智能化月报系列 车中旭霞 汽车智能化月报： 《汽车智能化月报系列（三十二）- 11月城区NOA渗透率超20%，Waymo完成新一轮千亿融资 》——20260204 《汽车智能化月报系列（三十一）-工信部许可两款L3级自动驾驶车型产品，希迪智驾、图达通港交所上市》——20251231 《汽车智能化月报系列（三十）-9月城区NOA渗透率达16%，小鹏发布第二代VLA、Robotaxi、全新一代IRON》—— 20251126 《国信汽车-汽车智能化月报系列（二十九）：小马智行和文远知行冲击港股上市，均胜电子再获50亿元汽车智能化全球订 单》——20251103 《国信汽车-汽车智能化月报系列（二十八）-地平线合作哈啰加速Robotaxi商业化落地，禾赛科技于香港交易所上市 》—— 20250928 《国信汽车-汽车智能化月报系列（二十七）：尚界H5搭载HUAWEI ADS 4辅助驾驶系统，地平线HSD首搭奇瑞星途E05》 ——20250827 《国信汽车-汽车智能化月报系列（二十六）：汽车智能化月报系列二十六 - 上海新一批智能网联汽车示范运营牌照7月26日 发放，Robotaxi商业化落地加速》——202507 ...

小马智行系列 车中旭霞 公司深度 《小马智行( PONY.0 )-全球无人驾驶领先企业，Robotaxi商业化落地加速》——20250628 公司点评 《小马智行（PONY.O/2026.HK）- 2025年公司亏损净额约0.69～0.86亿美元，Robotaxi商业化运营持续推进 》—— 20260209 《小马智行（PONY.O/2026.HK）-单三季度收入同比增长72%，Robotaxi商业化运营持续推进》——20251207 《小马智行(PONY.0)-单二季度收入同比增长 76%，Robotaxi规模化运营持续推进》——2025090 事项 公司公告 2026年2月4日，小马智行发布2025年业绩预告。公司预计2025年录得(i)净利润约-0.69～-0.86亿美元，2024年净利润 为-2.75亿美元，及(ii)归属普通股东净利润约-1.26～-1.43亿美元，2024年归属普通股东净利润为-2.74亿美元。拆单季 度看，2025Q4，公司净利润约0.66～0.83亿美元（2025Q3为-0.61亿美元，2024Q4为-1.81亿美元），公司归属普通股东 的净利润约0.14～0.31亿美元（20 ...

核心观点 月度产销 ： 根据乘联会数据，1月狭义乘用车零售市场规模约为180万辆，环比下降20.4%，同比增长0.3%。其中新能源零售量预计为80万左右，渗透率约44.4%。 12月 全国乘用车市场零售226.1万辆，同比下降14.0%，环比增长1.6%。2025年累计零售2,374.4万辆，同比增长3.8%。12月全国乘用车厂商批发278.9万辆，同比下降9.0%， 环比下降7.0%；2025年累计批发2,955.4万辆，同比增长8.8%。根据中汽协数据，12月汽车产销分别完成329.6万辆和327.2万辆，环比分别下降6.7%和4.6%，同比分别 下降2.1%和6.2%。2025年，汽车产销分别完成3453.1万辆和3440万辆，同比分别增长10.4%和9.4%。2025年12月，乘用车产销分别完成287.9万辆和284.7万辆，环比分 别下降8.4%和6.3%，同比分别下降4.2%和8.7%。2025年，乘用车产销量分别3027万辆和3010.3万辆，同比增长10.2%和9.2%。 本月行情： 1月CS汽车板块上涨0.33%，其中CS乘用车下跌5.41%，CS商用车上涨15.59%，CS汽车零部件上涨0 ...

