Core Viewpoint - The article discusses the rapid development and investment in the low-speed autonomous vehicle market in China, highlighting significant financing events and the increasing adoption of autonomous vehicles in logistics and delivery sectors [4][11]. Investment and Financing - New Stone Technology announced the completion of over $600 million in Series D financing, marking it as the largest private equity financing in China's autonomous driving sector to date [4]. - In 2025, several companies, including New Stone and NineSight, secured substantial funding, indicating strong investor interest in the autonomous vehicle market [10][11]. Market Dynamics - The low-speed autonomous vehicle market is experiencing a shift, with companies like Desay SV and New Stone entering the space, showcasing strong execution capabilities [6][9]. - The logistics sector, particularly the express delivery industry, is a major driver for the adoption of autonomous vehicles, with significant orders for autonomous delivery vehicles already placed [13][15]. Industry Trends - The period from 2018 to 2023 was characterized as a demonstration phase for autonomous vehicles, with companies exploring various application scenarios and refining AI technologies [9]. - By 2024, the industry is expected to enter a growth phase, with commercial value becoming more apparent and market demand beginning to surge [9][10]. Competitive Landscape - The express delivery sector has become a key player in the autonomous vehicle market, with major companies like Jitu Express and SF Express investing heavily in autonomous delivery vehicles [15][18]. - New Stone and NineSight dominate the market, holding a combined 90% share of the autonomous vehicle orders in the express delivery sector, making it challenging for new entrants [18]. Future Outlook - The potential market for autonomous delivery vehicles in China is vast, with estimates suggesting a need for 30 million autonomous vehicles for last-mile delivery [24]. - However, there are concerns about the sustainability of the current business models, with industry experts suggesting that the market may not meet overly optimistic capital market expectations [26][27].

Investment Rating - The report does not explicitly state an investment rating for the smart driving industry Core Insights - The smart driving industry is experiencing rapid evolution driven by "end-to-end" and "smart driving equity" concepts, with significant growth in both new energy vehicle sales and smart driving functionalities [3][4][9] - The penetration rate of L2-level smart driving in new energy vehicles in China has increased from approximately 7% in 2019 to around 65% by the first half of 2025, indicating a strong correlation between new energy vehicle sales and the adoption of smart driving technologies [9][10] - The smart driving market is projected to exceed 5 trillion yuan by 2030, with a compound annual growth rate driven by technological advancements and increased consumer acceptance [15][16] Summary by Sections 1. "Equity + End-to-End" Accelerating Smart Driving Evolution - The smart driving industry has seen a significant increase in new energy vehicle sales, which has created a positive feedback loop for the adoption of smart driving technologies [9][10] - The penetration of L2-level smart driving features in new energy vehicles has rapidly increased, reflecting the growing consumer acceptance and market expansion of smart driving technologies [9][10] 2. End-to-End Smart Driving Review - The evolution of end-to-end smart driving can be categorized into four main stages, with advancements in perception, decision-making, and control processes [30][32] - The introduction of the "occupancy network" has enhanced environmental perception capabilities, allowing for more accurate and stable decision-making in complex driving scenarios [46][47] 3. VLA Technology Route - The VLA (Vision-Language-Action) model is emerging as a key driver of paradigm shifts in autonomous driving, integrating visual, linguistic, and action modalities into a cohesive framework [70][71] - The VLA model's development is divided into four stages, with significant advancements in task understanding and execution capabilities [76][77] 4. World Model Technology Route - The world model approach emphasizes physical reasoning and spatial understanding, representing a long-term evolution path for smart driving technologies [69][70] - The integration of world models with cloud computing is expected to enhance the iterative optimization of end-to-end smart driving systems [65][66]

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2025-074 惠州市德赛西威汽车电子股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 （一）信息披露义务人基本信息及权益变动情况 惠州市德赛西威汽车电子股份有限公司 股票简称 德赛西威 股票代码 002920 变动方向 上升□ 下降√ 一致行动人 有□ 无√ 是否为第一大股东或实际控制人 是□ 否√ 2.本次权益变动情况 股份种类（A 股、B 股 等） 变动股数 变动方式 变动比例（%） A 股 -1,163,400 集中竞价 -0.21 A 股 0 公司总股本变化 使其持股比例被 动变化 -1.52 合 计 -1.73 本次权益变动方式 （可多选） 通过证券交易所的集中交易 √ 通过证券交易所的大宗交易 □ 其他 √ （因公司向特定对象发行 A 股股票导致公司总股本增加，使其 持股比例被动变化） 3. 本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 股份性质 本次变动前持有股份 本次变动后持有股份 股数(股) 占总股本比例 (%) 股数(股) ...

