Core Insights - The intelligent assisted driving industry has experienced a stark contrast over the past year, with advancements in technology leading to increased consumer demand and cost reductions, allowing L2+ systems to penetrate the mid-to-low-end market [2][4][5] - The competitive landscape is intensifying, with a clear emergence of leading players, and companies must adapt to new technological paradigms to remain relevant [2][9] - The rise of multi-modal large models and end-to-end systems is reshaping the industry, with companies like Qianli Technology positioning themselves strategically to leverage these advancements [12][21] Industry Dynamics - The shift from modular to end-to-end architectures in intelligent driving systems is becoming a standard, as exemplified by Tesla's FSD V9.0, which emphasizes a pure vision-based approach [4][5][6] - The software value in intelligent driving systems is projected to exceed 40% of the total vehicle value, indicating a significant shift in the industry's focus towards software-driven solutions [6][18] - The competitive landscape is characterized by a mix of vertically integrated companies like Tesla and third-party suppliers, highlighting the importance of collaboration and resource integration [9][18] Company Developments - Qianli Technology, founded by AI pioneer Yin Qi, aims to become a platform-level AI company, focusing on intelligent assisted driving and smart cockpit solutions [11][21] - The company has established partnerships with major automotive players, including Geely, to enhance its market presence and technological capabilities [17][25] - Qianli Technology's RLM (Reinforcement Learning-Multi-modal) model is gaining attention for its ability to improve driving experience and safety through advanced perception and decision-making capabilities [21][24] Future Trends - The integration of multi-modal large models and reinforcement learning is expected to be crucial for the future of intelligent driving systems, enhancing their adaptability and safety [20][22] - The global market for automated and intelligent driving vehicles is projected to reach $1.2 trillion by 2040, with significant growth opportunities for companies like Qianli Technology [25] - The development of Robotaxi services is a key focus for Qianli Technology, aiming to establish a comprehensive operational framework within 18 months [27]

证 券 研 究 报 告 行业周报 Figure 03打开家庭应用场景，车企加速布局具身智能 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2025年10月12日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌Figure 03正式发布，打开巨大家庭场景应用空间 视频充分展示Figure 03在家庭场景中的能力。F03可以自主完成打扫桌子上的食物残渣、洗碟子并放置归 位、洗衣服叠衣服等长序列任务。并且能够通过灵巧手和灵敏的触觉感知完成对鸡蛋、扑克牌等物品的取 放，手掌的摄像头可以帮助F03在柜子里面取出洗衣凝珠，适用于家庭中的空间狭窄场景。同时视频也进 一步展示了F03完成送快递、当前台服务员等任务。 Figure 03主要硬件更新包括：①执行器扭矩密度提升明显，运行速度是以前两倍，能以更快的速度进行 物品的拾取和放置；②摄像头视角、帧率、延迟明显改进，同时手掌增加摄像头可提供近距离视觉感知； ③内部开发了触觉传感器，具备极高的耐用性、长期可靠性以及高保真感应，搭配更柔软、适应性更强的 指尖，增加表面接触面积；④更加轻量化，重量减少了9%，体积也显著减小；⑤新增 ...

Investment Rating - The report maintains a "Recommend" rating for the automotive industry, focusing on robots and liquid cooling as the main investment themes for Q4 [1]. Core Insights - The automotive sector continues to show strong fundamentals in Q4, with a focus on investment opportunities in robots and liquid cooling technologies. The report suggests that while the market is currently experiencing adjustments, it presents new opportunities for investment. Key catalysts to watch include Tesla's product iterations, North American giants' market entries, and domestic industry subsidies [1][5]. Data Tracking - The discount rate in the automotive industry increased to 10.1% in late September, up by 0.5 percentage points from early September and up 3.1 percentage points year-on-year. The average discount amount reached 22,824 yuan, reflecting a month-on-month increase of 1,332 yuan [3]. - Key brands with significant discount rate changes include Brilliance BMW (+5.0PP), Ora (+4.3PP), and SAIC Passenger Cars (+1.6PP) [3]. Industry News - The report highlights that automotive dealers are facing significant financial challenges, with many experiencing cash flow deficits and risks of bankruptcy due to high inventory levels and aggressive pricing strategies [30]. - The Ministry of Industry and Information Technology announced adjustments to the technical requirements for new energy vehicles, which may impact the market dynamics for electric and hybrid vehicles [30]. - In September, wholesale sales of new energy passenger vehicles reached 1.5 million units, marking a 22% year-on-year increase and a 16% month-on-month increase [30]. Market Performance - The automotive sector experienced a decline of 1.47% this week, ranking 24th out of 29 sectors. The overall market indices showed mixed results, with the Shanghai Composite Index up by 0.37% [8][33]. - The report notes that the average price-to-earnings (PE) ratio for the automotive sector is currently at 35 [33].

