汽车 2025 年 11 月 24 日 比较研究系列 AI 智驾 2.0，迈向智能涌现 强于大市（维持） 行情走势图 证券分析师 王德安 投资咨询资格编号 S1060511010006 BQV509 WANGDEAN002@pingan.com.cn 王跟海 投资咨询资格编号 S1060523080001 BVG944 WANGGENHAI964@pingan.com.cn 平安观点： 智能驾驶演进已从 2024 年的端到端范式确立，迈入智驾到 AI 2.0 的规模化能 力兑现期。基于模型能力提升及多样化的训练数据，智驾系统可能涌现出自主 应对极端边缘场景的能力，从而推动智驾系统进一步打通商业闭环。 行 业 报 告 行 业 深 度 报 告 证 券 研 究 报 告 | 一、 特斯拉智驾的软硬件层面新迭代 4 | 二、 我国高阶智驾发展迈入第三阶段 5 | | | --- | --- | --- | | 三、 技术架构：主流智驾玩家迭代方向 8 | | | | 3.1 VLA 方向 8 | | | | 3.2 华为 ADS4.0，面向 L3 12 | | | | 3.3 地平线机器人&Momenta 强调一段式端 ...

眼镜或其他东西是理想探索物理AI终端的头几个包子，在这个过程中试错是必要且不可避免的，降 低预期可能是上策。 2025年4月李想表示人工智能时代终端四个特点：1.360度对物理世界的感知能力 2.认知决策的能力 3.Action的能力 4.可以自我反思反馈。理想之后做任何一个终端都必须符合以上四个能力。 Rokid创始人祝铭明在2025年10月公布的《一问》访谈中表示，现阶段眼镜在展现力/穿戴性/续航是一 个不可能三角，满分10分，Vision Pro展现力做到9分，续航6-7分，穿戴性几乎是0分。Rokid眼镜穿 戴性7-8分，续航7-8分，展现力3分。如果这三点同时做到7-8分，那么将迎来奇点，这时涉及的技术 将非常广，涉及电池、材料、半导体、光学、通信的技术，且大量的算力不可能全在眼镜上，不然没 法做得轻巧。 理想今年多个部门表现的都一般，包括但不限于销售管理/供应链/i86产能/智驾部门面向高频智驾用 户的运营等。 小同桌/卡片大师/理想同学生活助手Agent，TOP2认为理念层面非常好，但实用层面现阶段不太好， 广州车展给了生活助手会OTA的饼，没给小同桌/卡片大师会更新的饼，更新速度偏慢。 即基于 ...

Stock futures edged higher early Monday as markets entered the shortened Thanksgiving week with cautious optimism. Trading volumes are expected to lighten, with U.S. exchanges closed Thursday and operating on a half-day schedule Friday. At 3:39 a.m. EST, Nasdaq 100 futures were up 0.99%, S&P 500 futures gained 0.68%, and The positive tone followed a mixed finish last week, when strong earnings partly offset renewed volatility across technology and cryptocurrency markets. The S&P 500 rose 0.98% over the we ...

Core Insights - "天天百应" has recently completed a multi-million A round financing, with funds primarily allocated for blue-collar technician training, core scheduling algorithm development, and supply chain efficiency improvements [1] - The company aims to transform traditional maintenance services through a dialogue-based AI platform, addressing issues such as slow response times and high costs in cross-regional maintenance for chain enterprises [1][2] - The maintenance market is substantial, exceeding 100 billion, but faces structural challenges, including slow response times and management disconnects between headquarters and frontline stores [1] Company Developments - The founder, Li Changbo, has taken over daily operations and initiated a critical model restructuring, moving away from reliance on scattered maintenance workers to a more standardized service approach [2] - The company has implemented key reforms, including standardizing maintenance service protocols and establishing a quality inspection department to enhance service quality [2] - Since February, the client base has expanded across various industries, achieving a consistent month-on-month growth of 10% and reducing costs for clients by at least 20% [2] Technological Advancements - The company's technology focus is evolving from order management to a more complex "person-material-store" collaborative scheduling algorithm [3] - The introduction of a quantitative fund investor will assist in developing dynamic optimization models to enhance dispatch efficiency nationwide [3] - The company has launched AI-driven solutions for quoting, dispatching, and quality inspection to improve operational efficiency [3]

