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BGXL
BGXL
·
01-26
估计还是组合拳，低息多年打趴一遍，再加上低价款覆盖，没实力的话还真竞争不过。
告别“一锤子买卖”！特斯拉、小鹏、理想等品牌相继推出7年期超低息购车方案
2026年1月，中国新能源汽车市场以一场前所未有的金融战役拉开了序幕。1月22日，小鹏汽车正式宣布加入“7年低息购车俱乐部”，推出了覆盖全系车型的7年低息分期方案，将首付门槛降至15%起，月供最低只需1355元，创造了市场新低。这一激进策略彻底点燃了市场，也将这场由特斯拉在月初引爆的“金融战争”推向了白热化。
告别“一锤子买卖”！特斯拉、小鹏、理想等品牌相继推出7年期超低息购车方案
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BGXL
BGXL
·
01-25
某想，产品定义高手?在竞争对手少的时候能自封，当大家都增程的时候，核心优势在哪里？不好意思，啥都没有，就是个组机的，跟电脑界的LX有得一比，格局就那样，这不是洗稿把自己名字放在其它竞争对手前面，不是混发信息搞乱自驾先锋是自己就能得逞的，净整些上不了台面的花活，到最后只有一个结局，被踢下台。
2025 年车圈期末考，有人躺赢，有人退步
2025 车企年终总结：有人躺赢！看完这一年各个车企销量成绩单，只能说：有人笑到合不拢嘴，还有人在及格线边缘疯狂试探。甚至，其2025 年第三季度毛利率达 26.4%，实现单季盈利，商业化落地能力尤为突出。2025年，蔚来以 32.6 万辆排在新势力六强末尾，完成率74%。2025年蔚来一度要被淘汰，上半年一共才交付11.4万辆车。靠着乐道L90和蔚来es8接连两个爆款，蔚来四季度交付了12.5万辆车，比整个上半年都多。
2025 年车圈期末考，有人躺赢，有人退步
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BGXL
BGXL
·
01-19
钱！！！！！！
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BGXL
BGXL
·
01-16
卖老不思进取型。
“车圈斗士”魏建军，又和小米、特斯拉们唱反调了？
在汽车圈，长城CEO魏建军，有一个“车圈斗士”的称号。而近日，他又对小米、特斯拉等车企开炮了，目标就是那个“一体化大压铸”。魏建军称，一体化压铸车身维修性差，成本高，让汽车的维修费用和保险费用双双飙升，所以长城不用这个技术，他还表示，全球老牌车企也不用这个技术。目前全面使用这个一体化压铸技术的，主要就是特斯拉、小米、小鹏等新势力车企，所以魏建军这个话，就是对准特斯拉、小米的。
“车圈斗士”魏建军，又和小米、特斯拉们唱反调了？
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BGXL
BGXL
·
01-14
，
小鹏智驾负责人刘先明：我肯定不用裸奔了，小鹏你就等着建食堂吧
21世纪经济报道记者何煦阳报道小鹏智驾负责人刘先明：我可以非常确定你肯定输了，准备好建食堂吧。现在网上有很多梗，说我们第二代VLA叫做“先明裸奔版”。我可以放心地告诉大家，你们可能要失望了，你们应该看不到这一幕发生。我们现在测试进程和研发进程都比较顺利，车主今年第一季度会有一个稳定版本可以使用，并且可以持续提升，争取8月，让车主们看到超过我和大师兄打赌的版本。
小鹏智驾负责人刘先明：我肯定不用裸奔了，小鹏你就等着建食堂吧
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BGXL
BGXL
·
01-08
但按照英伟达的劣迹，基本上用了这模型的车企，基本上是给其做嫁衣，偷车企数据给其完善模型，然后它又拿这新模型不断营销拉新猪入伙，最后让众车企一场空，竞争力也给平权掉了。
汽车行业点评报告：英伟达发布推理智驾模型Alpamayo，智驾功能有望加速“平权”
目前搭载英伟达智驾方案车型将于2026年一季度在美国上路，二季度有望进军欧洲，下半年在亚洲上路；目前捷豹路虎、Uber、Lucid等将利用Alpamayo推动L4落地。城区智驾迈向“平权”，Robotaxi加速全球落地英伟达推出智驾算法并开源有望加速智驾产业成熟落地。智驾功能有望持续从中高端车型下沉。
汽车行业点评报告：英伟达发布推理智驾模型Alpamayo，智驾功能有望加速“平权”
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BGXL
BGXL
·
01-08
只要不锁定芯片和模型关联，多个开源就是好事情，毕竟模型能自由选，芯片能自由选，有助于行业快速迭代。
汽车行业点评报告：英伟达发布推理智驾模型Alpamayo，智驾功能有望加速“平权”
目前搭载英伟达智驾方案车型将于2026年一季度在美国上路，二季度有望进军欧洲，下半年在亚洲上路；目前捷豹路虎、Uber、Lucid等将利用Alpamayo推动L4落地。城区智驾迈向“平权”，Robotaxi加速全球落地英伟达推出智驾算法并开源有望加速智驾产业成熟落地。智驾功能有望持续从中高端车型下沉。
汽车行业点评报告：英伟达发布推理智驾模型Alpamayo，智驾功能有望加速“平权”
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BGXL
BGXL
·
01-06
$小鹏汽车-W(09868)$
2026两点看法，之后就不提了…… 1 总部设唯一客服和投诉中心，所有门店售后客服取消，约束过程，直面结果，客户满意为唯一导向，这一点可学学马云；可做个程序，分类管理，全流程记录及监管； 2 养老型公关部可休亦，公关部设在客服旁边，紧听市场脉动，协同处理微小，发力重难点，堵住可能的任何的遗患，多关注百度资讯搜索及其它舆情端，在火点出现时，第一时间应对，面对对手，敢用灰色的方式平定事态，手段不重要，解决和传导风险隔离才是重点，公关部是什么？战斗部！！！ 从局外人角度看，一句话:舆情处理不到位，事倍功半。
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BGXL
BGXL
·
01-05
小鹏公关部真的很糟糕，纯粹一帮秀才。每次热头上，就一堆人为负面大肆铺来，这么明显的针对攻击，就没一点反抗和攻击能力，以实力硬抗最后吃亏的还是销量
盈利大考冲刺关头，千亿小鹏被指“虚假宣传”
小鹏汽车被指“虚假宣传”2025年末，《经济参考报》发布一篇题为《小鹏汽车部分车型被指涉嫌“销售欺诈”》的报道，引发外界广泛关注。率先引入激光雷达后，转身拥抱纯视觉路线此番小鹏汽车被指虚假宣传的背后，或与气其智驾技术路线的转变密切相关。前三季度业绩大涨，四季度交付不及指引天眼查显示，小鹏汽车于2020年、2021年先后登陆美股、港股两地资本市场。
盈利大考冲刺关头，千亿小鹏被指“虚假宣传”
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BGXL
BGXL
·
01-05
p7背锅
小鹏副总裁陈永海离职，王凤英暂代产品部
凤凰网科技讯 1月4日，据《云见 Inisight》获悉，小鹏产品中心副总裁陈永海于 2025年12月离职，其职务暂由总裁王凤英接替。据了解，陈永海于2010年加入UC，担任产品主管，负责UC桌面等多款产品的规划与设计。2022年1月，陈永海加入小鹏汽车。2022年7月卸任长城汽车总经理职务后，继续参与战略管理工作。2023年1月30日起担任小鹏汽车总裁，负责产品规划及销售业务。数据显示，2025年全年小鹏汽车累计交付新车429,445台，同比增长126%。
小鹏副总裁陈永海离职，王凤英暂代产品部
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10:03","market":"hk","language":"zh","title":"告别“一锤子买卖”！特斯拉、小鹏、理想等品牌相继推出7年期超低息购车方案","url":"https://stock-news.laohu8.com/highlight/detail?id=2606267406","media":"华夏时报网","summary":"2026年1月，中国新能源汽车市场以一场前所未有的金融战役拉开了序幕。1月22日，小鹏汽车正式宣布加入“7年低息购车俱乐部”，推出了覆盖全系车型的7年低息分期方案，将首付门槛降至15%起，月供最低只需1355元，创造了市场新低。这一激进策略彻底点燃了市场，也将这场由特斯拉在月初引爆的“金融战争”推向了白热化。","content":"<div>\n<p>2026年1月，中国新能源汽车市场以一场前所未有的金融战役拉开了序幕。1月22日，小鹏汽车正式宣布加入“7年低息购车俱乐部”，推出了覆盖全系车型的7年低息分期方案，将首付门槛降至15%起，月供最低只需1355元，创造了市场新低。这一激进策略彻底点燃了市场，也将这场由特斯拉在月初引爆的“金融战争”推向了白热化。 半个月前，特斯拉率先打破常规，推出“特悠享”限时购车方案，为Model 3和Model...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202601263630316820.html\">网页链接</a>\n\n</div>\n","source":"stock_eastmoney","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" 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left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n告别“一锤子买卖”！特斯拉、小鹏、理想等品牌相继推出7年期超低息购车方案\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-26 10:03 北京时间 <a href=http://finance.eastmoney.com/a/202601263630316820.html><strong>华夏时报网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2026年1月，中国新能源汽车市场以一场前所未有的金融战役拉开了序幕。1月22日，小鹏汽车正式宣布加入“7年低息购车俱乐部”，推出了覆盖全系车型的7年低息分期方案，将首付门槛降至15%起，月供最低只需1355元，创造了市场新低。这一激进策略彻底点燃了市场，也将这场由特斯拉在月初引爆的“金融战争”推向了白热化。 半个月前，特斯拉率先打破常规，推出“特悠享”限时购车方案，为Model 3和Model...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202601263630316820.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","BK1587":"次新股","BK4534":"瑞士信贷持仓","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME 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INC","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4511":"特斯拉概念"},"source_url":"http://finance.eastmoney.com/a/202601263630316820.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2606267406","content_text":"2026年1月，中国新能源汽车市场以一场前所未有的金融战役拉开了序幕。1月22日，小鹏汽车正式宣布加入“7年低息购车俱乐部”，推出了覆盖全系车型的7年低息分期方案，将首付门槛降至15%起，月供最低只需1355元，创造了市场新低。这一激进策略彻底点燃了市场，也将这场由特斯拉在月初引爆的“金融战争”推向了白热化。 半个月前，特斯拉率先打破常规，推出“特悠享”限时购车方案，为Model 3和Model Y提供7年超低息贷款，年化利率仅为0.98%，首付7.99万元起，月供可低至1918元。这一利率不仅远低于传统的汽车消费贷款，甚至逼近了部分公积金贷款利率，瞬间重写了行业金融游戏的规则。紧接着，小米和理想汽车迅速响应，分别在1月15日和1月20日宣布跟进，形成了四大头部品牌激烈角逐的局面。 这场看似只是降低月供的金融创新，实则折射出中国新能源汽车产业发展的深层变革。2025年，新能源汽车市场渗透率虽已突破45%，但销量增速从2024年的35.2%大幅放缓至18.7%。在增长动能转换的关键节点，车企之间的竞争已从续航里程、智能配置等产品层面的“军备竞赛”，全面升级至对用户购车决策模型的重构和金融生态的深度运营。 全面跟进的差异化竞争 在政策推出后，《华夏时报》记者走访了几家新能源汽车展厅，发现一个显著变化。销售人员的核心话术已经从续航里程和车辆配置，转变为月供数字。在北京一家小鹏汽车体验中心，销售人员对记者表示：“您看的这款MONA M03，指导价是11.98万元，现在首付仅需1.8万元，分84期还款，月供1355元，这相当于每天只要45元，比您打车上下班的费用要低。” 这种从“产品参数导向”到“财务方案导向”的转变，正在全国各地的汽车展厅同步上演。在特斯拉体验店，销售顾问王女士告诉记者，她现在大部分时间都在解释各种金融方案。“很多客户原本计划全款购车，但当了解到年化利率仅0.98%时，他们会重新考虑资金的使用效率。” 值得一提的是，不同品牌在销售策略上呈现出鲜明差异。理想汽车的销售团队更侧重家庭财务规划，销售人员向记者分享道：“我们不只是谈论月供数字，而是帮助客户制定7年期的家庭资产配置方案。特别是对选择L9、i8等高配车型的客户，我们会引导他们关注资金的时间价值和机会成本。” 据业内人士透露，多家头部车企在政策推出前组织了全国销售团队的紧急培训，重点并非产品知识更新，而是金融方案讲解技巧和用户财务规划方法。“我们需要确保每位销售都能用通俗语言解释年化利率、等额本息、残值风险这些专业概念，甚至能根据客户的家庭收支状况提供定制化的金融建议。” 市场反应的积极变化直观验证了销售策略转型的有效性，在周末，多家品牌展厅内人流明显增加，不少消费者是专门为详细了解7年期金融方案而首次进店咨询。这种基于长期财务规划的新型购车模式，正在吸引一批过去因一次性支付压力而犹豫的潜在客户。 