产业深度 [table_Header]2025.06.05 智驾新趋势，EMB 带来线控制动新机遇 ——智能汽车产业深度研究（十） 摘要：EMB 量产渐近，线控制动国产厂商有望换道超车 [Table_Summary] 核心观点：线控制动技术路径迭代，国产厂商有望换道超车提升市占率。 线控制动有 EHB Two-box、One-box、EMB 三种技术路径，当前 One-box 为主 流选择，且海外厂商占据主导。EMB 是真正意义的全线控制动，具备显著性能 优势，契合智能驾驶发展趋势，正从技术研发走向量产。国内外厂商 EMB 研 发进度相近，且国产厂商能够绕过不占优势的液压控制领域，有望在技术路径 迭代中换道超车提升市占率。 线控制动：通过电信号实现制动，智能底盘重要组成部分 制动系统经历机械制动、液压制动、线控制动的发展历程。机械制动系统通过 机械连接将刹车力传递到车轮制动器上；液压制动通过真空助力器与液压主缸 将制动力多级放大至刹车卡钳；线控制动系统则通过电信号来实现制动操作。 线控制动是智能底盘重要组成部分，满足智能驾驶对安全性的要求。智能底盘 三方向中，转向、悬架通过线控化和协同化设计提升舒适性；而线控 ...

从中证港美上市全球智能驾驶主题指数持仓样本的行业来看，乘用车占比22.53%、数字媒体占比 2.98%、光学光电子占比2.66%、汽车零部件与轮胎占比0.33%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 作者：行情君 据了解，中证港美上市全球智能驾驶主题指数从中国香港和美国市场上市的证券中选取50只业务涉及感 知定位、决策规划、控制执行以及车联网等智能驾驶相关领域的上市公司证券作为指数样本，反映中国 香港和美国市场上市的智能驾驶主题上市公司证券的整体表现。该指数以2016年12月30日为基日，以 1000.0点为基点。 从指数持仓来看，中证港美上市全球智能驾驶主题指数十大权重分别为：NVIDIA Corp（10.74%）、理 想汽车-W（9.89%）、Tesla Motors In ...

证券研究报告 零跑汽车 (9863 HK) 2025 年中期策略会速递— 新车周期强劲，全球化稳步推进 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国香港 | 乘用车 | 6 月 4 日零跑汽车出席了我们组织的 2025 年中期策略会，会上公司重申发 展战略，沟通了 1-5 月销量和车型规划，维持全年销量 50-60 万辆目标。25 年公司将迎全球化新车周期，配合渠道端提前布局和下沉，LEAP3.5 架构 进一步集成降本，叠加战略合作逐步贡献增量，我们预计公司 25-27 年营收 将保持高速增长且毛利率持续提升，25 年有望实现全年盈利。维持买入。 25 年迎强势新车周期，1-5 月累计销量同比+161%，全年目标 50-60 万辆 公司销量表现亮眼，1-5 月累计销量同比+161%达 173658 辆。受益于规模 效应+销量结构优化+成本管理，24Q4/25Q1 毛利率为 13.3%/14.9%连创历 史新高。公司 25-26 年将迎密集的全球化新车投放，ABCD 四大平台协同发 力，其中 A 平台定位入门级，B ...

点 击 蓝 字 关 注 我 们 本文全文共 3952 字，阅读全文约需 13 分钟 目录 国内新闻 智能网联汽车组合驾驶辅助系统安全要求立项制定 时间:2025.6.5 来源:界面新闻 作者: 陈小同 6月4日，全国标准信息公共服务平台公示关于征求《智能网联汽车组合驾驶辅助系统安全要求》拟立项 强制性国家标准项目意见的通知，国家标准计划《智能网联汽车组合驾驶辅助系统安全要求》由工信部提出， 委托全国汽车标准化技术委员会智能网联汽车分会执行。主要起草单位包括中国汽车技术研究中心有限公司、 东风汽车集团股份有限公司、华为技术有限公司等。项目周期22个月，于2024年3月22日申报。 2 国内新闻 1 1.智能网联汽车组合驾驶辅助系统安全要求立项制定 2.《四川省氢能产业中长期发展规划（2025—2035年）》印发 3.泸州近日推出新能源汽车补贴新政 4.一汽-大众与天津经开区政府签署新能源车型项目合作备忘录 5.红旗车路云技术突破 智慧交通迈入新阶段 6.小鹏MONA Max版女性用户占比近半 7.东风汽车宣布三大品牌进军波兰市场 8.蔚来萤火虫确认登陆欧洲市场 英国也将销售 1.印度就美国汽车关税政策向WTO提 ...

