Core Viewpoint - The automotive industry is shifting from reliance on NVIDIA's chips to self-developed solutions, as companies like Xiaopeng and NIO are moving towards their own chip development to reduce costs and enhance performance [2][5][20]. Group 1: Market Dynamics - Xiaopeng has released four new models equipped with its self-developed Turing driving chip, marking a complete departure from NVIDIA's chips [2]. - NIO is transitioning to its self-developed Shenqi chip, which is expected to significantly reduce costs compared to purchasing NVIDIA chips [2][8]. - NVIDIA's market share in China's high-end driving chip sector is projected to decline from 39% in 2024 to 25% in 2025, indicating a significant shift in the competitive landscape [2][9]. Group 2: Competitive Landscape - In 2024, NVIDIA's Orin-X chip held a 39.8% market share with 2.1 million units, but competitors like Horizon are gaining ground with lower-cost alternatives [5][6]. - Horizon's J5 chip has secured contracts with over nine automakers, including major brands like BYD and SAIC, highlighting the increasing competition in the market [6][9]. - By 2025, NVIDIA's partnerships with major clients like NIO and Xiaopeng have diminished, indicating a loss of influence in the market [6][8]. Group 3: Financial Performance - In the first three quarters of fiscal year 2025, NVIDIA reported $147.8 billion in total revenue, with only $1.7 billion (approximately 1%) coming from automotive business, underscoring the limited impact of automotive sales on overall performance [14][16]. - The automotive segment's revenue is significantly overshadowed by NVIDIA's data center business, which accounts for nearly 90% of its income [14][16]. Group 4: Future Outlook - NVIDIA is attempting to pivot from being a chip supplier to a comprehensive smart driving solution provider, but this transition faces challenges as competitors strengthen their positions [20]. - The launch of NVIDIA's open-source VLA model, aimed at assisting automakers lacking full-stack development capabilities, reflects its strategy to maintain relevance in the evolving market [20][21]. - However, the practical utility of the VLA model has been questioned, indicating potential hurdles in its adoption and effectiveness [21].

今天分享的是：智能驾驶专题：2026中国科技出行产业10大战略技术趋势展望 2026中国科技出行产业围绕企业降本增效、用户体验升级、生态创新发展三大维度，呈现10大战略技术趋势。Chiplet技术推动车载芯片架构迭代，破解算力 与能效矛盾；AI Box成为大模型上车的灵活算力方案，支持7B及以上模型车端本地化运行。车规级芯片国产化全面推进，通信与功率半导体迎来规模化替 代窗口期。车载光通信技术破局带宽危机，2026年有望启动局部试点；48V低压架构逐步上车，支撑高功率智能化零部件应用。线控转向技术规模化落地， 底盘X/Y/Z三轴融合加速推进；大模型推理能力革新座舱生态，智能座舱迈入3.0时代。L3级智驾阶段性上车，行业回归安全导向的理性发展；中控大屏同质 化背景下，小屏幕打造差异化多触点交互体验。Physical AI技术实现跨场景迁移，助力主机厂与供应链多元布局，推动产业生态协同升级。 以下为报告节选内容 1亿欧智库 2026中国科技出行产业10大战略技术趋势展 亿欧智库 https://www.iyiou.com/research Copyright reserved to EO Intelligence ...

佑驾创新(02431)发布公告，公司近期已与Sterling Tools Limited(STL)签署谅解备忘录，以推进辅助驾驶 系统(ADAS)及驾驶员状态监测系统(DMS)在印度的部署。 谅解备忘录载列公司与STL就合作达成的关键条款及谅解。本次合作标志着集团进军印度市场的初步举 措，体现其更广泛的海外扩张战略。集团将为乘用车及商用车提供全栈式ADAS与DMS解决方案及产 品，而作为长期深耕印度市场、拥有广泛OEM关系网及本土化生产能力的汽车零部件制造商，STL将提 供本土化支持与产业协作。 STL成立于1979年，是印度领先的高强度冷镦汽车紧固件制造商，产品应用于乘用车、两轮摩托车、商 用车及工程机械设备。STL深耕精密工程与电动车零部件领域，为全球整车原厂提供服务，推动汽车供 应链创新。STL的股份于印度国家证券交易所(NSE：STERTOOLS)及孟买证券交易所(BOM：530759)上 市。 公司与STL的合作将整合双方专长，共同交付高性能、本土化的智能驾驶解决方案。通过将集团的 ADAS和DMS解决方案与STL的本土化布局相结合，本次合作不仅旨在满足印度市场对ADAS和DMS解 决方案日益增长的 ...

