Core Viewpoint - The recent regulatory changes by the Ministry of Industry and Information Technology (MIIT) have significantly impacted the marketing strategies of automotive companies regarding intelligent driving features, leading to a shift from promoting "high-level autonomous driving" to "combined auxiliary driving" [3][6][16] Group 1: Regulatory Impact - The MIIT's notification prohibits the use of vague terms like "automatic driving" and "high-level autonomous driving," mandating a unified terminology of "combined auxiliary driving" (L2 level) [6] - Following the new regulations, companies like Huawei and Xiaomi have altered their promotional materials to reflect the new terminology, emphasizing "intelligent auxiliary driving" instead of previous terms [6][9] - The notification has also led to a reduction in the frequency of over-the-air (OTA) updates, with companies now required to manage risks and validate updates more thoroughly before deployment [8][14] Group 2: Marketing Adjustments - Automotive sales personnel have begun to avoid mentioning "intelligent driving" during customer interactions, focusing instead on safety and regulatory compliance [5][9] - The Shanghai Auto Show showcased a noticeable absence of terms related to "intelligent driving," with companies like XPeng emphasizing safety through initiatives like the "AI Auxiliary Driving Safety Training Camp" [9][11] - Despite the regulatory changes, some companies continue to engage in semantic debates regarding the terminology used for their driving assistance features [8][16] Group 3: Technological Shift - The new regulations have shifted the focus from software-defined vehicles to core technologies such as battery management and chassis tuning, with companies like BYD and Geely highlighting these aspects at recent exhibitions [13][14] - Laser radar technology has regained attention as a safety feature, with its mention in technical discussions increasing significantly compared to previous years [13] - The introduction of national standards for laser radar performance marks a critical transition towards prioritizing safety over mere technical specifications in the industry [14][16] Group 4: Industry Dynamics - The regulatory environment has led to a division within the industry, with leading companies leveraging their technological and financial advantages to expand their market presence, while second-tier brands struggle to survive [16] - The rise of supply chain companies focusing on "laser radar + domestic chips" indicates a shift in competitive dynamics within the automotive sector [15][16] - The industry's evolution reflects a broader understanding that true intelligence in driving technology lies in adhering to safety regulations rather than an uncritical embrace of advanced technologies [16]

撰 文 / 周 洲 设 计 / 张 萌 关闭7家工厂，裁员2万人，削减20%工程成本。 2027财年前实现复苏。 上任1个多月的日产总裁兼首席执行官伊万·埃斯皮诺萨（ Ivan Espinosa）在2024财年财报出来后， 宣布启动"RE: Nissan"的日产复苏计划，实施降本的战略重组措施。 日产汽车正面临严峻的商业环境。 意料之中，2024财年的表现大幅下滑，创亏损新高，这是日产20多年来最糟糕的一个财年。 埃斯皮诺萨必须熬过这个不得不加速转型的财年。 "鉴于关税环境的不确定性，本财年的营业利润、净利润和汽车自由现金流的预期目前尚待确 定。"日产在一份声明中表示。 背水一战 亏损326亿元 日产汽车5月13日发布了2024财年财报（截至2025年3月31日），从盈利转入亏损。 2024财年，日产汽车全球销量为334.6万辆，同比下降2.8%，其中中国市场销量下降了 12.2%，北 美市场销量增长了 3.3%；公司合并净销售额为12.6万亿日元（约6126.1亿元人民币），同比下降 0.4%；营业利润为698亿日元（约33.9亿元人民币），下降了88%，营业利润率下滑至0.6%；净亏 损6709亿日元（约 ...

