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实测中国版“FSD”,看十次不如自己开一次
Hu Xiu· 2025-10-09 02:07
据说90%的中国人,都还没用过智驾?担心会撞到人?或者开太慢,耽误你上班?那么号称中国 版"FSD"的智驾,表现到底怎么样?今天我们就来实测一下。 ...
新华网视评|靠“智驾神器”,无异于“智障行为”
Xin Hua She· 2025-10-05 03:28
据"临平检察"披露,涉事男子给具备驾驶辅助系统的汽车方向盘加装"智驾神器",自己却喝醉了躺在副 驾驶位睡觉,车辆在无人操控的情况下一度驶上高架。万幸深夜车流稀少,才未酿成惨祸。涉事男子最 终被判犯危险驾驶罪,处拘役一个月十五日,并处罚金4000元。 所谓"智驾神器",是一种能"骗过"车辆方向盘检测系统的配件,使驾驶辅助系统在司机脱手的情况下能 持续运行。今年4月,公安部道路交通安全研究中心明确指出,使用此类产品属于妨碍安全驾驶行为, 将依法处罚,若引发交通事故需承担主要责任。 醉驾本是拿命赌,再加上"智驾神器"的欺骗性操作,就更加致命。 在目前的技术水平下,"智驾"并不是完全自动驾驶,"智驾神器"能骗过冰冷的传感器,却骗不过法律的 严惩和潜藏的致命危险。守住法律底线,守住驾驶责任,切莫让"智驾神器"成为"智障行为"。(文案: 马若虎) 01:07 近日,浙江杭州一男子酒后使用"智驾神器"驾车的案件引发关注。 ...
靠“智驾神器” 无异于“智障行为”
Xin Hua Wang· 2025-10-02 01:23
近日,浙江杭州一男子酒后使用"智驾神器"驾车的案件引发关注。 在目前的技术水平下,"智驾"并不是完全自动驾驶,"智驾神器"能骗过冰冷的传感器,却骗不过法律的 严惩和潜藏的致命危险。守住法律底线,守住驾驶责任,切莫让"智驾神器"成为"智障行为"。 (文章来源:新华网) 醉驾本是拿命赌,再加上"智驾神器"的欺骗性操作,就更加致命。 据"临平检察"披露,涉事男子给具备驾驶辅助系统的汽车方向盘加装"智驾神器",自己却喝醉了躺在副 驾驶位睡觉,车辆在无人操控的情况下一度驶上高架。万幸深夜车流稀少,才未酿成惨祸。涉事男子最 终被判犯危险驾驶罪,处拘役一个月十五日,并处罚金4000元。 所谓"智驾神器",是一种能"骗过"车辆方向盘检测系统的配件,使驾驶辅助系统在司机脱手的情况下能 持续运行。今年4月,公安部道路交通安全研究中心明确指出,使用此类产品属于妨碍安全驾驶行为, 将依法处罚,若引发交通事故需承担主要责任。 ...
爽过华为理想,中国智驾的大赢家出现了
3 6 Ke· 2025-09-26 08:37
谁是中国智驾的大赢家? 有人说是又做智驾又卖激光雷达的华为,也有人说是从垫底到尖子生"跃迁"的理想;但我认为既不是华为,也不是理想,甚至不会是任何车企。 而是一直在闷声发大财的幕后大佬:禾赛科技。 禾赛,又是哪位? 众星捧月 我们都知道,在高阶辅助驾驶,也就是我们之前说的"智驾",根据有无激光雷达,可以分为两大主要技术流派:以激光雷达为核心的多传感器融合方案, 和以摄像头为核心的视觉融合方案。 而禾赛科技,正是行业中激光雷达这个零部件的头部供应商。 根据《雪球财经》的报道,2025 年上半年,中国车载"主激光雷达"装机量 86.2 万颗,禾赛以 28.4 万颗、33.0% 的份额位居榜首,连续四年保持全球第 一;同期在全球车载激光雷达营收中亦占 33%,显著领先华为(30%)和速腾聚创(27%)。 实际上,2025 年的禾赛科技,过得简直爽飞了。 9 月 16 日,禾赛正式登陆港交所,成为全球首家"美股+港股"双重主要上市的激光雷达公司。挂牌首日高开 13.3%,收盘市值 363 亿港元,IPO认购阶段 获 167 倍超额认购,创港交所"回拨新规"后纪录。 资本市场买单,源于业绩的硬核反转:2025 年第二季 ...
