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： 新款比亚迪夏上市，售价20.68-26.98万元； 新款马自达EZ-6上市，售价11.98-16.28万元； 新款极氪X上市，售价15.58-17.58万元； 奔驰纯电CLA上市，售价24.9-28.56万元； 新款坦克400插混版上市，售价24.98-31.98万元； 特斯拉Model Y长续航后轮驱动版上市，售价28.58万元； 智己LS9开启预售，预售价34.69-37.69万元； 埃安i60开启预售，预售价11.98-12.68万元； 新款享界S9开启预售，预售价31.8-37.8万元； 小鹏X9增程版开启预售，预售价35-37万元； 零跑Lafa5开启预售，预售价10.58-13.18万元； 公司动态： 吉利收购雷诺巴西公司股份； 小鹏发布第二代VLA大模型及自研量产Robotaxi； 大众宣布与地平线联手自研芯片，3-5年内量产交付； 日产45亿元出售总部大楼； 国内新闻： 我国组合驾驶辅助技术水平显著提升； 1、 新款比亚迪夏上市 售价20.68-26.98万元 11月4日，新款比亚迪夏上市。新车共推出4款车 ...

3.【 优信二手车武汉仓储大卖场开业，可同时容纳5000辆车展销 】 优信 二手车武汉仓储大卖场在 武汉经开区军山新城正式开业。这是 优信 集团在全国布局的第三家二手车仓储大卖场，也是华中地 区规模最大的单体二手车卖场，可同时容纳5000辆车展销。（广角观察） 1. 【重庆电动汽车变身"移动充电宝" ，今年已向电网放电40万千瓦时】11月8日，记者从国网重庆 市电力公司获悉，重庆在推动车网互动（V2G）技术规模化应用方面取得显著进展，今年全市已建成 209个双向充放电站点，累计放电40.52万千瓦时。 V2G技术，即车辆到电网技术，通过实现电动汽 车与电网的双向能量流动，不仅能让电动汽车在用电低谷时充电储存电能，还能在用电高峰时将电能 反向输送回电网，从而起到削峰填谷、促进新能源消纳的重要作用。（重庆日报） 2. 【小鹏汽车：全系具备增程配置开发能力，按市场需求推出】针对小鹏汽车是否会全面采用增程系 统的问题，小鹏汽车动力总成负责人顾捷近日在接受媒体采访时表示，公司整车架构为"一车双 能"，"从技术角度而言，每台车都有做超纯电或增程型配置开发的能力，是否采用取决于市场和车型 判断。"据工信部申报信息，目前小鹏 ...

Core Viewpoint - The article emphasizes that Xiaopeng Motors is making significant strides in technology, particularly in the fields of autonomous driving and humanoid robots, positioning itself as a leader in innovation rather than a follower in the industry [12][13][60]. Group 1: Innovation and Technology - Xiaopeng Motors has introduced the second-generation VLA (Vision Language Action) model, which enhances the interaction and decision-making process of AI systems, making them more controllable and efficient [21][22][27]. - The second-generation VLA allows for autonomous learning and understanding of the real world, leading to improved capabilities in driving assistance, such as recognizing human gestures and understanding traffic light logic [29][31]. - The company plans to implement "navigation-free autonomous driving" and "small road NGP" features, significantly enhancing the driving experience and increasing the average takeover mileage by 13 times [33][35]. Group 2: Market Position and Future Plans - Xiaopeng Motors aims to position itself as a "global embodied intelligence company," expanding its focus beyond automobiles to include Robotaxi, humanoid robots, and flying cars [47][48]. - The company is set to launch three Robotaxi models in 2026, with a focus on utilizing its high-performance Turing AI chips, which will enhance the capabilities of its autonomous vehicles [49][51]. - Xiaopeng's humanoid robot IRON is expected to achieve mass production by the end of 2026, showcasing advanced features such as 82 degrees of freedom and the use of solid-state batteries [67][69]. Group 3: Competitive Landscape - Xiaopeng Motors is compared to Tesla, with both companies focusing on AI as a core driver of their business models and aiming for similar timelines in the development of humanoid robots and Robotaxi [55][56]. - The article highlights that Xiaopeng has made earlier investments and advancements in flying cars and humanoid robots compared to Tesla, indicating a competitive edge in these emerging markets [63][65]. - The company is also adopting an open-source approach for its technologies, similar to Tesla's strategy in the past, which could lead to significant advancements in the global autonomous driving and humanoid robot sectors [76][79].

