Investment Rating - The automotive industry maintains a "Recommended" investment rating, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [5][30]. Core Insights - The automotive industry experienced an overall decline of 0.6% from April 13 to April 19, with significant new car launches ahead of the Shanghai Auto Show, including models from Zeekr, AITO, and NIO [1][2]. - Huawei and SAIC jointly launched the "Shangjie" brand, with an initial investment of 6 billion yuan and plans for a dedicated factory, aiming to introduce their first model priced between 180,000 to 250,000 yuan by mid-year [1][24]. - The automotive sector is witnessing a global expansion, with companies like BYD entering new markets in Europe and Southeast Asia, and Xpeng planning local production in Indonesia [21][23][27]. Market Performance Overview - The automotive sector's performance was mixed, with some sub-sectors like automotive services and motorcycles showing gains of 1.9% and 1.3%, while passenger vehicles and auto parts saw declines of 1.0% and 1.2% respectively [2][11]. - Notable individual stock performances included Huayang Racing (+19.4%), Jianbang Technology (+18.1%), and Jiuzhi Co. (+17.8%), while Xinquan Co. (-9.1%) and Meili Technology (-7.7%) faced significant declines [3][13]. Recent Developments - Several new models were launched, including the BYD Han L and Tang L, as well as the AITO Wenjie M8 and NIO Firefly, with prices ranging from 119,800 to 449,800 yuan [18][20]. - The industry is also seeing advancements in smart driving technology, with Xpeng aiming for L3 level autonomous driving by the end of 2025 [21]. - The establishment of the "Shangjie" brand by Huawei and SAIC is seen as a strategic move to capture a significant share of the growing market for new energy vehicles [24].

Core Insights - The 2025 IM L6 has officially started pre-sales in Shanghai, with a price range of 219,900 to 289,900 yuan, but lacks versions with solid-state batteries, indicating a repositioning due to poor market performance [1][2] - IM's sales have not met expectations since its establishment in late 2020, with projected sales of 38,000 units in 2023 and 65,000 units in 2024, significantly lagging behind leading brands [1] - The L6 model, initially branded as a "hot product," has seen monthly sales drop to around 1,000 units this year, reflecting challenges in a highly competitive market [1][2] Product Positioning - The 2025 IM L6 has been repositioned as a "urban fashion high-end customized product," targeting urban white-collar workers, and has removed solid-state battery options [2] - New technologies introduced include the upgraded Lingxi digital chassis 2.0, AI Agent IMOS 4.0, and Momenta-enabled IM AD3.0 intelligent driving assistance, along with comfort features like the "instant control sunshade canopy" and "bagel pressure-relief seats" [2][3] Market Competition - The 20-30 million yuan price segment is highly competitive, with rivals like Tesla Model 3, Xiaomi SU7, and Zeekr 007 offering clearer differentiation in their product offerings [2] - IM's previous branding focused on vehicle handling, but the current product does not align with this image, posing a challenge for the company to unify its product labels and brand identity [3]

编辑 丨 龚方毅 领导班子换届以来的 9 个月，上汽集团密集展开了一系列改革行动，合并减员、组建新高管团队、施 行竞聘上岗等，最核心的举措在于与华为合作打造新汽车品牌 "SAIC 尚界"，以及整合乘用车公司 （即荣威飞凡、名爵品牌）、研发总院、零束科技、上汽国际和海外出行五大主体成立大乘用车业 务。 借助尚界，上汽要挽回急剧下滑的销量趋势，同时向大乘用车输送改革的方法与经验。学习华 为，串联起上汽未来的改革方向。上汽集团总裁贾建旭在 3 月的媒体沟通会上表示，华为是上汽的 "老师"，已经派出多位年轻干部常驻尚界项目，这些干部的一个任务是问华为 "为什么这么干"。 上汽为此展露了足够的诚意。在鸿蒙智行发布会上，上汽集团总裁贾建旭宣布，尚界首期投入 60 亿 元，要为尚界品牌组建超 5000 人的专业运营及技术团队，并对标问界重庆超级工厂建设尚界的超级 工厂。以奇瑞智界为参照，奇瑞与华为已经合作推出了 2 款新车，目前智界事业部的规模还是千人左 右。 据我们了解，上汽有计划从旗下合资板块抽调人手支援尚界的 5000+ 人团队，今年早些时候部分上汽 "尚界" 项目组员工已搬到位于上海金桥地区的办公室，缩短与华为上研 ...

