Core Insights - The 23rd Guangzhou International Auto Show showcased a significant increase in visitor turnout and featured 1,085 vehicles, including 93 global debuts and 629 new energy vehicles, highlighting the strong presence of domestic brands and the acceleration of localization strategies by foreign brands [1][2] Industry Trends - The Chinese automotive market has crossed the critical point of electric vehicle (EV) adoption, with cumulative sales of new energy vehicles reaching 12.943 million units from January to October 2025, marking a 32.7% year-on-year increase and a market penetration rate exceeding 52.9% [2] - The shift towards electric and intelligent vehicles is no longer optional but essential, driving profound changes in product development, supply chain management, and overall industry ecology [2][4] Company Developments - Great Wall Motors unveiled its VLA advanced driver-assistance model, emphasizing the evolution of driving technology and user experience [3] - Ford and Buick are adapting their strategies to local market demands, with Ford's Mustang featuring a localized architecture and advanced technology, while Buick integrates local innovations for enhanced user experience [3] Innovation in the Supply Chain - The auto show highlighted the importance of collaboration across the automotive supply chain, with companies like Jiangsong Technology showcasing innovative solutions such as vertical parking systems with fire safety features and automated charging robots [5] - Xpeng Motors is venturing into humanoid robotics, demonstrating a bionic robot that integrates automotive technology and AI capabilities, indicating a trend towards multi-functional applications of automotive technology [6] - CATL presented its latest battery technology solutions, emphasizing the shift of core supply chain companies from mere suppliers to co-creators in the automotive ecosystem [6]

Core Viewpoint - The sudden announcement by Haomo Zhixing, a subsidiary of Great Wall Motors, to stop all employees from working starting November 24 has raised concerns about the company's potential dissolution and lack of communication regarding employee compensation and future plans [1][3]. Company Overview - Haomo Zhixing, established in 2019, was the first company in China to achieve mass production of autonomous driving technology, focusing on three main areas: passenger car intelligent assisted driving, last-mile logistics delivery vehicles, and smart hardware [3]. - The company had received significant investments, totaling approximately 2 billion yuan, and reached a valuation of over 1 billion USD after its Series A funding in 2021, peaking at a valuation of over 10 billion yuan [3]. Recent Developments - The company launched three affordable intelligent assisted driving products in October 2023, but has faced delays in the rollout of its urban NOH feature, leading to speculation about its operational viability [3][4]. - Great Wall Motors has begun to rely on external supplier Yuanrong Qihang for end-to-end intelligent driving technology solutions, indicating a shift in strategy and a potential decline in Haomo Zhixing's importance within the group [4]. Financial and Operational Challenges - The new model, Blue Mountain, has seen rapid sales growth, with over 8,571 units sold within 24 hours of launch, and a monthly sales increase of over 200% year-on-year [4]. - However, Haomo Zhixing has been experiencing internal turmoil, including layoffs and a lack of clarity regarding employee compensation, leading to a trust crisis among staff [5][6]. Employee Relations - Employees have expressed concerns over unpaid bonuses and delayed salaries, with reports of high-level executives leaving the company amid growing dissatisfaction [5][6]. - There is an expectation for Haomo Zhixing to develop a responsible employee transition plan, with hopes that Great Wall Motors will provide support during this challenging period [6].

