Core Viewpoint - The recent AI Talk by Li Auto focuses on the VLA (Vision-Language-Action Model) and its implications for intelligent driving, emphasizing that it represents a system integration of hundreds of innovations rather than a single technological breakthrough [1][3]. Group 1: VLA Model and Intelligent Driving - Li Auto is preparing to leverage the VLA model to address challenges in intelligent driving, viewing it as an evolutionary leap from animal intelligence to human wisdom [3]. - The competition in the intelligent driving sector is intensifying, with at least five companies developing products similar to Li Auto's L9, driven by market demand for rapid technological iteration and upgrades [4]. - Li Auto believes that the current state of assisted driving is akin to a "dark moment before dawn," where the challenges faced by the industry present an opportunity for the company to demonstrate its value [4]. Group 2: AI as a Tool - Li Auto's CEO notes that while AI has advanced significantly, it is still primarily used as an information tool, leading to an increase in work hours rather than a decrease [5]. - AI tools are categorized into three levels: information tools, auxiliary tools, and production tools, with the latter being the ultimate goal for AI development [6]. - The VLA model is expected to evolve into a production tool in the transportation sector, capable of performing professional tasks independently and enhancing efficiency and quality [6]. Group 3: Evolutionary Stages of VLA - The implementation of the VLA model is described as an evolutionary process, consisting of three stages: 1. The first stage (2021) relied on rule-based algorithms and high-definition maps, akin to "insect intelligence" [7]. 2. The second stage (2023-2024) will introduce end-to-end + VLM assisted driving, approaching "mammalian intelligence" [7]. 3. The third stage will enable VLA to achieve "human intelligence," integrating 3D and 2D vision for a comprehensive understanding of the physical world [10]. Group 4: Company Reflection and Future Outlook - Li Auto's CEO reflects on the challenges of entrepreneurship, emphasizing the importance of solving complex problems and learning from others, while maintaining a positive outlook [11]. - The company is approaching its tenth anniversary, marking a significant milestone in its journey [11].

5月1日，小米官方微博发布一组宣传资料，其海报中以往"小米智驾"的提法，换成了"小米辅助驾 驶"。同日，理想汽车产品线负责人李昕旸发微博介绍L6智能焕新版，其中强调"辅助驾驶焕新"，理想 汽车官微对此进行了转发。有心之人不难发现，4月下旬以来，车企对于智能驾驶，几乎都更换了名称 提法、降低了宣传频次。 这让记者联想起最近的经历——"现在不能用'智驾'，那么'智能驾驶'还能用吗"、"请问工信部对辅助驾 驶相关宣传的规范要求正式发文了吗"、"我们正在修改宣传物料，这样符合标准吗"……从2025上海车 展前夕到结束，陆续有多家汽车供应链企业询问当下智能辅助驾驶相关的最新宣传要求。 4月16日，工信部装备工业一司组织召开智能网联汽车产品准入及软件在线升级管理工作推进会（以下 简称"工作推进会"），强调车企要"明确系统功能边界和安全响应措施，不得进行夸大和虚假宣传"。 目前，比亚迪、理想、小米、蔚来、阿维塔、小鹏等车企宣传产品时的表述均发生了较为明显的改变。 多位车企人士表示，"这是响应相关主管部门号召"。 监管趋严车企集体"改口" 根据工信部官网发布的信息，工作推进会强调，汽车生产企业要深刻领会《关于进一步加强智能网 ...

雷峰网消息，5月12日，北京易航远智科技有限公司发生工商变更，新增北京地平线信息技术有限公司、 德清金投鼎清股权投资合伙企业（有限合伙）、德清县产业发展投资基金有限公司为股东。 2023年，地平线提出了BEV+Transformer的端到端算法框架。这套算法已经在理想、比亚迪等车型的量 产上得到了验证。换言之，易航智能既可以用地平线的这套感知算法，也可以用自研的感知算法，再结合 自身在规控等领域的算法能力，给客户更多的选择空间。 更进一步，易航智能的目标是在J6E/M这款定位"极致体验高速NOA最优解"的平台上，率先开发量产城 市记忆领航功能。 " 易航智能将进一步承载J6系列芯片的中阶市场开拓任务。 " 作者丨李雨晨 编辑丨林觉民 知情人士透露，"本次融资并非是外界报道的D轮融资，而是C+轮。只是工商信息在同一时间内更新了去 年9月和这一次的注资消息。" 据雷峰网了解， 易航智能的估值在30亿元以内 。根据工商信息显示，地平线占股9.27%，由此可以推算 出本次地平线投资的大致金额。 2024年北京车展期间，双方宣布达成战略合作，易航智能成为征程6（简称J6)的首批算法合作伙伴。 地平线与易航智能不仅是资本 ...

