摘要/ 烦人的震荡磨底行情 先贴下周六的机器人半马比赛吧，不管是不是空头组织的，总之真是太搞笑了。 这种情况下，赚钱效应不断下降，散户不断撤退，市场只能震荡磨底。 不过好在，国家队会一直托底，周五国常会也提了要持续稳定股市。相关举措一 旦推出，要直达企业和群众，提高落地效率，确保实施效果。 接下来，让我们把注意力转向A股！缩量是本周A股最显著的特点！周五市场成交 额仅9146亿，创出去年"924"行情爆发以来新低。 申万宏源指出，磨底阶段需要消化的因素：关税的基本面影响逐步显现；中美在 金融和科技领域可能还有后续扰动；能够凝聚市场共识的主线仍需等待。 申万宏源认为，2025Q2-Q3 经济落压力可能逐步显现，对资本市场而言，后续 政策进一步发力的空间，要比已兑现的稳增长政策更重要，适时强刺激的准备是 关键，5-6 月政府债券发行再加速也是市场预期稳定的必要条件。三季度经济下 行压力大于二季度，为三季度稳增长发力储备资源至关重要。 若上述政策验证基 本符合预期，总体市场预期有望保持平稳。若不及预期，与基本面回落压力叠 加，市场调整压力可能阶段性加大。 因此，四月政治局会议对增量政策的表述尤为关键！ 到底何时才能 ...

站在长三角（盐城）智能网联汽车试验场的调度指挥中心观景台上，一连串清脆的刹车从多功能柔性广场传来，几辆汽车正从三个方向驶向广场中心并实 现会车。另一侧的城市场景模拟区，工作人员紧锣密鼓布置着骑自行车的"假人"，为下一轮测试做准备，不远处呼啸而过的"飞行汽车"正进行着模拟风阻 测试。走进智能网联复杂环境多维模拟平台，暴雨和闪电在工作人员的指令下如约而至，远处的红绿灯在滂沱雨幕中渐渐模糊，这是在测试智能网联汽车 在低能见度下的传感、决策等能力…… 未来交通参与者的小型社会！ 包揽多个"首创"的智驾测试平台 2020年11月，中汽股份投资15亿元，布局建设长三角（盐城）智能网联汽车试验场（以下简称"试验场"或"二期项目"），这是中汽股份继综合汽车试验场 （或称"一期项目"）后在盐城建设的第二个项目。2024年7月16日，项目正式启动运营。试验场占地面积约4000亩，建设有8条专用于智能网联汽车的测试 道路、3.2万平方米的试验室以及配套的油电氢醇四合一综合能源中心，能够涵盖智能网联汽车及自动驾驶能力测试的绝大多数场景需求，同时满足重型 商用车主要测试能力，并兼顾飞行汽车和低空飞行器的测试能力。 "在二期项目建成之前 ...

《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 一年狂跌10万。 以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 作者 | 杨十二 编辑 | 朗明 来源 | 财经天下WEEKLY （ID： cjtxweekly） 当全新宝马5系月销量腰斩之后，宝马不得不开启降价。然而降价并不能解决一切问题， 如今宝马正突破传统合资模式的限制，在研发自主权、技术开放度以及生态系统融合方 面，展现了超越部分本土品牌的激进转型姿态。 降价大刀，砍向5系、3系、X3 继合资车企推出"一口价"之后，宝马的热销车型价格也扛不住了。 前段时间，有不少网友发现，宝马体系中豪华中大型轿车领域的标杆车型宝马5系，裸车 价格大跳水，原价最低43万元的车，只要不到30万元了，最高降价15万元。有媒体走 访多家北京宝马经销商获悉，宝马5系终端价格已降至"历史冰点"，例如最便宜的车型5 系525Li M运动套装的裸车价只要29.3万元，4S店销售表示此价格还能继续往下谈。 此前，宝马5系至少需要40万元以上才能拿下，如今跌至不足30万元，让人很意外。对 于已经购买了宝马5系的老车主而言 ...

