Core Insights - The emergence of smart driving insurance as a new protection product has garnered industry attention, with companies like Jiyue, Hongmeng Zhixing, and Avita launching smart driving insurance services to cover losses related to smart driving assistance functions [1] - Smart driving insurance is currently positioned more as a value-added service rather than a traditional insurance product, leading to a development dilemma due to annual costs in the thousands of yuan and disputes over responsibilities [1] - Consumers have raised concerns about the motivations behind automakers' involvement in smart driving insurance, suggesting that it may shift the liability for system defects to insurance companies while allowing automakers to optimize algorithms based on claims data [1] Group 1 - The lack of a clear responsibility recognition system is a major issue, as current traffic safety laws do not establish standards for "human-machine responsibility" in smart driving accidents, leading to disputes over "system failure" versus "operational error" [1] - Automakers' monopolistic control over driving data exacerbates the risk of unfair responsibility determination, as they participate in the determination process while retaining original data [1] - There is a significant overlap between the coverage of smart driving insurance and traditional car insurance, leading to instances of redundant coverage [1] Group 2 - The iteration of smart driving technology is reshaping traditional car insurance logic, presenting three challenges for insurance pricing: the shift of risk from drivers to smart driving systems, rapid technological changes increasing risk variables, and the lack of unified responsibility recognition standards [2] - To build a healthy ecosystem for smart driving insurance, collaboration among multiple parties is essential, including clarifying responsibility boundaries for different levels of autonomous driving and establishing technical standards for accident assessment [2] - Smart driving insurance should evolve from mere loss compensation to risk prevention, with some automakers exploring innovative service models that monitor user behavior data and offer premium refunds for compliant usage [2]

"究竟是苹果开创了智能手机时代，还是智能手机时代选择了苹果，每个人心中都有自己的答案，而我 的答案倾向于后者。"易方达基金基金经理郑希的这番话，正是他以中观视角审视科技股投资逻辑的真 实写照。 当下，全球产业链格局面临挑战，郑希认为，如果新一轮颠覆性技术迭代得到实现，我们现在面对的很 多问题或许都会迎刃而解。 在科技浪潮中选择最受益的公司 也是基于这种底层认知，在郑希的投资体系中，很难对任何一家科技公司形成"信仰"。"科技股走势往 往难以预测，它们的爆发往往缘于突如其来的产业级突破，而非某个公司本身的必然成功。"他认为， 大多数科技企业实际上都是特定技术周期中的阶段性受益者。 因此，郑希在审视科技公司时，并不拘泥于传统定义下的"优秀"。"尽管有些公司运营稳健且盈利能力 出色，但如果其业绩表现与所处行业的发展变化关联度不高，这类公司也不是我投资的首选。"对行业 变化的敏感性，是郑希构建投资组合的重要考量因素。他理想的投资标的是，当产业由于新的技术迭代 处于上升周期时，企业能够站在风口之上，利润增长能与行业上行趋势同步甚至超预期。 郑希以苹果手机为例："究竟是苹果开创了智能手机时代，还是智能手机产业选择了苹果？在 ...