凤凰网科技讯（作者/李治钦）5月13日，智己汽车举办发布会，正式推出全新智己L6。该车型共推出四 个版本配置，官方指导价为21.99-27.99万元，限时上市权益价为20.49-26.49万元。 全新智己L6全系车型上市权益价分别为：采用74度磷酸铁锂电池，CLTC续航为690km的车型中，Max 版售价20.49万元，Max+版21.99万元。采用100度三元锂电池，续航850km的Pro Max版售价23.99万元， 可实现2.74秒破百，续航780km的Ultra版售价26.49万元。即日起开启锁单，并将提供5年辅助驾驶系统 使用权等上市权益。 技术配置方面，全新智己L6配备双向18度后轮转向系统，两驱版实现4.69米转弯半径，四驱版通过线控 制动系统进一步缩小至4.39米。安全性能包含三项核心升级：符合2026国标的电池安全认证体系、全车 硼钢笼式车身结构，以及三重冗余车门解锁系统。主动安全系统覆盖8-130km/h前向自动紧急制动 （AEB）和2-10km/h后向AEB。 智能驾驶系统搭载基于Momenta的IMAD3.0方案，整合端到端智驾大模型，实现城区道路至高速公路的 全场景覆盖。泊车系统支持 ...

Core Viewpoint - The article discusses the challenges faced by Xiaomi in the automotive sector, particularly regarding the SU7 Ultra model, highlighting issues of false advertising and customer dissatisfaction, which have led to a significant trust crisis for the brand [4][21][38]. Group 1: Issues with SU7 Ultra - Multiple owners of the Xiaomi SU7 Ultra have demanded refunds due to the carbon fiber hood not performing as advertised, which raises concerns about false advertising [7][8]. - The SU7 Ultra was initially celebrated for its performance, achieving a record time at the Nürburgring, but has since faced backlash for discrepancies between promotional claims and actual product functionality [11][12]. - Xiaomi acknowledged the mismatch between the advertised features and the actual product, issuing a public apology and offering compensation to affected customers [12][15][21]. Group 2: Trust Crisis and Brand Reputation - The series of incidents, including performance limitations and customer complaints, has led to a significant trust crisis for Xiaomi, which is compounded by the personal branding of its founder, Lei Jun [26][51]. - The automotive industry is experiencing a shift where companies must address consumer concerns directly, as seen in the response to the SU7 Ultra issues, indicating a need for improved communication and customer engagement [38][52]. - The article suggests that the heightened scrutiny on Xiaomi reflects broader industry challenges, where new entrants must navigate consumer expectations and safety concerns in a rapidly evolving market [57][58].

万和财富早班车 2025年5月13日 ● 国内金融市场 ● 我们不是资讯的搬运工 而是有态度的发现者 宏观消息汇总 1。中美日内瓦经贸会谈联合声明:双方承诺将于2025年5月14 日前采取一系列举措,包括修改和取消对彼此商品加征的关税, 以及暂停或取消非关税反制措施。 2 商务部：严打战略矿产走私出口,加大口岸查验和打击力度 3。国办发布《新时代的中国国家安全》白皮书,增进国际社会 对中国国家安全的认知和理解 二、行业最新动态 1 5G-A网络商业化加速:智能驾驶、低空经济迎来黄金发展期, 相关个股： 中兴通讯(000063)、中国移动(600941)等 2 王兴兴：很多人形机器人企业爆单了，宇树科技非常缺人, 相关个股：汇川技术(300124)、中控技术(688777)等 3. 荣昌生物(688331)：维迪西妥单抗一线治疗HER2表达的尿路上 皮癌III期临床研究达到主要研究终点 4、新大陆(000997)：公司控股子公司国通星驿与阿里云于近日在 杭州签署深度合作协议,推进Al大模型与公共云合作项目 四、市场回顾及展望 五月十二日(周一),市场昨日小幅高开后一路震荡上行,分 时黄线领涨白线,上证盘中刷新反 ...

撰稿|何威 来源|贝多财经 5月10日早晨，小米集团创始人、董事长兼CEO雷军在社交平台更新了一则健身打卡的动态，称"过去一 个多月，是创办小米以来最艰难的一段时间"，并对关心和支持小米品牌的网友表达了感谢。 在"3.29小米SU7高速碰撞爆燃"事故发生后，雷军主动停止了社交平台个人动态的更新与互动，至今已 超一个月。本次发文，是雷军自小米SU7事故后首次公开透露自身近况，或将成为其再度回归大众视野 的开端。 但就现阶段的情况来看，雷军的露面显然无法抵挡汹涌澎湃的负面舆情。且不提事故发酵后外界有关其 营销与公关手段的争议，近日小米还因SU7 Ultra碳纤维挖孔机盖版车型的碳纤维双风道前舱盖问题， 深陷涉嫌虚假宣传的漩涡。 显然，有关小米的舆论风暴还远远未到停息的时候。 一、时隔多日发声争议不少 2025年3月29日，一辆小米SU7标准版在德上高速公路池祁段行驶程中发生严重碰撞事故致车辆燃烧， 直接造成3名20岁出头的年轻女孩身亡，同时也将刚面世不久的小米汽车拉下"跨界造车神话"的神坛。 截至目前，各方暂未进一步披露导致上述事故发生的具体原因，但小米SU7标准版未配备激光雷达、车 门应急解锁装置失效、AEB紧 ...

