关注 「电动车公社」 和我们一起重新思考汽车 未来，智界汽车将采用全新LOGO、独立运营， 由华为全面主导。与此同时，奇瑞集团所有资源将会向智界倾斜，和华为共同搭建专属智界的双设计中心、 双研发中心和智界用户中心。 智界品牌开启2.0时代 ； 新款智界R7上市， 售价 24.98-30.98万元； 新款智界S7上市，售价 22.98-28.98万元 ； 问界M8纯电版 上市，售价35.98-44.98万元； 尚界H5开启预售， 预售价16.98万元 ； 索尼本田合资企业在美国因直销模式遭到起诉； 2、 新款智界R7上市 售价24.98-30.98万元 8月25日，新款智界R7上市。新车共推出3款车型，售价24.98-30.98万元。新车将于9月开启交付。 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 1、 智界品牌开启2.0时代 8月25日 ，在 智界及问界秋季新品发布会上，智界品牌宣布开启2.0时代。 外观设计上，智界 R7 新增星光卧 蚕矩阵大灯，加宽前脸侧进气口，提拉的尾部造型显得更动感。新车新增极光绿配色，共 ...

Core Viewpoint - The article discusses the advancements in hybrid and extended-range electric vehicles (EREVs) in China, highlighting their increasing resemblance to pure electric vehicles in terms of technology and performance. Group 1: New Product Launches - The introduction of the Zhiji Star Super Extended Range vehicle marks a new era for EREVs with a range exceeding 450 km [2] - Lantu recently unveiled its Lanhai Intelligent Super Hybrid technology, featuring an 800V architecture, 5C ultra-fast charging, and a 63 kWh battery, achieving a pure electric range of 350 km and a comprehensive range of 1531 km for the 2026 Lantu Dreamer MPV [2] Group 2: Market Performance - The Lantu Dreamer, as one of China's first new energy MPVs, has quietly climbed to the top three in sales rankings [4] - After four years on the market, the recent upgrade of the Lantu Dreamer includes significant enhancements such as the world's first rear-wheel steering and crab mode, AI zero-gravity seat massage, three-row heating and ventilation, Huawei ADS 4, and HarmonyOS 5, further improving its product strength [4]

Core Viewpoint - The article emphasizes that the "King of Pure Electric" is not only about product strength but also about the underlying systemic capabilities that support it [1] Group 1: Product Launch and Market Positioning - The launch of the AITO M8 pure electric version on August 25, priced at 359,800 yuan, achieved over 7,000 pre-orders within 2 hours, indicating strong market interest [2][4] - The AITO M8 aims to eliminate the "pure electric premium" by offering the same price for both pure electric and range-extended versions, focusing on high-end pure electric pathways without sacrificing profit for market share [2][4] - The 400,000 yuan segment of the new energy vehicle market is large and has strong consumer purchasing power, but it is also filled with contradictions, particularly regarding range anxiety and the lack of a dominant pure electric model [2][5] Group 2: Technical Specifications and Features - The AITO M8 pure electric version features a 100 kWh battery from CATL, with a maximum range of 705 km, and supports fast charging, achieving 30%-80% charge in just 15 minutes [5][11] - The vehicle is equipped with the latest HUAWEI ADS 4 driver assistance system, which improves driving efficiency and safety through various advanced features [7][11] - The design includes a spacious interior with a three-row six-seat layout and a front trunk of 149L, maintaining luxury SUV standards [5][9] Group 3: Competitive Landscape - Competitors like Li Auto and NIO are focusing on their strengths, such as family-oriented space and battery swapping solutions, while Tesla has introduced a new Model Y L to attract consumers with its brand and extended range [8][9] - The AITO M8 has already established itself as a phenomenon in the market, with over 70,000 units delivered within four months of the launch of its range-extended version [9][10] Group 4: Systematic Advantages and Cost Structure - The article discusses the "pure electric premium," where pure electric versions typically cost 20,000 to 30,000 yuan more than range-extended versions due to battery costs, which account for 30%-50% of the vehicle's total cost [11][12] - The AITO M8's pricing strategy reflects Huawei's ability to integrate technology and efficiency, allowing for the same pricing for both versions [14][16] - Huawei's extensive R&D in chips and sensors has led to a self-sufficient supply chain, enabling cost reductions and optimized vehicle design [16][17] Group 5: Future Outlook - The article concludes that the AITO M8's pricing logic and the systemic capabilities represented by Huawei's HarmonyOS indicate that future competition in the industry will focus more on systemic efficiency and continuous product experience iteration [17][18]

