Core Viewpoint - Xiaomi Auto has initiated a recall of 116,887 units of its SU7 standard electric vehicles due to safety concerns related to the L2 highway navigation assistance feature, which may not adequately recognize or respond to extreme scenarios, increasing the risk of collisions [2][4]. Group 1: Recall Details - The recall affects SU7 standard version electric vehicles produced between February 6, 2024, and August 30, 2025, totaling 116,887 units [2]. - Xiaomi Auto will utilize over-the-air (OTA) technology to provide free software upgrades to the affected vehicles, aiming to eliminate safety hazards [2][4]. - This recall represents approximately 30% of the total 330,000 units of the SU7 delivered as of August this year [4]. Group 2: Previous Recalls - This is the second recall for the Xiaomi SU7 in 2023; the first recall occurred on January 24, affecting 30,931 units due to software issues that could impact the smart parking assistance feature [5]. Group 3: Software Upgrade Features - The OTA software upgrade aims to enhance the reliability of the driving assistance features, including optimizing speed control strategies and introducing a dynamic speed function for various driving conditions [4][7]. - The upgrade will improve the experience of navigating around large vehicles and adjust the target speed based on road and traffic conditions [7]. Group 4: Industry Context - The Ministry of Industry and Information Technology is seeking public opinion on new national standards for intelligent connected vehicles, which will address safety requirements for various driving assistance functions [8].

Core Viewpoint - The global automotive industry is rapidly transitioning towards electrification, connectivity, and intelligence, with the increasing prevalence of driver assistance technologies. The introduction of mandatory national standards for combination driving assistance systems in China aims to enhance safety and establish a baseline for product quality and industry entry [1][3][9]. Group 1: Market Trends and Sales Data - From January to July this year, the sales of new passenger cars equipped with combination driving assistance systems in China reached 7.76 million units, representing a year-on-year growth of 21.31% and a penetration rate of 62.58%, an increase of 6.5 percentage points from the previous year [1]. Group 2: New Standards and Safety Requirements - The Ministry of Industry and Information Technology (MIIT) has proposed new mandatory standards that focus on enhancing product performance, strengthening safety requirements, and regulating system usage [1][3]. - The new standards fill a critical gap in safety baselines for combination driving assistance systems, providing essential technical support for industry entry, quality supervision, and post-event tracing [1][3]. - The standards require systems to have hand and gaze detection capabilities, issuing alerts if the driver disengages, and can deactivate the system for at least 30 minutes if the driver fails to respond [5][6]. Group 3: Marketing and Consumer Education - The proposed standards mandate that automakers provide clear usage instructions through official channels, addressing the current issue of vague marketing that prioritizes promotion over education [2][6]. - The MIIT has noted that the widespread application of combination driving assistance systems has introduced new challenges, including misleading marketing practices that blur the lines between driver assistance and autonomous driving [6][7]. Group 4: Industry Response and Future Directions - Industry leaders have emphasized the importance of safety in the development of intelligent driving systems, with calls for clear communication regarding the capabilities and limitations of these technologies [8][9]. - The MIIT plans to enhance collaboration among departments to ensure the effective implementation of safety requirements and support the high-quality development of the intelligent connected vehicle industry [9].

