证券日报网讯1月14日，维峰电子（301328）在互动平台回答投资者提问时表示，公司智能驾驶相关产 品已形成完整的技术矩阵，覆盖视觉感知、域控系统、高速数据传输等核心环节，其中车规级高速连接 器(如以太网、Type-C)具备IP68以上防水等级及抗电磁干扰性能，满足L3+/L4级智能驾驶系统的严苛要 求。当前产品已导入多家头部新能源车企及TIER1供应链，并配合客户车型周期稳步推进量产交付。公 司通过昆山智能制造基地扩产及自动化升级持续提升产能弹性，全力支撑智能驾驶业务的规模化放量， 具体量产进展请以定期报告披露信息为准。 ...

Core Insights - The article discusses the performance of China's foreign trade in 2025, focusing on the "new, green, and intelligent" aspects of exports and imports. Group 1: High-tech Product Exports - China's high-tech product exports increased by 13.2% year-on-year, contributing 2.4 percentage points to overall export growth [6] - Exports of specialized equipment, high-end machine tools, and industrial robots grew by 20.6%, 21.5%, and 48.7% respectively [6] - In 2025, China became a net exporter of industrial robots, with exports surpassing imports [6] Group 2: Green Energy Products - Exports of the "new three types" of products rose by 27.1%, with lithium batteries and wind turbine generators increasing by 26.2% and 48.7% respectively [8] - In the green transportation sector, exports of electric motorcycles and bicycles grew by 18.1%, while railway electric locomotives saw a 27.1% increase [11] Group 3: Intermediate Products and AI Technology - The demand for artificial intelligence technology has expanded, leading to a significant increase in imports of related products, such as laser radar, which grew by over 20% [12] - Imports of computer components surged by 20% due to strong demand for AI computing power [12] - Exports of electrical equipment, including large transformers and energy storage batteries, increased by 18.8% [13] Group 4: Terminal Products - China's intelligent robots are not only capable of performing tasks like dancing and marathon running but are also recognized for their efficiency in production [15] - The export of handling robots and welding robots has been significant in overseas infrastructure and transportation projects [15]

证券日报网讯1月14日，徕木股份（603633）在互动平台回答投资者提问时表示，公司在新型连接器领 域开发出多类高电压高电流连接器、高清高速连接器、高频连接器产品，在汽车领域开发出2000余款汽 车连接器及组件产品。公司产品已全面覆盖终端新能源整车、ADAS智能辅助驾驶、智能网联、5G通讯 等应用领域，主要应用于智能驾驶舱系统、辅助驾驶系统、发动机系统、CDU、电池组、三电系统、 充放电系统、域控制器系统等。公司具体经营情况请以公司定期报告及临时公告为准，敬请投资者注意 投资风险。 ...

Core Insights - The article highlights the transformation of Beijing Automotive Group's New Energy Vehicle (NEV) division into a competitive player in the market, showcasing strategic determination and market agility [1][12] - In 2025, the company achieved significant sales milestones, with total sales exceeding 200,000 units, representing an 84% year-on-year growth [3][12] - The successful launch of the L3 autonomous driving model, Alpha S, marks a significant technological advancement and commercial viability in the autonomous driving sector [5][7] Sales Performance - In 2025, Beijing Automotive's NEV division sold 209,576 vehicles, surpassing its annual target and demonstrating strong market acceptance [3] - The company achieved a monthly sales record of over 30,000 units for three consecutive months, indicating sustainable growth and market penetration [3] - The Xiangjie brand reached a milestone of over 10,000 units sold in December 2025, ranking among the top three in the luxury sedan segment [3][10] Technological Advancements - The Alpha S L3 model received official approval for L3 autonomous driving, allowing it to operate in designated areas of Beijing [5][6] - The vehicle is equipped with 34 sensors, including three LiDARs, and features a full redundancy safety architecture, emphasizing safety in autonomous driving [6][7] - The company is advancing its technology through partnerships, such as the collaboration with Xiaoma Zhixing for L4 autonomous driving solutions [11] Financial Performance - In Q3 2025, the company achieved a historic gross margin of 1.8%, with revenue reaching 5.867 billion yuan, marking three consecutive quarters of positive growth [7][10] - The improvement in gross margin signals a transition from strategic losses to a sustainable business model, indicating effective growth with profitability [7][10] Market Strategy - The company has established over 500 sales and service outlets across various city tiers, creating a robust market network that supports future growth [4] - The dual focus on scaling operations and enhancing quality is driving a new growth engine for the company, allowing for better resource allocation and market feedback [8][10] - The strategic shift from a traditional state-owned enterprise model to a more agile, technology-driven approach is redefining the company's identity in the automotive industry [12][14]

