2025起点户储及便携式储能电池技术论坛 时间： 2025年9月26日 地点：深圳 一 会议背景 户用储能： 起点研究院 SPIR调研数据显示，2024年全球户用储能出货规模为27.8GWh，同比增长19%，其中中国企业出货占比高达75%。 户储产品消费领先的国家/区域是欧洲、美国、乌克兰、日本、澳洲、非洲、中东、东盟、俄罗斯。欧洲仍是市场占比最大，最成熟的市场，但 是由于电价下降，增速明显下滑，2024年增速较快的市场是：美国、乌克兰、澳洲、南非、尼日利亚、巴西等国家。SPIR预测，2030年全球 户用储能市场将达到180GWh，相比2024年增长547%。 竞争格局方面， 中国户用储能系统全球出货量 TOP10企业是：华为、比亚迪、艾罗能源、派能科技、麦田能源、德业股份、沃太能源、首航 新能、安克创新和三晶股份。 便携式储能： 起点研究院 SPIR调研数据显示，2024年全球便携式储能电源出货规模为1100万台，同比增长90%。2024年便携式储能电源产 品消费领先的国家/区域是美国、欧洲、日本、乌克兰。美国是全球便携式储能市最大最成熟的市场，主要是美国的户外运动群体大，便携式储 能普及程度高，另外美国 ...

Core Viewpoint - The automotive industry is facing a critical decision regarding the monetization of intelligent driving features, with calls for charging for these services rather than promoting them for free [4][10][20] Group 1: Industry Perspectives - Bosch's President in China, Wu Yongqiao, emphasized that all models must charge for advanced driver assistance features, rejecting the idea of free promotion [4][10] - Current intelligent driving systems exhibit various business models, with some manufacturers offering free services while others, like Tesla and Huawei, maintain subscription-based pricing [5][12] - The penetration rate of intelligent driving features is increasing, with the standard rate for NOA (Navigation on Autopilot) in China's passenger car market rising to 24.1% from 9.5% in just six months [9] Group 2: Cost Considerations - The decision to charge for intelligent driving services is driven by the need to cover substantial costs, including communication, data transmission, and personnel expenses [14][15] - The human resource costs for intelligent driving systems are significant, with companies like BYD employing large teams that incur monthly costs of up to 1 billion yuan [17] - Hardware costs, while decreasing with scale, still require ongoing investment in new technologies to maintain a competitive edge [18][20] Group 3: Market Dynamics - The competitive landscape is intensifying, with many mainstream automakers adopting a "driving equality" strategy by offering free or low-cost intelligent driving features [10][11] - However, companies like Tesla and Huawei continue to advocate for a subscription model, with specific pricing structures for their intelligent driving services [12][13] - The overall profitability of the automotive industry is under pressure, with a reported decline in profits by 11.9% despite revenue growth [20]

Investment Rating - The industry investment rating is "Positive" (maintained) [9] Core Views - The release of the Li Auto i8 and the Leidao L90 marks the entry of new players into the large SUV market, with advancements in intelligent driving technology and new business models gradually being implemented [2][27] - The trend of intelligent driving penetration is confirmed, with traditional luxury brands like Audi and Mercedes-Benz adopting local intelligent driving solutions in their new models [2][27] - The strong performance of leading manufacturers in intelligent driving and their focus on high-end market segments are expected to yield significant opportunities in the long term [3][27] Summary by Sections Market Overview - The intelligent driving sector is witnessing the rollout of new technologies, with Li Auto and XPeng leading the way in the implementation of VLA intelligent driving algorithms, expected to be mass-produced soon [2][27] - The market response to the Li Auto i8 and Leidao L90 has been positive, indicating strong potential for these models in the competitive landscape [3][27] Key Developments - The A-share automotive sector experienced a decline of 2.36% this week, ranking 21st among SW primary industries, while the cumulative increase since the beginning of 2025 is 9.80%, ranking 15th [10][14] - The Wanjie M8 electric version pre-sold over 15,000 units within 72 hours, showcasing strong consumer interest [4][29] - XPeng achieved record deliveries of 36,717 vehicles in July, marking a 229% year-on-year increase [4][31] Investment Recommendations - Recommended stocks include XPeng Motors, SAIC Group, BYD, Changan Automobile, Great Wall Motors, and Leap Motor, with beneficiary stocks such as Seres, JAC Motors, GAC Group, BAIC Blue Valley, Li Auto, and Geely [5][46] - In the components sector, focus on companies like Huayang Group, Desay SV, and Junsheng Electronics, with beneficiary stocks including Bertel, Baolong Technology, and Horizon Robotics [5][46] Industry Trends - The intelligent driving sector is gradually moving towards commercialization, with strong manufacturers and component companies expected to benefit significantly [5][46] - The market is seeing a shift towards high-end and intelligent vehicles, with companies like Huawei collaborating with various players to enhance their offerings [3][27][28]