Core Viewpoint - The article discusses the transformation of AI from the digital realm to the physical world, marking the emergence of the "Physical AI" era, with XPeng Motors as a leading representative in this trend [3][10][35]. Group 1: AI Transformation - The AI landscape is evolving from traditional concepts like "models, computing power, and algorithms" to exploring the relationship between AI and the physical world [2][6]. - The shift towards "Physical AI" signifies a new frontier where AI technologies are integrated into real-world applications, such as autonomous driving and robotics [7][10]. Group 2: XPeng's Strategic Shift - XPeng has redefined its corporate positioning from a "future mobility explorer" to a "global embodied intelligence company," reflecting its focus on Physical AI [4][24]. - The market has responded positively to this repositioning, with XPeng's stock experiencing significant gains following announcements related to its Physical AI strategy [4][34]. Group 3: Market Trends and Valuation - The capital market has shown enthusiasm for AI-related stocks, with companies like NVIDIA reaching a market capitalization of over $5 trillion, indicating strong investor confidence in digital AI [5][6]. - Observers note a shift in focus towards how AI impacts the real world, suggesting that the next phase of competition will center on the practical applications of AI technologies [6][11]. Group 4: XPeng's Product Innovations - XPeng showcased its advancements in Physical AI products, including the second-generation VLA model, which enhances autonomous driving capabilities [13][14]. - The company plans to launch multiple Robotaxi models and a new generation of humanoid robots by 2026, indicating a robust product pipeline in the Physical AI domain [16][20]. Group 5: Global Expansion and Market Position - XPeng has accelerated its global expansion, entering new markets in Europe and Southeast Asia, and achieving significant growth in overseas deliveries [29][30]. - The company aims to position itself as a leader in the global electric vehicle market, leveraging its advancements in Physical AI to differentiate itself from competitors like Tesla [32][34].

Core Insights - The Chinese automotive market is experiencing a significant boost in demand, particularly in the new energy vehicle (NEV) sector, driven by policy incentives and recovering consumer confidence [2][12][13] - Leading companies like Leap Motor, NIO, and XPeng are achieving record sales, while Li Auto faces a decline in deliveries, highlighting a competitive landscape [3][4][9] Company Performance - Leap Motor achieved a record delivery of 70,289 units in October, marking an 84% year-on-year increase, and has delivered over 466,000 units from January to October [3] - NIO surpassed 40,000 units in deliveries for the first time, with a 92.6% year-on-year growth, driven by its multi-brand strategy [4] - XPeng maintained a steady performance with 42,013 units delivered in October, nearly doubling its total deliveries compared to the previous year [5] - Xiaomi's automotive division reported over 29,000 units delivered in the first ten months of 2025, with expectations to meet its annual target ahead of schedule [5] Market Trends - The overall automotive market in October saw substantial growth, attributed to seasonal demand and consumer anticipation of policy changes regarding NEV purchase tax [12][13] - Companies are implementing "cross-year delivery tax subsidy plans" to alleviate consumer concerns about potential tax increases in 2026 [12][13] Competitive Landscape - Li Auto reported a decline in deliveries, with 31,767 units in October, a 6.4% decrease from the previous month and a 38.25% year-on-year drop [9] - The competitive pressure on Li Auto is increasing as new entrants and established brands enhance their offerings, particularly in the extended-range electric vehicle segment [9][11] Future Outlook - The upcoming months are expected to see intensified competition as companies aim to meet year-end sales targets, with promotional efforts likely to increase [13]