Investment Rating - The report assigns a "Buy" rating for the company [5] Core Views - The company is a leading third-party intelligent driving chip and solution provider in China, with a strong software-hardware integration technology and a leading strategic and business model [1][2] - The year 2025 marks the mass production year for the J6 series chips and high-level full-stack intelligent driving solutions (HSD), with expected shipment volumes exceeding one million units for J6M/E chips [1][2] - The company's intelligent driving solutions are expected to become the primary choice for OEMs, initiating a new growth cycle [1][3] Company Positioning - The company is positioned as an algorithm software company with a focus on intelligent driving solutions, aiming to become the Wintel of the robot era [2][17] - The company has transitioned from a pure software focus to a software-hardware integration model since 2019, becoming the leading third-party intelligent driving solution provider in China [2][17] Industry Trends - The intelligent driving sector is experiencing a shift towards higher penetration rates and a trend of self-sufficiency in the supply chain, with the new car penetration rate expected to rise significantly by 2025 [3][8] - The company is set to benefit from the trend of intelligent driving equality, with mid-to-high-end intelligent driving configurations becoming more accessible [3][8] Competitive Advantages - The company possesses a unique software-hardware integration model, enabling it to provide high-value solutions across the intelligent driving industry [3][8] - The company is leveraging its advanced algorithms and engineering capabilities to optimize performance and production efficiency [3][8] Investment Value - The company is recognized as a leader in self-sufficient intelligent driving chips and is expected to create significant value in high-level intelligent driving solutions [4][10] Financial Performance - The company anticipates total revenue of 2.38 billion yuan in 2024, representing a year-on-year growth of 53.6%, with a gross margin of 77.3% [2][36] - The revenue from technology licensing and services is projected to reach 1.65 billion yuan in 2024, with a gross margin of 92% [2][36] Product and Business Model - The company focuses on providing full-stack hardware and software products, including chips, algorithms, and development tools, covering low, mid, and high-level intelligent driving solutions [32][35] - The business model is flexible, allowing OEMs and Tier 1 customers to choose from a variety of solutions or components [43][50]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **PCB (Printed Circuit Board)** and **passive components** industries, along with insights into the **LCD panel** market and **display screen** demand trends. Key Points on PCB Industry - **Significant Growth in Q1 2025**: The PCB sector experienced remarkable growth in Q1 2025, with companies like Shenghong reporting a net profit increase of **339%**, Semyung Electronics over **600%**, and Semyung Technology at **43%**. This growth is attributed to rising demand in AI computing and smart driving sectors, indicating a recovery in the PCB product market [3][1][2]. - **Raw Material Price Increases**: In H1 2025, PCB raw material prices saw widespread increases, with companies like Jiantao issuing price hikes due to rising costs of copper and fiberglass, leading to an increase of **5 yuan** per unit. Major players are leading price increases across all categories of electronic fabrics and cloths [4][1][2]. - **High Demand for HDI Products**: The demand for high-end HDI (High-Density Interconnect) products is driven by AI servers, switches, and AI accelerator cards, which require high stability and precision in manufacturing processes [7][1][2]. - **Advantages of PTFE Materials**: PTFE materials are highlighted for their low dielectric constant and low loss characteristics, making them ideal for AI high-speed interconnect applications, particularly in GPU interconnections [8][1][2]. - **Future Outlook for CCL and PCB Industries**: The CCL (Copper Clad Laminate) and PCB industries are expected to continue seeing investment opportunities, driven by high demand for HDI products and the advantages of PTFE materials [9][1][2]. Key Points on Passive Components Industry - **Steady Growth in 2024 and 2025**: The passive components industry is projected to experience robust growth, with revenue and profit expected to increase by approximately **18%** and **17%** in 2024, respectively, and a continuation of this trend into 2025 [10][1][2]. - **Stable Demand for Small-Sized Components**: The market for small-sized chip components remains stable, with MLCC (Multi-Layer Ceramic Capacitor) and upstream suppliers achieving double-digit revenue growth [11][1][2]. Key Points on LCD Panel Market - **Current Market Conditions**: The LCD panel market has stabilized after previous price increases, with expectations for steady performance in H1 2025. Companies like BOE and TCL are anticipated to improve profitability due to their financial optimization strategies [15][1][2]. - **Price Trends**: LCD panel prices have shown slight increases but are expected to stabilize or face downward pressure in certain sizes due to inventory and demand fluctuations [16][1][2][17][1][2]. - **Display Screen Demand**: The demand for display screens is expected to follow a pattern of high initial demand followed by a decline, influenced by new policies and emerging applications [23][1][2]. Additional Insights - **Investment Opportunities**: Companies like BOE and TCL are highlighted as key players in the current competitive landscape, with potential for low-position investments as their profitability is expected to recover [25][1][2]. - **Technological Advancements**: The advancements in AI technology and its applications in various sectors are driving significant changes in the PCB and passive components markets, indicating a shift towards more sophisticated manufacturing processes and materials [9][1][2][8][1][2].

