Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The automotive industry in China has entered the "smart driving" era, with a focus on advanced driver-assistance systems (ADAS) as a key competitive factor [3][4][5]. - The report emphasizes the importance of understanding the latest technological trends and key factors in smart driving, as well as the ranking of players in the market [6][7]. - The transition to "end-to-end" technology architecture in smart driving is highlighted, moving away from reliance on high-precision maps [16][22]. - The report predicts that 2025 may mark the commercial year for Level 3 (L3) autonomous driving, driven by advancements in policy, software, hardware, and insurance mechanisms [22][23]. Summary by Sections 1. Current Status of Smart Driving Products - Smart driving has progressed to two "end-to-end" systems, eliminating dependence on high-precision maps and enabling "no map" navigation [16]. - Urban Navigation Assistance (NOA) is rapidly expanding, with multiple brands unlocking this capability in more cities [18]. - The price of mass-produced vehicles equipped with advanced smart driving features has decreased to around 150,000 RMB, promoting technological equality [20]. - The report anticipates that 2025 will be a pivotal year for L3 commercial applications [22]. 2. Landscape of Smart Driving in China - Players in the market are categorized into four generations based on their highest achieved capabilities: leading, next-generation, current, and lagging [27]. - The report identifies two main factions based on sensor configurations: "vision-based" without LiDAR and "LiDAR-based" [31][34]. - Companies are also classified based on whether they develop their own technology or rely on suppliers [37]. - The current landscape shows a clear hierarchy among brands based on their smart driving capabilities and market presence [40][44]. 3. Key Factors in the Iteration of Smart Driving Industry - The three critical elements driving the evolution of smart driving are algorithms, computing power, and data [51]. - The trend towards end-to-end architecture is becoming mainstream, integrating perception, decision-making, and planning into a unified model [52]. - Cloud computing power is increasingly important, with various players showcasing significant capabilities [55]. - Data accumulation from more vehicles and smart driving solutions is essential for accelerating technological advancements [57]. 4. Influencing Factors for Smart Driving Iteration - The cost of LiDAR technology is decreasing, making it more accessible for mass-market vehicles [61]. - L4-level autonomous driving technologies are being adapted for passenger vehicles, shortening development cycles [62]. - Standardization and scalability of mass-produced vehicles are crucial for enhancing smart driving capabilities [64]. 5. Predictions for Smart Driving in 2025 - The report outlines acceleration factors for smart driving in 2025, emphasizing the importance of algorithms, computing power, and data [68]. - It predicts potential shifts in the market landscape, with players who have invested in these areas likely to emerge as leaders [71]. 6. Notable Companies to Watch in 2025 - The report highlights several companies, including BYD and Changan, that are making significant advancements in smart driving technology [76][82].

本次会议为中国国际金融股份有限公司中金公司闭门会议 仅限受邀嘉宾参会 Without the written permission of CICC and the speaker, no organization or individual is allowed to punish, forward, reprint, disseminate, copy, edit or modify the missing contents and relevant information in any form.CICC reserves the right to investigate the relevant legal liability. 光子和的创始人兼CEO顾承建顾总为我们做一个问答的这样的一个交流我这边也简单介绍一下光子和这个机构光子和的话它其实也是定位于量子科技产业服务平台这样的一个使命包括说每年也都会发布非常强微的关于量子科技的一个报告一部分大家也可以在B站上面能够去看到本身光子和也是对这块做了一个非常好的科普 想向请教就是布总目前您这边观察到全球范围内量子计算机的硬件发展到了什么样的一个阶段了包括说目 ...

Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Quanta Sings, Ernie's conference call. At this time, all participants are in a listen-only mode. We will be hosting a question-and-answer session after management's prepared remarks. Please note that today's event is being recorded. I would now like to turn the conference over to Ms. Leah Guo, Investor Relations Associate Director of the company. Please go ahead, ma'am. Thank you. Hello, everyone, and welcome to Q ...

Key Points - **Industry/Company Involved**: Education International Technology, Quantum Technology - **Reason for Report**: To provide an update on the latest report on quantum technology by Education International Technology [1]. - **Analyst's Name**: Wang David, Education International Technology Analyst [1].

Industry Overview - Embodied AI has evolved significantly since its conceptualization in 1950, with recent advancements in AI, particularly large models, enabling practical applications [2] - Major tech companies like Google, NVIDIA, Tesla, and OpenAI are actively developing embodied AI technologies, with Google's RT-H model showing a 15% improvement in task success rates compared to its predecessor [7] - Startups in the embodied AI space are driving innovation, with many founded by experts from top universities and tech labs, and funding rounds frequently exceeding hundreds of millions of dollars [2][7] Technology and Development - Embodied AI systems are defined as intelligent systems that interact with the environment through physical bodies, distinguishing them from traditional robots by their autonomy, advanced perception, and learning capabilities [5][6] - Two primary algorithmic approaches are used: hierarchical decision models (e.g., Figure 01) and end-to-end models (e.g., Google RT-2), each with distinct advantages and challenges [13] - Training methods include imitation learning, which relies on expert data, and reinforcement learning, which involves interaction with the environment to maximize rewards [14] - Data collection methods are divided into simulation-based (Sim2Real) and real-world data, with each offering unique benefits and limitations [15] Market and Investment Landscape - The embodied AI market in China is rapidly growing, with significant participation from tech giants, traditional robotics companies, and startups [17][18] - Notable startups include Zhiyuan Robotics, which raised over 1 billion yuan in its A++++ round, and Xingchen Intelligence, which developed the Astribot S1 robot with human-like operational capabilities [23][25] - International startups like Figure and Agility Robotics are also making strides, with Figure raising $675 million in its Series B round and collaborating with OpenAI [29][30] - Investment trends show a concentration of funding in early-stage companies, with a focus on humanoid robots and embodied AI models [23][29] Key Players and Innovations - Domestic startups such as Zhiyuan Robotics, Xingchen Intelligence, and Jiji Power are leading the charge in humanoid robotics, with products like Expedition A2 and Astribot S1 showcasing advanced capabilities [23][25][26] - International companies like Figure and 1X Technologies are leveraging collaborations with OpenAI and NVIDIA to push the boundaries of embodied AI, with Figure 01 demonstrating advanced task execution and human-like interaction [29][30] - Both domestic and international companies are focusing on deploying robots in automotive manufacturing, leveraging the industry's structured environments and high labor costs to test and refine their technologies [32] Academic and Industry Backgrounds - Founders of embodied AI startups often have strong academic backgrounds, with many hailing from top institutions like Tsinghua University, Stanford University, and Purdue University [34][35][37] - Industry experience in robotics and autonomous driving is common among founders, with many having worked at companies like Tencent RoboticsX, Xiaopeng Motors, and Waymo [40][41] - The convergence of academic expertise and industry experience is driving innovation in embodied AI, with startups leveraging both to develop cutting-edge technologies [34][40]