研报掘金|中金:首予曹操出行“跑赢行业”评级以及目标价70港元 智驾开拓上行空间
Ge Long Hui· 2025-09-22 07:59
该行认为,网约车行业迈入规范成熟期,下沉市场需求未充分满足,新能源降本与聚合平台流量推动行 业稳健增长,预计2024至2026年网约车行业规模维持高个位数增长。其次是曹操出行以订制车构建差异 化优势,依托吉利供应链掌控5万多辆车队,其低购置与车服成本降低司机全生命周期成本(TCO),换 电模式提升司机收入,司机时薪和黏性上升。 中金又指,曹操出行拥有丰富的Robotaxi全链条生态,可联动吉利集团覆盖研发、制造、营运等环节。 另外曹操出行拥有现成的派单网络,未来可通过混合模式支持业务启动与数据积累。市场认为中小网约 车平台很难盈利,但中金认为供给充裕,平台可降低司乘补贴、提升效率来实现UE优化。 中金发表报告,首次覆盖曹操出行,予"跑赢行业"评级以及目标价70港元,认为智驾开拓上行空间。 ...
蔚来ES8预售爆了?买旗舰SUV的都是哪些人?
车fans· 2025-09-05 00:30
Core Viewpoint - The launch of the new ES8 has significantly increased foot traffic in stores, with many customers expressing interest and needing to queue to experience the vehicle [1] Group 1: Customer Demographics and Preferences - The primary buyers of the ES8 are family users, who previously found some of NIO's offerings lacking but now appreciate the brand and battery swap technology [2] - Customers are particularly interested in the intelligent driving features, as past performance in this area has not been impressive [2] - The ES8's pricing strategy is expected to influence other models, with potential price adjustments anticipated after the initial sales period [3][7] Group 2: Market Competition and Pricing Strategy - The ES8's pre-sale price is lower than expected, with the final price likely to be below 400,000 yuan, indicating a return to normal pricing for NIO's flagship SUV [3] - The ES8 is expected to impact competitors like the AITO M8 and L9, as customers may shift their preferences based on the new pricing and features [4][5] - The competitive landscape for mid-to-large SUVs is intensifying, with various brands vying for market share, and the ES8's pricing is seen as a catalyst for potential price adjustments across the board [6][7] Group 3: Consumer Behavior and Market Trends - The ES8's pricing has caused some potential buyers to delay their purchase decisions, indicating a shift in consumer sentiment and expectations in the market [4] - Customers in the 400,000 yuan price range prioritize brand recognition and social value, which are becoming increasingly important in their purchasing decisions [5][6] - The market for mid-to-large SUVs is characterized by a diverse range of options, with consumers focusing on brand, safety, comfort, and personalized needs [6]
策略周评20250901:政策助力“人工智能+”
Soochow Securities· 2025-09-01 08:07
Group 1 - The report highlights that AI applications are entering a reality testing phase, supported by policies promoting "Artificial Intelligence+" [2][3] - In the US stock market, Nvidia reported record high revenues, but its data center revenue fell short of expectations, raising concerns about the slowdown in the commercialization of generative AI [2][3] - The Chinese government has issued an opinion on the implementation of "Artificial Intelligence+" actions, aiming for over 70% penetration of new intelligent terminals and intelligent agents by 2027, and over 90% by 2030 [3][4] Group 2 - The report suggests that short-term liquidity continues to catalyze the market, with funds seeking low-position rebounds, recommending mid-to-long-term applications with certainty and cost-effectiveness [3][5] - The report identifies potential investment opportunities in downstream applications of AI, such as AI+ innovative drugs, AI+ military industry, AIGC, edge AI, humanoid robots, and intelligent driving, viewing them as "bullish options" for proactive positioning [5] Group 3 - The report provides a summary of key events, including the upcoming Global Industrial Internet Conference focusing on "AI+ Industry" and the establishment of the Shanghai AI Safety Work Committee to address new threats [4] - It notes that companies like Kuaishou and Meitu have seen rapid revenue growth from AI application products, indicating that AI applications may have entered a phase of accelerated commercialization [3][4]