Group 1 - The core viewpoint is that the commercialization of Robotaxi is expected to accelerate as domestic and international companies increase their investments in this sector [1] - Xiaoma Zhixing reported a 200% year-on-year growth in Robotaxi business revenue in Q1 2025, with plans to expand its fleet to 1,000 vehicles by the end of the year [1] - Tesla plans to launch its autonomous taxi service in June and gradually expand its scale [1] Group 2 - WeRide's Robotaxi revenue accounted for 22.3% of total revenue, showing a year-on-year increase of 10.4 percentage points, and it is deepening cooperation with Uber [1] - NVIDIA is applying AI models to autonomous vehicles and has partnered with Mercedes to launch a fleet [1] - Baidu's Apollo Go service recorded over 1.4 million autonomous driving orders in Q1, representing a 75% year-on-year growth [1] Group 3 - The high-level autonomous driving sector requires support from regulatory and testing systems, indicating a new phase for automotive technology services [1] - The value and penetration rate of the autonomous driving segment are expected to increase, presenting significant benefits [1] - The Smart Car ETF (code: 159889) tracks the CS Smart Car Index (code: 930721), which includes listed companies involved in smart driving, vehicle networking, and new energy vehicles [1]

Core Viewpoint - The report from Guotai Junan highlights the three technological paths of line control braking: EHB Two-box, One-box, and EMB, with One-box currently being the mainstream choice and dominated by overseas manufacturers. EMB represents a true full-line control braking system with significant performance advantages, aligning with the trends in intelligent driving, and is transitioning from R&D to mass production [1][2]. Summary by Categories Line Control Braking Technology - Line control braking operates through electrical signals, making it a crucial component of intelligent chassis systems. The evolution of braking systems has progressed from mechanical to hydraulic and now to line control braking, which meets the safety requirements of intelligent driving [1]. Current Market Trends - EHB One-box is the current mainstream choice, with its market share increasing from 20.5% in 2021 to 63.4% in 2024 due to its compact size and low cost. EMB is expected to overcome previous production bottlenecks and is moving towards mass production, with the HBBW system likely to be the first to achieve this [3][4]. Market Outlook - The line control braking market is projected to reach a scale of 25.75 billion yuan by 2030, with EMB expected to achieve a breakthrough in mass production by 2025, reaching a scale of 11.98 billion yuan by 2030. Currently, foreign manufacturers hold over 60% of the EHB market share, while domestic manufacturers are focusing on EMB development [4][5]. Industry Development - As technology and regulatory frameworks advance, EMB is moving towards mass production, and domestic manufacturers are positioned to bypass the hydraulic control domain where foreign players have an advantage. Several domestic companies, including Berteli, Asia-Pacific Shares, and others, are actively engaged in EMB R&D, which is expected to enhance the domestic production rate in the line control braking industry [5].

Group 1 - The Hong Kong stock market saw a positive trend with the Hang Seng Technology Index rising over 1.5%, driven by stocks like Alibaba, which experienced a nearly 3% increase [1] - The Hong Kong Stock Connect automotive ETF (159323) faced a slight pullback, with major holdings such as Li Auto, Leapmotor, BYD, and Geely experiencing declines, while XPeng Motors saw a rise of over 1% [1] - Morgan Stanley's recent report highlights a shift in the Chinese automotive market from electric vehicles to autonomous driving as a new growth opportunity, emphasizing the increasing importance of AI in this transition [1] Group 2 - The report indicates that China's initiatives in AI for Advanced Driver Assistance Systems (ADAS) and robotics may enhance the competitiveness of automotive manufacturers [2] - The penetration rate of L2/L2+ level driving assistance systems in China is currently at 14% and is expected to grow rapidly, potentially reaching 40% within two years [2] - The Hong Kong Stock Connect automotive ETF (159323) has attracted a net inflow of 37.2 million yuan over the past seven trading days, reflecting investor interest in the automotive sector, particularly in companies with a competitive edge in intelligent driving [2]