更深层次的影响在于，一份长达七年的金融合约，从根本上重构了销售人员与客户之间的关系性质。一位拥有十年经验的资深销售顾问坦言：“合约签署远不是服务的终点，而是一段长期关系的起点。我们现在必须思考的是，如何在未来84个月里，持续为客户提供价值、维护良好的体验。因为客户在这七年里的每一次充电、每一次保养、每一次软件更新体验，都会累积成对品牌的整体印象，这直接决定了贷款周期结束后，他是否还会选择我们的品牌，以及会向多少朋友推荐我们。” 这种从“交易达成”到“关系运维”的转变，正在强力推动整个汽车销售体系从传统的一次性交易模式，向以用户全生命周期为中心的持续服务模式转型。销售人员的工作重心，正从短期内促成单次销售，延伸到长期内培养客户忠诚度与品牌信任。这要求企业不仅在前端提供有竞争力的金融产品，更需要在后端构建一套覆盖用车全周期、能够持续创造触点和价值的服务体系，从而将一次购车行为，转化为一个长效用户运营的开端。 金融战逻辑与行业展望 当销售一线用低月供吸引消费者时，车企高层则在下一盘更大的棋。小米集团董事长雷军在直播中坦言决策过程，特斯拉政策一出，我的微博评论区涌入数千条询问“小米是否跟进”的留言。我们团队讨论后，最终决定推出应对方案。值得一提的是，除了7年低息之外，小米汽车此前还为小米YU7提供了3年0息的购车政策。 理想汽车方面对记者进一步阐释了其金融政策的战略考量，强调此次行动并非短期促销，而是一次重构用户购车体验的体系化布局。“我们推出免息与低息政策，核心目标是消除用户在拥有理想汽车过程中的关键决策障碍。通过提供长达7年的分期方案，理想汽车能够将月度还款金额显著降低至与传统家庭消费预算更匹配的区间。” 这场金融战表面上是利率和月供的竞争，实质上是资金成本和融资能力的较量。汽车行业观察员赵永琪对《华夏时报》记者指出：“特斯拉、理想、小鹏等头部新能源车企在资本市场拥有较强融资能力，他们的资金成本比传统车企低1—2个百分点。在7年周期中，这一微小差异会形成显著竞争优势。”资金成本的优势使得头部车企能够承担更激进的金融政策，而这一优势又将进一步扩大市场占有率，形成强者愈强的循环。 从行业格局看，这场金融战正在加速市场洗牌。赵永琪分析道：“资金实力较弱的品牌很难跟进长期低息方案，可能被迫退出主流市场竞争。未来三年，市场集中度将显著提高，头部企业的份额可能增长15—20个百分点。”这一过程将推动资源向更具创新能力和资金效率的企业集中，促进整个行业的升级。 值得一提的是，消费者在这场金融战中也变得更加理性和成熟。互联网从业者张先生表示：“我会仔细计算7年总成本，而不仅仅是月供数字。”家庭用户刘女士则更关注长期价值：“我需要综合考虑月供、利息总额和7年后的车辆残值。”这些理性的声音反映了市场教育的成果，也促使车企提供更加透明和可持续的金融方案。 在赵永琪看来，这场7年低息金融战可能只是汽车产业变革的序章。随着技术迭代加速和商业模式创新，汽车金融可能呈现更多样化形态。残值保障产品可能成为新竞争焦点，弹性还款方案可能满足不同收入群体的需求，而“汽车订阅服务”可能彻底改变车辆拥有和使用方式。这些创新将共同推动汽车产业从制造业向服务业转型，车辆本身不再是主要利润来源，而是连接用户与增值服务的入口。（文章来源：华夏时报网）","news_type":1,"symbols_score_info":{"07766":0.6,"TSLY":0.6,"TESL":0.6,"TSYY":0.6,"TSLI":0.6,"XPEV":1.91,"TSLW":0.6,"LI":1.88,"TSLG":0.6,"TSLR":0.6,"TSLZ":0.6,"CRSH":0.6,"TSDD":0.6,"TSLP":0.6,"TSLQ":0.6,"TSL":0.6,"EVS.SI":0.6,"TSLT":0.6,"02015":1.88,"09868":1.91,"TSLS":0.6,"TSLA":1.95}},"isVote":1,"tweetType":1,"viewCount":391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":525413181223240,"gmtCreate":1769301385005,"gmtModify":1769301388096,"author":{"id":"3487707251567403","authorId":"3487707251567403","name":"BGXL","avatar":"https://static.tigerbbs.com/c2c9fd6c5bac5e2062ea56a3ee503a9e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3487707251567403","idStr":"3487707251567403"},"themes":[],"title":"","htmlText":"某想，产品定义高手?在竞争对手少的时候能自封，当大家都增程的时候，核心优势在哪里？不好意思，啥都没有，就是个组机的，跟电脑界的LX有得一比，格局就那样，这不是洗稿把自己名字放在其它竞争对手前面，不是混发信息搞乱自驾先锋是自己就能得逞的，净整些上不了台面的花活，到最后只有一个结局，被踢下台。","listText":"某想，产品定义高手?在竞争对手少的时候能自封，当大家都增程的时候，核心优势在哪里？不好意思，啥都没有，就是个组机的，跟电脑界的LX有得一比，格局就那样，这不是洗稿把自己名字放在其它竞争对手前面，不是混发信息搞乱自驾先锋是自己就能得逞的，净整些上不了台面的花活，到最后只有一个结局，被踢下台。","text":"某想，产品定义高手?在竞争对手少的时候能自封，当大家都增程的时候，核心优势在哪里？不好意思，啥都没有，就是个组机的，跟电脑界的LX有得一比，格局就那样，这不是洗稿把自己名字放在其它竞争对手前面，不是混发信息搞乱自驾先锋是自己就能得逞的，净整些上不了台面的花活，到最后只有一个结局，被踢下台。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/525413181223240","repostId":"2605413409","repostType":2,"repost":{"id":"2605413409","kind":"news","pubTimestamp":1769181115,"share":"https://www.laohu8.com/m/news/2605413409?lang=zh_CN&edition=full","pubTime":"2026-01-23 23:11","market":"us","language":"zh","title":"2025 年车圈期末考，有人躺赢，有人退步","url":"https://stock-news.laohu8.com/highlight/detail?id=2605413409","media":"伯虎财经","summary":"2025 车企年终总结：有人躺赢！看完这一年各个车企销量成绩单，只能说：有人笑到合不拢嘴，还有人在及格线边缘疯狂试探。甚至，其2025 年第三季度毛利率达 26.4%，实现单季盈利，商业化落地能力尤为突出。2025年，蔚来以 32.6 万辆排在新势力六强末尾，完成率74%。2025年蔚来一度要被淘汰，上半年一共才交付11.4万辆车。靠着乐道L90和蔚来es8接连两个爆款，蔚来四季度交付了12.5万辆车，比整个上半年都多。","content":"<html><body><article><p>2025 车企年终总结：有人躺赢！有人退步？</p><p>看完这一年各个车企销量成绩单，只能说：有人笑到合不拢嘴，还有人在及格线边缘疯狂试探。</p><p>咱先唠唠超额完成的卷王天团！这三家凭借硬核体系能力，稳稳兑现了市场预期：</p><p><a href=\"https://laohu8.com/S/09863\">零跑</a>绝对是年度最大赢家，“半价<a href=\"https://laohu8.com/S/LI\">理想</a>”交付近60 万辆，完成率超 110%，直接从 2024 年老二逆袭成新势力销冠！别以为它只靠低价，其实人家是把成本控制玩到了极致—— 全域自研搞出 88% 的共享零部件率，A 到 D 系列车型能共用核心架构和三电系统，规模效应一上来，15 万级的车都能装激光雷达，性价比直接拉满了。</p><p>小鹏也翻身农奴把歌唱，完成率同样超110%，全年卖了 42.9 万辆。之前低谷期差点被淘汰，后来“把高阶智驾下放”，MONA 系列一上市就爆火，把<span>技术优势</span>变成了用户能感知的价值，才算稳住阵脚。</p><p><a href=\"https://laohu8.com/S/XIACY\">小米</a>作为新玩家更是黑马中的黑马，首年完整交付就卖超40 万辆，超额完成目标！雷军的流量加持固然亮眼，但<a href=\"https://laohu8.com/S/01810\">小米</a>的核心优势在于：将消费电子领域的成熟经验成功带进了汽车圈：初期集中资源打造SU7 单一爆款，提升研发与生产效率；复用消费电子领域严苛的供应链成本控制与规模议价能力；再加上“人车家全生态”的协同优势，带来的结果很直观：据统计，72%的<a href=\"https://laohu8.com/S/81810\">小米</a>SU7用户为“米粉”，获客成本比行业低。甚至，其2025 年第三季度毛利率达 26.4%，实现单季盈利，商业化落地能力尤为突出。</p><p>再看看销量数据稳到开挂的“完成组”，<a href=\"https://laohu8.com/S/01490\">车市</a>再卷，它们照样稳稳拿捏～</p><p><a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>不用多说，460 万辆的成绩直接封神，不仅稳坐国内销冠，更是拿下全球第一！能完成目标全靠全产业链buff 叠满，从电池到整车全自研，再加上海外市场发力，一年卖了 101 万辆，压根儿没给对手留机会！</p><p><a href=\"https://laohu8.com/S/00175\">吉利</a>和奇瑞也毫不含糊！吉利全年302 万辆达标，<a href=\"https://laohu8.com/S/ZK\">极氪</a>品牌贡献 22.4 万辆；奇瑞更猛，263 万辆中海外销量 134 万，直接超过国内，堪称 “出口之王”，靠的就是全球化布局和扎实的产品力。<a href=\"https://laohu8.com/S/002071\">长城</a>虽然只交付 132 万辆，但也算完成了自身节奏，旗下魏牌在混动路线上守住了阵地，算是在转型中稳步前行。</p><p>最后来看，有哪些车企未达到年度目标？理想绝对是最让人意外的，全年40.6 万辆，完成率没超过 65%，较2024年明显失速。过去靠“增程 + 奶爸车”的公式在蓝海狂奔，现在游戏规则变了，纯电车型没爆火，智驾也没建立起绝对优势，从“产品定义高手”向“技术公司”转型的过渡期，显然没跟上节奏。</p><p>鸿蒙智行58.9 万辆的成绩虽然完成率低于65%，但含金量十足。前面提到的品牌们，绝大部分的走量车型都是十几万一下的低价车，而鸿蒙智行的均价高达39万，明显高于BBA这些传统<a href=\"https://laohu8.com/S/DLX\">豪华</a>品牌。这也宣示着中国豪华车市场格局重构，“豪华”不再依赖品牌血统，而是由科技体验定义。</p><p>和理想相反的是<a href=\"https://laohu8.com/S/NIO\">蔚来</a>。2025年，<a href=\"https://laohu8.com/S/09866\">蔚来</a>以 32.6 万辆排在新势力六强末尾，完成率74%。2025年<a href=\"https://laohu8.com/S/NIO.SI\">蔚来</a>一度要被淘汰，上半年一共才交付11.4万辆车。下半年，在李斌的带领下，蔚来放弃了过去那套过于理想主义的发展模式，转向务实。不仅把没必要的支出砍掉，在车型设计上也更强调空间，迎合咱们“大车”的消费喜好。靠着乐道L90和蔚来es8接连两个爆款，蔚来四季度交付了12.5万辆车，比整个上半年都多。</p><p>说到底，2025 年的目标完成率就是一面照妖镜：超额完成的，要么靠极致的成本控制，要么靠技术落地能力，要么靠生态协同优势，都是把核心本事变成了销量；稳稳完成的，全是靠全产业链、全球化布局的硬实力；没完成的，要么是产品周期掉链子，要么是战略没踩准市场节奏，要么是单一优势撑不起全局。</p><p>不难看出，车市早就告别“画饼就能赢” 的时代了，能不能完成目标，拼的不是口号多响，而是体系化能力够不够硬。那些还在靠 “讲故事”“堆概念” 的车企，迟早被市场淘汰 —— 毕竟消费者越来越理性，能落地、能卖车、能兑现承诺，才是车企活下去的唯一真理！</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2025 年车圈期末考，有人躺赢，有人退步</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2025 年车圈期末考，有人躺赢，有人退步\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-23 23:11 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260123231657a44ef907&s=b><strong>伯虎财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025 车企年终总结：有人躺赢！有人退步？看完这一年各个车企销量成绩单，只能说：有人笑到合不拢嘴，还有人在及格线边缘疯狂试探。咱先唠唠超额完成的卷王天团！这三家凭借硬核体系能力，稳稳兑现了市场预期：零跑绝对是年度最大赢家，“半价理想”交付近60 万辆，完成率超 110%，直接从 2024 年老二逆袭成新势力销冠！别以为它只靠低价，其实人家是把成本控制玩到了极致—— 全域自研搞出 88% 的共享...