Group 1 - Dongfeng Motor Group and Huawei have signed a strategic cooperation agreement to deepen their collaboration [1] - The partnership will focus on areas such as automotive intelligence, enterprise digitalization, and intelligent upgrades [1] - Both companies aim to build an ecosystem through this cooperation [1]

Core Insights - The automotive industry is increasingly investing in humanoid robots, with 19 major car manufacturers entering this field, driven by advancements in AI and the need for automation [1][2][3] Group 1: Industry Trends - The first wave of interest in humanoid robots was sparked by Elon Musk's initiatives with Tesla and the acquisition of Boston Dynamics by Hyundai in 2021 [1][4] - The second wave, influenced by the rise of generative AI like ChatGPT, has seen traditional automakers become more proactive in developing humanoid robots through self-research, partnerships, and investments [2][3] Group 2: Company Strategies - Companies are categorized into three groups based on their motivations for developing humanoid robots: strategic considerations, real-world pressures, and narrative-driven approaches [3][4] - Notable examples include Tesla's self-developed Optimus robot, BYD's plans for a humanoid robot project, and Xiaomi's CyberOne, which aims to serve as a smart assistant [4][5][6] Group 3: Challenges and Opportunities - The automotive sector possesses inherent advantages in the humanoid robot supply chain and application scenarios, which boosts their confidence in developing these technologies [7][10] - However, challenges remain, particularly in achieving mass production and overcoming the limitations of humanoid robots in complex environments [10][11][12]

事件：3 月26 日，公司发布2024 年业绩公告，实现收入1062.0 亿元，同比增长6.9%；归母净利润0.6 亿 元，同比实现扭亏。 机构：方正证券 研究员：文姬 自主品牌销量持续向上，新能源、出口表现亮眼：2024 年公司整体实现汽车销量189.6 万辆，同比下降 9.2%。分车型来看，乘用车实现销量154.5万辆，同比下降11.5%，其中SUV 降幅超13%；商用车实现销 量35.2 万辆，同比增长2.4%；新能源转型成效显著，销量达到39.5 万辆，占集团总销量同比提升4.1 个 百分点；海外出口达到19.5 万辆，同比增长15%。自主品牌表现优异，整体销量43.9 万辆，同比增长 26.4%，岚图同比增长超59%，猛士在低基数下增幅超150%。合资品牌表现承压，整体实现销量110.5 万辆，其中东风本田、东风日产同比分别下降29.2%、12.7%。 收入、盈利均呈向好态势，在手现金充沛：2024 年公司整体实现收入1062.0亿元，同比增长6.9%。乘 用车分部贡献523.0 亿元，占比达49.2%，同比增长22.9%，商用车分部贡献472.2 亿元，占比44.5%，同 比下降4.7%。2024 ...

机构：中信建投证券 研究员：程似骐/陶亦然/胡天贶 核心观点 2024 年经营边际改善，自主品牌、新能源车占比提升。自深化改革以来，公司总部转型为"运营+统 筹"模式，推行"PM 项目管理制"和"对赌激励"，将车型销量与团队薪酬、晋升绑定，2024 年实施对赌 项目12个，覆盖1100 余人次，实施"双目标考核"（当期业绩+中长期能力建设），通过月度"红黑榜"强 化压力传导。 2024 年集团销量迎来了3 年来的首次正增长，2024 年实现销量248.06 万辆，同比增长2.5%，预计全年 自主品牌销量达到137 万辆，同比增长34.4%，全年新能源车销量约86 万辆，同比增长70.9%，远超行 业增速。根据2025 年经营工作会，首先公司转型将全面提速，继续发力岚图、奕派等自主品牌；其 次，强化结构调整，对内部业务优化整合，砍掉亏损业务线；再者，补齐运营管控能力，在生产管理、 供应链管理、销售服务等方面下功夫；最后，持续加强科技创新，加强与华为等优质企业的合作。 经营管理的变化始于2023 年以来股东、董事会和高管的调整，2025 年"央企重组"有望加速公司变革。 2025 年2 月，公司接到控股股东东风公 ...

