★ 宏观动态 ★ 国家统计局：2025年1—8月份全国规模以上工业企业利润增长0.9% 国家统计局发布数据，1—8月份，全国规模以上工业企业实现利润总额46929.7亿元，同比增长0.9%。1—8月 份，规模以上工业企业中，国有控股企业实现利润总额15156.5亿元，同比下降1.7%；股份制企业实现利润总 额34931.9亿元，增长1.1%；外商及港澳台投资企业实现利润总额11723.6亿元，增长0.9%；私营企业实现利润 总额13076.1亿元，增长3.3%。8月份，规模以上工业企业利润同比由上月下降1.5%转为增长20.4%。 工信部：将优化新能源汽车购置税、车船税等优惠措施 在今日举办的2025世界新能源车大会上，工业和信息化部副部长熊继军提出，将进一步支持技术攻关，加快车 用大算力芯片、操作系统、大模型、新体系电池等技术的突破，增强产业发展的内生动力； 进一步扩大市场 消费，实施新一轮汽车行业稳增长工作方案，优化新能源汽车车辆购置税、车船税等优惠措施，深入推进新能 源汽车下乡，公共领域车辆全面电动化试点，县域充换电设施补短板的试点，扩大市场消费；进一步完善管理 体系，建立、健全组合辅助驾驶、自动驾驶汽 ...

转自：证券时报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：凌辰 新浪合作大平台期货开户 安全快捷有保障 人民财讯9月27日电，9月27日，在2025世界新能源汽车大会上，中国科协主席、世界新能源汽车大会主 席万钢表示："要实现L3（有条件自动驾驶）、L4（高度自动驾驶）级别的自动驾驶，需要智慧的道路 和云计算技术平台的支撑。具体而言，需要将汽车在驾驶过程中遇到的情况和处理方式，上传到云平台 进行大模型训练，再将升级后的能力反馈至车端，形成一个从车端到云端的闭环，才能真正提高自动驾 驶能力。" ...

视频版： 压缩版： 理想VLA做L两个原因，技术原因是图语言的长推理能力，需要语言的token输入输出是次要的。非技术原因是更容易价值观对齐。 认为最后5%10%corner case很难靠数据或世界模型自己撞出来，而需要具备类似人的推理能力。 和业界一样，在思考GPGPU是不是AI时代的终极答案。从CPU到GPU到GPGPU，本质上是冯诺依曼架构，冯诺依曼架构核心本质是程序主要关注的是 计算不是数据，数据是第二等公民，计算是一等公民。 在AI时代，计算的算子没那么多，提出的问题是，能不能让程序更多关注数据，而不是关注计算。 理想自研的车端计算架构主要是NPU,不是SOC。SOC无非是前处理后处理的CPU Cluster，加一些IO在外面与内存访存控制器。NPU里面是一个重合架 构，加一个CCB(Central Control Computing Block)用来做一些前处理后处理，不适合非张量的计算，每个class是同构的，用Mesh Bus连在一起，也提供 Ring Bus(环形总线)做广播。原话"这个是我们完全是我们独创的一个AI推理架构，目前国内没有这么做的。" 比较挑战的是编译器（涉及很多编程模型和 ...

Core Insights - Dongfeng Motor Corporation has developed L4 level autonomous sanitation vehicles, which are currently in commercial operation on public roads in Xiangyang, Hubei Province [2] - In the first half of the year, Dongfeng's domestic actual terminal sales reached 69,000 units, representing a year-on-year growth of 7% [2] - The company plans to launch several key products in the second half of the year, including a new pure electric model, a new model equipped with Dongfeng Cummins engines, and high-capacity pure electric vehicles to enhance its product lineup [2] Strategic Initiatives - Dongfeng will implement three major initiatives in the second half of the year: promoting the integration of oil and electric networks and channel development in the domestic market, enhancing product competitiveness, and accelerating overseas expansion leveraging resources from Dongfeng Group [2] - The company aims to improve operational efficiency through reforms in product offerings, channel management, and overall management practices [2] - Dongfeng will focus on expanding its overseas market share, primarily exporting light trucks, small trucks, and vans to regions such as South America, Africa, and Asia-Pacific [2]

Group 1 - The core viewpoint of the news is that Guangzhou XAG Technology Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange to enhance its market position in the agricultural robotics sector, focusing on technological innovation to improve agricultural productivity and address labor shortages [1][2]. Group 2 - XAG Technology ranks second globally in the agricultural robotics and agricultural drone industries with market shares of 10.7% and 17.1% respectively for the year 2024 [2]. - The company has developed a range of agricultural robots, including agricultural drones, unmanned vehicles, and IoT devices for smart farms, aiming to provide efficient and flexible unmanned agricultural solutions [2][4]. Group 3 - The company's revenue figures for 2022, 2023, 2024, and the first half of 2025 are 605 million, 615 million, 1.066 billion, and 745 million respectively, while the profits for the same periods are -254 million, -133 million, 70 million, and 130 million [3]. Group 4 - The funds raised from the IPO will be used for research and development of agricultural robot products, expanding the global sales and service network, and establishing a new headquarters to enhance management and innovation activities [4].

