一凡 发自 上海车展 量子位 | 公众号 QbitAI 或许多年以后，回顾总结中国汽车的"技术逆差"时代的终结，2025上海车展，上汽大众与Momenta，会成为被反复提起的时刻 。 技术输血到智能造血的历史性转折 汇聚全球品牌的上海车展，像是WAIC提前开了个汽车专场，AI芯片、AI座舱、智能辅助驾驶方案扎堆展出，主机厂上新车，秀肌肉，言必称 AI。 历史性的时刻，发生时往往显得随机漫不经心，但连点成线之下，却又戏剧得好像经过精心安排。 上汽大众 ，1984年诞生的中国首家轿车合资车企，代表着中国汽车面向西方先进汽车工业"技术输血"的开端。41年后，2025年的上海车展现 场，AI智能化成为汽车变革主引擎的当下，完成了核心技术供应的切换——与中国智能辅助驾驶公司签署合作。 但即便是身处上海车展，站在签约现场， 或许后知后觉才会意识到见证了中国汽车工业的历史性时刻 —— 从 "技术输血" 到 " 智 能造血" 的标志性时刻。 而且上汽大众只是一个典型代表，依然是上海车展，德、日、美等诸多传统汽车豪强，也在智能辅助驾驶上作出了中国技术引入的共同选择， 更具戏剧性的是，还是同一个选择—— Momenta 。 已经 ...

供应商进入主展馆，与整车企业一起展示最新汽车技术成果是本届上海车展的一大特点，这些技术也展 示了汽车业的新趋势。作为汽车领域最大的TIER 1（一级供应商），博世在此次上海车展发布多项技 术，展示面向未来汽车架构的软件与技术创新，并公布了一系列新技术的投放时间表。 博世对此次上海车展高度重视，德国博世集团董事会成员、博世智能出行集团主席马库斯·海恩飞至上 海，参加了现场发布会，他表示，在中国，智能辅助驾驶的变革尤为迅速、全球领先。通过与客户和业 务伙伴紧密合作，博世正积极把握这场变革中的业务机遇，致力于通过软件与技术创新，赋能智能出行 的发展变革。 此次车展，博世重点展示了新的辅助驾驶技术方案和AI智能座舱平台。据介绍，在辅助驾驶领域，博 世在持续开发和提升人工智能架构，目标是使城区辅助驾驶、高快路及城市记忆行车辅助驾驶，能够提 供更智能化和用户友好的功能。 上海车展前夕，博世发布了全新辅助驾驶品牌"博世纵横辅助驾驶"，涵盖纵横辅助驾驶基础版、升级版 和至尊版三大产品线，形成完整覆盖SAE（国际汽车工程师协会） L2级的全系辅助驾驶矩阵。 （原标题：博世发布辅助驾驶新方案 新产品矩阵即将投放市场） 本届上海车 ...

证券研究报告·公司点评报告·乘用车 赛力斯（601127） 2025 年一季报点评：业绩符合预期，M8 大 定表现亮眼 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 35,842 | 145,176 | 152,072 | 185,130 | 210,825 | | 同比（%） | 5.09 | 305.04 | 4.75 | 21.74 | 13.88 | | 归母净利润（百万元） | (2,450) | 5,946 | 9,614 | 14,201 | 18,528 | | 同比（%） | - | - | 61.69 | 47.71 | 30.47 | | EPS-最新摊薄（元/股） | (1.50) | 3.64 | 5.89 | 8.69 | 11.34 | | P/E（现价&最新摊薄） | - | 34.83 | 21.54 | 14.58 | 11.18 | [Table_Tag] [Table_S ...

Core Insights - Audi is entering a year of delivery in the Chinese market, showcasing five new production models at the Shanghai Auto Show, including the Audi A5L, A5L Sportback, Q5L, Q6 e-tron, and E5 Sportback, which are based on the latest platforms [1][4] - The company has a clear strategic blueprint to not only launch new products in the electric vehicle market but also to continue leading in the luxury fuel vehicle market [1][4] Strategic Focus - Audi's transformation strategy focuses on two key areas: software-defined vehicles and advanced driver assistance technologies [4][5] - The E5 Sportback, developed in collaboration with SAIC, is a significant milestone in Audi's global transformation, adhering to the strategy of "In China, for China" [4][5] Dual Brand Strategy - Audi's dual brand strategy aims to serve different consumer segments: the traditional Audi brand for those seeking classic luxury and technology balance, and the new AUDI brand targeting younger consumers interested in cutting-edge technology [5][7] - This strategy is a long-term plan based on the unique development speed and consumer segmentation in the Chinese market [5][7] Partnerships and Technology - Audi has partnered with Huawei to integrate advanced driving technologies into its vehicles, with the A5L Sportback being the first fuel vehicle to feature Huawei's technology [5][7] - The company is also collaborating with Momenta to develop advanced driver assistance systems, positioning itself as the first luxury brand to offer such systems in both fuel and electric vehicles [5][7] Market Insights - The average age of luxury car consumers in China is 35, indicating a younger demographic with higher expectations for technology and personalization [7] - Audi plans to maintain a product strategy that includes fuel vehicles, hybrid vehicles, and electric vehicles, recognizing the significant differences in consumer demand across global markets [7][8] Localization Strategy - Audi emphasizes local development in China, aligning its AUDI brand strategy with the "In China, for China" approach, and incorporating market-specific solutions into its platforms [7][8] - The company is committed to balancing its development across key markets, including the U.S. and Europe, while continuing its localization efforts in China [7][8]

