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 ...

1月1日，小鹏汽车公布最新交付成绩：2025年1-12月，小鹏汽车累计交付新车共429,445台，同比增长126%。2025年12月，小鹏汽车共交付新车37,508台， 实现同环比双增长。小鹏汽车在2025年全年交付的车辆，全生命周期预计减碳量超661万吨，相当于1.1亿棵中等树苗10年的固碳量。 近期，由小鹏汽车与北京大学计算机科学学院多媒体信息处理国家重点实验室，联合完成的论文《Fast Drive VLA》被AAAI 2026录用，该会议是人工智能 领域极具影响力的国际顶级学术会议之一。该论文提出了一种专门为端到端自动驾驶VLA模型定制的、高效的视觉Token剪枝框架——Fast Drive VLA。 小鹏第二代VLA模型将在2026年第一季度正式推送，率先在Ultra车型落地，2026款小鹏P7+、G7也将搭载第二代VLA。2025年12月29日，2026款小鹏P7+官 宣将在全球36个国家同步发布。12月30日，小鹏G7超级增程以1704公里全球最长续航+430公里同级领先纯电续航。 作为小鹏汽车的全球旗舰车型，小鹏X9在12月共计交付5,424台，创历史单月最高交付纪录，环比劲增68%，同比劲增2 ...

1、 存量"公积金+商贷"利率今起同步下调。根据央行相关通知，对于2025年5月8日以前已经发放的公积金贷款，自2026年1月1日开始，首套房5年以下利 率降至2.1%，5年以上降至2.6%； 二套房5年以下降至2.525%，5年以上降至3.075%。商业贷款方面，五年期LPR下调至3.5%，贷款人可选择3个月、6个 月或1年重定价周期。 2、 证监会发布《公开募集证券投资基金销售费用管理规定》，标志着公募基金行业第三阶段费率改革落地，这也是公募基金费率改革工作的收官政策。 全部三个阶段费率改革工作完成后，公募基金综合费率水平下降约20%，每年预计为投资者节省约510亿元的投资成本。 3、 贵金属市场辉煌的一年落下帷幕，2025年最后一个交易日，黄金与白银价格双双走低，但全年涨幅仍稳居四十余年来最高水平。 现货黄金价格徘徊在 每盎司4320美元附近，白银价格则跌至每盎司71美元。COMEX黄金期货收跌1.24%报4332.10美元/盎司，12月涨1.81%，2025年涨55.51%；COMEX白银期 货收跌8.91%报70.98美元/盎司，12月涨24.17%，2025年涨129.83%。美国政府政策调整与全 ...

1.【小鹏新款P7+和G7将搭载第二代VLA】12月31日，小鹏汽车宣布第二代VLA模型将在2026年第 一季度启动量产，并率先在Ultra车型分批落地，2026款P7+、G7也将搭载第二代VLA。小鹏第二代 VLA模型采用由"视觉输入"到"模型控车"的全新技术架构，拥有2250 TOPS车端有效算力。此次， 2026款小鹏P7+将在全球36国同步发布，小鹏G7超级增程综合续航里程达1704公里。（第一财 经） 2.【美国一特斯拉车主创下连续"自动驾驶"1万英里的纪录】美国一位名叫David Moss的特斯拉车主 在社交平台上发帖称，当地时间12月30日，他驾驶自己的一辆2025款Model 3，在100%无干预情 况下使用FSD 14.2连续行驶超过了1万英里。 该车主表示，这次旅行跨越美国24个州，在过去的一 个月里由FSD完成了所有的驾驶，包括所有的泊车和超充站停车。电动汽车分析师索耶·梅瑞特在X上 分享了这一消息，并附上了David Moss的行驶记录截图。特斯拉CEO马斯克转发了这条帖子。（新 浪科技） 3.【中国汽车流通协会：初步测算2026年享受补贴的乘用车有望超过1200万辆，拉动新车消费近 ...

12月31日，小鹏汽车宣布第二代VLA模型将在2026年第一季度启动量产，并率先在Ultra车型分批落 地，2026款P7+、G7也将搭载第二代VLA。小鹏第二代VLA模型采用由"视觉输入"到"模型控车"的全新 技术架构，拥有2250 TOPS车端有效算力。 此次，2026款小鹏P7+将在全球36国同步发布，小鹏G7超级增程综合续航里程达1704公里。 （文章来源：第一财经） ...

