小鹏汽车，要原地"上天"。 1月12日，据彭博社报道，小鹏汇天已聘请摩根大通和摩根士丹利协助筹备香港IPO，最快有望在今年内完成上市。这一消息如果属实，将意味着这家亚 洲规模最大的飞行汽车公司正式进入了资本运作的关键阶段。 而就在不久前的2025年11月，小鹏汇天位于广州黄埔的工厂刚刚迎来了首台量产车的下线。 从制造端的量产跑通，到资本端的独立上市，这一系列密集的动作表明，飞行汽车正在快速脱离"概念验证"阶段，转向实质性的商业化落地。 对于科技产业而言，这不仅是一家企业的融资行为，更是"低空经济"从图纸走向产业化的一个重要样本。 这不仅是何小鹏为小鹏汽车寻找"第二增长曲线"的豪赌，更是整个出行行业在地面交通"内卷"到极致后，一次壮烈的、向三维空间的集体突围。 地面已经杀红了眼，小鹏决定上天，但这片天空，真的会是坦途吗？ 01 当造车变成了一场"消耗战" 小鹏汇天急着上市，主要是"地面"上的硝烟久久不散。 在刚刚过去的2025年，中国新能源汽车市场的渗透率早已突破50%，但市场的繁荣并未带来安逸，反而加剧了前所未有的"内卷"。 价格战从年初打到年尾，已经成为了行业的常态。而车企为了保住市场份额，不断探底利润红线 ...

公司核心产品为分体式飞行汽车"陆地航母"，该产品于2024年首次公开飞行。为推进量产，小鹏汇天位 于广州的智能制造基地已于2025年11月3日试产并下线首台飞行器，标志着全球首条飞行汽车量产线贯 通。该工厂建筑面积约12万平方米，规划年产能可达10000辆，初期年产能为5000辆。 据彭博社援引知情人士消息，小鹏汽车旗下飞行汽车业务板块小鹏汇天已启动在香港首次公开募股 （IPO）的筹备工作。相关消息显示，小鹏汽车已聘请摩根大通和摩根士丹利负责推进上市事宜。 知情人士透露，小鹏汇天已通过保密方式向香港证券监管机构提交了股份发售申请，相关交易最早可能 在今年内完成。目前，具体的上市时间、融资规模及估值等细节尚未最终确定。对于上述市场传闻，小 鹏方面截至发稿未作出回应。 小鹏汇天是小鹏汽车生态体系内专注于飞行汽车研发与产业化的独立业务板块。公司前身汇天成立于 2013年，小鹏汽车于2020年对其进行投资，小鹏汇天随后正式成立。公开资料显示，该公司在2021年完 成超过5亿美元的A轮融资，并在2024年及2025年先后完成1.5亿美元B1轮及2.5亿美元B轮融资。 本文源自：市场资讯 作者：观察君 按照计划，其首款量 ...

小鹏汇天前身为汇天，早于2013年起航于东莞，小鹏汽车于2020年投资汇天，小鹏汇天随后正式成立， 于2021年完成逾5亿美元A轮融资，2024年再获1.5亿美元B1轮融资。有报道指，该公司已于去年中完成 2.5亿美元的B轮融资。 据报道，小鹏(09868)已秘密为其飞行汽车部门小鹏汇天在香港提交上市申请，目前已聘请摩根大通和 摩根士丹利协助其IPO事宜，有可能最快在今年内完成。 早在去年，便有消息称多家投行受邀参与竞标小鹏汇天在香港或美国的上市辅导工作。 根据小鹏汇天的官网，该公司是小鹏汽车的生态企业，以"全球领先的低空产品创造者"为愿景，以"让 飞行更自由"为使命，透过核心技术的自研革新与运用，致力于为用户打造安全、智能的飞行汽车等低 空出行产品，逐步解决个人飞行、空中通勤、公共服务等需求，推进低空出行方式，让人快速移动变 革，让人带来人捷带来的自由式飞行。 小鹏汇天的分体式飞行汽车"陆地航母"于2024年首次公开飞行，2025年海外首秀，早前该公司创始人赵 德力接受媒体群访时表示，目前"陆地航母"已获约5000台订单，公司计划2027年布局海外市场。 ...

小鹏汽车在1月8日举办全球新品发布会并直播，小鹏CEO何小鹏亲临现场并透露了小鹏汽车多项业务进展。何小鹏表示，2026年第一季度，小鹏第二代 VLA上车；2026年还将规模量产人形机器人和飞行汽车，并开启Robotaxi的运营。 在去年的小鹏科技日上，小鹏汽车一口气发布了小鹏第二代VLA、小鹏Robotaxi、全新一代IRON，以及汇天两套飞行体系等多项最新成果。何小鹏在现场 还宣布，小鹏汽车的定位升级为"物理AI世界的出行探索者，面向全球的具身智能公司"。 小鹏汽车第二代VLA去掉了"语言转译"环节，首次实现从视觉信号到动作指令的端到端直接生成，彻底颠覆了行业传统的「V-L-A」架构。该模型可跨域驱 动汽车、Robotaxi、机器人、飞行汽车。何小鹏表示，小鹏第二代VLA可以直接利用海量的真实驾驶视频进行训练，无需任何人工数据标注。小鹏汽车基于 第二代VLA发布了「小路NGP」功能，显著提升复杂小路与混行环境下的智驾表现，复杂小路的平均接管里程（MPI）提升了13倍。据悉，首批搭载车型包 括 2025 款小鹏 P7 Ultra、小鹏 G7 纯电 Ultra 以及小鹏 X9 超级增程 Ultra。 Robot ...