Market Performance - Major global indices showed mixed performance on Friday, with US stock indices collectively rising, ending a three-day decline, but still recording weekly losses [1] - The Nasdaq and S&P 500 indices fell by 0.65% and 0.31% respectively this week, marking their first weekly decline in four weeks [1] Commodity Market - WTI crude oil futures rose by 1.14%, closing at $65.72 per barrel, with a weekly increase of 5.3% [3] - Brent crude oil futures increased by 1.02%, closing at $70.13 per barrel, with a weekly rise of 5.2% [3] - COMEX gold futures rose by 0.5%, closing at $3789.8 per ounce, with a weekly increase of 1.89% [4] - COMEX silver futures surged by 2.77%, closing at $46.365 per ounce, with a weekly rise of 6.92% [4] Economic Insights - Citi Research warned that US tariffs are increasingly impacting consumption and import demand, predicting a slowdown in these areas [12] - The report noted that the monthly tariff revenue reached $30 billion in August, the highest level in decades [12]

Core Viewpoint - Mercedes-Benz has spun off a group of chip experts into a new company, Athos Silicon, focused on developing next-generation computing brains for autonomous vehicles, drones, and other vehicles [1][3]. Group 1: Company Overview - Athos Silicon is headquartered in Santa Clara, California, and its engineering team previously worked at Mercedes-Benz's North American R&D center for five years [1]. - The company will receive intellectual property developed by the group and significant investment from Mercedes-Benz, although the transaction value has not been disclosed [3]. Group 2: Technology and Innovation - Reliability is crucial for automotive chips, leading to the use of multiple independent chips for critical autonomous driving functions to ensure backup in case of failure [3]. - Athos has developed a method using "chiplets" to achieve the same reliability, allowing multiple small chips to be packaged together, which can reduce power consumption by 10 to 20 times compared to independent chips [3]. - This energy efficiency is vital for electric vehicles, as the computing core must compete for limited battery power [3]. Group 3: Strategic Positioning - Athos Silicon plans to raise venture capital from other investors and aims to maintain a neutral stance to engage with other automakers, including competitors of Mercedes-Benz [4]. - Mercedes-Benz will hold a minority stake in Athos Silicon, which will have an independent board [3].

Core Viewpoint - 2025 is a critical year for Pony.ai's Robotaxi business to achieve commercial deployment, with significant advancements in L4 autonomous driving technology and strategic partnerships in the Middle East [3][8]. Group 1: Business Development - Pony.ai announced the acquisition of a testing permit for autonomous driving in Dubai on September 26, marking a significant step towards launching Robotaxi services in the UAE [3]. - The first batch of Robotaxi vehicles has begun public road testing in Dubai, laying the groundwork for fully autonomous commercial services by 2026 [3][6]. - The collaboration with Dubai's Roads and Transport Authority (RTA) aims to integrate L4 autonomous driving technology into the local transportation network, supporting Dubai's goal of achieving 25% autonomous transportation by 2030 [4][6]. Group 2: Market Expansion - The company has made notable progress in its Middle East expansion, including a partnership with Uber to launch autonomous driving services in the region [8]. - Road testing of Robotaxi services has also commenced in Doha, Qatar, further extending Pony.ai's footprint beyond major Chinese cities to international markets such as Dubai, South Korea, Singapore, Luxembourg, and Qatar [8]. Group 3: Technological Innovation - Pony.ai showcased its L4 autonomous driving "China solution" at the Dubai World Congress for Self-Driving Transport, attracting significant interest from local government representatives and industry partners [6]. - The company emphasizes the importance of Dubai's advanced transportation infrastructure and favorable policy environment in facilitating the large-scale deployment of autonomous driving technology [6].

Core Viewpoint - The article discusses the recent call by the Vice Chair of the Federal Reserve for a firm interest rate cut, alongside significant movements in the stock market, particularly highlighting the performance of major companies like Tesla and the decline of Chinese concept stocks [2][16]. Stock Market Performance - The three major U.S. stock indices all closed higher, with the Dow Jones up 0.65% at 46,247.29 points, the S&P 500 up 0.59% at 6,643.70 points, and the Nasdaq up 0.44% at 22,484.07 points. However, for the week, the Dow fell 0.15%, the S&P 500 dropped 0.31%, and the Nasdaq decreased by 0.65% [4]. - Boeing rose by 3.61%, Travelers Group increased by 1.32%, and Merck gained 1.21%, leading the Dow. Major tech stocks mostly rose, with the Wande American Technology Seven Giants Index up 0.46%. Tesla surged by 4.02%, Microsoft increased by 0.87%, and Amazon rose by 0.75% [6]. Chinese Concept Stocks - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 1.56% and the Wande Chinese Technology Leaders Index down 1.46%. Notable declines included Xiaomi Group down 6.53%, Baidu Group down 3.00%, and NetEase down 2.17% [8][9]. - Individual stocks such as Kingsoft Cloud fell over 10%, Daqo New Energy dropped more than 8%, and NIO fell nearly 6%. In contrast, Li Auto dropped over 5%, while Xpeng Motors rose over 2% [9]. Tesla's Stock Surge - Tesla's stock price surged by 4.02% to close at $440.40, following Wedbush's significant price target increase to $600, maintaining an "Outperform" rating. The analyst highlighted that the market is underestimating Tesla's transformation potential, particularly in autonomous driving and robotics, which are expected to become core strategic pillars by 2026 [11][14]. - In a bullish scenario, Wedbush predicts Tesla's market value could reach $2 trillion by early 2026 and potentially rise to $3 trillion by the end of the year as autonomous driving and robotics enter mass production [15].

Core Insights - The first autonomous electric bus in Madrid has begun trial operations, marking a significant step towards the digital and intelligent transformation of public transportation in the city [1][4][6] - The bus can accommodate 12 passengers and operates along a route with 6 designated stops, providing free rides to citizens until October 24 [1][4] Group 1 - The autonomous bus is part of Madrid's initiative to modernize its public transport system [1] - The trial period allows citizens to experience the technology without any fare [1][6] - The bus is fully electric, aligning with sustainability goals in urban transportation [1]