Group 1 - Geely Holding Group announced the integration of its battery business, establishing a new battery industry group called Jiyao Tongxing, unifying its existing brands into the Shendun Jinzhuan battery brand [1] - The company will open its battery bottom safety patent collection to the entire industry, providing a systematic solution for vehicle battery safety design and technology validation [1] - Geely's global safety testing center, the largest single safety testing laboratory, is set to be completed this year and will also be open to the entire industry [1] Group 2 - The Shendun Jinzhuan battery brand reflects Geely's commitment to vehicle safety, with the Shendun short blade battery being 40% shorter than long blade batteries and having a thickness of 18.2mm, enhancing battery stability [2] - Geely's decision to pursue the "short blade" route aims to find the optimal solution for power batteries, with the core purpose of ensuring vehicle safety through the opening of battery bottom safety patents [2] - The patents include designs for a protective battery pack bottom plate, an integrated battery pack crash beam, and a bottom collision testing device, all aimed at enhancing safety for users [2] Group 3 - Geely emphasizes that safety is the top priority, particularly regarding intelligent driving safety, stating that unsafe intelligent driving is akin to a shaky foundation [3] - The company believes that innovative technologies should not be tested in the market, and recent regulatory enhancements on intelligent driving are seen as beneficial for the industry's stability [3] - Geely stresses the importance of honesty in marketing intelligent driving features, advocating for a focus on safety rather than exaggerated claims [3]

需求升级叠加技术下放，20 万级汽车市场再迎新变局。 "我们聚焦用户体验来定义产品，以 '体验至上、用户至上' 的精神，致力于为千家万户打造更高品质 的出行生活。"4 月 23 日，华为常务董事、终端 BG 董事长余承东在上汽集团上海车展战略发布会上 说。 这是华为和上汽首次联袂亮相上海车展，双方刚在不久前官宣重大合作项目——尚界。尚界是鸿蒙智 行的 "第五界"，也是首个定位 20 万元级主流市场、采用华为智选车合作模式的汽车品牌，今年 4 月 以来受到外界广泛关注。 余承东预测，尚界首款车上市后销量将 "大爆"，并要求上汽准备足够多的产能。上汽集团总裁贾健旭 则公开喊话 "All in 尚界"。他透露，上汽将拿出最好的资源支持尚界成功。目前，尚界已首期投入 60 亿元打造尚界超级工厂，组建超 5000 人尚界专属团队。 华为通过主导鸿蒙智行旗下各品牌的产品设计、定义，直接参与定价、营销及终端销售环节，已打造 出多款热销车型；上汽是中国连续 18 年新车销量排名第一的汽车集团，也曾长期位居中国车企出口 销量第一。伴随华为与上汽管理层在最近两周的频密互动，外界对于将在今年秋天上市的尚界首款车 型抱有期待，好奇此 ...

报道称微软再次放缓数据中心投资。 部分中国供应商按原价恢复向美国供货。 早前沃尔玛等美国大型零售商已经发出发货通知，愿意承担关税。据界面新闻报道，一些中国供应 商已经恢复向美国发货，仍按照加征关税之前的价格。但在竞争更激烈的服饰行业，有供应商收到 市场调研机构 Semianalysis 称，过去两个季度，微软放弃远超 2GW 的数据中心租赁合同。此外， 微软还在冻结 1.5GW 近期自建数据中心项目——这些项目原计划在 2025 年和 2026 年投入使用。 数据中心的功耗越大，算力越强。作为对比，马斯克旗下 xAI 建设的 20 万张 GPU 数据中心，功 耗大约 0.5 GW。该报告称，微软放缓数据中心投资与 OpenAI 转向与甲骨文合作、微软的 AI 服务 推广缓慢等因素有关。 保时捷称在华停售电动车是误读。 近日，有媒体报道称保时捷首席执行官奥博穆透露，"未来两到三年内，保时捷可能停止在中国市 场销售电动汽车。" 对此，保时捷 29 日在发给我们的回应中表示，"这是误读，保时捷在中国仍将 坚定不移地推进电动化进程，也将加快提供产品数智化本土解决方案。我们下一款纯电车型将是全 新的纯电动 Cayenn ...