Core Viewpoint - The article discusses the strategic collaboration between Xingyu Co., Ltd., ChipLink Integrated Circuit Manufacturing Co., and Hubei Jiufengshan Laboratory to advance the industrialization of Micro-LED technology in automotive lighting, aiming to create a complete ecosystem from technological innovation to industrial application [11][14][40]. Industry Insights - The automotive lighting industry is experiencing a shift towards electronic and intelligent technologies, with a focus on high-resolution digital headlights and advanced driver assistance systems (ADAS) [10][18]. - The market for adaptive driving beam (ADB) technology is growing, with current applications in mid-range vehicles, while high-pixel LED and DLP technologies are being developed for high-end models [23][42]. Company Developments - Xingyu Co., Ltd. is positioned as a leading player in the automotive lighting sector, with a robust R&D system and strong manufacturing capabilities, serving major domestic and international automotive brands [13]. - The company is actively expanding its product offerings in intelligent lighting technologies, including ADB, HD ADB (Micro-LED), and DLP systems, aligning its R&D progress with global industry leaders [10][39]. - The establishment of "Wuhan Xingxi Light Technology Co., Ltd." with a planned investment of 30 billion yuan for Micro-LED technology development signifies a significant commitment to innovation and market leadership [14][40]. Technological Trends - The article highlights the evolution of automotive lighting technologies, including the transition from traditional LED systems to more advanced solutions like Micro-LED and DLP, which offer higher pixel counts and improved functionalities [20][35]. - ADB technology is noted for its ability to enhance night driving safety by adjusting light patterns to avoid dazzling oncoming drivers, with current implementations in various vehicle models [23][29]. Strategic Collaborations - The partnership between Xingyu, ChipLink, and Jiufengshan aims to leverage each entity's strengths in chip manufacturing, semiconductor research, and automotive lighting to accelerate the development and commercialization of Micro-LED technologies [11][14][40]. - This collaboration is expected to facilitate breakthroughs in core technologies and foster a more integrated approach to the automotive lighting industry's future [15][40].

Core Viewpoint - The relationship between the automotive industry's prosperity (sales growth) and the valuation of the automotive sector is complex, influenced by both declining total growth and rapid advancements in AI technology [1][7]. Group 1: Relationship Between Valuation and Prosperity - There is a relationship between automotive sector valuation and industry prosperity, with valuation leading prosperity by about one month [1][10]. - Historically, years of high sales growth have correlated with improved automotive sector performance, indicating a long-term positive correlation between valuation and prosperity [7][10]. - The correlation between valuation and prosperity has weakened since 2019, indicating a decoupling effect where high prosperity does not necessarily drive high valuation [2][15]. Group 2: Decoupling and Asymmetrical Effects - The decoupling effect suggests that prosperity is a sufficient but not necessary condition for valuation, meaning high valuation can exist without high prosperity [2][15]. - Asymmetrical effects indicate that while high prosperity can drive valuation increases, low prosperity does not necessarily lead to valuation declines, allowing for structural opportunities to support valuation [29][30]. Group 3: Three-Cycle Determinism - The automotive industry is influenced by three cycles: macroeconomic, industrial technology, and policy cycles, which together affect the industry's fundamentals and valuation [2][33]. - The shift in dominant cycles from macroeconomic and policy cycles to industrial technology cycles has led to a redefinition of valuation logic, focusing on quality upgrades rather than scale expansion [34][45]. Group 4: Future Outlook Post-2025 - The automotive industry is expected to enter a phase of low growth normalization, with total sales remaining stable and structural opportunities emerging from AI technology and smart vehicles [3][21]. - Valuation is anticipated to remain stable despite fluctuations in sales growth, indicating a continued decoupling trend [21][25].