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260123231657a44ef907&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"80175":"吉利汽车-R","81211":"比亚迪股份-R","81810":"小米集团-WR","601633":"长城汽车","BK4509":"腾讯概念","01211":"比亚迪股份","BK4531":"中概回港概念","BK4588":"碎股","BK4585":"ETF&股票定投概念","LU0052750758.USD":"富兰克林中国基金A Acc","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","GELYY":"吉利汽车ADR","BK4581":"高盛持仓","LI":"理想汽车","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) 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42.9 万辆。之前低谷期差点被淘汰，后来“把高阶智驾下放”，MONA 系列一上市就爆火，把技术优势变成了用户能感知的价值，才算稳住阵脚。小米作为新玩家更是黑马中的黑马，首年完整交付就卖超40 万辆，超额完成目标！雷军的流量加持固然亮眼，但小米的核心优势在于：将消费电子领域的成熟经验成功带进了汽车圈：初期集中资源打造SU7 单一爆款，提升研发与生产效率；复用消费电子领域严苛的供应链成本控制与规模议价能力；再加上“人车家全生态”的协同优势，带来的结果很直观：据统计，72%的小米SU7用户为“米粉”，获客成本比行业低。甚至，其2025 年第三季度毛利率达 26.4%，实现单季盈利，商业化落地能力尤为突出。再看看销量数据稳到开挂的“完成组”，车市再卷，它们照样稳稳拿捏～比亚迪不用多说，460 万辆的成绩直接封神，不仅稳坐国内销冠，更是拿下全球第一！能完成目标全靠全产业链buff 叠满，从电池到整车全自研，再加上海外市场发力，一年卖了 101 万辆，压根儿没给对手留机会！吉利和奇瑞也毫不含糊！吉利全年302 万辆达标，极氪品牌贡献 22.4 万辆；奇瑞更猛，263 万辆中海外销量 134 万，直接超过国内，堪称 “出口之王”，靠的就是全球化布局和扎实的产品力。长城虽然只交付 132 万辆，但也算完成了自身节奏，旗下魏牌在混动路线上守住了阵地，算是在转型中稳步前行。最后来看，有哪些车企未达到年度目标？理想绝对是最让人意外的，全年40.6 万辆，完成率没超过 65%，较2024年明显失速。过去靠“增程 + 奶爸车”的公式在蓝海狂奔，现在游戏规则变了，纯电车型没爆火，智驾也没建立起绝对优势，从“产品定义高手”向“技术公司”转型的过渡期，显然没跟上节奏。鸿蒙智行58.9 万辆的成绩虽然完成率低于65%，但含金量十足。前面提到的品牌们，绝大部分的走量车型都是十几万一下的低价车，而鸿蒙智行的均价高达39万，明显高于BBA这些传统豪华品牌。这也宣示着中国豪华车市场格局重构，“豪华”不再依赖品牌血统，而是由科技体验定义。和理想相反的是蔚来。2025年，蔚来以 32.6 万辆排在新势力六强末尾，完成率74%。2025年蔚来一度要被淘汰，上半年一共才交付11.4万辆车。下半年，在李斌的带领下，蔚来放弃了过去那套过于理想主义的发展模式，转向务实。不仅把没必要的支出砍掉，在车型设计上也更强调空间，迎合咱们“大车”的消费喜好。靠着乐道L90和蔚来es8接连两个爆款，蔚来四季度交付了12.5万辆车，比整个上半年都多。说到底，2025 年的目标完成率就是一面照妖镜：超额完成的，要么靠极致的成本控制，要么靠技术落地能力，要么靠生态协同优势，都是把核心本事变成了销量；稳稳完成的，全是靠全产业链、全球化布局的硬实力；没完成的，要么是产品周期掉链子，要么是战略没踩准市场节奏，要么是单一优势撑不起全局。不难看出，车市早就告别“画饼就能赢” 的时代了，能不能完成目标，拼的不是口号多响，而是体系化能力够不够硬。那些还在靠 “讲故事”“堆概念” 的车企，迟早被市场淘汰 —— 毕竟消费者越来越理性，能落地、能卖车、能兑现承诺，才是车企活下去的唯一真理！","news_type":1,"symbols_score_info":{"80175":0.9,"81211":0.9,"81810":0.9,"601633":1.79,"XPEV":1.88,"00175":1.81,"GELYY":1.81,"02015":1.85,"09927":0.9,"09863":0.9,"EVS.SI":0.6,"09973":0.9,"BYDDY":1.83,"002594":1.83,"01211":1.83,"02333":1.79,"NIO":1.82,"LI":1.85,"GWLLY":1.79,"09866":1.82,"NIO.SI":1.82,"09868":1.88,"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":523543051014848,"gmtCreate":1768796789028,"gmtModify":1768796791565,"author":{"id":"3487707251567403","authorId":"3487707251567403","name":"BGXL","avatar":"https://static.tigerbbs.com/c2c9fd6c5bac5e2062ea56a3ee503a9e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3487707251567403","idStr":"3487707251567403"},"themes":[],"title":"","htmlText":"钱！！！！！！","listText":"钱！！！！！！","text":"钱！！！！！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/523543051014848","isVote":1,"tweetType":1,"viewCount":226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":522159919416136,"gmtCreate":1768516412782,"gmtModify":1768516416506,"author":{"id":"3487707251567403","authorId":"3487707251567403","name":"BGXL","avatar":"https://static.tigerbbs.com/c2c9fd6c5bac5e2062ea56a3ee503a9e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3487707251567403","idStr":"3487707251567403"},"themes":[],"title":"","htmlText":"卖老不思进取型。","listText":"卖老不思进取型。","text":"卖老不思进取型。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/522159919416136","repostId":"2603718246","repostType":2,"repost":{"id":"2603718246","kind":"news","pubTimestamp":1768461215,"share":"https://www.laohu8.com/m/news/2603718246?lang=zh_CN&edition=full","pubTime":"2026-01-15 15:13","market":"hk","language":"zh","title":"“车圈斗士”魏建军，又和小米、特斯拉们唱反调了？","url":"https://stock-news.laohu8.com/highlight/detail?id=2603718246","media":"Ofweek维科网","summary":"在汽车圈，长城CEO魏建军，有一个“车圈斗士”的称号。而近日，他又对小米、特斯拉等车企开炮了，目标就是那个“一体化大压铸”。魏建军称，一体化压铸车身维修性差，成本高，让汽车的维修费用和保险费用双双飙升，所以长城不用这个技术，他还表示，全球老牌车企也不用这个技术。目前全面使用这个一体化压铸技术的，主要就是特斯拉、小米、小鹏等新势力车企，所以魏建军这个话，就是对准特斯拉、小米的。","content":"<html><body><article><p>在汽车圈，<a href=\"https://laohu8.com/S/002071\">长城</a>CEO魏建军，有一个“车圈斗士”的称号。</p><p>为何这么说，作为一个60来岁的创业者，且功成名就，<a href=\"https://laohu8.com/S/601633\">长城汽车</a>也是名扬全球，那么他应该是闷声发财，爱惜羽毛的。</p><p>但是魏建军却不甘于身居幕后，一直在前线，并且是开直播、做网红、玩抖音、开微博，这几年频频爆出犀利言论，怼这个，说那个，将自己置身至舆论的风口浪尖，并且经常怼友商，所以大家就给了他一个“车圈斗士”的称号。</p><img src=\"https://mp.ofweek.com/Upload/News/Img/member46034/202601/15113037842755.jpg\"/><p>而近日，他又对<a href=\"https://laohu8.com/S/XIACY\">小米</a>、<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>等车企开炮了，目标就是那个“一体化大压铸”。</p><p>关于“一体化大压铸”，大家应该知道雷军给王传福介绍的时候说过一句大家觉得搞笑的话，说<a href=\"https://laohu8.com/S/01810\">小米</a>干了两套大压铸，有些网认为雷军这是班门弄斧。</p><p>但事实上，当时<a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>还真没有大压铸，所以雷军当时，真可以骄傲的这么说。</p><img src=\"https://mp.ofweek.com/Upload/News/Img/member46034/202601/15113039157550.png\"/><p>魏建军称，一体化压铸车身维修性差，成本高，让汽车的维修费用和保险费用双双飙升，所以<a href=\"https://laohu8.com/S/603897\">长城</a>不用这个技术，他还表示，全球老牌车企也不用这个技术。</p><p>目前全面使用这个一体化压铸技术的，主要就是特斯拉、<a href=\"https://laohu8.com/S/81810\">小米</a>、小鹏等新势力车企，所以魏建军这个话，就是对准特斯拉、小米的。</p><p>说真的，一体化压铸有优点，也有缺点。</p><p>优点就是能够极大的降低成本，特斯拉是有准确数字的，称使用这个压铸技术，成本可以降40%，因为零件少了，模具少了，工艺步骤也少了很多，原来要很多个零件再焊接在一起，现在是直接一体成型嘛。</p><img src=\"https://mp.ofweek.com/Upload/News/Img/member46034/202601/15113041383207.jpg\"/><p>二是制造效率提升了，原来几十个零件制造出来，再焊接在一起，工艺复杂很多，现在直接一个大压铸，将几十个上百个零件，变成了一个，自然效率提升了。</p><p>那缺点是什么呢，那就是这个大压铸成本非常高，相比于原来的传统制造车工艺，一条生产线，可能贵好几亿元成本。</p><p>另外就是魏建军说的，大压铸造的车，可能维修费高，因为有时候一换，就不是一个零件，是一个超大件变形，都要换掉。</p><p>所以从这些缺点、优点来看，使用一体化压铸的大多是新势力，原因就是新势力没有老的生产线，没有历史包袱，一开始新建就大投入，然后提高生产效率，至于后期维修成本高，这个新势力也不是太在乎的，新势力的车本来就不便宜，维修贵一点也正常嘛。</p><p>而老车企本来就建好了传统生产线，再换成一体化压铸，成本就太高了，何况老车企很多造的是传统油车，价格本就便宜，如果还维修费高，那就不好卖车了。</p><p>这也是为何传统车企，大多不用这个技术，而新势力大多在使用这个大压铸的原因。</p><p>所以魏建军的这次开炮，也是见仁见智，车企们觉得合适的就用，不合适的就不用，没人逼着用，同样的道理，消费者觉得一体化压铸的车可以买就买，不行就不买，讲究一个自由。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“车圈斗士”魏建军，又和小米、特斯拉们唱反调了？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-15 15:13 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260115151353a71d64e7&s=b><strong>Ofweek维科网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在汽车圈，长城CEO魏建军，有一个“车圈斗士”的称号。为何这么说，作为一个60来岁的创业者，且功成名就，长城汽车也是名扬全球，那么他应该是闷声发财，爱惜羽毛的。但是魏建军却不甘于身居幕后，一直在前线，并且是开直播、做网红、玩抖音、开微博，这几年频频爆出犀利言论，怼这个，说那个，将自己置身至舆论的风口浪尖，并且经常怼友商，所以大家就给了他一个“车圈斗士”的称号。而近日，他又对小米、特斯拉等车企开炮了...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260115151353a71d64e7&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","82333":"长城汽车-R","601633":"长城汽车","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC NC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","BK1523":"武汉本地概念股","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus 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(HKD) INC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","BK1607":"新IT概念","LU0084288322.USD":"Natixis Asia Equity RD USD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260115151353a71d64e7&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2603718246","content_text":"在汽车圈，长城CEO魏建军，有一个“车圈斗士”的称号。