对于港股大模型，杜厚良认为，从长期来看， AI有望在本质上改变移动互联网的入口。通过AI技 术的普及应用，移动互联网现有的分配方式或将发生较大转变。 当硅基代码叩响文明之门，当智能浪潮重塑人类想象， AI浪潮正以前所未有的 速度改变着人类认 知世界的方式， 颠覆着传统产业的底层逻辑 ， 更逐浪于资本市场 。 "AI+"的未来还有哪些想象 空间？人形机器人投资的下一阶段焦点在哪？投资者应该如何 从大模型技术发展中寻找机会？ 近日，中欧基金举办了 AI DAY活动。活动邀请了 中欧基金科技战队核心团队、 券商分析师、国 内 AI科学家及产业专家等，分享了当前AI技术发展的最新成果，探讨了 生成式 AI发展趋势及投 资价值，一同解码AI应用的投资机会和无限可能。 中欧基金权益研究部副总监、科技组组长杜厚良： 关注港股大模型应用、国产替代、 3D打印等 作为中欧基金权益研究部副总监、科技组组长，杜厚良认为投资科技一定要立足产业研究，要比 别人更早发现科技产业变化的机会。今年以来，中欧基金科技战队积极主动开展调研，力求挖掘 AI产业的潜在投资机会。 杜厚良介绍，中欧基金科技战队的大部分成员毕业于清华、交大等院校，且兼具 ...

Core Insights - The launch of the Deep Blue S09 SUV represents a significant response to the growing competition in the electric vehicle market, showcasing the company's confidence in its product value through a "one-year price guarantee" policy [1][3] - The pricing strategy for the Deep Blue S09 ranges from 239,900 to 309,900 yuan, catering to diverse family needs with five different configurations [1][2] Product Features - The Deep Blue S09 integrates advanced safety features, having met stringent global crash standards, particularly ensuring safety for third-row passengers [2] - It is equipped with Huawei's advanced intelligent systems, including HarmonySpace 5 and ADS 3.3, facilitating seamless connectivity between people, vehicles, and homes [2] - The vehicle offers a spacious interior designed for six passengers, featuring the largest trunk space in its class and a versatile layout that provides comfort for all passengers [2] Technological Innovations - The Deep Blue S09 employs innovative range-extending technology, including a unique wide-temperature micro-core high-frequency pulse heating technology and dual battery safety protection from Chang'an and CATL [3] - The vehicle's commitment to low fuel and electricity consumption is highlighted by its "super economical, super comfortable, and super safe" promises [3] Market Impact - The introduction of the Deep Blue S09 is expected to invigorate the electric vehicle market, establishing a new benchmark for family-oriented travel solutions [3] - The "one-year price guarantee" is anticipated to rebuild consumer trust in the fluctuating electric vehicle market, addressing concerns about price drops after purchase [1][3]

Group 1 - The core viewpoint of the article indicates that global sales of new energy vehicles (NEVs), including Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and hydrogen fuel cell vehicles, are projected to reach 4.02 million units in Q1 2025, representing a year-on-year growth of 39% [1] - The automotive industry is expected to see a positive trend in its fundamentals in the medium term, supported by increased investments from public funds [1] - Investors are advised to focus on the automotive ETF (516110) for long-term investment opportunities, particularly during market dips [1] Group 2 - The automotive ETF (code: 516110) tracks the 800 Automotive Index (code: H30015), which includes listed companies involved in vehicle manufacturing, sales, parts production, and related services, aiming to reflect the overall market performance of China's automotive industry [1] - For investors without stock accounts, alternative options include the Guotai Zhongzheng 800 Automotive and Parts ETF Initiated Link A (012973) and Link C (012974) [1]

Group 1 - The core viewpoint highlights that BYD has surpassed Tesla in electric vehicle sales in Europe for the first time, marking a significant shift in the market dynamics [1] - BYD's electric vehicle registration sales in April reached 7,231 units, representing a 169% year-on-year increase, positioning the company among the top ten electric vehicle brands [1] - In contrast, Tesla's registration sales plummeted by 49%, resulting in a drop in its market ranking [1] Group 2 - Zhongtai Securities expresses optimism for investment opportunities in the automotive and smart driving sectors, indicating limited adjustments during the off-season in Q1 2025 [2] - The report suggests that the upcoming vehicle replacement policy is expected to support the automotive sector, with a strong likelihood of order reversals in the near future [2] - Guotai Haitong Securities notes that advancements in autonomous driving technologies, such as NOA and Robotaxi, are beginning to yield financial returns, benefiting companies with strong model capabilities and innovative components [2]

