行业研究丨深度报告丨汽车与汽车零部件 [Table_Title] 智驾平权系列六：AI 智能涌现新阶段，智驾 VLA 与世界模型之争 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 通用人工智能大模型迎来跨越式发展，模型规模、训练范式与推理能力持续突破，为各类 AI 应 用构建了坚实的底层技术底座。智能驾驶本质是"物理 AI"的应用，因此注定了往大模型方面 演进。通用大模型能力涌现，赋能智驾模型基座，智驾模型架构持续进阶，逐步进入 VLA 和世 界模型的物理 AI 时代，迈向智能涌现新阶段。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 汽车与汽车零部件 cjzqdt11111 [Table_Title 智驾平权系列六： 2] AI 智能涌现新阶段，智驾 VLA 与世界模型之争 [Table_Summary2] 引 ...

长白山旅游股份有限公司业务涵盖了长白山旅游交通、景区管理、酒店管理、产品营销等多个领域，连 续10年获评纳税信用A级。针对景区经营业态多、产业链上子公司多的特点，公司主动为8家子公司提 供税务合规指导，开展税务体检，重点核查景区环保车、酒店客房、团体旅游服务收入的计税口径，及 时排查税源信息遗漏风险。在公司内部财务核算管理体系中，增设业务报销审批流程主管会计审核节 点，实现对费用的前置把关。同时，公司引入信息化系统，将采购、入库至销售的全过程整合进供应链 系统，显著提升财务管理的规范性。2025年，长白山主景区共接待游客368万人次，同比增长7.9%。 2025年，公司累计申报缴纳税费5307万元。 此次发布的案例为行业内企业提供了可操作的实践参考。比如，惠州市德赛西威汽车电子股份有限公司 自研工时记录系统强化研发费用管理；东莞市奥海科技股份有限公司以管理流、业务流、发票流、资金 流"四流合一"为核心规范发票管理；浙江三花智能控制股份有限公司在传统ERP系统与采购系统之间创 新搭建"业财融合"系统，嵌入298项审核标准，将发票及采购价格审批单、入库单、订单等所有相关单 据纳入系统规范化管理。 近期，多地税务部 ...

（编辑 丛可心） 证券日报网讯 2月24日，德赛西威在互动平台回答投资者提问时表示，公司产品满足客户对不同产品组 合及业务开发模式的多元需求，为驾乘者提供卓越的出行体验。公司致力于成为未来出行变革创领者， 引领汽车行业发展趋势，深度聚焦于智能座舱、智能驾驶和网联服务三大领域的高效融合，持续开发高 度集成的智能硬件和领先的软件算法，为全球客户提供安全、舒适、高效的移动出行整体解决方案和服 务。 ...

Core Viewpoint - The smart driving concept is gaining momentum, with several companies experiencing significant stock price increases following the announcement of new mandatory national standards for autonomous driving systems by the Ministry of Industry and Information Technology [1] Group 1: Industry Developments - The Ministry of Industry and Information Technology has organized the National Automotive Standardization Technical Committee to revise five mandatory national standards, including "Safety Requirements for Autonomous Driving Systems," and is currently soliciting public opinions on the draft [1] - Companies such as Zhejiang Shibao, Haon Automotive, Siwei Map, Wanjie Technology, Desay SV, and Zhonghaidah have seen stock price increases in response to the news [1] Group 2: Investment Recommendations - Zhongyin Securities has recommended focusing on companies related to smart driving, including Horizon Robotics and Black Sesame Intelligence for computing and chip enterprises, and companies like Zhongke Chuangda, Desay SV, Jingwei Hengrun, and Guangting Information for intelligent driving systems and domain controllers [1] - Additional recommendations include Robotaxi companies such as Pony.ai and WeRide, as well as vertical driving companies like Zhongyou Technology, Wanjie Technology, Xinbeiyang, and Beilu Zhikong [1] - Other notable mentions include Siwei Map, Xiaopeng Motors, Haohan Deep, and Alter for their contributions to the smart driving sector [1]

Core Viewpoint - The article highlights the importance of tax compliance in various industries, showcasing exemplary cases from advanced manufacturing, electronic information, and ice and snow industries to guide businesses in enhancing their tax compliance awareness and practices [1][9]. Advanced Manufacturing Industry - Five advanced manufacturing companies, including Tongkun Co., Wangli Security, Huafeng Chemical, Crystal Optoelectronics, and Sanhua Intelligent Control, were recognized for their tax compliance practices, all maintaining an A-level tax credit rating for several consecutive years [3]. - Tongkun Co. established a dedicated tax management department in 2018 to oversee tax affairs across the group, implementing internal compliance guidelines and ensuring tax compliance in major decisions, with an average annual tax payment of approximately 360 million yuan from 2023 to 2025 [3]. - Wangli Security integrated tax compliance into contract review processes, ensuring that tax obligations are clearly defined in contracts, which led to the successful modification of a contract with an overseas institution to clarify tax responsibilities [4]. - Sanhua Intelligent Control developed a digital system to enhance invoice review efficiency, integrating 298 audit standards to ensure compliance across all financial documents, with a projected tax payment of 370 million yuan in 2025 [6]. - Huafeng Chemical created dual compliance defenses through digital means, including a supplier management system and real-time monitoring of business operations, with a tax payment exceeding 90 million yuan in 2025 [7]. Electronic Information Industry - The Guangdong Provincial Taxation Bureau published typical tax compliance cases from the electronic information sector, including companies like Fangbang Co., Desay SV, and Aohai Technology, which have implemented various compliance measures [1]. Ice and Snow Industry - The Jilin Provincial Taxation Bureau released tax compliance cases from the ice and snow industry, including Changbai Mountain, which provided tax compliance guidance to its subsidiaries and improved financial management through an integrated information system, resulting in a total tax payment of 53.07 million yuan in 2025 [10]. - The article emphasizes the growing importance of integrity and compliance management in the expanding ice and snow tourism market, with companies adopting proactive measures to ensure accurate tax reporting and compliance [10][11].

