行 业 研 究 2025 年 06 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-06 2024-10 2025-02 汽车 沪深300 相关研究报告 《限定场景 L4 热潮起，自动驾驶逻辑 持续演绎—行业点评报告》-2025.5.29 《关注智驾商业落地及优质主机厂和 零部件公司 — 汽 车 行 业 周 报 》 -2025.5.25 《上海车展回顾——智能化普及，机 器人崛起—汽车行业周报》-2025.4.27 整车竞争加剧，智驾有望构筑差异化竞争力 ——行业周报 | 赵旭杨（分析师） | 徐剑峰（联系人） | 王镇涛（联系人） | | --- | --- | --- | | zhaoxuyang@kysec.cn | xujianfeng@kysec.cn | wangzhentao@kysec.cn | | 证书编号：S0790523090002 | 证书编号：S0790123070014 | 证书编号：S0790124070021 | 本周观点：关注智驾商业落地及优质主机厂和零部件公司 （1）车企开启新一轮价格调整 ...

Core Viewpoint - The newly drafted mandatory national standard for Automatic Emergency Braking (AEB) systems will replace the existing recommended standard, expanding its applicability to M1 (passenger cars, SUVs, MPVs) and N1 (light commercial vehicles) categories, benefiting companies with AEB development capabilities and safety technology experience [1][2]. Group 1: Industry Impact - The new standard addresses the issue of "pseudo AEB" in the industry, raising the bar for suppliers regarding technical development, product reliability, cost control, and mass production capabilities [2]. - Performance standards require AEB systems in passenger vehicles to prevent collisions with stationary vehicles at speeds up to 60 km/h and with crossing pedestrians at speeds up to 40 km/h [2]. - The standard introduces new recognition requirements for vulnerable road users, mandating AEB systems to identify and respond to pedestrians, bicycles, and two-wheeled vehicles within a speed range of 20-60 km/h [2]. Group 2: Technological Advancement - AEB is evolving from a standalone safety feature to a core component of the intelligent driving ecosystem, with companies like Huawei and XPeng integrating AEB with other driving assistance technologies [3]. - The implementation of the AEB standard is expected to create significant opportunities for core component suppliers, with the global AEB market projected to reach 3.3 trillion yuan by 2024 [3]. - The introduction of the AEB standard will accelerate the internationalization of automotive safety technology in China, shifting the industry focus from "passive safety" to "active safety" and transforming vehicles from mere transportation tools to intelligent terminals [3].

Core Viewpoint - The rise of fake car insurance has become a significant concern, particularly for electric vehicle owners, who may confuse service products with legitimate insurance policies [1][3][4] Group 1: Identification of Fake Insurance - Fake car insurance often uses terms like "guarantee" or "service" instead of "insurance," and the premiums are significantly lower than standard car insurance [3][4] - Many consumers have mistakenly believed that service products, such as "motor vehicle loss guarantee," are legitimate insurance, leading to denied claims when seeking compensation [3][4] - The contracts associated with these fake products are not legally recognized as insurance contracts and lack the protections afforded by insurance law, increasing the risk of claim denial [3][4][5] Group 2: Consumer Awareness and Identification - Consumers should be vigilant and recognize that legitimate insurance policies are issued by licensed insurance companies, while fake policies often come from service or logistics companies [4][5] - Payment for legitimate insurance is made to the insurance company's official account, whereas fake insurance may involve payments to non-insurance entities or individuals [4][5] - Verification of insurance policies can be done through official channels or apps, which is not possible with fake policies [4][5] Group 3: Regulatory and Industry Response - Regulatory bodies need to enhance qualification reviews and legal frameworks to combat illegal operations in the insurance sector [6] - The insurance industry should promote self-regulation and improve consumer education to enhance risk identification capabilities [6] - The introduction of the "Car Insurance Easy to Insure" platform aims to facilitate the insurance process for electric vehicle owners, ensuring they can access legitimate insurance options [8] Group 4: Innovations in Insurance Products - Electric vehicle manufacturers are increasingly integrating insurance services into their business models, offering unique products that combine insurance with additional services [9][10] - Companies like BYD and NIO are developing innovative insurance products that leverage their technological advantages and provide comprehensive coverage [9][10] - Despite the advancements, challenges remain in defining responsibilities, data availability, and consumer understanding, necessitating collaboration and talent development within the industry [10]