Investment Rating - The report maintains a "Strong Buy" rating for the industry [1] Core Insights - The evolution of intelligent driving has entered the AI 2.0 phase, focusing on scalable capabilities and the ability to autonomously handle extreme edge scenarios, which will further enhance the commercial viability of intelligent driving systems [1] - Major players in the high-level intelligent driving sector are accelerating their entry into the Robotaxi business, leveraging mass-produced vehicles to optimize model training and performance in extreme scenarios [1][79] - The report highlights the importance of diverse real-world data and robust R&D resources as key competitive advantages for players in the AI driving space [81] Summary by Sections 1. Tesla's Software and Hardware Iterations - Tesla's FSD (Full Self-Driving) software has achieved significant milestones, with over 60 billion miles driven cumulatively, showcasing its leading position in intelligent driving [7] - The next-generation AI5 chip is expected to greatly enhance the performance and energy efficiency of Tesla's driving systems [8][9] 2. Development Stages of High-Level Intelligent Driving in China - The industry has transitioned from a rule-based system to a fully data-driven approach, marking the arrival of the AI driving era [15][12] - The current phase emphasizes end-to-end models that utilize extensive data for improved driving performance and user experience [18][19] 3. Technical Architecture: Mainstream Player Directions - The VLA (Vision-Language-Action) model integrates visual, language, and action modalities, enhancing the system's ability to understand and interact with the physical world [27][28] - Huawei's ADS 4.0 emphasizes a scene-driven approach, utilizing cloud simulations to train AI drivers without relying on large language models [49][50] 4. Business Model: Acceleration of Robotaxi Initiatives - The Robotaxi business is seen as a critical avenue for data collection and model optimization, with major players planning to leverage mass-produced vehicles for this purpose [65][66] - The report outlines two main technological routes for Robotaxi operations: the "crossing route" represented by Waymo and the "gradual route" represented by Tesla, each with its own advantages and challenges [67][68] 5. Investment Recommendations - The report recommends investing in companies such as Seres, Horizon Robotics, Great Wall Motors, Li Auto, and Xpeng Motors, which are well-positioned to capitalize on the advancements in AI driving technology [81]

Core Viewpoint - The sudden announcement of a company-wide holiday by Haomo Zhixing, a subsidiary of Great Wall Motors, indicates severe operational challenges, potentially leading to a complete shutdown or temporary suspension of operations [1][3][5]. Company Overview - Haomo Zhixing, established in 2019, was once valued at 7.8 billion yuan and recognized as a leading player in China's autonomous driving sector [5]. - The company has over 200 employees and was previously backed by significant investments from firms like Meituan and Hillhouse [5]. - The company has faced a series of executive departures, including its CEO and other key positions, which has contributed to its current instability [5]. Operational Challenges - The company has been unable to deliver on its promises regarding the City NOA (Navigation on Autopilot) feature, which has been repeatedly delayed since its initial announcement in 2022 [6]. - The reliance on Qualcomm's Snapdragon Ride platform has posed significant technical challenges, hindering timely product launches [6]. - Competitors like Huawei and Xiaopeng have successfully launched their own advanced driving systems, further intensifying market competition [6][12]. Market Position and Competition - Great Wall Motors has begun to shift resources towards external suppliers like Yuanrong Qixing, marginalizing Haomo Zhixing within its own ecosystem [7][12]. - The introduction of new models with advanced driving features from competitors has led to a significant increase in sales, highlighting Haomo Zhixing's declining market relevance [8][12]. - The global autonomous driving market is projected to reach 446.1 billion yuan by 2025, with China accounting for nearly half of this market [14]. Industry Trends - The autonomous driving industry is experiencing a significant divide, with major players like Huawei and Momenta dominating the market, while smaller companies struggle to survive [15][18]. - Recent events in the industry, such as the bankruptcy of other small players, underscore the intense pressure faced by companies like Haomo Zhixing [17][18].

