Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [2][38]. Core Insights - The automotive sector has shown a recent upward trend, with the Shenwan Automotive Index rising by 3.52% over the past two weeks, outperforming the CSI 300 Index by 1.47 percentage points [4][11]. - The report highlights the implementation of a new vehicle scrappage and replacement policy for 2026, which includes subsidies for purchasing new energy vehicles and fuel-efficient cars, aimed at boosting consumer confidence and sales [33][34]. - The report notes a significant decline in retail sales of passenger vehicles in December 2025, with a year-on-year decrease of 13%, indicating a cautious market sentiment as consumers await new subsidy policies [21][34]. Summary by Sections Automotive Industry Trends and Valuation Review - As of January 8, 2026, the Shenwan Automotive Index has increased by 1.49% since the beginning of the year, ranking 23rd among 31 industries [11][12]. - The automotive sub-sectors have also experienced growth, with the automotive parts sector rising by 4.66% and the motorcycle and other sectors increasing by 2.44% [13][14]. Industry Data Tracking - Raw material prices have seen increases, with steel prices up by 0.70%, aluminum by 6.95%, and lithium carbonate by 16.88% as of January 8, 2026 [18][19]. Industry News - The Ministry of Industry and Information Technology has initiated testing and safety evaluations for smart connected vehicles equipped with autonomous driving features [20]. - The Ministry of Commerce projects that 17.67 million vehicles will be scrapped from 2024 to 2025, with an annual growth rate of 45.8% [22]. Corporate News - Xiaomi's new electric vehicle, the SU7, is expected to launch in April 2026 [26]. - Desay SV plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence [28]. - Hesai Technology has been selected by NVIDIA as a lidar partner for its autonomous driving platform [30]. Investment Recommendations - The report suggests focusing on companies like BYD and Seres, which are expanding their overseas markets and benefiting from the increasing penetration of smart driving technologies [33][35].

Core Viewpoint - The Guangzhou Municipal Government has issued a plan to accelerate the construction of a strong advanced manufacturing city from 2024 to 2035, focusing on smart connected vehicles and intelligent transportation applications [1] Group 1: Smart Connected Vehicles - The plan supports the establishment of demonstration zones for smart connected vehicles based on broadband mobile internet [1] - It emphasizes the acceleration of the national 5G vehicle networking pilot zone construction [1] - The initiative includes the development of intelligent driving cockpit solutions and in-vehicle infotainment systems [1] Group 2: Autonomous Driving Applications - The plan encourages the public transportation sector to explore autonomous driving demonstration applications [1] - It aims to create world-class demonstration application cases in the field of autonomous driving [1] - The establishment of closed testing zones and several semi-open and fully open testing areas for smart connected vehicles is supported [1] Group 3: Road Testing and Advanced Systems - The plan promotes the acceleration of road testing for smart connected vehicles [1] - It supports the development of advanced driver assistance systems and tire pressure monitoring systems [1] - The initiative aims to enhance the overall infrastructure for intelligent transportation solutions [1]

Core Viewpoint - The Guangzhou Municipal Government has issued a plan to accelerate the construction of a strong advanced manufacturing city from 2024 to 2035, focusing on smart connected vehicles and intelligent transportation applications [1] Group 1: Smart Connected Vehicles - The plan supports the establishment of demonstration zones for smart connected vehicles based on broadband mobile internet [1] - It emphasizes the acceleration of the national 5G vehicle networking pilot zone construction [1] - The initiative includes the development of intelligent cockpit solutions and in-vehicle infotainment systems, as well as advanced driver assistance systems [1] Group 2: Autonomous Driving Applications - The plan encourages the public transportation sector to explore autonomous driving demonstration applications [1] - It aims to create world-class demonstration application cases in the field of autonomous driving [1] - The establishment of closed testing zones and several semi-open and fully open testing areas for smart connected vehicles is supported [1] Group 3: Road Testing and Development - The plan promotes the acceleration of road testing for smart connected vehicles [1] - It includes support for tire pressure monitoring and air conditioning control systems as part of the vehicle technology development [1]