龙迅股份（688486） 证券研究报告·公司深度研究·半导体 专注高速混合信号芯片，25 年把握 AR/VR+ 智驾双重机遇 [Table_Tag] [Table_Summary] 投资要点 ◼ 行业崛起之星，致力于高速混合信号芯片领域。公司专注于高速信号与 视频处理芯片研发生产，产品涵盖模拟和数字电路功能，广泛应用于消 费电子、VR/AR、安防监控、5G 通讯、汽车电子、工业控制和医疗等 领域。公司拥有 140 多款芯片，具备高集成度、高性能、低功耗优势， 与高通、英特尔、三星、安霸等知名企业紧密合作，具备较强国际竞争 力。 ◼ 车载、AR/VR、PC 等多领域发展，成长空间广阔。 （1）车载：公司在车载显示领域深入布局。在智能座舱 SoC 方面，公 司部分高清视频桥接芯片凭借兼容性和稳定性优势已导入车载抬头显 示和信息娱乐系统，其中 9 款芯片通过 AEC-Q100 认证。在车载 SerDes 方面，针对汽车市场对于视频长距离传输和超高清视频显示需求开发的 车载 SerDes 芯片组进入全面市场推广。 （2）AR/VR：国内外 AR/VR 市场前景广阔，公司加速布局。目前，公 司研发的 4K/8K 超高清 ...

Group 1 - The recent period has been challenging for Xiaomi, particularly due to the trust crisis triggered by the fatal accident involving the Xiaomi SU7, prompting a reevaluation of smart driving technology in the industry [1] - The market for smart driving features remains strong, with a survey indicating that nearly 30% of consumers are willing to pay over 10,000 yuan for advanced driving assistance systems [3] - The penetration rate of L2 and above driving assistance features in the new energy passenger car market reached 66.3% in early 2025, indicating a growing consumer focus on smart driving capabilities [3] Group 2 - The penetration rate of new energy vehicles in China surpassed that of fuel vehicles, reaching 51.5% in April, with predictions suggesting it will exceed 70% by 2030 [6] - The competition among new energy vehicle manufacturers is intensifying, with Leap Motor achieving a 173% year-on-year increase in deliveries, becoming the top seller in April [10] - The Leap B10 model, which features a lower price point for laser radar technology, significantly contributed to its sales, highlighting the importance of competitive pricing in the smart driving market [12] Group 3 - The smart driving market is characterized by a split between safety ethics and rising consumer demand, leading to a search for balance within the industry [9] - The market is dominated by three main models: third-party solutions like Momenta, vertical integration by Huawei, and in-house development by companies like XPeng [18] - Momenta holds a 60% market share in the urban NOA supply chain, while Huawei's HI model accounts for nearly 30%, indicating the strong position of domestic suppliers in the smart driving sector [19][20] Group 4 - Traditional automotive giants are recognizing new opportunities in the smart driving space, particularly in safety, which has become a competitive advantage [23] - The competition in the smart driving sector is evolving from merely stacking features to a multidimensional battle focusing on safety experience, scale, and ecosystem [23]

摘要 ► 本 周数据： 2025 年 5 月第 2 周（ 5.5-5.11 ）乘用车销量 45.4 万辆，同比 +4.9% ，环比 +7.1% ；新能源乘用车销量 22.6 万辆，同比 +16.0% ，环比 +10.8% ；新能源渗透率 49.8% ，环比 +1.6% 。 ► 本周行情 ： 汽车板块本周表现强于市场 本周（5月12日-5月16日）A股汽车板块上涨1.91%，在申万子行业中排名第7位，表现强于沪深300 （1.23%）。细分板块中，乘用车、汽车零部件分别上涨3.76%、1.61%，商用载货车、汽车服务、摩托车及 其他、商用载客车分别下跌0.48%、1.05%、1.33%、2.33%。 ► 本周观点： 本月建议关注核心组合【比亚迪、吉利汽车、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股 份、春风动力】。 ► 机器人产业化进程加速 看好T链机器人+强智能化主机厂 本周，特斯拉向华尔街分析师公布：Optimus目前的产能为每月1,000辆。特斯拉计划在第四季度启动投资者 参观制造过程的计划，第二代生产线的产能为每月10,000辆；全球领先的物流企业DHL与机器人技术先锋波士 顿动力深化合作； ...

