Core Viewpoint - The sale of deceptive accessories that bypass vehicle safety monitoring systems poses significant risks to both drivers and other road users, prompting calls for stricter regulations and consumer awareness [1][9][10]. Group 1: Safety Concerns - Tesla's VP highlighted the dangers of third-party products like "seat belt extenders" and "steering wheel weight blocks" that allow drivers to circumvent safety features [1][3]. - These products can lead to distracted driving and increase the likelihood of accidents, as they enable drivers to disengage from necessary vehicle controls [7][9]. - Experts emphasize that existing technology can effectively monitor driver behavior, but the use of such deceptive accessories undermines these safety measures [3][7]. Group 2: Regulatory and Legal Implications - The sale of these "cheating devices" is not only unsafe but also potentially illegal, with severe penalties for manufacturers and sellers if accidents occur due to their use [10][11]. - E-commerce platforms are urged to take responsibility for the products sold on their sites, ensuring they do not endanger consumer safety [11][12]. - Legal frameworks exist to penalize those involved in the production, sale, or use of these dangerous accessories, including potential imprisonment and fines [10][11]. Group 3: Industry Response and Recommendations - Industry leaders are calling for a halt to the sale of products that compromise road safety, urging consumers to prioritize their safety and adhere to traffic regulations [9][10]. - There is a need for car manufacturers to effectively communicate the risks associated with these deceptive products to consumers [10]. - The automotive industry continues to develop advanced driver-assistance systems, but the responsibility for safe driving ultimately lies with the driver [8][9].

乘用车Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 新能源驱动业绩扭亏，关注新车表现 ——赛力斯(601127)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-15) | 收盘价(元) | 134.40 | | --- | --- | | 一年内最高/最低(元) | 144.75/71.36 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.55 | | 流通市值(亿元) | 2,029.15 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.12 | | 每股经营现金流(元) | 14.91 | | 毛利率(%) | 26.15 | | 净资产收益率_摊薄(%) | 48.48 | | 资产负债率(%) | 87.38 | | 总股本/流通股(万股) | 163,336.61/150,978.2 | | | 2 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -18% -6 ...

Investment Rating - The report does not provide a specific investment rating for the industry or company involved Core Insights - The incident involving the Xiaomi SU7 electric vehicle has raised significant public concern regarding the safety of electric vehicles and the reliability of intelligent driving systems [2][3] - The report analyzes public sentiment on social media platforms, particularly Weibo and Douyin, to understand the attitudes and emotional responses of the public towards the incident [3][8] Summary by Sections Incident Overview - On March 29, 2025, a Xiaomi SU7 electric vehicle experienced a severe accident and subsequently caught fire, resulting in the tragic loss of three lives [2][4] - The vehicle was operating in Navigate on Autopilot (NOA) mode at a speed of 116 km/h when it encountered an obstacle and ultimately collided with a concrete barrier [2][4] Public Sentiment Analysis - The incident quickly gained traction on social media, with Weibo seeing a peak in discussions and readings exceeding 50 million on April 1, 2025, following Xiaomi's official response [8] - Douyin also saw a surge in video views and interactions, particularly after media coverage intensified on April 1 [9][10] Sentiment Distribution - On Weibo, ordinary users accounted for over 70% of discussions, expressing concerns about the safety of Xiaomi vehicles and the effectiveness of the intelligent driving system [12] - On Douyin, user-generated content made up 40% of the videos, reflecting a wide range of opinions, from criticism of Xiaomi to support for the brand [15] User Opinions Analysis - A significant portion of netizens expressed skepticism about the safety and reliability of Xiaomi's vehicles, particularly regarding the performance of the intelligent driving system during the accident [18] - Some users defended Xiaomi, arguing that one incident should not overshadow the company's overall efforts and advancements in the automotive sector [20] Rational Discussion - Many users called for a rational approach to the incident, emphasizing the need to await official investigations before drawing conclusions [22] - Discussions also focused on the broader implications for the electric vehicle industry, highlighting the need for improved safety standards and transparency in data reporting [23]

Core Insights - The domestic "new car manufacturing" sector is undergoing a reshuffle, with sales dynamics changing significantly in March 2025, as new players vie for market share [1][3] - Li Auto's sales have been surpassed by Leap Motor, which achieved a monthly sales record of 37,000 units, while AITO's sales have dropped over 40% year-on-year, pushing it out of the top tier [1][3] Sales Performance - AITO's sales have seen a significant decline, with Q1 2025 sales dropping by 46.31% year-on-year, and March sales falling by 45.19% to approximately 13,700 units [3][5] - The M9 model, which is a key product for AITO, has also experienced a drop in sales, with January and February 2025 sales at 12,500 and 5,242 units respectively, compared to over 16,000 units in late 2024 [5][6] Competitive Landscape - The high-end SUV market is becoming increasingly competitive, with AITO facing challenges from rivals like Li Auto's L9 and NIO's ES8, as well as new entrants [6][7] - The trend of "intelligent driving" and price wars is reshaping the domestic electric vehicle market, with AITO's unique selling proposition of "Huawei Intelligent Driving" losing its exclusivity as competitors adopt similar technologies [7][8] Market Trends - The market is shifting towards more affordable electric vehicles, with predictions indicating that models priced between 150,000 and 250,000 yuan will capture about 60% of the market share by 2030 [6][9] - The competitive landscape is evolving, with companies like BYD and Xpeng also entering the lower price segments, intensifying competition for AITO [8][9]

