每经AI快讯，9月25日，美格智能（002881）在互动平台表示，公司的车规级5G+C-V2X系列模组产 品，目前已与下游Tier-1客户开展合作，针对海外车厂品牌，开展产品定制化工作。相关产品可以应用 于车路云一体化、高阶辅助驾驶等相关领域。 ...

Core Viewpoint - Li Auto's CEO Li Xiang emphasizes the necessity of advanced driver assistance systems (ADAS) in electric vehicles and advocates for their free usage, positioning the upcoming Li Auto i6 as a leader in smart technology without additional fees [1][3]. Group 1: Product Features and Technology - The Li Auto i6, a new five-seat pure electric SUV, is built on an 800V high-voltage platform, offering a rapid charging capability of 10 minutes for a range of 500 kilometers, with a maximum CLTC range of 720 kilometers [3][4]. - The i6 will feature the AD Max system as standard, reinforcing the company's strategy of making technology accessible to consumers [3]. - The vehicle will utilize a new 5C lithium iron phosphate battery, supporting supercharging and discharging with a peak power exceeding 500 kW [3]. Group 2: Market Position and Competition - The i6 is positioned in a highly competitive segment, facing rivals such as AITO M7, Xiaomi YU7, Tesla Model Y, Xpeng G9, Zeekr 7X, and NIO ES6 [4]. - Li Auto aims to achieve monthly sales of 9,000 to 10,000 units for the i6, contributing to an overall target of 18,000 to 20,000 units per month for its pure electric models [4]. Group 3: Financial and Strategic Insights - Li Auto has committed over 30 billion yuan in R&D over three years, with annual investments exceeding 10 billion yuan starting in 2023, focusing on alleviating range anxiety for electric vehicle users [3][4]. - The company has established over 3,200 supercharging stations, the highest number among Chinese automakers, with plans for continued expansion [3]. - Analysts suggest that Li Auto must balance a 20% gross margin with a monthly sales target of 20,000 units, highlighting the importance of aggressive pricing and immediate delivery for higher-end versions [4].

崔东树：预计"十五五"期间中国汽车年销量将达到4000万台 9月24日，乘联分会秘书长崔东树发文称，展望"十五五"期间的汽车行业，乐观预计总体汽车厂家总量 达到4000万台，"十四五"年均增速在3%，出口年均增长9%，实现持续较强，内需实现年均近2%的微幅 增长。崔东树表示，很多人对未来中国汽车全球销量4000万台的预期是不相信的，但相信国际市场潜力 和挖掘内需的普及增量后的国内消费潜力仍较大。 奇瑞汽车香港IPO发行价定为30.75港元，净筹逾88亿港元 9月24日，针对有关"销售渠道调整为部分区域'单城单店'"的消息，丰田中国表示，一个城市仅保留一 家丰田合资品牌4S店，不仅是为了给消费者提供更好的服务，也是公司从效率、环保等角度来考虑 的，"目前仅是一种尝试。" 千里科技：股东力帆控股拟协议转让3%公司股份给奔驰数字技术 千里科技9月25日公告，股东重庆力帆控股有限公司因未按照协议约定完成股票质押回购交易，质权人 申万宏源证券有限公司和华创证券有限责任公司拟采用协议转让方式处置力帆控股所持公司股份。9月 25日，力帆控股、梅赛德斯-奔驰（上海）数字技术有限公司分别与华创股份和申万宏源签署《股份购 买协议 ...

Group 1 - Lei Jun, the chairman and CEO of Xiaomi Group, stated that the decision to enter the automotive and semiconductor industries was made simultaneously, putting the company's entire decade of savings at stake [3] - Lei Jun expressed the immense pressure of this decision, comparing it to supporting two children in college, and reflected on the courage it took to make such a bold move [3] - Xiaomi's annual speech is scheduled for September 25, where Lei Jun will discuss the stories behind the Xiaomi chip and car [3] Group 2 - Li Xiang, CEO of Li Auto, announced that the high-level assisted driving feature for the Li Auto i6 will be permanently free of charge, emphasizing that such features should not incur additional costs for consumers [5] - Alibaba announced a collaboration with NVIDIA in the field of Physical AI, integrating NVIDIA's software stack into Alibaba Cloud's AI platform to enhance enterprise services [8] Group 3 - OpenAI plans to invest up to $1 trillion in expanding its computing infrastructure globally, aiming to create the largest AI data center network [17] - Alibaba's AI flagship application, Quark, launched a new AI creation platform called "Zao Dian," which integrates AI-generated images and videos, becoming the first platform in China to support synchronized audio-visual video generation [16]