晚一点，好一点 以下文章来源于晚点LatePost ，作者晚点团队 晚点LatePost . "不是所有油车，都能上华为智驾" 文 丨 王笑渔 中国汽车行业一度形成这样一个共识：燃油车做不了高阶辅助驾驶。 这主要是出于对燃油车操控响 应、电子电气架构设计上的不足的考量，认为其难以匹敌电动车的辅助驾驶表现。但从 2025 年开 始，上汽奥迪想通过与华为的合作打破这一局面。 上汽奥迪 A5L Sportback 是首款搭载华为乾崑智驾技术的燃油车，将于 2025 年上海车展上正式亮相 发布。新车将支持高速 NOA、城市 NOA 以及 AVP 泊车等辅助驾驶功能。 上汽奥迪营销事业副总经理谢施奇向我们独家透露，从 A5L Sportback 开始，上汽奥迪后续的燃油车 型都有望搭载高阶（组合）辅助驾驶。（下文以 "辅助驾驶" 代） 不是所有油车，都能上华为智驾 "我们与华为合作不是跟风"，谢施奇告诉我们。在 2022 年初，上汽奥迪就与华为开始在辅助驾驶方 面开始合作。当时，上汽奥迪品牌成立才一年，首款车型 A7L 也刚上市不久，而华为的辅助驾驶方案 还没量产上车。 初代的上汽奥迪 A7L 当时就搭载了 1 颗激光 ...

Core Viewpoint - SAIC Group is committed to transforming its business model by embracing smart driving technology and forming strategic partnerships with leading tech companies to enhance its product offerings and user experience [1][7]. Group 1: Strategic Partnerships - SAIC Group announced collaborations with major tech companies such as Huawei, Momenta, Horizon Robotics, and OPPO to create a new industrial ecosystem that accelerates the application of cutting-edge technologies [1][5]. - The partnership with Horizon Robotics aims to scale the deployment of smart driving technology in the mass market, with multiple models from SAIC's brands like Roewe and MG set to feature the new Horizon Journey 6 series chips [2][3]. - Horizon Robotics has become the largest external shareholder of SAIC and is recognized as a leader in the ADAS solutions market, holding over 40% market share among Chinese OEMs [2][3]. Group 2: Technological Advancements - The Journey 6 series chips will support advanced driving features such as high-speed NOA and urban memory driving, enhancing the smart driving experience for consumers [3][4]. - Horizon's HSD system, which integrates visual, language, and behavior frameworks, aims to provide a human-like driving experience in complex urban environments [3][7]. - The collaboration is expected to lead to the mass production of over 100 mid-to-high-end smart driving models by 2025, with cumulative shipments of Horizon's smart driving solutions projected to exceed 10 million units [3][4]. Group 3: Safety and Innovation - SAIC Group introduced a comprehensive safety system called the "Safety 3.0 System," which focuses on creating a full-loop safety mechanism that includes perception, intervention, and cushioning [7]. - The company has outlined a three-phase strategy for smart driving safety, aiming for L3 level autonomous driving to be implemented on a large scale by 2026 [7]. - The commitment to innovation is reflected in SAIC's approach to continuously improve its products and embrace change, aiming to elevate "Shanghai manufacturing, Chinese brands, and global quality" [8].

"不是所有油车，都能上华为智驾" 文 丨 王笑渔 中国汽车行业一度形成这样一个共识：燃油车做不了高阶辅助驾驶。 这主要是出于对燃油车操控响 应、电子电气架构设计上的不足的考量，认为其难以匹敌电动车的辅助驾驶表现。但从 2025 年开 始，上汽奥迪想通过与华为的合作打破这一局面。 上汽奥迪 A5L Sportback 是首款搭载华为乾崑智驾技术的燃油车，将于 2025 年上海车展上正式亮相 发布。新车将支持高速 NOA、城市 NOA 以及 AVP 泊车等辅助驾驶功能。 上汽奥迪营销事业副总经理谢施奇向我们独家透露，从 A5L Sportback 开始，上汽奥迪后续的燃油车 型都有望搭载高阶（组合）辅助驾驶。（下文以 "辅助驾驶" 代） 不是所有油车，都能上华为智驾 "我们与华为合作不是跟风"，谢施奇告诉我们。在 2022 年初，上汽奥迪就与华为开始在辅助驾驶方 面开始合作。当时，上汽奥迪品牌成立才一年，首款车型 A7L 也刚上市不久，而华为的辅助驾驶方案 还没量产上车。 初代的上汽奥迪 A7L 当时就搭载了 1 颗激光雷达，能实现 L2 级辅助驾驶能力。当能力再往上提升 时，以往的分布式电子电气架构，各系统独立 ...