Group 1: Revenue Growth and Performance - The company's revenue growth in 2024 and Q1 2025 is primarily driven by product structure optimization and increased value per vehicle [1] - Profit growth is attributed to effective cost control, leading to a decrease in expense ratio relative to revenue [2] - The company maintains a strong outlook for sustainable growth, focusing on smart and electric technology routes [2] Group 2: Production and Technology Development - The company has solid technical reserves in steer-by-wire technology and is progressing with several mainstream automakers, with some projects expected to be mass-produced by 2026 [2] - The steering industry is undergoing a competitive restructuring due to the acceleration of vehicle electrification and intelligence [2] - The company plans to enhance R&D investment to strengthen its position in the smart steering sector [2] Group 3: Market Expansion and Client Base - The company is actively expanding its international market presence and is in the process of qualification certification with several well-known international automakers [2] - Major clients in the passenger vehicle sector include traditional automakers like Chery and Geely, as well as new players like NIO and Li Auto [3] - The company is optimistic about revenue growth in 2025, driven by increasing penetration of new energy vehicles and demand for intelligent steering systems [3] Group 4: Future Product Launches and Collaborations - New production capacity in 2025 will focus on electric steering columns and R-EPS [3] - The company is engaged in technical exchanges for steering technology with various clients in the unmanned logistics vehicle sector [3] - The company has developed technology reserves in rear-wheel steering, with projects expected to be mass-produced by 2026 [3]

Group 1 - The electric G-Class from Mercedes-Benz has been acknowledged as a commercial failure, with high inventory levels at dealerships [1][4] - As of April this year, only 1,450 units of the electric G-Class have been sold, with China and South Korea each accounting for around 50 units [4] - In contrast, the sales of fuel and diesel versions reached 9,700 units, indicating a significant preference for traditional models over the electric variant [5][6] Group 2 - Despite the poor sales of the electric G-Class, the traditional G-Class continues to perform well, with a projected 18% increase in sales for Q1 2025 compared to the previous year [7] - The electric G-Class is technically capable off-road, featuring independent motors for precise torque control and improved water wading depth compared to fuel versions [24][26] - However, the emotional appeal and brand heritage associated with the traditional fuel-powered G-Class are critical factors influencing consumer preferences, as luxury car buyers value brand history and cultural significance [28][29] Group 3 - The luxury car market is increasingly competitive, with domestic brands in China offering advanced technologies that challenge traditional luxury automakers [32][36] - The shift towards electric vehicles raises questions about whether the historical prestige of brands like Mercedes-Benz can justify the high price points of their electric models [37][38] - Brands like Ferrari are opting for hybrid technologies instead of fully electric models, indicating a strategic approach to maintaining their luxury status while adapting to market trends [39]

Core Viewpoint - The introduction of a mandatory national standard for "Intelligent Connected Vehicle Combination Driving Assistance Systems" is expected to regulate the industry and promote healthy development in the smart driving sector [3][4][6]. Group 1: National Standard Announcement - The national standard project for "Intelligent Connected Vehicle Combination Driving Assistance Systems" has been proposed by the Ministry of Industry and Information Technology and is set to be executed by the National Automotive Standardization Technical Committee [3]. - The standard will apply to M and N category vehicles equipped with combination driving assistance systems, covering technical requirements such as motion control, driver state monitoring, system detection capabilities, and safety requirements [3][4]. Group 2: Industry Impact - The introduction of this standard is seen as a shift from "barbaric growth" to a dual-driven phase of "technology + compliance," fundamentally restructuring the competitive landscape of the automotive industry [4][6]. - As of 2023, the penetration rate of L2-level (combination driving assistance systems) in new energy passenger vehicles has reached 55.3%, with expectations to exceed 60% in 2024 [4]. Group 3: Addressing Misleading Promotions - The standard aims to mitigate the confusion caused by exaggerated marketing claims in the smart driving sector, which has led to consumer skepticism and safety concerns [4][5]. - Regulatory bodies have initiated measures to curb misleading advertising, emphasizing the need for automotive manufacturers to clarify system functionalities and adhere to safety protocols [6][7]. Group 4: Expert Opinions - Industry experts advocate for the standard to focus on core safety requirements while allowing flexibility for different technological paths [4]. - The consensus among experts is that clear standards will enhance consumer confidence and provide a framework for responsible marketing practices in the automotive sector [5][7].

螺旋实验室 . 公众情绪瞭望者 以下文章来源于螺旋实验室 ，作者螺旋君 来源丨 螺旋实验室（ID：spiral_lab） 作者丨 追命 编辑丨 坚果 图源丨Midjourney "中国 汽车产业的恒大已经存在 "。近日， 长城汽车董事长魏建军 的一番发言， 在汽车圈激起 了 千层浪 ，矛头直指近两年车圈的价格战。 魏建军在接受访问中指出， 纯电动车亏损严重，难以形成商业闭环 ，这是如今的 产业困境 。他直 言， "什么样的工业产品能降10万元还得到质量保证？" 事实上，魏建军近年已经不止一次呼吁 "反内卷"，他认为 过度的价格竞争只会导致恶性循环，对于 企业正常的发展而言，必须有合理的利润 。 在商业世界里，没有一家企业不是奔着 "盈利"的目标入场的。但过去两年，已有数十家车企倒下， 市场 竞争愈发激烈， " 价格战 "成为 了车企们无奈却又不得不选择的 "武器"，试图通过降价来抢占 有限的市场份额，缓解库存压力。 只不过，当人人都拾起 "低价武器"，与其喊话让市场"停一停，等一等"，当下如何跟上市场节奏， 反而才是车企当下最着急的命题。 立下盈利军令状 苦于车圈价格战的，并不只有魏建军一位。近日，小鹏汽车董 ...