Core Viewpoint - The launch of the Xiangjie S9T marks a significant step for the brand, showcasing its comprehensive product strength and ability to meet diverse user scenarios, representing the brand's transition to its 2.0 phase [1][12]. Group 1: Product Features and Technology - The Xiangjie S9T offers both range-extended and pure electric versions, with prices starting at 309,800 yuan and 329,800 yuan respectively, and has achieved over 7,500 pre-orders within 24 hours of its launch [1][12]. - The vehicle is equipped with advanced driving assistance systems, including 36 high-precision sensors and the new WEWA technology architecture, emphasizing its "fully loaded" capabilities [3][5]. - The S9T features a range of comfort and performance enhancements, such as air suspension, continuous variable damping, and a remarkable 801 km range for the pure electric version and 1,305 km for the range-extended version [5][11]. Group 2: Market Positioning and Consumer Insights - The S9T aims to redefine the travel car segment in China, traditionally viewed as niche, by combining the advantages of sedans and SUVs, thus appealing to a broader consumer base [9][11]. - The vehicle is designed to cater to various lifestyle needs, from urban commuting to outdoor activities, reflecting the evolving consumer demand for multifunctional vehicles [6][8]. - Insights from order analysis indicate a diverse customer base, including unmarried consumers seeking a blend of safety, luxury, and social attributes in their vehicles [8][11]. Group 3: Strategic Partnerships and Future Outlook - The collaboration between Huawei and BAIC has been deepened, focusing on a comprehensive ecosystem that includes dedicated teams and resources, with a planned investment of 20 billion yuan over the next three years [12][14]. - The strategic partnership aims to leverage Huawei's technology and BAIC's manufacturing expertise to enhance product offerings and market competitiveness [14][15]. - Analysts express optimism about BAIC's future prospects, noting that the S9T's launch could significantly impact the competitive landscape in the 300,000 yuan luxury car segment [15].

Core Viewpoint - The global automotive industry is rapidly transitioning towards electrification, connectivity, and intelligence, with the increasing prevalence of driver assistance technologies. The introduction of mandatory national standards for combination driving assistance systems in China aims to enhance safety and establish a baseline for product quality and industry entry [1][8]. Group 1: Market Trends and Data - From January to July this year, the sales of passenger cars equipped with combination driving assistance systems in China reached 7.76 million units, representing a year-on-year growth of 21.31% and a penetration rate of 62.58%, an increase of 6.5 percentage points from the previous year [1]. - The current market primarily features Level 2 (L2) intelligent driving assistance functions, which allow for automated steering, acceleration, and braking under certain conditions, but require the driver to maintain control of the steering wheel [3][8]. Group 2: New Standards and Safety Measures - The Ministry of Industry and Information Technology (MIIT) has proposed a draft for mandatory national standards that focus on enhancing product capability, strengthening safety requirements, and standardizing system usage [1][4]. - The draft includes requirements for systems to detect driver hand and gaze disengagement, issuing alerts and potentially disabling the system for at least 30 minutes if the driver does not respond [7][8]. - The new standards aim to establish a safety baseline for the development, manufacturing, and usage of combination driving assistance systems, ensuring that systems can operate safely in complex traffic scenarios [3][4]. Group 3: Marketing and Consumer Education - The draft mandates that automakers must provide clear usage instructions through official channels, addressing the current issue of "heavy marketing, light education" in the industry [2][8]. - There has been a notable trend of exaggerated marketing claims regarding advanced driving capabilities, leading to consumer confusion and unsafe driving behaviors. The new standards seek to clarify the distinctions between driver assistance and automated driving [8][9]. - Industry leaders have emphasized the importance of accurate communication regarding the capabilities and limitations of intelligent driving systems, with a shift towards promoting safety and reliability over aggressive marketing language [11][12].

Core Viewpoint - The Ministry of Industry and Information Technology of China has proposed a mandatory national standard for intelligent connected vehicles, focusing on safety requirements for combination driving assistance systems, which fills a gap in product safety baselines in the industry [1][5]. Group 1: Standard Overview - The proposed standard aims to enhance product capability, strengthen safety requirements, and regulate system usage [1]. - The standard addresses the lack of a unified performance baseline for combination driving assistance systems, which has led to significant reliability and stability differences among products from different manufacturers [1][5]. - The standard requires that drivers confirm completion of training before activating the combination driving assistance system and mandates detection capabilities for hand and eye disengagement [5][6]. Group 2: Market Context - From January to July this year, the sales of passenger cars equipped with combination driving assistance systems reached 7.76 million units, a year-on-year increase of 21.31%, with a penetration rate of 62.58%, up by 6.5 percentage points from the previous year [1]. - Current intelligent driving systems in the market are still at Level 2, meaning they can only operate under certain conditions, and full automation (Level 5) is not yet achieved [5][6]. Group 3: Industry Implications - The introduction of the standard is expected to guide healthy industry development and curb excessive marketing practices by manufacturers [5][7]. - The standard's implementation date is set for January 1, 2027, allowing manufacturers a two-year preparation period [6]. - The standard is seen as a challenge for companies with less technological capability, particularly in areas like data recording and testing methods [6].

