本周(8月18日—22日)A股大盘稳健上扬，股指再创新高。上证指数全周上涨3.49%，收报3825.76点，续 创10年新高；深证成指涨4.57%，创业板指涨5.85%。 智能座舱重点公司德赛西威本周接待228家机构。根据该公司周内披露的半年报，2025年上半年，德赛 西威实现营业总收入146.44亿元，同比增长25.25%；归母净利润12.23亿元，同比增长45.82%。 德赛西威在调研中介绍，上半年其获取的新项目订单年化销售额超180亿元。营收和新订单获取规模的 提升，得益于该公司智能驾驶与智能座舱业务大增，其中智能座舱域控产品、辅助驾驶域控产品和显示 模组继续保持高速增长态势，高价值量、高技术含量的产品占比持续提升。 新法规对智能驾驶提出更高要求，机构问及政策趋严对产业和公司智能驾驶业务未来发展的影响。 从新规要求来看，其核心目的有三点，第一，要求教育用户不能把生命安全交给辅助系统，让用户清楚 了解辅助驾驶不是自动驾驶；第二，要求厂商避免误导性宣传；第三，提高对辅助驾驶的安全可靠性要 求，新法规强标要求智驾能处理复杂的特殊场景，让辅助驾驶从能用变成更安全好用。 德赛西威高管指出，新法规有助于产业智能化的 ...

佑驾创新(02431)发布截至2025年6月30日止6个月中期业绩，该集团取得收入3.46亿元，同比增加 46.07%;公司拥有人应占亏损1.52亿元，同比增加40.16%;每股亏损0.38元。 今年上半年，我们持续迭代智驾方案，进一步完善智驾产品矩阵。2025年2月，我们推出了iPilot4Plus智 驾解决方案，基于地平线征程6M芯片打造，可与激光雷达等多传感器融合，能实现覆盖城区、高速、 停车场全场景的城区领航辅助、车位到车位功能，并依托端到端算法，进一步优化复杂场景下的决策效 率与泛化能力。2025年6月，我们再推出更高性能的iPilot4Pro智驾解决方案，该方案基于256TOPS更高 算力的芯片方案进行开发，不仅能提供更智能舒适的城区领航体验，更在复杂场景决策、极端天气及复 杂路口应对等方面实现突破，有效拓宽城区场景适应范围，提升通行效率与避让响应速度。iPilot4Pro 已获得整车厂平台型项目定点，预计于2026年上半年进行量产。 本集团持续构建从L0到L4级别的渐进式智能驾驶业务布局，并在今年上半年实现L4自动驾驶业务iRobo 的突破性进展。其中，L4级无人小巴业务率先取得突破，2月在苏州 ...

Core Insights - Qingdao's new energy vehicle industry is experiencing rapid growth, with key enterprises sharing their achievements and future plans during a recent media event [1][3]. Company Highlights - Beijing Automotive Manufacturing Plant (Qingdao) has become a leading player in the automotive industry, achieving over 20,000 vehicles produced in the first half of the year, representing a growth of over 100% [8]. - The plant is notable for its high automation rate of over 90%, and its products are exported to nearly 30 countries [3]. - The company plans to increase the aluminum content in its next-generation vehicles to 50%, which is expected to reduce body weight by 15%, improve torsional stiffness by 11%, and enhance range by 10% [4]. Industry Developments - The overall automotive industry in Qingdao includes eight vehicle manufacturing enterprises and over 500 scale enterprises, indicating a robust industrial ecosystem [8]. - The Qingdao branch of SAIC-GM-Wuling has sold over 1.7 million units of the Hongguang MINIEV series, contributing to a reduction of over 799,070 tons of carbon emissions [21]. - The Qingdao branch has also established a battery project with an annual capacity of 300,000 units, further enhancing the local new energy vehicle supply chain [22]. Technological Advancements - The Qingdao automotive industry is focusing on smart manufacturing, with companies like FAW Jiefang Qingdao planning to implement L4 autonomous driving capabilities by 2030 [17]. - The FAW-Volkswagen Qingdao plant has achieved a high level of automation, utilizing over 1,300 robots for various manufacturing processes, and has been recognized as a zero-waste factory [24][25]. Economic Impact - The automotive sector in Qingdao has significantly contributed to local employment, with SAIC-GM-Wuling creating over 30,000 jobs and generating tax revenues exceeding 17.2 billion yuan [21]. - The industry is projected to continue expanding, with the Qingdao branch of SAIC-GM-Wuling expecting to produce over 250,000 vehicles in the first half of 2025, marking an 83% increase year-on-year [21].