理想汽车-W(02015.HK):25Q2业绩符合预期 期待交付回升及I6上市
Ge Long Hui· 2025-08-30 19:04
Core Viewpoint - Li Auto reported its Q2 2025 performance, showing a slight year-on-year decline in revenue and net profit, but a significant quarter-on-quarter increase in both metrics, indicating a recovery trend in the automotive business. Financial Performance - In Q2 2025, the company achieved revenue of 30.2 billion yuan, down 4.5% year-on-year but up 16.7% quarter-on-quarter; net profit was 1.1 billion yuan, down 0.4% year-on-year but up 69.6% quarter-on-quarter; Non-GAAP net profit was 1.5 billion yuan, down 2.3% year-on-year but up 44.7% quarter-on-quarter; operating profit was 827 million yuan, up 76.7% year-on-year and up 204.4% quarter-on-quarter [1] Automotive Business Insights - The automotive segment generated revenue of 28.9 billion yuan in Q2 2025, down 4.7% year-on-year but up 17% quarter-on-quarter; vehicle deliveries reached 111,000 units, up 2.3% year-on-year and up 19.6% quarter-on-quarter; the average selling price (ASP) was 272,000 yuan, down 7,000 yuan quarter-on-quarter [1] - The year-on-year revenue decline is attributed to changes in sales structure and increased discounts, while the quarter-on-quarter growth is driven by higher delivery volumes [1] Profitability and Cost Management - The gross margin for automotive sales was 19.4%, up 0.7 percentage points year-on-year but down 0.3 percentage points quarter-on-quarter; the year-on-year increase is driven by cost reductions and higher MEGA model sales, while the quarter-on-quarter decline is due to promotional efforts for older models [2] - The profit per vehicle was 10,000 yuan, unchanged year-on-year but up 3,000 yuan quarter-on-quarter; operational efficiency continues to improve with a noticeable reduction in expense ratios [2] Research and Development - R&D expenses in Q2 2025 were 2.8 billion yuan, down 7.2% year-on-year but up 11.8% quarter-on-quarter; the year-on-year decrease is mainly due to reduced personnel costs, while the quarter-on-quarter increase is influenced by new model development [2] Cash Flow and Financial Position - As of the end of Q2 2025, cash reserves were 106.9 billion yuan, a decrease of 3.8 billion yuan from Q1; net cash flow from operating activities was -3 billion yuan, worsening from -1.7 billion yuan in Q1, primarily due to increased payments for inventory [2] Future Outlook - For Q3 2025, the company expects to deliver between 90,000 and 95,000 vehicles, with projected revenue between 24.8 billion and 26.2 billion yuan [3] - The company is focusing on enhancing its smart driving and AI capabilities, with the VLA model expected to significantly improve user interaction and drive sales growth [3] - The pure electric vehicle series is well-positioned for a product cycle, with the i6 model set to launch soon and strong market potential in the high-end electric vehicle segment [3]
理想汽车-W(02015):25Q2业绩符合预期,期待交付回升及i6上市
Guotou Securities· 2025-08-29 07:01
Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 142.71, maintaining the rating [6]. Core Views - The company's Q2 2025 performance met expectations, with revenue of CNY 30.2 billion, a year-on-year decrease of 4.5% but a quarter-on-quarter increase of 16.7%. Net profit was CNY 1.1 billion, down 0.4% year-on-year but up 69.6% quarter-on-quarter [1]. - The company anticipates a rebound in deliveries and the upcoming launch of the i6 model, which is expected to drive sales growth [5]. - The company is focusing on enhancing its smart driving and AI capabilities, with the VLA system expected to significantly improve user