惠州市德赛西威汽车电子股份有限公司 股票代码：002920 股票简称：德赛西威 惠州市德赛西威汽车电子股份有限公司 | 汇添富基金 | 王旭冉 | | --- | --- | | 天风资管 | 周春林 | | 天虫资管 | 刘琳 | | 华夏基金 | 胡斌 | | 华夏基金 | 郑晓辉 | | 华金自营 | 杨青松 | | 华金自营 | 黎国栋 | | 财通自营 | 郭琦 | | 平安证券 | 王跟海 | | 平安证券 | 王德安 | | 嘉实基金 | 蔡丞丰 | | 中航信托 | 韩伟琪 | | 长见投资 | 柯自超 | | 尚正基金 | 昌思遥 | | 中欧瑞博 | 周丹 | | 高毅资产 | 王彦玮 | | 华创自营 | 巩加美 | | 中邮基金 | 李沐曦 | | 天弘基金 | 杜昊 | | 华安证券 | 陈飞宇 | | 鹏华基金 | 王力 | | 永安国富 | 徐小明 | | 青骊投资 | 苏乐天 | | 富国基金 | 胡怀瑾 | | 中银基金 | 张响东 | | 万家基金 | 陈佳昀 | | 龙石资本 | 张钶 | | 宁银理财 | 潘亚洲 | | 财通资管 | 邓芳程 | | 申万证券 | 洪依 ...

Core Insights - Li Auto showcased new models at the Shanghai International Auto Show, including the Li MEGA Home Family Special Edition and upgraded versions of Li MEGA Ultra and Li L6 [1][8] Group 1: Product Launches - The Li MEGA Home Family Special Edition is priced at 559,800 yuan, while the Li MEGA Ultra is priced at 529,800 yuan, both available for order immediately [1] - The Li L6 Smart Upgrade version is priced between 249,800 and 279,800 yuan and is also available for pre-order [1] Group 2: Features and Innovations - The Li MEGA Home features zero-gravity rotating seats in the second row, enhancing family usability with various configurations for easy access and comfort [3] - The vehicle includes a new front-row silent electric door with a damping design and 11 pieces of double-layer laminated glass, improving noise reduction by 3.8 decibels at 40 km/h on concrete roads [3] - Both the Li MEGA Home and Li MEGA Ultra are equipped with the upgraded NVIDIA Thor-U chip, providing 700 TOPS of computing power for enhanced safety and intelligent driving experiences [3] Group 3: Li L6 Smart Upgrade - The Li L6 Smart Upgrade features ATL all-weather laser radar and upgraded AD Pro driving assistance, now compatible with Horizon Journey 6M chip for advanced driving capabilities [5] - The Li L6 Pro Smart Upgrade can stop from 120 km/h in front of an accident vehicle and includes an automatic emergency steering (AES) function for night driving scenarios [5] - New aesthetic options for the Li L6 include a special sky blue pearl paint and dual-tone interior choices, along with redesigned 20-inch and 21-inch wheels [5] Group 4: Software Development - Li Auto's self-developed operating system, "Li Star Ring OS," has begun to open source some modules, marking a step towards ecosystem collaboration [7]

"流量为王"，这是互联网兴起之后的新概念。这个理念认为，流量不仅代表了用户的关注度，还反映了用户的活跃度和忠诚度。一个平台或产品如果能 够持续吸引用户关注，并保持用户的活跃度和忠诚度，那么它就有可能在激烈的市场竞争中脱颖而出。 流量为王的理念进入汽车领域后，对汽车企业的市场宣传同样产生了深远的影响，在以往的北京、上海车展上，流量为王体现的淋漓尽致。 本次车展的一大显著特点是"去流量 重技术"。记者在各个展台参观，虽然也有模特站台，但不像以往那样仰仗模特吸引眼球。 由于工信部要求规范智驾宣传，不得过度宣传。在车展现场，记者也确实没有看到高阶智驾等字眼。在各个企业的发布会上，没有任何一家涉及违规字 眼。 车企在宣传上更加注重产品本身的技术实力，而非依赖流量明星或创始人IP。智能驾驶被重新定义为智能辅助驾驶，车企在宣传时更加严谨，强调 其"辅助"作用，并更加重视安全性的宣传。例如，多家车企发布了AI辅助驾驶安全训练营计划，旨在提升消费者对智能驾驶技术的信任度。这种回归展车本 质的做法，有助于消费者更理性地看待新能源汽车的技术进步。 利用媒体日的2天时间看完上海车展，脚步匆匆。每家各有特色的展台让人感觉愉悦，参展企业 ...