8月25日，智界及问界秋季新品发布会在成都举行，多款新车集中亮相。智界带来了新款R7与新S7，问 界发布了M8纯电版与新M5年度新色"跃影红"，尚界H5正式开启预订，享界S9T公布上市时间，全新问 界M7则宣布将于9月23日在深圳发布。 与此同时，华为宣布HarmonyOS 5设备激活量已突破1200万台，鸿蒙智行累计交付突破90万辆。 根据发布会披露的数据，鸿蒙智行已连续14个月位居中国汽车品牌成交均价第一。问界M9累计交付 22.6万辆，连续17个月稳居50万元以上新能源车型销量榜首；问界M8上市4个月交付7万辆；尊界S800 上市87天大定突破1.2万辆；智界R7与S7累计交付超11万辆。鸿蒙智行辅助驾驶里程已突破16.7亿公 里，累计避免可能碰撞超215万次。 在新车环节，智界R7与新S7进行了升级。两款车型新增后向高精度固态激光雷达和4D毫米波雷达，搭 载最新HUAWEI ADS 4，智能化体验进一步提升。智界R7售价24.98万元起，智界新S7售价22.98万元 起。设计上，新车首次搭载智界图形车标，并增加极光绿等车色选择，车内配备16.1英寸中控屏和升级 版华为音响系统。动力方面，智界R7提供纯 ...

1、事关全国碳市场建设，中办、国办重磅文件对外公布 重要程度：★★★★★ 2、三部门：拓宽涉林企业直接融资渠道 加大林业领域资金支持 重要程度：★★★★ 近日，中国人民银行、金融监管总局、国家林草局联合印发《关于金融支持林业高质量发展的通知》， 《通知》要求，要用好结构性货币政策工具，拓宽涉林企业直接融资渠道，加大林业领域资金支持。 3、扩内需稳就业!发改委听取意见建议 8月25日，中共中央办公厅、国务院办公厅对外发布《关于推进绿色低碳转型加强全国碳市场建设的意 见》。《意见》指出，到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行业，全国温室气体 自愿减排交易市场实现重点领域全覆盖。到2030年，基本建成以配额总量控制为基础、免费和有偿分配相 结合的全国碳排放权交易市场。 重要程度：★★★★ 8月25日，国家发展改革委主任郑栅洁主持召开企业座谈会。郑栅洁主任表示，发改委将不断完善扩内需 政策举措，积极营造公平竞争市场环境，支持企业加快技术和产品创新、增加优质供给，扎实稳就业扩就 业、促进高质量充分就业。 4、上海住房商贷重大调整：取消首套二套房利率差别 重要程度：★★★★ 8月25日，中国人民银行 ...

Core Viewpoint - The launch of the Sichuan Yuanqi Xingguang Heavy Truck Megawatt Supercharging Station marks a significant advancement in the infrastructure for electric heavy trucks, transitioning from niche pilot projects to large-scale applications in the industry [1][10]. Group 1: Infrastructure and Capacity - The supercharging station has a total investment of 150 million yuan and occupies 70 acres, with a designed power capacity of 100 MW [4]. - It features 18 charging spots with a power output of 1.44 MW each and 108 spots with 600 kW liquid-cooled charging, capable of serving an average of 700 electric heavy trucks daily, with a daily charging capacity exceeding 300,000 kWh [4][3]. - The station integrates nearly 1 MW of photovoltaic canopies and two 215 kWh wind-liquid intelligent cooling energy storage systems, producing approximately 5,000 kWh of green electricity daily [4]. Group 2: Technological Innovations - Huawei's megawatt supercharging technology addresses the two major pain points of "slow charging and weak grid" in traditional electric heavy trucks [6]. - The charging efficiency at the station significantly enhances operational efficiency, with an increase of over 15% due to the rapid charging capabilities [6][8]. - The station employs a "source-grid-load-storage microgrid" system, allowing for reduced impact on the grid during high-power charging and ensuring grid stability [8]. Group 3: Industry Collaboration and Environmental Impact - The launch event highlighted the Supercharging Alliance 2.0, which includes 10 vehicle manufacturers, aiming to release 59 models of megawatt supercharged heavy trucks by the end of the year [9]. - The station is projected to reduce carbon emissions by 45,000 tons annually, contributing to the realization of "zero-carbon logistics" [9]. - The facility is designed not only as a charging station but also as a "driver's home," providing rest areas, dining facilities, and vehicle maintenance points, enhancing the overall user experience [9]. Group 4: Future Outlook - The operation of the Sichuan Yuanqi Xingguang Heavy Truck Megawatt Supercharging Station represents a milestone in the collaborative development of technology, industry, and ecology within the logistics sector [10]. - Huawei plans to continue partnering with vehicle manufacturers and operators to build a comprehensive network of megawatt supercharging stations, accelerating the transition to an all-electric logistics era [10].

