特朗普称将推迟 TikTok 交易。 当地时间 4 月 17 日，特朗普在白宫办公室回应对华关税问题时透露，有关 TikTok 的交易正在推 进，取决于中国的态度，但计划将其推迟，直到先解决关税问题。在月初加征对华关税后，特朗普 曾表态不希望 TikTok 关停，并将其 "不卖就禁" 禁令延期到 6 月 20 日。同场记者会上，特朗普还 说不希望继续提高对华关税，因为到了一定程度，人们就不会再买东西了。上周，中国商务部发言 人称，美方如果继续关税数字游戏，中方将不予理会。 特斯拉减产 Cybertruck。 据媒体报道，特斯拉已在得克萨斯超级工厂下调 Cybertruck 的生产目标，有报道称一些生产团队的 规模已缩减超过 50%，并将部分员工调往 ModelY 生产线。公司内部数据显示，一季度 Cybertruck 交付量同比下降 13%，仅为6406 辆。尽管预约量超过 100万辆，目前 Cybertruck 累计交付仍未突 破 5 万辆。为刺激需求，特斯拉于4月推出 7 万美元后驱版本，然而市场反响平平，部分经销商 反馈折扣幅度高达 8000美元，但库存依旧堆积。 中国加强智驾宣传监管，禁止车企夸大效果 ...

4月19日，地平线在2025地平线年度产品发布会在推出了L2城区辅助驾驶系统地平线HSD。同时，地平 线与奇瑞达成HSD的量产合作。(智通财经) ...

除奇瑞汽车外，地平线HSD系统的首批量产合作车企还包括大众。 2024年底，地平线已在国内汽车高级辅助驾驶市场中占据了超40%市场份额；在国内第三方高阶自动驾 驶解决方案提供商中排名第二。2024年地平线产品解决方案交付量约290万件，累计交付量超770万件， 2025年交付量有望突破1000万件。 近日，工信部对辅助驾驶监管收紧的事宜也在行业内热议。对此，余凯在采访中表示，工信部此举让行 业回归正轨，对行业影响非常正向，"地平线在行业里的形象一直偏冷静和保守。在智驾狂飙时，我们 也感觉被裹挟，我们早就提倡将更多精力放在辅助驾驶，而非自动驾驶。" 城区辅助驾驶的'4G时刻'将在一、两年内到达。 "城区辅助驾驶的'4G时刻'将在一、两年内到达，地平线最快预计将在2027年实现盈利，目前公司更关 注地平线的市场地位。"4月19日，地平线创始人余凯在接受第一财经等媒体采访时表示。他也强调， 20%车企自研与80%第三方合作将成为智驾赛道的稳态与终局。 根据上市后的首份财报，地平线2024年营业收入和毛利润均实现了同比超50%的增长。余凯称，公司毛 利率的提升主要来源于软件。未来地平线将坚持软硬结合的打法，硬件占比预 ...

地平线的最新愿景——"打造人人爱用的智能驾驶产品"。 此外， 余凯博士在本次发布会上还宣布了地平线的最新愿景——"打造人人爱用的智能驾驶产品"。 站在现在看未来， 地平线以全新愿景为指引，打造高信任度的智驾产品；站在未来看现在，地平线遵循AI时代产品逻辑，不断"逼近世界 的真相"。 与奇瑞就HSD量产展开全面合作 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，地平线于4月18日正式推出L2城区辅助驾驶系统——地平线HSD—— HSD搭载当前最强性能的国产智 驾计算方案征程6P，采用一段式端到端技术架构，是国内首个软硬结合全栈开发的L2城区辅助驾驶系统，能够全方位 提升系统安全性、稳定性和通行效率 ，为用户带来信任度高、体验类人的智慧出行。 同时，基于软硬结合全栈技术，地平线创新推出Horizon Cell"弹夹系统"，实现硬件可插拔、软件可升级，为车企合作 伙伴提供"软硬件皆可升级"的方案选择，支持车载计算平台快速升级，实现车企与用户的共赢。基于弹夹系统，依托 于"技术同源、架构统一"的特点，软硬一体全栈方案HSD推出HSD 300/HSD 60 ...