为何这么说，作为一个60来岁的创业者，且功成名就，长城汽车也是名扬全球，那么他应该是闷声发财，爱惜羽毛的。但是魏建军却不甘于身居幕后，一直在前线，并且是开直播、做网红、玩抖音、开微博，这几年频频爆出犀利言论，怼这个，说那个，将自己置身至舆论的风口浪尖，并且经常怼友商，所以大家就给了他一个“车圈斗士”的称号。而近日，他又对小米、特斯拉等车企开炮了，目标就是那个“一体化大压铸”。关于“一体化大压铸”，大家应该知道雷军给王传福介绍的时候说过一句大家觉得搞笑的话，说小米干了两套大压铸，有些网认为雷军这是班门弄斧。但事实上，当时比亚迪还真没有大压铸，所以雷军当时，真可以骄傲的这么说。魏建军称，一体化压铸车身维修性差，成本高，让汽车的维修费用和保险费用双双飙升，所以长城不用这个技术，他还表示，全球老牌车企也不用这个技术。目前全面使用这个一体化压铸技术的，主要就是特斯拉、小米、小鹏等新势力车企，所以魏建军这个话，就是对准特斯拉、小米的。说真的，一体化压铸有优点，也有缺点。优点就是能够极大的降低成本，特斯拉是有准确数字的，称使用这个压铸技术，成本可以降40%，因为零件少了，模具少了，工艺步骤也少了很多，原来要很多个零件再焊接在一起，现在是直接一体成型嘛。二是制造效率提升了，原来几十个零件制造出来，再焊接在一起，工艺复杂很多，现在直接一个大压铸，将几十个上百个零件，变成了一个，自然效率提升了。那缺点是什么呢，那就是这个大压铸成本非常高，相比于原来的传统制造车工艺，一条生产线，可能贵好几亿元成本。另外就是魏建军说的，大压铸造的车，可能维修费高，因为有时候一换，就不是一个零件，是一个超大件变形，都要换掉。所以从这些缺点、优点来看，使用一体化压铸的大多是新势力，原因就是新势力没有老的生产线，没有历史包袱，一开始新建就大投入，然后提高生产效率，至于后期维修成本高，这个新势力也不是太在乎的，新势力的车本来就不便宜，维修贵一点也正常嘛。而老车企本来就建好了传统生产线，再换成一体化压铸，成本就太高了，何况老车企很多造的是传统油车，价格本就便宜，如果还维修费高，那就不好卖车了。这也是为何传统车企，大多不用这个技术，而新势力大多在使用这个大压铸的原因。所以魏建军的这次开炮，也是见仁见智，车企们觉得合适的就用，不合适的就不用，没人逼着用，同样的道理，消费者觉得一体化压铸的车可以买就买，不行就不买，讲究一个自由。","news_type":1,"symbols_score_info":{"81810":0.6,"82333":0.6,"601633":1.91,"01810":0.9,"MIUmain":0.6,"TSLA":0.9,"XPEV":0.9,"GWLLY":1.91,"HXXD.SI":0.6,"02333":1.91,"XIACY":0.6}},"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":521729101692992,"gmtCreate":1768364671080,"gmtModify":1768364673252,"author":{"id":"3487707251567403","authorId":"3487707251567403","name":"BGXL","avatar":"https://static.tigerbbs.com/c2c9fd6c5bac5e2062ea56a3ee503a9e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3487707251567403","idStr":"3487707251567403"},"themes":[],"title":"","htmlText":"，","listText":"，","text":"，","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/521729101692992","repostId":"2603683282","repostType":2,"repost":{"id":"2603683282","kind":"news","pubTimestamp":1768302497,"share":"https://www.laohu8.com/m/news/2603683282?lang=zh_CN&edition=full","pubTime":"2026-01-13 19:08","market":"sh","language":"zh","title":"小鹏智驾负责人刘先明：我肯定不用裸奔了，小鹏你就等着建食堂吧","url":"https://stock-news.laohu8.com/highlight/detail?id=2603683282","media":"21世纪经济报道","summary":"21世纪经济报道记者何煦阳报道小鹏智驾负责人刘先明：我可以非常确定你肯定输了，准备好建食堂吧。现在网上有很多梗，说我们第二代VLA叫做“先明裸奔版”。我可以放心地告诉大家，你们可能要失望了，你们应该看不到这一幕发生。我们现在测试进程和研发进程都比较顺利，车主今年第一季度会有一个稳定版本可以使用，并且可以持续提升，争取8月，让车主们看到超过我和大师兄打赌的版本。","content":"<div>\n<p>21世纪经济报道记者何煦阳报道 小鹏智驾负责人刘先明：我可以非常确定你肯定输了，准备好建食堂吧。现在网上有很多梗，说我们第二代VLA叫做“先明裸奔版”。我可以放心地告诉大家，你们可能要失望了，你们应该看不到这一幕发生。 我们现在测试进程和研发进程都比较顺利，车主今年第一季度会有一个稳定版本可以使用，并且可以持续提升，争取8月，让车主们看到超过我和大师兄打赌的版本。（文章来源：21世纪经济报道）</p>\n\n<a href=\"http://finance.eastmoney.com/a/202601133617577695.html\">网页链接</a>\n\n</div>\n","source":"stock_eastmoney","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" 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我们现在测试进程和研发进程都比较顺利，车主今年第一季度会有一个稳定版本可以使用，并且可以持续提升，争取8月，让车主们看到超过我和大师兄打赌的版本。（文章来源：21世纪经济报道）</p>\n\n<a href=\"http://finance.eastmoney.com/a/202601133617577695.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK1587":"次新股","BK4505":"高瓴资本持仓","BK1610":"ETF&股票定投概念","09868":"小鹏汽车-W","BK1588":"回港中概股","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","BK1119":"汽车制造商","XPEV":"小鹏汽车","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","BK4555":"新能源车","BK1539":"汽车股","BK1575":"同股不同权","BK4551":"寇图资本持仓","BK4099":"汽车制造商","BK4526":"热门中概股"},"source_url":"http://finance.eastmoney.com/a/202601133617577695.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2603683282","content_text":"21世纪经济报道记者何煦阳报道 小鹏智驾负责人刘先明：我可以非常确定你肯定输了，准备好建食堂吧。现在网上有很多梗，说我们第二代VLA叫做“先明裸奔版”。我可以放心地告诉大家，你们可能要失望了，你们应该看不到这一幕发生。 我们现在测试进程和研发进程都比较顺利，车主今年第一季度会有一个稳定版本可以使用，并且可以持续提升，争取8月，让车主们看到超过我和大师兄打赌的版本。（文章来源：21世纪经济报道）","news_type":1,"symbols_score_info":{"09868":1.86,"EVS.SI":0.6,"XPEV":1.86}},"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":519388848652856,"gmtCreate":1767833122206,"gmtModify":1767833124684,"author":{"id":"3487707251567403","authorId":"3487707251567403","name":"BGXL","avatar":"https://static.tigerbbs.com/c2c9fd6c5bac5e2062ea56a3ee503a9e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3487707251567403","idStr":"3487707251567403"},"themes":[],"title":"","htmlText":"但按照英伟达的劣迹，基本上用了这模型的车企，基本上是给其做嫁衣，偷车企数据给其完善模型，然后它又拿这新模型不断营销拉新猪入伙，最后让众车企一场空，竞争力也给平权掉了。","listText":"但按照英伟达的劣迹，基本上用了这模型的车企，基本上是给其做嫁衣，偷车企数据给其完善模型，然后它又拿这新模型不断营销拉新猪入伙，最后让众车企一场空，竞争力也给平权掉了。","text":"但按照英伟达的劣迹，基本上用了这模型的车企，基本上是给其做嫁衣，偷车企数据给其完善模型，然后它又拿这新模型不断营销拉新猪入伙，最后让众车企一场空，竞争力也给平权掉了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/519388848652856","repostId":"2601668871","repostType":2,"repost":{"id":"2601668871","kind":"news","pubTimestamp":1767780397,"share":"https://www.laohu8.com/m/news/2601668871?lang=zh_CN&edition=full","pubTime":"2026-01-07 18:06","market":"us","language":"zh","title":"汽车行业点评报告：英伟达发布推理智驾模型Alpamayo，智驾功能有望加速“平权”","url":"https://stock-news.laohu8.com/highlight/detail?id=2601668871","media":"开源证券","summary":"目前搭载英伟达智驾方案车型将于2026年一季度在美国上路，二季度有望进军欧洲，下半年在亚洲上路；目前捷豹路虎、Uber、Lucid等将利用Alpamayo推动L4落地。城区智驾迈向“平权”，Robotaxi加速全球落地英伟达推出智驾算法并开源有望加速智驾产业成熟落地。智驾功能有望持续从中高端车型下沉。","content":"<html><body><article><p>（以下内容从开源证券《汽车行业点评报告：<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>发布推理智驾模型Alpamayo，智驾功能有望加速“平权”》研报附件原文摘录）</p><p>英伟达发布推理智驾模型Alpamayo及全套工具链并开源</p><p>在CES2026上，英伟达在CES2026上推出Alpamayo1并开源，算法为具备100亿参数的端到端VLA（视觉-语言-动作）模型，一方面其具备推理能力，可分步骤思考处理新颖或罕见场景；另一方面其具备一定可解释性，可解析驾驶决策和背后逻辑；开发者可以将其裁剪后部署在车端，也可以作为基础架构构建推理的评估器以及进行自动标注等；同时会上英伟达也发布了配套仿真工具AlpaSim和1700小时的物理AI开放数据集，支持智驾训练、仿真、闭环测试等，构建全栈智驾解决方案，工具均在GitHub及HuggingFace等平台开放使用。目前搭载英伟达智驾方案车型将于2026年一季度在美国上路，二季度有望进军欧洲，下半年在亚洲上路；目前捷豹路虎、Uber、<a href=\"https://laohu8.com/S/LCID\">Lucid</a>等将利用Alpamayo推动L4落地。</p><p>城区智驾迈向“平权”，Robotaxi加速全球落地</p><p>英伟达推出智驾算法并开源有望加速智驾产业成熟落地。（1）英伟达将复杂的VLA进行训练并落地，同时开放各类工具和数据集，有望降低行业开发智驾算法门槛。有望进一步加速L2++智驾功能及L4的Robotaxi在全球范围普及；（2）黄仁勋表示物理AI的ChatGPT时刻已然到来，自动驾驶是最早受益的领域之一。一直以来英伟达通过构建强大的软件生态形成壁垒，在完善物理世界AI布局过程中，将无形中持续加速智驾产业落地，同时也为机器人的落地进行探索。在产业各方的协同下，智驾有望在数年内实现普及。</p><p>智驾产业如火如荼，2026年有望持续迎来机遇</p><p>2026年城区智驾功能将在供需两方推动下持续加速渗透。需求端安全、好用智驾功能已经深入人心，成为消费者选择车辆的必备因素。智驾功能有望持续从中高端车型下沉。供给端性能优异，成本低廉的解决方案不断推出，有望持续助力功能普及。Robotaxi持续落地，RoboX蓄势待发。