文 观察者网 吕栋 在距今大约5.3亿年前，一个被称为"寒武纪"的地质历史时期，地球上在短期内出现了各种各样的生 物，它们不约而同地集体亮相，形成了多种门类生物同时存在的繁荣景象。这场生命大爆发，重塑了地 球生态，奠定了现代生物多样性的基石，也被称作"寒武纪大爆发"。 今天，在智能世界的版图中，一场由鸿蒙操作系统引领的"生态大爆发"也在上演。 截至7月30日，在不到一年的时间里，搭载鸿蒙操作系统5（HarmonyOS 5，下称鸿蒙5）的终端数量已 突破1000万台。它的意义并不局限于数字，而是标志着鸿蒙应用的体验正迅速获得用户信赖，同时也证 明鸿蒙生态已经具备了可观的用户基础、生态流量和商业潜力。 从没有退路到宽阔大路，鸿蒙速度背后，离不开合作伙伴、开发者和用户的合力托举。当支付宝、百 度、掌阅读书、航旅纵横、同花顺等海量APP，以及用户和高校，一同喊出"我们都是鸿蒙合伙人"时， 鸿蒙的下一个里程碑必将加速到来，为共创者带来更多价值。 千万级终端的意义，远超规模本身 相比与Windows、安卓和iOS，鸿蒙操作系统最令国人自豪的地方，莫过于核心技术的自主可控，从操 作系统内核、编程语言、编程框架、编译器，到文 ...

Core Viewpoint - The automotive industry is facing a critical decision regarding the monetization of intelligent driving features, with calls for charging for these services rather than offering them for free, as highlighted by Bosch's president in China, Wu Yongqiao [1][10]. Group 1: Current Market Dynamics - Intelligent driving is currently exhibiting various business models, with some manufacturers like Tesla and Huawei charging premium prices for their advanced driving features, while others are adopting a "driving equality" strategy by offering these services for free [1][7]. - The penetration rate of NOA (Navigation on Autopilot) in China's passenger car market has significantly increased from 9.5% to 24.1% within six months, indicating a growing adoption of intelligent driving technologies [4]. Group 2: Cost Considerations - Charging for intelligent driving systems allows manufacturers to generate revenue to offset research and development costs, while not charging can help increase user engagement and data collection for algorithm improvements [3][10]. - The costs associated with intelligent driving include annual communication and data transmission fees, as well as substantial human resources and hardware expenses, which are critical factors in the decision to implement a charging model [10][11]. Group 3: Competitive Strategies - Major automakers like BYD, Geely, and Chery are aggressively pursuing a "driving equality" strategy, with BYD offering advanced driving systems in vehicles priced as low as 100,000 yuan and Chery introducing models at 60,000 yuan [6]. - In contrast, companies like Tesla and Huawei maintain a subscription-based pricing model for their intelligent driving features, with Tesla's Enhanced Autopilot priced at 32,000 yuan and monthly subscriptions available [7][8]. Group 4: Industry Challenges - The automotive industry is experiencing intense price competition, which may lead to a "price war" as manufacturers strive to differentiate themselves through low-cost or free intelligent driving features [8]. - The overall profitability of the automotive sector has declined, with a reported 11.9% drop in industry profits despite a 7% increase in revenue and a 14% rise in passenger car sales from January to May [13].