（）地平线发布城区辅助驾驶系统HSD 近期，工信部召开会议对智能驾驶监管提出了更严格的要求。此次会议后，记者注意到，地平线的发布 会已经将智驾系统更名为辅助驾驶系统。对于工信部收紧监管，地平线创始人余凯认为，这是非常有必 要的"正本清源"之举。"在世界越来越疯狂的当下，信任反而比以往任何时候都更加重要。"他表示，对 于智驾的夸大度，会损害用户信任，而行业需要的更是安心度和专业度。 来源：北京日报客户端 记者：赵语涵 如遇作品内容、版权等问题，请在相关文章刊发之日起30日内与本网联系。版权侵权联系电话：010-85202353 本报讯（记者 赵语涵）赶在上海车展开幕前，自动驾驶系统供应商地平线4月18日晚在上海滴水湖会议 中心举办年度产品发布会，发布城区辅助驾驶系统HSD以及实现更高算力的征程6P智驾芯片。同时， 该公司还展示了搭载征程6P的域控制器，可实现灵活插拔，从而像升级个人电脑一样升级车载计算平 台。 既有标志线清晰的大路，也有错综复杂、无标志线的小路；面临机动车与行人、非机动车等不同主体的 复杂博弈；可能出现交通管制、修路临时变道等复杂情况……实现城区道路的辅助驾驶，一直是智驾领 域的难点。此次地平线 ...

Investment Rating - Investment Rating: Positive (Maintain) [1] Core Insights - The penetration rate of intelligent driving is continuously increasing, with a significant rise in high-level intelligent driving penetration [4][35] - Leading domestic and international automotive companies are focusing on the intelligent driving sector [4][35] - The intelligent driving chip market is expanding, with significant industry barriers [4][35] - Horizon Robotics is a leading domestic manufacturer of autonomous driving chips and intelligent driving solutions [4][35] - Black Sesame is making breakthroughs in high-end intelligent driving chips, with notable software optimization effects [4][35] Summary by Sections 1. Intelligent Driving Penetration - The global sales of high-level intelligent vehicles are accelerating, with an expected penetration rate of over 65% for high-level autonomous driving by 2030 [12][13] - In China, the penetration rate of intelligent vehicles is projected to reach 99.7% by 2030, with a compound annual growth rate (CAGR) of 48.1% for high-level autonomous driving from 2023 to 2030 [16][17] 2. Intelligent Driving Chip Market - The global ADAS SoC market reached 27.5 billion RMB in 2023, with China's market accounting for 14.1 billion RMB [85] - The market is expected to grow to 92.5 billion RMB globally by 2028, with a CAGR of 27.5% [85] 3. Key Players and Innovations - BYD is expected to lead in sales with 4.272 million units in 2024, showing a year-on-year growth of 41.1% [36] - The "Whole Vehicle Intelligence" strategy by BYD aims to integrate electric and intelligent technologies for enhanced safety and efficiency [39] - Tesla's Full Self-Driving (FSD) is seeing accelerated mileage growth, with significant improvements in AI training computing power [52][56] 4. Market Trends - The penetration rates of highway NOA and city NOA are steadily increasing, with domestic brands showing rapid growth compared to joint venture brands [28][29] - Huawei's QianKun ADS 3.0 architecture has been upgraded to enhance perception, decision-making, and control efficiency [66][67]

