点 击 蓝 字 关 注 我 们 本文全文共 4071 字，阅读全文约需 13 分钟 目录 国内新闻 1.公安部道研中心发普法长文:警惕"高阶智驾"陷阱 2.山东新能源汽车保有量突破270万辆 3.一季度粤港澳大湾区电动汽车出口增长107.8% 4.大众汽车集团宣布上海车展首发自研高级驾驶辅助系统 5.广汽昊铂首家直营交付中心在上海正式开业 6.长城汽车将在泰国扩大产能 持续渗透东盟出口市场 7.智己汽车宣布2025年进军沙特等海湾国家 8.小鹏汽车加速驶向全球化布局 国外新闻 1.韩国3月国内汽车销量同比增长2.4% 2.现代汽车计划再度暂停部分电动车产线 3.售价超400万 法拉利首款电车10月发布 4.起亚将在欧洲推出人工智能语音助手 商用车 1. 一汽解放携签署电动底换电重卡合作协议 2. 东风股份斩获新能源商用车评选大奖 4月15日上午，经济导报记者从山东省政府新闻办举行的发布会上获悉，目前，山东省新能源汽车保有量 已突破270万辆。这背后，"五段式"分时电价政策对山东充电基础设施和新能源汽车产业发展发挥了带动作 用。 对此，山东省能源局党组成员、副局长岳建如介绍，通过进一步完善充电桩分时电价政策，山 ...

【隔夜行情】 •周四（2025年4月18日），A股三大股指涨跌互现，截至收盘，上证综指涨0.13%，报3280.34点；科创 50指数涨0.23%，报1016.81点；深证成指跌0.16%，报9759.05点；创业板指涨0.09%，报1908.78点。沪 深两市成交总额9995亿元，较前一交易日的11119亿元减少1124亿元。 •周四（2025年4月18日），港股三大指数强势反弹，恒科指一度涨超2%。截止收盘，恒生指数涨1.61% 或338.16点，报21395.14点，全日成交额1924.11亿港元；恒生国企指数涨1.52%，报7897.44点；恒生科 技指数涨1.9%，报4887.37点。 【重要新闻】 【六部门印发《促进和规范金融业数据跨境流动合规指南》 进一步明确数据出境的具体情形以及可跨 境流动的数据项清单】4月17日，央行等六部门联合印发《促进和规范金融业数据跨境流动合规指 南》，旨在促进中外资金融机构金融业数据跨境流动更加高效、规范，进一步明确数据出境的具体情形 以及可跨境流动的数据项清单，便利数据跨境流动。《指南》要求金融机构采取必要的数据安全保护管 理和技术措施切实保障数据安全。下一步，中 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive sector [1] Core Views - The automotive sector is expected to enter a phase of high sales prosperity, driven by new vehicle launches, technological advancements, and industry trends such as advanced driving assistance systems and robotics [6][18] - The continuation of the vehicle trade-in policy in 2025 is anticipated to support upward consumer spending in the automotive market [5][18] Summary by Sections Recent Developments - New models launched include the Leapmotor B10, BYD Han L, and Geely Xingyao 8, with significant features and competitive pricing [5][14][15][16] - Tesla plans to build its first factory in Africa, located in Morocco, with an investment of $5 billion and a projected annual production capacity of 400,000 vehicles [5][17] Market Performance - The automotive sector underperformed compared to the Shanghai Composite Index from April 7 to April 11, with a weekly decline of 5.5% [19] - The performance of major automotive stocks during the same period showed declines, with companies like Li Auto and NIO experiencing significant drops [19] Investment Opportunities - The report identifies several investment opportunities within the automotive sector: 1. Companies positioned for high-end market growth, such as Li Auto, Geely, BYD, and Great Wall Motors [6][18] 2. Beneficiaries of the "affordable" advanced driving technology trend, including XPeng Motors and Huayang Group [6][18] 3. Companies in the robotics sector poised for breakthroughs, such as Top Group and Sanhua Intelligent Control [6][18] 4. Quality auto parts manufacturers expected to benefit from a complex export environment, including Fuyao Glass and Xingyu Automotive Lighting [6][18] 5. Commercial vehicle leaders like China National Heavy Duty Truck and Yutong Bus, which are expected to recover in 2025 [6][18] Industry Indicators - In March 2025, the automotive production and sales figures showed a year-on-year increase of 11.9% and 8.2%, respectively, indicating a positive trend in the market [36]