① 主 板 领 涨 ， 东 尼 电 子 (+10.02%)/ 雷 科 防 务 (+10.02%)/ 天 箭 科 技 (+10.01%)/ 七 一 二 (+10.01%)/新大陆(+10.00%)/ ②创业板领涨， 中航成飞(+20.01%)/华如科技(+19.98%)/宏达电子(+15.73%)/ ③科创板领涨， 航天南湖(+19.99%)/兴图新科(+12.82%)/开普云(+10.40%)/ ④活跃子行业，SW军工电子Ⅲ(+5.21%)/SW消费电子零部件及组装(+4.47%)/ 国内新闻 行情速递 ① 半导体行业观察，台积电美国新厂频频传出生产良率捷报/促使美系客户 询问下单意愿攀升/不仅美国新厂的第三厂提早动土/已确定将扩充的后续三 个厂产能也传出被包下/台积电有望在2028年之前海外产能达总产能比重约 20%/ ② 高工智能汽车，高工智能汽车研究院监测数据显示/2024年中国市场乘用 车（不含进出口）前装标配辅助驾驶域控方案上险量达到358.69万台/同比 增长65.34%/渗透率达到15.65%/其中/软硬一体辅助驾驶域控方案占比超 过20%/ ③ 集邦化合物半导体，宁波材料所宣布/其研发的高结晶 ...

Group 1: Financial Performance - The company expects a loss of 216 to 264 million yuan for 2024, a year-on-year decline of 500% to 589% [6] - The company's revenue for the first three quarters of 2024 is 232 million yuan, with military procurement contributing 1.2265 million yuan, accounting for 0.53% of total revenue [1] - The company signed new contracts worth 559 million yuan in 2024 [5] Group 2: Order Status - As of March 31, 2025, the company has an order backlog of 340 million yuan [4] - The company has formed approximately 26 million yuan in orders related to inertial navigation products [2] - The company has received some sales orders in the international market for certain products [2] Group 3: Impact of Military Procurement Ban - The company has been banned from participating in military procurement activities since October 14, 2024, for a period of one year [4] - The ban has led to a significant reduction in order volume, impacting 2024 revenue [4] - The company is actively expanding into civilian markets to mitigate the impact of the military procurement ban [9] Group 4: Strategic Initiatives - The company is focusing on developing civilian market products such as emergency drones and low-orbit satellite terminals [7] - The company is optimizing its organizational structure and reducing personnel by approximately 20% to improve operational efficiency [6] - The company is exploring external cooperation opportunities to enhance competitiveness [6] Group 5: Market Outlook - The company is optimistic about the growth potential in the unmanned systems, satellite communication, and radar detection industries [3] - The company aims to leverage emerging industries like low-altitude economy and intelligent driving for future growth [6] - The company is committed to continuous innovation and product development to maintain market competitiveness [6]

Core Viewpoint - Geely has launched the Galaxy Star 8, featuring advanced performance and energy-efficient models, equipped with intelligent safety driving assistance, priced between 115,800 to 155,800 yuan [1] Group 1: Product Features - The Galaxy Star 8 is built on a luxury electric hybrid architecture, utilizing advanced safety technologies such as a star-shaped cage body and aluminum alloy crash beams [3] - The vehicle measures over 5 meters in length, with a wheelbase ratio of 4.25, designed for an elegant and luxurious appearance [5] - It offers six color options inspired by cultural heritage, including a unique "Jihai Blue" derived from a national treasure [7] Group 2: Interior and Comfort - The vehicle features "first-class cotton candy SPA seats" with a seven-layer design for enhanced comfort and support [8] - The second-row VIP electric executive seats provide ample space and luxury features such as heating, ventilation, and massage functions [9] - A 23-speaker Flyme Sound system with 2000W power and advanced sound technology enhances the audio experience [11] Group 3: Performance and Efficiency - The Galaxy Star 8 is equipped with the Thunder EM-P hybrid system, achieving a combined torque of 605 N·m and a 0-100 km/h acceleration time of just 6.49 seconds [13] - The Thunder EM-i version boasts a fuel efficiency of 3.36 L per 100 km with a 55L fuel tank [13] - The vehicle features a rear five-link suspension and adaptive damping for improved driving comfort [14] Group 4: Safety and Technology - The Galaxy Star 8 includes the "Qianli Haohan" intelligent safety driving system, capable of high-speed NOA assistance and advanced parking assistance for over 300 complex parking scenarios [16] - It is equipped with the Galaxy Flyme Auto intelligent cockpit system, integrating real-time navigation and voice control for user convenience [18]