Key Points - Xiaomi's SU7 faced a significant challenge due to a serious traffic accident, leading to a market value loss of 80 billion HKD, with shares dropping by 5.49% on the day of the incident [1][2] - The accident occurred on March 29, with the vehicle in NOA (Navigation on Autopilot) mode at a speed of 116 km/h, which later reduced to approximately 97 km/h before the collision [1][2] - Xiaomi's CEO Lei Jun stated that the company will not avoid the situation and will cooperate fully with the police investigation [2] Industry Performance - In March, new energy vehicle brands such as Leap Motor, Li Auto, Aion, and XPeng all surpassed 30,000 units in sales, with Leap Motor achieving a 47% month-on-month increase [3] - XPeng's cumulative deliveries reached 94,008 units in the first quarter, with a target of 350,000 units for 2025, achieving a completion rate of 26.86% [4] - Xiaomi's sales in March reached a record high of 29,000 units, indicating strong market performance despite the recent crisis [6] Competitor Developments - Li Auto restructured its sales system into five major "battle zones" to enhance sales performance amid pressure to meet its annual target of 700,000 units [5] - BYD reported March sales of 377,420 units, a year-on-year increase of 24.8%, with significant growth in overseas sales [7] - Chery Group's March sales reached 214,770 units, marking an 18.3% year-on-year increase, while Great Wall Motors experienced a slight decline in sales [8] Financial Movements - Seres Automotive increased its registered capital from approximately 100.84 billion RMB to about 103.05 billion RMB, indicating financial growth [9] - XPeng Heavens secured a 1.26 billion RMB syndicated loan for the construction of its flying car manufacturing base, marking a significant investment in the flying car sector [12][13] Strategic Collaborations - NIO Energy partnered with Changsha Economic Development Group to build 100 integrated energy stations in Hunan Province, enhancing its charging infrastructure [10][11] - Renault-Nissan Alliance announced strategic collaborations, including Renault's full acquisition of Renault-Nissan India, aiming to boost production capacity [16] Technological Advancements - Tesla's Berlin factory achieved a milestone with the production of its 500,000th Model Y, contributing significantly to its global production network [14][15] - OpenAI completed a record $40 billion financing round, aiming to enhance AI research and infrastructure [17][18][19] - Runway launched its Gen-4 AI video generation model, noted for its high fidelity and consistency in video scenes [20]

撰文 / 周 洲 设计 / 师 超 三点式安全带被沃尔沃汽车正式发明以前，汽车被称作"寡妇制造机"。 60多年后的信息时代，从智能辅助驾驶到自动驾驶的进阶路上，又出现了血的教训。 3月29日晚23点左右，一辆标准版小米SU7 在G0321德上高速池祁段（祁门往枞阳方向）撞击中分带新泽西护栏后 燃爆 。由于火势迅猛，三位相约一起 到安徽池州参加第二天上午的招考考试的武汉某大学的大四女生，均不幸遇难。 4月1日，雷军发微博 代表小米承诺"无论发生什么，小米都不会回避"。 一边是悲痛欲绝的家属，一边是主动站出来的雷军，底下是吵成一锅粥的网友。 有人觉得驾驶人开夜路、自己分心要负全责，有人觉得是车企高阶智驾夸大宣传误导消费者害人不浅。 这起严重事故对热炒的全民智驶，浇了一盆冷水。 近两年掀起的高阶智驾潮，听起来高级又模糊。 部分车企提供智能驾驶功能时候，会允许驾驶员长时间放开方向盘，高速状态下长距离行驶，实际上是默许驾驶员以不安全方式驾驶汽车。 网络上还流传着某品牌的车主睡着了，车子自己开到家的视频段子。还有一些车主自己跑到后座躺平看电视、让车辆在高速上自己开。 这些拿生命当儿戏的反智视频，应引起消费者的警惕和分辨。 ...

