"真正拉开人与人之间差距的，往往就是对底层逻辑的认知力"——这一流行金句，亦适用于汽 车行业。 "2025年，鸿蒙智行以五界标杆见证了中国汽车产业的成长，推动了智能化的技术发展与产业 变迁。2026年，鸿蒙智行将在产品矩阵、技术储备、鸿蒙生态、AI能力等多个维度迈向一个 全新的台阶，实现更大的跨越，带动中国汽车全产业链继续向前。"12月9日，华为常务董 事、产品投资委员会主任、终端BG董事长余承东在鸿蒙智行携手合作伙伴、央视新闻开启的 《超凡一步｜在一起 鸿蒙智行》年度特别直播中表示。 余承东在直播中特别提到了最早诞生的 "界"——问界。业界普遍认为，从累计交付超15万台 的问界M5到累计交付超3 7 万 台的问界 M7、累计交付超13万辆的40万级销冠问界M8，再 到累计交付超26万台的50万级销冠问界M9，背后是一次有关价值、信任及口碑的底层逻辑成 功挖掘。 一部有关问界的 "奋斗史" "问界这个品牌可以写一部奋斗史了！"近年参加鸿蒙智行发布会时，经常可以听到类似的观 点。自2021年上海车展诞生至今，问界的发展历程大致可分为三个阶段。 第一阶段为 2021年 -2023年9月 。 两年多时间里， 问界 ...

Group 1: Investment and Strategic Partnerships - Zhuoyu Technology announced a strategic investment of over 3.6 billion yuan from China FAW, making FAW the largest single shareholder with a 35.8% stake [2] - Following the investment, Zhuoyu Technology will maintain its independent operational strategy, with a post-investment valuation exceeding 10 billion yuan [2] - The trend of collaboration between automotive manufacturers and intelligent driving suppliers is becoming increasingly prominent, as seen in recent partnerships like the one between Qingzhou Zhihang and Chery Commercial Vehicle [2][3] Group 2: Industry Trends and Collaborations - The automotive industry is entering a new phase characterized by deep integration between vehicle manufacturers and core technology suppliers, marking a shift from traditional supplier relationships to capital and technological collaborations [3][6] - Companies like Lifan Technology have rebranded and shifted focus towards AI and automotive integration, while Geely has consolidated its teams to enhance its intelligent driving solutions [3] - The collaboration between Chery and Qingzhou Zhihang aims to leverage each other's strengths in autonomous driving technology and mass production capabilities for logistics applications [4] Group 3: Market Dynamics and Challenges - The automotive industry's shift towards intelligent driving technologies necessitates deep cooperation between manufacturers and suppliers to address cost and development cycle pressures [6][7] - The increasing competition and price wars in the automotive market compel manufacturers to seek partnerships to reduce R&D costs and accelerate technology deployment [8] - The emergence of advanced driving assistance systems as a core consideration for consumers highlights the urgency for manufacturers to secure quality supplier resources [8] Group 4: Technological Advancements and Ecosystem Development - The independent operation of Huawei's subsidiary, Yingwang, signifies a new approach in the supplier landscape, focusing on providing standardized solutions to lower the entry barrier for manufacturers [10][11] - The integration of data-driven iterations in product development allows for rapid upgrades and enhancements in driving assistance features, significantly improving user experience [15] - The automotive industry's evolution towards a networked ecosystem emphasizes the importance of collaboration and shared data among manufacturers and suppliers to drive innovation and efficiency [13][16]

Core Viewpoint - MEMS LBS is not currently considered an essential component for basic vehicle operation, but it shows potential as a differentiated value-added feature due to increasing demands for automotive intelligence and personalization [1] Industry Insights - The automotive industry is witnessing a shift towards smart and personalized features, with MEMS LBS technology emerging as a potential differentiator [1] - High-end models are already implementing ground projection interactive functions, such as welcome patterns and parking warnings, primarily using high-power light source technology [1] - Existing lateral projections are mostly fixed monochrome and lack customization capabilities, highlighting a gap in the market for more advanced solutions [1] Product Potential - New MEMS LBS products can achieve color, high-resolution, and miniaturized projections that can be embedded around the vehicle in a 360-degree manner [1] - This technology not only enhances the emotional value for vehicle owners but also provides practical information about the vehicle's status [1] - With approximately 90 million new cars produced annually worldwide, the market potential for MEMS LBS products is significant [1]

