2025.05. 11 本文字数：2500，阅读时长大约4分钟 作者 | 第一财经 曹璐 美国"对等关税"政策发酵，全球贸易格局继续调整，成为资本市场近期关注的焦点。Wind数据显 示，截至5月9日，近一个月来机构调研热度飙升，2210家上市公司迎来3068次调研，以区间18个交 易日计算，平均每天有超过170次调研。 这轮调研热潮中，电子、机械设备、医药生物等三大板块成为机构重点关注的领域。立讯精密 （002475.SZ）、水晶光电（002273.SZ）等公司吸引超300家机构扎堆调研。此外，机构投资者在关 注企业财报业绩的同时，也重点聚焦了关税冲击下的海外布局、成本转嫁策略等关键问题。 "财报季后和增量政策空窗期，仍建议关注具有产业进展的科技方向。"金鹰基金权益研究部金达莱对 第一财经表示，AI应用、人形机器人、智能驾驶等新质生产力方向近期已有所反弹，随着财报落 地，AI大模型产业进展或带动其再度有所表现，日历效应下利于节后资金回流和科技成长风格的估 值修复。 近一个月3068次调研 针对关税影响问题，该公司在调研中表示，目前市场上更多的是情绪上的恐慌，但从企业实际经营的 角度来看，大多数出口美国的终端产 ...

以下文章来源于Auto有范儿 ，作者柴旭晨 Auto有范儿 . 讲述独特的汽车故事。 "李想年薪6.39亿"。 当大家从去年理想汽车年报里看到这一数字时，热搜词条迅速上升。在多数行业愈发内卷的当下，众人 纷纷感慨起新能源车赛道的造富神话，而这种割裂感也令许多人难以释怀。 羡慕之情难以避免，但情况并非如此。理想方面回应称， 李想去年的基础年薪只有266.5万元，剩下绝 大部分则是待行权的股权激励。 不过，眼下随着行业同质化的加剧、头部效应的愈演愈烈，作为去年长期霸榜的新势力销冠，理想今年 被小鹏乃至有"平价理想"之称的零跑挤下王座，曾经其独享的增程+家庭赛道已成红海。 李想也判断，国内新能源汽车产业链正愈发完善，意味着车企之间的壁垒正在被消解。 同时随着市场竞争加剧， 入门的理想L6成为其销量台柱子，但平均成交价的下行，也对理想毛利率产 生一定挤压。 这让理想在二级市场承压。其股价已相较去年初的182.9港元历史高点，已经逐步下滑至如今的103.8港 元附近。其不过26倍的PE（市盈率），一定程度上反映出投资者对理想接下来成长性的疑虑。 李想的"天价年薪"，也免不了被市场反复审视。 想要打破投资者的担忧，理想需 ...

美国"对等关税"政策发酵，全球贸易格局继续调整，成为资本市场近期关注的焦点。Wind数据显示， 截至5月9日，近一个月来机构调研热度飙升，2210家上市公司迎来3068次调研，以区间18个交易日计 算，平均每天有超过170次调研。 这轮调研热潮中，电子、机械设备、医药生物等三大板块成为机构重点关注的领域。立讯精密 （002475.SZ）、水晶光电（002273.SZ）等公司吸引超300家机构扎堆调研。此外，机构投资者在关注 企业财报业绩的同时，也重点聚焦了关税冲击下的海外布局、成本转嫁策略等关键问题。 "财报季后和增量政策空窗期，仍建议关注具有产业进展的科技方向。"金鹰基金权益研究部金达莱对第 一财经表示，AI应用、人形机器人、智能驾驶等新质生产力方向近期已有所反弹，随着财报落地，AI 大模型产业进展或带动其再度有所表现，日历效应下利于节后资金回流和科技成长风格的估值修复。 近一个月3068次调研 Wind数据显示，截至5月9日，近一个月有2210家上市公司接待了来自机构投资者的3068次调研，合计 接待来访机构家数达5.28万家。申万一级行业中，电子、机械设备、医药生物三大板块成为机构重点关 注领域，相关调 ...

摘要 ► 本 周数据： 2025年5月第1周（4.28-5.4）乘用车销量42.4万辆，同比+17.7%，环比-6.4%；新能源乘用车销量20.4万辆，同比+38.6%，环比-14.1%； 新能源渗透率48.2%，环比-4.4pct。 ► 本周行情 ： 汽车板块本周表现强于市场 本周（5月6-5月9日）A股汽车板块上涨2.36%，在申万子行业中排名第11位，表现强于沪深300（2.13%）。细分板块中，汽车零部件、摩托车及 其他、乘用车、汽车服务、商用载货车分别上涨3.25%、2.14%、1.61%、1.26%、0.07%，商用载客车下跌0.17%。 ► 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 近期，星动纪元今日在官方公众号上宣布，开源首个 AIGC 机器人大模型 VPP；2025世界机器人 大会将于今年8月8日至12日在北京经济技术开 发区北人亦创国际会展中心举办；华为哈勃入股具身智能机器人研发商千寻智能。国产人形机器人技术、商业化进展不断突破，我们全年维度看好 T链 ...