汽车和汽车零部件行业周报 20250518 ➢ 乘用车基本面向上 新车催化密集 智驾平权提振估值。根据乘用车上险数 据，5 月第 1/2 周乘用车销量 42.4/45.4 万辆，新能源渗透率为 48.2%/49.8%， 受益车展后新车密集催化及五一需求好转，周销量快速恢复。近期，吉利银河星 耀 8 上市，上市限时价 11.58-15.58 万元，加速抢夺 20 万元以下市场；理想汽 车宣布 L 系列智能焕新版正式上市，新车全系标配激光雷达。展望，后续将迎新 车密集催化，重点新车包括小米 YU7、小鹏 M03 MAX、G7、吉利银河星舰 9、 零跑 B01、长安深蓝 S09 等，建议关注基本面向上及具有智驾能力的公司。 ➢ 投资建议：乘用车：看好智能化、全球化加速突破的优质自主，推荐【比亚 迪、吉利汽车、小鹏汽车、赛力斯、理想汽车】，建议关注【小米集团】。 零部件：1）新势力产业链：推荐 H 链-【沪光股份、瑞鹄模具、星宇股份】；建 议关注小米链【无锡振华】； 推荐 T 链【拓普集团、新泉股份、双环传动】； 2）智能化：推荐智能驾驶-【伯特利】，建议关注【地平线机器人】，推荐智能 座舱-【上声电子、继峰股份】。 ...

Core Viewpoint - Xiaomi and its founder Lei Jun are currently facing significant challenges and controversies, particularly related to the recent SU7 car accident, which has raised questions about the company's quality and safety standards [1][2][4]. Group 1: Impact of SU7 Incident - The SU7 accident has led to intense scrutiny and criticism of Xiaomi, with Lei Jun acknowledging the unexpected severity of the incident's impact on the company [2][4][7]. - The incident has highlighted the difficulties of entering the automotive industry, marking a significant crisis for Xiaomi [3][7]. - Public expectations for Xiaomi have increased dramatically, with Lei Jun realizing the company's substantial influence and responsibility in the automotive sector [7]. Group 2: Quality and Safety Concerns - Following the SU7 accident, there have been widespread concerns regarding the effectiveness of Xiaomi's intelligent driving systems and transparency in data [6]. - Xiaomi has renamed its driving assistance features to clarify their capabilities, reflecting a response to regulatory pressures and public criticism [6]. - Ongoing quality issues have emerged, including complaints from SU7 owners about design flaws and discrepancies between promotional claims and actual product performance [9][11]. Group 3: Chip Development - Lei Jun announced the upcoming release of Xiaomi's self-developed mobile SoC chip "Xuanjie O1," marking a significant milestone in the company's technological advancement [13]. - The development of chips is seen as a critical step for Xiaomi in establishing itself as a leader in hard technology, following previous setbacks in chip development [15][16].

1. 【总投资约10 0亿泰铢，长安汽车泰国罗勇工厂正式投产】5月16日消息，长安汽车罗勇工厂投产仪式 暨全球累计产量2859万辆下线仪式在泰国举行。据悉，长安汽车罗勇工厂总投资约100亿泰铢，工厂已建 成产能10万辆/年，后续将逐步拓展到20万辆/年。按照规划，未来长安、深蓝、阿维塔三大品牌车型均将 在罗勇工厂投产。未来三年，长安汽车还将在东南亚陆续投放12款全新新能源产品；并将在罗勇建立泰 国备件仓库，定位全球右舵备件中心；同时将通过AI赋能，升级泰国数智服务平台，为用户提供智慧车 控、智能维保、电池监控、远程诊断等功能。（新华网） 2.【 蔚来新ES6/EC6正式上市，标配蔚来自研5nm智驾芯片】 5月17日消息， 蔚来 新ES6与EC6正式上 市。新ES6整车购买起售价338000元，采用BaaS电池租用方案购买，起售价268000元；新EC6整车购买起 售价358000元，采用BaaS电池租用方案购买，起售价288000元。作为改款车型，标配 蔚来 自研的5nm高 阶智驾芯片神玑NX9031和NT.Cedar S雪松智能系统。在安全保障部分，新ES6、新EC6还新增紧急自主靠 边停车功能和ET9同款 ...