谅解备忘录载列公司与STL就合作达成的关键条款及谅解。本次合作标志着集团进军印度市场的初步举 措，体现其更广泛的海外扩张战略。集团将为乘用车及商用车提供全栈式ADAS与DMS解决方案及产 品，而作为长期深耕印度市场、拥有广泛OEM关系网及本土化生产能力的汽车零部件制造商，STL将提 供本土化支持与产业协作。 格隆汇1月19日丨佑驾创新(02431.HK)宣布，公司近期已与Sterling Tools Limited(「STL」)签署谅解备忘 录，以推进辅助驾驶系统(「ADAS」)及驾驶员状态监测系统(「DMS」)在印度的部署。 公司与STL的合作将整合双方专长，共同交付高性能、本土化的智能驾驶解决方案。通过将集团的 ADAS和DMS解决方案与STL的本土化布局相结合，本次合作不仅旨在满足印度市场对ADAS和DMS解 决方案日益增长的需求，亦将助力全球智慧出行技术的广泛应用。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 本 公 司 董 事（「董 事」）會（「董事會」）欣 然 宣 佈，本 公 司 近 期 已 與Sterling Tools Limited （「STL」）簽 署 諒 解 備 忘 錄（「諒解備忘錄」），以 推 進 輔 助 駕 駛 系 統（「ADAS」）及 駕 駛 員 狀 態 監 測 系 統（「DMS」）在 印 度 的 部 署。 Minieye Technology Co., Ltd 深圳佑駕創新科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號： 2431） 自願性公告 與印度龍頭汽車零部件製造商簽署諒解備忘錄 本 公 告 乃 由 深 圳 佑 駕 創 新 科 技 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱 「本集團」）自 願 刊 發，以 向 股 東 及 有 意 投 資 者 提 供 關 於 本 公 司 最 ...

Core Insights - The competition for the title of "Automobile Capital" in China is intensifying, with Chongqing projected to produce 2.788 million vehicles in 2025, marking a 9.7% increase and solidifying its position as the top city in vehicle production [1] - Chongqing's automotive industry is experiencing a resurgence after a decade, with significant growth in new energy vehicles (NEVs), expected to reach 1.296 million units, a 36% increase [1] - The issuance of China's first L3-level autonomous driving license to Changan Automobile signifies a historic milestone in the large-scale application of intelligent driving technology, positioning Chongqing as a leader in this field [1] Industry Overview - The automotive industry in Chongqing aims to reclaim its status as a leader, having previously reached a peak production of 3.156 million vehicles in 2016 before experiencing a decline to 1.383 million in 2019 [2] - The shift in consumer preferences towards mid-to-high-end vehicles and the rise of NEVs have been pivotal in reshaping the automotive landscape [2] - Changan Automobile's strategic pivot towards electric vehicles, including the "Shangri-La" plan to cease traditional fuel vehicle production by 2025, reflects the industry's adaptation to market demands [3] Company Developments - Changan Automobile's collaboration with Huawei and CATL has led to the launch of new high-end NEV brands, contributing to a projected total vehicle sales of 2.913 million by 2025, with NEV sales expected to reach 1.11 million, a 51.1% increase [3] - Seres, another key player, has transitioned from traditional manufacturing to NEVs, achieving significant growth and profitability, with projected NEV sales of 472,300 units in 2025, a 10.63% increase [5] - The partnerships with Huawei have been crucial for both Changan and Seres, enabling them to leverage advanced technology and market positioning in the competitive NEV sector [6][9] Competitive Landscape - The automotive industry is entering a new competitive phase, with a consensus that the NEV market will see accelerated consolidation, leading to a "淘汰赛" (elimination round) among brands [10] - Chongqing's strategic initiatives, including the development of smart connected vehicles and the establishment of a comprehensive industrial ecosystem, are aimed at enhancing its competitive edge [12] - Other cities, such as Guangzhou, are also intensifying their efforts to reclaim leadership in the automotive sector, highlighting the competitive dynamics at play [13] Challenges and Opportunities - Despite its advancements, Chongqing faces challenges in AI and core technology competitiveness, ranking 14th nationally in AI industry strength, which may hinder its long-term leadership in intelligent driving [15] - The city is focusing on addressing its weaknesses in talent acquisition and technological infrastructure to maintain its position in the evolving automotive landscape [15]

Investment Rating - The report gives a "Buy" rating for Qianli Technology (601777) for the first time [1]. Core Insights - The company is undergoing a significant transformation from traditional manufacturing to smart mobility, with a focus on AI-driven technologies and strategic partnerships [12][15]. - Financial performance is gradually improving, with revenue expected to grow significantly in the coming years, driven by the automotive and AI sectors [6][27]. - The strategic partnership with Geely and the establishment of Qianli Smart Driving are key to enhancing the company's competitive edge in the smart driving market [70][75]. Summary by Sections 1. Business Transformation and Financial Analysis - Qianli Technology has shifted from a motorcycle-focused business to a smart mobility company, with a new name and strategic direction since 2025 [12][95]. - The company has shown signs of financial recovery, with revenue expected to reach 70.35 billion yuan in 2024, a 3.94% increase year-on-year [1][27]. - The automotive business is projected to contribute significantly to revenue, with a forecast of 42.17 billion yuan in 2024, reflecting a 12.9% increase [6][27]. 2. Strategic Partnerships and Ecosystem Development - The company has formed a stable three-way equity structure involving Geely, local government, and AI technology partners, enhancing its strategic capabilities [19][75]. - Qianli Technology aims to build an "AI Smart Mobility Open Platform" through partnerships with Geely and other industry players, focusing on smart driving solutions [70][75]. 3. Revenue and Profitability Forecast - Revenue forecasts for 2025, 2026, and 2027 are 89 billion yuan, 106 billion yuan, and 128 billion yuan respectively, with corresponding PS valuations of 5.86, 4.89, and 4.06 times [1][6]. - The company expects to achieve a net profit of 89.39 million yuan in 2025, with significant growth anticipated in subsequent years [1][27]. 4. Technology and Product Development - Qianli Technology is advancing its smart driving technology, with plans to launch L3 level solutions and Robotaxi technology by 2026 [80][89]. - The company is focusing on developing next-generation intelligent cockpit systems and enhancing its AI capabilities through strategic investments and partnerships [70][80].