Core Viewpoint - The automotive market is expected to see a moderation in the "price war" due to stringent regulations on "smart driving" advertising, shifting the focus from "autonomous driving" to "assisted driving" [1][4][6] Group 1: Regulatory Changes - The Ministry of Industry and Information Technology has mandated that car manufacturers avoid misleading terms like "autonomous driving" and instead use "assisted driving," emphasizing the driver's responsibility [1][4] - A recent meeting highlighted the need for manufacturers to conduct thorough testing and validation of driving assistance systems, ensuring accurate representation of their capabilities [4][6] Group 2: Industry Response - Multiple brands have acknowledged that their smart driving systems are not fully autonomous and require driver engagement, with sales representatives clarifying that hands must remain on the wheel [2][3] - Companies like Geely emphasize that while they can equip all models with advanced driving assistance systems, not all consumers require such features, indicating a focus on genuine consumer needs [3][5] Group 3: Market Dynamics - The penetration rate of L2 and above Advanced Driver Assistance Systems (ADAS) in new vehicles is projected to reach 47.9% in 2024, with a higher rate in electric vehicles at 56.9% [5] - Despite changes in smart driving advertising, industry experts believe the impact on overall vehicle sales will be limited, as competition remains fierce [6][7] Group 4: Price War and Competition - The price war in the automotive market is reportedly easing, with traditional fuel vehicle brands adopting transparent pricing strategies to reduce unhealthy competition [6] - Regulatory bodies are taking steps to address "involution" in the industry, aiming to curb excessive price competition and promote technological development [6][8] Group 5: Future Outlook - Companies are expected to reassess their smart driving system designs and marketing strategies, focusing on safety and the enhancement of driving experiences [6][7] - Industry associations are advocating for healthy competition and high-quality development, urging manufacturers to adhere to ethical advertising practices [8]

目前，多家图商积极寻求转型，推出了语义要素更少、精度更低，从而制作成本更低、更新更快的轻量 级高精地图，以及采用标准的导航地图(SD MAP)的无图方案。例如，腾讯推出"多图合一"模式，实现 了标准导航地图(SD Map)、轻量级高精数据(HD Air)与高精地图(HD Map)的有机融合。该方案通过分层 处理道路数据，保留车道拓扑、交通标志等核心要素，在确保数据鲜度的同时降低使用成本。高德也早 在2023年推出了高德HQ Live MAP，简化了城区普通道路场景中不必要的地图元素，降低了制作和部署 成本。 随着新能源汽车智能化竞争的持续升温，城市NOA正成为辅助驾驶技术普及的关键战场，而智驾地图 作为核心底层能力，其重要性日益凸显。根据《高工智能汽车研究院》数据显示，2024年，中国市场新 能源乘用车(不含进出口)城市NOA搭载智驾地图已超过70万套，其中腾讯地图、高德地图分别以 49.01%、47.90%市占率位列前二名位置。 行业分析显示，随着比亚迪、吉利等车企将城市NOA下探至10万元市场，智驾地图产业正经历技术路 线革新。高精地图曾一度被业界认为是高阶智驾以及自动驾驶系统当中不可或缺的重要组成部分。 ...

Group 1 - Shenzhen's well-known company Senhe Innovation announced its dissolution due to team restructuring, manufacturing difficulties, and funding constraints, leading to the shutdown of all operations [4][5][6] - The Oasa R1, despite its innovative features, has limitations in its LiDAR-Vision Perception technology, making it less competitive compared to domestic alternatives that can cover larger areas [5][6] - Xiaomi launched the YU7, a luxury high-performance SUV, with a focus on safety and advanced technology, aiming to compete directly with Tesla's Model Y [10][11] - High合汽车 has received a $100 million investment from a Lebanese businessman, marking its revival and plans to recall employees, albeit with salary reductions [13][15] - Li Auto has adjusted its annual production target to 640,000 units, down from 700,000, while also implementing cost control measures to ensure profitability [22][23] Group 2 - Ford's CEO praised the rapid R&D pace of Chinese automakers, noting that they can develop new vehicles in half the time compared to traditional manufacturers [28] - Tesla faced a significant drop in sales in Europe, with April sales plummeting 46.2% year-on-year, highlighting challenges in the competitive electric vehicle market [32] - Google announced plans to integrate advertisements into its AI search mode, reflecting a shift in its revenue strategy amid growing consumer skepticism about AI-related advertising [33]