近日，小米汽车雷军在社交平台发文，雷军表示，"过去一个多月，是我创办小米以来最艰难的一段时 间，情绪比较低落，取消了一些会议安排和出差计划，也暂停了一段在社交媒体上的互动。过去这几年 一直很忙，这段时间反而可以静下心来，仔细思考，确实有一些收获……最近看了很多朋友的留言，特 别感动。大家的关心和支持，给了我莫大的信心，让我也逐渐找回前行的勇气和信心，状态开始逐步恢 复。" 2025年3月29日晚，安徽铜陵枞阳高速发生了一起令人痛心的交通事故，一辆小米SU7标准版轿车在行 驶过程中发生碰撞后爆燃，导致车内3名女大学生不幸遇难。 根据小米公司发言人发布的官方声明，事故发生在2025年3月29日22时44分，地点位于G0321德（州） 上（饶）高速池祁段（祁门往枞阳方向）。当时，车辆处于NOA智能辅助驾驶状态，以116km/h的速度 持续行驶。事发路段因施工修缮，用路障封闭了自车道，改道至逆向车道。车辆检测到障碍物后发出提 醒并开始减速，随后驾驶员接管车辆进入人驾状态，持续减速并操控车辆转向。最终，车辆与隔离带水 泥桩发生碰撞，碰撞前系统最后可以确认的时速约为97km/h。 事故车辆为小米SU7标准版，车辆前舱在事 ...

Core Viewpoint - The autonomous driving industry is experiencing strong regulatory oversight, yet companies are actively developing and promoting high-level autonomous vehicles, indicating a commitment to innovation and safety [2][3][4]. Regulatory Environment - The Ministry of Industry and Information Technology has mandated that automotive manufacturers conduct comprehensive testing for driving assistance systems, ensuring clear definitions of system capabilities and safety measures [2]. - Strong regulations are seen as beneficial for the healthy development of the autonomous driving industry, promoting market order and enhancing consumer trust in product safety [5]. Market Dynamics - The demand for high-level autonomous driving is driven by market competition, with companies needing to innovate to stay relevant [4]. - The shift from B2B to B2C markets is anticipated, with increasing acceptance of autonomous driving technology among consumers [4][6]. Technological Advancements - Significant advancements in AI, sensors, and communication technologies are providing a solid foundation for the development of high-level autonomous vehicles [5]. - Companies like Huawei are leveraging their expertise in communication and AI to enhance autonomous driving solutions [5]. Consumer Sentiment - Consumers show high interest in L4 autonomous vehicles, particularly in China and India, with younger generations expressing a strong desire for advanced driving technologies [9][10]. - Despite enthusiasm, safety concerns remain paramount, with over 70% of consumers citing safety and stability as potential barriers to adoption [10]. Commercialization Challenges - The B2B market for high-level autonomous driving is beginning to open, particularly in sectors like mining and logistics, where the technology can significantly enhance efficiency [12][13]. - Cost reduction and improved value propositions are critical for the profitability of high-level autonomous vehicles, with companies focusing on optimizing production and supply chain management [13][20]. Company Accountability - Companies like GAC have committed to taking responsibility for the safety of their L4 autonomous vehicles, which is expected to boost consumer confidence [18]. - The commitment to accountability may drive companies to enhance their technological capabilities and safety measures [19]. Future Outlook - The industry is expected to see a gradual shift towards more comprehensive regulations and insurance frameworks to support the deployment of high-level autonomous vehicles [20]. - The integration of autonomous driving technology into everyday scenarios is anticipated to evolve, with a focus on enhancing operational efficiency and user experience [17].

New Car Launches - BYD Sea Lion 07DM-i launched with a price range of 169,800 to 205,800 yuan, featuring a 1.5T engine and a 26.6kWh battery pack with a pure electric range of 150/135 km [3][9] - Li Auto L series smart refresh version launched, maintaining original prices with upgraded configurations; prices range from 241,800 to 439,800 yuan [10][19] - Geely Galaxy Star 8 launched with a limited-time price of 115,800 to 155,800 yuan, featuring a family-style design and advanced driver assistance systems [20][30] - Jiayuan AIR launched with two versions priced at 147,800 to 159,800 yuan, targeting family users with high configurations [31][37] - New Audi A6 plug-in hybrid version revealed, featuring a 2.0T engine and a 25.9kWh battery pack with a WLTC pure electric range of 111 km [39][42] - Beijing Hyundai ELEXIO global debut, based on the E-GMP platform with a CLTC range exceeding 700 km [45][46] - New Volvo XC70 unveiled, set to launch in September, based on the new SMA hybrid architecture [49][51] Company Dynamics - SAIC Group achieved a record high of 128,000 new energy vehicle sales in April [55][58] - Changan Automobile reported 71,349 new energy vehicle sales in April, indicating steady growth [59][61] - Extreme Stone Automobile delivered 1,128 units in April, surpassing a cumulative delivery of 10,000 units [62][63] - BMW's Q1 financial report showed a significant decline in net profit by 26.4% to 2.173 billion euros, with a revenue drop of 7.8% [82][84] Industry News - The Ministry of Industry and Information Technology proposed a mandatory national standard for automotive door handle safety to address potential risks [85][89] - The People's Bank of China announced a reduction in the reserve requirement ratio for automotive finance companies to 0%, aimed at stimulating consumption in the automotive sector [91][92]