6月6日，比亚迪2024年度股东会在深圳坪山区比亚迪全球总部举行。与去年相比，今年比亚 迪股东们参会热情更高，参会人数创下历史新高。会议开始前半小时，主会场已座无虚席， 公司还在其他会议室增设了两个分会场。 黎灵希 摄 近年来，比亚迪持续加码在新能源汽车智能化领域的投入。今年2月，公司发布"天神之眼"智 能驾驶辅助系统技术矩阵，并表示将全系搭载"天神之眼"高阶智驾系统。 比亚迪董事长王传福携高管团队在现场与参会股东展开交流。针对股东关注的比亚迪在智能 化、高端化以及海外市场方面的布局情况，王传福一一作出回应。 王传福表示，当前，新能源汽车电动化上半场和智能化下半场在交替演进。电动化的上半场 仍有遗憾待解决，比如充电速度比加油慢，电池低温性能没有达到燃油车的程度，而智能化 的下半场才刚开始。 "未来3年，比亚迪每年都会推出重磅核心技术，每一场发布会都将解决一个大问题。"王传福 说。 谈智驾：将安全置于首要位置 股东大会上，谈及智能驾驶时，王传福多次提到"安全"一词。他表示，如何保证安全是发展 智能驾驶的第一要务，其次才是替代人类驾驶。比亚迪始终将安全置于首要位置，相信只要 把安全做到极致，最终自会获得消费者的选 ...

此前传闻一汽对卓驭的投资，还在推进，双方暂未达成控股方案。 文 丨 郭瑞婵 编辑 丨 龚方毅 一位熟悉卓驭的知情人士告诉我们，目前 32TOPS 算力方案被频繁用来与更高算力的方案做对比，产 品力已稍显不足，下半年会对该方案做更多优化，增强竞争力。 我们独家获悉，卓驭科技（原大疆车载）对外融资近期取得新进展，增加北汽产投与广汽资 本两大投资方，合计金额达数亿元。 同时，卓驭还在持续洽谈其他融资事项，此前曾传出一汽拟控股卓驭，据我们了解，双方仍在 接触，但目前并未就该方案达成一致，其投资事宜还在推进中，一汽的投资占比也尚未敲定。 作为头部智驾方案供应商，卓驭开放的投资机会颇受一级市场关注。卓驭于 2023 年从大疆创新分 拆，2024 年正式以 "卓驭" 为品牌命名独立运营，并引入外部资本。 截至今年早些时候，先后获得比亚迪、上汽恒旭资本、国投招商、基石资本、光远资本等车企与机构 的投资。据我们了解，加上近期引入的北汽产投，卓驭累计融资超 25 亿元。 针对以上信息，卓驭回复我们表示，一切以官方披露为准。 卓驭以低算力、双目视觉方案起家，借助软硬一体化布局的优势，卓驭在 32TOPS 算力芯片上实现了 高速领航 ...

Group 1 - The year has been dramatic for the automotive industry, with a shift from enthusiasm for "intelligent driving equality" to stricter regulations following several high-profile accidents [1] - The founder of Horizon, Yu Kai, believes that regulations will lead to healthier industry development, comparing it to how high-speed trains operate on tracks [1] - The initial wave of "intelligent driving equality" saw major companies like BYD and Changan Automotive promoting advanced driving features, but this enthusiasm has since cooled due to regulatory pressures [1] Group 2 - Yu Kai acknowledges that while intelligent driving features are not yet deeply ingrained in consumer consciousness, he remains optimistic about their future adoption within the next few years [2] - The real-world testing of vehicles like the M8 and M9 by Seres demonstrated the limitations of intelligent driving systems on unstructured roads, yet also highlighted their improved adaptability [2] Group 3 - Chinese automotive companies are recognized for their leading position in intelligent driving, with increasing market share in Europe, as noted by Audi China’s president [3] - The challenges of expanding intelligent driving systems internationally include complex data management and regulatory requirements, which may increase costs for companies [3] - Horizon is actively working with OEMs to meet the diverse requirements of future target markets, indicating a commitment to overcoming these challenges [3] Group 4 - Changan Automotive is heavily investing in intelligent technology, with a commitment of 600 billion yuan and plans to expand its software team significantly [4] - The company views intelligent technology as the true future of the automotive industry, beyond just new energy vehicles [4] - Changan's SDA platform is not only for internal use but is also open to international car manufacturers, emphasizing the importance of technology sharing [4]