新华社北京12月18日电 《参考消息》近日刊发文章《"希望更多蒙古国民众了解今日中国"——蒙古国 记者"边走边拍边发"讲述中国高质量发展故事》。全文如下： 12月2日，蒙古国网络媒体记者团从零下30摄氏度的乌兰巴托飞赴20多摄氏度的花城广州，开启了跨越 南北的中国参访之旅。当天，"合作共赢·e路同行"中蒙网络媒体广东内蒙古行联合采访活动在广州启 动。蒙古国News.mn、Mass.mn、Zuv.mn等10家主流网站与中国媒体的30余名记者展开为期8天的调研 走访。 参访期间，记者团从广州、深圳开始，再飞赴呼和浩特、二连浩特，围绕科技创新、人工智能(AI)、生 物制药以及中蒙医药、能源发电、乳业产业、口岸建设等领域开展采访报道，记录中国高水平对外开放 和高质量发展的精彩篇章。记者们"边走边拍边发"，将新鲜出炉的体验第一时间在网络平台上发布。参 访团的大巴徐徐离开受访机构和企业时，记者们已经将"冒热气的"新闻实时分享给蒙古国民众。 "在科技创新方面，蒙古国要学习、可学习的领域太多了。我会通过编发最新的报道，将中国的技术介 绍给民众，帮助将中国的科技引入蒙古国，希望中国能与蒙古国共享机遇、共同发展。"News.mn ...

低空飞行器不仅要"飞起来"，还要"飞得好""飞得顺畅"。中国工程院院士樊会涛认为，要实现这个目 标，我国低空经济产业还面临一些挑战：一是能源挑战，电池技术是实现商业成功的关键基石；二是效 率挑战，自主智能水平是提升商业价值的重要因素；三是空域放开挑战。 广东低空经济正以头雁姿态"领飞"，低空经济产值、企业数量、无人机产量和出口额上，均居全国第 一。广东工业大学自动化学院教授、博士生导师谢胜利分析道，广东在各个环节具有较完整的配套能 力，是全国少数实现"产业链配套"的地区之一。由广东低空经济公司建设的广东省低空飞行综合管理服 务平台已于今年6月上线公测并即将对外发布。依托平台建设，广东已构建并逐步完善"1+3"飞行服务保 障体系，即广东省综合飞行服务站与广州、深圳、珠海三个飞行服务站，为全省低空飞行活动提供支 撑。 广州低贸会吸引了350余家企业及机构参展。其中广东本土企业达255家，占比超七成，覆盖eVTOL、 无人机系统、低空智联、雷达反制等全链条环节，彰显了我国在低空经济领域的综合实力与广东"头雁 领飞"作用。 论坛演讲 广东成低空经济"领头雁" 在中国工程院院士、北京航空航天大学教授向锦武看来，低空经济 ...

Core Insights - Xiaopeng Motors held its seventh Technology Day on November 5, 2023, themed "Emergence," where it announced its upgraded positioning as a "global embodiment intelligence company exploring mobility in the physical AI world" [1] Group 1: Technological Advancements - Xiaopeng has developed a full-stack self-research physical AI system covering chips, operating systems (large models), and smart hardware, providing a technical foundation for its intelligent technologies [3] - The second-generation VLA was introduced, eliminating the "language translation" step and enabling direct generation of action commands from visual signals, allowing for self-evolutionary learning [3] - The upcoming "Xiaolu NGP" feature will enhance intelligent driving performance in complex small roads and mixed environments [5] Group 2: Product Launches and Features - Xiaopeng will invite pioneer users to co-create experiences with the second-generation VLA by the end of December 2025, with a full rollout planned for the Xiaopeng Ultra models in Q1 2026 [6] - The second-generation VLA will be open-sourced for global commercial partners, making the public the first customers [6] - Xiaopeng plans to launch three Robotaxi models in 2026, starting trial operations, with the Robotaxi featuring four Turing AI chips and a computing power of 3000 TOPS [8] Group 3: Robotics and Aviation - The new generation of IRON was unveiled, designed with 82 degrees of freedom and capable of complex humanoid movements, powered by three Turing AI chips with an effective computing power of 2250 TOPS [10] - Xiaopeng Huitian introduced the "A868" flying car, designed for personal low-altitude flight, with a range of 500 kilometers and a maximum speed of 360 kilometers per hour, alongside a land carrier with over 7000 global orders [12]