<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>/<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>等均将逐渐完善L2++智驾技术路线并基于此推出Robotaxi解决方案，矿山、无人物流等多场景自动驾驶也有望持续落地。智驾大脑和机器人高度协同，在算法架构、数据闭环、软件开发、人才和组织上均呈现高度协同。智驾算法及整车玩家亦有望在机器人领域崭露头角。</p><p>关注智驾产业链标的机会</p><p>智驾板块感知、决策、执行以及运营环节均有望充分受益。建议关注：<a href=\"https://laohu8.com/S/002920\">德赛西威</a>、<a href=\"https://laohu8.com/S/002906\">华阳集团</a>、<a href=\"https://laohu8.com/S/688326\">经纬恒润</a>、<a href=\"https://laohu8.com/S/09868\">小鹏汽车</a>-w、<a href=\"https://laohu8.com/S/300496\">中科创达</a>、<a href=\"https://laohu8.com/S/300627\">华测导航</a>等；</p><p>受益标的：<a href=\"https://laohu8.com/S/603786\">科博达</a>、<a href=\"https://laohu8.com/S/603596\">伯特利</a>、<a href=\"https://laohu8.com/S/002284\">亚太股份</a>、<a href=\"https://laohu8.com/S/002703\">浙江世宝</a>、<a href=\"https://laohu8.com/S/01316\">耐世特</a>、地平线机器人-w、<a href=\"https://laohu8.com/S/02533\">黑芝麻智能</a>、禾赛-w、<a href=\"https://laohu8.com/S/02498\">速腾聚创</a>、<a href=\"https://laohu8.com/S/301488\">豪恩汽电</a>、华依科技、四维图新、文远知行、小马智行、如祺出行、<a href=\"https://laohu8.com/S/02643\">曹操出行</a>、希迪智驾、<a href=\"https://laohu8.com/S/LI\">理想汽车</a>等。</p><p>风险提示：市场需求不及预期，技术进展不及预期，市场竞争激烈。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260107180655613v206yvup10nxxjf\"/></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107180707a6fe41ff&s=b><strong>开源证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>（以下内容从开源证券《汽车行业点评报告：英伟达发布推理智驾模型Alpamayo，智驾功能有望加速“平权”》研报附件原文摘录）英伟达发布推理智驾模型Alpamayo及全套工具链并开源在CES2026上，英伟达在CES2026上推出Alpamayo1并开源，算法为具备100亿参数的端到端VLA（视觉-语言-动作）模型，一方面其具备推理能力，可分步骤思考处理新颖或罕见场景；另一方面其具备一定可解释性，可...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107180707a6fe41ff&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4567":"ESG概念","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107180707a6fe41ff&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2601668871","content_text":"（以下内容从开源证券《汽车行业点评报告：英伟达发布推理智驾模型Alpamayo，智驾功能有望加速“平权”》研报附件原文摘录）英伟达发布推理智驾模型Alpamayo及全套工具链并开源在CES2026上，英伟达在CES2026上推出Alpamayo1并开源，算法为具备100亿参数的端到端VLA（视觉-语言-动作）模型，一方面其具备推理能力，可分步骤思考处理新颖或罕见场景；另一方面其具备一定可解释性，可解析驾驶决策和背后逻辑；开发者可以将其裁剪后部署在车端，也可以作为基础架构构建推理的评估器以及进行自动标注等；同时会上英伟达也发布了配套仿真工具AlpaSim和1700小时的物理AI开放数据集，支持智驾训练、仿真、闭环测试等，构建全栈智驾解决方案，工具均在GitHub及HuggingFace等平台开放使用。目前搭载英伟达智驾方案车型将于2026年一季度在美国上路，二季度有望进军欧洲，下半年在亚洲上路；目前捷豹路虎、Uber、Lucid等将利用Alpamayo推动L4落地。城区智驾迈向“平权”，Robotaxi加速全球落地英伟达推出智驾算法并开源有望加速智驾产业成熟落地。（1）英伟达将复杂的VLA进行训练并落地，同时开放各类工具和数据集，有望降低行业开发智驾算法门槛。有望进一步加速L2++智驾功能及L4的Robotaxi在全球范围普及；（2）黄仁勋表示物理AI的ChatGPT时刻已然到来，自动驾驶是最早受益的领域之一。一直以来英伟达通过构建强大的软件生态形成壁垒，在完善物理世界AI布局过程中，将无形中持续加速智驾产业落地，同时也为机器人的落地进行探索。在产业各方的协同下，智驾有望在数年内实现普及。智驾产业如火如荼，2026年有望持续迎来机遇2026年城区智驾功能将在供需两方推动下持续加速渗透。需求端安全、好用智驾功能已经深入人心，成为消费者选择车辆的必备因素。智驾功能有望持续从中高端车型下沉。供给端性能优异，成本低廉的解决方案不断推出，有望持续助力功能普及。Robotaxi持续落地，RoboX蓄势待发。特斯拉/小鹏汽车等均将逐渐完善L2++智驾技术路线并基于此推出Robotaxi解决方案，矿山、无人物流等多场景自动驾驶也有望持续落地。智驾大脑和机器人高度协同，在算法架构、数据闭环、软件开发、人才和组织上均呈现高度协同。智驾算法及整车玩家亦有望在机器人领域崭露头角。关注智驾产业链标的机会智驾板块感知、决策、执行以及运营环节均有望充分受益。建议关注：德赛西威、华阳集团、经纬恒润、小鹏汽车-w、中科创达、华测导航等；受益标的：科博达、伯特利、亚太股份、浙江世宝、耐世特、地平线机器人-w、黑芝麻智能、禾赛-w、速腾聚创、豪恩汽电、华依科技、四维图新、文远知行、小马智行、如祺出行、曹操出行、希迪智驾、理想汽车等。风险提示：市场需求不及预期，技术进展不及预期，市场竞争激烈。","news_type":1,"symbols_score_info":{"NVDS":0.6,"NVD2.UK":0.6,"NVD":0.6,"NVDU":0.6,"3NVD.UK":0.6,"NVDA":1.95,"NVDD":0.6,"NVDY":0.6,"NVDS.UK":0.6,"NVDX":0.6,"SNVD.UK":0.6,"NVIW.SI":0.6,"09868":0.9,"NVD3.UK":0.6,"2NVD.UK":0.6}},"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":519609868521880,"gmtCreate":1767832753684,"gmtModify":1767832756051,"author":{"id":"3487707251567403","authorId":"3487707251567403","name":"BGXL","avatar":"https://static.tigerbbs.com/c2c9fd6c5bac5e2062ea56a3ee503a9e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3487707251567403","idStr":"3487707251567403"},"themes":[],"title":"","htmlText":"只要不锁定芯片和模型关联，多个开源就是好事情，毕竟模型能自由选，芯片能自由选，有助于行业快速迭代。","listText":"只要不锁定芯片和模型关联，多个开源就是好事情，毕竟模型能自由选，芯片能自由选，有助于行业快速迭代。","text":"只要不锁定芯片和模型关联，多个开源就是好事情，毕竟模型能自由选，芯片能自由选，有助于行业快速迭代。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/519609868521880","repostId":"2601668871","repostType":2,"repost":{"id":"2601668871","kind":"news","pubTimestamp":1767780397,"share":"https://www.laohu8.com/m/news/2601668871?lang=zh_CN&edition=full","pubTime":"2026-01-07 18:06","market":"us","language":"zh","title":"汽车行业点评报告：英伟达发布推理智驾模型Alpamayo，智驾功能有望加速“平权”","url":"https://stock-news.laohu8.com/highlight/detail?id=2601668871","media":"开源证券","summary":"目前搭载英伟达智驾方案车型将于2026年一季度在美国上路，二季度有望进军欧洲，下半年在亚洲上路；目前捷豹路虎、Uber、Lucid等将利用Alpamayo推动L4落地。城区智驾迈向“平权”，Robotaxi加速全球落地英伟达推出智驾算法并开源有望加速智驾产业成熟落地。智驾功能有望持续从中高端车型下沉。","content":"<html><body><article><p>（以下内容从开源证券《汽车行业点评报告：<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>发布推理智驾模型Alpamayo，智驾功能有望加速“平权”》研报附件原文摘录）</p><p>英伟达发布推理智驾模型Alpamayo及全套工具链并开源</p><p>在CES2026上，英伟达在CES2026上推出Alpamayo1并开源，算法为具备100亿参数的端到端VLA（视觉-语言-动作）模型，一方面其具备推理能力，可分步骤思考处理新颖或罕见场景；另一方面其具备一定可解释性，可解析驾驶决策和背后逻辑；开发者可以将其裁剪后部署在车端，也可以作为基础架构构建推理的评估器以及进行自动标注等；同时会上英伟达也发布了配套仿真工具AlpaSim和1700小时的物理AI开放数据集，支持智驾训练、仿真、闭环测试等，构建全栈智驾解决方案，工具均在GitHub及HuggingFace等平台开放使用。目前搭载英伟达智驾方案车型将于2026年一季度在美国上路，二季度有望进军欧洲，下半年在亚洲上路；目前捷豹路虎、Uber、<a href=\"https://laohu8.com/S/LCID\">Lucid</a>等将利用Alpamayo推动L4落地。</p><p>城区智驾迈向“平权”，Robotaxi加速全球落地</p><p>英伟达推出智驾算法并开源有望加速智驾产业成熟落地。（1）英伟达将复杂的VLA进行训练并落地，同时开放各类工具和数据集，有望降低行业开发智驾算法门槛。有望进一步加速L2++智驾功能及L4的Robotaxi在全球范围普及；（2）黄仁勋表示物理AI的ChatGPT时刻已然到来，自动驾驶是最早受益的领域之一。一直以来英伟达通过构建强大的软件生态形成壁垒，在完善物理世界AI布局过程中，将无形中持续加速智驾产业落地，同时也为机器人的落地进行探索。在产业各方的协同下，智驾有望在数年内实现普及。</p><p>智驾产业如火如荼，2026年有望持续迎来机遇</p><p>2026年城区智驾功能将在供需两方推动下持续加速渗透。需求端安全、好用智驾功能已经深入人心，成为消费者选择车辆的必备因素。智驾功能有望持续从中高端车型下沉。供给端性能优异，成本低廉的解决方案不断推出，有望持续助力功能普及。Robotaxi持续落地，RoboX蓄势待发。<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>/<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>等均将逐渐完善L2++智驾技术路线并基于此推出Robotaxi解决方案，矿山、无人物流等多场景自动驾驶也有望持续落地。智驾大脑和机器人高度协同，在算法架构、数据闭环、软件开发、人才和组织上均呈现高度协同。智驾算法及整车玩家亦有望在机器人领域崭露头角。</p><p>关注智驾产业链标的机会</p><p>智驾板块感知、决策、执行以及运营环节均有望充分受益。建议关注：<a href=\"https://laohu8.com/S/002920\">德赛西威</a>、<a href=\"https://laohu8.com/S/002906\">华阳集团</a>、<a href=\"https://laohu8.com/S/688326\">经纬恒润</a>、<a href=\"https://laohu8.com/S/09868\">小鹏汽车</a>-w、<a href=\"https://laohu8.com/S/300496\">中科创达</a>、<a href=\"https://laohu8.com/S/300627\">华测导航</a>等；</p><p>受益标的：<a href=\"https://laohu8.com/S/603786\">科博达</a>、<a href=\"https://laohu8.com/S/603596\">伯特利</a>、<a href=\"https://laohu8.com/S/002284\">亚太股份</a>、<a href=\"https://laohu8.com/S/002703\">浙江世宝</a>、<a href=\"https://laohu8.com/S/01316\">耐世特</a>、地平线机器人-w、<a href=\"https://laohu8.com/S/02533\">黑芝麻智能</a>、禾赛-w、<a href=\"https://laohu8.com/S/02498\">速腾聚创</a>、<a href=\"https://laohu8.com/S/301488\">豪恩汽电</a>、华依科技、四维图新、文远知行、小马智行、如祺出行、<a href=\"https://laohu8.com/S/02643\">曹操出行</a>、希迪智驾、<a href=\"https://laohu8.com/S/LI\">理想汽车</a>等。