Core Viewpoint - The automotive industry is experiencing a strong performance in October, with many companies reporting higher sales than in September, particularly in the electric vehicle (EV) segment. The year-end sales surge is anticipated to be significant due to various incentives and tax policies [1][4]. Group 1: BYD - In October, BYD's passenger car sales reached 436,856 units, maintaining a leading position in the EV market with over 3.7 million cumulative sales in the first ten months of the year [2][4]. - The sales breakdown includes 395,015 units from the Dynasty and Ocean series, 31,052 from the Fangcheng Leopard, 10,135 from Tengshi, and 654 from Yangwang [2]. Group 2: Geely - Geely's total sales in October were 307,133 units, with 177,882 units being electric vehicles. The Galaxy brand contributed 245,497 units, while Lynk & Co and Zeekr added 40,213 and 21,423 units, respectively [5][6]. - Geely's sales have shown rapid growth, particularly with the Galaxy brand doubling its sales compared to the previous month [8]. Group 3: Chery - Chery achieved a significant milestone with its monthly EV sales surpassing 110,000 units for the first time, driven by the newly launched Fengyun T11, which received nearly 40,000 orders within 24 hours [12]. Group 4: SAIC-GM-Wuling - SAIC-GM-Wuling reported total sales of 174,956 units in October, with 123,147 units being electric vehicles. The Hongguang MINI EV was a key contributor to this success [13][17]. Group 5: Great Wall Motors - Great Wall Motors sold 143,078 units in October, with 46,155 units being electric vehicles. The company is accelerating its transition to electric vehicles and achieving success in high-end and overseas markets [19]. Group 6: Leap Motor - Leap Motor delivered 70,289 units in October, showing strong momentum in the 100,000 to 200,000 yuan price range. The company is expanding its product line with new models [6][21]. Group 7: Huawei's Hongmeng Zhixing - Hongmeng Zhixing delivered 68,216 units in October, with significant contributions from the Zhijie and Xiangjie models. The company is focusing on increasing production capacity and solidifying its position in the high-end market [21][23]. Group 8: NIO - NIO delivered 40,397 units in October, with the brand's performance driven by the successful launch of new models and organizational efficiency improvements [26][30]. Group 9: Xiaomi - Xiaomi's electric vehicle sales exceeded 40,000 units in October, supported by a tax subsidy policy that has garnered positive feedback from consumers [31][33]. Group 10: Deep Blue and Avita - Deep Blue reported global deliveries of 36,792 units in October, with the Deep Blue S05 being a major contributor. The brand's cumulative sales increased by 57.1% year-on-year [11][35]. Group 11: Li Auto - Li Auto delivered 31,767 units in October, facing intense competition but maintaining a dual strategy of range-extended and pure electric vehicles [12][38]. Group 12: Dongfeng Yipai Technology - Dongfeng Yipai Technology achieved sales of 31,107 units in October, benefiting from the integration of multiple sub-brands [39]. Group 13: BAIC New Energy - BAIC New Energy sold 30,542 units in October, with significant contributions from the Arcfox and Xiangjie brands [40][42]. Group 14: FAW Bestune - FAW Bestune's sales reached 20,400 units in October, with 18,468 units being electric vehicles, indicating a successful transition towards electrification [15][44]. Group 15: Lantu - Lantu delivered 17,218 units in October, focusing on flagship models and technological upgrades in collaboration with Huawei [16][46]. Group 16: IM Motors - IM Motors delivered 13,159 units in October, with the launch of the LS6 model contributing to a new monthly delivery record [17][48]. Group 17: Jishi Motors - Jishi Motors delivered 1,426 units in October, showing steady growth in sales, particularly in international markets [18][51].

行业研究 证 券 研 究 报 告 汽车行业新车跟踪报告 10 月重点关注腾势 N8L 及高山 7 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 行业基本数据 汽车 2025 年 10 月 16 日 推荐（维持） 华创证券研究所 证券分析师：张程航 -9% 7% 24% 41% 24/10 24/12 25/03 25/05 25/08 25/10 2024-10-15~2025-10-15 汽车 沪深300 相关研究报告 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 235 | 0.03 | | 总市值(亿元) | 48,568.92 | 4.15 | | 流通市值(亿元) | 37,097.69 | 3.93 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 0.2% | 18.6% | 33.4% | | 相对表现 | -0.2% | -2.1% | 18.8% | 《【华创汽车】新车跟踪：4 月上海车 ...

