Group 1: Strategic Partnership - Xiaopeng Motors has expanded its strategic cooperation with Volkswagen Group to jointly develop electronic and electrical architecture, which will be applied not only to Volkswagen's electric vehicle platforms in China but also to its fuel and plug-in hybrid models [1] - This deepening of cooperation is expected to enhance Xiaopeng's service revenue, contributing positively to the company's overall gross margin and profitability [1] Group 2: Sales Performance and New Models - Xiaopeng Motors is experiencing strong sales momentum with new models such as the G6 and G9, which have achieved sales leadership in their respective segments in China and have ranked first in several overseas markets [2] - The recent launch of the G7 saw over 10,000 units reserved within 9 minutes, and the new generation P7 was unveiled, with two significant new models set to boost sales in Q3 [2] - The company is expected to achieve a quarterly profit turnaround in Q4 and generate positive free cash flow for the entire year [2] Group 3: Future Outlook and Financial Projections - The ongoing leadership in smart driving technology, along with enhanced marketing and channel strategies, is expected to drive rapid sales growth for Xiaopeng Motors [2] - The company anticipates a revenue of 99.1 billion yuan by 2025, corresponding to a price-to-sales ratio of 1.4X, with significant improvements in financial performance expected from software revenue [2]

（原标题：当硬派越野遇上智驾，长城的焦虑突围战） 21世纪经济报道记者 焦文娟 长城正试图为硬派越野注入智能基因，以寻求新增量。 日前上市的全新坦克500智享版，成为长城首款搭载智能驾驶系统的硬派越野车型。这既是技术突破， 也暗藏着长城应对增长压力的突围野心。 事实上，长城内部曾为此纠结。 "之前我们一度认为越野车带智能驾驶可能不是个好方向。"坦克品牌 执行副总经理谷玉坤在接受21世纪经济报道记者采访时坦言。但销量压力最终推动决策。为了争取更大 的销量，长城希望智驾能为坦克品牌带来"如虎添翼"的动力。 毕竟，智驾功能对全新蓝山销量的赋能显而易见。在全新蓝山智驾版推出前，蓝山月销量长期徘徊在 2000-3000辆左右。2024年8月，全新蓝山智驾版正式上市，搭载 Coffee Pilot Ultra全场景NOA系统和 Coffee OS 3智慧座舱，销量开始回暖。根据杰兰路统计的数据，去年全新蓝山上市后次月销量超过6800 辆，今年前7个月，全新蓝山的累计销量超2.4万辆，同比增长58.5%。 如今，长城希望坦克品牌能够复制这一"智驾红利"。 然而，给硬派越野车装智驾，难度远超普通车型。"标定周期是其他车型的一 ...

Core Viewpoint - Great Wall is attempting to inject smart technology into its rugged off-road vehicles to seek new growth opportunities amid sales pressure [2][5] Group 1: Product Launch and Features - The newly launched Tank 500 Intelligent Edition is Great Wall's first rugged off-road model equipped with an intelligent driving system [2] - The Tank 500 Intelligent Edition comes in two versions, Hi4-T and Hi4-Z, with pre-sale prices of 360,000 yuan and 388,800 yuan, respectively, which is an increase of 25,000 yuan compared to non-intelligent driving versions [2] - The vehicle features the third-generation intelligent driving system Coffee Pilot Ultra, capable of "parking to parking" intelligent driving, and the third-generation smart cabin system Coffee OS3 [2] Group 2: Performance Upgrades - The electric motor power has been increased from 120 kW to 130 kW, with a significant torque increase to a declared 495 Nm, reaching up to 500 Nm in practice [2] - The upgrades aim to cater to urban users who may use the Tank 500 as an electric vehicle [2] Group 3: Market Strategy and Challenges - There is internal debate within Great Wall regarding the necessity of smart driving features in rugged off-road vehicles, but sales pressure has driven the decision to integrate these technologies [2][4] - The development of intelligent driving for off-road vehicles is more complex than for regular models, requiring a longer calibration period and significant cost investments [4] - Great Wall aims to expand the target audience from professional off-road enthusiasts to family consumers and light off-road lovers [4] Group 4: Sales Performance and Future Plans - Tank brand sales reached 135,000 units in the first seven months of the year, a decrease of 8.19% year-on-year, while Great Wall's total sales were 674,000 units, growing only 3.57% year-on-year, significantly lagging behind the industry growth rate of 12% [5] - Great Wall is also planning to develop non-body-on-frame MPVs to stimulate greater demand, indicating a strategic shift to find new growth avenues [5]

8月19日晚间，中海达(300177)披露半年度报告，上半年公司实现营业收入4.93亿元，同比增长15.39%， 其中高精度定位装备及行业解决方案业务收入同比增长约14.15%，时空数据及信息化业务收入同比增 长22.00%。但受高精度测量型接收机产品海外市场价格竞争加剧等因素影响，上半年海外业务收入同 比下降35.42%，公司上半年未能盈利。 在智能驾驶与导航控制业务方面，公司惯性测量单元产品（IMU）成功获得吉利旗下子公司定点项目， 并实现相关车型的量产交付。公司智能驾驶车载高精度业务新定点项目顺利导入量产，工厂产能得到释 放，该类业务收入同比增长超100%。截至报告期末，公司相关产品已在吉利、小鹏、上汽、长城、东 风和一汽等车企的量产车型上保持规模交付，为公司后续平台化拓展及智能驾驶技术提升注入强劲动 力。在智能应用场景方面，公司成功获得国内两家具身智能机器人企业的IMU产品定点，相关产品已小 批量交付，为公司产品技术在具身智能场景应用发展打好基础。 （文章来源：证券时报网） ...

