1月8日，小鹏汽车(09868)举行2026全球新品发布会，会上推出四款全新车型：2026款小鹏P7+、小鹏 G7超级增程版以及焕新升级的2026款小鹏G6和G9。据悉，1月9日，2026款小鹏P7+将在欧洲比利时布 鲁塞尔上市，小鹏制造基地将面向大众开放。 小鹏汽车CEO何小鹏在发布会上表示，这四款新车都将搭载小鹏汽车第二代VLA(视觉-语言-动作)大模 型。这是行业首个实现L4级初阶能力的物理世界大模型。何小鹏同时宣布，2026年，小鹏将迎来物理 AI的落地和规模量产，将开始运营Robotaxi(无人驾驶出租车)，以及规模量产人形机器人和飞行汽车。 发布会上，小鹏汽车回顾了2025年成绩：2025年全球累计交付42.9万辆，同比增长126%，其中海外市 场贡献4.5万辆，同比增长96%，位居1-11月海外10国新势力品牌销量第一。小鹏位列全球新能源品牌销 量榜第一梯队，设有9大全球研发中心、3个海外本地化生产项目。另外，小鹏全球充电网络已覆盖31个 国家和地区，接入超266万桩。 ...

2025年，小鹏汽车全球交付42.9万辆，同比增长126%，海外市场方面，小鹏汽车已进入全球60个国家 和地区，共计交付4.5万辆。（智通财经记者 周姝祺） 1月8日，小鹏汽车发布四款新车，包括新款小鹏G6纯电版、新款小鹏G9纯电版、小鹏G7增程版、小鹏 P7+纯电和增程版。小鹏汽车CEO何小鹏在发布会上表示，这四款新车都将搭载小鹏汽车第二代VLA （视觉-语言-动作）大模型。何小鹏称，这是行业首个实现L4级初阶能力的物理世界大模型。今年，小 鹏将迎来物理AI的落地和规模量产，将开始运营Robotaxi（无人驾驶出租车），以及规模量产人形机器 人和飞行汽车。 ...

新华财经上海1月8日电当前，中国汽车产业正站在电动智能化浪潮的中后期关键节点，呈现出传统燃油 车、电动智能车以及以自动驾驶为代表的未来产业"三条产业曲线并存"的格局。2026年将成为行业从量 变到质变的重要转折年，产业生态将呈现更加复杂多元的发展态势。从政策驱动到市场自发增长，从技 术突破到商业落地，从国内竞争到全球布局，汽车产业正在经历结构性变革。 在这一背景下，日前，国元证券发布汽车行业2026年十大趋势展望，为投资布局提供了重要参考。 趋势一：以旧换新政策常态化，报废更新缺口支撑中长期需求 中国汽车保有量已超3.5亿辆，年度报废量仍显著低于新车销量，存在持续扩大的更新替换缺口。2024 年开始的"以旧换新"政策显著激发了市场需求，连续两年显示出政策发力的效果。预计2026年政策将从 阶段性刺激转向常态化工具，通过"报废+置换"并重提升精准度，使汽车消费继续担当稳内需与托底工 业生产的压舱石。 趋势二：新势力推动出口结构升级，中国汽车迈向全球价值链上游 中国汽车出口四年实现数倍增长，成为"第二增长曲线"。新势力车企通过高价值产品输出，显著提升了 中国汽车在全球市场的品牌溢价与科技形象。面对关税与贸易规则收 ...

步入2026年，有些事注定要发生，比如美联储主席鲍威尔时代的终结。还有些事很可能会发生，比如马 斯克让他的火箭公司SpaceX上市，这与其将x私有化的操作形成了一种巧妙的"反向操作"。 这一路上，我们将看到2025年各大头条新闻的后续进展和演变。当然，肯定会有没人能预料到的曲折。 所以显而易见，对待这些2026年的预测要保留一份健康的怀疑态度——把它们当作观察事态发展的一个 框架就好。 科技巨头冲破AI泡沫论 尽管关于AI泡沫的讨论不绝于耳，投资者对数据基础设施支出的怀疑情绪也在重燃，但科技巨头们并 未改变航向。 他们为什么要改呢？他们在广告、电子商务、软件和云服务方面拥有高利润的业务，这为他们继续推行 （目前尚未盈利的）兜售大语言模型的商业模式提供了充足的缓冲。 泡沫论不会平息，但跌跟头或面临某种生存级财务清算的，大概率不会是这些科技巨头。苦果将留给那 些较小的科技玩家和纯AI公司去品尝。 鲍威尔恐怕看不到他亲手策划的软着陆了 "马斯克交易"版图扩张 脑海中浮现的是他顶住白宫压力，以其标志性的、矜持的风格行事，而此时国会和其他机构要么默许， 要么影响力被削弱。 但如果你在去年12月的美联储会议上像记者那样问 ...