定点数量方面，新增18个来自整车厂及一级供应商的新项目，包括4个整车厂客户的6个车型平台项目。 截至6月30日，累计为42家整车厂提供产品及服务。 2025年8月22日，中国智能驾驶及智能座舱解决方案供应商佑驾创新(2431.HK)发布2025年中期业绩，交 出了一份亮眼的答卷，对外释放出一系列乐观向好的信号。 总体来说，佑驾创新于报告期内营收、毛利、毛利率，三大核心指标均创下新高；各业务板块呈现全线 飘红态势，L4业务实现关键性营收突破，企业稳健经营、自我造血的能力得到了进一步验证；与此同 时，公司全球化布局进入快车道，为未来发展注入更多活力和信心。 财报数据显示，公司实现总收入人民币3.46亿元，较去年同比增长46.1%；实现毛利人民币0.52亿元， 同比增长54.8%，毛利率15%，较去年同期增加了0.9个百分点。 同时，依托自身在智能驾驶领域的先发优势以及量产经验，佑驾创新还在积极探索城市、干线、矿区等 无人物流载货场景的商业化机会。今年第四季度，佑驾创新预计将正式交付第一代无人物流车，公 司"老业务筑底、新业务增量" 的格局已然成型。 喜人的财务数据背后，离不开佑驾创新业绩增长的三大引擎： 公司智能 ...

智通财经APP讯，佑驾创新(02431)发布截至2025年6月30日止6个月中期业绩，该集团取得收入3.46亿 元，同比增加46.07%;公司拥有人应占亏损1.52亿元，同比增加 40.16%;每股亏损0.38元。 本集团持续构建从L0到L4 级别的渐进式智能驾驶业务布局，并在今年上半年实现L4 自动驾驶业务 iRobo的突破性进展。其中，L4 级无人小巴业务率先取得突破，2月在苏州完成商业化落地，这一里程 碑标志着我们的L4 级自动驾驶技术已获得市场验证，正式成为新的业务增长点。报告期内无人小巴业 务加速拓展，已在黑龙江、上海、杭州等全国多个省市落地运营，累计获得项目10余个。与此同时，我 们敏锐地捕捉到新场景机遇：今年以来，在地方政府政策支持与产业资本涌入的双重推动下，无人物流 等载货场景迎来了商业化爆发期，近期各地政策包括《广州市智能网联汽车创新发展条例》(2025年2月 28日)、《北京市自动驾驶汽车条例》(2025年4月1日)及《上海高级别自动驾驶引领区发展行动方案》 (2025年7月26日)等先后发布，为各地支持自动驾驶产业发展提供了明确的合规指引。依托L4 自动驾驶 技术的先发布局，本集团已聚焦 ...

传媒/数字媒体 百度集团-SW（09888.HK） 2025Q2 利润好于预期，AI 搜索改造广告短期承压 2025 年 08 月 22 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(港元) | 85.000 | | 一年最高最低(港元) | 119.40/73.250 | | 总市值(亿港元) | 2,408.58 | | 流通市值(亿港元) | 2,337.64 | | 总股本(亿股) | 28.34 | | 流通港股(亿股) | 27.50 | | 近 3 个月换手率(%) | 23.51 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-08 2024-12 2025-04 百度集团-SW 恒生指数 相关研究报告 《智能云同比增速加快，关注广告复 苏节奏—港股公司信息更新报告》 -2025.2.20 《广告业务短期承压，有待宏观复苏 及AI产品变现—港股公司信息更新报 告》-2024.11.24 《广告持续承压，关注 AI 产品重构及 智驾商业化—港股公司信息更新报 告》-2024.8.24 张可（分 ...

Core Viewpoint - The article discusses the recent changes in the leadership of the intelligent driving team at Li Auto, highlighting the departure of key personnel and the implications for the company's future in the competitive automotive industry [4][5]. Group 1: Leadership Changes - Wang Jiajia, the head of mass production for Li Auto's intelligent driving team, has submitted his resignation, marking the third significant departure from the team this year [4]. - Wang Jiajia previously worked at Bosch China for nearly eight years before joining Li Auto in May 2021, where he played a crucial role in the development of intelligent driving technologies [5]. - The intelligent driving team at Li Auto has undergone significant restructuring, with previous leaders like Xia Zhongpu and Jia Peng also leaving the company this year [4][5]. Group 2: Industry Context - The intelligent driving sector is experiencing a convergence of technology routes, driven by a price war in the automotive industry, leading to a more standardized approach among competitors [6]. - As the cost of advanced technologies does not yield proportional returns, companies are increasingly looking to reuse resources to reduce costs [6]. - The departure of key personnel, including Wang Jiajia, reflects broader industry trends and personal choices influenced by the changing landscape of the intelligent driving market [6].