底盘设计上，昊铂HL增程版采用前双叉臂+后五连杆铝合金悬架，标配智能调节减震器SDC与双腔空气 弹簧，最大100mm可调节行程。同时，昊铂HL增程版双线融合超级魔毯系统，通过摄像头与激光雷达 预判路面障碍，能提前调节悬架硬度，冲击感降低15%。此外，昊铂HL增程版搭载的鹰爪系统 ASTC2.0，能让冰雪路面制动距离减少11%。 （文章来源：北京商报） 据了解，昊铂HL增程版搭载60kW·h宁德时代骁遥超级增混电池，其纯电续航可达350km，综合续航达 1369km，亏电油耗为6.7L，借助800V、5C超充技术，昊铂HL增程版仅需10分钟即可补充210km续航里 程。 此外，昊铂HL增程版智能座舱搭载新一代高通骁龙8295P芯片，算力提升4倍，语音交互融云端一体AI 大模型，不仅支持10轮次上下文对话与声纹识别，响应速度提升3倍。智能驾驶方面，昊铂HL增程版搭 载广汽GSD高级智能驾驶辅助系统，全系标配激光雷达与Orin-X芯片等智能硬件，融合端到端大模型算 法，实现无图领航，全场景覆盖率超99%。 北京商报讯（记者刘晓梦）8月19日，广汽集团正式发布"星源增程"技术，同时首款搭载星源增程技术 的车型——昊铂 ...

Core Insights - Joint ventures in the automotive industry are seeking partnerships to accelerate their smart technology development [2][5] - SAIC-GM's Buick brand has launched the Buick Zhijing L7, which features advanced AI capabilities and a new hybrid power system [4][6] Group 1: Strategic Partnerships - SAIC-GM has signed a strategic cooperation agreement with autonomous driving technology company Momenta to integrate the Momenta R6 Flywheel model into the Buick Zhijing L7 [2][5] - The collaboration goes beyond simple technology procurement, involving joint development at the underlying architecture level [5] Group 2: Product Features - The Buick Zhijing L7 is equipped with Qualcomm's 8775 cockpit chip, which has an AI computing power of 72 TOPS, enhancing its smart cockpit capabilities [4] - The vehicle features a "True Dragon" range-extended hybrid system, offering a pure electric range of 302 kilometers and a total range of 1400 kilometers [4] Group 3: Market Performance - SAIC-GM's sales have significantly declined, with a 56.54% drop in sales to 435,000 units in 2024, leading to a revenue decrease of 52.68% to 68.747 billion yuan [6] - The company reported a net loss of 26.688 billion yuan in 2024, contrasting sharply with a profit of 2.54 billion yuan in 2023 [6] Group 4: Future Plans - SAIC-GM plans to launch 12 new energy models this year, covering pure electric, plug-in hybrid, and range-extended technologies [6]

证券日报网讯拓邦股份（002139）8月19日在互动平台回答投资者提问时表示，公司激光雷达电机通过 优化结构显著降低体积与成本，同时保持高精度、高可靠性和快速响应能力，在NVH(噪声、振动与声 振粗糙度)等技术指标上实现行业领先。公司持续推动车规级电机平台化开发，提升产品的可扩展性和 多车型适配能力，巩固在智能驾驶关键零部件领域的客户卡位优势。激光雷达电机主要服务于智能驾驶 系统，尤其是L2及以上级别智能驾驶技术，为智能驾驶系统提供可靠的三维环境数据。未来，公司将 进一步扩大该产品在智能驾驶行业的市场份额，并通过持续技术迭代强化车载领域的技术影响力。 ...

本报记者徐一鸣 应用方面，作为国内MEMS（微机电系统）惯性传感器头部企业，芯动联科产品广泛应用于石油勘探、 高速铁路等领域。在保持传统领域持续深耕的同时，芯动联科依托全链条自主技术及高毛利率优势，持 续受益于低空经济、智能驾驶及人形机器人等新兴场景。 例如，在低空经济领域，公司高性能MEMS IMU（微机电系统惯性测量单元）作为实时感知航空器运 动状态与姿态变化的核心传感部件，正随着行业的快速发展迎来需求成长期。 目前，芯动联科构建了双轨合作模式，一是与主机厂直连，提供IMU（惯性测量单元）组合或组合导航 形式的航姿仪产品；二是为传统航姿及飞控系统厂商供应芯片，赋能其开发基于MEMS（微机电系统） 惯性器件的IMU（惯性测量单元）与航姿系统。 芯动联科表示，尽管当前公司产品在低空行业未形成大批量出货，但市场加速态势明显，未来增长潜力 巨大。 中国投资协会上市公司投资专业委员会副会长支培元向《证券日报》记者表示，随着新兴市场的逐步成 熟，芯动联科有望凭借其技术优势和市场先发优势，进一步扩大市场份额，实现业绩的持续增长。然 而，半导体行业技术迭代迅速、市场竞争激烈，芯动联科仍需不断创新，紧跟行业发展趋势，以应对 ...