Core Viewpoint - SAIC Group is committed to transforming its business model by embracing smart driving technology and forming strategic partnerships with leading tech companies to enhance its product offerings and user experience [1][7]. Group 1: Strategic Partnerships - SAIC Group announced collaborations with major tech companies such as Huawei, Momenta, Horizon Robotics, and OPPO to create a new industrial ecosystem that accelerates the application of cutting-edge technologies [1][5]. - The partnership with Horizon Robotics aims to scale the deployment of smart driving technology in the mass market, with multiple models from SAIC's brands like Roewe and MG set to feature the new Horizon Journey 6 series chips [2][3]. - Horizon Robotics has become the largest external shareholder of SAIC and is recognized as a leader in the ADAS solutions market, holding over 40% market share among Chinese OEMs [2][3]. Group 2: Technological Advancements - The Journey 6 series chips will support advanced driving features such as high-speed NOA and urban memory driving, enhancing the smart driving experience for consumers [3][4]. - Horizon's HSD system, which integrates visual, language, and behavior frameworks, aims to provide a human-like driving experience in complex urban environments [3][7]. - The collaboration is expected to lead to the mass production of over 100 mid-to-high-end smart driving models by 2025, with cumulative shipments of Horizon's smart driving solutions projected to exceed 10 million units [3][4]. Group 3: Safety and Innovation - SAIC Group introduced a comprehensive safety system called the "Safety 3.0 System," which focuses on creating a full-loop safety mechanism that includes perception, intervention, and cushioning [7]. - The company has outlined a three-phase strategy for smart driving safety, aiming for L3 level autonomous driving to be implemented on a large scale by 2026 [7]. - The commitment to innovation is reflected in SAIC's approach to continuously improve its products and embrace change, aiming to elevate "Shanghai manufacturing, Chinese brands, and global quality" [8].

来源丨 投中网 什么是青年？可以用数据说话。联合国将青年定义为 15-24 岁，世界卫生组织则将年龄范围扩展到 15-44 岁。可以用古语说话。"后生可畏"的箴言 揭示着东方文明对青春力量的敬畏。也可以用概念说话。文艺复兴后，"青年"作为独立概念出现，经过五四运动后在中国普及，成为社会变革的象征。 对于投资，青年又意味着始终处于"成为"（ becoming ）的状态。在湍急的时代浪潮中，青年投资人要不断寻找自身的定位，校准自己的价值观，整 合各种不同的看待世界的方法和模型，形成一套自己的认知体系，当然，最重要的，投资人要与时代共振。 生命力是主体的一种经验和感受，是意识和行动之间的间隔。而投资正是社会生命力的象征。我们希望青年投资人能活出饱满的生命力。既能躬身入 局，中流击水，也能及时抽身，理清时代的脉络。既能理解宏观经济趋势，深入分析行业来龙去脉，更需在信息过载时筛选出有效信号，在快速变化的 市场中保持新鲜的眼光和敏锐的洞察力。 投资人要与时代共振。 | 5 | 邓到 | 陆石投资 | 北京、天津、成都 | 爱思达航天 天兵科技 | | --- | --- | --- | --- | --- | | | | ...

Core Insights - The report focuses on the trends and market dynamics in the fields of intelligent driving and humanoid robots, highlighting the expected explosive growth in advanced driving technologies and the emergence of humanoid robots in commercial applications by 2025 [1][4]. Intelligent Driving - Advanced driving technology is anticipated to enter a phase of explosive growth, with a projected penetration rate exceeding 15% by 2025 and potentially surpassing 70% in the next 2-3 years, significantly altering the automotive landscape [1][4]. - The Robotaxi segment is reaching a critical turning point, with costs expected to align with ride-hailing services by 2025, suggesting a competitive edge for companies like Didi that integrate both self-operated and platform-based models [1][5]. - Key supply chain components such as intelligent driving chips, LiDAR, and sensor cleaning are expected to see substantial growth driven by policy, technology, and market demand, with companies like Horizon Robotics and Hesai Technology leading the way [1][5]. Humanoid Robots - The humanoid robot sector is poised for a breakthrough in mass production by 2025, with economic viability in general commercial scenarios expected by 2027, particularly in high-cost labor markets [1][6]. - The supply chain for humanoid robots is characterized by high-value components such as dexterous hands, lead screws, and sensors, which are becoming core segments due to their high barriers to entry and significant cost reduction potential [1][6]. - The domestic market for lead screws is growing, with a market share exceeding 10% and increasing, driven by the demand for lightweight materials like PEEK in humanoid robots [1][6]. Supply Chain Dynamics - The supply chain for intelligent driving and humanoid robots is evolving, with high-value segments like dexterous hands and lead screws becoming increasingly important due to their cost structure and technological barriers [1][6]. - The report emphasizes the importance of domestic production capabilities in the supply chain, particularly in the context of rising demand for humanoid robots and the need for cost-effective solutions [1][6].