Group 1: Shanghai Auto Show 2025 - The 21st Shanghai International Automobile Industry Exhibition will take place from April 23 to May 2, 2025, at the National Exhibition and Convention Center in Shanghai, with nearly 1,000 exhibitors from 26 countries and regions [3][4] - The exhibition area will exceed 360,000 square meters, marking a new record in scale, featuring major brands like Volkswagen, Mercedes-Benz, BMW, and domestic brands such as BYD and Geely [3][4] - The exhibition period has been extended to include the "May Day" holiday to enhance brand economic vitality [3] Group 2: BYD New Models - BYD launched two flagship models, Han L and Tang L, with prices ranging from 209,800 to 279,800 yuan and 229,800 to 289,800 yuan respectively [5] - Both models are built on BYD's super e-platform, capable of charging power up to 1 MW, with a peak charging speed allowing for 2 km of range in 1 second and 400 km in just 5 minutes [5] - The vehicles are equipped with the advanced "Tian Shen Zhi Yan B" high-level intelligent driving system, supporting full-scenario navigation assistance [5] Group 3: Leap Motor's Milestone - Leap Motor announced that its cumulative delivery volume has surpassed 700,000 units, marking a new development stage for the company [7] - In March, Leap Motor's delivery volume reached 37,095 units, a year-on-year increase of 154.65%, with a total of 87,552 units delivered in the first quarter, up 162.05% year-on-year [7] - The product lineup covers the market from 60,000 to 300,000 yuan, with the B series focusing on "upgraded configurations" and "intelligence" [7] Group 4: Volkswagen Group's Participation - Volkswagen Group announced its participation in the Shanghai Auto Show with seven global debut models, five of which will be unveiled on media night [8] - The lineup includes three new generation intelligent connected concept cars and the first mass-produced model from the Audi brand, the AUDI E [8] - The show will also feature the Porsche Heritage Design's third model, the 911 GT3 Touring, making its debut in the Chinese market [8] Group 5: Geely's New Model Launch - Geely's Galaxy Star 8 has officially started pre-sales, with a price range of 139,800 to 173,800 yuan, expected to launch in May [10] - The vehicle features Geely's self-developed advanced intelligent driving system and can be equipped with lidar for various driving assistance functions [10] - The Galaxy Star 8 is the first model to utilize Geely's Raytheon super electric hybrid dual power system [10] Group 6: Chery's Hybrid Night Event - Chery held a "Hybrid Night" event, introducing its new Kunpeng hybrid product series and announcing the prices for multiple models [12] - The high-efficiency CDM/CEM engines achieve thermal efficiency of up to 48%, with advanced ignition and direct injection systems [12] - Chery plans to launch 39 hybrid products this year, including HEV, PHEV, and REEV models across various brands [13]

Group 1 - The concept of "Universal Intelligent Driving" has become a key term in the automotive market this year, with many manufacturers targeting lower-priced models to make intelligent driving technology more accessible [2] - Consumers' perceptions of intelligent driving technology vary, with some expressing excitement about its capabilities while others remain skeptical, particularly regarding its reliability in lower-end vehicles [3][4] - The introduction of intelligent driving systems in lower-cost vehicles is seen as a significant advancement, with companies like BYD managing to reduce the cost of such systems to around 4,000 yuan, making them more widely available [6][7] Group 2 - The availability of intelligent driving features in mid-range vehicles is viewed as a marketing strategy, raising questions about the actual functionality and safety of these systems [5][8] - There is a concern that the push for "Universal Intelligent Driving" may lead to cost-cutting measures that could compromise the quality of automotive components, ultimately affecting vehicle safety [8] - The automotive industry is witnessing a shift towards higher levels of intelligent driving technology as manufacturers aim to meet consumer demand and enhance safety features [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The report highlights that the company is experiencing positive financial performance driven by a new vehicle cycle, accelerated intelligent driving technology, and overseas expansion [1][8] - In March 2025, the company delivered 33,205 vehicles, representing a year-on-year increase of 268%, and a total of 94,008 vehicles in Q1 2025, up 331% year-on-year [1][2] Financial Performance - For Q4 2024, the company achieved revenue of 16.11 billion RMB, with a year-on-year growth of 23.4% and a quarter-on-quarter growth of 59.4% [5] - Vehicle revenue for Q4 2024 was 14.67 billion RMB, showing a year-on-year increase of 20.0% and a quarter-on-quarter increase of 66.8% [5] - The company reported a gross margin of 14.4% for Q4 2024, with an automotive gross margin of 10.0% [5][9] Sales and Delivery Outlook - The company expects to deliver between 91,000 to 93,000 vehicles in Q1 2025, representing a year-on-year growth of 317.0% to 326.2% [6] - Projected total revenue for Q1 2025 is estimated to be between 15 billion to 15.7 billion RMB, reflecting a year-on-year growth of 129.1% to 139.8% [6] Strategic Developments - The company has expanded its overseas market presence, entering Poland, Switzerland, Czech Republic, and Slovakia, with plans to sell models P7, G9, and G6 in Q2 2025 [8] - The company has established partnerships with leading distribution companies in Europe to enhance its market penetration [8] Future Projections - Revenue projections for 2025 to 2027 are 89 billion, 129.4 billion, and 153.8 billion RMB, with growth rates of 118%, 45%, and 19% respectively [7][9] - The company is expected to achieve a net profit of -1.316 billion RMB in 2025, turning positive with a profit of 2.408 billion RMB by 2026 [7][9]