浦银国际研究 首次覆盖 全球科技行业 2026 年 1 月 16 日 超配 首次覆盖 随着新能源汽车行业发展进入下半场，智能驾驶成为汽车智能化的一项核心功能。域控制器作为智 驾系统的决策核心，市场规模快速扩张。中国自主车企推进"智驾平权"，驱动智驾域控的搭载量 和渗透率快速成长，为智驾 Tier 1 的短期增长提供了充足空间。合资车企跟进功能普及和"油电同 智"的战略部署，有望进一步释放出具有潜力的增量市场。展望未来，能够迭代算法保障方案性能、 洞察客户需求持续获得定点、以综合服务推动项目持续量产的 Tier 1，更有机会成长为头部玩家。 中国本土 Tier 1 也有望凭借技术积累、研发效率和规模化生产的成本优势进入更广阔的国际市场。 我们首次覆盖智驾 Tier 1 行业，给予"超配"评级；首次覆盖佑驾创新（2431.HK）、德赛西威 （002920.CH）和知行科技（1274.HK），均给予"买入"评级。 黄佳琦（科技分析师） sia_huang@spdbi.com (852) 2809 0355 沈岱（首席科技分析师） tony_shen@spdbi.com (852) 2808 6435 欢迎关注 浦银 ...

2026年1月13日，车载立体视觉领域领军企业中科慧眼，与专注于第三代 E/E 架构全车智能芯片研 发的欧冶半导体正式签署战略合作协议。双方将以 "智能芯片 + 视觉感知" 的深度协同模式，携手推动 汽车产业智能化升级进程。中科慧眼创始人兼CEO姜安、欧冶半导体创始人周涤非，携两家企业核心团 队共同出席签约仪式。 一体化方案打造：针对组合驾驶辅助系统场景，联合开发商用车一体机产品。该产品不仅满足《营 运客车安全技术条件》《轻型汽车自动紧急制动系统技术要求及试验方法》等行业标准，更是兼具高性 价比与快速量产能力的落地方案，目前已斩获多家主机厂多个车型的项目定点； 市场规模化推广：携手推进合作成果在乘用车、商用车全场景的规模化落地。 生态共建 助力国产部件系统突围 中科慧眼创始人兼CEO姜安表示："'看得清'是智能驾驶的底层基石。中科慧眼在立体视觉领域的 技术积淀，与欧冶半导体芯片平台'算得快'的核心优势相结合，将实现'眼明心快'的协同效应。这不仅 能提升智能驾驶的安全性与高效性，更能有效降低车企研发成本与验证周期。" 欧冶半导体创始人周涤非指出："此次'芯 - 眼'协同合作，是国产智能汽车核心部件从单点突破迈向 ...

浦银国际发布研报称，首次覆盖佑驾创新(02431)，给予"买入"评级，目标价19.3港元，潜在升幅30%， 对应2026E目标市销率4.2x。中国本土智驾Tier 1在2025年前三季度合计占据智驾域控市场过半份额。未 来在中国市场，本土厂商将继续充分竞争，关键点在于大规模商业化落地的能力。 浦银国际主要观点如下： 首次覆盖智驾Tier 1行业，给予"超配"评级 智驾域控作为智能驾驶功能实现的核心部件，市场呈快速扩张态势。根据Frost&Sullivan，全球乘用车 智驾域控市场规模将在2029年达人民币4,284亿元，其中中国占据近40%份额，其中佑驾创新是该行在 智驾Tier1行业的首选。展望未来，能够迭代算法保障方案性能、洞察客户需求持续获得定点、以综合 服务推动项目持续量产的 Tier 1，更有机会成长为头部玩家。中国本土 Tier 1 也有望凭借技术积累、研 发效率和规模化生产的成本优势进入更广阔的国际市场。 舱驾两域业务布局，全方位赋能汽车智能化，政策驱动功能标配+自主车企"智驾平权"助力佑驾高速成 长 佑驾战略布局智驾和座舱两条业务线，在智驾域，公司通过前装量产的iSafety和iPilot方案 ...