Core Viewpoint - MEMS LBS is not currently considered an essential component for basic vehicle operation, but it shows potential as a differentiated value-added feature due to increasing demands for automotive intelligence and personalization [1] Industry Insights - The automotive industry is witnessing a shift towards smart and personalized features, with MEMS LBS technology emerging as a potential differentiator [1] - High-end models are already implementing ground projection interactive functions, such as welcome patterns and parking warnings, primarily using high-power light source technology [1] - Existing lateral projections are mostly fixed monochrome and lack customization capabilities, highlighting a gap in the market for more advanced solutions [1] Product Potential - New MEMS LBS products can achieve color, high-resolution, and miniaturized projections that can be embedded around the vehicle in a 360-degree manner [1] - This technology not only enhances the emotional value for vehicle owners but also provides practical information about the vehicle's status [1] - With approximately 90 million new cars produced globally each year, the market potential for MEMS LBS products is significant [1]

Core Insights - The article highlights the rapid advancements in automotive intelligence, particularly focusing on the penetration rates of various smart driving technologies and the latest developments from key players in the industry. Group 1: Key Developments in Automotive Intelligence - Xiaopeng Motors launched the second-generation VLA, Robotaxi, the new generation IRON, and two flight systems, all with clear mass production plans [10][39] - Pony.ai announced that its fourth-generation autonomous truck family will enter mass production next year [13] - WeRide received a pure unmanned license for its Robotaxi in Switzerland, marking a significant milestone in its global strategy [14] - Horizon Robotics deepened its strategic cooperation with Volkswagen Group to enhance smart driving capabilities [18] - Black Sesame Intelligence introduced the SesameX platform, aiming to revolutionize robotics with comprehensive intelligence [19] - Hesai Technology secured exclusive laser radar supply contracts for Li Auto's new generation of assisted driving platforms [20] - Youjia Innovation is accelerating the large-scale deployment of its unmanned logistics vehicle, the Xiaozhu T5 [21] Group 2: High-Frequency Core Data Updates - As of September 2025, the penetration rate of 800 million pixel cameras in passenger vehicles reached 67.8%, with an increase of 8 percentage points year-on-year [4] - The penetration rate of L2 and above smart driving functions in passenger vehicles reached 34.8%, up 19 percentage points year-on-year [5] - The penetration rate of laser radar in passenger vehicles was 12.2%, reflecting a year-on-year increase of 5.3 percentage points [5] - The penetration rate of OTA (Over-The-Air) updates in passenger vehicles reached 78.1%, with a year-on-year increase of 5 percentage points [6] Group 3: Market Performance and User Engagement - Xiaopeng Motors reported a record high of 42,013 new car deliveries in October 2025, a year-on-year increase of 76% [39] - Li Auto delivered 31,767 new vehicles in October 2025, with a cumulative delivery of 1,462,788 vehicles [42] - The cumulative mileage of Li Auto's assisted driving system reached 55.1 billion kilometers, with significant safety achievements [42][43]

Group 1 - The PCB industry is expected to recover with a projected global output value of $73.565 billion, driven by advancements in AI computing infrastructure, consumer electronics innovation, and automotive intelligence [3] - The industry is anticipated to increasingly resemble the semiconductor sector, with a continuous increase in value [3] - There is a disconnect between market sentiment and the underlying data, highlighting the importance of recognizing market trends and potential risks [4] Group 2 - The current market phase is characterized by volatility, with only 20% of stocks expected to continue rising, while many investors may lose their positions during fluctuations [8] - Historical patterns indicate that the current market is in a second phase of differentiation, following a previous phase of valuation recovery [6] - Quantitative data reveals that significant market movements are often accompanied by institutional "inventory" and "recovery momentum," indicating potential market manipulation [13] Group 3 - Traditional methods of stock selection in the PCB sector may lead to misjudgments, emphasizing the need for a quantitative approach to understand fund behavior [11] - The disparity in institutional participation among different PCB stocks illustrates the essence of market differentiation [19] - Investors are encouraged to adopt a new cognitive framework, focusing on understanding fund language and accepting imperfect conditions in stock performance [20] Group 4 - The industry is projected to grow by 5.8%, prompting the need to identify companies that can outperform the average and those that may be eliminated from the market [21]

数据里的冲刺力 今年1—10月 郑州累计生产汽车95.6万辆 其中新能源汽车50.8万辆 □本报记者 王延辉 上图 海马汽车第三智能工厂，智行盒子定制生产的智慧出行系列车。 本报记者 王延辉 摄 新能源汽车产业赛道上，河南造车新势力加速入场，驱动"车轮上的新河南"滚滚向前。 12月9日，郑州经开区海马汽车第三智能工厂里，一辆辆智行盒子INJOY系列定制车有序生产、下线。 今年9月底，海马汽车·智行盒子智慧出行系列车型发布，标志着我省新能源汽车产业智能化转型正式迈出从 技术突破到场景落地的关键一步。作为省、市、区三级国资联袂培育的本土新能源自主出行品牌，智行盒子 聚焦B端智慧出行，在3年内完成了从设计研发到量产交付的跨越式发展。 近年来，汽车行业正经历以电动化、智能化、网联化、共享化为核心的深度变革，汽车正逐渐从单纯的交通 工具演变为人们生活的"第三空间"。 "随着汽车产业从机械时代迈向智能时代，出行工具的定义正从单一代步载体升级为场景化服务入口。"智行 盒子（河南）科技有限公司创始人、董事长张署光说。目前，智行盒子已向南阳出租车公司、郑州达喀尔、 马邦出行等合作伙伴交付车辆，涵盖大众出行、政企服务、文旅休闲、 ...