Group 1 - Qizhou Zhihang is a leading provider of advanced driver-assistance systems (ADAS) in China, with nearly one million units deployed, maintaining a strong market share in the NOA segment of the passenger car market [1] - The ADAMAS product from Jishi is set to launch in China by the end of 2025, having already been introduced in five Middle Eastern countries, with a price exceeding $80,000 and monthly orders surpassing 2,000 units [3] - The collaboration between Jishi and Qizhou Zhihang allows for significant reductions in R&D costs and deployment timelines for overseas models, leveraging proven technology validated by nearly one million domestic users [4] Group 2 - The ADAMAS model features L2+ level intelligent driving capabilities as standard, covering essential driving scenarios such as highways, urban areas, and parking, marking a significant advancement in smart mobility technology [3] - Jishi has successfully entered over 40 international markets, establishing a sales network across key regions including the Middle East, Central Asia, and North Africa, with a consistent sales growth over the past 12 months [3] - The partnership is a strategic win-win for both companies, enabling rapid adaptation to local consumer demands for advanced driving features in overseas markets [4]

Core Viewpoint - The article discusses the stagnation of autonomous driving technology in China, highlighting a lack of significant advancements and innovation in recent years, despite intense competition in the industry [2]. Group 1: Current State of Technology Sharing - Recent technology sharing events in the autonomous driving sector have become less substantive, focusing more on high-level discussions rather than specific technical details or innovations [3]. - There has been a noticeable absence of new algorithms or system architecture upgrades in recent presentations, leading to a perception that the content is repetitive and lacks depth [5]. Group 2: Historical Context and Evolution - In the past, significant advancements such as BEV perception and the elimination of reliance on high-precision maps marked important milestones in the development of autonomous driving technology [4]. - The end-to-end technology paradigm has improved the efficiency of urban driving systems, but recent events have failed to deliver new technological breakthroughs that enhance user experience [5]. Group 3: Market Dynamics and Competition - The democratization of smart driving features has led to a situation where even lower-priced vehicles can offer advanced functionalities, diminishing the competitive edge of high-end models [6]. - The stagnation of leading brands has allowed traditional players to leverage their latecomer advantages, creating opportunities for them to catch up in the market [7]. Group 4: Future Implications - The potential for a lack of innovation in the autonomous driving sector raises concerns about the sustainability of research and development investments, which are crucial for long-term progress [8]. - The industry faces a critical period where the ability to break free from stagnation and advance towards fully autonomous driving will determine its future trajectory [8].

来源：新浪财经 日前，德赛西威发布公告称正筹划发行H股并在香港联交所上市，公司明确表示此举旨在"推进国际化 战略布局，提升公司品牌国际影响力，加快海外业务拓展"。 华为作为智能汽车领域的强力竞争者，其乾崑智驾系统已对传统汽车电子供应商形成压力。德赛西威在 投资者互动平台上，被直接问及"华为等竞争对手在15-20万车型的价格战是否冲击公司毛利"。 智能驾驶芯片市场的竞争格局也在迅速演变。根据高工智能汽车的梳理，该市场主要包括五类玩家，即 地平线、黑芝麻智能等国内初创企业；华为、寒武纪行歌等本土芯片跨界玩家；英伟达、高通等消费电 子芯片巨头。 在30万元以下车型市场（占整体市场超过80%），本土智驾芯片厂商正借助行泊一体的火热势头，以功 能配置和高性价比优势，逐步攻占15万级车型市场。 德赛西威正面临汽车行业价格战向上游传导的压力。投资者直接询问公司"华为等竞争对手在15-20万车 型的价格战是否冲击公司毛利"，反映出市场对行业竞争加剧的担忧。 主机厂自研趋势构成了另一重挑战。德赛西威在机构研报中被提示需警惕"主机厂客户自研风险"。特斯 拉、比亚迪、蔚来和小鹏等车企均已涉足芯片自研。 随着城市NOA（自动导航辅助 ...

