Dongxing Securities: The market will re-emphasize intelligent investment opportunities in Q4, with XPENG-W as the top choice

Zhitong
2025.10.17 05:36
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Soochow Securities Co., Ltd. released a research report indicating that the market will refocus on intelligent investment opportunities in the fourth quarter of 2023, with XPENG-W as a top choice. The report emphasizes that intelligent investments will place greater emphasis on software opportunities and breakthroughs in the B-end, with expectations of exceeding applications in the next 3-5 years. Q4 will see multiple catalysts for intelligence, including the release of Tesla's V14 version and XPeng Technology Day, with core players expected to accelerate their entry into L4 level

According to the Zhitong Finance APP, Soochow Securities has released a research report stating that the market will refocus on investment opportunities in intelligence in Q4. The firm believes that: Hong Kong stocks > A-shares, software > hardware, and B-end > C-end. Among the currently available targets in A-H shares, the preferred combination is XPENG-W (09868) + Horizon Robotics-W (09660) + Cao Cao Mobility (02643).

The report states that since the AI market began in 2023, each round of AI market expansion has led to a diffusion into intelligence. This is because intelligence is essentially an important application of AI in the physical world, and the firm even believes it should be an over-expected application in the next 3-5 years! From the perspective of intelligent agents, AI smart vehicles have already reached L4 capability (taking Robotaxi/van as an example). 2) In Q4, there will be continuous catalysts for intelligence! The release of Tesla's V14 version accelerates the external operational capabilities of Robotaxi, XPeng's Technology Day in October may release more details on the 2026 Robotaxi mass production plan, Pony.ai plans to add about 500 units of the seventh-generation unmanned vehicle in Q4, and there is hope for positive gross profit in the fourth quarter, WeRide continues to accelerate its overseas progress, and Horizon HSD will officially launch in November, etc. The firm expects that by 2026, core players will accelerate their entry into L4, marking a big year for Robotaxi.

The firm believes that the similarities between this year's Q4 and last year's Q4 lie in the diffusion of AI, but the differences are: 1) Last year's Q4 emphasized the resonance between automotive logic and AI logic, while this year's Q4 emphasizes the interpretation of AI logic. The core behind this is that after a year of development in intelligence, all players' capabilities are stepping up, especially first-tier players beginning to move towards L4, and the industry's realization capabilities are strengthening. 2) Last year emphasized hardware opportunities and C-end sales driving, while this year may focus more on software opportunities and breakthroughs in the B-end

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