential and industrial settings, emphasizing the importance of management and service [4]