Group 1 - Tesla's 2025 shareholder meeting approved Elon Musk's $1 trillion compensation plan, with over 75% of shareholders in favor [4] - Tesla plans to mass-produce Cybercab by April 2026, targeting an annual capacity of 5 million units [4] - The price of chromium has shown a significant upward trend, with metal chromium priced at 79,060 RMB/ton as of November 7, 2025, reflecting a 2,020 RMB increase from October 31 [14] Group 2 - The automotive sector underperformed the Shanghai Composite Index from November 3 to November 7, 2025, with the automotive index down 1.2% [3] - Xpeng Motors announced the launch of three Robotaxi models in 2026, featuring high computing power and a vision-based approach [6] - The new generation of humanoid robots from Xpeng, named IRON, is set for mass production by the end of 2026, featuring advanced AI capabilities [6] Group 3 - The new materials sector is expected to experience rapid growth due to increasing demand and policy support, with a focus on electronic information, new energy, and biotechnology [42] - The new energy sector, particularly in storage, has seen significant developments, with over 100 million kilowatts of new storage capacity installed in China by the end of September 2025 [48] - The chemical industry is anticipated to enter a growth cycle, driven by reduced competition and increased demand for specific sectors [41]

Core Insights - The low-altitude economy is poised for a new round of explosive growth, particularly in the eVTOL (electric vertical takeoff and landing) sector, with significant developments from companies like Xiaopeng Huitian [1][6]. Company Developments - Xiaopeng Huitian has commenced trial production at its flying car factory in Guangzhou, successfully rolling out its first "land aircraft carrier" flying vehicle, with plans for large-scale production and delivery starting next year [1][3]. - The factory, which spans approximately 120,000 square meters, is designed for mass production of flying cars, with an initial capacity of 5,000 units per year, scaling up to 10,000 units [3]. - Xiaopeng Huitian is developing two flight systems: the "land aircraft carrier" for personal low-altitude travel and the A868, a hybrid electric flying car aimed at efficient low-altitude transportation [3][6]. Market Overview - The domestic market for low-altitude economy is currently valued at around 500 billion yuan, primarily driven by civil drones and traditional general aviation [6]. - By 2030, the low-altitude economy is projected to reach 2 trillion yuan, quadrupling from 2023 levels, with the critical growth phase expected between 2026 and 2028 [6][28]. Competitive Landscape - Other players in the eVTOL space include EHang and Fengfei Aviation, both of which are also advancing their products and regulatory certifications [6][7]. - EHang's EH216-S has become the world's first eVTOL with complete commercial operation qualifications, while Fengfei Aviation's V2000CG has achieved similar certification for cargo transport [7][11]. Technological Trends - The eVTOL industry is characterized by three main technological routes: multirotor, compound wing, and tilt-rotor designs, with tilt-rotor technology gaining traction due to its superior performance [24][26]. - The A868 from Xiaopeng Huitian represents the advanced tilt-rotor design, which is expected to be the ultimate solution for eVTOL applications [24]. Policy Support - Recent policy measures in Guangdong province aim to support the development of the low-altitude economy, including reforms in airspace management and the establishment of flight service platforms [34][35]. - These measures are expected to facilitate the upcoming first round of explosive growth in the eVTOL sector, with similar initiatives being rolled out in other provinces [35][36].

Core Viewpoint - The future of automobiles is envisioned as four-wheeled robots, with intelligent driving becoming the core competitive point in the industry by 2025, as electric vehicle technology matures and becomes a basic threshold for entry [2][9]. Group 1: Industry Trends - The development of the new energy industry has shifted focus from electrification to intelligent driving, marking a new cycle of competition [2]. - Major tech companies are investing in physical AI, indicating a consensus that the next generation of human-machine interaction will be through robotics [2][9]. - The emergence of physical AI is expected to revolutionize various sectors, including automotive, robotics, and flying cars, creating a more integrated technological ecosystem [7][28]. Group 2: Company Developments - Xiaopeng Motors has been an early adopter of AI in the automotive sector, positioning itself in the first tier of intelligent driving companies in China [3]. - The company has achieved significant breakthroughs with its second-generation VLA model, which allows for autonomous understanding of physical laws, enhancing its intelligent driving capabilities [5][20]. - Xiaopeng's investment in AI infrastructure includes a 4.5 billion yuan annual investment in computing power, establishing a large-scale intelligent computing cluster to support its AI model training [16]. Group 3: Product Innovations - Xiaopeng plans to launch multiple products, including three Robotaxi models and a highly humanoid robot named IRON, aiming for mass production by the end of 2026 [22][30]. - The second-generation VLA model is designed to eliminate reliance on high-precision maps, enabling more flexible and cost-effective deployment of Robotaxi services [28]. - The company is also advancing in the flying car sector, with over 7,000 orders for its land carrier and ongoing flight verification for its multi-person tilt-rotor flying car [30]. Group 4: Competitive Landscape - The competition in the physical AI space is intensifying, with Xiaopeng and Tesla both recognizing the need for a combination of diverse hardware and unified software architecture to support AI's development in the physical world [12][17]. - Xiaopeng's approach to physical AI aims to create a synergistic effect across its various business lines, optimizing costs and enhancing overall competitiveness [26]. - The industry is witnessing a shift from a single-direction chase to a collaborative innovation model, where breakthroughs are achieved through the convergence of multiple fields [33].