Investment Rating - The report maintains a "Recommended" rating for the automotive sector [1] Core Views - The automotive industry is experiencing a decline in performance due to high base effects, with expectations of a decrease in passenger vehicle year-on-year growth by the end of 2025. However, the high-end passenger vehicle market is expected to perform relatively better in 2026 due to policy adjustments [17] - The report highlights the rapid iteration capabilities of new models such as the Xiangjie S9 and Xiaopeng X9, indicating a trend towards advanced driving technologies becoming more accessible [14][15] - The report emphasizes the growth potential in the commercial vehicle sector, particularly heavy trucks, with a recovery in domestic demand anticipated in 2025 [17] Summary by Sections Recent Trends - The automotive sector has underperformed compared to the Shanghai Composite Index, with a weekly decline of 4.9% from November 17 to November 21, 2025 [5][18] - The Guangzhou Auto Show showcased 93 new car launches, with 58% being new energy vehicles, indicating a strong market presence for innovative technologies [13] Key Developments - The launch of the Xiangjie S9 and Xiaopeng X9 models reflects the industry's focus on high-end features and rapid product updates, with prices ranging from 309,800 to 369,800 yuan for the S9 [14] - Huawei's conference highlighted advancements in L3 autonomous driving technology, predicting a penetration rate of 30% by 2025 and over 50% by 2027 [15][16] Recommendations - For passenger vehicles, companies with quality offerings above 300,000 yuan are expected to benefit, with recommendations including Jianghuai Automobile, Geely, Xiaopeng, Great Wall, SAIC, Li Auto, Seres, and BYD [17] - In the parts sector, companies benefiting from the penetration of high-level intelligence into lower-priced models are recommended, including Huayang Group, Desay SV, and Kobot [17] - In the commercial vehicle segment, companies like Weichai Power, Foton, and China National Heavy Duty Truck are recommended due to expected recovery in heavy truck demand [17]

来源：中国网 近日，四川省成都锦城学院党委副书记王丽丽率领就业处及相关学院负责人赴重庆市永川区，开展"访企拓岗暨人才供需对接交流活动"，并与长城汽车股份有限公司重庆分公司等七家当地重点企 活动期间，学校调研团队走访了重庆云谷·永川大数据产业园及多家园区企业，深入了解其在数字文创、自动驾驶、服务外包等领域的产业布局和人才需求。在永川高新区管委会组织的座谈会上 王丽丽表示，学校高度重视与优质园区、企业的深度合作，希望以此次签约为契机，进一步推动人才培养与产业需求对接，助力学生在永川实现高质量就业和长远发展。永川高新区管委会副主任 此次合作是成都锦城学院积极响应国家"访企拓岗促就业"号召、深化产教融合的重要举措，也为成渝地区双城经济圈的建设提供了人才与智力支持。 ...

Core Viewpoint - The passenger car sector experienced a 1.25% increase on November 24, with GAC Group leading the gains, while the overall market indices showed modest increases [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05%, and the Shenzhen Component Index closed at 12585.08, up 0.37% [1] - GAC Group's stock price rose by 10.00% to 8.36, with a trading volume of 737,200 shares and a transaction value of 616 million [1] - Other notable performers included BAIC Blue Valley, which increased by 2.09%, and BYD, which rose by 1.33% [1] Group 2: Fund Flow Analysis - The passenger car sector saw a net inflow of 403 million from main funds, while retail investors experienced a net outflow of 44.18 million [1] - GAC Group attracted a net inflow of 259 million from main funds, accounting for 42.00% of its trading volume, while retail investors had a net outflow of 105 million [2] - BYD also saw a significant net inflow of 189 million from main funds, but retail investors withdrew 133 million [2]

Core Viewpoint - The 2025 Guangzhou International Auto Show has commenced, showcasing WEY brand's new models and launching a brand renewal plan aimed at enhancing its market presence and customer experience [1][4]. Group 1: Brand and Product Launch - WEY brand unveiled its new high-end electric vehicle models, including the High Mountain family, Blue Mountain, and Mocha Hi4, emphasizing its commitment to the new energy and high-end market [1][3]. - The brand's new generation of driver assistance system, Coffee Pilot Master (CP Master), will be first introduced in WEY vehicles, featuring advanced capabilities such as natural human-vehicle interaction and proactive safety measures [2][3]. Group 2: Sales Performance - WEY's sales have shown significant growth, with monthly sales exceeding 10,000 units since the beginning of 2025, and a cumulative sales figure of over 82,000 units from January to October, representing a 200% year-on-year increase [4][5]. - The average transaction price of WEY vehicles has been steadily increasing since 2021, indicating strong competitiveness against global luxury brands [4]. Group 3: Financial Performance - In the first three quarters of 2025, Great Wall Motors reported revenue of 153.58 billion yuan, a year-on-year increase of 7.96%, with new vehicle sales reaching 923,400 units, up 8.15% [4]. - Sales of new energy vehicles reached 278,500 units, reflecting a 31.67% increase, while overseas sales grew by 3.06% to 334,200 units [4]. Group 4: Brand Renewal Plan - The brand renewal plan will focus on four dimensions: value, image, experience, and service, aiming to enhance the brand's appeal and customer engagement [6]. - The plan includes the introduction of a new high-end product line based on a new power platform by 2026, and efforts to strengthen the brand's youthful and international image [6].