撰文 / 周 洲 设计 / 师 超 三点式安全带被沃尔沃汽车正式发明以前，汽车被称作"寡妇制造机"。 60多年后的信息时代，从智能辅助驾驶到自动驾驶的进阶路上，又出现了血的教训。 3月29日晚23点左右，一辆标准版小米SU7 在G0321德上高速池祁段（祁门往枞阳方向）撞击中分带新泽西护栏后 燃爆 。由于火势迅猛，三位相约一起 到安徽池州参加第二天上午的招考考试的武汉某大学的大四女生，均不幸遇难。 4月1日，雷军发微博 代表小米承诺"无论发生什么，小米都不会回避"。 一边是悲痛欲绝的家属，一边是主动站出来的雷军，底下是吵成一锅粥的网友。 有人觉得驾驶人开夜路、自己分心要负全责，有人觉得是车企高阶智驾夸大宣传误导消费者害人不浅。 这起严重事故对热炒的全民智驶，浇了一盆冷水。 近两年掀起的高阶智驾潮，听起来高级又模糊。 部分车企提供智能驾驶功能时候，会允许驾驶员长时间放开方向盘，高速状态下长距离行驶，实际上是默许驾驶员以不安全方式驾驶汽车。 网络上还流传着某品牌的车主睡着了，车子自己开到家的视频段子。还有一些车主自己跑到后座躺平看电视、让车辆在高速上自己开。 这些拿生命当儿戏的反智视频，应引起消费者的警惕和分辨。 ...

Group 1: Vehicle-to-Grid Interaction - The first batch of vehicle-to-grid (V2G) interaction pilot projects has been announced, including 30 projects across 9 cities, allowing electric vehicles to both draw energy from and supply energy back to the grid [1] - V2G technology aims to create a "peak shaving and valley filling" cycle, but its practical benefits may be limited due to the already stable domestic power grid and the infrequent need for such interactions [1][2] Group 2: Real Estate Market Trends - In the first quarter, the top 100 real estate companies acquired land worth 2895.8 billion yuan, a year-on-year increase of 30.6%, with the top ten companies showing a remarkable 162% increase in land acquisition [3] - The real estate market remains uneven, with core urban areas attracting more interest from developers, and a trend of joint land acquisitions emerging among companies to alleviate financial pressures [4] Group 3: Tin Market Dynamics - Tin has emerged as a leading commodity in 2023, with LME tin prices rising by approximately 31% year-to-date, driven by supply constraints and increased demand from sectors like semiconductors and renewable energy [5] - Recent natural disasters in major tin-producing regions have exacerbated supply issues, contributing to the rapid price increase [5] Group 4: Economic Stimulus Measures in Sichuan - Sichuan province has introduced measures to stimulate economic recovery, including financial incentives for hosting large-scale events, with a maximum reward of 5 million yuan for event organizers [7] - The focus on boosting local consumption and supporting businesses reflects a broader strategy to enhance economic growth amid external uncertainties [8] Group 5: New Energy Vehicle Sales - New energy vehicle sales have surged, with several companies reporting significant year-on-year growth in March, particularly Zero Run, which became the top-selling new energy vehicle brand for the month [9] - The competitive landscape among new energy vehicle manufacturers is shifting rapidly, with sales driven by government subsidies and promotional strategies [9] Group 6: JD and Dada Merger - JD has finalized a privatization agreement with Dada, which will become a wholly-owned subsidiary, reflecting JD's strategy to enhance its logistics capabilities in the competitive instant delivery market [11][12] - Dada's financial struggles highlight the challenges in the instant delivery sector, necessitating continued support from JD to sustain operations [12] Group 7: Old Pile Gold's Performance - Old Pile Gold reported impressive financial results, with a 166% increase in sales to 9.8 billion yuan and a 254% rise in net profit, aiming to establish itself as a leading brand in the gold market [13] - The company's unique pricing strategy and focus on aesthetic appeal have contributed to its success, particularly during a period of rising gold prices [13][14]