机构：国泰君安 研究员：吴晓飞/管正月 维持增持评级 。公司是三大汽车央企之一，商乘业务加速电动化转型，转型效果逐步显现。央企整合 动作频频，重组值得期待，预计公司2025-2027 年收入1575.5 亿元、1980 亿元、2371.8 亿元，归母净利 润26.54 亿元、48.74 亿元、67.33 亿元，维持"增持"评级。 重组不断推进，央企整合值得期待。2 月9 日公司及东风系和兵装系旗下多家子公司公告控股股东拟筹 划重组，拉开央企整合序幕。 3 月26 日公司原总经理周治平因工作变动卸任，此前周总已调任兵装集团总经理。3 月29 日，国务院国 资委相关负责人在中国电动汽车百人会论坛上表示将对整车央企进行战略性重组，提高产业集中度。央 企重组不断推进，整合值得期待。 风险提示：自主品牌新车销量不及预期；乘用车产能利用不及预期；车市价格战加剧；央企重组进展不 及预期。 2024 年业绩扭亏为盈，乘用车和商用车均大幅改善。2024 年公司实现总营业收入1062 亿元，同比增长 5.99%；净利润0.58 亿元，实现扭亏为盈。分部来看，2024 年商用车收入472 亿元，同减4.7%，亏损 23.4 亿元， ...

Core Viewpoint - The establishment of the first AI joint innovation laboratory focused on automotive intellectual property in China aims to enhance the integration of intellectual property and artificial intelligence, thereby protecting innovation in the automotive sector [1][6]. Group 1: Laboratory Establishment - The laboratory is a collaboration between Dongfeng Motor Group and China Automotive Information Technology (Tianjin) Co., Ltd., focusing on developing AI models specific to automotive intellectual property [6]. - Dongfeng's investment in R&D for its own brand exceeds 8%, with a total of over 25,000 patents and the establishment of 80 high-value patent clusters, expected to exceed 100 by the end of the year [6]. Group 2: Industry Challenges and Solutions - The automotive industry faces challenges such as trade friction, patent barriers, and technical standards as companies expand internationally, with Dongfeng already covering over 25 countries and regions [6]. - The newly established laboratory is seen as a timely support for the automotive industry in facing international competition [6]. Group 3: Intellectual Property Strategy - The automotive sector's competition has evolved from price and talent wars to intellectual property wars, necessitating a collaborative approach among leading enterprises to enhance innovation capabilities [7]. - The China Automotive Technology Research Center released a report to support companies in addressing overseas intellectual property challenges [7].

在正式上市一年多后，央企新能源品牌东风奕派旗下首款新能源车型eπ007即将迎来焕新升级。 日前，在陕西省西安市举办的"精彩生活有奕派——东风奕派2025款eπ007全国媒体先享试驾会"上，东 风奕派旗下2025款eπ007正式亮相。《中国经营报》记者采访了解到，2025款eπ007在倾心美感、智能灵 感、驾驶快感、安全质感方面迎来全面进阶，预计将于5月下旬上市并开启交付。 在保持原有增程与纯电双动力布局的基础上，2025款eπ007对电池、中控屏、车机系统、智能座舱等进 行了全面优化升级，有望进一步提升在中大型新能源轿车市场的竞争力。 据了解，东风奕派作为汽车央企东风集团旗下的全新子品牌，聚焦主流新能源市场，在东风自主新能源 品牌序列中定位"主流科技电动品牌"，以技术解决实用需求，让科技回归人性温度。 目前，东风奕派已推出"智雅型动座驾"eπ007和"家庭智能大型SUV"eπ008两款车型，用短短半年时间达 成了月销过万辆的成绩。其中，东风奕派eπ007基于东风量子架构打造，纯电版于2024年3月14日正式上 市，增程版车型于同年8月9日上市并开启交付。 此次焕新推出的2025款eπ007，将以产品力全面进阶 ...