Core Viewpoint - The article emphasizes that advanced driver assistance systems (ADAS) should be provided without additional usage fees, as exemplified by the Li Auto i6, which will come standard with AD Max and have no usage fees, allowing more consumers to experience the benefits of artificial intelligence in vehicles [1][2]. Group 1: Electric Vehicle Market - The first half of the electric vehicle market focused on electrification, which has now been widely adopted, providing consumers with benefits such as quieter operation, environmental friendliness, lower costs, faster acceleration, and reduced maintenance costs [1]. - The key benefit of smart technology currently lies in advanced driver assistance, with future potential in autonomous driving. However, many current ADAS require additional fees, limiting consumer experience with the latest smart technologies [1]. Group 2: AD Max System - Li Auto's AD Max system is positioned as one of the top performers in the market, with the company asserting that it is either first or second in the rankings, with ongoing improvements expected to enhance its recognition [2]. Group 3: Pricing and Business Models - Discussions around pricing for AI agents suggest that costs should be significantly lower than hiring a human driver, with estimates ranging from 2,000 to 3,000 yuan per month compared to 10,000 yuan for a human driver. This could lead to a more cost-effective solution when considering insurance and charging costs [3]. - The debate on whether to charge for advanced driver assistance hinges on whether it is considered a basic need for smart vehicles. Some argue that if it becomes a productivity tool, a subscription model could be justified [4][5]. Group 4: Competitive Landscape - The establishment of a new product's business model is likely to follow the formula of user value versus payment value, considering the incremental value of new experiences over old ones and the costs associated with switching [5]. - The discussion also highlights that subscription models often arise from service providers having marginal costs, while on-device models do not incur such costs, suggesting that charging for on-device AI features may not be necessary [7].

Core Viewpoint - Li Auto's CEO Li Xiang emphasizes the necessity of advanced driver assistance systems (ADAS) without usage fees, positioning the upcoming Li Auto i6 as a leader in smart electric vehicles [1] Group 1: Company Strategy - Li Auto will launch the new five-seat pure electric SUV, Li i6, on September 26, featuring the AD Max system as standard and promising no usage fees [1] - The company aims to enhance consumer access to advanced AI technology from China by eliminating fees associated with high-level driving assistance features [1] Group 2: Industry Context - The competition in the new energy vehicle sector has shifted towards smart technology, with advanced driver assistance being a key value point [1] - Li Xiang critiques the current industry practice of charging for advanced driving features, which he believes limits user experience [1] Group 3: Product Features - The Li i6 is built on an 800V high-voltage platform, allowing for a rapid charge of 10 minutes to achieve a range of 500 kilometers, with a maximum CLTC range of 720 kilometers [1] - Li Xiang claims that the AD Max system's performance is among the best in the industry, with most consumers recognizing it as one of the top two systems available [1]

Group 1 - The core point of the article highlights the strategic acquisition of a stake in Shenzhen Zhuoyu Technology by FAW Group, indicating a shift in focus towards the intelligent upgrade of fuel vehicles amidst the electric vehicle trend [1][2] - FAW Group will acquire 35.8% of Zhuoyu Technology, leading to a shared control structure with the existing major shareholder, New Territory, which will now hold 34.85% [2] - Zhuoyu Technology's "oil-electric intelligence" strategy allows both fuel and electric vehicles to utilize the same intelligent driving solutions, providing a competitive edge in markets where fuel vehicles still hold significant shares [2][3] Group 2 - Zhuoyu Technology has established a subsidiary in Germany to accelerate local R&D and certification, aiming to meet stringent European regulations and facilitate future international expansion [2][3] - The company is positioned uniquely in the industry, with capabilities that extend beyond just algorithms or single sensors, offering a comprehensive suite of hardware and software solutions [2][3] - Zhuoyu Technology currently holds less than 5% of the ADAS market in China, while FAW Group commands 10-15% in the passenger vehicle market and 5-10% in the commercial vehicle market, creating a typical upstream-downstream relationship [3] Group 3 - The acquisition is recognized as a simple case by regulatory authorities, as the market shares of both companies do not trigger antitrust concerns, but the industry trend of deepening ties between automakers and suppliers is noteworthy [3] - Zhuoyu's dual-platform service capability enhances its survival and bargaining power in a market where electric vehicles have not yet fully replaced fuel vehicles [3][4] - The next two to three years will be critical for the proliferation of advanced driver-assistance systems (ADAS), and the support from FAW Group could be pivotal for Zhuoyu's growth and the competitive landscape in China's intelligent driving sector [4]