虽然在部分人看来，本届广州车展没有之前那么热火朝天，但至少在某些产品细分赛道，车企们显得"热情高涨"，大六座SUV就是一个典型例子。在广州车 展上诸多大六座SUV的重磅发布，可谓丰俭由人，各有的各的卖点。 购买门槛在30万元以下的，不乏吉利、奇瑞这些自主品牌大厂以及大牌造车新势力出品。 吉利银河M9以不足18万元的起售价，提供了宽敞六座空间和全员奢享的舒适体验。同时，它搭载了新一代雷神电混系统和AI数字底盘，兼顾了强劲性能、 低能耗和高阶智能驾驶。在广州车展完成上市首秀的奇瑞风云系列风云T11，起售价为18.99万元。该车要以越级配置，打造成豪华SUV的平替产品。乐道 L90售价从26.58万元起，支持Baas租电方案的起售价更低至17.98万元。 入手门槛为28.99万元的领克900，采用了SPA Evo架构，可旋转二排座椅、双8295芯片，具备丰富的动力选择。起售价为29.98万元的腾势N8L，全系标配"易 三方"技术平台和云辇-A智能空气悬架。预计明年上半年交付的零跑D19，以25万-30万级定价，提供了号称百万级的空间配置。而魏牌蓝山也以29.98 万-32.68万元的售价，通过媲美百万级豪车的舒适空 ...

CITI'S TAKE Summary below on Oct-25 insurance retail sales trend. Figure 1: Who gained NEV market shares – SAIC GM Wuling, Xiaomi, Chery, Nio, SAIC Motor, Seres and etc. gained NEV market shares MoM in Oct-25; Insurance retail data suggest Oct-25 China domestically produced NEV-PV sales was -8% MoM (+1% YoY), missing expectations (China Auto Manufacturers - CPCA Oct Update; NEV Retail Miss while Export Beat). Vi e w p o i n t | 16 Nov 2025 23:56:22 ET │ 13 pages China Auto Manufacturers 11 Figures; 11 Trend ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: Media, Internet, and Education sectors are highlighted for 2026 strategies, with significant emphasis on AI-driven advancements and market dynamics [1][2]. Core Insights and Arguments Advertising Sector - **AI Impact**: AI has significantly improved advertising efficiency, with Tencent's advertising revenue growing by 20% year-over-year in Q2 and continuing to rise in Q3. Kuaishou has made notable progress in user profiling and targeted advertising, while Bilibili achieved over 20% growth through AI enhancements [6][4]. - **Competition**: Third-party programmatic advertising platforms like Huishuangzang Technology and Yidian Tianxia are gaining competitiveness, driving transformation in the advertising industry [1][5]. Gaming Industry - **Regulatory Environment**: The normalization of game license issuance ensures a steady supply of content, supported by a resilient consumer environment. Major companies like Century Huatong and Giant Network are expected to benefit from a concentrated release of new products [7][9]. - **Market Dynamics**: The gaming sector is projected to maintain a high level of activity, driven by product innovation and commercial efficiency. Key players include Tencent, Century Huatong, and Giant Network [14][9]. Instant Retail Market - **Market Growth**: The instant retail market is expected to reach 1.175 trillion yuan by 2026, with a year-on-year growth rate of 28%. Major players like Alibaba, Meituan, and JD.com are heavily investing in this space, although profitability is under pressure due to intense competition [11][8]. - **Consumer Trends**: The county-level market is emerging as a new growth point, supported by the increasing number of rural internet users and their consumption habits [11][10]. Autonomous Driving Sector - **Competitive Landscape**: The autonomous driving sector is entering a price competition phase, with companies like Xpeng and Li Auto differentiating themselves through chip technology and self-driving capabilities. This trend is expected to enhance user experience and drive further development in the electric vehicle industry [12][10]. Short Drama and AI Animation - **Market Expansion**: The short drama market is rapidly growing, with approximately 700 million users in China. The market share of Hongguo exceeds 50%, while companies like China Online and Kunlun Wanwei are performing well in overseas markets, particularly targeting the U.S. [18][1]. - **AI Animation Growth**: The supply of AI animation (dynamic comics) has surged, with a compound monthly growth rate of about 83% in the first half of the year, resulting in over 3,000 works produced and a revenue scale that has increased twelvefold [19][3]. Education Sector - **AI Integration**: AI is increasingly penetrating the education sector, with companies like Dou Shen Education expected to achieve full AI integration by 2026, with AI revenue accounting for 90% of total income. Fenbi Education's AI interview courses are projected to enhance profit margins significantly [20][21]. - **Valuation Appeal**: Dou Shen Education's valuation metrics, such as a PS ratio of around 7 and a PE ratio in the 30s, are considered attractive compared to other sectors, which often see PE ratios of 60-70 [21][20]. Additional Important Insights - **Consumer Resilience**: The macroeconomic environment is supporting consumer resilience, with trends like the "lipstick effect" maintaining consumption levels [9][8]. - **Content Supply Recovery**: The film and television sectors are experiencing a recovery in content supply, with stable growth in box office revenues and favorable policies aiding the industry [17][7]. This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the current trends and future outlooks across various sectors.

