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， ...

证券研究报告 【中泰汽车|何俊艺团队】汽车周报（05/12-05/18） 持续看好强势自主整车，年度重视整车&智驾&机器人 | 汽车行业首席分析师：何俊艺 | 汽车行业分析师：刘欣畅 | 汽车行业分析师：毛䶮玄 | | --- | --- | --- | | S0740523020004 | S0740522120003 | S0740523020003 | | hjy@zts.com.cn | liuxc03@zts.com.cn | maoyx@zts.com.cn | | 汽车行业分析师：汪越 | 汽车行业分析师：白臻哲 | | | S0740525010002 | S0740524070006 | | | wangyue07@zts.com.cn | baizz@zts.com.cn | | 2025年5月21日 1 目 录 一、核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 二、行情跟踪：全行业&汽车板块&覆盖标的跟踪 三、行业景气度：终端&订单&出口总量+分车企数据跟踪 四、重要新闻 五、个股跟踪 六、风险提示 2 核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 3 ◼ 周 ...

Core Viewpoint - The company has initiated mass production of its line control braking products, with expected total sales of approximately 1 billion yuan over a 5-year lifecycle, starting from Q1 2026, although actual supply may vary due to several market factors [2] Group 1: Product Development and Sales - The line control braking products are projected to begin significant volume production in Q1 2026, with a total estimated sales amount of around 1 billion yuan over five years [2] - The actual supply volume may be influenced by the production schedules of automotive manufacturers, market acceptance, competition from other models, and international conditions, indicating a level of uncertainty [2] - The company aims to secure more customers and projects based on client production timelines [2] Group 2: Production Bases and Partnerships - The company has established three core production bases in Xiaoshan, Anhui Guangde, and Huzhou Anji, along with supporting production bases in Liuzhou, Guangzhou, and Changchun, while construction in Morocco is progressing [2] - The company is deepening its collaboration with Geely Auto, providing brake and automotive electronic products for Geely and Galaxy brands, with significant sales growth in recent years [2] - The company is actively expanding its business with other brands under Geely [2] Group 3: Technological Innovation - The company focuses on integrated module solutions, combining core technologies such as hub motors, electronic mechanical brakes (EMB), and steering systems to enable innovative vehicle functionalities like lateral movement and pivot steering [2] - In response to smart driving demands, the company is developing two technical routes in line control braking, One-box and Two-Box, to offer diverse system solutions [2] Group 4: Market Expansion and Financial Performance - The company is achieving gross margin growth through product structure optimization, improved process levels, and economies of scale, supported by a recovery in the domestic automotive market and the launch of international projects [3] - The company plans to continue expanding its global procurement platform for joint ventures and the independent brand market, accelerating the promotion of automotive electronic products [3] - Internal management upgrades are being implemented to address the annual decline pressures faced by automotive manufacturers [3]

在安全与智能化方面，车辆配备全方位主动、被动安全系统，并依托先进车联网技术实现行车全程监 控。此外，企业还联合日本丰田核心燃料电池部件，开发无人驾驶氢能重卡，推动跨省智能物流氢能编 组运输。目前，其试制样车已出口至德国、西班牙、墨西哥、迪拜等市场，并获中国香港客户认可，累 计收获五款车型生产订单。 图为发车仪式现场。尚虹波 摄 据介绍，圆速蒙泰的崛起，是呼和浩特市打造"中国西北氢谷"的重要支撑。呼和浩特经济技术开发区通 过政策扶持、技术突破与生态协同，推动企业成为区域产业升级标杆。其母公司蒙泰集团作为内蒙古民 营经济领军企业，2024年营收达498亿元，位列中国民营企业500强第252位，旗下铝材产业更为圆速蒙 泰提供了稳定的低成本原材料支持。 "未来我们将聚焦智能驾驶与绿色物流，以技术创新降低行业成本。"圆速蒙泰总经理张舵表示，企业将 持续探索TaaS(运输即服务)模式，助力中国新能源商用车走向世界，为全球碳减排提供"中国方案"。 (尚虹波) 原标题；中德日技术赋能 呼和浩特首批智能氢电重卡下线 5月17日上午，内蒙古呼和浩特经济技术开发区内，一辆辆崭新的智能氢电重卡缓缓驶出圆速蒙泰智能 氢电商用车有限公司 ...