今天一大早小编刚点开社交平台，就看到雷总今天终于恢复了健身打卡，距离上一次打卡（3月30日）已经过了一个多月。 除了晒图打卡之外，他还表示，这一个多月的时间是他创办小米以来最艰难的一段时间，情绪长期低落，所以也暂停了在社交媒体上的互动。好在有大家 的关心和支持，他也因此逐渐找回勇气和信心、恢复状态。 在其发文后不久，"雷军说过去1个月是创业最艰难时期"的词条火速登上了热搜第一。 问问大家，你会关注雷军的社交动态吗？ 为啥这次雷军"复出"，网友们反应会这么大呢？ 要知道，作为前线冲浪选手，雷军之前几乎每天都会在社交平台上与大家亲切互动，甚至还会"自嘲"式的拍一些搞笑段子。 不过自从连续发生小米 SU7爆燃事故、小米汽车"智能驾驶"、排位模式OTA、碳纤维双风道前舱盖实际作用等一系列事件后，雷军出现在大众视野里的频 率就大大减少，甚至小米原本的一些新品节奏也被延后。 4月1日晚，雷军发文回应"SU7爆燃致3死事故"：三位年轻女孩不幸离世，表示最深切哀悼，无论发生什么，小米都不会回避。 5月5日，小米汽车官网调整了SU7车辆详情页面的措辞，将"智驾"更名为"辅助驾驶"。 同时，官网最后还明确标注："辅助驾驶功能并不 ...

Core Viewpoint - The article discusses the financial performance and strategic direction of Li Auto, highlighting CEO Li Xiang's significant salary and the company's shift towards AI technology in response to increasing market competition and industry challenges [2][3][10]. Financial Performance - Li Xiang's reported annual salary of 639 million yuan has drawn public attention, but the majority is attributed to stock incentives rather than base salary, which is only 2.665 million yuan [2]. - Li Auto's stock price has declined from a historical high of 182.9 HKD to approximately 103.8 HKD, reflecting investor concerns about the company's growth potential, as indicated by a PE ratio of 26 times [3]. Market Competition - The increasing competition in the new energy vehicle sector has led to a decline in Li Auto's market position, with competitors like XPeng and Leap Motor gaining traction [2]. - The entry-level model, Li L6, has become a key sales driver, but the average transaction price decline has pressured the company's gross margin [3]. Strategic Shift to AI - Li Auto aims to redefine itself as an AI technology company, with Li Xiang emphasizing the importance of AI in the company's future, allocating half of its 10 billion yuan R&D budget to AI initiatives [4][10]. - The company is developing the "VLA driver model," which aims to integrate AI into driving, positioning it as a professional production tool in the transportation sector [6][9]. Development Phases of AI - Li Auto's AI development is structured in three phases: 1. The first phase focuses on rule-based algorithms and high-definition maps, akin to "insect intelligence" [7]. 2. The second phase, starting in 2023, involves end-to-end models, approaching "mammalian intelligence" [7]. 3. The third phase, beginning in 2024, will introduce the VLA, representing "human intelligence" with advanced capabilities [8]. Future Vision - Li Auto's goal is to become a leader in both AI and automotive technology, aiming to create a comprehensive ecosystem that includes smart driving, intelligent cockpit, energy management, and vehicle networking services [9][10]. - The company plans to launch the VLA alongside its pure electric SUV, Li i8, in July 2023, with a target for mass production by 2026 [10].

Core Viewpoint - The recent traffic accident involving the Xiaomi SU7 has led to significant public scrutiny regarding the safety of Xiaomi's smart driving system and its marketing practices, resulting in a brand trust crisis and stock price fluctuations [7]. Group 1: Incident and Response - On March 29, a serious traffic accident occurred involving a Xiaomi SU7 standard version, which drew considerable media attention and criticism towards Xiaomi and its founder Lei Jun [1]. - Following the incident, Lei Jun publicly committed to cooperating with police investigations and addressing concerns from the families involved and the public [2]. - Lei Jun's social media activity decreased significantly after the accident, but he later expressed that the support he received helped him regain confidence and motivation [3][6]. Group 2: Stock Performance - Since the accident, Xiaomi's stock price initially declined but has since shown signs of recovery, currently trading above HKD 50 per share [8]. Group 3: Sales and Expansion - Despite the incident, Xiaomi's automotive sales remained robust, with over 28,000 vehicles delivered in April, and plans for further expansion with new store openings across various cities [10]. Group 4: Industry Response to Smart Driving Terminology - The accident has prompted a broader industry reevaluation of terminology related to smart driving, with companies like Xiaomi changing their marketing language from "smart driving" to "assisted driving" to avoid misleading consumers [14]. - Regulatory bodies are emphasizing the need for clear definitions and responsibilities regarding smart driving technologies, urging manufacturers to avoid exaggerated claims [18].