Core Viewpoint - The rapid growth of Geely's Galaxy brand in the domestic new energy vehicle market is highlighted, with cumulative sales exceeding 930,000 units as of April 30, just 25 months after the launch of its first vehicle. The Galaxy brand aims to reach a cumulative sales target of one million units by May [1]. Product Launch and Features - The Galaxy Starry 8, launched on May 9, is a key product for achieving the one million sales target and enhancing brand momentum. It features Geely's Raytheon EM-P and EM-i hybrid powertrains, with a price range of 125,800 to 165,800 yuan, including a limited-time discount of 10,000 yuan until June 30 [1][2]. - Positioned as a C-class flagship sedan, the Starry 8 boasts a length of over 5 meters and offers advanced configurations in safety, design, space, performance, and technology. It achieves a comprehensive torque of 605 N·m and a 0-100 km/h acceleration time of 6.49 seconds [2]. Market Positioning and Strategy - The pricing strategy of the Galaxy Starry 8 is aimed at making luxury accessible, with a starting price significantly lower than competitors in the C-class segment, which typically start at around 400,000 yuan for luxury brands and 300,000 yuan for joint venture brands. Geely aims to leverage this pricing to gain market advantage amid increasing price competition [2][3]. - Geely's sales strategy emphasizes user-driven pricing, with a focus on delivering high-quality products that meet consumer demands for luxury at an accessible price point. The company has positioned the Starry 8 as a flagship model that embodies this philosophy [3]. Sales Performance and Future Goals - Geely Galaxy has set ambitious sales targets, aiming for a total of one million units sold this year, with 356,000 units sold from January to April. The brand's rapid growth is attributed to a combination of strategic product launches and effective marketing [4]. - The company has established over 1,000 sales channels and is focused on maintaining sales momentum through product iteration and targeted marketing strategies [5]. Regulatory Environment and Safety Initiatives - Recent regulations from the Ministry of Industry and Information Technology have strengthened oversight in the automotive safety sector. Geely's approach aligns with these regulations, and the company plans to open a comprehensive safety testing center to share its safety technology advancements with the industry [6].

撰 文 / 周 洲 设 计 / 琚 佳 在复杂的政治经济环境下，全球最大的零部件企业博世集团2024财年取得了来之不易的业绩。 中国作为博世除德国之外最大的市场，贡献了20%的销售额。 2024年，博世中国的销售额达到1427亿人民币，同比增长2.7%。其中，智能出行业务占整体销售额 的82%，达到1166亿人民币，同比增长4%，在非汽车业务降了近3%的形势下，去年整体销售额的 增长主要得益于中国汽车市场总量的增长。 5月8日，博世全球及中国的高管们，在近三小时的财报会上聊了聊这家零部件巨头对复杂政经形势 下的判断和应对，涉及裁员、关税影响和中国市场。 中国市场是其重中之重。 博世集团董事会主席史蒂凡·哈通（Stefan Hartung）在2024财年新闻发布会上数次强调，中国市场 对博世集团非常重要，"中国每年汽车产量超过3000多万辆，超过欧洲和美国生产的汽车总量。作 为汽车技术供应商，如果不进入中国市场，很难在行业中立足。" 他称，博世会紧密依据中国的客户需求以及中国市场的发展趋势，灵活调整并增加生产规模，并且 支持中国企业的全球化发展计划。 2024年，博世在中国投资了约60亿元。过去10年，博世在中 ...