Core Insights - The article highlights the strategic hiring of Zhou Shuchang, an AI expert, by XPeng Motors to enhance its autonomous driving algorithms and deepen the training of its foundational models, indicating an expansion of its "Physical AI" strategy [2][4]. Group 1: Talent Acquisition - Zhou Shuchang, a prominent AI scientist with experience at Google and other tech firms, has joined XPeng as the Senior Director of Autonomous Driving Algorithms, reporting to Liu Xianming [3][4]. - The recruitment of Zhou is seen as a significant step in strengthening XPeng's capabilities in large model reinforcement and improving its autonomous driving algorithm stack [4]. - XPeng has been actively recruiting AI talent from major companies and universities, building a team that focuses on multimodal foundational models and reinforcement learning [4]. Group 2: Investment in AI - XPeng's CEO, He Xiaopeng, has outlined a long-term investment plan of approximately 500 billion yuan, with 300 billion yuan allocated to AI and 200 billion yuan to hardware and software [6]. - The company has established the first AI computing cluster in the domestic automotive industry, with an expected investment of 4.5 billion yuan in AI and autonomous driving by 2025 [6]. - XPeng's large-scale autonomous driving model, with 72 billion parameters, integrates visual, language, and behavioral modalities, showcasing its advanced AI capabilities [6]. Group 3: Upcoming Developments - XPeng is set to unveil key breakthroughs in its "Physical AI" strategy during its Technology Day on November 5, with a focus on a foundational model capable of simulating the physical world [7][8]. - The internal code name for this model is "World Model," which is considered crucial for achieving Level 4 autonomous driving [7]. - The company aims to redefine the competitive landscape in smart driving through high salaries to attract top AI scientists and a systematic engineering approach [8].

Core Insights - XPeng Inc. reported record vehicle deliveries in September 2025, with 41,581 Smart EVs delivered, marking a 95% year-over-year increase and a 10% month-over-month increase, surpassing the 40,000 monthly deliveries milestone [2][8] - For the third quarter of 2025, XPeng delivered a total of 116,007 Smart EVs, representing a 149% year-over-year increase [2][8] - Cumulative deliveries for the first nine months of 2025 reached 313,196 units, which is a 218% increase compared to the same period in 2024 [2] Production and Milestones - The 10,000th New XPENG P7 was produced in September, making it the fastest model in the company's lineup to achieve 40 jobs per hour on a new production line [3] - XPeng achieved a monthly active user penetration rate of 83% for its XNGP in urban driving, with the rollout of its VLA-powered XNGP featuring door-to-door full scenario ADAS capabilities [4] ESG and Company Overview - XPeng received the highest MSCI ESG Rating of AAA for the third consecutive year, reinforcing its leading position in the global automotive industry [3] - The company focuses on designing, developing, manufacturing, and marketing Smart EVs, targeting technology-savvy middle-class consumers [5]

Core Insights - Hisense TV held its 2025 Autumn New Product Launch on September 26, introducing dual flagship products featuring RGB-Mini LED display technology, marking a significant advancement in the global display industry towards RGB-Mini LED color backlight era [1] Product Launch Details - The newly launched flagship products include the imaging flagship U7S Pro and the gaming flagship E8S Pro, showcasing the company's commitment to innovation in display technology [1] - Additional products released during the event include the high-end Mini LED TV E7Q, the wall-mounted TV A7Q, and the 3A original picture display monitor G7 Ultra, expanding the company's product lineup in the premium segment [1]

机构：国投证券 研究员：徐慧雄/者斯琪 毛利率提升显著，经营效率持续改善。 1）25Q2 汽车销售毛利率14.3%，同比+8.0pct，环比+3.9pct，同环比提升显著。公司汽车销售毛利率环 比大幅提升一方面由于产品销售结构的变化；另一方面公司持续推进技术降本及供应链降本；此外公司 Q2 销量环比提升，带来规模效应提升。 2）公司经营效率持续改善，费用率环比下降。25Q2 公司研发/销售、一般及管理费用率分别为 12.1%/11.9% ， 同比-6.01/-7.54pct，环比-0.45/-0.45pct。 展望：AI 能力强大，增程系列开启产品大周期。 1）24 年以来公司经营能力持续改善，管理能力、组织效率、供应链能力以及产品打造能力均大幅提 升。 2）新车周期强势：新款P7 即将上市；Q4 增程新车上市；25 年2款Mona SUV 及多款增程。 事件：小鹏汽车发布2025Q2 业绩：2025Q2 实现营业收入182.7亿元，同比+125.3%，环比+15.6%；净亏 损4.8 亿元，同环比亏损收窄；Non-GAAP 净亏损3.9 亿元，同环比亏损收窄。 强势产品周期销量驱动营收高速增长： 1）25Q ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 102.6 for the next six months [7]. Core Views - The company reported significant revenue growth in Q2 2025, achieving revenue of CNY 18.27 billion, a year-on-year increase of 125.3% and a quarter-on-quarter increase of 15.6% [1]. - The automotive sales revenue reached CNY 16.9 billion in Q2 2025, up 148% year-on-year and 17% quarter-on-quarter, with vehicle deliveries of 103,000 units, representing a year-on-year increase of 241.6% [2]. - The gross margin for automotive sales improved significantly to 14.3%, an increase of 8.0 percentage points year-on-year and 3.9 percentage points quarter-on-quarter, driven by changes in product sales structure and cost reduction efforts [3]. - The company is expected to continue its strong product cycle with new models launching, including the new P7 and two new Mona SUVs in 2025 [4]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are CNY 90 billion, CNY 138.9 billion, and CNY 173.6 billion respectively, with corresponding price-to-sales ratios of 1.7, 1.1, and 0.88 [4]. - The net loss for 2025 is estimated at CNY 3.16 billion, improving from a loss of CNY 5.38 billion in 2024 [5]. - The company’s gross margin is projected to reach 16.0% in 2026 and 20.0% in 2027, indicating a positive trend in profitability [10].