</p><p>风险提示：市场需求不及预期，技术进展不及预期，市场竞争激烈。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260107180655613v206yvup10nxxjf\"/></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107180707a6fe41ff&s=b><strong>开源证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>（以下内容从开源证券《汽车行业点评报告：英伟达发布推理智驾模型Alpamayo，智驾功能有望加速“平权”》研报附件原文摘录）英伟达发布推理智驾模型Alpamayo及全套工具链并开源在CES2026上，英伟达在CES2026上推出Alpamayo1并开源，算法为具备100亿参数的端到端VLA（视觉-语言-动作）模型，一方面其具备推理能力，可分步骤思考处理新颖或罕见场景；另一方面其具备一定可解释性，可...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107180707a6fe41ff&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4567":"ESG概念","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107180707a6fe41ff&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2601668871","content_text":"（以下内容从开源证券《汽车行业点评报告：英伟达发布推理智驾模型Alpamayo，智驾功能有望加速“平权”》研报附件原文摘录）英伟达发布推理智驾模型Alpamayo及全套工具链并开源在CES2026上，英伟达在CES2026上推出Alpamayo1并开源，算法为具备100亿参数的端到端VLA（视觉-语言-动作）模型，一方面其具备推理能力，可分步骤思考处理新颖或罕见场景；另一方面其具备一定可解释性，可解析驾驶决策和背后逻辑；开发者可以将其裁剪后部署在车端，也可以作为基础架构构建推理的评估器以及进行自动标注等；同时会上英伟达也发布了配套仿真工具AlpaSim和1700小时的物理AI开放数据集，支持智驾训练、仿真、闭环测试等，构建全栈智驾解决方案，工具均在GitHub及HuggingFace等平台开放使用。目前搭载英伟达智驾方案车型将于2026年一季度在美国上路，二季度有望进军欧洲，下半年在亚洲上路；目前捷豹路虎、Uber、Lucid等将利用Alpamayo推动L4落地。城区智驾迈向“平权”，Robotaxi加速全球落地英伟达推出智驾算法并开源有望加速智驾产业成熟落地。（1）英伟达将复杂的VLA进行训练并落地，同时开放各类工具和数据集，有望降低行业开发智驾算法门槛。有望进一步加速L2++智驾功能及L4的Robotaxi在全球范围普及；（2）黄仁勋表示物理AI的ChatGPT时刻已然到来，自动驾驶是最早受益的领域之一。一直以来英伟达通过构建强大的软件生态形成壁垒，在完善物理世界AI布局过程中，将无形中持续加速智驾产业落地，同时也为机器人的落地进行探索。在产业各方的协同下，智驾有望在数年内实现普及。智驾产业如火如荼，2026年有望持续迎来机遇2026年城区智驾功能将在供需两方推动下持续加速渗透。需求端安全、好用智驾功能已经深入人心，成为消费者选择车辆的必备因素。智驾功能有望持续从中高端车型下沉。供给端性能优异，成本低廉的解决方案不断推出，有望持续助力功能普及。Robotaxi持续落地，RoboX蓄势待发。特斯拉/小鹏汽车等均将逐渐完善L2++智驾技术路线并基于此推出Robotaxi解决方案，矿山、无人物流等多场景自动驾驶也有望持续落地。智驾大脑和机器人高度协同，在算法架构、数据闭环、软件开发、人才和组织上均呈现高度协同。智驾算法及整车玩家亦有望在机器人领域崭露头角。关注智驾产业链标的机会智驾板块感知、决策、执行以及运营环节均有望充分受益。建议关注：德赛西威、华阳集团、经纬恒润、小鹏汽车-w、中科创达、华测导航等；受益标的：科博达、伯特利、亚太股份、浙江世宝、耐世特、地平线机器人-w、黑芝麻智能、禾赛-w、速腾聚创、豪恩汽电、华依科技、四维图新、文远知行、小马智行、如祺出行、曹操出行、希迪智驾、理想汽车等。风险提示：市场需求不及预期，技术进展不及预期，市场竞争激烈。","news_type":1,"symbols_score_info":{"NVDS":0.6,"NVD2.UK":0.6,"NVD":0.6,"NVDU":0.6,"3NVD.UK":0.6,"NVDA":1.95,"NVDD":0.6,"NVDY":0.6,"NVDS.UK":0.6,"NVDX":0.6,"SNVD.UK":0.6,"NVIW.SI":0.6,"09868":0.9,"NVD3.UK":0.6,"2NVD.UK":0.6}},"isVote":1,"tweetType":1,"viewCount":313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":518894109827472,"gmtCreate":1767657464865,"gmtModify":1767657468389,"author":{"id":"3487707251567403","authorId":"3487707251567403","name":"BGXL","avatar":"https://static.tigerbbs.com/c2c9fd6c5bac5e2062ea56a3ee503a9e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3487707251567403","idStr":"3487707251567403"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09868\">$小鹏汽车-W(09868)$ </a> 2026两点看法，之后就不提了…… 1 总部设唯一客服和投诉中心，所有门店售后客服取消，约束过程，直面结果，客户满意为唯一导向，这一点可学学马云；可做个程序，分类管理，全流程记录及监管； 2 养老型公关部可休亦，公关部设在客服旁边，紧听市场脉动，协同处理微小，发力重难点，堵住可能的任何的遗患，多关注百度资讯搜索及其它舆情端，在火点出现时，第一时间应对，面对对手，敢用灰色的方式平定事态，手段不重要，解决和传导风险隔离才是重点，公关部是什么？战斗部！！！ 从局外人角度看，一句话:舆情处理不到位，事倍功半。","listText":"<a href=\"https://laohu8.com/S/09868\">$小鹏汽车-W(09868)$ </a> 2026两点看法，之后就不提了…… 1 总部设唯一客服和投诉中心，所有门店售后客服取消，约束过程，直面结果，客户满意为唯一导向，这一点可学学马云；可做个程序，分类管理，全流程记录及监管； 2 养老型公关部可休亦，公关部设在客服旁边，紧听市场脉动，协同处理微小，发力重难点，堵住可能的任何的遗患，多关注百度资讯搜索及其它舆情端，在火点出现时，第一时间应对，面对对手，敢用灰色的方式平定事态，手段不重要，解决和传导风险隔离才是重点，公关部是什么？战斗部！！！ 从局外人角度看，一句话:舆情处理不到位，事倍功半。","text":"$小鹏汽车-W(09868)$ 2026两点看法，之后就不提了…… 1 总部设唯一客服和投诉中心，所有门店售后客服取消，约束过程，直面结果，客户满意为唯一导向，这一点可学学马云；可做个程序，分类管理，全流程记录及监管； 2 养老型公关部可休亦，公关部设在客服旁边，紧听市场脉动，协同处理微小，发力重难点，堵住可能的任何的遗患，多关注百度资讯搜索及其它舆情端，在火点出现时，第一时间应对，面对对手，敢用灰色的方式平定事态，手段不重要，解决和传导风险隔离才是重点，公关部是什么？战斗部！！！ 从局外人角度看，一句话:舆情处理不到位，事倍功半。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/518894109827472","isVote":1,"tweetType":1,"viewCount":1358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":518552404275848,"gmtCreate":1767574937009,"gmtModify":1767574940039,"author":{"id":"3487707251567403","authorId":"3487707251567403","name":"BGXL","avatar":"https://static.tigerbbs.com/c2c9fd6c5bac5e2062ea56a3ee503a9e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3487707251567403","idStr":"3487707251567403"},"themes":[],"title":"","htmlText":"小鹏公关部真的很糟糕，纯粹一帮秀才。每次热头上，就一堆人为负面大肆铺来，这么明显的针对攻击，就没一点反抗和攻击能力，以实力硬抗最后吃亏的还是销量","listText":"小鹏公关部真的很糟糕，纯粹一帮秀才。每次热头上，就一堆人为负面大肆铺来，这么明显的针对攻击，就没一点反抗和攻击能力，以实力硬抗最后吃亏的还是销量","text":"小鹏公关部真的很糟糕，纯粹一帮秀才。每次热头上，就一堆人为负面大肆铺来，这么明显的针对攻击，就没一点反抗和攻击能力，以实力硬抗最后吃亏的还是销量","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/518552404275848","repostId":"2601783180","repostType":2,"repost":{"id":"2601783180","kind":"news","pubTimestamp":1767571210,"share":"https://www.laohu8.com/m/news/2601783180?lang=zh_CN&edition=full","pubTime":"2026-01-05 08:00","market":"us","language":"zh","title":"盈利大考冲刺关头，千亿小鹏被指“虚假宣传”","url":"https://stock-news.laohu8.com/highlight/detail?id=2601783180","media":"雷达财经","summary":"小鹏汽车被指“虚假宣传”2025年末，《经济参考报》发布一篇题为《小鹏汽车部分车型被指涉嫌“销售欺诈”》的报道，引发外界广泛关注。率先引入激光雷达后，转身拥抱纯视觉路线此番小鹏汽车被指虚假宣传的背后，或与气其智驾技术路线的转变密切相关。前三季度业绩大涨，四季度交付不及指引天眼查显示，小鹏汽车于2020年、2021年先后登陆美股、港股两地资本市场。","content":"<html><body><p><img src=\"https://x0.ifengimg.com/ucms/2026_02/7971145C70CA8C41565924DC25EE7B31C53C83BD_size520_w840_h560.png\"/></p><p>雷达财经出品 文|丁禹 编|孟帅</p><p>近日，《经济参考报》的一篇报道，将<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>部分车主与品牌之间的矛盾摆上了台面。</p><p>事件起因是有车主投诉<a href=\"https://laohu8.com/S/09868\">小鹏汽车</a>2023款G6偷偷减配毫米波雷达，利用车企优势地位擅自修改电子用户手册，事发后以纯视觉技术升级为减配理由，涉嫌虚假宣传、销售欺诈。</p><p>小鹏汽车此次卷入的争议，或与其智驾技术路线的转变有关。早期，小鹏汽车采用的智能驾驶方案与行业主流一致，走的是“雷达+视觉”的融合路线。</p><p>如今，小鹏汽车选择放弃激光雷达，转投更具挑战性的纯视觉方案。而小鹏汽车品牌公关负责人此前还曾公开发表“剪辫子”言论，将放弃激光雷达比作“剪掉脑后的辫子”，一度引发争议。</p><p>在小鹏汽车掌舵者何小鹏看来，以前纯视觉做不好是因为算力太弱，未来纯视觉的上限会远远高过激光雷达。而小鹏汽车转投纯视觉路线，技术降本方面的考量或许也是一个重要因素。</p><p>近年来，通过一系列技术降本举措以及经营改善计划，小鹏汽车的汽车毛利率和业绩表现均有明显提升。2025年第三季度，小鹏汽车录得净亏损3.8亿元，相较上年同期的18.1亿元收窄近八成。</p><p>在展望2025年第四季度时，何小鹏曾满怀信心地表示，“我们的目标是在四季度实现公司盈亏平衡”。不过，去年第四季度，小鹏汽车共交付新车11.62万辆，未能达成此前制定的12.5万辆至13.2万辆的交付指引目标。</p><p>截至1月2日收盘，小鹏汽车的最新股价为80.35港元/股，总市值1536亿港元。</p><p>在《2025胡润百富榜》上，何小鹏凭借480亿元的身家成功实现逆袭，反超<a href=\"https://laohu8.com/S/LI\">理想汽车</a>掌舵者李想，成为新晋新势力首富（鉴于小米集团手机及其他业务占比较高，暂不将雷军纳入该阵营财富比较范畴）。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_02/3BAF0655C2EFC4C620E6354DD67D90EE56CBA420_size2_w1080_h95.jpg\"/></p><p><strong>减配毫米波雷达？