1月8日，小鹏汽车董事长何小鹏在新车发布会上谈此前在美试驾特斯拉FSD感受，他认为只能用一个词 来形容就是震惊。此前他以为无论是NGP还是FSD都只是更好的L2，何小鹏还提到，以前自己试过中国 和海外不同公司的城市驾驶辅助，感觉坐到后面都是半斤八两，实际上是可以用但要小心用，但这一次 去硅谷体验完FSD后他感到很震惊，他觉得小鹏从VLA1.0跳到VLA2.0变化速度已经非常快，但对于特 斯拉这一次V14的升级，可以用同样的硬件同样的算力完全升级到一个不一样的状态，他感到很惊讶， 如果你没有体验过，不会有一种全新时代的开始的感觉。 责任编辑：江钰涵 责任编辑：江钰涵 来源：麻辣车评 来源：麻辣车评 1月8日，小鹏汽车董事长何小鹏在新车发布会上谈此前在美试驾特斯拉FSD感受，他认为只能用一个词 来形容就是震惊。此前他以为无论是NGP还是FSD都只是更好的L2，何小鹏还提到，以前自己试过中国 和海外不同公司的城市驾驶辅助，感觉坐到后面都是半斤八两，实际上是可以用但要小心用，但这一次 去硅谷体验完FSD后他感到很震惊，他觉得小鹏从VLA1.0跳到VLA2.0变化速度已经非常快，但对于特 斯拉这一次V14的升级，可以用 ...

Group 1 - The company achieved a record high in total deliveries and gross margin in Q3 2025, with total revenue reaching 20.38 billion yuan, a year-on-year increase of 101.8%, and a significant reduction in net loss to 380 million yuan. Total delivery volume reached 116,007 units, a year-on-year increase of 149.3%, and the gross margin exceeded 20% for the first time, reaching 20.1% [1] - The company has launched a "dual power" strategy to address user range anxiety, introducing the first range-extended model, the X9 EREV, which features a 63.3 kWh battery and a conversion rate exceeding 3.6 kWh/L, achieving a pure electric range of 452 km. Additional range-extended versions of key models such as G6, G7, and P7i are expected to be launched in Q1 2026, along with four new models including two SUVs on the MONA platform [1] - The company is expected to enter a strong product cycle with the launch of range-extended and new models, leading to a continuous increase in vehicle sales [1] Group 2 - The company is transitioning to a "physical AI" company, showcasing its commitment and specific path at the 2025 Technology Day. The core technology, VLA 2.0, is a second-generation visual-language-action model that enhances reasoning efficiency by 12 times and improves average takeover mileage in complex scenarios by 13 times. This model is planned for full deployment on Ultra models in Q1 2026 and is expected to extend to robotics and other embodied intelligence fields [2] - The company announced the launch of China's first fully self-developed front-mounted mass-produced Robotaxi, with plans to introduce three models in 2026 and begin trial operations in H2 2026. Despite a gap in operational experience compared to industry leaders, the innovative "fully shared + private" business model may allow the company to secure a position in the billion-level mobility market [2] - The humanoid robot IRON is set to achieve mass production by the end of 2026, with initial trials in commercial scenarios such as guiding and shopping. The AI technology developed for the humanoid robot will also benefit the autonomous driving sector, creating a positive feedback loop [2] Group 3 - Revenue forecasts for the company from 2025 to 2027 are projected to be 75.8 billion, 132.1 billion, and 166.3 billion yuan, with year-on-year growth rates of 85.4%, 74.3%, and 25.9%, respectively. The net profit attributable to the parent company is expected to be -1.55 billion, 2 billion, and 6.13 billion yuan [3]

Core Viewpoint - Xiaopeng Motors is set to release VLA 2.0 in the next quarter, with a bet placed by Chairman He Xiaopeng regarding its performance compared to FSD V14.2 in Silicon Valley by 2026 [1][2] Group 1 - He Xiaopeng recently tested and compared the latest FSD V14.2 version and Robotaxi in Silicon Valley, noting significant improvements from over a year ago when FSD was at L2 level [2] - The FSD system has progressed to a quasi-L4 level, providing a smoother and more reliable driving experience, with standard vehicles and Robotaxi showing consistent performance [2] - He Xiaopeng believes that the future will involve a unified self-driving system and hardware that will cater to both private RoboCars and shared Robotaxis, allowing users to potentially skip L3 and directly experience L4 driving [2]