注：表中持股数量指登记于董事、监事和高级管理人员名下账户的直接持有公司股份的数量。 关于董事、监事和高级管理人员持股情况变动的报告 经中国证券监督管理委员会《关于同意惠州市德赛西威汽车电子股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2025〕315 号）同意，惠州市 德赛西威汽车电子股份有限公司（以下简称"公司"）向 21 名特定对象发行人 民币普通股（A 股）41,893,333 股，每股发行价格为 105.00 元，募集资金总额 4,398,799,965.00 元。本次发行完成后，公司总股本由 554,949,301 股增加至 596,842,634 股。 公司全体董事、监事和高级管理人员均不是本次向特定对象发行 A 股股票的 认购对象，持股数量未发生变化，持股比例因本次发行总股本增加而摊薄。本次 发行前后的具体变动情况如下： 惠州市德赛西威汽车电子股份有限公司 | 姓名 | 职务 | 本次发行前 | | 本次发行后 | | | --- | --- | --- | --- | --- | --- | | | | 持股数（股） | 持股比例 | 持股数（股） | 持股比例 | | 高大鹏 | ...

惠州市德赛西威汽车电子股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 关于持股 5%以上股东持股比例被动变化超过 1%的公告 一、本次权益变动基本情况 根据中国证券监督管理委员会出具的《关于同意惠州市德赛西威汽车电子股 份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕315 号），惠 州市德赛西威汽车电子股份有限公司（以下简称"公司"）向 21 名特定对象发行 A 股股票（以下简称"本次发行"）41,893,333 股，新增股份的股份登记手续已 在中国证券登记结算有限责任公司深圳分公司办理完毕，新增股份将于 2025 年 10 月 24 日在深圳证券交易所上市，公司总股本由 554,949,301 股增加至 596,842,634 股。 公司持股 5%以上股东广东德赛集团有限公司（以下简称"德赛集团"）未 参与本次发行认购，持股数量未发生变化，但因公司总股本变化，其持股比例由 28.31%被动变化至 26.32%。 | 1.基本情况 | | | --- | --- | | 信息披露义务人 | 广东德赛集团有限公司 | | 住所 | 广东 ...

证券代码：002920 证券简称：德赛西威 公告编号：2025-075 特此公告。 惠州市德赛西威汽车电子股份有限公司 惠州市德赛西威汽车电子股份有限公司 关于向特定对象发行股票上市公告书披露的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 惠州市德赛西威汽车电子股份有限公司《2024 年度向特定对象发行 A 股股 票上市公告书》及相关文件已于同日在巨潮资讯网（www.cninfo.com.cn）披露， 敬请广大投资者查阅。 2025 年 10 月 21 日 1 惠州市德赛西威汽车电子股份有限公司董事会 ...

证券简称：德赛西威 证券代码：002920 惠州市德赛西威汽车电子股份有限公司 2024 年度向特定对象发行 A 股股票 上市公告书 保荐人（联席主承销商） 联席主承销商 二〇二五年十月 1 3 公司全体董事、监事、高级管理人员声明 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 高大鹏 姜 捷 李兵兵 罗 翔 邱耀文 徐建 罗中良 熊明良 徐焕茹 惠州市德赛西威汽车电子股份有限公司 年 月 日 2 本公司全体董事、监事及高级管理人员承诺本上市公告书不存在虚假记载、 全体董事签字： 4 5 4 6 本公司全体董事、监事及高级管理人员承诺本上市公告书不存在虚假记载、 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 全体监事签字： 段拥政 夏志武 余孝海 惠州市德赛西威汽车电子股份有限公司 年 月 日 7 公司全体董事、监事、高级管理人员声明 8 公司全体董事、监事、高级管理人员声明 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 章 俊 9 本公司全体董事、监事及高级管理人员承诺本上市公告书不存在虚假记载、 除董事以外的高级管理人员签字： ...