Core Viewpoint - The latest updates on the ADS4 upgrade and pure electric delivery visualization for the Wanjie M8 have been shared, indicating significant advancements in the company's autonomous driving technology and delivery capabilities [1] Group 1: ADS4 Upgrade - The ADS4 upgrade for the Wanjie M8 has received approval and is expected to begin rolling out on September 19 [1] - The pure electric delivery app will also be pushed out in batches in the coming days [1] Group 2: ADS4 System Overview - Huawei officially launched the QianKun ADS 4 auxiliary driving system in April, which consists of four versions: ADS SE, ADS Pro, ADS Max, and ADS Ultra [1] - The flagship version of the ADS 4 system supports Level 3 autonomous driving on highways [1] Group 3: Performance Metrics - By July 2025, over 1 million vehicles equipped with Huawei's QianKun intelligent auxiliary driving system are projected to be on the road [1] - The laser radar shipment is also expected to exceed 1 million units [1] - Since its launch, the system has accumulated 4 billion kilometers of assisted driving mileage and has successfully avoided 2.54 million potential collision events [1]

Group 1 - The core point of the news is that Geely Galaxy announced the pre-sale of its new mid-size sedan, Galaxy Xingyao 6, which will start on September 26, featuring the new generation Raytheon AI Electric Hybrid 2.0 technology [1] Group 2 - The vehicle adopts a new design language with a shield-shaped front grille adorned with straight chrome strips and elongated front headlights [3] - The rear features a贯穿式 tail light group, enhancing the vehicle's recognition [3] - The interior follows the Galaxy family style, equipped with a flat-bottom dual-spoke multifunction steering wheel, a liquid crystal instrument panel, and a large suspended central control screen [3] Group 3 - The vehicle is equipped with Flyme Auto smart cockpit and supports HUAWEI HiCar and Carlink connectivity features [3] - It utilizes a self-developed 7nm Long Eagle No.1 automotive-grade chip for the vehicle's system [3] Group 4 - In terms of intelligent driving assistance, it features the Qianli Haohan H3 advanced driving assistance system, which includes 3 millimeter-wave radars, 11 internal and external cameras, 12 ultrasonic radars, and 128 Tops computing power [3] Group 5 - The new generation Raytheon EM-i super hybrid system has a maximum engine power of 82 kW [3] - It is equipped with a 17 kWh large-capacity battery pack, providing a pure electric range of up to 125 km [3]

Core Viewpoint - Horizon Robotics is experiencing rapid revenue growth in its automotive product solutions, with significant increases in both volume and pricing, and is expected to maintain a "buy" rating due to upcoming product launches and successful overseas expansion [1] Group 1: Financial Performance - In H1 2025, Horizon Robotics' automotive product solutions generated revenue of 778 million yuan, representing a year-on-year increase of 250%; gross margin was 45.6%, up by 3.9 percentage points [2] - The company shipped 1.98 million units of its onboard-level Journey series processing hardware, achieving a year-on-year doubling in volume; 980,000 units of hardware supporting highway-assisted driving accounted for 49.5% of total shipments, six times the amount from the same period last year [2] - The average selling price (ASP) increased due to the growth in shipments of the new generation Journey 6 series products [2] Group 2: Market Position and Product Development - Horizon Robotics holds the top market share in China for basic and overall assisted driving solutions, with shares of 45.8% and 32.4% respectively [2] - As of mid-2025, the company has secured 400 new model designations, with over 100 models featuring highway-assisted driving or higher capabilities [2] - The high-level intelligent driving solution HSD has been designated by multiple vehicle manufacturers, covering over ten models, with plans for mass production in the second half of 2025 [2] Group 3: International Expansion - The company collaborates closely with global partners to develop the new generation basic assisted driving solution Horizon Mono, which has received model designations from two Japanese automakers for markets outside China [3] - This collaboration is expected to yield over 7.5 million units in total lifetime shipments [3] - Nine joint venture automakers in China, including Volkswagen and Japan's largest automotive group, have designated 30 models for the company's solutions, with some models set to begin mass production by the end of 2025 [3]