Core Insights - Xiaomi launched its first SUV model, the Xiaomi YU7, during its 15th anniversary strategic product launch event, alongside its self-developed chip, the Xuanjie O1 [1][3] - The company has delivered a total of 258,000 units of the SU7 series, with over 28,000 units delivered in April alone [1][3] Product Features - The Xiaomi YU7 boasts a maximum power of 690 PS, a 0-100 km/h acceleration time of 3.23 seconds, and a top speed of 253 km/h, equipped with the V6s Plus Xiaomi Super Motor [3] - The YU7 is positioned as a "luxury high-performance SUV" with features such as a standard range of 835 km, a panoramic display, 700 TOPS of auxiliary driving computing power, and laser radar [3][5] - The vehicle includes an 800V silicon carbide high-voltage platform, making it the leader in range among mid-to-large pure electric SUVs, with a maximum range of 835 km and a rapid charging capability of 620 km in just 15 minutes [5] Safety and Technology - The YU7 features an upgraded "armor cage" steel-aluminum hybrid body, utilizing 2200 MPa Xiaomi super steel for enhanced strength and safety, meeting all collision standards [5] - The vehicle is equipped with a fourth-generation Snapdragon 8 mobile platform and a new generation NVIDIA Thor vehicle computing platform, achieving a maximum computing power of 700 TOPS for improved driving assistance [5][6] Market Potential and Forecast - Analysts predict that the SUV market segment priced between 200,000 to 300,000 yuan is larger than the sedan market, with the potential for significant demand for the YU7 [6] - The company anticipates delivering 137,000 units in 2024, with projections of 389,000 and 573,000 units in 2025 and 2026, respectively, as new models like the YU7 are introduced [6] - Xiaomi's automotive business is expected to achieve profitability by Q3 2025, with a full-year turnaround anticipated in 2025 [6]

小米首款SUV发布。 5月22日，小米举办15周年战略新品发布会，本次发布会最受市场关注的除了自研芯片玄戒O1之外，还有小米汽车的首款 SUV车型小米YU7。 而对于小米汽车的又一重磅产品小米YU7，雷军也极为卖力地做了众多介绍。不过，雷军也表示，本次发布会并不公布具 体价格，需要在7月的正式发布会才会揭晓。而对于其价格的猜想，雷军也直言不讳地表示，19.9万元是不可能的。 据了解，本次发布的小米YU7最大马力690PS、最快零百加速3.23s、最高时速253km/h，搭载V6s Plus小米超级电机。 在发布会上，小米创始人雷军介绍，目前小米SU7系列已累计交付258000台，4月交付超28000台。 同时，在不少高端配置上都有着全系标配，对于小米YU7的标准版，雷军更将其称之为"超大杯"。在颜色方面，分为宝石 绿、钛金属色以及熔岩橙三种。 小米对YU7的定位是"豪华高性能SUV"，雷军表示，YU7将全系标配超长续航，标准版835km；全系标配小米天际屏全景 显示；全系标配700TOPS辅助驾驶算力；全系标配激光雷达；全系标配连续阻尼可变减振器。 以全系标配长续航为例，全系标配800V碳化硅高压平台，小米Y ...

撰 文 / 牛 跟尚 设 计 / s h e l l y "要踏踏实实做好保障智能驾驶汽车安全性的系统工作，少造概念，避免误导消费者，同时要承担 起向消费者普及智驾操作原则的责任。" 曾任东风汽车公司总经理、武汉市委书记、工业和信息化部（简称工信部）部长的苗圩在其新书 《志在超车：智能网联汽车的中国方案》发布上呼吁企业谨慎宣传。该书的第五个小标题就是《智 能网联汽车安全先行》。 苗圩，可能是对"智驾"吹哨的第一位专家型高官。 这一天，是3月20日，春分，昼夜均分之时，或许正是万物拔节之时，也或是中国汽车换道超车中 新拐点。 9天后的3月29日晚，一辆小米SU7在安徽高速路上发生车祸，导致车内3个年轻生命不幸离世。公 开信息披露，事故发生前车辆处于NOA智能辅助驾驶状态，车辆检测出障碍物后进入人驾状态，3 秒后与隔离带水泥桩发生碰撞，引发严重车祸。 这起事故，犹如睛天霹雳，撕破车企都在鼓吹的"智能驾驶新装"。 此前，中国部分车型在高速公路领航辅助驾驶、城区领航辅助驾驶以及"代客泊车"等智驾功能上被 夸大宣传。 一是功能效果方面，一些车企将L2级辅助驾驶包装为"L2.9级""全场景智驾""城市领航"等模糊概 念， ...