导读：多家企业公开质疑Waymo技术路线。 （文 / 观察者网 周盛明 编辑 / 高莘） 当地时间12月20日，美国PG&E太平洋煤气电力公司的一座变电站发生火灾。该火灾导致旧金山超过 30%的区域断电，有超过13万名当地居民受到影响。 与此同时，大停电还导致旧金山当地多个主要路口的红绿灯熄灭。据彭博社等多家外媒报道，大量 Waymo的Robotaxi由于无法应对该突发场景，所以直接亮起双闪并停在马路中央，这也导致旧金山多地 发生交通瘫痪。 在旧金山路口趴窝的Waymo 社交媒体截图 这起事故也引发从业者的激烈讨论。据悉，采用不同技术路线的特斯拉、地平线、小鹏等企业均对于 Waymo推进Robotaxi的技术路线提出质疑。 旧金山市民米歇尔·里瓦（Michele Riva）向彭博社表示，上周六晚间，他正乘坐一辆Waymo的Robotaxi 返回家中。"当车辆行驶到一个拥堵路口时，红绿灯已经熄灭。此时车辆突然停下，事前没有任何提 示。" 他表示，此时他距离目的地仅有不到一分钟的车程，但车辆迟迟没有反应。随后，他尝试致电Waymo 客服寻求解决办法，但由于有大量乘客同时致电，Waymo的客服热线不堪重负并无法接通 ...

Core Viewpoint - Xiaopeng Motors reported strong revenue growth in Q3 2025, with total revenue increasing by 101.8% year-on-year and 11.5% quarter-on-quarter to 20.38 billion yuan, indicating robust business performance despite challenges in automotive gross margins [4][5]. Group 1: Q3 2025 Performance - Total revenue for Q3 2025 reached 20.38 billion yuan, reflecting a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [4]. - Gross margin improved by 4.8 percentage points year-on-year and 2.8 percentage points quarter-on-quarter to 20.1% [4]. - Non-GAAP net loss narrowed significantly by 90.1% year-on-year and 60.6% quarter-on-quarter to 150 million yuan [4]. Group 2: Automotive Business Insights - Automotive revenue for Q3 2025 was 18.05 billion yuan, up 105.3% year-on-year and 6.9% quarter-on-quarter, with a delivery volume of 116,000 units, representing a 149.3% year-on-year increase [5]. - The average selling price (ASP) decreased by 17.7% year-on-year and 4.9% quarter-on-quarter to 156,000 yuan [5]. - Automotive gross margin decreased by 1.2 percentage points quarter-on-quarter to 13.1%, attributed to a higher sales proportion of the Mona M03 model and inventory clearance of older models [5]. Group 3: Future Outlook and Strategic Initiatives - For 2026, the company plans to launch seven "dual-energy" models, including four new models, and ramp up production at overseas factories [6]. - Collaboration with Volkswagen on G9 platform models is expected to begin mass production in 2026, enhancing revenue potential [6]. - The company aims to introduce three Robotaxi models and a new generation of humanoid robots by the end of 2026, leveraging AI technology [6][7].

Core Viewpoint - Xiaopeng Motors reported significant growth in Q3 2025, driven by a substantial increase in vehicle deliveries, although revenue fell short of market expectations [1][2]. Financial Performance - In Q3 2025, Xiaopeng Motors delivered 116,000 vehicles, representing a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4% [1]. - The company achieved revenue of 20.38 billion yuan, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%, but below market expectations of 20.47 billion yuan [2][3]. - Net loss narrowed to 380 million yuan from 1.81 billion yuan in the same period last year and 480 million yuan in Q2 2025 [1][3]. Profitability Metrics - The automotive gross margin for Q3 2025 was 13.1%, up 4.5 percentage points year-on-year but down 1.2 percentage points quarter-on-quarter [4]. - The overall gross margin reached 20.1%, marking a significant increase of 4.8 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [4]. - Service and other business revenue reached 2.33 billion yuan, significantly exceeding market expectations [2]. Future Outlook - The company aims to achieve breakeven in Q4 2025, with expectations of stable technology cooperation revenue and new product launches [4][5]. - Xiaopeng Motors plans to launch seven new models in 2026, including three super electric range-extended products and four "dual-energy" vehicles, with at least three models targeting international markets [6]. - The company is also focusing on the development of autonomous taxis, humanoid robots, and flying cars, with plans for mass production and operational scaling within the next 12 months [8][9].