转自：中国质量报 东风纳米06可满足用户多元化需求，前排座椅放倒秒变午休床，天地门打造浪漫观景台，后排秒变两米 观星榻，后备箱能装下9个行李箱，35处储物空间装得下全家人的生活小用品，可适配多场景。 预售活动现场，东风集团战略规划部总经理、研发总院院长杨彦鼎全面解读了东风纳米06的智能实力， 他表示，只有将技术做到极致可靠，才能让用户安心托付。东风纳米06作为天元智能技术品牌的首款落 地车型，其背后有东风汽车2.44万件技术专利的储备，更有6200万用户对东风汽车的信赖和支持。 智驾方面，东风纳米06突破高精地图束缚，不仅能准确识别临时改道的施工路段，还能根据前方路况实 现变道超车，面对连续分岔路口提前进行车道选择，使上下匝道成功率超过99%。智能辅助泊车方面， 新车能完成从进入停车场到驶入车位的繁琐操作，还能存储20条两公里的泊车路线，并应对极窄车位、 公园草砖车位、山城坡道车位等复杂车位类型。此外，新车还搭载20余项主动安全功能。智能座舱方 面，东风纳米06语音交互响应时间在400毫秒以内，语音识别率达到98%。同时，新车小憩模式下座椅 可自动后仰121度。新车还搭载第三代"智焓"热管理系统，解决了低温性 ...

突发！极氪拟从美股退市 【今日推荐】 5月7日，吉利汽车控股有限公司宣布，计划收购极氪智能科技有限公司已发行全部股份。吉利汽车 目前持有极氪约65.7%的股份，如交易完成，极氪将与吉利汽车实现完全合并，实现私有化并于纽交 所退市。对此，吉利控股集团方面回应称，此举是进一步落实《台州宣言》，聚焦汽车主业，提升资 源利用效率，深化品牌协同的重要步骤。 联想杨元庆回应产品是否涨价 在5月7日的联想TechWorld上，联想集团董事长杨元庆被问及作为一家全球化公司，接下来联想的产 品是否会涨价？杨元庆表示，这肯定没有一个绝对的回答，零部件的供需情况是很重要的考量因素。 大家关心的是关税的影响会反映在产品定价上，如果没有更进一步的政策改变，可能对价格影响还不 大。但未来不确定性非常大。 英伟达称中国500亿美元市场不容错过 当地时间5月6日，英伟达CEO黄仁勋在美国拉斯维加斯参加ServiceNow公司的全球科技峰会 Knowledge大会。当天，英伟达与ServiceNow联合推出了面向企业级AI智能体（AI agent）的新服 务。黄仁勋谈及人工智能的潜力和英伟达最新发布的推理大模型，并再次强调了中国是人工智能的重 ...

Core Insights - The small pure electric vehicle market is highly competitive this year, with Dongfeng Nano's second model, the "National Smart Pure Electric SUV" Dongfeng Nano 06, starting pre-sales at prices ranging from 89,900 to 119,900 yuan [1] - The vehicle is positioned as an A0-class SUV and is expected to officially launch in June, with plans to enter overseas markets in the third quarter [1] - Dongfeng Nano 06 offers two versions with ranges of 401 km and 471 km, with the decision to exclude a 330 km version due to upcoming subsidy changes [1][4] Product and Market Strategy - Dongfeng Nano 06 is a strategic model for Dongfeng Nano's entry into the new energy market, produced at the Wuhan factory as part of a collaboration with Wuhan Economic Development Zone [4] - The company aims to return to monthly sales of over 10,000 units in the second quarter, following a recovery to 7,000 units in March after a dip in the first quarter due to subsidy policy changes [4] - Future product plans include two additional models, a sedan and a larger SUV, expected to be launched in the next two years [5] Global Market Outlook - Dongfeng Nano is optimistic about its global market potential despite current tariff challenges, citing competitive advantages even with high tariffs in regions like the EU [5] - The company has already achieved significant market share with its Nano 01 model in various overseas markets, indicating strong confidence in the brand's international growth [5]