Core Viewpoint - Pony.ai is a leading global company in high-level intelligent driving, focusing on Robotaxi and Robotruck services, with a strong emphasis on commercializing autonomous driving solutions [2][11][12]. Company Overview - Pony.ai was founded in December 2016 and has since established itself as a leader in the autonomous driving sector, with significant developments in Robotaxi and Robotruck services [12][14]. - The company operates in various regions, including China, Europe, East Asia, and the Middle East, aiming to provide safe and reliable autonomous driving solutions [13][14]. Main Business Segments - The main business segments of Pony.ai include: - Robotaxi autonomous driving services (9.7% of revenue in 2024) - Robotruck autonomous driving truck services (53.8% of revenue) - Licensing and application services (36.5% of revenue) [2][18][21]. Financial Performance - In 2024, Pony.ai reported revenues of $75.03 million, a 4% increase year-over-year, with a net loss of $270 million [2][18]. - The adjusted net profit, accounting for stock-based compensation, was -$150 million, compared to -$121 million in 2023 [2]. Industry Landscape - The global market for Robotaxi is projected to be worth trillions, with the domestic taxi and ride-hailing market in China estimated at 236 billion yuan annually [4]. - The Robotruck market is also expected to reach trillions globally, with a potential domestic market size of 90 billion yuan by 2030 [4]. Technological Advancements - Pony.ai has introduced world models and virtual driver technology to achieve L4-level intelligent driving solutions [6][26]. - The sixth-generation Robotaxi features a redundant vehicle platform and advanced sensor systems, significantly improving safety and operational efficiency [25][26]. Business Model and Ecosystem - The company has established a comprehensive ecosystem involving partnerships with OEMs, ride-hailing platforms, and logistics providers, creating a closed-loop for profitability [6][32]. - The business model includes providing engineering solutions to OEMs and charging passengers for rides, with expectations for revenue growth as the fleet expands [21][23]. Future Outlook - Pony.ai aims to expand its Robotaxi fleet to 1,000 vehicles by the end of 2025, leveraging technological advancements to enhance cost efficiency [30][31]. - The company is also focusing on developing new revenue streams from its Robotruck services, including licensing its virtual driver technology [32][34].

2025 年 6 月 26 日 碳酸锂：仓单矛盾仍存，震荡走势延续 | 邵婉嫕 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | liuhongru@gtht.com | 【基本面跟踪】 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2507合约（收盘价） | 61,180 | 160 | 700 | -500 | 220 | -14,520 | | | | 2507合约（成交量） | 28,735 | -26,486 | -6,887 | -207,462 | -265,835 | 14,810 | | | | 2507合约（持仓量） | 47,834 | -12,244 | -51,432 | -130,401 | -270,672 | 3,031 | | | 盘面 | 2509合约（收盘价） | 6 ...

点 击 蓝 字 关 注 我 们 本文全文共 4100 字，阅读全文约需 13 分钟 目录 国内新闻 1.商务部开展千县万镇新能源汽车消费季活动 8.广汽利比亚班加西销售服务中心开业 国外新闻 1.韩国进口柴油车市场持续萎缩 2.凯迪拉克Celestiq交付 35万美元起定制旗舰 3.Uber和Waymo开始推出无人驾驶网约车服务 2.六部门联合印发《关于金融支持提振和扩大消费的指导意见》 3.商务部:稳妥推进高阶智能驾驶汽车商业化应用 4.广东:广州市实施"久摇不中"申请人直接领取号牌政策 5.赛力斯汽车完成50亿元战略增资 6.雷军:小米YU7支持车外小爱语音 7.蔚来萤火虫推出BaaS电池租用服务 4.大陆集团下调今年利润率目标 商用车 1. 北汽福田签署沙特属地化工厂合作备忘录 2. 首条跨境重卡换电干线启动 3. 山海炮Hi4-T正式上市 4. 远程醇氢电动技术亮相浙江省节能"三新"推广活动 国内新闻 1 商务部开展千县万镇新能源汽车消费季活动 时间:2025.6.25 来源:网通社 为持续释放新能源汽车消费潜力，加快培育汽车消费新增长点，商务部将于2025年7月至12月期间，组织 开展2025年千县 ...