Core Viewpoint - Xidi Intelligent Driving (03881.HK) is a leading enterprise in the field of commercial vehicle intelligent driving products and solutions, focusing on autonomous mining trucks and logistics vehicle solutions, V2X, and intelligent perception [2][7]. Company Overview - Established in 2017, Xidi Intelligent Driving is a global leader in intelligent driving hard technology products, dedicated to innovation in hard technology and the application of autonomous driving and vehicle-road collaboration technology [7]. - The company reported a revenue of 408 million yuan in the first half of 2025, representing a year-on-year growth of 57.9%, with a net loss of 450 million yuan [2][6]. Business Segments Autonomous Driving - The autonomous driving segment includes solutions for autonomous mining trucks and logistics vehicles, with a revenue contribution of 92.7% in 2025H1 [14]. - The market for autonomous mining truck solutions in China is projected to grow from 1.9 billion yuan in 2024 to 39.6 billion yuan by 2030, with a CAGR of 65.3% [3]. - Xidi holds approximately 12.9% market share in the autonomous mining truck solutions market in China [3]. V2X - The V2X market in China is expected to grow from 2 billion yuan in 2024 to 23.8 billion yuan by 2030, with a CAGR of 51% [3]. - Xidi's V2X solutions integrate advanced perception technology and traffic optimization algorithms, enhancing road safety and traffic management [24][25]. Intelligent Perception - The intelligent perception segment includes the Train Autonomous Perception System (TAPS) and vehicle-mounted intelligent perception solutions, contributing 5.0% to the revenue in 2025H1 [14][30]. - TAPS is designed to enhance train safety through active perception capabilities, utilizing various detection technologies [30]. Financial Analysis - The company has shown rapid revenue growth, with a significant increase in the autonomous driving segment's revenue by 142.47% year-on-year in 2025H1 [16]. - The gross margin for the autonomous driving segment was 15.59%, reflecting a slight decrease of 0.52 percentage points year-on-year [16]. Research and Development - Xidi emphasizes strong R&D capabilities, with over 50% of its workforce dedicated to research, and core team members averaging over 15 years of engineering experience [4][39]. - The company has been one of the earliest in China to commercialize intelligent driving technology in closed environments since 2018 [4]. Customer Base - Xidi's diverse customer base includes mine owners, government entities, universities, commercial vehicle manufacturers, and other enterprises, continuously expanding its clientele [4][10].

Core Insights - The article discusses the latest developments in the automotive intelligence sector, highlighting advancements in L3 autonomous driving technology and the increasing penetration rates of various intelligent features in vehicles. Group 1: L3 Autonomous Driving Developments - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercial application in China [10]. - Tesla's Full Self-Driving (FSD) technology is expected to receive full approval in China by early 2026, indicating progress in regulatory acceptance [11]. - Xiaopeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, furthering its testing capabilities [12]. Group 2: Market Penetration Rates - As of October 2025, the penetration rate of passenger vehicles with L2 and above features reached 33%, a year-on-year increase of 19 percentage points [8]. - The penetration rates for advanced driver-assistance systems (ADAS) such as highway NOA and urban NOA are 33.8% and 16.2%, respectively, with year-on-year increases of 21 and 8 percentage points [8]. - The penetration of 800 million pixel cameras in passenger vehicles has reached 49.7%, up 31% year-on-year [6]. Group 3: Industry Collaborations and Innovations - WeRide's Robotaxi service has successfully launched in over 10 cities globally, demonstrating the commercial viability of autonomous driving technology [13]. - Hiydi Zhijia has become the first company focused on commercial vehicle intelligent driving to be listed on the Hong Kong Stock Exchange, raising approximately 1.422 billion HKD [15]. - RoboSense has secured a contract with Dongfeng Nissan for nearly one million units of digital lidar products, set to begin mass production in 2026 [17]. Group 4: Sensor and Technology Advancements - The penetration rate of laser radar in passenger vehicles has reached 14.3%, with a year-on-year increase of 7.9 percentage points [6]. - The market share of NVIDIA chips in passenger vehicle driving domain controllers has increased to 58%, reflecting a 22.2% year-on-year growth [6]. - The cumulative shipment of Huayang Group's HUD products has surpassed 3.5 million units, solidifying its position as a leading supplier in the global market [16].