报告导读： HBM 是 AI 、高性能计算、智能驾驶等的核心产品， DRAM 堆叠工艺的发展 尤为关键。目前海外 HBM 龙头公司 SK Hynix 已迭代到 HBM3E ，我国较之仍有不小的 差距，我们认为产业链相关的设备、材料公司将持续发展、力争不断实现技术突破。 投资建议。 HBM（高频宽存储器，High Bandwidth Memory）是将DRAM通过先进封装技术堆叠而成， 与GPU整合于同一块芯片上；目前AI服务器是HBM最重要的市场，未来智能驾驶汽车市场也会大量采用 HBM。我国HBM产业不断发展，目前能实现规模量产的是HBM2、HBM2E，有望在2026E/2027E分别 实现HBM3、HBM3E突破。虽然我国的HBM产业发展较海外龙头公司落后较多，但我们认为伴随下游 Fab、设计公司、设备公司、材料公司的共同努力，本土HBM产业会不断向前发展，其中核心之一便是键 合堆叠环节的突破。 SK Hynix为全球HBM龙头。 根据SemiWiki援引Trendforce数据，2023年全球HBM市场SK Hynix、 Samsung、Micron的市占分别为55%、41%、3%。SK Hynix 2 ...

Investment Rating - The report maintains a positive outlook on the automotive industry and its leading companies' performance trends [6][8]. Core Insights - April saw a healthy growth in automotive sales, with retail sales of 1.755 million vehicles, a year-on-year increase of 14.5%, approaching the historical high of 1.81 million in April 2018 [2]. - The "trade-in" policy has significantly boosted vehicle purchases, with 2.705 million vehicles exchanged by April 24, 2025, indicating that approximately 70% of private car buyers benefited from this policy [4]. - The shift towards practical development in intelligent driving is evident, with a predicted penetration rate of L2 and above vehicles in China reaching 62% by 2025 [5][48]. Summary by Sections 1. Market Performance - In April, the retail sales of passenger vehicles reached 1.791 million units, a 17% increase year-on-year, while wholesale sales were 2.174 million units, up 12% year-on-year [3][22]. - The new energy vehicle market saw retail sales of 922,000 units in April, a 37% increase year-on-year, with a penetration rate of 52.3% [3][22]. 2. Policy Impact - The "trade-in" policy has led to a significant increase in vehicle purchases, with applications rising by 120,000 from March to April [4]. - The government is focusing on standardizing automotive chips and enhancing safety standards for new energy vehicles [45][60]. 3. Industry Trends - The report highlights a shift in marketing strategies among automakers, moving from emphasizing "intelligent driving" to focusing on basic vehicle features and safety [5][52]. - The automotive sector is expected to continue benefiting from advancements in core components related to intelligent driving [6]. 4. Company Developments - Companies like Xiaomi and Li Auto are adjusting their marketing strategies to align with consumer expectations and regulatory responsibilities [52]. - The report notes significant financial movements, such as Seres Group's IPO application and the increase in shareholding by its CEO [42][43].

Core Viewpoint - Zejing Automotive Electronics has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for production line upgrades, technology research and development, and global expansion [1] Industry Overview - The HUD (Head-Up Display) market in China has seen a rapid increase in penetration, surpassing 10% in 2023 and approaching 15% in the first half of 2024 [2] - The transition from W-HUD to AR-HUD is driven by advancements in smart cockpits and smart driving, with AR-HUD offering higher display precision and brightness [2] - The current penetration of HUDs in mid-to-high-end models is significantly lower than that of new energy vehicles, which exceed 50% [2] Company Position - Zejing Automotive Electronics is one of the largest HUD suppliers in China and the first to achieve mass production and delivery for international OEMs [2] - The company serves over 20 OEM clients and has a cumulative model designation count of 90, holding the highest number of authorized HUD patents among domestic suppliers [2] Sales and Financial Performance - In 2024, Zejing ranks second in the Chinese car-mounted HUD solutions market with a market share of 16.2%, selling 600,000 W-HUD units (17.8% market share) and 53,700 AR-HUD units (13.7% market share) [3] - Despite its leading position, the company has faced financial losses, with cumulative losses of approximately 570 million yuan over three years, although losses have been narrowing [3][4] Customer Concentration Risk - The company's revenue is highly concentrated, with the top five customers accounting for 93.0%, 93.8%, and 80.9% of total revenue from 2022 to 2024, respectively [4] - The largest customer in 2022 was likely NIO, while in 2023 and 2024, it is expected to be Li Auto, with both companies together accounting for 45.1% of Zejing's sales in 2024 [4][5] Competitive Landscape - Compared to competitors like Huayang Group, Zejing's revenue and profit scale are smaller, with Huayang achieving revenues of 5.638 billion, 7.137 billion, and 10.158 billion yuan from 2022 to 2024, alongside consistent profit growth [6] - The automotive industry's price pressures have led OEMs to pass costs upstream, impacting Zejing's profit margins [6] Supply Chain Concerns - The company's focus on AR-HUD may face supply chain challenges, particularly due to reliance on Texas Instruments for DLP technology, which dominates the market for high-performance components [7] - While Zejing is a pioneer in developing DLP HUD modules in China, its LCoS technology is still in the R&D phase, posing risks if DLP supply chains are disrupted [7]