*风险提示：股市有风险，入市需谨慎 *免责声明：文章内容仅供参考，不构成投资建议 8月25日，华为宣布将于8月27日发布一款全新的AI SSD。从已透露的信息来看，这款AI SSD定位AI时 代高端SSD，在性能上实现了重大突破，解决了传统SSD在AI领域的短板。华为表示，AI时代是数据的 黄金时代。随着AI大模型走出实验室，走进干行万业的生产系统，数据规模迎来指数级增长，数据效 率直接影响企业生产力效能，数据的可靠存储成为企业资产管理的基础要求。华为全新AI SSD将攻克 效率与成本难关，推动智能经济从"概念"走向"落地"，从"单点突破"迈向"全面涌现"。 东北证券认为，提升大模型训推的方向，不止有GPU、HBM与组网交换机，SSD存储也是重要一环。 存储作为贯穿大模型训练与推理全流程的核心基础设施，在训练侧，高性能存储可显著缩短数据加载与 CKPT读写时间，降低GPU空耗；在推理侧，"以存代算"通过SSD作为分级缓存承载KV Cache，有效缓 解显存瓶颈，延伸上下文、提升并发、降低时延。华为在存储领域通过技术创新和系统优化，特别是在 大模型训练与推理场景的突破，已成为算力基础设施的关键角色。 公司方面， ...

兴办经济特区，是党和国家推进改革开放和社会主义现代化建设的伟大创举。45年来，深圳的GDP增长 万余倍，诞生了华为、腾讯等一大批具有全球影响力的创新型企业，为率先实现社会主义现代化不断夯 实物质基础。1000多项全国第一，研发投入强度跻身世界创新城市第一方阵，打造全球重要科技创新策 源地……持续向新向上的深圳，进一步彰显改革开放排头兵的风采。 45年辉煌成就，源于持续的制度创新和不断扩大开放。从率先建立社会主义市场经济体制到深入推进综 合改革试点，深圳始终肩负着党中央赋予的改革"试验田"使命。 近年来，面对外部环境变化与内部转型压力，深圳持续以改革破题，挺进"深水区",勇闯"无人区"。创 业板注册制、数据要素市场化配置、国际船舶登记制度改革……深圳以综合授权改革试点为核心抓手， 通过建立和完善一系列制度，打破体制机制束缚、释放发展活力。 改革不停顿，开放不止步。不久前，中办、国办印发《关于深入推进深圳综合改革试点深化改革创新扩 大开放的意见》，按照分批次研究制定授权事项清单的工作机制，再推出一批改革措施、落地一批创新 试验、深化一批开放举措。 新华社深圳8月25日电题：四十五，正青春！ 8月26日，深圳经济特 ...

Core Insights - The article emphasizes the growing demand for switch chips driven by the expansion of AI chip Scale up clusters, with significant opportunities for domestic manufacturers in the high-speed chip market [1][2]. Group 1: Market Trends - The total scale of China's switch chips is projected to reach 257 billion, 356 billion, and 475 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 61%, 39%, and 33% [1]. - The current low domestic production rate of switch chips, especially in the high-end market, presents a substantial opportunity for domestic manufacturers to increase market share as they continue to make breakthroughs in high-speed rates [1]. Group 2: Technological Developments - The evolution of large language models (LLMs) is leading to the development of various strategies such as data parallelism and tensor parallelism to address the challenges of model size, necessitating high bandwidth and low latency networks [1]. - The Scale up network's bandwidth significantly exceeds that of Scale out networks, making it the preferred technical solution in the industry [1]. Group 3: Domestic Innovations - Domestic AI companies are launching their own super-node products equipped with Scale up switch nodes to enhance communication efficiency [2]. - Companies like Huawei, Baidu, and ZTE are developing super-node solutions that support high interconnectivity, with ZTE's super-node server achieving GPU communication bandwidth of 400GB/s to 1.6T/s [2]. Group 4: Protocol Landscape - In the Scale up switch domain, Ethernet, PCIe, and private protocols (such as NVLink and UB) are expected to coexist, while Ethernet is likely to dominate the Scale out domain due to its open ecosystem and cost advantages [3].

聚飞光电 20250825 摘要 聚飞光电受益于国补政策和市场对高品质的需求，境外市场需求稳定， 车用产品增长 30%，车用背光进入全球前三，全车用灯进入全球前十， 中尺寸平板和笔记本电脑业务增幅超 20%。 车用产品占比达 15%，MINI 背光电视占比增至 25%，传统电视灯条下 滑但境外需求旺盛，大尺寸背光占比 22%，传统照明占比 5%，其他 （光模块、光学模材等）占 7-8%，LED 按键灯等占 3%。 公司上半年收入增长 18.9%，但扣非净利润下降 6%，因产品结构调整、 大尺寸和 MINI 产品竞争加剧导致毛利率下降 2%，薪资和研发费用增加， 总部大厦折旧及政府补助减少。 未来几年，聚飞光电将重点发力 MINI 背光，不仅在国内，还将在境外实 现突破，海外业务将显著发展，与三星、LG 等公司合作逐步放量，通过 全球供货分散关税风险。 小尺寸显示屏增长良好，毛利率高于公司综合毛利，主要受国家补贴政 策拉动，应用于平板电脑和笔记本电脑。车载业务收入增长约 30%，照 明部分增速更快，实现翻倍增长。 Q&A 今年上半年聚飞光电的主要业务表现如何？ 今年上半年，聚飞光电的主营业务分为三块：LED、高 ...