"前瞻科技与融合创新"主论坛嘉宾聚焦科技赋能智慧出行 AI正在全面重塑汽车产业 海南日报全媒体记者 王培琳 AI、芯片、算力、智慧出行……9月28日，在2025世界新能源汽车大会"前瞻科技与融合创新"主论 坛上，这些词语被频频提及。论坛聚焦"前瞻科技与融合创新"，邀请来自相关领域的学者专家、企业代 表及政策制定者，分享技术变革对出行方式的深远影响。 当前，以人工智能、大数据、自动驾驶、智能芯片等为代表的前沿科技，正以前所未有的速度深刻 改变汽车产业的形态与边界。新一轮科技革命不仅推动产品智能化升级，也加速了跨国、跨领域的融合 创新，重塑产业生态与全球协作格局。 与会嘉宾认为，AI正在从智能座舱、智能驾驶到整车设计全面重塑汽车产业。汽车已进入"AI定义 汽车"时代，取代此前的"软件定义汽车"阶段。车辆将演变为物理世界中的大型AI载体，实现更深层次 的智能化融合。 中国工程院外籍院士、清华大学智能产业研究院院长张亚勤认为，无人驾驶是人工智能中的关键应 用，它是一个集大成者。"对AI而言，汽车是一个重要的应用领域。对于汽车行业而言，下半场的核心 技术就是AI。" "我认为汽车更需要AI，AI对汽车的赋能，让用户的体 ...

Group 1 - Core viewpoint: Everbright Securities has seen a stock price increase due to its early investments in "hard technology" sectors, attracting market attention towards brokerage equity investments [1] - The company has strategically positioned itself in high-growth sectors such as AI chips, autonomous driving, and lidar technology, benefiting from a valuation re-rating [1][2] - Guotai Junan International has been recognized for its systematic layout in emerging technology sectors since establishing its private equity team in 2020, focusing on areas like new energy and robotics [1][2] Group 2 - Guotai Junan International's investment strategy emphasizes early positioning and deep involvement in technology projects, ensuring a focus on technological leadership and market potential [2] - The company has made significant investments in notable firms such as Horizon Robotics and Innovusion, showcasing its commitment to the hard technology sector [2][3] - The investment in Horizon Robotics, which has seen a stock price increase of over 140% since its IPO, is highlighted as a representative success of Guotai Junan International's strategy [3] Group 3 - Guotai Junan International's technology investments are entering a harvest phase, with projects transitioning from early investment to large-scale production, significantly boosting overall investment returns [4] - The company has reported a 317% year-on-year increase in investment management income, reaching 8.83 billion HKD, indicating strong performance in its private equity business [4][5] - The firm is enhancing its financial service ecosystem, creating synergies between technology investments and core business areas such as wealth management and corporate financing [4][6] Group 4 - Wealth management commission income has increased by 56% year-on-year to 2.79 billion HKD, with fund management fees rising by 110% [5] - Corporate financing income has also seen a 69% increase, with underwriting commissions growing by 85%, reflecting the successful integration of private equity returns into broader business lines [5][6] - Guotai Junan International is effectively converting single project returns from private equity into comprehensive income across multiple business lines [6] Group 5 - Looking ahead, the ongoing interest in technology sectors such as AI and autonomous driving is expected to attract further capital market attention, positioning Guotai Junan International to capture innovation dividends [7] - The company's proactive investment strategy, mature risk control system, and ability to create business synergies are anticipated to support its long-term sustainable growth [7]

驾 + 具 身 所有课程 频售课程除夕 ▲星球福利 / xING QIU FU LI 7折优惠，立减80 7折优惠, 立减99 节后将再次涨价 赠送7门精品课程 具身智能之心 自动驾驶之心 ▲ 福利专区 /FU LI ZHUAN QU O 1.大模型星球 99元一年，（技术 + 行 业 + 求职) 2. 1v1辅导辅导最高1000抵扣 5000 3.1v6论文辅导立减*1000 4. 超级折扣卡:*299元 自驾课程七折 优惠 (一年期) ▲ 伊件福利 /YIN JIAN FU LI 星球优惠！新人七折续费五折 星球核心内容一览！ 自动驾驶之心 知识星球 技 最前沿的 自驾技术社区 术 f 7 P 7 5 r 6 自动驾驶VLA 世界模型 闭环仿真 扩散模型 BEV感知 --- 近40+学习路线 保持活力，持续学习 交 学术界&工业界 大佬面对面交流 4 r r VLA和WA的路线之争 未来自驾的发展方向 世界模型到底model了个館？ 关于端到端的讨论 星友面对面 直击行业第一线 直 → 顶会作者亲临 播 6 f t r r Impromptu VLA NavigScene LangCoop DriveBe ...

