Core Insights - The 2025 Shanghai International Automobile Industry Exhibition will take place from April 23 to May 2, showcasing significant new vehicles and technologies, particularly in the electric and intelligent vehicle sectors [2] - The exhibition serves as a critical platform for global automakers to demonstrate advancements in new energy and smart technologies, marking a pivotal moment in the automotive industry's evolution [2] Group 1: Core Technologies in the New Energy Sector - The 900V high-voltage platform enhances electric drive technology, exemplified by the LeDao L90, which supports rapid charging and improved efficiency, allowing for a 255 km range in just 5 minutes of charging [4] - The "World Base Model" aids in the global proliferation of assisted driving technologies, with XPeng's G7 featuring a 720 billion parameter model for advanced AI capabilities [6] - Self-developed chips are raising the AI capability ceiling, with Hezhima's Huashan A2000 family of chips designed for next-generation AI models, integrating multiple processing units for enhanced performance [7] Group 2: Chinese Brands as Rule Makers - The luxury car market is experiencing a "Chinese moment," with the debut of the Zun Jie S800, a high-end vehicle equipped with advanced technologies targeting top-tier luxury brands [10] - Zeekr is set to unveil the Zeekr 9X, a flagship model featuring cutting-edge smart driving technology and high computational power [12] - Chinese automotive design is entering a new phase, highlighted by BYD's Ocean-S concept car, which showcases a mature design philosophy [13] Group 3: Multinational Automakers' "Localization" Strategies - Volkswagen will present three concept cars at the Shanghai Auto Show, emphasizing a "made in China for China" strategy, with plans to launch over 30 new models in the next three years [17] - Buick's new luxury MPV, the "Shijia," is designed for high-end families and incorporates a new architecture that supports various powertrains, including pure electric and hybrid options [20] - BMW's new generation driving pleasure concept car will debut, serving as a testbed for technologies to be applied in upcoming models [22] Group 4: The Exhibition as an "Ecosystem Technology Showcase" - The exhibition will feature a significant increase in the participation of supply chain manufacturers, with a dedicated area for automotive technology and supply chain innovations [31] - Cross-industry collaborations are emerging, exemplified by Sony's announcement of a car-mounted PS6 gaming system, highlighting the integration of automotive and consumer electronics [33]

Core Viewpoint - Chery Automobile is initiating a self-research chip program to develop its own vehicle MCU and intelligent driving SoC, aiming to enhance its competitiveness in the smart vehicle sector [2][4]. Group 1: Self-Research Chip Initiative - Chery's self-research chip plan is in its early stages, with recruitment for NPU design architects and senior chip design engineers underway [3][4]. - The company aims to transition from a traditional automaker to a modern intelligent industry cluster, with a focus on AI and smart technologies as a key growth area for the next 20 years [4][5]. - Chery's goal is to enter the top tier of intelligent driving capabilities by 2025, which necessitates the development of high-level intelligent driving chips [8][9]. Group 2: Cost Reduction Strategy - The shift towards self-research chips is driven by the need to reduce costs associated with purchasing high-end intelligent driving chips from suppliers [11][12]. - For instance, the cost of high-end driving hardware based on a 100 Tops computing platform for BYD is reported to be 4,000 RMB per unit, leading to a total cost of 16 billion RMB for 4 million vehicles [11]. - Chery's projected sales of over 2.6 million vehicles in 2024 indicate that its investment in intelligent driving will also reach a significant scale, potentially exceeding 10 billion RMB [11]. Group 3: Current Market Position and Challenges - Despite the self-research initiative, Chery currently relies heavily on external suppliers for its intelligent driving capabilities, which poses a challenge in achieving its 2025 goals [13][18]. - The company has established partnerships with leading suppliers like Huawei, NVIDIA, and Horizon Robotics to enhance its smart driving solutions [13][18]. - Chery's internal R&D team consists of over 5,500 personnel, indicating a strong foundation for developing autonomous driving technologies [18]. Group 4: Future Outlook - The ideal outcome of Chery's self-research efforts is to achieve technological independence and develop advanced features, while the worst-case scenario could result in merely evaluating supplier capabilities without significant technological advancement [19]. - The company is adjusting its strategy by integrating some self-research teams into its main R&D institute to ensure timely delivery of competitive products [17].