Investment Rating - The report maintains a "Recommended" rating for Great Wall Motors [1] Core Views - Great Wall Motors is positioned to expand its Tank brand to a broader user base, leveraging its advanced hybrid technology and intelligent driving systems [6][11] - The company is expected to enter a new growth cycle with the launch of its flagship SUV under the Wey brand, supported by a robust direct sales system [35][44] - The investment outlook remains positive due to the company's strong competitive advantages in off-road technology and a diversified product matrix [6][11] Summary by Sections 1. Hybrid Power Base: Complete Hi4 Technology System - The Hi4 technology system covers various vehicle usage scenarios, including passenger cars and commercial vehicles [12] - It includes multiple technical branches such as Hi4, Hi4-T, Hi4-Z, and Hi4-G, catering to different driving environments [12][14] 2. Intelligent Driving Assistance: Entering End-to-End 2.0 Phase - Great Wall Motors is advancing its AI intelligent driving capabilities, with the VLA model set to enhance user experience through improved understanding of driving environments [16][18] - The company has launched the Coffee Pilot Ultra system, which does not rely on high-precision maps, enhancing its autonomous driving capabilities [16][18] 3. Tank Brand Continues to Expand - The Tank brand has achieved over 700,000 units in cumulative sales, with a high resale value, solidifying its position in the off-road market [25] - The brand is transitioning from a niche market to a broader audience, supported by diverse product offerings and advanced technology [24][25] 4. Wey Brand: Intelligent Focus on High-End Household Vehicles - The Wey brand is set to launch a flagship SUV, with expectations of returning to a monthly sales volume of over 10,000 units by mid-2025 [35][44] - The product matrix is being expanded to include more models, enhancing the brand's competitiveness in the high-end market [36][41] 5. Profit Forecast and Investment Recommendations - The report forecasts net profits for Great Wall Motors at 14.7 billion, 15.9 billion, and 18.3 billion yuan for 2025 to 2027 [6] - The investment recommendation remains positive, reflecting the company's strong market position and growth potential in both off-road and family vehicle segments [6][11]

Core Insights - The company YK Intelligent Drive Technology Co., Ltd. has established its second production line for automotive drive-by-wire chassis motors within four months, indicating rapid growth and development in the industry [1][2] - The company is breaking the monopoly of foreign products in core components by producing China's first automotive drive-by-wire chassis motor, which is now being applied in various models from major manufacturers like Dongfeng, JAC, Wuling, and BAIC [1][2] Group 1 - The drive-by-wire chassis technology converts driver actions into electrical signals, allowing for faster response and higher precision, which is crucial for intelligent driving assistance systems [1] - The collaboration with Huazhong University of Science and Technology has been pivotal in overcoming technical challenges, particularly in the development of the drive-by-wire braking system [1][2] - The newly developed hollow shaft motor is lighter, more reliable, and has a 30% cost reduction compared to traditional products, showcasing significant advancements in technology [2] Group 2 - The first production line began operations in June 2023, providing products and services to well-known chassis control companies, with the second line expected to achieve an annual production capacity of 600,000 sets and an annual output value of 40 million yuan [2] - The company has rapidly entered mass production within two years through collaboration with academic institutions, demonstrating the effectiveness of its strategic decision to establish operations in Wuhan [2]