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 ...

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2026 年 01 月 07 日 防线人行业电 看好 相关研究 《关注中升控股; 福达股份、恒勃股份更 一一周一刻钟，大事快评（W138）》 新一 2025/12/30 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 shaoyi@swsresearch.com 申万宏源研究微信服务号 补贴政策受益分析;小鹏、 城销量解读 周一刻钟，大事快评（W139） 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 补贴政策受益分析：2026 年新能源汽车购置税补贴政策从"一刀切" 模式调整为分档 C 等比例补贴，导致单车补贴金额出现小幅下降。以 2025 年 Q4 销量结构为基准的测算显 示，政策影响呈现显结构性差异：中低端车型占比越高的企业,补贴退坡幅度越大。其 中吉利、比亚迪补贴退坡幅度较大，而小鹏、长城、零跑受影响相对较小，15-20 万以 上的高端品牌基本不受本次政策调整影响。我们认为本次补贴政策调整将显著重塑2026 年新能源汽车销量结构。此前依赖补贴支撑的 A0 级及 A00 级低端车型需求预计将显著 降低, ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《关注中升控股；福达股份、恒勃股份更 新——一周一刻钟，大事快评（W138）》 2025/12/30 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 07 日 补贴政策受益分析；小鹏、零跑、 长城销量解读 证 券 研 究 报 告 汽车 ⚫ 补贴政策受益分析：2026 年新能源汽车购置税补贴政策从"一刀切"模式调整为分档 等比例补贴，导致单车补贴金额出现小幅下降。以 2025 年 Q4 销量结构为基准的测算显 示，政策影响呈现显结构性差异：中低端车型占比越高的企业，补贴退坡幅度越大。其 中吉利、比亚迪补贴退坡幅度较大，而小鹏、长城、零跑受影响相对较小，15-20 万以 上的高端品牌基本不受本次政策调整影响。我们认为本次补贴政策调整将显著重塑2026 年新能源汽车销量结构。此前依赖补贴支撑的 A0 级及 A00 级低端车型需求预计将显著 降低，中高端新能源车型及整体 ASP 较高的企业将在 ...

Industry Overview - Electric vehicle stocks, including manufacturers, battery suppliers, and charging infrastructure providers, are gaining attention for their potential growth due to increasing EV adoption and technological advancements [2] - These stocks are characterized by high trading volumes and are subject to industry-specific risks such as rapid technological changes, supply chain constraints, and intense competition [2] Company Summaries - **Tesla, Inc.** designs, develops, manufactures, leases, and sells electric vehicles and energy systems globally, operating in two segments: Automotive and Energy Generation and Storage [3] - **Rivian Automotive, Inc.** focuses on designing, developing, and manufacturing electric vehicles, offering consumer models like the R1T pickup truck and R1S SUV [4] - **XPeng Inc.** specializes in smart electric vehicles in China, providing a range of models including SUVs and sedans, along with various services such as auto financing and ride-hailing [4]

Core Insights - November wholesale vehicle sales reached 1.706 million units, a year-on-year increase of 18.5% and a month-on-month increase of 5.8%, with a penetration rate of 56.9%, up 1.6 percentage points from the previous month [1] - Retail sales in November totaled 1.321 million units, reflecting a year-on-year growth of 4.0% and a month-on-month growth of 3.0%, with a penetration rate of 59.4%, up 2.2 percentage points from the previous month [1] - Exports in November amounted to 284,000 units, showing a significant year-on-year increase of 255.0% and a month-on-month increase of 19.3%, with a penetration rate of 47.3%, up 3.1 percentage points from the previous month [1] Sales Data by Manufacturer - Tesla sold 86,700 units in November, including 13,600 units exported [3] - BYD's sales reached 474,900 units, with 128,100 units exported, including various models such as Qin DMI (15,700 units) and Dolphin (31,000 units) [3] - SAIC-GM-Wuling sold 107,800 units, with 12,500 units exported, including 53,600 units of Hongguang MINI [3] - NIO sold 36,300 units, with 6,000 units of ES6 [3] - Li Auto sold 33,200 units, with L9 contributing 2,200 units [3] - XPeng sold 36,700 units, with 5,100 units exported [3] - Leap Motor sold 70,300 units, with 7,200 units of C11 [3] - Chery sold 111,600 units, with 48,100 units exported [3] - GAC Aion sold 38,300 units, with 4,100 units exported [3] - Geely sold 187,800 units, with 15,600 units exported [3] - Volkswagen ID sold 4,800 units [3] - Great Wall sold 40,000 units, with 4,500 units exported [3] - SAIC Passenger Cars sold 42,000 units, with 10,800 units exported [3] - Changan sold 107,000 units, with 4,200 units exported [3] - AITO sold 51,700 units [3] - Xiaomi sold 46,200 units, with 12,500 units of Xiaomi SU7 [3]

