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].

证券研究报告 行业研究 / 行业点评 2025 年 11 月 06 日 汽车 资料来源：聚源数据，爱建证券研究所 相关研究 《新势力销量持续高增——智能汽车数据销量 跟踪（一）》2025-11-04 《小鹏科技日前瞻：物理 AI 与世界模型或有突 破——智能汽车系列报告（一）》2025-11-03 《汽车行业周报：特斯拉 FSD 大版本更新，高 阶智驾发展加速》2025-10-13 《汽车行业周报：理想 i6 切入主流市场，品牌 焕新助力纯电破局》2025-09-29 《碳陶制动盘：高端标配，自主向上——碳陶 制动盘行业深度报告》2025-09-28 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 行业研究 2025 年 11 月 06 日 联系人 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 小鹏发布全新 IRON 机器人，具身智能发展加速 ——智能汽车系列报告（二） 强于大市 投资要点： 事件概要：11 月 5 日，小鹏科技日以"涌现"为主题，发布以"物理 AI"为核心的下 ...