Summary of Conference Call Company and Industry Overview - The conference call was held by Youjia Innovation, focusing on the automotive industry, particularly in the context of smart driving solutions and intelligent cockpit technologies [1][2]. Key Points and Arguments Industry Trends - The automotive industry is experiencing a significant shift towards price equality in driving technology, with many domestic car manufacturers like BRD, Geely, and Chery leading this movement [2]. - There is a global trend towards the adoption of smart driving technologies, with increasing versions of smart driving systems being introduced for both new energy vehicles and traditional fuel vehicles [2]. Financial Performance - In 2024, Youjia Innovation reported a revenue of RMB 654 million, a year-on-year increase of 37.4%, with a compound annual growth rate of 55.18% over the past three years [3]. - Gross profit reached approximately RMB 100 million, reflecting a 54% year-on-year increase, with gross margin rising from 14.3% in 2023 to 16% in 2024 [3]. - The adjusted net loss was RMB 167 million, a reduction of about 10% compared to the previous year [4]. Business Segments - The company operates in three main segments: smart driving solutions, intelligent cockpit solutions, and vehicle-road collaboration [4]. - The smart driving segment, which includes the I-Safety series, has seen significant growth, with a focus on enhancing vehicle safety through advanced driver-assistance systems (ADAS) [4][5]. - The intelligent cockpit segment generated approximately RMB 100 million in revenue, a 460% increase year-on-year, accounting for 15.9% of total revenue [9]. - The vehicle-road collaboration segment generated RMB 63 million, accounting for 9.7% of total revenue, with a slight decline compared to the previous year [9]. Product Development and Market Strategy - The company is expanding its product offerings, including the I-Pilot series for mid-to-high-end vehicles and the I-Robot series for L4 autonomous vehicles [6][7]. - There is a strong focus on international expansion, with efforts to assist domestic manufacturers in exporting vehicles to markets such as Europe, Australia, and Southeast Asia [5][13]. - The company aims to enhance its research and development capabilities, particularly in high-end driving technologies, and plans to increase its R&D team by approximately 200 engineers [19][13]. Profitability and Margin Analysis - The gross margin for the smart driving segment was reported at 15.77%, an increase of 2 percentage points from the previous year, driven by improved pricing power and product mix [20]. - The intelligent cockpit segment's gross margin improved to 12%, reflecting a 6 percentage point increase due to scaling and product maturity [20]. - The vehicle-road collaboration segment achieved a gross margin of approximately 26%, also up by 6 percentage points, attributed to stricter project selection criteria [20]. Customer Base and Market Position - The company has established a diverse customer base, including both domestic and international clients, with a significant focus on self-owned brands and joint ventures [23][24]. - Key clients contributing to revenue growth include major manufacturers like SAIC and Geely, with expectations for continued growth from new projects in 2025 [23][24]. Additional Important Insights - The company is actively exploring the integration of driving and cockpit technologies to enhance user experience and safety [11]. - There is a strategic emphasis on developing standardized products for L4 autonomous vehicles, with a focus on profitability and market demand [27][28]. - The company has established partnerships with international firms to enhance its technological capabilities and market reach [30][31]. This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, strategic direction, and market trends within the automotive industry.