V 铁路国庆中秋假期运输自9月29日开如 月10日结束，为期12天 2 第二届北京数字人才发展大会将于9月 30日举办 3 韩国9月29日起对中国团队游客实行临 貨 4 欧元区9月经济景气指数将公布 (5)美国8月成屋签约销售指数将公布 1 八部门印发《有色金属行业稳增长工作方案（2025—2026年）》 每经编辑｜张喜威 王瀚黎 据工信部网站9月28日消息，工业和信息化部等八部门印发《有色金属行业稳增长工作方案（2025—2026年）》，其中提到，2025—2026年，有色金属行业 增加值年均增长5%左右，经济效益保持向好态势，十种有色金属产量年均增长1.5%左右，铜、铝、锂等国内资源开发取得积极进展，再生金属产量突破 2000万吨，高端产品供给能力不断增强，绿色低碳、数字化发展水平持续提升。 2 国家发展改革委主任郑栅洁主持召开座谈会 9月28日，国家发展改革委主任郑栅洁主持召开民营企业座谈会，就"十五五"时期扩大有效投资听取企业意见建议。郑栅洁表示，国家发展改革委将深入贯 彻落实党中央、国务院决策部署，在扩大准入、打通堵点、强化保障等方面实施一批务实举措，加强产业、投资、财政、金融政策协同，进一步激发民 ...

□本报记者张凌之 在建设科技强国的进程中，科技创新与高端制造发挥着核心引擎作用。今年以来，半导体、芯片、创新 药、机器人等细分领域发展提速，技术持续突破、产业趋势不断增强，相关投资机遇成为市场瞩目的焦 点。 面对科技制造领域的历史性投资机遇，嘉实基金的基金经理孟夏近日在接受中国证券报记者采访时指 出，科技制造行业竞争激烈，容易形成"赢者通吃"的格局。因此，在投资科技制造企业时，更应注重企 业质量，并在行业配置上保持适度均衡，以更好地实现穿越周期的成长回报。 作为嘉实基金自主培养的基金经理，孟夏在公司投研文化的熏陶下，依托"平台型、团队制、一体化、 多策略"的投研体系，不断拓展能力边界，逐渐成长为市场中少有的质量成长风格投资选手。11年的证 券从业经验与5年投资实战经历，让孟夏的能力圈覆盖高端制造、软硬科技、平台服务、消费与医药制 造、"专精特新"等多个领域，并逐渐成长为一位值得长期托付的"底仓型"成长投资基金经理。 科技创新红利持续释放 在A股指数连创新高之后，近期市场进入震荡调整阶段。孟夏分析认为，这是市场上涨进程中的良性整 固，有助于行情更健康、更持久地发展。他指出："自2024年9月24日以来，市场上涨 ...

小马智行官方微信公众号9月26日消息，9月26日，小马智行宣布获得迪拜自动驾驶路测许可，标志着公 司向迪拜推出Robotaxi服务迈出关键一步。小马智行首批Robotaxi车辆已在迪拜开启路测，为2026年实 现全无人驾驶商业化服务打下基础，给更多迪拜居民与游客提供高效、可持续的出行选择。 目前，小马智行Robotaxi的足迹已从国内的北上广深，一路延伸至迪拜、韩国、新加坡、卢森堡、卡塔 尔等国家及地区，自动驾驶"中国方案"正在引领一场全球智慧出行变革。 （原标题：小马智行获得迪拜Robotaxi路测许可，首批车辆已开跑！） 9月24日-25日，小马智行在2025迪拜世界自动驾驶交通大会（Dubai World Congress for Self-Driving Transport）上，对外展示将在迪拜投放的Robotaxi车辆以及商业化验证的L4自动驾驶方案。大会以"重 塑出行：迈向自动驾驶时代"为主题，聚焦迪拜"2030年实现25%城市交通运力自动驾驶化"的战略目 标。这是小马智行首次面向迪拜公众展示L4级自动驾驶"中国方案"，吸引了众多参观者驻足体验。小马 智行希望以自动驾驶技术赋能地区发展，提升交通安 ...