2025年的中国车市，变革从未如此真切。这已非单一维度的技术迭代或市场洗牌，而是一场在政策规 范、资本重构、技术突破与安全底线之间，同步上演的多维博弈。 从智驾宣传的"去虚向实"，到供应链账期的"生态重塑"；从新央企的横空出世，到L3商业化的破冰启 航，每一个关键节点都藏着产业重构和转型的机遇。2025年车圈十大热点事件沿时间轴次第铺展，既见 证了传统车企的"腾笼换鸟"与造车新势力的逆势突围，也揭开了质量管控、技术适配等行业深层命题。 1、监管亮剑，智驾宣传告别"L2.999级"文字游戏 2025年4月16日，工信部装备一司召开专题推进会，要求车企明确系统功能边界和安全响应，不得进行 夸大和虚假宣传，严格履行告知义务。这给虚火的智驾宣传泼了一盆"冷水"，此后车企纷纷将"自动驾 驶""智驾"等模糊名词表述为"（组合）辅助驾驶"，也不再使用L2++、L2.999级等话术。 在此之前，"L2.999级""准L3"等模糊概念在市场大行其道，让消费者眼花缭乱，但也埋下安全隐患。监 管的重拳出击，直接戳中了行业"炫技内卷"的沉疴。车企宣传迅速"降温"，销售门店不再夸大功能，而 是主动厘清"辅助驾驶≠自动驾驶"的边界与责任 ...

Robotaxi 行业近况更新 20260107 摘要 自动驾驶路权开放加速，从上海临港等偏远地区扩展至浦东全域及闵行 部分区域，北京、广州、深圳、杭州等地亦有类似趋势，预计 2026 年 大规模铺开，为 Robotaxi 发展奠定基础。 平台资质收紧，科技平台需通过当地网约车或出租车平台申请示范运营 牌照，如上海要求锦江、强生等企业申请，深圳仅发放给当地出租车公 司，限制了科技平台直接运营盈利的可能性。 智能网联汽车牌照考核分为道路测试、示范应用和示范运营三个阶段， 共 12 种类型，并逐步向区域融合发展，如成都重庆互认，苏州认可上 海牌照，简化了跨区域运营流程。 Robotaxi 技术路线分为高精地图、清图/无图和纯视觉端到端方案，各 有优劣。高精地图方案技术成熟但成本高，清图方案降低测绘成本但算 法复杂，纯视觉方案更接近人类驾驶体验。 国内 Robotaxi 市场参与者分为技术公司（如萝卜快跑、小马智行）、 主机厂平台（如 T3 出行、曹操出行）和流量平台（如滴滴、高德）， 各阵营在成本、技术和数据方面各有优势。 Q&A 2026 年在 L4 和 L3 自动驾驶领域的政策和企业进展情况如何？ 2025 ...

近日，旗芯微半导体新一代功能安全ASIL D等级控制器FC7300F4MDS已顺利完成全流 程测试，计划于2026年2月正式向客户提供样品。该产品的推出进一步完善了FC7300系列的 产品布局，标志着旗芯微在智能网联汽车核心计算领域的技术落地能力再获突破。 作为汽车功能安全的最高等级，ASIL D认证是安全关键型汽车电子部件的核心准入标 准，广泛适用于电子助力转向（EPS）、自动紧急制动（AEB）等直接影响行车安全的场 景。FC7300F4MDS精准聚焦这类高要求应用，目标覆盖EPS、电池管理系统（BMS）、整 车控制器（VCU）、车载终端（T-box）、AEB、悬架控制等核心场景，全面适配"中央计算 +区域控制"的整车架构演进需求。 硬件与外设升级：适配多场景灵活部署 FC7300F4MDS在硬件配置上实现多重突破，新增SSI接口与增强型PWM模块eFTU等关 键外设。其中，eFTU模块支持TIM、ATOM、DTM等多功能集成，SSI接口可兼容多种协议 的轮速传感器，包括AK协议解码功能，满足复杂传感数据采集需求。 产品具备灵活的SRAM分配能力，可根据不同应用场景自定义TCM（紧耦合存储器）与 公共RAM ...