编辑 | 宝珠 作者 | 吴阳煜 视觉 | 顾芗 一场被焚烧戛然而止的考编梦。 3月29日晚间，在德州高速安徽境内池州至祁门段的路上，一辆小米SU7标准版发生了碰撞爆燃事故。经 过社交媒体的发酵后，该事件在近日得到外界越发热切的关注，引发了一场关于电动汽车智驾系统安全 性能，与机械门锁等安全设计的舆论风波。 当晚，三人从武汉出发计划到安徽池州。准备次日参加事业编制考试的驾驶人，发动一辆橄榄绿色的小 米SU7驶上了高速。当这辆车在NOA（智能辅助驾驶）状态下，以116公里/小时持续行驶至池祁路段 时，由于当地施工修缮，用路障封闭了自车道，改道至逆向车道。 车辆反应不及，与水泥护栏发生碰撞，车内三人全部遇难。根据小米汽车方面公布的数据，系统最后确 认车辆时速约为97公里/小时。 4月1日晚间，雷军回应表示"心情非常沉重"，并称"无论发生什么，小米都不会回避"。对此，雷军微博 下方不少网友留言："相信雷总"。 当一项新技术被广泛运用于日常，就免不了受到全民性的监督。这种监督不仅出于公众对安全的焦虑， 甚至也能成为企业迭代技术的动力。因此，此次三位女孩命丧火海，小米 需要站出来。 不确定性因素叠加，构筑了这样一个致命 ...

Core Viewpoint - SUTENG JUCHUANG reported a significant revenue growth and narrowing losses in its 2024 annual results, indicating a positive outlook for the laser radar and robotics markets [1][2]. Financial Performance - Total revenue for 2024 reached approximately 1.65 billion RMB, a year-on-year increase of 47.2% [1] - Adjusted net loss was about 396 million RMB, an improvement of approximately 8.9% compared to the previous year [1] - Overall gross margin stood at around 17.2% [1] - Total R&D investment for the year was approximately 620 million RMB [1] - Laser radar sales volume reached about 544,000 units, representing a year-on-year growth of approximately 109.6% [1] Market Trends - The CEO highlighted a growing trend in the laser radar business, particularly from the emerging robotics market [1] - The wave of intelligent driving in mass-produced passenger vehicles is expected to expand globally from China, with major overseas automakers anticipated to adopt advanced driving assistance systems in the next two years [1] - The introduction of dual suppliers by some automakers is seen as a strategy to ensure supply chain security, which could benefit the laser radar industry [1] Strategic Developments - SUTENG JUCHUANG is focusing on developing a general-purpose robotics platform and has established strategic partnerships with over ten humanoid robot companies globally [1][2] - The company has launched a second-generation dexterous hand and plans to achieve mass production readiness within the year [2] - As of December 31, 2024, the company has served approximately 2,800 clients in the robotics and non-automotive sectors [2] Future Outlook - The internal target remains to achieve quarterly breakeven in the laser radar segment in the second half of this year, with a goal of achieving full-year profitability by 2026 [2] - The company has established the "MARS Intelligent Manufacturing Headquarters" in the Shenzhen-Shanwei Special Cooperation Zone, covering a total area of approximately 146,000 square meters [2]