来源： 央视新闻客户端 深入推进汽车换"能"。 各地要认真落实汽车以旧换新政策，在新能源汽车消费季活动场地内 普遍设置汽车以旧换新专区，组织推出更多适销对路新能源车型，更好满足县乡地区群众多 样化购车需求。指导活动承办单位和参与主体规范使用汽车以旧换新海报标语等宣传物料， 加强政策宣传推广，持续营造促消费氛围。 创新打造多元消费场景。 各地要因地制宜推进汽车流通消费改革试点工作，推动新能源汽车 消费季活动与试点创建工作有机结合。谋划开展智能网联新能源汽车专场推介、试驾体验等 活动，在安全可控、依法合规的前提下，稳妥推进高阶智能驾驶汽车商业化应用。创新打造 汽车改装、传统经典车、房车露营、汽车赛事等多样化汽车后市场消费场景，推动商旅文体 健融合发展，延伸汽车消费链条。 举办消费季系列活动。 各地要结合本地优势资源和产业特点，依托汽车城、商圈、步行街、 特色商品展销、农村市集庙会等，创新举办新能源汽车消费季系列活动，并向商务部推荐1— 2场重点活动。商务部将统筹考虑各地消费市场情况、所推荐的活动特色和影响力等因素，结 合各地汽车以旧换新、汽车流通消费改革试点等政策实施情况，加大指导支持和宣传推广力 度，以点带面扩 ...

V国务院台湾事务办公室举行新闻发 2 6月25日国新办就"推动文化和旅游 丰富人民美好生活"举行中外记者见[ 3 美联储主席鲍威尔在参议院委员会 币政策报告作证词陈述 每经编辑｜胡玲 王晓波 4 2025深圳国际消费电子展览会将 27日在深圳举办 5 英伟达将于美国太平洋时间6月2! 行2025年度股东大会 1 隔夜市场 6月24日，美联储主席鲍威尔表示，如果劳动力市场疲软，通胀率下降，可能意味着提早降息。鲍威尔表示，由于关税的影响，预计美国通货膨胀将会上 升。美联储的职责是使通胀得到控制。利率的变化将取决于经济的走向。绝大多数政策制定者认为今年晚些时候降息是合适的。鲍威尔表示，不认为有必要 急于降息。如果通胀受到控制，可以尽早降息。 美股高开高走，三大指数收盘均涨超1%，纳指涨1.43%，道指涨1.19%，标普500指数涨1.11%，其中，道指创3月初以来收盘新高，标普500指数、纳指均 创2月下旬以来收盘新高；大型科技股多数上涨，英特尔涨超6%，英伟达、奈飞、亚马逊涨超2%，Meta涨逾1%，微软、谷歌小幅上涨；特斯拉跌超2%，苹 果小幅下跌；稳定币第一股Circle跌超15%，总市值跌破500亿美元。中 ...

Core Viewpoint - The automotive industry's price-cutting trend has led to a continuous decline in valuations across the supply chain, yet savvy investors are beginning to acquire undervalued stocks, particularly in the intelligent driving sector [1] Group 1: Intelligent Driving Sector - The intelligent driving segment is a core investment theme in the automotive industry, with domestic new energy vehicle penetration exceeding 40%, but high-level intelligent driving penetration remains low, primarily at the L2 stage [1] - Companies like Xpeng and Tesla are leading the push for higher-level intelligent driving, with only a few models achieving L2+ and L3 capabilities [1] - The steer-by-wire system is a key component of high-level intelligent driving, and the global steering system leader, Nexteer (耐世特), is gaining investor interest [1] Group 2: Company Performance and Market Position - Nexteer's valuation has dropped by 7% recently but has increased by over 77% this year, driven by improved fundamentals and strong competitiveness in the steer-by-wire sector [1] - The company is strategically expanding into the steer-by-wire chassis sector to meet industry mass production demands, further enhancing its fundamentals [1] - Nexteer holds a strong position in the global automotive steering system market, ranking among the top three with a market share of 16.16% in China, second only to Bosch Huayu [2][4] Group 3: Financial Outlook - Despite being a market leader, Nexteer faces significant competitive pressure from price wars and domestic substitution in the Chinese market, with revenue growth slowing to only 1.65% in 2024 [4] - The company has a high customer concentration, with its top three clients contributing 68.8% of revenue, which poses operational risks if major clients like General Motors face performance issues [4] - In Q1 2025, Nexteer secured $800 million in new orders, a 60% year-on-year increase, with a significant rise in orders from Chinese clients, indicating strong product recognition [5][11] Group 4: Product Development and Market Trends - The steer-by-wire system is becoming mainstream as the automotive industry shifts from traditional hydraulic systems to electronic systems, with significant growth potential in the L2+ and L3 intelligent driving segments [7][10] - Nexteer's product portfolio includes traditional hydraulic and electric power steering systems, with a notable increase in orders for steering columns and intermediate shafts in 2025 [8] - The company has made breakthroughs in steer-by-wire technology, winning multiple orders from leading electric vehicle manufacturers, which positions it well for future growth [10] Group 5: Investment Sentiment - Several investment banks are optimistic about Nexteer's prospects, forecasting a compound annual growth rate of 29% in net profit from 2025 to 2027, supported by strong order growth and product diversification [11] - The intelligent driving sector remains a hot investment theme, with Nexteer's fundamentals and multiple growth drivers expected to support its market value in the long term [12]