按照办法，省工业和信息化厅牵头推进智能网联汽车产业发展，定期召开会议，协调处理日常事 务；省公安厅交通管理部门负责智能网联汽车道路交通安全管理工作；省交通运输厅负责智能网联汽车 道路运输相关管理工作。 办法明确了申报主体、安全员和车辆需要具备的基本条件，以及智能网联汽车道路测试与示范应用 的三个主要阶段。第一阶段为道路测试阶段，车辆在测试道路进行自动驾驶功能测试活动，其中，市内 测试道路由市相关部门确认后报省级备案，跨市测试道路由省相关部门确认；第二阶段为示范应用阶 段，车辆以自动驾驶模式进行合计不少于240小时或不少于1000公里的道路测试后，可申请在测试道路 进行载人载物运行活动；第三阶段为示范运营阶段，车辆以自动驾驶模式进行合计不少于240小时或不 少于1000公里的示范应用，且示范运营主体在全国范围内累计开展不少于10万公里的示范应用或道路测 试，或已在我省开展总里程不少于5万公里的示范应用或道路测试，可申请在测试道路开展载人载货或 者特定场景作业的市场化收费行为。办法同时还明确了道路测试、示范应用和示范运营过程管理的相关 要求，道路测试与示范主体及车辆应遵守的规定，违规处罚，以及发生交通违法或交通事 ...

工信部公开征求《智能网联汽车 自动泊车系统安全要求》等7项强制性国家标准制修订计划项目意见 工业和信息化部科技司1月7日发布关于公开征求《智能网联汽车 自动泊车系统安全要求》等7项强制性 国家标准制修订计划项目意见的公示。公示时间为2026年1月8日至2026年1月13日。 乘联分会：12月全国乘用车市场零售229.6万辆，同比下降13% 1月7日，乘联分会数据显示，初步统计，12月1-31日，全国乘用车市场零售229.6万辆，同比去年同期 下降13%，较上月增长3%，今年以来累计零售2,377.9万辆，同比增长4%；12月1-31日，全国乘用车厂 商批发275.9万辆，同比去年同期下降10%，较上月下降8%，今年以来累计批发2,952.4万辆，同比去年 同期增长9%。 小米汽车：新一代SU7预售价22.99万元起 据小米汽车消息，新一代SU7预计2026年4月上市。小订现已开启，预售价22.99万元起。 雷军：改款小米SU7做不到"加量不加价" 1月7日晚，针对改款小米SU7预售价较上代产品涨价至高1.4万元，小米创办人、董事长兼CEO雷军在 直播中回应称，正式售价不太可能下调1-2万。"我们真的没有能力在 ...

Group 1 - The core viewpoint highlights the significant growth potential in the smart connected vehicle market, targeting a market size of 11.5 billion by 2030, with a critical period identified between 2025 and 2026 [1] - The solid-state battery sector is experiencing a global race for dominance, with key milestones set for equipment specification in 2026 and mass production in 2027, indicating three main investment themes [1] - A price increase of 60% by overseas giants has sparked a bullish trend in the storage chip market, confirming the ongoing prosperity cycle [1] - NVIDIA is intensifying its investment in autonomous driving, leading to a potential revaluation of the industry chain [1]

天眼查显示，北京智驭科技有限公司于2025年12月29日成立，注册资本为300万元，主要经营业务包括人工智能应用软件开发、人工智能基 础软件开发、人工智能行业应用系统集成服务、智能车载设备制造、汽车零配件批发、汽车零配件零售、电子元器件批发等。 | 工商信息 历史工商信息0 | | | | | | 미 导出 | | --- | --- | --- | --- | --- | --- | --- | | 企业名称 | 北京智歌科技有限公司 | | | | | | | 法定代表人 | + 干磊 x 关联企业 39 | 登记状态 2 | 存续 | 天眼评分 ⑦ | 63 # | | | | | 成立日期 | 2025-12-29 | | | | | 统一社会信用代码 ⑦ | 91110108MAK482E3X3 | 注册登本 (2 | 300万人民币 | 年增后本 | | | | 工商注册号 | 110108046527231 | 纳税人识别号 ② | 91110108MAK482E3X3 | 组织机构代码 ② | MAK482E3-X | | | 菅业期限 | 2025-12-29 至 无固定期限 | 纳税人资质 ...