立目标之余，王皓俊进一步结合投资者关注的财务端与技术端进行了说明，"虽然财务指标无法完全反 映技术价值，但2030年的确可成为验证商业化路径的关键年。另外，单车盈利能力主要取决于成本控制 与营收规模两方面的平衡。其中，营收端的提升与规模化效应密切相关——只有达到一定的运营规模， 才能有效摊薄固定成本、提升车辆利用率，从而为实现可持续盈利奠定基础。" 在工业和信息化部正式宣布我国首批有条件自动驾驶L3级车型的准入许可后，智驾商业的路径也逐渐 明晰。而与L3相比，Robotaxi（无人驾驶出租车）商业化更是进入"秀肌肉"的时代。 如近日奔驰、Stellantis集团也公布了各自在Robotaxi上的进展；特斯拉正式在奥斯汀启动完全无人驾驶 Robotaxi测试；Waymo披露了其运营数据——自2025年至今，累计出行量已超1400万次，比2024年增长 三倍多，并有望在年底前实现累计出行量超2000万次；以及小马智行（02026）宣布第七代Robotaxi在 广州实现单车盈利转正…… 面对首次实现单车盈利转正，在12月16日的媒体沟通会上，小马智行联合创始人、首席财务官王皓俊也 结合公司发展再次给出了"应该是在2 ...

特斯拉方面称，利润下滑主要是由销售、一般行政费用、人工智能等研发项目推动的运营费用增 加，股票薪酬（SBC）等费用增加，以及一次性全自动驾驶（FSD）收入确认同比下降等原因导 致。 12月8日，特斯拉大跌3.39%，最终收于439.58美元，创下一周以来最大单日跌幅。此次股价波动或受 摩根士丹利的评级调整影响——该行将特斯拉从"增持"下调至"中性"。这也是摩根士丹利自2023年6月 以来对特斯拉的首次评级下调。 摩根士丹利新任特斯拉研究主管安德鲁·珀科科（Andrew Percoco）在履新首份研报中指出，特斯 拉当前的估值已经过高，市场对该公司未来增长的预期，特别是对其非汽车业务（如人工智能、机 器人）的乐观情绪，很可能已经充分反映在股价中。数据显示，特斯拉未来12个月预期市盈率约 210倍，在标普500成分股中高居第二，远超帕兰提尔科技的186倍，仅低于华纳兄弟探索公司的 220倍。 评级调整背后，是特斯拉利润增长明显承压。根据其2025年三季度财报，公司营收为281亿美元， 同比增长12%，创下同期历史新高。然而，净利润为13.73亿美元，同比下降了37%，运营利润率 仅5.8%，创近五年来最低，去年同 ...

Core Insights - Yuanrong Qixing showcased multiple models equipped with combined assisted driving solutions at the 2025 Guangzhou Auto Show, with CEO Zhou Guang announcing the delivery of 200,000 mass-produced vehicles featuring the urban NOA (Navigation Assisted Driving) system [1] - Since the launch of mass production models equipped with the Yuanrong Qixing urban NOA system in September 2024, the company has achieved a nearly 40% market share in the third-party urban NOA market within just over a year, delivering 10 models [1] Business Development - Yuanrong Qixing is accelerating the rollout of its Robotaxi business, having signed a strategic agreement with the Wuxi municipal government in October to establish a testing and R&D base, with plans to launch consumer-grade mass-produced Robotaxi models by the end of this year [1] - In 2026, Yuanrong Qixing will focus on three core businesses: mass-produced vehicle assisted driving, Robotaxi, and RoadAGI, aiming to expand its cooperative vehicle and customer system to achieve cumulative deliveries exceeding 1 million vehicles [1] - The Robotaxi business will be expedited for commercial rollout, aiming to create a replicable commercial Robotaxi system, while the RoadAGI business will continue to push for commercialization in key applications such as last-mile delivery [1]