危险往往可能发生在你最信任对方的时候。 文 丨 陈晶 赵宇 郭瑞婵 王笑渔 魏冰 制图 丨 黄帧昕 编辑 丨 王姗姗 龚方毅 罗复（化名）最后一次看到女儿好端端的样子，来自一段由高速路上的高清摄像头抓拍到的画面：当 时坐在司机位置的女儿，目视前方，既没有玩手机也没有和身边人聊天。 十几秒钟后，在距离那个高清摄像头大约 500 米远的地方，这个 23 岁的女孩驾驶着一辆小米 SU7 标 准版，撞上了因同侧道路封闭施工而临时设置改道口的隔离水泥桩，导致车辆严重受损并起火，女孩 和车内的另外两个同伴不幸遇难。 3 月 30 日，安徽省铜陵市高速交警队的一名交警出于辨认证据的需要，向罗复出示了这张照片。紧接 着，交警手指一滑，罗复猝不及防看到了令他触目惊心的下一张照片，是女儿在车内被大火烧至碳化 的躯体。 小米公司于 4 月 1 日中午就该事故首次对外发布声明，基于系统后台数据，列举出一条与事故相关的 时间线，其中最关键的两个时点分别是：司机在车祸发生前 17 分钟启动了 NOA（注：Navigate on Autopilot，即导航辅助驾驶）服务，彼时车速为 116km/h ；在即将撞上水泥护栏前 1-3 秒，NO ...

雷军和小米汽车回应小米 SU7 高速交通事故。 4 月 1 日，小米公司发言人微博表示，2025 年 3 月 29 日 22 时 44 分，一辆小米 SU7 标准版在德上 高速公路池祁段行驶过程中遭遇严重交通事故，并造成 3 人死亡。据初步了解，事故发生前车辆处 于 NOA 智能辅助驾驶状态，以 116km/h 时速持续行驶。 据小米汽车公告，事发路段因施工修缮，用路障封闭自车道、改道至逆向车道。车辆检测出障碍物 后发出提醒并开始减速。约 1 秒后，驾驶员接管车辆进入人驾状态，NOA 功能退出。驾驶员持续 减速并操控车辆转向，随后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。 4 月 1 日晚间，小米汽车发布公告，称基于目前已知情况，仅能确定事故车起火并非自燃，推测系 猛烈撞击隔离带水泥桩后，整车系统严重受损导致，并表示由于尚未接触到事故车辆，暂时无法进 一步分析起火原因，以及事故时车门是否可以打开。雷军也首次公开回应此事，称 "代表小米承 诺：无论发生什么，小米都不会回避，我们将持续配合警方调查，跟进事情处理的进展，并尽最大 努力回应家属和社会关心的问题。" OpenAI 向免 ...

Core Viewpoint - The incident involving the Xiaomi SU7 electric vehicle, which resulted in the deaths of three individuals, has raised significant concerns regarding the vehicle's safety features and the company's response to the tragedy [5][6][9]. Group 1: Incident Details - The accident occurred on March 29, 2023, on the De Shang Expressway, where a Xiaomi SU7 was involved in a collision that led to a fire, resulting in three fatalities [5][6]. - The vehicle was reportedly in NOA (Navigation on Autopilot) mode before the driver took control and crashed into a concrete barrier at an estimated speed of 97 km/h [5][6]. - Eyewitness accounts indicate that the vehicle's doors were locked and could not be opened during the fire, complicating escape efforts for the occupants [9]. Group 2: Company Response - Xiaomi has stated that a special task force has been established to assist in the investigation and to communicate with the families of the victims, although family members report no contact from the company as of yet [3][5]. - The company has not addressed specific concerns raised by the public regarding the vehicle's door locking mechanism during power failure [5][9]. - Xiaomi's customer service indicated that there is an emergency mechanical release for the doors, but it remains unclear if this was communicated to customers at the time of sale [9][12]. Group 3: Government and Investigation - The local government in Tongling has formed a special investigation team to look into the accident, and the police are currently verifying details of the incident [7][12]. - The police have not yet released a detailed report on the accident, citing the need to secure evidence before making information public [3][5].

Industry Information - As of March 14, approximately 1.3 million applications for the 2025 vehicle trade-in subsidy have been received nationwide [4] - In January-February, the production of new energy vehicles in Beijing increased by 2.5 times [10] - Jiangsu has established an innovative consortium for the recycling of new energy power batteries [8] - CATL is developing a second-generation sodium battery with performance close to lithium iron phosphate [8] - The global market share of CATL's power batteries reached 37.9% in 2024 [10] - The total revenue of CATL in 2024 was 362 billion yuan, with a net profit of 50.7 billion yuan [10] Policy Information - The central government has increased support for the trade-in of consumer goods, extending the automotive consumption chain [4] - Zhejiang province supports the replacement of vehicles, with a maximum subsidy of 15,000 yuan per new energy vehicle [4] Company Information - Xiaomi's electric vehicle deliveries have reached 200,000 units, with a target of 350,000 units for 2025 [21][23] - BYD has entered the South Korean market and has become a formal member of the Korean Automobile Importers and Distributors Association [22] - NIO's third brand, Firefly, will launch its first model on April 19, integrating into NIO's battery swap system [27] - Li Auto has issued nearly 20 million shares for employee incentives, valued at approximately 1.89 billion yuan [26] - Xpeng Motors reported a revenue of 40.87 billion yuan for 2024, with a fourth-quarter revenue of 16.11 billion yuan [23]