近日，在浙江省杭州高新区（滨江）人工智能产业创新高地建设推进大会上，星海图、杭州市数据集 团、华为、阿里云、传化智联等生态企业共同启动杭州具身智能应用中试基地，推进"数据—算力—模 型"一体化发展，以政策赋能与平台支撑双轮驱动，加速抢占人工智能产业制高点。 其中，宇树科技CEO王兴兴获颁首席科学家聘书。 "杭州具身智能应用中试基地"启动 中试基地是衔接科研成果与产业化应用的关键平台。杭州具身智能应用中试基地将依托杭州具身智能中 试基地科技有限公司，建设能力供给中心、模型训练中心、场景验证中心、测试认证中心，形成"算力 +数据+模型+场景应用"新质生产力，打造具有全国示范效应的具身智能全体系全链条高地。 在业内人士看来，当前，行业仍存在具体智能"大脑"技术不成熟，场景落地难、关键数据紧缺等问题。 为此，中试基地加快谋篇布局，推进各环节落地。据介绍，作为场景探索的"试验场"，基地提供多种垂 直领域真实环境，让技术在复杂场景中不断打磨优化。作为应用落地的"加速器"，基地提供全流程服务 与政策支持，从概念验证到规模化应用全程护航。其针对"缺应用、缺场景、缺市场"的问题，依托"最 优本体"，基于宇树等杭产机器人，与行业 ...

1.《南京照相馆》单日票房破2亿元 据网络平台数据，截至8月2日20时，《南京照相馆》单日票房破2亿元，继2025年3月1日《哪吒之魔童闹 海》后，时隔155天单部电影单日票房再破2亿元。 2.首搭华为乾崑的奥迪上市，25.99万元起 8月1日，上汽奥迪A5L Sportback正式上市，限时臻享价25.99万元起。新车保留了掀背轿跑姿态、无框车门 等A5 标志性元素，并搭载第五代EA888发动机。作为首搭华为乾崑技术的燃油车，A5L Sportback采用了双 激光雷达+多传感器阵列。新车的奥迪PPC平台引入了全新的电子架构 E³ 1.2，可实现五大域控制器的协同 运作，使其可以接入华为乾崑智能解决方案，实现了城区领航的辅助驾驶、复杂匝道汇入驶出、120米循迹 倒车等功能。 当地时间8月2日，伯克希尔哈撒韦公布，2025年第二季度营收925.15亿美元，上年同期936.53亿美元；归属 于伯克希尔股东的净收益为123.70亿美元，上年同期303.48亿美元。 点评：华为赋能奥迪，智能驾驶新标杆，25.99万起性价比高。 3.伯克希尔哈撒韦二季度净利润123.70亿美元，上年同期303.48亿美元 点评：伯克 ...