小鹏汽车被指“虚假宣传”</strong></p><p>2025年末，《经济参考报》发布一篇题为《小鹏汽车部分车型被指涉嫌“销售欺诈”》的报道，引发外界广泛关注。</p><p>一名车主表示，其于2024年12月29日购入一台2023款小鹏G6755超长续航Max，销售人员介绍该车配备5颗毫米波雷达，但购车合同不随附配置清单，可在小鹏App电子用户手册查阅相关配置。在查阅属实后，该车主随即付款购车并提车。</p><p>然而，在一次拆车维修时，这名车主却发现，自己购买的小鹏汽车左前、右前部位竟均未安装毫米波雷达。</p><p>后续，该车主向小鹏汽车售后投诉，要求说明情况并给出解决方案，但小鹏汽车相关人员均以“硬件简化，功能不简化，小鹏最新‘AI鹰眼纯视觉方案’通过前摄像头代替角雷达感知能力”加以推诿。</p><p>更让该车主难以接受的是，在其投诉后不久，小鹏App的电子用户手册中关于2023款小鹏G6755超长续航Max的配置内容竟被悄悄修改，毫米波雷达数量从5颗变成3颗。</p><p>而据《经济参考报》调查，类似这名车主的遭遇并非个例，甚至有车主发现即使是物理上装配有5颗毫米波雷达，但小鹏在未告知且未获得车主允许的情况下，通过OTA软件使2颗失效，属于变相减配。</p><p>此外，《经济参考报》还获得一份有159名小鹏PRO车主集体签名致广州小鹏汽车科技有限公司的《维权函》及《维权车主联名签署文件》。</p><p>而前述文件的投诉内容，包括“毫米波雷达配置减配，涉嫌虚假宣传与欺诈销售”，维权起因也“纯属意外”：“部分车主在维修保养时意外发现，车辆实际安装的毫米波雷达数量并非宣传的5颗，而是被私下减配为3颗”。</p><p>对于此事，小鹏官方委婉承认：“公司技术升级<a href=\"https://laohu8.com/S/603690\">至纯</a>视觉辅助驾驶方案后，已经取消了前角毫米波雷达的使用，相关车型的生产也简化了相应硬件”；“具体车辆功能配置变化，在公司官网、App等渠道均有同步，不存在该客户描述的隐瞒和欺诈行为”。</p><p>同时，小鹏汽车PR还表示，减配毫米波雷达后，“车辆辅助驾驶功能没有变化，并且会随着AI大模型进化提供更好的行车体验”。</p><p>但小鹏方面的回复，并未获得小鹏车主们的认可，其联合签名的维权函显示：“毫米波雷达作为智能辅助驾驶系统的重要传感器，其数量的减少直接影响到车辆的感知能力、辅助驾驶的准确性、安全性和可靠性，进而影响到车辆的核心功能和使用价值。”</p><p>据汽车质量促进平台小程序，截至发稿，已有超60名车主“抱团”反映了小鹏汽车毫米波雷达减配失效等问题。</p><p>此外，另有33名车主“抱团”反馈小鹏G6 Pro版本软件功能与宣传不符，车主希望小鹏汽车能针对快速路智驾覆盖、高速地图更新、SR功能优化及芯片算力释放等问题，出台具体可行的解决方案。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_02/457CDC354E8E197AC2C752001C3279E05BC2EB05_size115_w718_h808.png\"/></p><p><img src=\"https://x0.ifengimg.com/ucms/2026_02/4C566D177197CAE09C3612AC3F83CB0C7DA3A586_size3_w1080_h95.jpg\"/></p><p><strong>率先引入激光雷达后，转身拥抱纯视觉路线</strong></p><p>此番小鹏汽车被指虚假宣传的背后，或与气其智驾技术路线的转变密切相关。</p><p>公开资料显示，环境感知是汽车智驾的关键技术，汽车中负责感知环境的传感器繁多，常用的有摄像头、激光扫描仪、毫米波雷达以及超声波雷达等。</p><p>小鹏汽车曾指出，每种传感器都各有优劣，比如摄像头在物体识别方面有优势，但是距离信息比较欠缺；激光扫描仪及毫米波雷达，能精确测得物体的距离，但是在识别物体方面远弱于摄像头。</p><p>基于各传感器的优劣，早年间，各家车企主要都是向着“雷达+视觉”的融合方向进发。</p><p>2018年，小鹏汽车在发布旗下首款电车小鹏G3时，便向外界展示了融合方案带来的AEB自动紧急制动带行人检测功能。</p><p>2021年开年，小鹏汽车官宣与大疆孵化的Livox览沃科技达成合作，将在2021年推出的全新量产车型上使用其生产的小鹏定制版车规级激光雷达，小鹏也因此成为首家将激光雷达引入汽车的车企。</p><p>2023年8月，小鹏又在自家公众号发布的文章中着重宣传了小鹏G6的“前置双激光雷达”，称其拥有超广感知范围，是城市NGP（智能导航辅助驾驶）的最佳激光雷达方案。</p><p>然而，技术发展的道路并非一成不变。2024年6月，何小鹏现身美国，在体验了<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>FSD的纯视觉智驾方案后发博称，“我非常感慨FSD在数月里有很大的进步，我们也会向FSD学习他们优秀的功能点和用户体验部分”。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_02/020A054327036295F80A00C04B87CD7C131A722E_size184_w710_h529.png\"/></p><p>同年7月，有消息称，小鹏将在2024年第四季度推出一款内部代号为F57的新车型，该车型将不会使用任何激光雷达，智能驾驶系统将转向类似特斯拉的纯视觉解决方案。</p><p>时间来到2025年8月，对于纯视觉与激光雷达这两个技术路线的争论，何小鹏给出了自己明确的回应。</p><p>他表示，小鹏汽车在前年就做出了决策，小鹏的辅助驾驶、自动驾驶甚至未来的无人驾驶都会坚持纯视觉路线。</p><p>何小鹏认为，以前纯视觉做不好是因为算力太弱了，未来纯视觉的上限会远远高过激光雷达，“将来视觉能识别路上可能扎胎的钉子、被挪动的沙井盖，激光雷达很难做到。”他还预测，到2027年，激光雷达与纯视觉路线之间的争议将消失。</p><p>不过，据《经济参考报》，有行业专家表示，近年，小鹏汽车从激光雷达转向纯视觉方案，这两种技术路线孰优孰劣，难有定论，但就目前而言，使用多传感器路线的车企占绝大多数。</p><p>部分专业人士认为，盲目排斥非视觉传感器，易导致安全冗余不足，增加系统出错的概率。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_02/A00171908C4EC92E2AAB6CEE7A73B7563485637C_size3_w1080_h95.jpg\"/></p><p><strong>前三季度业绩大涨，四季度交付不及指引</strong></p><p>天眼查显示，小鹏汽车于2020年、2021年先后登陆美股、港股两地资本市场。据<a href=\"https://laohu8.com/S/300033\">同花顺</a>数据，自2018年以来，小鹏汽车常年身陷亏损泥沼。</p><p>据外媒报道，<a href=\"https://laohu8.com/S/GS\">高盛</a>在2023年底发布的研究报告中指出，小鹏汽车管理层认为，在当前竞争环境下，扩大销量至关重要，公司将继续优先考虑销量，并通过降低成本提升盈利能力。</p><p>当时，小鹏高级驾驶辅助系统（ADAS）的物料成本为2.5万元人民币，而同行为2万至3万元人民币。通过减少传感器数量（包括激光雷达和毫米波雷达），无疑能够有效降低这部分成本，从而在成本控制上占据优势。</p><p>根据高盛研究报告，小鹏的削减成本措施在这个阶段已见成效，当时小鹏G9中期改款版售价比原始版本低4至5万元人民币，但利润率更高。</p><p>高盛预计，小鹏于2024年下半年推出的新车型，将通过技术创新降低25%的成本，从而带来更高的利润率。</p><p>从小鹏汽车近年披露的财报数据来看，公司的汽车毛利率得到了显著提升。</p><p>2023年第三季度，小鹏的汽车毛利率为-6.1%，但仅仅一个季度后的第四季度，该项数据便成功转正，达到4.1%，环比大幅提升10.2个百分点。</p><p>彼时，小鹏汽车在财报中表示，公司该季度汽车毛利率的大幅提升，得益于其技术降本和经营改善计划初见成效。</p><p>到了2025年第三季度，小鹏实现13.1%的汽车毛利率，该指标同比提升4.5个百分点，但环比下降1.2个百分点。对此，小鹏解释称，环比下降主要是因为产品换代。</p><p>伴随着汽车毛利率的增长，小鹏汽车的整体业绩也取得了亮眼的表现。最新财报显示，今年前三季度，公司营收同比暴增119.96%至544.66亿元；净亏损则大幅收窄65.86%至15.23亿元。</p><p>聚焦至第三季度，小鹏汽车的业绩表现依旧可圈可点，公司单季实现203.8亿元的营收，同比增加101.8%，环比提升11.5%；净亏损为3.8亿元，相较上年同期的18.1亿元收窄近八成。</p><p>小鹏汽车副董事长及联席总裁顾宏地表示，随着有效的成本控制和技术研发相关的收入释放出更大的潜力，公司的综合毛利率在第三季度首次突破20%。</p><p>事实上，小鹏汽车业绩的强劲增长，离不开交付量的卓越表现。2025年第三季度，小鹏汽车火力全开，合计交付新车11.6万辆，同比增加149.3%。</p><p>新年伊始，小鹏汽车又披露了最新的年度交付数据。2025年，小鹏汽车全年累计交付新车42.94万辆，同比增长126%。</p><p>不过，去年第四季度，小鹏汽车交付新车11.62万辆，不及此前制定的12.5万辆至13.2万辆的四季度交付指引。</p><p>值得一提的是，在去年第三季度的财报电话会议上，何小鹏曾放出豪言：“我们的目标是在（2025年）四季度实现公司盈亏平衡”。</p><p>如今，随着2025年正式画下句号，小鹏汽车能否达成这一目标，即将揭开谜底。</p></body></html>","source":"fenghuang_stock","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n盈利大考冲刺关头，千亿小鹏被指“虚假宣传”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-05 08:00 北京时间 <a href=https://tech.ifeng.com/c/8peujyBVGBd><strong>雷达财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>雷达财经出品 文|丁禹 编|孟帅近日，《经济参考报》的一篇报道，将小鹏汽车部分车主与品牌之间的矛盾摆上了台面。事件起因是有车主投诉小鹏汽车2023款G6偷偷减配毫米波雷达，利用车企优势地位擅自修改电子用户手册，事发后以纯视觉技术升级为减配理由，涉嫌虚假宣传、销售欺诈。小鹏汽车此次卷入的争议，或与其智驾技术路线的转变有关。早期，小鹏汽车采用的智能驾驶方案与行业主流一致，走的是“雷达+视觉”的融合...</p>\n\n<a href=\"https://tech.ifeng.com/c/8peujyBVGBd\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4551":"寇图资本持仓","BK1539":"汽车股","EVS.SI":"MSCI China Electric Vehicles and Future Mobility 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编|孟帅近日，《经济参考报》的一篇报道，将小鹏汽车部分车主与品牌之间的矛盾摆上了台面。事件起因是有车主投诉小鹏汽车2023款G6偷偷减配毫米波雷达，利用车企优势地位擅自修改电子用户手册，事发后以纯视觉技术升级为减配理由，涉嫌虚假宣传、销售欺诈。小鹏汽车此次卷入的争议，或与其智驾技术路线的转变有关。早期，小鹏汽车采用的智能驾驶方案与行业主流一致，走的是“雷达+视觉”的融合路线。如今，小鹏汽车选择放弃激光雷达，转投更具挑战性的纯视觉方案。而小鹏汽车品牌公关负责人此前还曾公开发表“剪辫子”言论，将放弃激光雷达比作“剪掉脑后的辫子”，一度引发争议。在小鹏汽车掌舵者何小鹏看来，以前纯视觉做不好是因为算力太弱，未来纯视觉的上限会远远高过激光雷达。而小鹏汽车转投纯视觉路线，技术降本方面的考量或许也是一个重要因素。近年来，通过一系列技术降本举措以及经营改善计划，小鹏汽车的汽车毛利率和业绩表现均有明显提升。2025年第三季度，小鹏汽车录得净亏损3.8亿元，相较上年同期的18.1亿元收窄近八成。在展望2025年第四季度时，何小鹏曾满怀信心地表示，“我们的目标是在四季度实现公司盈亏平衡”。不过，去年第四季度，小鹏汽车共交付新车11.62万辆，未能达成此前制定的12.5万辆至13.2万辆的交付指引目标。截至1月2日收盘，小鹏汽车的最新股价为80.35港元/股，总市值1536亿港元。在《2025胡润百富榜》上，何小鹏凭借480亿元的身家成功实现逆袭，反超理想汽车掌舵者李想，成为新晋新势力首富（鉴于小米集团手机及其他业务占比较高，暂不将雷军纳入该阵营财富比较范畴）。减配毫米波雷达？小鹏汽车被指“虚假宣传”2025年末，《经济参考报》发布一篇题为《小鹏汽车部分车型被指涉嫌“销售欺诈”》的报道，引发外界广泛关注。一名车主表示，其于2024年12月29日购入一台2023款小鹏G6755超长续航Max，销售人员介绍该车配备5颗毫米波雷达，但购车合同不随附配置清单，可在小鹏App电子用户手册查阅相关配置。在查阅属实后，该车主随即付款购车并提车。然而，在一次拆车维修时，这名车主却发现，自己购买的小鹏汽车左前、右前部位竟均未安装毫米波雷达。后续，该车主向小鹏汽车售后投诉，要求说明情况并给出解决方案，但小鹏汽车相关人员均以“硬件简化，功能不简化，小鹏最新‘AI鹰眼纯视觉方案’通过前摄像头代替角雷达感知能力”加以推诿。更让该车主难以接受的是，在其投诉后不久，小鹏App的电子用户手册中关于2023款小鹏G6755超长续航Max的配置内容竟被悄悄修改，毫米波雷达数量从5颗变成3颗。而据《经济参考报》调查，类似这名车主的遭遇并非个例，甚至有车主发现即使是物理上装配有5颗毫米波雷达，但小鹏在未告知且未获得车主允许的情况下，通过OTA软件使2颗失效，属于变相减配。此外，《经济参考报》还获得一份有159名小鹏PRO车主集体签名致广州小鹏汽车科技有限公司的《维权函》及《维权车主联名签署文件》。而前述文件的投诉内容，包括“毫米波雷达配置减配，涉嫌虚假宣传与欺诈销售”，维权起因也“纯属意外”：“部分车主在维修保养时意外发现，车辆实际安装的毫米波雷达数量并非宣传的5颗，而是被私下减配为3颗”。对于此事，小鹏官方委婉承认：“公司技术升级至纯视觉辅助驾驶方案后，已经取消了前角毫米波雷达的使用，相关车型的生产也简化了相应硬件”；“具体车辆功能配置变化，在公司官网、App等渠道均有同步，不存在该客户描述的隐瞒和欺诈行为”。