Core Insights - The article emphasizes the growth and significance of intelligent connected vehicles (ICVs) in China's future transportation system, driven by technological advancements, policy support, and market demand [1][6]. Industry Overview - Intelligent connected vehicles are seen as a crucial component of future transportation, with production steadily increasing in China. By 2025, the expected production volume is approximately 11.38 million units, with a market penetration rate of about 32.10% [1][7]. - The market for in-vehicle intelligent connected solutions is projected to grow significantly, reaching 169.3 billion yuan by 2025 and 236.5 billion yuan by 2026 [1][7]. Industry Definition and Categories - In-vehicle intelligent connected solutions rely on interactive wireless networks, integrating vehicle-mounted devices and sensors to create a comprehensive network among vehicles, infrastructure, and users. The solutions encompass six domains: connectivity, intelligent driving, cabin, chassis, power, and body [2][5]. Current Development Status - The intelligent connected vehicle sector is transforming the automotive industry, driven by advancements in technology and increasing demands for smart transportation systems. This sector is pivotal for the integration of automotive technology with AI and information communication [5][6]. Industry Value Chain - The value chain of in-vehicle intelligent connected solutions consists of hardware, software, and services. The upstream includes components like chips and sensors, while the downstream focuses on applications in passenger and commercial vehicles [7][8]. Policy Environment - The development of intelligent connected vehicles is supported by government policies aimed at promoting smart automotive technologies, which provide a solid foundation for the growth of in-vehicle intelligent connected solutions [8][9]. Competitive Landscape - The competition in the in-vehicle intelligent connected solutions industry is intensifying, shifting from product-based competition to a focus on comprehensive capabilities and ecosystem collaboration. Key players include Yundong Intelligent, Weihan Co., Lianyou Technology, and others [9][10]. Key Companies - Yundong Intelligent is a leading supplier in the sector, integrating various advanced technologies to enhance vehicle intelligence. In the first three quarters of 2023, the company reported revenues of 301 million yuan, with significant contributions from communication solutions [10][11]. - Weihan Co. specializes in high-reliability, low-cost wireless communication products and has successfully implemented its digital energy management solutions across various applications, achieving significant market penetration [10][11]. Development Trends - The in-vehicle intelligent connected solutions are evolving towards modular design, leveraging data on vehicle location, speed, and routes to create dynamic interactive wireless networks [11][12].

Core Viewpoint - Desay SV Automotive has launched its Chuanxing Zhiyuan S6 series of low-speed unmanned vehicles, which have garnered significant attention and received customer orders [1] Group 1: Product Launch - The Chuanxing Zhiyuan S6 series of low-speed unmanned vehicles has been released [1] - The product launch has attracted widespread attention from the market [1] - The company has received related customer orders for the new vehicle series [1] Group 2: Supply Capabilities - Desay SV Automotive has intelligent driving domain control products available for supply to unmanned logistics companies [1]

Group 1 - The core point of the article is that Desay SV (002920.SZ) has confirmed that Xiaopeng Motors is one of its clients, and the company provides various automotive electronic products for specific models of Xiaopeng Motors [1] Group 2 - Desay SV is actively engaged in the automotive electronics sector, indicating a strategic partnership with electric vehicle manufacturers like Xiaopeng Motors [1] - The collaboration suggests potential growth opportunities for Desay SV in the rapidly expanding electric vehicle market [1] - The company's involvement with Xiaopeng Motors highlights its role in the supply chain of innovative automotive technologies [1]

Group 1 - The core point of the article is that Desay SV (002920.SZ) has confirmed that Xiaopeng Motors is one of its clients, and the company provides various automotive electronic products for its corresponding vehicle models [1] Group 2 - Desay SV is actively engaged in the automotive electronics sector, indicating a strategic partnership with Xiaopeng Motors [1] - The collaboration suggests potential growth opportunities for Desay SV in the electric vehicle market [1] - The company's involvement with Xiaopeng Motors highlights its role in the supply chain of the automotive industry [1]

Group 1 - The core point of the article is that Desay SV Automotive announced a share reduction by its shareholder, Guangdong Desay Group Co., Ltd., which sold 1.9273 million shares from January 30 to February 6, 2026, reducing its stake from 26.32% to 26.00% of the total share capital [1] - After the share reduction, Guangdong Desay Group holds 155 million shares in Desay SV Automotive, maintaining a significant ownership stake without changing the company's control [1] - The share reduction aligns with the previously disclosed reduction plan, which has not yet been fully implemented [1]