高端精密传动零部件公司深圳市诺仕机器人有限公司近日完成天使+轮融资，由上汽创投独家投资。这 是上汽创投首次涉足人形机器人上游核心零部件。诺仕机器人专注于行星滚柱丝杠及配套执行器模组的 研发和生产，已突破C5级精度瓶颈，实现全球最小行星滚柱丝杠的量产。该技术在机器人、半导体、 医疗设备等领域具有广泛应用潜力，并与上汽集团（600104）在汽车底盘领域有合作空间。公司计划继 续推动技术创新和生产工艺的自主化。(36氪) ...

从中证绿色城镇指数持仓的市场板块来看，深圳证券交易所占比59.07%、上海证券交易所占比 40.93%。 从中证绿色城镇指数持仓样本的行业来看，工业占比42.61%、可选消费占比26.65%、原材料占比 16.69%、信息技术占比10.56%、公用事业占比2.04%、通信服务占比1.46%。 金融界4月17日消息，A股三大指数收盘涨跌不一，中证绿色城镇指数 (绿色城镇，H30139)报1759.01 点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 数据统计显示，中证绿色城镇指数近一个月下跌10.82%，近三个月下跌1.03%，年至今下跌3.90%。 据了解，中证城镇化指数系列主要围绕集约、智能、绿色低碳等主题，多角度反映城镇化进程中受经济 结构和消费结构变化影响的上市公司证券的表现。城镇化指数系列包括 ...

Core Insights - Huawei launched new products at the Hongmeng Intelligent Mobility conference, including the AITO M8 and the AITO S9 range-extended version, along with the official announcement of the Shangjie brand [1][2] - The AITO M8 is positioned as a family smart flagship SUV, featuring advanced technology and multiple configurations [1] - The AITO S9 range-extended version is equipped with various high-tech features and boasts a maximum CLTC comprehensive range of 1355 kilometers [1][2] Group 1: Product Features - The AITO M8 is equipped with the HUAWEI ADS 3.3 system, which includes 30 high-precision sensors and supports full-scene driving assistance [1] - The M8 supports 118 core domain controller OTA upgrades, allowing for synchronized evolution of hardware performance and software ecosystem [1] - The AITO S9 range-extended version features 4 laser radars and the Huawei Snow Owl intelligent range-extended system [1] Group 2: Strategic Partnerships - The Shangjie brand was launched in collaboration with SAIC Group, aiming to create high-quality mobility solutions for households [2] - SAIC Group has committed an initial investment of 6 billion yuan and established a dedicated team of over 5,000 for the Shangjie brand [2] - The partnership between Huawei and SAIC is expected to enhance the competitive edge of their smart vehicle offerings in the global market [2]

鲍威尔鹰声警告，目前不降息，"不救市"。当地时间4月16日，美联储主席鲍威尔表示，别期待美联储 出手救市，特朗普关税政策可能使美联储在"控制通胀"与"支持经济增长"之间陷入两难境地。美联储将 继续观望，并暗示会优先考虑控制通胀，预计美国经济增速将放缓。 特朗普吹牛"一天能征20亿美元关税"遭美海关打脸。近来，特朗普屡次在公开场合鼓吹他的关税政策能 使"美国每天收入20亿美元"。然而美国海关和美国财政部的数据却显示，即便是在4月5日部分关税生效 后，海关实际收到的关税大致也只有2-3亿美元左右 美国派遣战略轰炸机至朝鲜半岛，朝方谴责。朝鲜国防省发言人当地时间16日发表谈话，谴责美国和韩 国以增加"延伸威慑"为名，将B-1B战略轰炸机派遣至朝鲜半岛。此次美韩的军事挑衅是对朝鲜国家安 全露骨的威胁，朝鲜将行使压倒性遏制力予以回应。 美股方面，鲍威尔"鹰声"重创市场，纳指跌3.07%，道指跌1.73%，标普500指数跌2.24%。大型科技股 集体下挫，英伟达跌6.87%，市值一夜蒸发1.37万亿元，特斯拉跌4.94%，苹果跌3.89%，Meta、微软均 大跌3.6%。芯片股遭重挫，AMD、阿斯麦跌超7%，台积电、英特 ...