Group 1 - The key industries for the Shanghai Composite Index to break through 5000 points in 2026 are electronics, non-bank financials, non-ferrous metals, banking, military industry, machinery, and automobiles [10][12][15] - In the optimistic PE + neutral EPS scenario, the EPS growth rates for 2025 are projected to be 26% for electronics, 46% for non-bank financials, and 31% for non-ferrous metals, with expected growth rates of 42%, 53%, and 36% respectively in 2026 under neutral assumptions [15][12][10] - The banking sector, despite lower EPS growth, holds a significant weight of 17.1% in the index, indicating its potential to contribute to index growth if valuations or earnings improve [15][12] Group 2 - The insurance sector is expected to benefit from a surge in short-term premium income and improved mid-term investment returns, driven by a significant amount of high-interest deposits maturing in 2026 [18][13] - The brokerage sector shows a significant valuation divergence, with a PE of 18.2 times and a PB of 1.41 times, indicating potential for valuation recovery due to strong fundamentals and policy catalysts [21][23] - The electronics industry has seen a substantial increase in its market weight, with its share in the Shanghai Composite Index rising from 1.6% at the end of 2015 to 11.5% by the end of 2025, supported by trends in AI and semiconductor industries [24][4] Group 3 - The non-ferrous metals sector is expected to experience performance elasticity due to tight supply conditions and increased demand from AI and energy sectors, potentially leading to price increases in 2026 [25][5] - The high-end manufacturing sector is anticipated to expand, with strong performances expected in commercial aerospace and humanoid robotics, driven by policy support and technological advancements [29][6] - Historical data suggests that the 2015 bull market was significantly driven by financial and real estate sectors, indicating that the current bull market may similarly rely on technology and manufacturing sectors to reach 5000 points [30][7]

2025年2月，特斯拉在中国市场开始分批推送FSD智能辅助驾驶功能，该功能仍属于L2级辅助驾驶，需 驾驶员监督。 凤凰网科技讯 1月14日，特斯拉CEO马斯克在社交媒体平台X发帖表示，特斯拉将在2月14日后停止销售 FSD。此后，FSD将仅以月度订阅的形式提供。 FSD目前在美国的一次性购买价格为8000美元，月度订阅费用为199美元。在中国的一次性购买价格为 6.4万元，目前还未提供月度订阅服务。 据了解，特斯拉FSD（全自动驾驶）功能自2016年推出以来，经历了多次迭代升级，从最初的Autopilot 辅助驾驶功能逐步发展为更高级的智能驾驶系统。 ...

本工作提出了一种新型自动驾驶系统 KnowVal，该系统通过感知模块与知识检索模块的协同作用，实现视觉 - 语言推理能力。 团队构建了涵盖交通法规、防御性驾驶原则与道德考量的综合驾驶知识图谱，并为其开发了高效的基于大型语言模型的检索机制。通过设计集成世界模型与 价值模型的规划器，从而实现价值对齐决策。同时构建了人类偏好数据集用于训练价值模型。 一个智能驾驶系统，在迈向高阶自动驾驶的过程中，应当具备何种能力？除了基础的感知、预测、规划、决策能力，如何对三维空间进行更深入的理解？如 何具备包含法律法规、道德原则、防御性驾驶原则等知识？如何进行基本的视觉 - 语言推理？如何让智能系统具备世界观和价值观？ 来自北京大学王选计算机研究所王勇涛团队的最新工作 KnowVal 给出了一种有效可行的方案。 实验表明，KnowVal 兼容现有的端到端和 VLA 方法，在 nuScenes 数据集上实现了最低碰撞率，并在 Bench2Drive 基准测试中取得了最先进的性能表 现。 论文标题： KnowVal: A Knowledge-Augmented and Value-Guided Autonomous Driving S ...