金吾财讯 | 交银国际研报指，小鹏集团(09868)举办GX技术发布会，小鹏GX首次发布亮相并开启预售，预售价为39.98万元。随着GX的加入，小鹏已形成由G6、G7、G9及GX构成的全谱系SUV产品矩阵。中长期维度，VLA 2.0对终端试驾转化率的带动、图灵芯片的全系适配及潜在的外供业务、下半年Robotaxi示范运营，以及年底人形机器人量产，均构成了业务多元化与估值中枢上行的核心支撑。短期内，股价走势将依赖于GX上市后的订单兑现率、1Q26行业淡季后的销量修复斜率，以及海外市场智驾商业化落地的实际进展。小鹏GX在确保差异化竞争力的同时，凭借其在智驾底座与成本控制上的垂直整合能力，有望在中高端SUV赛道中实现市场份额的进一步突破。该机构维持买入评级，长期仍看好VLA2.0、一车双能及Physical AI带来的估值抬升。
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