重要消息有哪些 MSCI中国指数调整将生效 全球知名指数公司MSCI此前宣布了2025年11月份指数审核结果，此次调整将于11月24日收盘后正式生 效。本次调整中，MSCI中国指数新纳入26只中国股票，剔除20只。 华为官宣将于11月25日14:30举行新品发布会，届时将发布华为Mate 80系列、Mate X7及多款全场景新 品。华为Mate 80系列或将首发搭载全新的麒麟9030芯片。此前，华为已经公开昇腾和鲲鹏芯片的路线 图。 两部门：储蓄国债（电子式）纳入个人养老金产品范围 财政部和中国人民银行日前发布的《关于储蓄国债（电子式）纳入个人养老金产品范围有关事宜的通 知》提出，为支持多层次多支柱养老保险体系发展，将储蓄国债（电子式）纳入个人养老金产品范围。 16只硬科技主题基金同日获批增量资金来了 11月21日，16只硬科技主题基金同日获批，包括首批7只科创创业人工智能ETF、3只科创板芯片ETF、 4只科创板芯片设计主题ETF，以及2只科技主题主动权益类基金，涉及易方达基金、广发基金、景顺长 城基金、摩根资产管理、华宝基金、天弘基金等多家基金管理人。 国内首条大容量全固态电池产线建成 据央视新闻报道，国 ...

16只硬科技主题基金同日获批 增量资金来了 11月21日，16只硬科技主题基金同日获批，包括首批7只科创创业人工智能ETF、3只科创板芯片ETF、4只科创板芯片设计主题ETF，以及2只科技主题主动权益类基 金，涉及易方达基金、广发基金、景顺长城基金、摩根资产管理、华宝基金、天弘基金等多家基金管理人。 国内首条大容量全固态电池产线建成 据央视新闻报道，国内已建成首条大容量全固态电池产线，目前正在小批量测试生产。该产线由广汽集团建成，并在行业内率先具备了60安时以上车规级全固态电 池的批量量产条件。据企业研发负责人介绍，目前开发的全固态电池能量密度比现有电池能量密度高了接近一倍。500公里以上续航的车使用之后达到1000公里以 上的续航。计划是2026年可以进行小批量的装车试验。2027年到2030年期间，可以逐步地进行批量生产。 阿里巴巴、美团等将发布财报 重要消息有哪些 MSCI中国指数调整将生效 全球知名指数公司MSCI此前宣布了2025年11月份指数审核结果，此次调整将于11月24日收盘后正式生效。本次调整中，MSCI中国指数新纳入26只中国股票，剔除 20只。 两部门：储蓄国债（电子式）纳入个人养老金产 ...

Core Insights - The Chinese automotive chip industry is undergoing a significant restructuring driven by the global wave of intelligent driving, with a focus on chip autonomy and technological discourse [1] - International automotive companies are increasingly viewing the Chinese market as a strategic area for chip deployment, as evidenced by the partnership between Volkswagen Group's CARIAD and Chinese tech company Horizon Robotics to establish a joint venture for chip design [1] - The push for domestic chip production is expected to accelerate, with a reported increase in the localization rate of automotive chips to around 15% by 2024 for independent brands, and some leading companies exceeding 40% [2][4] Industry Trends - The demand for high-performance chips is rising as automakers seek to enhance intelligent driving experiences, creating opportunities for breakthroughs in the chip sector [2] - New Chinese automotive players are rapidly advancing their self-developed chips, with companies like XPeng and NIO achieving significant milestones in chip production and performance [2] - Traditional automakers are opting for investment or collaboration strategies to enter the smart driving chip market, with examples including Geely's establishment of Yika Technology and Dongfeng's formation of a chip innovation consortium [3] Market Performance - The Chinese automotive chip industry is showing strong growth, with domestic companies now capable of covering a wide range of chip categories, particularly in analog chips [4] - The increasing localization of chip production is seen as a critical step for the industry to enhance competitiveness against international counterparts [4] Challenges - The self-development of chips presents significant challenges, including high costs, rapid technological changes, and the need for tailored solutions to meet unique market demands in China [5][6] - There is a shortage of skilled talent in chip design, complicating the self-development efforts of automotive companies [7] - Collaboration and resource allocation within teams can hinder the efficiency of chip development projects [7] Strategic Recommendations - The Chinese automotive chip industry should focus on building a complete industrial chain and mastering core technologies to ensure self-sufficiency [8] - Encouraging domestic automakers to increase their procurement of local chips and gradually replace imported ones is essential for industry growth [8] - A collaborative approach across the industry is necessary to overcome challenges and expand the scale of the automotive chip sector [8][9]