Core Viewpoint - Dongwu Securities maintains a "buy" rating for XPeng Motors (09868), emphasizing its strategy of "range extension + overseas expansion" in the C-end market and leveraging its mass production capabilities to accelerate globalization [1] C-end Market - XPeng's core competitiveness lies in its ability to create mass-market hit products, focusing on range extension with large batteries and efficient range extenders to achieve long pure electric range and leading fuel-to-electric conversion rates [1] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, while globalization is seen as the second growth curve through localized production, R&D centers, and channel expansion [1] B-end Market (Robotaxi) - The Robotaxi segment is positioned to benefit from policy catalysts and technological breakthroughs, with predictions that the market will reach 83.1 billion yuan by 2030, potentially replacing private car travel [2] - XPeng's Robotaxi project is set to launch in the second half of 2026, with pre-production vehicles expected to begin trial operations [2] - The company aims to reshape the billion-dollar mobility market through its self-developed VLA2.0 model, mass production capabilities, and innovative business models [2] Collaboration with Volkswagen - XPeng has successfully upgraded its positioning to that of a smart technology solution provider, deepening its collaboration with Volkswagen from joint development of the G9 platform to co-developing electronic and electrical architectures and core AI chips [3] - Volkswagen's sales in China are projected to exceed 2.6 million units by 2026, with a new energy penetration rate of over 10% [3] - The collaboration will see the launch of two full-size pure electric models in 2026, alongside deep cooperation in EE architecture and charging networks [3] Robotics - XPeng's core competitiveness in robotics stems from deep synergy with its smart vehicle business, with the IRON robot integrating "bionic body" and "AI brain" technologies [4] - The IRON robot features a human-like spine, bionic muscles, 82 degrees of freedom, and a dexterous hand with 22 degrees of freedom, enabling advanced environmental perception, decision-making, and interaction capabilities [4] - Commercial trials for IRON are set to begin in 2026, focusing on services such as guiding, shopping assistance, and patrol [4] Flying Cars - XPeng's next-generation vertical take-off and landing flying car, A868, has entered the test flight phase, achieving over 500 km of range [5] - As of October 2025, XPeng has received 7,000 pre-orders and plans to deliver the A868 globally in the second half of 2026 [5]

Core Viewpoint - Dongwu Securities maintains a "Buy" rating for XPeng Motors (09868), emphasizing its strategy of "range extension + overseas expansion" in the C-end market and leveraging its mass production capabilities to accelerate globalization [1] C-end Market - XPeng's core competitiveness lies in its ability to create mass-market hit products, focusing on large batteries and efficient range extenders to achieve long pure electric range and leading oil-electric conversion rates [1] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, while aiming for a scale of tens of thousands of deliveries through localized production and channel expansion [1] B-end Market (Robotaxi) - The Robotaxi segment is positioned to benefit from policy catalysts and technological breakthroughs, with projections indicating that the market could reach 83.1 billion yuan by 2030 [2] - XPeng's Robotaxi project is set to commence with pre-production vehicles rolling off the line in the second half of 2026, aiming to reshape the billion-dollar mobility market with its self-developed VLA 2.0 model and innovative business model [2] Partnership with Volkswagen - XPeng has successfully upgraded its positioning to that of a smart technology solution provider, deepening its collaboration with Volkswagen from joint development of the G9 platform to co-developing electronic and electrical architectures [3] - Volkswagen's sales in China are expected to exceed 2.6 million units by 2026, with a new energy penetration rate surpassing 10%, as XPeng collaborates on two full-size pure electric models and deepens cooperation on charging networks [3] Robotics - XPeng's core competitiveness in robotics stems from the deep integration with its smart vehicle business, with the IRON robot combining "bionic body" and "AI brain" capabilities [4] - The IRON robot features a human-like spine, bionic muscles, and advanced dexterity, with plans for commercial trials in navigation and shopping services starting in 2026 [4] Flying Cars - XPeng is on the verge of mass production for its next-generation vertical take-off and landing flying car, the A868, which has achieved over 500 km of range during test flights [5] - As of October 2025, XPeng has received 7,000 pre-orders for the A868, with plans for global deliveries in the second half of 2026 [5]

Group 1 - The Hong Kong stock market indices experienced a decline, with the Hang Seng Tech Index ETF (513180) showing a slight drop, while the Hong Kong Stock Connect Auto ETF (159323) saw a minor increase, driven by stocks like XPeng and Dongyue Group [1] - XPeng Motors recently unveiled its humanoid robot IRON, showcasing impressive walking capabilities and providing insights into its core technology and commercialization plans [1] - Longjiang Securities highlighted that XPeng's valuation has primarily focused on its automotive business, neglecting AI-related sectors such as autonomous driving and robotics, which could lead to significant valuation growth in the future [2] Group 2 - The Hong Kong Stock Connect Auto ETF (159323) is focused on the new energy vehicle sector, including emerging car manufacturers, and is expected to benefit from advancements in robotics technology [3] - The Hang Seng Tech Index ETF (513180) includes a mix of technology companies and offers exposure to key Chinese tech assets, making it an attractive option for investors without a Hong Kong Stock Connect account [3]

Core Viewpoint - Xiaopeng Technology announced a partnership with Baosteel to develop applications for its humanoid robot, IRON, by opening its SDK to global developers [1] Group 1: Company Developments - Xiaopeng will collaborate with Baosteel as an ecological partner for the IRON robot, focusing on exploring application scenarios in complex industrial fields such as inspection [1] - The initiative aims to create a humanoid robot application ecosystem by engaging with global developers [1] Group 2: Industry Implications - The partnership signifies a move towards integrating robotics in industrial applications, potentially enhancing operational efficiency in sectors like manufacturing and inspection [1] - The collaboration may lead to iterative advancements in the IRON robot's capabilities, driven by real-world industrial applications [1]

Core Insights - Xpeng Motors announced the opening of the SDK for its humanoid robot IRON, aiming to build an application ecosystem with global developers [1] - Baosteel will become an ecological partner for Xpeng's IRON robot, exploring application scenarios in complex industrial fields such as inspection [1] Group 1 - Xpeng Motors is focusing on collaboration with global developers to enhance the capabilities and applications of its humanoid robot IRON [1] - The partnership with Baosteel signifies a strategic move to integrate robotics into industrial operations, particularly in inspection tasks [1]