中信证券股份有限公司 关于 惠州市德赛西威汽车电子股份有限公司 2024年度向特定对象发行A股股票 之 上市保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十月 惠州市德赛西威汽车电子股份有限公司 2024 年度向特定对象发行 A 股股票 上市保荐书 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）接受惠州市 德赛西威汽车电子股份有限公司（以下简称"德赛西威""发行人"或"公 司"）的委托，担任惠州市德赛西威汽车电子股份有限公司 2024 年度向特定对 象发行 A 股股票的保荐人。 保荐人及指定的保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证 券发行注册管理办法》（以下简称"《注册管理办法》"）、《证券发行上市保荐业 务管理办法》等有关法律、法规和中国证券监督管理委员会（以下简称"中国证 监会"）、深圳证券交易所（以下简称"深交所"）的有关规定，诚实守信，勤 勉尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出具上市保荐 书，并保证所出具文件 ...

Investment Rating - The report maintains an "A" rating for the automotive parts sector, indicating a positive outlook for investment in this industry [1]. Core Insights - The automotive industry is experiencing rapid growth in intelligent driving technologies, with China leading the way. The penetration rate of intelligent vehicles in China reached 57.1% in 2023 and is expected to rise to 99.7% by 2030, with a market size exceeding one trillion yuan [1][14]. - The L2 level intelligent driving solutions have become mainstream, with a year-on-year growth of 37% in 2023. The market is expected to see significant increases in the penetration of L3 and above intelligent driving solutions, outpacing global growth rates [1][14]. - Domestic chip manufacturers are gaining traction, with companies like Horizon Robotics and Black Sesame Technology leading the charge in providing high-performance chips for intelligent driving applications [2][51][70]. Summary by Sections Automotive Intelligent Driving Market - The global intelligent driving market is rapidly expanding, with China achieving a penetration rate exceeding 50%. In 2023, the sales of intelligent vehicles in China reached 12.4 million units, accounting for 57.1% of total new car sales [14]. - The market for Advanced Driver Assistance Systems (ADAS) is continuously growing, with L2 and above solutions becoming the market standard. The expected market size for L0 to L2+ solutions is projected to grow from 90.9 billion yuan in 2024 to 223.9 billion yuan by 2029, with a CAGR of 19.7% [32][33]. Domestic Chip Development - The automotive chip market is substantial, with an estimated size of 71.2 billion yuan in 2024, expected to exceed 170 billion yuan by 2030. The demand for higher chip performance is increasing due to the ongoing electrification and intelligentization of vehicles [41]. - The ADAS SoC market reached 27.5 billion yuan globally and 14.1 billion yuan in China in 2023, with a projected CAGR of 27.5% and 28.6% respectively from 2023 to 2028 [46]. Key Players and Investment Opportunities - Horizon Robotics is positioned as a leading domestic supplier of intelligent driving chips, with its products expected to cover a wide range of intelligent driving applications. The company has seen significant revenue growth, with a projected revenue of 2.384 billion yuan in 2024 [66]. - Black Sesame Technology is also a key player, focusing on high-performance chips for various intelligent driving scenarios. The company aims to expand its market share in both mid-range and high-end markets, leveraging its cost advantages [70]. Investment Recommendations - Focus on companies benefiting from the dual increase in value and penetration in the intelligent driving chip segment, such as Horizon Robotics and Black Sesame Technology [6]. - The Tier 1 segment still has room for domestic replacement, with potential for deepening customer relationships through core products like domain controllers and sensors. Key companies to watch include Desay SV, Jingwei Hirain, and Qianli Technology [6].

Core Viewpoint - The company is focusing on consolidating its core business while actively seizing market opportunities and strategically positioning itself in new product and business areas [1] Group 1: Business Strategy - The company is leveraging its core technologies and systematic capabilities in the automotive electronics sector [1] - The company is committed to exploring and researching in the robotics field, building on its developments in smart driving domain control products, sensors, and algorithms [1]