报告共计：26页 Robotaxi行业发展核心总结 Robotaxi是依托L4/L5级自动驾驶技术的无人共享出行服务，通过传感器、人工智能算法等技术实现全自主驾驶，具备安全、低成本等优 势，是高阶智能驾驶的重要落地场景。全球范围内，中东政策支持下商业化落地迅速，欧洲受益于人口老龄化趋势潜力较大，亚洲地区 北上广深等城市已启动服务，迪拜、东南亚等地加速推进。 今天分享的是：Robotaxi行业深度：商业化进展、竞争格局、产业链及相关公司深度梳理 国内Robotaxi发展优势显著，在成本控制、基础设施、数据丰富度和资源复用方面领先海外。政策层面，多部门构建闭环监管体系，地 方持续放开牌照与运营区域，为商业化提供制度保障。技术上，算法成熟度提升，智驾套件成本大幅下降，车规芯片、激光雷达等核心 硬件快速迭代，国产芯片与激光雷达企业市占率逐步提升。成本驱动方面，Robotaxi通过取消人力成本重构商业模式，随着规模化运营 推进，有望提供更具竞争力的出行价格。 当前行业处于试点阶段，中美双极驱动格局确立。美国以Waymo、特斯拉为主导，中国则由萝卜快跑、小马智行、文远知行领跑，第二 梯队加速追赶。商业模式上，普遍采用"智 ...

文｜财天COVER 董雪 编辑 | 田梦 1月8日，在2026小鹏全球新品发布会上，小鹏汽车一口气发布了2026款小鹏P7+、小鹏G7超级增程、 2026款小鹏G6及2026款小鹏G9四款重磅车型。 这也是继小鹏X9超级增程后，该公司在增程产品线上再添新成员。 据了解，小鹏第二代VLA去掉了"语言转译"环节，实现从视觉信号到动作指令的端到端直接生成。在何 小鹏看来，2026年将是高阶智能驾驶在全球市场全面竞技的元年，也是中国和美国迎来真正全自动驾驶 的元年。 2026款小鹏P7+提供纯电和增程两种动力形式，官方指导价为18.68万～19.88万元。作为超级增程家族 的首款SUV，2026款小鹏G7分为纯电和增程4个版本，官方指导价为19.58万～20.58万元。 2026款小鹏G6仍为纯电车型，官方指导价为17.68万～18.68万元。2026款小鹏G9也只有3个纯电版本， 官方指导价为24.88万～27.88万元。 对于增程产品，小鹏采取的是"大电池+大油箱+超快充"策略。2026款小鹏P7+和2026款小鹏G7纯电续航 里程都是430km，前者综合续航里程为1550km，后者达到1704km，均搭载5C超 ...

证券日报网讯1月8日，亚太股份（002284）在互动平台回答投资者提问时表示，公司的线控制动系统 (DBS、EMB)、全向轮角模块、全线控全向轮高速滑板底盘可运用于高阶智能驾驶，目前暂未用在商业 航天、机器人领域。 ...

格隆汇1月8日丨亚太股份(002284.SZ)在互动平台表示，公司的线控制动系统（DBS、EMB）、全向轮 角模块、全线控全向轮高速滑板底盘可运用于高阶智能驾驶，目前暂未用在商业航天、机器人领域。 ...

港股市场即将迎来一家重量级的AI应用公司和智能驾驶公司。 深圳市锐明技术股份有限公司（下称"锐明技术"，002970.SZ）已于2025年9月30日正式向香港联合交易 所递交了H股上市申请，计划实现A+H双重上市，独家保荐人为中金公司。此举标志着这家深耕商用车 AI解决方案近二十年的行业龙头，在完成A股上市六年后，再次启动关键资本步伐，通过香港国际金融 中心，进一步拓宽融资渠道、提升全球品牌影响力并优化资本结构。 锐明技术成立于2002年，以视频监控技术起家，逐步发展成为全球领先的商用车辆（包括物流车、公交 车、出租车、特种车辆等）视觉AI解决方案与视频设备提供商。公司核心优势在于将超过二十年的行 业经验与前沿AI技术深度融合，打造了覆盖安全与效率两大核心需求的多元化产品矩阵。 根据招股书及行业顾问弗若斯特沙利文的报告，2024年，锐明技术在全球商用车视频设备市场占有率排 名第一，在全球商用车视觉AI解决方案市场位列第四，在物流车辆及公共出行等细分应用场景中分别 位居全球第三和第二。公司拥有超过80种自研智能算法，涵盖高级驾驶辅助系统（ADAS）、驾驶员监 测系统（DMS）、自动紧急制动（AEBS）、盲区监测 ...