interaction and drive sales [5]. Financial Performance Summary - In Q2 2025, the automotive business generated revenue of CNY 28.9 billion, a year-on-year decline of 4.7% but a quarter-on-quarter increase of 17%. The average selling price (ASP) was CNY 272,000, down by CNY 7,000 year-on-year and quarter-on-quarter [1]. - The gross margin for automotive sales was 19.4%, up 0.7 percentage points year-on-year but down 0.3 percentage points quarter-on-quarter, attributed to cost reductions and increased sales of the MEGA model [2]. - The company reported a cash reserve of CNY 106.9 billion at the end of Q2 2025, a decrease of CNY 3.8 billion from Q1 2025, with a net cash flow from operating activities of -CNY 3 billion [4]. Operational Efficiency - R&D expenses in Q2 2025 were CNY 2.8 billion, down 7.2% year-on-year but up 11.8% quarter-on-quarter, primarily due to reduced personnel costs [3]. - Selling, general, and administrative expenses were CNY 2.7 billion, down 3.5% year-on-year but up 7.4% quarter-on-quarter, reflecting a decrease in employee compensation and an increase in marketing activities [3]. Future Outlook - The company expects Q3 2025 deliveries to be between 90,000 and 95,000 units, with projected revenue of CNY 24.8 billion to CNY 26.2 billion [5]. - The launch of the i6 model is anticipated to tap into the high-end electric vehicle market, which has significant growth potential [5]. - The company is restructuring its sales and service system to improve efficiency and responsiveness to market changes, which is expected to enhance sales of its extended-range models [8].
小鹏汽车-W(09868):销量结构改善,毛利率超预期
Investment Rating - The report maintains a "Buy" rating for XPeng Motors (09868) [1] Core Insights - The company reported a significant improvement in sales structure and gross margin, with Q2 2025 sales reaching 103,000 units, a year-on-year increase of 242% [4][6] - The gross margin for Q2 2025 was 17.3%, up 3.3 percentage points from the previous year, indicating effective cost reduction strategies [4][6] - The net loss for Q2 2025 was 480 million yuan, a reduction of 800 million yuan compared to the previous year [4][6] Financial Performance and Forecast - For the first half of 2025, the company achieved total revenue of 34.09 billion yuan, a year-on-year increase of 133% [4][5] - The forecast for total revenue in 2025 is adjusted to 81.38 billion yuan, reflecting a 99% year-on-year growth [5][6] - The projected net profit for 2025 is expected to be a loss of 1.8 billion yuan, improving from a loss of 5.79 billion yuan in 2024 [5][6] Sales and Product Strategy - The MONA series' contribution to total sales decreased, while the share of higher-priced models like X9 and overseas sales increased, driving gross margin improvements [6] - The company aims to deliver between 113,000 to 118,000 vehicles in Q3 2025, indicating a strong growth trajectory [6] - The introduction of the G7 model is expected to enhance the company's autonomous driving capabilities, potentially increasing sales significantly [6] Non-Automotive Business Contributions - The partnership with Volkswagen Group to expand the electronic architecture platform is expected to enhance revenue from technology services [6] - The anticipated mass production of robots and flying cars in 2026 is highlighted as a significant growth opportunity [6] Valuation and Market Position - The report adjusts the revenue forecast for 2025 down to 81.4 billion yuan due to increased competition, while raising the 2026 and 2027 revenue forecasts to 129.2 billion yuan and 166 billion yuan respectively [6] - The target price-to-sales ratio for 2026 is set at 1.6 times, suggesting a 26% upside potential from current levels [6]