Financial Data and Key Metrics Changes - Operating income reached JPY 5,450,000,000, a year-on-year increase of 22% [28][30] - Net profit for the first half of the year was JPY 550,000,000, reflecting a year-on-year increase of 34% [29][34] - Asset management grew to RMB 112.1 billion, a 12% increase compared to the same period last year [29] Business Line Data and Key Metrics Changes - Automobile financing transactions reached JPY 32,700,000,000, a year-on-year increase of 4% [12] - Used car financing grew by 31% year-on-year, with transaction volume reaching 222,000 units [15] - FinTech business achieved a financing scale of CNY 1,530,000,000, a year-on-year increase of 58% [17] Market Data and Key Metrics Changes - New passenger car sales in China reached 13,530,000 units, a year-on-year increase of 13% [6] - The transaction volume of used passenger cars was 7,570,000 units, a year-on-year increase of 0.5% [6] - New energy passenger cars saw a year-on-year growth of about 33.3% [7] Company Strategy and Development Direction - The company aims to focus on core capacity building and leverage technological advantages to consolidate its leading position in auto finance [11] - Yixin plans to enhance its FinTech capabilities to empower traditional finance and improve customer experience [12] - The company is transitioning to a more lightweight business model to better fulfill its value proposition [46][49] Management Comments on Operating Environment and Future Outlook - Management noted that the industry is expected to return to rational competition due to increased regulatory policies [8] - The company anticipates that its strategic focus on technology and innovation will drive sustainable growth [11] - Management expressed confidence in achieving better performance in the second half of the year compared to the first half [70] Other Important Information - The company has established partnerships with over 100 financial institutions and is focusing on expanding its overseas business, particularly in Southeast Asia [35][40] - The penetration rate of new energy vehicles in new cars is about 54%, indicating strong market demand [18] Q&A Session Summary Question: What is the core reason behind the successful transformation and future plans? - Management emphasized the shift to a lightweight business model and the importance of AI capabilities in enhancing operational efficiency and market competitiveness [46][49] Question: How does the company view its growth in the used car market? - Management confirmed that the company is increasing its market share and highlighted the potential for further growth in the underserved used car market [56][59] Question: Can you elaborate on the impact of anti-evolution policies on the market? - Management stated that these policies promote healthier competition and stability among partners, which is beneficial for the company's long-term growth [66][68] Question: What are the achievements in overseas expansion? - Management reported significant growth in Singapore, with plans to replicate successful models in other Southeast Asian markets [39][40]

Investment Rating - The report maintains a positive investment recommendation for companies with full-stack self-research capabilities, such as Li Auto, Xpeng Motors, and Xiaomi Group, as well as those with a combination of self-research and third-party collaboration like BYD, Geely, and Great Wall Motors [4][6]. Core Insights - The report emphasizes that intelligent driving has evolved from a technical highlight to a critical factor for product differentiation among automakers and a core support for the commercialization of mobility services [1][11]. - The competition in the intelligent driving sector is intensifying, driven by advancements in AI models and the need for enhanced computational power in both vehicle and cloud environments [2][3][57]. - The commercialization process of intelligent driving is accelerating, with increased regional pilot programs and favorable policies driving the adoption of L3 intelligent driving technologies [4][15]. Summary by Sections 1. Introduction - The report provides a comprehensive analysis of the evolution of intelligent driving technology architecture, focusing on algorithm development trends and the current state of computational power and data layout [11]. 2. AI Model Restructuring Competition - The VLA (Vision-Language-Action) technology is highlighted as a core focus in current intelligent driving solutions, integrating perception, cognition, and action [12]. - The demand for computational power is surging, with the need for real-time decision-making capabilities in dynamic environments [57][58]. - Major automakers are racing to enhance their computational capabilities, with Tesla leading through its integrated technology stack and data feedback loops [3][13]. 3. Core Self-Research Automakers - Tesla's end-to-end architecture and high-efficiency data loops have established its leading position in the intelligent driving industry [3][14]. - Domestic automakers are accelerating their technological advancements but still face generational gaps in data feedback capabilities and algorithm integration [3][14]. 4. Acceleration of Commercialization - The report notes that the "intelligent driving equity" trend is expected to drive the adoption of advanced driving features in lower price segments, enhancing consumer sensitivity to intelligent driving technologies [4][15]. - The Robotaxi market is projected to reach several hundred billion by 2030, with significant potential for growth [4][15]. 5. Investment Recommendations - The report suggests that the establishment of a clear responsibility system under top-level policies will facilitate the maturation of intelligent driving technologies, with L3 standards becoming increasingly reliable [4]. - Companies with differentiated advantages in algorithms, computational power, and data are expected to reshape brand value and gain competitive advantages in the intelligent driving market [4].