对此，21财经.南财快讯记者联系了小鹏汽车，相关部门负责人表示，公司留意到市场消息后进行了核实，发现并非源自官方披 露的数据。随后，公司与消息发布方取得联系，对方称相关内容源自一份预测分析报告，并非小鹏汽车实际生产安排，公司因 此判定上述传闻不实。 21财经.南财快讯记者查询后发现，原消息发布页内容已修改，称相关机构分析师"在一份报告中写道，在2026年至2027年期间小 鹏汽车的无人驾驶出租车年产量可能会在数千辆以内。" 此前，在11月5日的"2025小鹏科技日"上，小鹏汽车宣布将在2026年正式推出三款Robotaxi(无人驾驶出租车)车型，同时还将启动 Robotaxi试运营，并称高德将成为小鹏Robotaxi的首个全球生态合作伙伴，未来双方将共同面向全球提供Robotaxi服务，引发市 场关注。 11月19日，21财经《辟谣财知道》注意到，有市场消息称，小鹏汽车(9868.HK)将于2026-2027年每年生产数千辆自动驾驶出租 车。 11月19日，小鹏汽车港股盘中窄幅震荡，报收85.70港元/股，跌0.29%，总市值为1637亿港元。 l "M 卖4 85.850 8.50万(13) 1.00 卖3 ...

Core Insights - Xiaopeng Motors reported Q3 2025 total revenue of 20.38 billion yuan, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5% [1] - The net loss for the quarter was 380 million yuan, down from a net loss of 1.81 billion yuan in the same period last year and 480 million yuan in the previous quarter [1] - Adjusted net loss, not in accordance with US GAAP, was 150 million yuan, compared to 1.53 billion yuan in the same period last year and 390 million yuan in the previous quarter [1] Financial Performance - Total revenue for Q3 2025 reached 20.38 billion yuan, marking a significant growth of 101.8% year-on-year and 11.5% quarter-on-quarter [1] - The company reported a net loss of 380 million yuan, a notable improvement from the previous year's loss of 1.81 billion yuan and a reduction from the last quarter's loss of 480 million yuan [1] - Adjusted net loss was 150 million yuan, significantly lower than the 1.53 billion yuan loss in the same quarter last year and the 390 million yuan loss in the previous quarter [1] Strategic Developments - Xiaopeng Motors is focusing on "physical AI" research and development, aiming to redefine technological advancements in the automotive industry [2][3] - The company plans to enhance its competitive advantage in "physical AI" through a combination of full-stack self-research and cross-domain integration [3] - The partnership with Volkswagen for the Turing chip is expected to generate revenue starting in Q4 2025, with significant growth anticipated as joint vehicle development progresses [4][5][6] Robotics and Future Outlook - Xiaopeng Motors aims to achieve a sales target of 1 million robots by 2030, with a focus on humanoid robots that integrate seamlessly into daily life [7][8] - The company is working on overcoming challenges related to the mass production of its IRON robot, with expectations for a new generation of robots to enter production soon [9][10] - The anticipated commercialization of robots is expected to expand into various applications, including industrial and household settings within five years [10][11] Product Launches and Market Expansion - Xiaopeng Motors plans to launch four new models in 2026, including both pure electric and extended-range versions, targeting different market segments [13][14] - The company is expanding its international presence with local production facilities in Indonesia and Austria, aiming to increase production capacity and support overseas growth [16][17] - The introduction of super extended-range models is expected to significantly drive sales growth in the upcoming year [15]

Investment Rating - The report maintains a positive investment rating for leading internet companies with stable performance and strong AI positioning, such as Tencent Holdings, Kuaishou, Bilibili, Meitu, and Yuedu Group [1]. Core Insights - The report emphasizes the upcoming third-quarter earnings reports for Hong Kong-listed internet companies and continues to recommend companies that are performing well and are leaders in the AI sector [1]. Summary by Sections Important Announcements - Weimeng Group reported an increase of 172 million shares issued as of October 31, 2025, with a subscription price of HKD 2.26 per share [2]. - Fubo Group's third-quarter revenue grew approximately 27% year-on-year, with mainland China business revenue increasing about 22% [3]. Market Performance Review - The overall market performance from November 3 to November 9 shows the Shanghai Composite Index rising by 1.08%, while the Hang Seng Internet Technology Index fell by 2.21% [15]. - Tencent Holdings saw a slight increase of 0.79%, while Bilibili-W and Kuaishou-W experienced declines of 6.71% and 5.67%, respectively [20]. Core Recommendations and Rationale - Tencent Holdings is highlighted for its strong performance in gaming, social networking, and marketing services, with significant revenue growth in various segments [24]. - Kuaishou is noted for its user engagement improvements and revenue growth in advertising and e-commerce, with a focus on technological innovation [25]. - Bilibili is recognized for maintaining strong performance in advertising and gaming, with a focus on releasing commercial value [26].