Summary of Conference Call on AI Smart Vehicle Sector Investment Opportunities Industry Overview - The smart vehicle industry is accelerating, showing signs of a turning point, with software becoming more important than hardware, and B-end applications outperforming C-end applications [1][2] - The fourth quarter is expected to bring significant market activity in the smart vehicle sector, driven by the expansion of AI technology from hardware to applications and from the digital world to the physical world [1][2] Key Insights and Arguments - **Investment Opportunities**: The smart vehicle sector is anticipated to see substantial investment opportunities in Q4, with a focus on AI smart vehicles. Key stocks include Xiaopeng Motors, Horizon Robotics, and ChaoTu Mobility [1][2] - **Robot Taxi Potential**: Robot Taxi is identified as the best breakthrough application scenario for smart vehicles, with a projected domestic ownership of 500,000 units by 2030 and 2 to 2.5 million units by 2035 [1][3][12] - **Autonomous Driving Technology**: Rapid advancements in autonomous driving technology are noted, with leading companies like Li Auto and Xiaopeng already demonstrating partial L4 capabilities. Significant changes are expected by the end of the year [1][10] - **Catalysts for Growth**: Key catalysts for the development of the autonomous vehicle market include L3 access policies, the release of Tesla's V74 version, and production plans for Xiaopeng's Robotaxi [1][11] Market Dynamics - **Performance of Smart Vehicle Sector**: The smart vehicle sector underperformed in the first half of the year due to regulatory tightening and market sentiment influenced by incidents like the Xiaomi accident. The focus has shifted towards software and digital models rather than physical applications [3][4] - **Future Trends**: The smart vehicle market is expected to grow significantly, with AI efficiency improvements leading to better performance in the sector. The potential for investment and industrial transformation in China is highlighted [6] Investment Recommendations - **Valuation Approach**: The valuation of smart vehicles and Robotaxis should be based on their ability to replace human jobs and generate income, rather than traditional metrics like user numbers [16] - **Key Players**: Investors are advised to focus on companies with significant barriers in software or hardware integration, as these are likely to achieve higher profit margins [18] Company-Specific Insights - **Xiaopeng Motors**: Positioned as a leading player in the smart vehicle market, with plans for new models and a focus on both B-end and C-end markets. Expected to scale production of Robotaxis by 2026 [21] - **Horizon Robotics**: Recognized as a leader in L2 and L3 intelligent driving, with a market cap reflecting its core positioning. Expected to reach a market cap of over 200 billion [24] - **Black Sesame Intelligence**: Noted for its potential in the L4 scene and partnerships with major automotive companies. The company is expected to see significant growth in the coming years [25] Additional Considerations - **Robotaxi Market Size**: The domestic ride-hailing and taxi market is estimated at 5 to 6 million vehicles, with Robotaxi expected to enhance user experience rather than compete on price [12] - **Role of Regulatory Bodies**: Organizations like China Automotive Research Institute play a crucial role in policy changes and vehicle testing, which are essential for the industry's evolution [30] This summary encapsulates the key points from the conference call regarding the AI smart vehicle sector, highlighting investment opportunities, market dynamics, and company-specific insights.

Core Viewpoint - The unmanned delivery vehicle industry is experiencing significant growth driven by user demand, technological advancements, and a shift towards commercial viability, with major companies securing substantial funding and setting ambitious delivery targets [3][4][5]. Group 1: Industry Growth and Funding - The unmanned delivery vehicle sector has attracted over 3.5 billion yuan in funding this year, with companies like New Stone, Nine Senses, and White Rhino leading the charge [4]. - The number of unmanned delivery vehicles in China has just surpassed 6,000 units, with companies aiming to deliver 10,000 units by the end of the year [4][5]. - New Stone has announced the delivery of its 10,000th vehicle, establishing the world's first fleet of this scale [4]. Group 2: Product Development and Market Expansion - Unmanned delivery vehicles are evolving from small models to larger ones with capacities exceeding 5 cubic meters, suitable for fixed-route transportation [5][6]. - The market is expanding beyond the express delivery sector to include instant logistics and urban delivery for fresh produce and pharmaceuticals [6]. - Companies are focusing on standardizing products and defining clear market segments, which is essential for large-scale commercial deployment [6][8]. Group 3: Cost Reduction and Quality Improvement - Companies are adopting automotive-grade quality standards to enhance product durability and reduce operational costs [8][9]. - The cost of unmanned delivery vehicles is decreasing due to advancements in passenger vehicle technology, with high-level driving assistance systems becoming more affordable [9][10]. - New Stone has reduced the number of sensors in its vehicles to cut costs, while other companies are also optimizing their technology to improve efficiency [10]. Group 4: Business Models and Market Strategy - The industry is exploring two primary business models: vehicle sales or leasing and customized development for large clients [11]. - Companies are targeting small and scattered clients to diversify their customer base and reduce dependency on large clients [11][12]. - Competitive pricing strategies are being implemented to lower entry barriers for customers, with some vehicles priced below 150,000 yuan including maintenance [12]. Group 5: Operational Efficiency and Challenges - Operational efficiency is critical for profitability, with companies needing to optimize deployment and maintenance processes [13]. - The cost of operating unmanned delivery vehicles can be significantly reduced through economies of scale, with costs increasing only slightly when scaling from 10 to 100 vehicles in a city [13]. - Regulatory challenges remain, as the legal status of unmanned delivery vehicles is still being defined, impacting their ability to operate at scale [15][16].