来源：环球网 【环球网科技综合报道】9月22日消息，据japantimes援引彭博社报道，日产汽车将在2028财年前推出新 一代ProPilot驾驶辅助系统，借助英国AI初创公司Wayve Technologies的软件，首次实现复杂城市路况下 的高阶辅助驾驶。 日产辅助驾驶工程部总经理饭岛彻也强调："感知能力已接近人类水平，产品化打磨是下一步重点。" 据悉，日产汽车计划在2027年上线Robotaxi试点，采用Ariya电动SUV车队，结合新一代ProPilot，为老 龄化导致的出租车司机短缺提供解决方案。该公司表示，借助Wayve AI的通用性，公司目标在成本与 系统精简度上形成差异化优势，尽快切入北美、欧洲及亚洲其他市场。（青云） 日产汽车方面表示，新系统在技术水准上可对标特斯拉FSD套件，并计划2027年启动自动驾驶共享出行 服务，加快抢占全球智能出行市场。 据介绍，历代ProPilot主打高速公路单车道辅助，最新版本沿用2+级自动驾驶定义，驾驶员仍需随时接 管，但通过Wayve深度学习算法，系统仅用少量摄像头即可识别信号灯、路口、行人等城市要素，完成 跟车、变道、避障等操作。 ...

Investment Rating - The report assigns a "Buy" rating to multiple companies within the automotive sector, indicating a positive outlook for their future performance [3]. Core Insights - The report highlights the release of the "Automotive Industry Stabilization Growth Work Plan (2025-2026)" by various government departments, aimed at boosting automotive consumption and enhancing supply quality [2]. - It projects that automotive sales in 2025 will reach approximately 32.3 million units, representing a year-on-year growth of about 3%, with new energy vehicle sales expected to hit around 15.5 million units, growing by approximately 20% [2]. - The report emphasizes the importance of L3 level autonomous driving regulations, which are expected to be a key catalyst for industry development in 2026 [2]. Summary by Sections Government Policy and Market Outlook - The "Work Plan" aims to systematically release automotive consumption potential and contribute positively to economic recovery [2]. - The plan includes measures to expand consumption, improve supply quality, optimize the development environment, and deepen international cooperation [2]. Technological Innovation - The report stresses the role of technological innovation in stimulating consumer demand, particularly in advanced battery technology and autonomous driving systems [2]. - It notes significant advancements in solid-state battery technology and the collaboration between automakers and domestic smart driving chip companies [2]. Investment Opportunities - The report indicates that the vehicle replacement policy has led to a 9.5% year-on-year increase in retail sales of passenger cars in China for the first eight months of 2025, totaling 14.74 million units [2]. - It anticipates a surge in vehicle purchases in Q4 2025 due to the expected restoration of the new energy vehicle purchase tax to 5% of the vehicle price starting in 2026 [2]. - The report identifies key companies to watch, including Horizon Robotics and Black Sesame Technologies, which are leading in domestic smart driving chips [2].

Core Viewpoint - The company reported a decline in total revenue and vehicle sales for the first half of 2025, but managed to improve its overall gross margin and net profit, indicating resilience in profitability despite market challenges [1][2]. Financial Performance - In H1 2025, the company achieved total revenue of 56.2 billion yuan, a year-on-year decrease of 2.0% - Vehicle sales revenue was 53.6 billion yuan, down 1.8% year-on-year - Gross profit totaled 11.4 billion yuan, a decline of 0.7% year-on-year, while the overall gross margin improved from 20.0% to 20.3% - Net profit reached 1.7 billion yuan, an increase of 3.0% year-on-year [1]. Sales and Delivery - The company delivered 203,938 vehicles in H1 2025, a year-on-year increase of 7.9% - Sales figures for models L6, L7, L8, and L9 were 96,000, 47,000, 28,000, and 27,000 respectively, with L6 showing a year-on-year increase while L7, L8, and L9 saw declines of 39.0%, 25.0%, and 25.4% respectively - The delivery guidance for Q3 2025 is set at 90,000 to 95,000 vehicles, representing a year-on-year decline of 37.8% to 41.1% [1]. Cost Control and Profitability - The company demonstrated strong cost control, with R&D expenses decreasing by 12.4% to 5.32 billion yuan and selling, general, and administrative expenses down by 9.4% to 5.25 billion yuan - Operating profit turned from a loss of 1.169 billion yuan to a profit of 1.1 billion yuan [2]. Product Development and Market Position - The company launched the VLA (Vision-Language-Action) driver model to enhance its competitive edge and began deliveries of the i8 model in August - The monthly sales of the pure electric MEGA model have reached approximately 3,000 units, with expected deliveries of the i8 model between 8,000 to 10,000 units by the end of September - The upcoming i6 model is anticipated to achieve steady monthly sales exceeding 10,000 units due to its competitive pricing and strong brand capabilities [2]. Revenue Forecast - Based on the Q3 delivery and revenue guidance, the company's revenue projections for 2025-2027 have been adjusted to 129.4 billion, 205.3 billion, and 229.1 billion yuan respectively, with year-on-year growth rates of -10.5%, 58.7%, and 11.6% - The net profit forecasts have been revised to 7.79 billion, 12.44 billion, and 15.8 billion yuan respectively [3].