5月10日，许久不在微博上出现的雷军再次打卡健身房，并表示：过去1个月是创业最艰难时期。 雷军微博称："过去一个多月，是我创办小米以来最艰难的一段时间，情绪比较低落，取消了一些会议安排和出差计划，也暂停了一段在社交媒体上的互 动。过去这几年一直很忙，这段时间反而可以静下心来，仔细思考，确实有一些收获……最近看了很多朋友的留言，特别感动。大家的关心和支持，给了 我莫大的信心，让我也逐渐找回前行的勇气和信心，状态开始逐步恢复。在此，特别想说一句：谢谢！" 5月5日，小米 汽车官网已调整了SU7车辆详情页面的措辞，将"智驾"更名为"辅助驾驶"。同时，在小米汽车APP中，参数配置栏明确，"辅助驾驶功能并 不能代替驾驶员控制车辆……切勿依靠辅助驾驶功能来应对突发的紧急情况，否则可能导致严重伤害或死亡"。 5月7日晚间，小米汽车官方发布《关于大家关心问题的回答》一文，回应小米SU7 Ultra最近引发广泛关注的限制马力等问题。 很快，#雷军说过去1个月是创业最艰难时期#的话题登上微博热搜榜第一。 | 数据总览 | | 동됐 24小时 | 30天 | | --- | --- | --- | --- | | 1361.2万 ...

Core Insights - The article discusses the rise of intelligent driving technology in the automotive market, particularly focusing on Zhuoyue Technology's approach to providing cost-effective driving assistance solutions [1][2][3]. Group 1: Company Overview - Zhuoyue Technology, formerly known as DJI Automotive, has transitioned from a team within DJI focused on intelligent driving technology to an independent entity, leveraging its expertise in sensors and computer vision from the drone industry [2]. - The company aims to provide high-performance driving assistance features at lower costs, utilizing its self-developed hardware and software [1][2]. Group 2: Product Development - Zhuoyue's 7V (7 cameras) + 32 TOPS configuration has become standard in vehicles priced between 80,000 to 150,000 RMB, enabling features like urban memory navigation and highway driving [1]. - The company plans to launch the "Chengxing Platform" in November 2024, offering 7V and 9V solutions that reduce reliance on high-precision maps and LiDAR, thus lowering costs for advanced driving assistance [2]. Group 3: Market Position and Strategy - The mid-to-low-end market is expected to grow significantly by 2025, which aligns with Zhuoyue's strengths [3]. - Zhuoyue has established partnerships with major automotive manufacturers, including FAW, Volkswagen, and BYD, with over 20 models already in production and more than 30 models set to launch soon [2]. Group 4: Technological Innovations - The company is focusing on enhancing its capabilities through the introduction of the Thor platform, which offers higher computing power at a lower cost compared to existing solutions [3][6]. - Zhuoyue is also exploring the integration of reinforcement learning and world models to improve safety and decision-making in driving assistance systems [12][19]. Group 5: Future Directions - The company is preparing to develop hardware for L3 and L4 autonomous driving, including necessary sensors and controllers, while emphasizing the importance of first perfecting L2 assistance before advancing to higher levels of automation [9][10]. - Zhuoyue aims to enhance user experience by implementing a more intuitive point-to-point navigation system that mimics human driving behavior [20].

Core Viewpoint - The article highlights the significant upgrade of the Li Auto L6789 model, particularly the standard inclusion of Hesai's ATL LiDAR across all variants, emphasizing its advanced features compared to the previous ATX model [1]. Group 1: Technical Specifications - The ATL LiDAR features a fourth-generation chip architecture with a dual-core MCU [2]. - Compared to the Hesai AT128, the ATL's size and weight have been reduced by 60% [2]. - The minimum exposed window height is 25 mm, consistent with the public version of ATX [2]. Group 2: Performance Enhancements - The ATL achieves a best angular resolution of 0.08° (H) × 0.1° (V), an improvement over the ATX's 0.1° × 0.1° [3]. - The higher horizontal resolution and increased point cloud density at the same operating frequency enhance performance [4]. - The ATL can activate optical zoom while driving at high speeds, allowing for a 30° field of view with a maximum range of 200 meters, effectively doubling the resolution [4]. Group 3: Safety Features - Li Auto has customized the ATL with intelligent zoom functionality, focusing on enhancing the active safety capabilities of the AD Pro and AD Max systems [4]. - The latest capabilities include AEB (Automatic Emergency Braking) that can stop at 120 km/h in rainy night conditions and AES (Active Emergency Steering) that can navigate around two accident vehicles at 130 km/h in the dark [4]. - This upgrade aligns the active safety capabilities across the entire Li Auto lineup, from L6 Pro to MEGA Home [5].