同时，小鹏汽车PR还表示，减配毫米波雷达后，“车辆辅助驾驶功能没有变化，并且会随着AI大模型进化提供更好的行车体验”。但小鹏方面的回复，并未获得小鹏车主们的认可，其联合签名的维权函显示：“毫米波雷达作为智能辅助驾驶系统的重要传感器，其数量的减少直接影响到车辆的感知能力、辅助驾驶的准确性、安全性和可靠性，进而影响到车辆的核心功能和使用价值。”据汽车质量促进平台小程序，截至发稿，已有超60名车主“抱团”反映了小鹏汽车毫米波雷达减配失效等问题。此外，另有33名车主“抱团”反馈小鹏G6 Pro版本软件功能与宣传不符，车主希望小鹏汽车能针对快速路智驾覆盖、高速地图更新、SR功能优化及芯片算力释放等问题，出台具体可行的解决方案。率先引入激光雷达后，转身拥抱纯视觉路线此番小鹏汽车被指虚假宣传的背后，或与气其智驾技术路线的转变密切相关。公开资料显示，环境感知是汽车智驾的关键技术，汽车中负责感知环境的传感器繁多，常用的有摄像头、激光扫描仪、毫米波雷达以及超声波雷达等。小鹏汽车曾指出，每种传感器都各有优劣，比如摄像头在物体识别方面有优势，但是距离信息比较欠缺；激光扫描仪及毫米波雷达，能精确测得物体的距离，但是在识别物体方面远弱于摄像头。基于各传感器的优劣，早年间，各家车企主要都是向着“雷达+视觉”的融合方向进发。2018年，小鹏汽车在发布旗下首款电车小鹏G3时，便向外界展示了融合方案带来的AEB自动紧急制动带行人检测功能。2021年开年，小鹏汽车官宣与大疆孵化的Livox览沃科技达成合作，将在2021年推出的全新量产车型上使用其生产的小鹏定制版车规级激光雷达，小鹏也因此成为首家将激光雷达引入汽车的车企。2023年8月，小鹏又在自家公众号发布的文章中着重宣传了小鹏G6的“前置双激光雷达”，称其拥有超广感知范围，是城市NGP（智能导航辅助驾驶）的最佳激光雷达方案。然而，技术发展的道路并非一成不变。2024年6月，何小鹏现身美国，在体验了特斯拉FSD的纯视觉智驾方案后发博称，“我非常感慨FSD在数月里有很大的进步，我们也会向FSD学习他们优秀的功能点和用户体验部分”。同年7月，有消息称，小鹏将在2024年第四季度推出一款内部代号为F57的新车型，该车型将不会使用任何激光雷达，智能驾驶系统将转向类似特斯拉的纯视觉解决方案。时间来到2025年8月，对于纯视觉与激光雷达这两个技术路线的争论，何小鹏给出了自己明确的回应。他表示，小鹏汽车在前年就做出了决策，小鹏的辅助驾驶、自动驾驶甚至未来的无人驾驶都会坚持纯视觉路线。何小鹏认为，以前纯视觉做不好是因为算力太弱了，未来纯视觉的上限会远远高过激光雷达，“将来视觉能识别路上可能扎胎的钉子、被挪动的沙井盖，激光雷达很难做到。”他还预测，到2027年，激光雷达与纯视觉路线之间的争议将消失。不过，据《经济参考报》，有行业专家表示，近年，小鹏汽车从激光雷达转向纯视觉方案，这两种技术路线孰优孰劣，难有定论，但就目前而言，使用多传感器路线的车企占绝大多数。部分专业人士认为，盲目排斥非视觉传感器，易导致安全冗余不足，增加系统出错的概率。前三季度业绩大涨，四季度交付不及指引天眼查显示，小鹏汽车于2020年、2021年先后登陆美股、港股两地资本市场。据同花顺数据，自2018年以来，小鹏汽车常年身陷亏损泥沼。据外媒报道，高盛在2023年底发布的研究报告中指出，小鹏汽车管理层认为，在当前竞争环境下，扩大销量至关重要，公司将继续优先考虑销量，并通过降低成本提升盈利能力。当时，小鹏高级驾驶辅助系统（ADAS）的物料成本为2.5万元人民币，而同行为2万至3万元人民币。通过减少传感器数量（包括激光雷达和毫米波雷达），无疑能够有效降低这部分成本，从而在成本控制上占据优势。根据高盛研究报告，小鹏的削减成本措施在这个阶段已见成效，当时小鹏G9中期改款版售价比原始版本低4至5万元人民币，但利润率更高。高盛预计，小鹏于2024年下半年推出的新车型，将通过技术创新降低25%的成本，从而带来更高的利润率。从小鹏汽车近年披露的财报数据来看，公司的汽车毛利率得到了显著提升。2023年第三季度，小鹏的汽车毛利率为-6.1%，但仅仅一个季度后的第四季度，该项数据便成功转正，达到4.1%，环比大幅提升10.2个百分点。彼时，小鹏汽车在财报中表示，公司该季度汽车毛利率的大幅提升，得益于其技术降本和经营改善计划初见成效。到了2025年第三季度，小鹏实现13.1%的汽车毛利率，该指标同比提升4.5个百分点，但环比下降1.2个百分点。对此，小鹏解释称，环比下降主要是因为产品换代。伴随着汽车毛利率的增长，小鹏汽车的整体业绩也取得了亮眼的表现。最新财报显示，今年前三季度，公司营收同比暴增119.96%至544.66亿元；净亏损则大幅收窄65.86%至15.23亿元。聚焦至第三季度，小鹏汽车的业绩表现依旧可圈可点，公司单季实现203.8亿元的营收，同比增加101.8%，环比提升11.5%；净亏损为3.8亿元，相较上年同期的18.1亿元收窄近八成。小鹏汽车副董事长及联席总裁顾宏地表示，随着有效的成本控制和技术研发相关的收入释放出更大的潜力，公司的综合毛利率在第三季度首次突破20%。事实上，小鹏汽车业绩的强劲增长，离不开交付量的卓越表现。2025年第三季度，小鹏汽车火力全开，合计交付新车11.6万辆，同比增加149.3%。新年伊始，小鹏汽车又披露了最新的年度交付数据。2025年，小鹏汽车全年累计交付新车42.94万辆，同比增长126%。不过，去年第四季度，小鹏汽车交付新车11.62万辆，不及此前制定的12.5万辆至13.2万辆的四季度交付指引。值得一提的是，在去年第三季度的财报电话会议上，何小鹏曾放出豪言：“我们的目标是在（2025年）四季度实现公司盈亏平衡”。如今，随着2025年正式画下句号，小鹏汽车能否达成这一目标，即将揭开谜底。","news_type":1,"symbols_score_info":{"09868":1.96,"XPEV":1.96,"EVS.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":394,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":518328978530344,"gmtCreate":1767574443401,"gmtModify":1767574445476,"author":{"id":"3487707251567403","authorId":"3487707251567403","name":"BGXL","avatar":"https://static.tigerbbs.com/c2c9fd6c5bac5e2062ea56a3ee503a9e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3487707251567403","idStr":"3487707251567403"},"themes":[],"title":"","htmlText":"p7背锅","listText":"p7背锅","text":"p7背锅","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/518328978530344","repostId":"2600049818","repostType":2,"repost":{"id":"2600049818","kind":"news","pubTimestamp":1767506161,"share":"https://www.laohu8.com/m/news/2600049818?lang=zh_CN&edition=full","pubTime":"2026-01-04 13:56","market":"us","language":"zh","title":"小鹏副总裁陈永海离职，王凤英暂代产品部","url":"https://stock-news.laohu8.com/highlight/detail?id=2600049818","media":"凤凰网科技","summary":"凤凰网科技讯 1月4日，据《云见 Inisight》获悉，小鹏产品中心副总裁陈永海于 2025年12月离职，其职务暂由总裁王凤英接替。据了解，陈永海于2010年加入UC，担任产品主管，负责UC桌面等多款产品的规划与设计。2022年1月，陈永海加入小鹏汽车。2022年7月卸任长城汽车总经理职务后，继续参与战略管理工作。2023年1月30日起担任小鹏汽车总裁，负责产品规划及销售业务。数据显示，2025年全年小鹏汽车累计交付新车429,445台，同比增长126%。","content":"<html><body><p>凤凰网科技讯 1月4日，据《云见 Inisight》获悉，小鹏产品中心副总裁陈永海于 2025年12月离职，其职务暂由总裁王凤英接替。</p><p>据了解，陈永海于2010年加入UC，担任产品主管，负责UC桌面等多款产品的规划与设计。2014年，UC被<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>收购并与高德地图重组，陈永海离开，短暂加入360，之后受UC CEO俞<a href=\"https://laohu8.com/S/300712\">永福</a>邀请加入高德，作为产品运营的1号位，全面负责高德地图的产品工作。2022年1月，陈永海加入<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>。同年，小鹏重新调整产品布局，陈永海转而负责产品中心。</p><p>据公开信息显示，王凤英1991年加入<a href=\"https://laohu8.com/S/601633\">长城汽车</a>，2003年起担任总裁。2022年7月卸任<a href=\"https://laohu8.com/S/02333\">长城汽车</a>总经理职务后，继续参与战略管理工作。2023年1月30日起担任<a href=\"https://laohu8.com/S/09868\">小鹏汽车</a>总裁，负责产品规划及销售业务。</p><p>数据显示，2025年全年小鹏汽车累计交付新车429,445台，同比增长126%。全球化与基础设施建设方面，小鹏汽车2025年海外市场交付量为45,008台，同比增长96%，目前业务已覆盖全球60个国家和地区。</p></body></html>","source":"fenghuang_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小鹏副总裁陈永海离职，王凤英暂代产品部</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小鹏副总裁陈永海离职，王凤英暂代产品部\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-04 13:56 北京时间 <a href=https://tech.ifeng.com/c/8pdhbQ19Nig><strong>凤凰网科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>凤凰网科技讯 1月4日，据《云见 Inisight》获悉，小鹏产品中心副总裁陈永海于 2025年12月离职，其职务暂由总裁王凤英接替。据了解，陈永海于2010年加入UC，担任产品主管，负责UC桌面等多款产品的规划与设计。2014年，UC被阿里巴巴收购并与高德地图重组，陈永海离开，短暂加入360，之后受UC CEO俞永福邀请加入高德，作为产品运营的1号位，全面负责高德地图的产品工作。2022年1月，...</p>\n\n<a href=\"https://tech.ifeng.com/c/8pdhbQ19Nig\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"82333":"长城汽车-R","601633":"长城汽车","BK4551":"寇图资本持仓","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","BK1588":"回港中概股","XPEV":"小鹏汽车","09868":"小鹏汽车-W","BK1610":"ETF&股票定投概念","BK1575":"同股不同权","BK4099":"汽车制造商","BK4526":"热门中概股","BK1587":"次新股","GWLLY":"长城汽车ADR","BK4555":"新能源车","BK1539":"汽车股","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","BK4505":"高瓴资本持仓","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","BK1119":"汽车制造商"},"source_url":"https://tech.ifeng.com/c/8pdhbQ19Nig","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2600049818","content_text":"凤凰网科技讯 1月4日，据《云见 Inisight》获悉，小鹏产品中心副总裁陈永海于 2025年12月离职，其职务暂由总裁王凤英接替。据了解，陈永海于2010年加入UC，担任产品主管，负责UC桌面等多款产品的规划与设计。2014年，UC被阿里巴巴收购并与高德地图重组，陈永海离开，短暂加入360，之后受UC CEO俞永福邀请加入高德，作为产品运营的1号位，全面负责高德地图的产品工作。2022年1月，陈永海加入小鹏汽车。同年，小鹏重新调整产品布局，陈永海转而负责产品中心。据公开信息显示，王凤英1991年加入长城汽车，2003年起担任总裁。2022年7月卸任长城汽车总经理职务后，继续参与战略管理工作。2023年1月30日起担任小鹏汽车总裁，负责产品规划及销售业务。数据显示，2025年全年小鹏汽车累计交付新车429,445台，同比增长126%。全球化与基础设施建设方面，小鹏汽车2025年海外市场交付量为45,008台，同比增长96%，目前业务已覆盖全球60个国家和地区。","news_type":1,"symbols_score_info":{"82333":0.6,"601633":0.6,"EVS.SI":0.6,"09868":1.95,"GWLLY":0.6,"XPEV":1.95}},"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}