Core Viewpoint - XPeng Motors reported a significant increase in delivery volume and revenue for Q3, but the market reacted negatively due to lower-than-expected guidance for Q4 and concerns over declining vehicle prices and sales of higher-end models [1][4][12] Financial Performance - In Q3, XPeng Motors delivered 116,000 vehicles, a year-on-year increase of 149.3%, with revenue reaching 20.38 billion yuan, up 101.8% year-on-year [1] - The net loss for the quarter was 380 million yuan, a significant reduction from 1.81 billion yuan in the same period last year [4] - The company expects Q4 revenue to be between 21.5 billion and 23 billion yuan, representing a growth of approximately 33.5% to 42.8% [1] Market Reaction - Following the earnings report, XPeng's stock fell 6% in the US and 10.47% in Hong Kong, with continued declines over the next two days, indicating market disappointment [2][4] Sales Structure and Pricing - The MONA M03 model, positioned in the mid-to-low-end market, accounted for about 40% of sales, contributing to revenue growth but leading to a decline in average selling prices [2][4] - The average selling price of XPeng vehicles dropped from 205,700 yuan in 2022 to 188,500 yuan in 2024, with further declines noted in Q3 to 156,000 yuan [6][4] High-End Model Performance - Sales of higher-end models, such as the new P7, showed a decline after initial success, with October sales dropping over 30% from the previous month [9] - The G9 and X9 models also experienced significant sales drops, with monthly sales falling below 1,000 units [9][11] Strategic Diversification - Despite poor performance in the automotive sector, XPeng is expanding into new areas such as robotics and flying cars, which raises concerns about the focus on its core business [3][12] - The company aims to accelerate the development of AI and Robotaxi technologies, with plans for mass production by 2026 [11][12] Profitability and Margins - XPeng's gross margin reached 20.1% in Q3, but the automotive business gross margin fell to 13.1%, down from 14.3% in the previous quarter, raising further concerns about future profitability [12]

Core Viewpoint - The company aims to become a globally recognized embodied intelligence company, integrating humanoid robots with the automotive industry as its "third growth curve" following AI and globalization [1][2]. Group 1: Financial Performance - In Q3 2025, the company reported revenue of 20.38 billion, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [4]. - The net loss for Q3 was 380 million, reduced from 480 million in Q2 and 1.81 billion in the same period last year [4]. - The overall gross margin reached a new high of 20.1%, up 4.8 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [4]. - The company expects to achieve breakeven in Q4, with projected deliveries of 125,000 to 132,000 vehicles and revenue between 21.5 billion and 23 billion, representing year-on-year growth of 33.5% to 42.8% [7]. Group 2: Product Strategy and Market Position - The company plans to launch 7 new models next year, including 4 dual-energy vehicles, to enhance its market presence in the extended-range electric vehicle segment [10][11]. - The MONA M03 currently accounts for 40% of the company's sales, indicating a reliance that poses risks if market competition intensifies [5]. - The extended-range electric vehicle market is experiencing a decline, with wholesale sales down 1.9% year-on-year in October, and a continuous drop in market share since June [12][13]. Group 3: Research and Development Focus - R&D expenses reached 2.43 billion in Q3, a year-on-year increase of 48.7% and a quarter-on-quarter increase of 10.1% [6]. - The company is committed to humanoid robot development, with plans to mass-produce self-developed humanoid robots by the end of 2026, targeting annual sales of over 1 million units by 2030 [8][9]. - The company faces challenges in ensuring technological reliability, supply chain maturity, and scenario validation for its robot products [9].

Core Viewpoint - Xiaopeng Motors reported strong financial performance for Q3 2025, with significant increases in key operational metrics such as delivery volume, revenue, and gross margin [1][3]. Group 1: Delivery and Sales Performance - In Q3, Xiaopeng Motors delivered approximately 116,000 vehicles, a year-on-year increase of 149.3% [1]. - The monthly delivery volume reached a new high of 42,013 vehicles in October [1]. Group 2: Revenue Growth - Automotive sales revenue for Q3 amounted to 18.05 billion yuan, representing a year-on-year increase of 105.3% and a quarter-on-quarter growth of 6.9% [3]. - Total revenue for the quarter was 20.38 billion yuan, up 101.8% year-on-year and 11.5% quarter-on-quarter [3]. Group 3: Profitability and Margins - Xiaopeng Motors reported a net loss of 380 million yuan in Q3, significantly reduced from 1.81 billion yuan in the same period last year [3]. - The gross margin improved to 20.1%, an increase of 4.8 percentage points year-on-year, with automotive gross margin at 13.1% [3]. Group 4: Research and Development Focus - The company is committed to investing in physical AI research, with planned R&D expenditures reaching approximately 9.5 billion yuan by 2025, including 4.5 billion yuan specifically for AI [5]. - Xiaopeng Motors has already invested over 2 billion yuan in training costs for VLA technology since 2024 [5]. Group 5: Financial Position and Future Outlook - As of September 30, Xiaopeng Motors had cash and cash equivalents totaling 48.33 billion yuan, a record high [6]. - For Q4, the company expects vehicle deliveries to range between 125,000 and 132,000, with total revenue projected between 21.5 billion and 23 billion yuan [6].