Group 1: OpenAI and Sora App - OpenAI is accelerating the rollout of its Sora App, a video generation model, following its launch on social media and the iPhone platform [1] - The Sora App is now available for pre-registration on Google Play for users in the US and Canada, with plans for a phased global rollout [1] - Sora App is positioned as an AI video content social platform, combining features of TikTok and Midjourney, with a customizable video feed for users [1] Group 2: SoftBank and OpenAI Investment - SoftBank is nearing an agreement with global banks to secure a new collateralized loan of $5 billion using Arm stock to invest further in OpenAI [2] - This new loan will increase SoftBank's total collateralized loans against Arm stock to $18.5 billion [2] - SoftBank is also involved in a $500 billion "Stargate" AI data center infrastructure project alongside OpenAI and Oracle [3] Group 3: AI and Energy Solutions - Elon Musk proposed a solution to double the US electricity output by utilizing nighttime energy storage and daytime power release for AI operations [6] - The projected increase in energy demand from AI data centers in the US is estimated to be between 6-13 gigawatts annually by 2025-2026 [6] - To address a projected power shortfall of 18-27 gigawatts by the end of 2026, the US will need to add 110-205 gigawatt-hours of storage capacity over the next two years [6] Group 4: Didi Autonomous Driving - Didi Autonomous Driving announced a D round financing of 2 billion yuan to accelerate L4 autonomous driving and AI research [7] - The company aims to enhance safety, efficiency, and experience in transportation through advancements in L4 technology [8] - Didi has begun full-scene, fully driverless testing in complex scenarios in Beijing and Guangzhou, with plans for a new generation of autonomous vehicles to be delivered by the end of 2025 [8] Group 5: Samsung and New Product Launch - Samsung launched the W26 foldable smartphone, starting at 16,999 yuan, featuring a thickness of 8.9mm when folded and 4.2mm when opened [9] - The device is equipped with the Qualcomm Snapdragon 8 for Galaxy mobile platform and supports satellite communication services [10] Group 6: BYD New Vehicle Release - BYD launched the Han long-range version with prices ranging from 159,800 to 215,800 yuan, offering both hybrid and pure electric options [12] - The new model features enhanced electric range, with the hybrid version achieving 245 km and the pure electric version starting at 635 km [13] Group 7: Neuralink and Brain-Machine Interface - Neuralink demonstrated a brain-machine interface allowing a patient with ALS to control a robotic arm for various tasks, part of its FDA-approved CONVOY research project [14]

Core Insights - The express delivery industry in China has seen significant growth, with the volume surpassing 1.5 trillion packages by October 11, 2023, which is 37 days earlier than last year [1][3] - The expansion of express services is supported by technological innovations and improved logistics infrastructure, enhancing online consumption [5][7] Group 1: Market Growth - The express delivery market continues to grow, with a focus on enhancing service levels and fostering new productive forces through technological innovation [7] - In the first eight months of the year, regions such as Shaanxi, Xinjiang, Guizhou, and Qinghai experienced over 30% growth in express delivery volume [3] Group 2: Infrastructure Development - A total of 1,300 large-scale mail and express processing centers and over 400 professional logistics parks have been established nationwide, with 420,000 rural delivery service stations achieving full coverage of urban and rural areas [5] - The integration of distribution centers, express outlets, and intelligent scheduling systems has created a leading smart logistics network [5] Group 3: Technological Innovation - Thousands of unmanned vehicles and over 300 drones are in operation, with drone deliveries reaching nearly 3 million packages [5] - The implementation of smart logistics solutions, such as automated warehouses, is addressing the challenges of precise delivery in manufacturing [8][10] Group 4: Industry Integration - The express delivery service has become deeply embedded in the supply chain, enhancing efficiency across various industries, including automotive and electronics [12] - The postal and express industry is characterized by strong connectivity and integration, facilitating deeper cooperation in production and reducing circulation costs [14]