Core Insights - The article discusses the advancements in autonomous driving technology, particularly focusing on the development and implementation of VLA (Vehicle-Language Architecture) by Xiaopeng Motors, highlighting its significance in the industry [14]. Group 1: Company Developments - Xiaopeng Motors has announced the launch of VLA 2.0, which represents a significant step in the evolution of autonomous driving technology, transitioning from perception-based systems to more integrated approaches [14]. - The article reflects on a year of research and development in VLA, indicating a shift in focus from traditional perception methods to VLA, which aims to enhance the vehicle's decision-making capabilities [14]. Group 2: Industry Trends - The article notes a growing trend in the industry towards end-to-end autonomous driving solutions, with VLA being positioned as a potential game-changer in how vehicles interact with their environment [14]. - There is a discussion on the competitive landscape, particularly the debate between world models and VLA routes, suggesting that the industry is at a crossroads in terms of technological direction [14]. Group 3: Research and Academic Contributions - The article mentions recent academic contributions, such as the paper from The Chinese University of Hong Kong (Shenzhen) and Didi, which proposes a new method for dynamic driving scene reconstruction, indicating ongoing research efforts in the field [14].

Core Viewpoint - The automotive sector is experiencing mixed performance, with the commercial passenger vehicle segment showing a slight increase of 0.8%, while other segments like passenger vehicles and commercial cargo vehicles have seen declines of 3.4% and 3.2% respectively [1][2]. Industry Performance - The automotive industry has shown varied performance this week, with the best-performing sub-sector being commercial passenger vehicles, which increased by 0.8%. In contrast, the overall automotive sector declined by 1.2%, with commercial cargo vehicles down by 3.2% and passenger vehicles down by 3.4% [1][2][4]. Key Developments - Tesla's $1 trillion compensation plan has been approved, with ambitious performance targets including the delivery of 20 million vehicles, achieving 10 million active Full Self-Driving (FSD) users, commercializing 1 million Robotaxis, delivering 1 million Optimus robots, and reaching an adjusted annual EBITDA of $400 billion [3][4]. - XPeng Motors has launched its VLA2.0, the first fully self-developed Robotaxi, a new generation humanoid robot named IRON, and two flight systems [3][4]. - Companies such as Sunseeker, Pony.ai, and WeRide have officially listed on the Hong Kong Stock Exchange [3][4]. Investment Opportunities - The automotive industry is perceived to be at a crossroads, transitioning from the end of electric vehicle incentives to the dawn of automotive intelligence and robotics innovation [5]. - Key investment themes include: - **AI Smart Vehicles**: Focus on Robotaxi and Robovan applications, with major players like Tesla, XPeng, and various technology providers [6]. - **AI Robotics**: Emphasis on selecting quality components from companies like Top Group and Junsheng Electronics [6]. - **Growth and Favorable Structure**: Investment in buses (Yutong), heavy trucks (China National Heavy Duty Truck Group, Weichai Power), and two-wheelers (Chunfeng Power) [6].

Group 1: Key Insights on Xiaopeng's VLA2.0 Release - Xiaopeng's VLA2.0 showcases enhanced efficiency and faster response times compared to its predecessor [2][10] - The major innovation in VLA2.0 is the elimination of the language translation step, allowing direct conversion from visual input to action, similar to DeepSeek OCR [2][10] - VLA2.0 focuses on using real-world physical signals (video streams) for input and continuous signals for output, simplifying the network structure [2][10] - The training of VLA2.0 required 30,000 computing units, over 2 billion yuan in training costs, and nearly 100 million training data points [2][10] - VLA2.0 is set to be rolled out after Q1 2026 [2][10] Group 2: Financial Market Insights - In Q3 2025, the bond market experienced significant fluctuations, but the net value of wealth management products only saw a slight decline, indicating stability in the market [3][13] - The net value break-even rate of wealth management products rose from a low of 0.87% on August 10, 2025, to 4.29% on September 28, 2025, reflecting a modest increase [3][13] - Wealth management products adjusted their portfolio strategies during the bond market's downturn, employing methods such as increasing allocations to amortized cost valuation bonds and cash equivalents [3][13] Group 3: Public Fund Analysis in Chemical Sector - In Q3 2025, public funds reduced their allocation to chemical sector heavyweights, marking the lowest level in over a decade, with a slight decrease in overall allocation to 1.67% [19][22] - The top ten heavyweights in the chemical sector saw a decline in their market value share, indicating a shift in investor sentiment towards more resilient cyclical products [19][22] - The report suggests maintaining a "positive" outlook on the chemical industry, focusing on sectors such as textiles, agriculture, and export-related chemicals [19][22]