Core Insights - Xiaopeng Motors is recovering from a low point in 2023, with significant growth in Q1 2025, achieving total deliveries of 94,000 vehicles, a year-on-year increase of 330.8% and a quarter-on-quarter increase of 2.7% [2] - The company's total revenue for Q1 2025 reached 15.81 billion yuan, a year-on-year growth of 141.5%, although it saw a slight quarter-on-quarter decline of 1.8% [3] - The net loss for the quarter narrowed significantly by 51.5% to 660 million yuan, marking the lowest level since Q3 2020 [5] Financial Performance - Total revenue for Q1 2025 was 15.81 billion yuan, with automotive sales revenue at 14.37 billion yuan, reflecting a quarter-on-quarter decline of 2.1% despite increased delivery volumes [3] - The overall gross margin reached 15.6%, up from 12.9% year-on-year, while automotive gross margin improved to 10.5%, a significant increase from 5.5% in the same period last year [3][4] - The average selling price per vehicle decreased by 4.6% from the previous quarter, indicating a potential pricing pressure in the market [3] Product and R&D Strategy - Xiaopeng Motors has invested heavily in R&D, with 1.98 billion yuan allocated to smart driving research in Q1 2025, a 46.7% increase year-on-year [6] - The company is focusing on the development of its self-researched Turing AI chip, which is expected to enhance autonomous driving capabilities and is set to enter mass production [6] - The product lineup includes the MONA M03 and P7 series, which have become key contributors to sales, with MONA M03 accounting for about 50% of total sales in Q1 2025 [4] Market Position and Challenges - Xiaopeng aims to achieve profitability by Q4 2025, with a clear path involving product mix optimization, cost reductions from Turing chip production, and increased software subscription services [7] - The company plans to launch several new models in 2025, including the G7 SUV and the Kunpeng super electric vehicle, to enhance its competitive position [8] - Ongoing price wars in the industry, particularly with competitors like Tesla and BYD, pose significant challenges to maintaining profit margins [8] International Expansion - Xiaopeng has begun deliveries in several European countries and plans to enter the French and Spanish markets later in the year, alongside local production projects in Southeast Asia [9] - The overseas business is still in the investment phase and may not provide substantial support to financial performance in the short term [9] Conclusion - Xiaopeng Motors is at a critical transformation stage, making substantial progress in smart driving technology and cost control, while facing intense market competition and profitability pressures [10]

电子产品，近几年来公司对吉利汽车的销售额增长较为明显， 公司也正在向吉利汽车其他品牌积极推广和洽谈公司的产品 和技术。 3、公司的角模块产品能介绍一下吗？ 答：公司近几年来深耕角模块技术，致力于提供全方位、系统 化的解决方案。这一解决方案集成了公司的轮毂电机、电子机 械制动（EMB）、主销转向系统、主动悬架以及底盘域控制器， 实现了车辆各系统的独立控制，颠覆了传统汽车的阿克曼转向 模式，赋予了车辆原地转向、横向移动等功能，极大地拓展了 车辆的应用场景，满足了用户对于个性化、定制化出行的需求。 为智能驾驶的普及奠定了坚实基础。 4、公司有 AEB 产品销售吗？ 证券代码：002284 证券简称：亚太股份 浙江亚太机电股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | ☑特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | ☑现场参观 | | | □其他 （线上会议调研） | | 参与单位名称及 | 信达证券赵启政，民生加银基金董士萱，华福证券卢宇峰，开 | | 人员姓名 | 源证券赵旭杨 ...