Core Viewpoint - Jiangbolong aims to break the "curse" of storage module operations by achieving over $2 billion in revenue and transitioning towards becoming a semiconductor storage brand [1][2]. Group 1: Self-Developed Chip Strategy - Jiangbolong has increased its investment in technology to support its transition to a semiconductor storage brand, focusing on algorithm and IP design [2]. - The company established a main control chip team in 2020 and launched eMMC and SD controllers last year, marking a significant milestone in its self-developed chip strategy [4][5]. - The self-developed main control chips allow for application innovation in storage technology, enabling high customization based on customer needs [4]. Group 2: New Product Launches - Jiangbolong introduced several self-developed main control chips at the flash memory summit, including WM7400 (UFS 4.1), WM7300 (UFS 3.1), and WM3000 (USB 3.2) [5][6]. - The UFS 4.1 main control chip WM7400 features advanced manufacturing processes and supports both TLC and QLC NAND Flash, achieving sequential read speeds of up to 4350MB/s [7][8]. - The eMMC Ultra product, equipped with the WM6000 main control chip, enhances bandwidth by 50% compared to the eMMC 5.1 standard, providing a theoretical speed of 600MB/s [9][10]. Group 3: Automotive Storage Solutions - Jiangbolong has developed a comprehensive automotive storage product matrix, including AEC-Q100 compliant UFS, eMMC, and LPDDR4x products [11]. - The company has established deep partnerships with over 20 OEMs and 50 Tier 1 automotive clients, with a projected market growth of nearly 100% in the automotive sector [12][18]. Group 4: Business Model Transformation - Jiangbolong is shifting its business model to include Technology Contract Manufacturing (TCM) and Product Technology Manufacturing (PTM) services, aiming to reduce costs and optimize inventory management [15][16]. - The PTM model provides comprehensive storage Foundry services, addressing industry homogenization and innovation bottlenecks [16][18]. - The company has successfully implemented the PTM model across various industries, including automotive, servers, and mobile devices, enhancing its market presence [18][19]. Group 5: Global Market Expansion - Jiangbolong is accelerating its global market strategy, particularly in the Americas and Europe, to deepen the implementation of TCM and PTM models [20][21]. - The company aims to leverage its self-developed chips and proprietary packaging to enhance its service capabilities and meet diverse customer needs [23][24].

Core Viewpoint - Apple is transitioning from Qualcomm to its own modem technology, starting with the C1 modem in the iPhone 16e, aiming for complete internal processing of network functions in the future [1][3]. Modem Development - The C1 modem debuted in the iPhone 16e, focusing on efficiency but lacking support for 5G mmWave and all wavelengths of existing Qualcomm modems. It is described as the "most energy-efficient modem on iPhone" [3]. - The C2 modem, codenamed Ganymede, is expected to launch in the iPhone 18 series in 2026, featuring mmWave support and download speeds of 6 Gigabits per second [3]. - The C3 modem, codenamed Prometheus, is planned for release alongside the iPhone 19 series in 2027, aiming to surpass Qualcomm's performance and support next-generation satellite networks [4]. Networking Chips - Apple is also working on replacing Broadcom's networking chips, with a new chip codenamed Proxima expected to debut in updated versions of HomePod mini and Apple TV later this year, supporting Wi-Fi 6E [6]. - This new networking chip is anticipated to enhance connectivity between Apple devices and reduce costs [7]. Integration Plans - After the modem transition, Apple is considering integrating its cellular modem into the main Apple Silicon chip, which could provide cost and efficiency benefits, although this is projected to be realized by 2028 [9].