Core Viewpoint - Chengdu Jincheng College is actively engaging with local enterprises in Chongqing to enhance talent supply and demand alignment, aiming to improve student employment and long-term development opportunities [1] Group 1: Collaboration Initiatives - The college signed cooperation agreements with seven key local enterprises, including Great Wall Motors, to establish "teaching, internship, and employment bases" [1] - The collaboration is part of a national initiative to promote employment through enterprise engagement and deepen the integration of industry and education [1] Group 2: Talent Development Focus - The school conducted research visits to the Chongqing YunGu Big Data Industrial Park and various enterprises to understand their industry layout and talent needs in digital culture, autonomous driving, and service outsourcing [1] - Discussions among the school, government, and enterprises focused on talent co-cultivation, internship training, and research cooperation to facilitate the organic connection between the education chain and the industry chain [1] Group 3: Regional Economic Support - The collaboration supports the construction of the Chengdu-Chongqing economic circle by providing talent and intellectual support [1] - The deputy director of the Yongchuan High-tech Zone Management Committee expressed appreciation for the college's educational achievements and welcomed more students to contribute to the region's development [1]

Core Viewpoint - The sudden suspension of operations at Haomo Zhixing, a smart driving company incubated by Great Wall Motors, has left approximately 300 to 400 employees facing significant uncertainty, highlighting the challenges faced by companies in the smart driving sector amid fierce competition and technological transitions [1][11]. Company Overview - Haomo Zhixing, established in November 2019, was previously part of Great Wall Motors' intelligent driving system development department, focusing on passenger car assisted driving and logistics automation [1][2]. - The company had raised approximately 2 billion RMB in funding and achieved a valuation exceeding 1 billion USD, positioning itself as a unicorn in the industry [2]. Technological Achievements - The company launched its first logistics automation vehicle, "Xiao Mo Tuo," in November 2020 and developed the MANA intelligent data system, along with the DriveGPT cognitive model [2]. - As of 2024, Haomo Zhixing's user driving mileage surpassed 250 million kilometers, equivalent to circling the Earth 60,000 times [2]. Challenges and Setbacks - Despite past successes, Haomo Zhixing faced significant challenges in transitioning from "image-based" to "non-image-based" smart driving technology, a critical juncture for survival in the industry [3][4]. - The company failed to deliver satisfactory "non-image" solutions, leading to Great Wall Motors losing patience and opting to collaborate with external suppliers like Yuanrong Qixing [5][6][7]. Market Position and Competition - The decision to partner with external suppliers marked a loss of leadership for Haomo Zhixing in the high-level smart driving supply chain [8]. - The company's dual identity as a technology firm and a subsidiary of an automotive manufacturer created fundamental conflicts, hindering its ability to expand its customer base and overcome trust barriers with other automakers [8][9]. Financial and Operational Struggles - Haomo Zhixing attempted to pivot to the mid-to-low level assisted driving market but faced intense competition and price wars, which severely impacted its financial stability [9][11]. - The company initiated layoffs in late 2024, but as funding became constrained, the situation deteriorated rapidly, leading to the current operational halt [9][11]. Industry Context - The smart driving industry in China is experiencing a significant shakeout, with over a thousand companies competing and at least 300 publicly listed firms involved in smart driving technologies [12][13]. - The case of Haomo Zhixing illustrates the harsh realities of the smart driving sector, where once-promising unicorns can quickly fall from grace amid technological shifts and market pressures [13][14].