Group 1 - The focus is on sectors that can achieve supply-demand improvement first, such as new consumption perspectives on IP and pet economy, as well as sectors with comparative advantages like rare earths, innovative pharmaceuticals, intelligent driving, and military industry [1][11] Group 2 - The domestic fuel surcharge for air routes has been reduced [2] - The European Central Bank announced its interest rate decision [2] Group 3 - U.S. stock market showed mixed results with technology stocks strengthening, offsetting weak employment and service sector data [4] - The Dow Jones Industrial Average closed at 42,427.74, down 91.90 points or 0.22%, while the Nasdaq rose 0.32% to 19,460.49 [4] - Tesla's stock fell 3.6% due to a continuous decline in sales in major European markets for five consecutive months [4] Group 4 - The National Energy Administration announced the first batch of pilot projects for the construction of a new power system, focusing on key energy hub nodes and regions with favorable energy resource conditions [5] - The Ministry of Industry and Information Technology held a meeting to discuss promoting the development of the artificial intelligence industry [5] - A public notice was issued regarding the proposed mandatory national standard project for safety requirements of intelligent connected vehicles [5] Group 5 - Estun plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image [7] - Kingsoft Office continues to appoint Lei Jun as honorary chairman to guide the company in technology innovation and management optimization [8] - Zhongke Electric plans to invest no more than 8 billion yuan in a lithium-ion battery anode material integrated base project in Oman [9] - Hainan Huatie is planning to issue shares overseas and list on the Singapore Exchange to promote its international strategy [10] Group 6 - Galaxy Securities noted that sector rotation shows a diffusion effect, while Oriental Securities highlighted increased overseas disturbances and a continuous weakening of the dollar [11]

Core Viewpoint - NIO's revenue increased significantly in Q1 2025, driven by a rise in vehicle deliveries, although the company still reported a substantial operating loss [2][7]. Group 1: Financial Performance - In Q1 2025, NIO's total revenue reached 12.035 billion yuan, a year-on-year increase of 21.5% [2][7]. - The operating loss for the same period was 6.148 billion yuan, up 19% year-on-year [2][7]. - Adjusted operating loss (non-GAAP) was 5.947 billion yuan, reflecting a 16.3% increase compared to the previous year [7]. - Gross profit for Q1 2025 was 919.6 million yuan, representing an 88.5% year-on-year increase, with a gross margin of 7.6%, up from 4.9% in the same period last year [8]. Group 2: Vehicle Deliveries - NIO delivered 42,100 vehicles in Q1 2025, marking a 40.07% increase year-on-year [3][10]. - The company expects vehicle deliveries for Q2 2025 to be between 72,000 and 75,000 units, an increase of approximately 25.5% to 30.7% compared to Q2 2024 [6][13]. Group 3: Research and Development - R&D expenses for Q1 2025 amounted to 3.181 billion yuan, a year-on-year increase of 11.1% [4][11]. - The increase in R&D expenses is attributed to higher costs associated with the design and development of new products and technologies [11]. Group 4: Other Financial Metrics - Other sales revenue for Q1 2025 was 2.095 billion yuan, up 37.2% year-on-year, driven by increased sales of parts, accessories, and after-sales services [11]. - As of March 31, 2025, NIO had cash and cash equivalents totaling 26 billion yuan (approximately 3.6 billion USD) [12]. Group 5: Future Outlook - NIO aims to achieve breakeven in Q4 2025, with expectations of reaching a monthly sales volume of 25,000 units for the NIO brand, a 25% increase from the previous year's steady state of 20,000 units [6][15]. - The company plans to implement cost control measures and improve operational efficiency starting from Q2 2025 [15][16].

Core Viewpoint - The company, United Optics, is expanding its optical lens business by acquiring 100% of Dongguan Changyi Optoelectronics Co., Ltd. through a combination of share issuance and cash payment, aiming to enhance its capabilities in innovative sectors such as smart driving, new displays, and artificial intelligence [1][2][3]. Group 1: Acquisition Details - United Optics plans to acquire Changyi Optoelectronics, which specializes in the research, production, and sales of optical lenses and precision optical components, with major clients including Sunny Optical and TP-Link [2]. - Changyi Optoelectronics has committed to achieving non-net profit targets of no less than 150 million yuan, 180 million yuan, and 220 million yuan for the years 2025 to 2027, totaling at least 550 million yuan over three years [2][3]. Group 2: Financial Performance - In 2022, United Optics reported a revenue of 1.505 billion yuan, a decrease of 7.99% year-on-year, with net profit and non-net profit declining by 24.72% and 41.6%, respectively [4]. - For 2023, the company achieved a revenue of 1.647 billion yuan, a year-on-year increase of 9.47%, with net profit rising by 15.01% to 64.29 million yuan [4]. - In the first quarter of 2025, United Optics reported a revenue of 369 million yuan, a decline of 3.54% year-on-year, and a net loss of 23.99 million yuan [5]. Group 3: R&D and Innovation - United Optics has significantly increased its R&D investment, with expenditures from 2020 to 2024 totaling 813 million yuan, and a 28.03% increase in Q1 2025 R&D spending to 63 million yuan [6]. - The company is expanding production capacity, with new production lines for AR/VR modules and automotive lenses, aiming for a production capacity of 30 million units per year by 2025 [6]. - The company has seen substantial growth in its innovative sectors, with AR/VR product revenue increasing by approximately 41% and automotive electronic product output rising by over 50% year-on-year [6].