Core Viewpoint - The automotive industry is witnessing a shift where traditional fuel vehicles are accelerating their smart technology integration to compete with the rising market share of electric vehicles (EVs). However, experts believe that this smartification of fuel vehicles is a transitional solution, as the long-term trend favors the replacement by electric vehicles, leading to a restructuring of the automotive supply chain with Chinese tech companies becoming central players [1][9]. Group 1: Smartification of Fuel Vehicles - The first fuel sedan equipped with Huawei's advanced smart driving solution, the FAW Audi A5L QianKun, has been launched, alongside the Dongfeng Nissan Teana featuring Huawei's Harmony cockpit [2]. - Data from the China Passenger Car Association indicates that fuel vehicle sales are projected to decline by 17.3% year-on-year in 2024, with their market share dropping to 52.4%. By the first nine months of 2025, this share further decreased to 49.9%, indicating that new energy vehicles have officially surpassed traditional fuel vehicles as the mainstream choice for consumers [2][3]. - A report highlights that 71.9% of users consider smart cockpits a primary factor in their purchasing decisions, while 69.3% focus on in-car interaction experiences, emphasizing the critical role of smart technology in consumer choices [2]. Group 2: Technological Challenges and Solutions - Experts point out that fuel vehicles face several technological bottlenecks in their smartification process, including limitations in architecture, power supply issues, and challenges in heat dissipation and integration [5]. - Despite these challenges, the narrative that fuel vehicles cannot be smartified is changing, as more models are now equipped with advanced smart driving systems, such as the FAW Audi A5L QianKun and the SAIC Audi A5L Sportback [6]. - Huawei and Audi have overcome key challenges related to computing power, power supply, and heat dissipation, enabling the integration of high-performance computing platforms in fuel vehicles [7]. Group 3: Industry Transformation and Supply Chain Restructuring - The trend of fuel vehicles adopting smart technology is part of a broader "oil-electricity intelligence" strategy being pursued by many automakers, including joint ventures like FAW-Volkswagen and Mercedes-Benz [8]. - As consumer demand for smart driving features increases and technology costs decrease, traditional automakers are accelerating their efforts to enhance their products' smart capabilities [8]. - The shift towards smartification is expected to have profound implications for the automotive industry, driving a transformation towards intelligent vehicles and altering competitive dynamics, with a focus on collaboration between automotive manufacturers and tech companies [9][10].

（文章来源：证券日报） 证券日报网讯 12月10日，四维图新在互动平台回答投资者提问时表示，三年之内，公司会持续聚焦汽 车智能化主赛道，力争成为行业领先的头部Tier1。同时也为具身智能企业提供芯片、定位、数据等产 品，保持对行业的跟踪和接触，相机而行。 ...

"发展自动驾驶"、"布局飞行汽车"、"推动汽车智能化、电动化"……近日，多省市纷纷出炉"十五五"规划建议，尽管各自立足不同的实际情况， 但其中的共同点之一，是均把汽车产业作为未来五年的发展重点，作出布局。 纷纷盯上汽车行业 布局汽车产业，重视汽车消费，成为各地未来五年共同追求的目标。 有关专家表示，全球汽车产业正经历着百年未有之大变局，而汽车智能化、电动化无疑是这场变革的核心驱动力。2025年，我国新能源乘用车零售的市 场渗透率达到59.3%，较去年同期提升7个百分点。这一数据不仅彰显了我国在新能源汽车领域的蓬勃发展态势，更意味着我国在新能源汽车位居世界领 先，而各地将汽车产业尤其是新能源汽车视为未来五年实现"换道超车"的关键抓手，正是因为新能源汽车产业既是朝阳产业，也是发展新质生产力的重要着 力点。 同时，各省市"十五五"规划建议中频繁出现的"固态电池"、"车网互动（V2G）"、"自动驾驶"等前沿技术方向，无一不指向汽车电动化与智能化融合的 未来赛道。固态电池被视为下一代电动汽车电池的理想选择，具有高能量密度、高安全性和长寿命等优势，一旦实现大规模商业化应用，将彻底改变电动汽 车的性能与市场格局。车网互动（ ...