汽车：“刀口向内”释放技术红利，小鹏汽车销售势能不断累积

Investment Rating - The investment rating for the automotive industry is "Positive" [5] Core Viewpoints - The report highlights that Xiaopeng Motors has successfully released technological benefits through its "internal focus" strategy, leading to continuous product success with the launch of models G6 and G9, which have seen significant pre-orders [2][4] - The concept of "technological equality" is identified as a key trend in the 2025 new energy vehicle industry, with high-end features being made standard in entry-level models [2] - Xiaopeng Motors plans to integrate range-extended and pure electric platforms to efficiently expand its product matrix, with three new models planned for 2025 [3] Summary by Sections Sales Momentum - Xiaopeng Motors has accumulated sales momentum, with G6 and G9 achieving over 5,000 and 3,000 pre-orders within 7 and 45 minutes respectively, indicating strong market demand [4] - If production capacity ramps up as expected, monthly sales could exceed 16,000 units, significantly increasing from the current monthly sales of around 10,000 units [4] Product Strategy - The new models G6 and G9 will feature standard city navigation assistance and advanced battery technology, reflecting a shift towards making high-end features accessible in more affordable vehicles [2] - The integration of range-extended and pure electric technologies is expected to lower development costs and enhance product offerings [3]