证券研究报告 | 2025年09月28日 汽车智能化月报系列（二十八） 优于大市 地平线合作哈啰加速 Robotaxi 商业化落地，禾赛科技于香港交易所上市 行业新闻：1）工信部拟出台强制性国家标准，为自动驾驶技术设定安全 门槛；2）科博达收购参股公司智能科技 60%股权；3）小鹏汽车携多款 热门新车进入欧洲五国市场；4）地平线与哈啰达成战略合作，加速 Robotaxi 商业化落地；5）禾赛科技登陆香港交易所主板；6）小马智行 获得迪拜 Robotaxi 路测许可，首批车辆已开跑；7）新加坡首批 Robotaxi 上路，文远知行助力 Grab 推出 Ai.R 自动驾驶出行项目；8）华阳集团 助力全新问界 M7 打造超凡体验。 高频核心数据更新：1）800 万像素摄像头占比持续提升。2025 年 7 月， 乘用车前视摄像头渗透率 66.7%，同比+6pct，环比-1pct，其中 800 万 像素占比 41.7%，同比+23pct，环比+2pct。；2）英伟达驾驶芯片占比 提升。2025 年 7 月，乘用车驾驶域控渗透率 30.2%，其中 mobileye、TI、 地平线、英伟达、特斯拉 FSD、华为芯片占比分别 ...

Core Insights - The "Vehicle-Road-Cloud Collaboration" is identified as the core path for the development of intelligent driving in China, emphasizing the need for a dual support system of smart roads and cloud computing for the realization of L3 to L4 level autonomous driving [1][3] - Recent policy actions, including the release of the draft for safety requirements of intelligent connected vehicles and conditional approval for L3 models, indicate that the auxiliary driving industry in China is entering a new phase of standardized development focused on safety quantification [1][5] Industry Developments - The auxiliary driving industry faces challenges such as a lack of unified performance baselines and improper promotional language, which can lead to dangerous behaviors among drivers [4] - The draft safety requirements transform safety concepts into quantifiable metrics, including 46 field tests, 72 hours of road tests, and specific thresholds for vehicle hazards and typical faults [4] - The Ministry of Industry and Information Technology has proposed a work plan to stabilize growth in the automotive industry, which includes conditional approval for L3 model production [5] Technological Advancements - The penetration rate of intelligent driving is increasing, with projections indicating that vehicles supporting high-speed and urban NCA will grow from under 2 million in 2023 to over 7 million by 2025 [6] - Leading tech companies and new automotive players are showcasing advantages in the market, with Huawei's ADS system accumulating 4 billion kilometers of safety mileage and XPeng Motors launching the world's first L3-capable AI car [6][7] - Traditional automakers like BYD are also accelerating their advancements, planning to equip 60% of new vehicles with advanced driving features by 2025 [7] Compliance and Standards - The systematic connection of policies and standards is crucial for the orderly advancement of autonomous driving technology, with recent initiatives aimed at bridging generational gaps in technology [8] - The draft has clarified the definitions of L2 to L5 level technologies, establishing boundaries between auxiliary driving and autonomous driving [8] - The industry is experiencing significant generational gaps, with leading companies advancing to urban NOA while others remain at basic levels of highway assistance [9] Future Trends - The competition in the auxiliary driving sector will increasingly focus on technological innovation and service experience optimization, with a shift from "selling functions" to "selling safety" [9][10] - The "Vehicle-Road-Cloud Collaboration" is expected to become a significant trend, enhancing road safety and traffic efficiency through effective information exchange between vehicles and infrastructure [10]