Core Viewpoint - The emergence of Momenta's self-developed driving chip marks a significant shift in the domestic intelligent driving industry, transitioning from a software-only company to a full-stack supplier, posing new competitive challenges to existing players in the market [1][2][20]. Company Overview - Momenta, established in 2016, focuses on high-performance intelligent driving solutions, targeting both L2 and L4 markets, and has partnerships with major global automakers, including SAIC, BYD, and Toyota [2][3]. - The company holds the largest market share in urban NOA technology at 60.1%, with cumulative sales of 114,000 vehicles equipped with its technology [3][19]. Self-Developed Chip Significance - Momenta's self-developed chip is positioned for the mid-range market, offering cost advantages and compatibility with existing products, which enhances its competitive edge [6][19]. - The strategy of "downward integration" is expected to create stronger competitive barriers and higher value capture capabilities for the company [6][10]. Impact on Competitors - The introduction of Momenta's chip poses significant challenges to NVIDIA and Qualcomm, as it allows automakers to transition smoothly from their solutions, increasing competitive pressure on these established players [8][10]. - Domestic chip manufacturers like Horizon Robotics and Black Sesame are also facing heightened competition, as Momenta's software expertise may overshadow their advantages [10][11]. Implications for Automakers - Automakers are reevaluating the necessity and cost-effectiveness of in-house chip development in light of Momenta's competitive offerings, particularly for resource-constrained new entrants [12][14]. - The shift towards Momenta's integrated solutions may lead to a reassessment of self-research strategies among automakers, balancing differentiation with cost advantages [15][21]. Strategic Challenges Ahead - Momenta faces challenges in achieving large-scale production and meeting stringent automotive safety standards, which are critical for its long-term success [20][21]. - The competitive landscape is expected to intensify as established players like NVIDIA and Qualcomm may respond with price cuts or enhanced technology to counter Momenta's market entry [20][21].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][22]. Core Insights - The company reported a revenue of 19.652 billion yuan for the first half of 2025, representing a year-on-year increase of 4.2%. The net profit attributable to shareholders was 1.646 billion yuan, showing a significant year-on-year growth of 52.56%. The gross margin for the period was approximately 19.8%, up by 2.6 percentage points year-on-year [1][3]. Financial Performance Summary - **Revenue Forecasts**: The projected total revenue for the company is expected to grow from 38.294 billion yuan in 2024 to 53.957 billion yuan by 2027, with year-on-year growth rates of 20.3%, 14.0%, 10.6%, and 11.8% respectively [3][8]. - **Net Profit Forecasts**: The net profit attributable to shareholders is forecasted to increase from 2.699 billion yuan in 2024 to 4.912 billion yuan in 2027, with growth rates of 145.5%, 28.2%, 21.4%, and 17.0% respectively [3][8]. - **Earnings Per Share (EPS)**: The EPS is projected to rise from 2.47 yuan in 2024 to 4.49 yuan in 2027 [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 29.3 in 2024 to 16.1 in 2027, while the price-to-book (P/B) ratio is projected to decline from 3.2 to 2.1 over the same period [3][8]. Business Drivers - The company's growth is driven by improvements in the smartphone product structure and growth in the automotive sector. The smartphone-related products have maintained the highest global market share, with significant revenue growth in hybrid lenses and large-format modules [7][8]. - The automotive business is experiencing rapid growth due to the accelerated penetration of Advanced Driver Assistance Systems (ADAS), with the company securing significant contracts in the laser radar segment [7][8]. - The report highlights the potential for growth in the AIoT sector, particularly in smart glasses, where the company continues to lead in market share [7][8]. Investment Recommendation - The report suggests that the ongoing high-endization of smartphone cameras and the expansion of intelligent driving will create new growth opportunities for the optical industry. The company is well-positioned to benefit from these industry trends, with a target price set at 103.3 HKD based on a 30x P/E ratio for 2025 [7][8].

汽车行业 超配（维持） 汽车行业双周报（2025/08/08-2025/08/21） 行 业 7 月汽车销量"淡季不淡"，"金九银十"旺季即将来临 投资要点： 2025 年 8 月 22 日 S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn S0340124020014 电话：0769-22117626 邮箱： wuzhenjie@dgzq.com.cn 资料来源：iFinD，东莞证券研究所 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：刘梦麟 SAC 执业证书编号： 申万汽车行业指数涨跌幅：截至2025年8月21日，申万汽车板块近两周 上涨6.06%，跑赢沪深300指数1.85个百分点，在申万31个行业中排名第 6名；申万汽车板块从8月初至今上涨9.78%，跑输沪深300指数4.56个百 分点，在申万31个行业中排名第7名；申万汽车板块从2025年初至今上 涨20.06%，跑赢沪深300指数11.08个百分点，在申万31个行业中排名 ...