Group 1 - The core point of the article is that Malaysia has overtaken Indonesia to become the largest automotive market in Southeast Asia, with sales reaching 396,800 units compared to Indonesia's 390,500 units in the first half of the year [1] - Malaysia is actively promoting the development of electric vehicles, with government plans to increase the sales proportion of electric vehicles to 15% by 2030 and 38% by 2040, along with the establishment of 10,000 public charging facilities by 2025 [2] - The favorable automotive market, attractive new energy policies, and geographical advantages for exports have drawn several Chinese car manufacturers to Malaysia, including Chery, BYD, and Great Wall [3] Group 2 - Malaysia's unique characteristics include a friendly environment for the Chinese community, where 20% of the population creates 80% of the wealth, and it is the only country outside China with a complete Chinese education system [6][7] - The low fuel prices in Malaysia, due to government subsidies, make fuel vehicles the dominant choice, with 92% market share expected in the first half of 2025 [12][13] - Malaysia is the only ASEAN country with domestic automotive brands, Perodua and Proton, which hold nearly 60% of the market share, posing challenges for foreign brands [14] Group 3 - Great Wall Motors has become the fastest-growing automotive brand in Malaysia, with sales in the first half of the year surpassing the total for the previous year [18] - Great Wall's strategy includes a multi-energy approach and a focus on high-end products, targeting affluent Chinese consumers who are willing to pay premium prices for features and performance [21][22] - Chery aims to establish itself as a local brand in Malaysia, with a goal to become the third "national brand" by increasing market share and competing with established brands like Toyota and Honda [30][32] Group 4 - Proton, Malaysia's first domestic automotive brand, has successfully integrated with Geely's global strategy, launching models based on Geely's technology [41][42] - The launch of Proton's first electric vehicle, the e.MAS 7, has been well-received, significantly outperforming BYD's sales in the region [43][45] - Proton's competitive edge lies in its ability to leverage existing channel resources and supply chains to offer lower prices for its vehicles [48] Group 5 - The article highlights the importance of quality and durability for vehicles in the Malaysian market, where consumers have higher expectations compared to the Chinese market [59][63] - Historical lessons from the 1990s regarding the failure of Chinese motorcycle brands in Southeast Asia emphasize the need for car manufacturers to avoid price wars and maintain product quality [56][57]

Core Viewpoint - The article highlights the significant advancements in the commercial aerospace industry in Shandong, particularly focusing on the successful launch of the "Yingli No. 1" rocket from the Haiyang offshore launch site, which positions Shandong as a leading player in China's commercial space sector [1][3][11]. Group 1: Launch Capabilities - The "Yingli No. 1" rocket successfully launched on October 11, 2025, marking the 20th offshore launch supported by the Dongfang Aerospace Port [3][4]. - The Dongfang Aerospace Port is the only commercial offshore launch mother port in China, capable of compressing the entire rocket launch process within a 6-kilometer radius, allowing for a rapid 2-hour response from factory to ship [4][5]. Group 2: Strategic Advantages - Shandong's geographical advantages include a long coastline and low shipping density in the eastern sea area, making it an ideal natural launch site with high safety and flexible orbital options [5]. - The province has a strong industrial foundation in equipment manufacturing, new materials, and electronic information, supporting a comprehensive aerospace industry chain [5][8]. Group 3: Industry Development - Shandong aims to establish a full industry chain from rocket manufacturing to satellite applications, with plans to achieve an annual capacity of over 30 commercial launches [7][8]. - The province has already launched 96 satellites from 14 local entities, with ongoing projects in satellite constellations and advanced satellite manufacturing capabilities [8][9]. Group 4: Collaborative Ecosystem - The recent Shandong Commercial Aerospace Industry Innovation Development Conference showcased a collaborative approach among cities, each focusing on different aspects of the aerospace industry, creating a complementary ecosystem [10]. - Financial investments have been made through the province's new and old kinetic energy conversion funds, totaling over 8 billion yuan in commercial aerospace projects [10]. Group 5: Future Goals - Shandong aims to achieve an annual production capacity of 100 launch vehicles and 150 commercial satellites by 2027, with the commercial aerospace industry projected to reach a scale of 50 billion yuan [11].

范峻毅介绍，新款吉利星愿搭载11合1智能电驱，在功能高度集成的同时，还拥有89.2%的电驱效率， 其66L的小体积，将节省的空间以超大后备箱的形式还给用户。在广泛受关注的电池寿命方面，新车的 电池寿命验证标准提升至国标的两倍——国标要求循环验证500次后电池容量不低于90%，而星愿在完 成两倍于国标要求的1000次循环后，容量仍达到90.72%。 "目前吉利银河已收获145万用户，接下来或将成为最快达成年销百万的新能源品牌。"在范峻毅看来， 2026款吉利星愿的上市将进一步强化星愿"现象级爆款"的市场号召力，驱动银河品牌逐渐成为未来出行 生活方式的定义者。 来源：中国青年报客户端 中国青年报客户端讯（中青报·中青网记者 王志远）10月10日，2025吉利汽车用户大会暨2026款吉利星 愿上市发布会在杭州举行，2026款吉利星愿共推出6个版型，上市限时权益价为6.58万至9.58万元。 "吉利星愿自2024年10月上市后销量持续攀升，今年9月月销超5万辆，上市一年累计销量突破40万 辆。"吉利汽车销售公司总经理范峻毅表示，此次全面焕新而来的2026款吉利星愿精准把握A0级纯电用 户的核心需求，将引领新时代经典纯 ...

