金吾财讯 | 交银国际表示，2026年9月新能源汽车车企销量延续环比改善。10家样本车企合计销量约80.9万辆，同比/环比+14.3%/+3.8%。分品牌看，零跑连续第三个月突破10万辆，极氪同比增速领先；比亚迪、蔚来、小鹏环比改善，小米超4万辆，理想及鸿蒙智行有所回落。整体来看，“金九”需求有所释放，但品牌分化延续，新品周期及海外增量仍是主要增长动力。展望四季度，“银十”旺季叠加新车集中上市及年底冲量，终端需求仍具支撑，同时海外销量增长仍将贡献主要增量。该机构继续关注三条主线：一是新品周期明确、智能化能力持续升级的新势力；二是海外销量快速增长、具备规模及本地化生产优势的整车龙头；三是具备VLA、 Robotaxi及人形机器人等物理AI延展能力的标的。建议关注：小鹏集团（09868 HK/XPEV US/买入）M03、GX、G9L及后续增程车型放量、海外本地化生产和物理AI业务落地；吉利汽车（00175/买入）极氪持续高增长、内部资源协同及海外销量快速提升；比亚迪（01211/买入）海外销量持续创新高、高端品牌发展和智能化提速。
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