Core Viewpoint - Xiaopeng Motors, traditionally focused on pure electric vehicles, will begin to develop "large battery range extension" solutions starting next year, with the introduction of the Xiaopeng X9 and G7 range-extended models [1][3]. Group 1: Product Launch and Specifications - Xiaopeng Motors has applied for the Xiaopeng X9 and G7 range-extended models as per the latest vehicle product announcement by the Ministry of Industry and Information Technology [1]. - The Xiaopeng X9 range-extended version will feature a 1.5T range extender from Dong'an Power, with a maximum power output of 110kW and a driving motor power of 210kW. It will utilize a 63.3kWh lithium iron phosphate battery from CATL [1][3]. - The Xiaopeng G7 range-extended version will also be equipped with a 1.5T range extender, delivering a maximum power of 110kW and a driving motor power of 218kW, along with a 55.8kWh lithium iron phosphate battery from Eve Energy [3][5]. Group 2: Performance and Features - The Xiaopeng X9 is expected to achieve a pure electric range of 345km under WLTC conditions and 450km under CLTC conditions, supported by an 800V high-voltage platform and 5C supercharging battery technology [2][5]. - The Xiaopeng G7 is projected to have a pure electric range of 325km under WLTC conditions and 430km under CLTC conditions, also utilizing the 800V high-voltage platform and 5C supercharging battery [5][7]. - Both models are anticipated to be launched in the fourth quarter of this year and the first quarter of 2026, respectively, marking Xiaopeng's entry into the range-extended vehicle market [3][7].

Group 1 - The article discusses the current trend of electric vehicle (EV) manufacturers shifting from pure electric models to range-extended electric vehicles (EREVs), with brands like Zhiji, Haobo, and Xiaopeng launching new EREV models [1][3][6] - Despite the initial excitement around EREVs, sales data indicates a decline in their popularity, with July retail sales of EREVs at 102,000 units, a year-on-year decrease of 11.4%, while pure electric vehicle sales increased by 24.5% [7][8] - The market share of pure electric vehicles has grown significantly, with the ratio of pure electric to EREV sales changing from 43:57 last year to 64:36 this year [7][8] Group 2 - The sales performance of leading EREV brands like Aion and Li Auto has been disappointing, with Li Auto experiencing a 39.7% year-on-year decline in July sales [10][12] - In contrast, brands like Xiaopeng and Leap Motor have seen substantial growth in pure electric sales, with Xiaopeng's sales increasing by 229.4% year-on-year [9][10] - The decline in EREV sales is attributed to the decreasing price of lithium and the resulting drop in battery costs, making pure electric vehicles more affordable and attractive [17][19] Group 3 - The article highlights that the charging infrastructure for pure electric vehicles is rapidly expanding, with an average of 34.3 public charging stations per square kilometer in major cities, alleviating range anxiety for consumers [20][23] - As battery technology improves, the range of pure electric vehicles continues to increase, with models like the Model Y achieving a range of up to 751 km [24][29] - The article concludes that while EREVs will continue to exist, they are returning to their original position as a transitional product rather than a primary choice for consumers [32][33]

Core Viewpoint - The company has shown significant revenue growth in H1 2025, with a revenue of 34.1 billion yuan, a year-on-year increase of 133%, while narrowing its net loss to 1.1 billion yuan, a 57% improvement compared to the previous year [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 18.3 billion yuan, with a quarter-on-quarter increase of 125% and a year-on-year increase of 16% [1] - The gross margin in Q2 reached 17.3%, a quarter-on-quarter increase of 3.3 percentage points, driven by scale effects and cost control [1] - The company expects Q3 2025 deliveries to be between 113,000 and 118,000 units, with projected revenue of 19.6 to 21 billion yuan [1] Group 2: Sales and Product Development - The company delivered 198,000 new vehicles in H1 2025, with M03 and P7+ contributing stable sales of 86,000 and 44,000 units, ranking fifth and fourth in their respective market segments [2] - The new P7, set to launch on August 27, is expected to attract younger consumers with its sporty design and advanced features, potentially boosting monthly sales to over 40,000 units [2] Group 3: Strategic Partnerships and Innovations - The company has signed a strategic cooperation agreement with Volkswagen to expand their electronic and electrical architecture collaboration, which is expected to enhance revenue opportunities [2] - The introduction of the X9 range extender model, featuring a large battery and high-efficiency combination, is anticipated to launch in Q4 2025 [2] Group 4: Revenue Forecast and Valuation - The revenue forecast for 2025-2027 has been adjusted to 85.6 billion, 127.6 billion, and 153.9 billion yuan, reflecting a strong outlook for vehicle sales and smart technology development [3] - The target price for the company's stock has been raised to 120.34 HKD, maintaining a "buy" rating based on the company's competitive advantages in new vehicle cycles and smart technology [3]