Summary of Junsheng Electronics Conference Call Company Overview - **Company**: Junsheng Electronics - **Industry**: Automotive Electronics and Robotics Key Points Product Development and Customer Feedback - Junsheng Electronics is modifying materials, electronic architecture, and thermal products for head assembly to enhance interactivity, with customer feedback expected after the Christmas and New Year holidays [2][4] - Updates to the body structure are being made to meet requirements for drop resistance and weatherproofing, which will enhance product value [2][4] Production Capacity - The current production capacity supports over 30,000 humanoid robots per month without additional reserves [2][6] - Plans to increase capacity will be based on assembly line automation and material scheduling to ensure smooth production [2][6] Smart Driving Sector - The company has entered a scale effect phase in advanced smart driving, with orders totaling at least 20 billion RMB announced in September and October [2][7] - Collaborations with Qualcomm and Momenta are aimed at providing integrated smart driving solutions for domestic and international brands, with significant revenue and profit expected in 2026 and 2027 [2][8] Chip Solutions and Market Expansion - Junsheng has secured chip solutions for multiple sub-brands of SAIC, with overseas models expected to begin production in 2025 [2][9] - The overseas market is primarily focused on collaboration with Qualcomm, emphasizing competitive pricing and cost efficiency [2][10] Financial Performance and Projections - The company anticipates a net profit exceeding 1.5 billion RMB in 2025, with expectations for over 10% revenue growth and over 20% net profit recovery in automotive electronics and safety sectors by 2026 [2][3][11] - The company has improved from a loss to a projected profit, with a goal of doubling overall profit margins in the next three years [2][11] Market Dynamics and Pricing Strategy - Annual price reduction pressures from automakers are manageable, with the Chinese market contributing approximately 25% to global revenue [2][12] - The company has implemented a pricing reassessment and cost transfer mechanism in overseas markets since 2022, leading to improved cost structures [2][12] Collaborations and Future Directions - Successful collaboration with Zhiyuan Robotics includes products like AI head assemblies and energy management systems [2][13] - Junsheng's subsidiary, Xiangshan, is focused on humanoid robot R&D, maintaining close cooperation and resource sharing with Junsheng [2][14] - Future product expansions with Tesla include battery management and joints, with plans for further diversification [2][15] Regulatory Impact - The L3 regulations are seen as a pivotal point for smart driving commercialization, with plans to expand cooperation with domestic automakers [2][16] Additional Insights - The company’s accounts receivable period is approximately 55 days, providing a significant advantage over competitors [2][12]

Core Insights - Lantu Automotive has made significant progress in the field of autonomous driving, having received a road testing license for intelligent connected vehicles from relevant authorities in Wuhan, and has commenced real vehicle testing for its L3 conditional autonomous driving technology [1][2] Group 1: Technological Advancements - The company has completed a total of 110,000 kilometers of actual road testing and 900,000 kilometers of simulation testing, marking a key step in the research and application of high-level autonomous driving technology [1] - Lantu's vehicle, the Lantu Taishan, equipped with Huawei's QianKun intelligent driving system featuring four LiDARs, is set to be launched on November 18, 2025, and boasts 34 redundant perception hardware units for all-weather, all-scenario autonomous driving capabilities [1] Group 2: Industry Positioning - As one of the earliest domestic companies to obtain a smart connected vehicle testing license, Lantu Automotive is committed to the research and implementation of advanced intelligent driving technologies, having successfully achieved mass production and application of L2 level combined driving assistance systems [1] - The company has made long-term strategic preparations for L3 conditional autonomous driving, having released the world's first L3 intelligent architecture in April, which integrates the Qingtian L3 intelligent safety driving platform and the Kunpeng L3 intelligent safety driving system [1] Group 3: Future Initiatives - Lantu Automotive will systematically continue real-world testing of L3 conditional autonomous driving, providing valuable data and practical evidence for the eventual establishment of national regulations and standards, while also promoting technological innovation and safety upgrades in the intelligent driving industry [2]

行 业 及 产 业 2025 年 12 月 18 日 整车投资策略更新；福达股份更新 看好 ——一周一刻钟，大事快评（W136） 本期投资提示： 研 究 / 行 业 点 评 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 《科技赋能下的换道再提速——2026 年 汽车行业投资策略》 2025/11/18 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 A0230524080008 zhufz@swsresearch.com 业 证 券 研 究 报 告 汽车 ⚫ 整车投资策略更新：考虑到近期市场出现两大关键变化，我们更新了 2026 年整车投资 策略。一是 2025 年第四季度的补贴未如期兑现且明年"两新补贴"政策细节有调整； 二是国家市监总局就《汽车行业价格行为合规指南（征求意见稿）》公开征求意见，有 望对无序价格战形成预防性震慑，中低端、毛利微薄的车企可能面临更大生存压力。基 于此，我们调整后的投资策略核心是聚焦中 ...

Group 1 - The core viewpoint of the article highlights the significant collaboration between BAIC Group and Horizon Robotics, focusing on the development of an all-scenario urban NOA system using Horizon's Journey 6M chips and BAIC's self-developed "Yuanjing AI Central Brain" technology [1] - Horizon Robotics' stock has seen a rise of over 4%, with a current price of 9.01 HKD and a trading volume of 547 million HKD [1] - Goldman Sachs reports that Horizon Robotics' HSD solutions have been adopted by multiple new models from Chery, including the Exeed ET5, Fengyun T9, and iCAR V27, with expectations for increased production and new projects by 2026 [1]

Core Viewpoint - Horizon Robotics-W (09660) has seen a stock increase of over 4%, currently trading at 9.01 HKD with a transaction volume of 547 million HKD, following a significant partnership announcement with BAIC Group to develop an all-scenario urban NOA system [1] Group 1: Partnership and Technology Development - On December 9, BAIC Group and Horizon Robotics announced a deep collaboration to jointly develop an all-scenario urban NOA system based on two Horizon Journey 6M chips [1] - The partnership will integrate BAIC's self-developed "Yuanjing AI Central Brain" technology, marking a significant breakthrough in intelligent technology for BAIC and injecting new momentum into the development of autonomous brand smart vehicles [1] Group 2: Market Expectations and Product Adoption - Goldman Sachs reported that Horizon Robotics' HSD solutions have been adopted by multiple new models from Chery, including the Exeed ET5, Fengyun T9, and iCAR V27 [1] - Goldman Sachs anticipates that by 2026, Horizon Robotics will see more models enter mass production and secure additional new projects, which will drive an increase in shipment volumes and higher average selling prices through product mix upgrades [1]