Core Viewpoint - Chery Automobile, founded in 1997, has nearly 30 years of history and is entering a new era in 2025 with significant advancements in its electric vehicle (EV) and international business strategies [2][4]. Company Overview - Chery has a rich historical foundation, with rapid revenue growth and stable profitability in recent years. The company operates under five major brands: Chery, Jetour, iCAR, Exeed, and Zhijie, along with two overseas brands, Omoda and Jaecoo. It has extensive production capacity both domestically and internationally [3][50]. Development Stages - The company's development can be divided into five phases: 1. Layout and Investment Period (1997-2004) 2. Rapid Development Period (2005-2010) 3. Brand Accumulation Period (2011-2017) 4. Multi-Brand Restructuring Period (2018-2020) 5. Hybrid/Intelligent Transformation Period (2021-2024) [5][59]. Financial Performance - In the first three quarters of 2025, Chery achieved revenue of 214.83 billion yuan, a year-on-year increase of 17.94%, and a net profit of 14.365 billion yuan, up 28.19% [23][43]. - The company’s total sales volume reached 2.5157 million units in 2024, a 42.89% increase year-on-year, with overseas sales exceeding 1 million units for the first time [20][28]. Domestic Market Strategy - Chery's hybrid products are experiencing rapid growth, with a clear sub-brand strategy. The A9L model is expected to significantly boost the company's performance in the hybrid segment starting in the second half of 2025 [6][7]. - The company is focusing on enhancing the quality of its electric vehicle offerings, with a notable increase in the penetration rate of its hybrid products [7][32]. International Market Strategy - Chery has been expanding its international presence systematically, with plans for local production in multiple regions. By 2025, the company aims to deepen its overseas production capabilities, particularly in Southeast Asia and Europe [8][9]. - The company has transitioned from primarily exporting fuel vehicles to a comprehensive, ecosystem-based international strategy [9][56]. Brand Positioning - Chery's brand matrix includes: - **Chery**: Targeting family users with a focus on safety and quality. - **Jetour**: Catering to family travel and outdoor enthusiasts. - **Exeed**: Aiming at performance-oriented users. - **iCAR**: Targeting tech-savvy younger consumers. - **Zhijie**: Focusing on intelligent and high-performance vehicles [50][51][54]. Production Capacity - Chery has a robust domestic production capacity, primarily located in Wuhu, Anhui, with additional facilities in Henan, Liaoning, and Inner Mongolia. This allows the company to meet both domestic and international demand [56][57]. - The company is actively expanding its overseas production capabilities, with multiple production bases in Southeast Asia, Central Asia, South Asia, Europe, North Africa, and South America [56][57].

低空经济系列 车中旭霞 行业深度 低空经济行业专题系列一： 深度 | eVTOL行业专题：低空经济的先导产业，飞行汽车商业化渐近【国信汽车】 低空经济行业专题系列二：eVTOL动力系统的市场空间、技术趋势和产业链机遇【国信汽车】 低空经济行业专题系列三：低空经济乘风而至，产业机遇前景广阔 公司深度 深度|万丰奥威：汽车轻量化为基，通航飞机打开低空经济成长空间【国信汽车】 深度 | 亿航智能：低空经济领先企业，集齐适航三证，商业化落地有望加速【国信汽车】 核心观点 通用航空以航空器制造和飞行活动为核心，除了军用以及民用客货运航班以外，其他所有的飞行活动都可以归入 通用航空的范畴 通用航空具有灵活性、个性化的服务特点，作业范围广、作业空域低、作业时效性强，涉及多样化民用领域。传统通 用航空器以固定翼飞机和直升机为主，技术和应用都比较成熟。新兴通用航空器则以无人机和eVTOL为代表，具有智 能化、无人化和绿色化等特点 。 通用航空在我国迎来新发展机遇主要源于政策、技术和市场化三个因素推动 政策方面，低空经济上升成为国家战略推动空域管理制度变革以及带动通航基础设施和运营体系建设完善，为产业发 展创造了有利条件。技术方 ...

Industry Insights - The Robo-X initiative is expected to reach a milestone in 2026, driven by supportive policies, technological advancements, and cost reductions in L4 autonomous driving [3][4] - The global L4 market is projected to exceed trillions by 2030, with the domestic Robotaxi market estimated at 236 billion yuan annually, and Robovan and Robotruck markets also showing significant potential [4][12] - The competitive landscape includes key players such as Pony.ai and WeRide in the Robotaxi sector, with various companies emerging in Robovan, Robotruck, Robobus, and Robosweeper markets [4] Company Analysis - Pony.ai reported a 72% year-on-year revenue growth in Q3, with ongoing progress in the commercialization of Robotaxi services [1][2] - WeRide achieved a remarkable 144% year-on-year revenue growth in Q3, indicating accelerated commercialization of its L4 products [2][1] Policy Developments - Global policies are increasingly supportive of autonomous driving, with countries like the UAE and Singapore implementing frameworks to facilitate the testing and deployment of autonomous vehicles [12][14] - In China, the Ministry of Industry and Information Technology has initiated pilot programs for smart connected vehicles, involving major automotive companies [14][15] Investment Trends - In 2025, the L4 sector is expected to attract significant investment, with over 49 financing events reported, totaling nearly 21.8 billion yuan in funding [16]