Group 1: Event Overview - The fifth China International Consumer Products Expo features over 1,700 consumer enterprises and more than 4,100 brands from 71 countries and regions, with eight major exhibition halls [3] - New exhibition areas for new consumer technology, artificial intelligence, and low-altitude economy have been established, focusing on cutting-edge technologies such as smart wearables, smart home devices, and intelligent connected vehicles [3] Group 2: Artificial Intelligence and Robotics - The AI exhibition area, particularly the robotics section, has become a focal point, attracting large crowds with demonstrations of various robotic capabilities [4] - China Mobile's quadruped robot, designed for companionship, features a display screen for dynamic expressions and a compartment for delivering medication, with a projected price of 20,000 to 30,000 yuan [5][7] - Strong Brain Technology showcased a bionic hand that can play the piano, integrating brain-computer interface technology and AI algorithms for rehabilitation purposes [7] Group 3: Automotive Innovations - The "vehicle-road-cloud integration" technology in the automotive sector has shown promising results, with real-time interaction between autonomous vehicles and cloud platforms being piloted in Hainan Province [8][10] - The AI smart intersection technology enhances vehicle adaptability and reduces traffic accidents, with a system latency of less than 0.1 seconds [10] - Consumer interest in automotive intelligence has significantly increased, with many attendees prioritizing advanced driving assistance systems [10] Group 4: Low-altitude Economy - The low-altitude economy has been highlighted as a significant topic, with flying cars expected to be delivered next year, primarily for scenic tourism applications [12][14] - Companies like EHang are collaborating with tourism firms to pilot island sightseeing routes, indicating a shift from professional to consumer applications in the low-altitude sector [14][16] Group 5: Globalization of Chinese Brands - Moutai Group reported overseas revenue exceeding 5.189 billion yuan in 2024, a year-on-year increase of 19.27%, emphasizing the importance of internationalization for consumer brands [16][18] - Luckin Coffee is expanding its international presence, with significant growth in Singapore and plans to enter other global markets [20] - The expo reflects China's openness and the clear path for Chinese brands to globalize, showcasing a blend of advanced technology and consumer goods [22]

2月底，车规级碳化硅功率芯片生产线完成通线，汽车核心零部件再添重要支撑；3月，成功入选全国首批车网互动规模化应用试点，让汽车 化作储能单元助力电网"削峰填谷"；进入4月，阿维塔、深蓝等重庆车企相继透露多款智能网联新能源汽车新车型上市计划…… 开年以来，重庆汽车产业动作频频，昔日的燃油汽车"产量冠军"之城不断爬坡过坎，向新而行、转型求变，正加速迈向"智能网联新能源汽车 之都"。 0:00 换道突围 造车重镇"V"字上扬 走进位于重庆两江新区的赛力斯汽车超级工厂，只见一派科技感满满的忙碌景象：现场3000余台机器人协同作业，一辆辆"问界"新能源汽车 有序下线。 这是2024年11月6日在位于重庆市两江新区的赛力斯汽车超级工厂拍摄的新能源汽车（无人机照片）。新华社记者 王全超 摄 2025年3月6日，工人在位于重庆市渝北区的长安汽车数智工厂总装车间作业。新华社记者 王全超 摄 一批龙头企业前瞻未来，快速"变道"。走进长安汽车全球研发中心，一列整齐排布、造型酷炫、功能多样的智能网联新能源汽车引人注目。 长安汽车董事长朱华荣说，公司坚持每年研发投入占比不低于营业收入的5%，迄今已在新能源汽车"三电"领域突破400余项核 ...

认真读完了 苗圩部长新著《志在超车-智能网联汽车的中国方案》 ，感觉写得特别好，有很强的知 识性和工作指导性，又通俗易懂。 特郑重向各位同仁推荐。 一、知识丰富，条理清晰，是一本很好的通识书。 苗圩部长 是汽车专业科班出身，职业生涯的大部分时间都在汽车行业或与汽车有关，做过汽车大 企业领导，又多年在汽车行业主管政府部门工作， 对汽车有关科学技术、企业管理、产业发展熟悉， 自不待言 。但从书中可以看出， 他对于通信、半导体、计算机、互联网和人工智能，都有从产业层面 的通透了解 ，对这些行业的先进技术也有相当的理解。这显然不是简单通过当领导听汇报可以得到 的， 是下过功夫学习和梳理的 。另外，书中对于行业主要企业，整车企业包括新造车势力和国际大企 业，以及零部件创新企业、新技术创新企业、新进入汽车行业的互联网企业的最新技术进展都有深入的 描述。 显然在成书之前做过广泛的调研。 本书涉及的知识和叙述的技术进展情况，应该对绝大部分业 内专家和企业中上层领导很有用。正如作者在前言中讲的， 这是一本关于行业趋势的通识读物 。 对于当下业内争议较多的敏感技术问题， 如纯摄像头方案和多感知融合方案，对分段式智能化和 端到端的 ...

认真读完了 苗圩部长新著《志在超车-智能网联汽车的中国方案》 ，感觉写得特别好，有很强的知 识性和工作指导性，又通俗易懂。 特郑重向各位同仁推荐。 一、知识丰富，条理清晰，是一本很好的通识书。 苗圩部长 是汽车专业科班出身，职业生涯的大部分时间都在汽车行业或与汽车有关，做过汽车大 企业领导，又多年在汽车行业主管政府部门工作， 对汽车有关科学技术、企业管理、产业发展熟悉， 自不待言 。但从书中可以看出， 他对于通信、半导体、计算机、互联网和人工智能，都有从产业层面 的通透了解 ，对这些行业的先进技术也有相当的理解。这显然不是简单通过当领导听汇报可以得到 的， 是下过功夫学习和梳理的 。另外，书中对于行业主要企业，整车企业包括新造车势力和国际大企 业，以及零部件创新企业、新技术创新企业、新进入汽车行业的互联网企业的最新技术进展都有深入的 描述。 显然在成书之前做过广泛的调研。 本书涉及的知识和叙述的技术进展情况，应该对绝大部分业 内专家和企业中上层领导很有用。正如作者在前言中讲的， 这是一本关于行业趋势的通识读物 。 三、情真意切，通俗易懂。 一是通俗易懂。 书中对通信、互联网、半导体等我们不熟悉的行业情况和技术 ...