Investment Rating - The report suggests focusing on domestic AI development-driven sectors such as servers and IDC, as well as overseas AI development-driven sectors like servers and optical modules [5]. Core Insights - North American cloud providers like Meta and Microsoft are increasing investments in AI computing power, indicating sustained overseas demand. Meta's capital expenditure has been raised to $66-72 billion, primarily for talent and infrastructure investment. Microsoft expects its capital expenditure to exceed $30 billion in FY26Q1 to alleviate computing power constraints [1][2]. - The demand for optical modules is expected to grow significantly, driven by increased investments in data centers by downstream clients like Google and Meta. The report highlights the strong performance of optical module suppliers [1][8]. - The narrative around H20's sales to China has reversed, with a long-term positive outlook on domestic chip replacement. Following Nvidia's announcement to resume H20 sales to China, the National Cyberspace Administration of China has requested Nvidia to clarify security risks associated with these chips [1][3]. Summary by Sections Communication Sector - The telecommunications business revenue for the first half of 2025 reached 905.5 billion yuan, a year-on-year increase of 1%. The total telecommunications business volume grew by 9.3% year-on-year when adjusted for last year's prices [4][15]. - The report notes a gradual increase in the growth rate of telecommunications business volume, with a significant rise in new business areas such as IPTV and cloud computing [15]. Server Sector - The server index decreased by 0.54% this week and 1.56% this month. ChatGPT's weekly active users reached approximately 700 million, driving OpenAI's projected revenue for 2025 to exceed $12.7 billion. OpenAI is pursuing a $40 billion financing plan, which may increase server leasing expenditures [2][7]. Optical Module Sector - The optical module index increased by 7.96% this week, despite a 1.72% decline this month. Microsoft and Meta reported better-than-expected earnings, with Microsoft’s intelligent cloud segment revenue reaching $29.9 billion, a year-on-year increase of 26% [2][8]. - The report anticipates a surge in demand for high-speed optical modules due to the ongoing AI computing infrastructure development in North America [2][8]. IDC Sector - The IDC index decreased by 1.12% this week and 0.35% this month. The report maintains a long-term positive outlook on domestic chip replacement, driven by the development of domestic large models and chip production [3][9]. Key Data Updates - Capital expenditures for major companies in Q2 2025 were as follows: Microsoft at $24.2 billion (+28% YoY), Google at $22.4 billion (+70% YoY), Meta at $16.5 billion (+102% YoY), and Amazon at $31.4 billion (+91% YoY) [4][15].

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250803 新股上市 ◼ 鼎佳精密（874397.BJ）：2025 年 7 月 31 日上市，首日涨幅达 479%， 振幅 89.61%，成交额 10.60 亿元，换手率 89.34%，总市值 51.70 亿元。 公司主要从事消费电子功能性产品及防护性产品的设计、研发、生产与 销售，产品应用于笔记本电脑、平板电脑、智能手机、一体电脑、服务 器、显示器、AR/VR、智能游戏机等消费电子产品。 投资建议 北证 50 指数周内回调，关注中报高增与产业 催化共振标的 [Table_Tag] [Table_Summary] 北交所市场表现 行业重要新闻 观点 ◼ 产业催化与主题轮动主导盘面，关注中报高增与产业催化共振标的。产 业消息面上，固态电池板块受头部设备厂商陆续出货加速行业量产进度 催化，带动灵鸽科技、纳科诺尔等标的在本周初表现活跃；2025 世界人 工智能大会上，华为 384 超节点真机与基于 CloudMatrix 384 超节点的 华为云新一代昇腾 AI 云服务首次亮相，带动华为概念股明显上涨，*ST 广道于 7 月 31 日涨幅 29.94% ...

核心观点 算力作为新质生产力重要组成，随着"双碳"目标推动"低碳化"与 AI 应用普及推动 "数字化"，双引擎驱动绿色算力蓬勃发展。从算力全生命周期来看，绿色算力包括能 源侧的间接碳排放、算力侧的算法选择和数据中心设备载体层面的制造间接碳排放与 运营直接碳排放、应用侧的使能行业转型减碳三大主要方向。具体案例分析了头部科 技公司绿色算力实践：Amazon AWS 迁移场景、Google 24/7 无碳能源、Microsoft 循 环中心、腾讯"风光储"微电网、阿里云浸没式液冷、华为绿色网络。 ❑ 宏观：绿色算力是 AI 时代的必然选择 算力是新质生产力的重要形态之一，是加快发展新质生产力的重要抓手。据中国 信息通信研究院测算，2023 年全球算力总规模达到 1369EFLOPS（每秒进行百亿 亿次浮点运算的能力），预计未来五年将以超过 50%的速度增长；我国算力总规模 达到 230EFLOPS，近 5 年平均增速近 30%。随着算力需求爆发式增长，高能耗挑 战伴随而至。IDC 数据显示 2024 年 AI 数据中心 IT 能耗达到 55.1TWh，2025 年 将增至 77.7TWh，2027 年将增长至 14 ...