Core Viewpoint - The semiconductor industry is witnessing a shift where power semiconductors, which do not compete in computing power, are emerging as key players, especially in the context of domestic production in China [2][3][9]. Industry Overview - Power semiconductors are essential for converting and controlling electrical energy, found in various applications from mobile phone chargers to electric vehicles [3][6]. - The global power semiconductor market is diverse, with leading companies like Infineon and ON Semiconductor holding only a 26% market share combined, indicating a lack of monopoly [7][9]. - China's domestic power semiconductor market is growing, with a projected localization rate of 15%-20% by the end of 2024, and nearly 35% in the more advanced IGBT and SiC sectors [10]. Company Performance - Silan Microelectronics has made significant strides, achieving a 3.3% market share in the global power semiconductor market, ranking sixth overall [11]. - In the first half of 2025, Silan Microelectronics reported revenues of 6.336 billion yuan, a year-on-year increase of 20.14%, and a net profit of 265 million yuan, up 1162.42% [11]. Technological Advancements - Silan Microelectronics is investing in both IGBT and SiC technologies, with IGBT being used in mid-range applications and SiC targeting high-end markets [13][14]. - The company has made substantial investments in R&D, increasing its R&D expenses from 429 million yuan in 2020 to 1.034 billion yuan in 2024, maintaining a R&D expense ratio around 10% [17]. Production Capacity - Silan Microelectronics operates under an IDM model, allowing it to control the entire supply chain from design to manufacturing [21]. - The company has achieved full capacity in its 8-inch and 12-inch IGBT chip production lines, with its subsidiary producing 10,000 6-inch SiC-MOSFET chips monthly [21][22]. Future Outlook - Silan Microelectronics plans to enhance its 12-inch IGBT production capacity and expects its 8-inch SiC production line to be operational by Q4 2025 [24]. - The company is positioned to leverage its investments and technological advancements to capture more market share in the growing sectors of electric vehicles and renewable energy [28].

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [6][70]. Core Insights - In the first eight months of 2025, China's total vehicle exports reached 4.26 million units, representing a year-on-year increase of 13%. This growth rate has slowed compared to previous years, but the export volume now accounts for approximately 20.2% of China's total vehicle wholesale [2][10]. - The export of new energy vehicles (NEVs) accounted for 35% of total vehicle exports, with 1.51 million NEVs exported in the same period, significantly up from 22% in 2024 [2][9]. - Major contributors to the export growth include Chery, BYD, and SAIC, with Chery exporting 800,000 units (19% share) and BYD exporting 630,000 units (15% share), marking a substantial increase from previous years [9][10]. Summary by Sections Overall Export Performance - China's total vehicle exports in the first eight months of 2025 reached 4.26 million units, up 13% year-on-year, with a monthly export volume consistently above 500,000 units since March 2025, peaking over 600,000 units in August [2][10]. - The share of vehicle exports in total vehicle wholesale has increased by approximately 1.6 percentage points compared to 2024 [2]. Breakdown by Structure - In terms of vehicle type, commercial vehicles accounted for 15% of exports, while passenger vehicles made up 85%, showing little change from 2024 [9]. - The NEV export volume reached 1.51 million units, with a notable increase in market penetration, particularly driven by domestic manufacturers like BYD [9][10]. Breakdown by Brand - Chery led the exports with 800,000 units, followed by BYD with 630,000 units, and SAIC with 330,000 units. The rankings reflect a significant rise in BYD's market share from 7% in 2024 to 15% in 2025 [9][10]. Breakdown by Region - Mexico was the largest market for Chinese vehicle exports, receiving 360,000 units, followed by the UAE and Belgium with 320,000 and 290,000 units, respectively [9][10]. - The share of Chinese vehicles in overseas markets has increased from approximately 2% in 2020 to 9.4% in the first eight months of 2025 [9][10]. Export Value - The export value of complete vehicles and auto parts reached $84.29 billion and $64.46 billion, respectively, accounting for 3.4% and 2.6% of China's total exports [9][10].