Core Insights - The fifth China International Consumer Products Expo (CICPE) will open on April 13 in Haikou, featuring an autonomous driving vehicle fleet to enhance the experience for exhibitors and attendees [1] - The vehicle fleet is part of the "Vehicle-Road-Cloud Integration" pilot project, showcasing its initial results in a compact application scenario [1][2] - The project aims to improve driving efficiency and safety through real-time communication between smart vehicles, intelligent roads, and cloud platforms [1][2] Company and Industry Developments - The "Vehicle-Road-Cloud Integration" project is undertaken by Hainan Highway Co., Ltd., which has transformed several traditional buses in Haikou to connect with roadside sensing devices and cloud platforms [2] - During the expo, attendees can experience autonomous passenger cars and buses, as well as autonomous retail and cleaning vehicles, demonstrating the practical applications of the technology [1][2] - The project aligns with Hainan's goal to become a leading province in smart connected vehicles, emphasizing a data-driven approach to intelligent driving [2]

Core Viewpoint - Black Sesame Intelligence has reported impressive financial results for 2024, with significant revenue and gross profit growth, indicating a successful transition from an automatic driving chip supplier to a comprehensive intelligent computing solution provider [4][5][26]. Group 1: Financial Performance - Revenue increased by 51.8% to 474 million yuan in 2024 compared to 2023 [4]. - Gross profit reached 195 million yuan, a remarkable increase of 152.4%, raising the gross margin from 23.7% in 2023 to 41.1% in 2024 [4][5]. - The growth in revenue is attributed to sales to leading domestic automotive OEMs and increased market penetration in commercial vehicles [6][7]. Group 2: Business Model Transformation - Black Sesame Intelligence has successfully transitioned from being a chip supplier to a full-scenario intelligent computing solution provider, driven by the sale of more System-on-Chip (SoC) based automatic driving solutions and proprietary software licensing [8][25]. - The company aims to solidify its core technology while exploring imaginative new business models, including entry into the robotics market and enhancing its presence in commercial vehicle and vehicle-road-cloud integration sectors [26][28][29]. Group 3: Strategic Partnerships and Market Position - The company has established deep partnerships with major automotive manufacturers such as BYD, Geely, and Dongfeng, facilitating large-scale production of its chips [10][12][14]. - Black Sesame Intelligence's chips are recognized for their high computational power, making them the preferred choice for several leading automotive companies [11][12]. - The company is expanding its ecosystem by collaborating with algorithm companies and hardware manufacturers to enhance its delivery capabilities to automotive clients [28]. Group 4: Technological Innovations - The launch of the new Wudang A2000 series chips, designed specifically for automatic driving, showcases the company's commitment to innovation and efficiency in computing [18][20]. - Black Sesame Intelligence has developed key technologies such as the Jiushao NPU and ISP, which optimize performance for automatic driving applications and enhance image processing capabilities [21][22]. - The company is focusing on integrating high-performance computing capabilities into various applications, including smart transportation and industrial automation, leveraging its advanced chip technologies [31].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The IoT industry is experiencing significant growth, with a projected national market size of approximately 3.6 trillion yuan in 2023, and an expected compound annual growth rate (CAGR) of 18.9% during the 14th Five-Year Plan period [1]. - The company is actively innovating and launching new products, including various smart gateways and routers, to meet the demands of multiple sectors such as vehicle insurance and remote monitoring [2]. - The company's business expansion is showing results, with a focus on emerging fields like vehicle insurance, asset management, and cold chain logistics, which are expected to drive future growth [3]. Summary by Sections Market Overview - The national IoT industry is projected to exceed 5 trillion yuan by 2025, with a CAGR of 23.4% during the 13th Five-Year Plan [1]. - The government is supporting the development of the connected vehicle industry through new policies aimed at enhancing infrastructure and technology standards [1]. Product Development - The company has introduced several innovative products in 2024, including the GV850/851 smart bus gateway and the WR210LG router, catering to various industrial standards [2]. - There is a continued emphasis on developing connected products for two-wheeled vehicles, exploring applications of AI and large model technologies [2]. Financial Forecast - The company's net profit forecasts for 2024 and 2025 have been adjusted to 189 million yuan and 246 million yuan, respectively, reflecting a decrease of 17% and 20% from previous estimates [3]. - The report projects a net profit of 294 million yuan for 2026, with corresponding price-to-earnings ratios of 34, 26, and 22 for the years 2024, 2025, and 2026 [3]. Key Financial Metrics - Revenue is expected to grow from 1,002 million yuan in 2022 to 1,674 million yuan by 2026, with a growth rate of 19.45% in 2026 [4]. - The company's return on equity (ROE) is projected to increase from 9.8% in 2022 to 13.23% in 2026 [11].