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 本文转载自财经天下WEEKLY 值班编辑 | 江江 视觉 | 顾芗 给持续降价打了个幌子 "不用讨价还价，没有套路，奥迪A3限时一口价12.49万元起""奥迪A3低配贷款落地15万元，中配贷款落 地16万元"。进入5月，不少奥迪4S店的销售在社交媒体上吆喝了起来。 "奥迪的轿车都已经这么便宜了？"虽然有些消费者一开始抱有怀疑态度，但是当看到各路4S店官方账号 上放出的正式价格海报，也不禁感叹和调侃"奥迪这是卖出了奥拓的价格"。 目前在售的2025款奥迪A3同时提供两厢版和长轴距三厢版车型，其中两厢车型A3 Sportback共有"飞驰悦 享型""飞驰尊享型"以及"飞驰尊享型+豪华臻选包"3款车型，官方指导价分别为16.59万元、18.99万元和 20.59万元，三厢车型A3L Limousine也有同样的3款车型，官方指导价分别为16.99万元、19.39万元和 20.99万元。 在天津某奥迪4S店的宣传海报上，A3 Sportback降价后的"限 ...

中泰证券（600918）发布研报称，地平线机器人-W(09660)作为国内智驾解决方案龙头公司，产品出货 量快速提升，授权解决方案业务收入快速增长，商业模式优异，J6及HSD方案交付有望进一步打开增长 空间。该行预计公司2025-2027年实现营业收入35.99/55.10/81.86亿元(25/26年前值38.56/61.85亿元)，实 现净利润-19.33/-5.11/8.38亿元(25/26年前值-11.45/1.16亿元)。考虑到公司所处赛道优异，成长性较好， 该行维持公司"增持"评级。 事件：地平线机器人发布2024年年度业绩公告。2024年公司营业收入达23.84亿元，同比增长53.62%;实 现净利润23.47亿元，同比增长134.82%。 中泰证券主要观点如下： 汽车解决方案交付量高增，高毛利率业务占比提升 2024年公司汽车解决方案实现收入共23.12亿元，占比提升至97%。其中授权及服务业务毛利率92%， 2024年全年收入增长70.9%至16.48亿元，驱动整体毛利率提升至77.25%，较2023年全年70.53%有显著提 升。2024年全年交付产品解决方案约290万套，同比增长38%， ...

设 计 / 赵昊然 一切都在意料之中。 对于熟悉小鹏汽车的投资人来说，既没有超预期，也没有低于预期的信息。根据最近的销量数字和 发布会，投资人几乎能预估到全部的关键信息。 3月18日晚，小鹏汽车发布了号称史上最强的2024年财报，全年总收入达408.7亿元，毛利率达 14.3%，净亏损相较2023年的103.8亿元，收窄44.2%至57.9亿元。 小鹏汽车董事长、CEO何小鹏在财报发布后的电话会议上又一次强调了单季度盈利时间表：今年四 季度盈利，销量翻倍。 一边，是连续两月位居新势力销冠、月销量超过3万辆，却不敢轻言胜券在握，谨慎谦虚的何小 鹏。 "我们还在ICU门口"，"我没跟李斌对过，他如果在'复读'，我也在'复读'。已经'读大学'的兄弟们也 不一定，因为现在读大学很多也找不到合适的'工作'。我觉得再给我们三年，就像淘汰赛一样，也 许就知道谁能够'大学毕业'找到一个'工作'，然后再花3—5年就能看到'毕业工作'之后，谁能够在工 作中脱颖而出。"他说。 一边，何小鹏又对技术有着十足的底气。 撰 文 / 周 洲 "我们和特斯拉是全球唯二有能力不依赖高精地图、激光雷达，用一套软件在各个车型上实现'全球 都好用' ...

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