Core Insights - Xiaopeng Motors aims to redefine its identity beyond just an automotive company, focusing on becoming a leader in "physical AI" technology, which integrates digital and physical worlds [2][3] - The company recently held a technology day where it unveiled its second-generation VLA model and introduced products like Robotaxi, humanoid robots, and flying cars, indicating a shift towards broader technological ambitions [2][3] Company Strategy - Xiaopeng Motors' new slogan emphasizes its transition from being merely an AI automotive company to a "physical AI" company, reflecting its ambition to lead in various tech sectors [2] - The second-generation VLA model is designed to enhance the company's autonomous driving capabilities, with significant investments in computational power and data training [5][6] Market Position - Xiaopeng Motors briefly surpassed Li Auto in market capitalization, becoming the highest-valued new energy vehicle company in China, with a market cap of approximately $21.4 billion [3] - The company is perceived as the most similar to Tesla among Chinese automakers, with Tesla's market cap at $1.4 trillion, highlighting the competitive landscape [3] Product Development - The second-generation VLA model aims to improve the efficiency of autonomous driving by reducing information loss during data processing, although it still incorporates elements of the previous model [5][6] - Xiaopeng plans to launch three Robotaxi models by 2026, marking its entry into the Robotaxi market, which is currently untested by other new energy vehicle companies in China [12][14] Technological Innovation - The second-generation VLA is expected to outperform its predecessor in complex driving scenarios, with a reported 13-fold improvement in average takeover mileage on complicated roads [11] - Xiaopeng's humanoid robot, IRON, showcases advancements in locomotion but faces challenges in manipulation, which is crucial for broader applications [18][20] Future Outlook - The year 2026 is identified as a critical milestone for Xiaopeng Motors, with plans for mass production of its new technologies, including the second-generation VLA and humanoid robots [4][11] - The company is strategically avoiding the complexities of industrial applications for its robots, focusing instead on service-oriented roles in the initial phase of commercialization [20]

Core Viewpoint - Xiaopeng Motors aims to redefine its identity beyond just an automotive company, focusing on becoming a leader in "physical AI" technology, which integrates digital and physical worlds [5][7]. Group 1: Company Strategy and Market Position - Xiaopeng Motors briefly surpassed Li Auto in market capitalization, becoming the highest-valued new energy vehicle company in China, with a market cap of $21.4 billion as of November 7, 2025 [5][7]. - The company has shifted its slogan to emphasize its focus on "embodied intelligence," indicating a broader technological ambition beyond just electric vehicles [7]. - Xiaopeng plans to launch three Robotaxi models in 2026, positioning itself as the first new energy vehicle company in China to enter the Robotaxi market [21][22]. Group 2: Technological Developments - The second-generation VLA model was developed to enhance the vehicle's understanding and interaction with the environment, utilizing a significant amount of computational resources and training data [11][20]. - The second-generation VLA is expected to improve performance in complex driving scenarios, with a 13-fold increase in average takeover mileage on complicated roads [20]. - Xiaopeng's Robotaxi will utilize a Level 4 autonomous driving system, designed without reliance on high-precision maps or LiDAR, which is considered an aggressive approach in the industry [22][24]. Group 3: Robotics and AI Integration - The second-generation IRON humanoid robot showcased at the technology day has sparked discussions about its capabilities, focusing on locomotion rather than manipulation, which is a more challenging area in robotics [27][28]. - Xiaopeng has shifted its strategy regarding the application of humanoid robots, moving away from industrial tasks to focus on service-oriented roles such as guiding and shopping assistance [30][31]. - The company acknowledges the significant technical challenges in developing dexterous hands for humanoid robots, which are crucial for broader applications in the future [32].