Core Viewpoint - Chery Automobile is undergoing significant organizational restructuring to enhance strategic focus, resource integration, and brand positioning, particularly in response to the growing trends in new energy and smart technology [2][3][4] Group 1: Brand Integration and Market Positioning - Chery has established a domestic business group for its brand, which includes four major divisions: Xingtu, Aihuo, Fengyun, and QQ, while iCAR, Zhijie, and Jietu will operate independently [1][3] - The restructuring aims to clarify the brand matrix and address internal challenges such as low user recognition and overlapping product definitions among its various brands [3][4] - The new division structure is designed to manage different technology paths (pure electric, hybrid, and fuel) and target specific market segments, with QQ focusing on the A0/A00 market to compete directly with BYD and Geely [3][4][5] Group 2: Strategic Focus on Fuel and New Energy Vehicles - The Aihuo division will focus on the fuel and hybrid vehicle market, targeting a price range of 100,000 to 150,000 yuan, which is considered the company's core market [4][5] - Chery's best-selling models, the瑞虎8 and艾瑞泽8, achieved sales of 202,100 units and 145,800 units respectively over the past year [4] - The Fengyun division will concentrate on the mainstream hybrid market, while the QQ division aims to capture the A0/A00 pure electric market, with a new QQ model set to be a key offering [4][5] Group 3: Smart Technology Integration - Chery has established a Smart Technology Center to streamline its smart vehicle initiatives, focusing on efficient collaboration and product delivery rather than solely on technological leadership [8][9] - The integration of various smart technology units aims to create a comprehensive ecosystem that supports product development and market readiness [8][9] - The restructuring of the smart technology division reflects a shift in industry logic, prioritizing mass production and delivery over extensive self-research and development [8][9] Group 4: IPO Preparation and Future Goals - The organizational changes are seen as a preparatory step for Chery's potential IPO in Hong Kong, aiming to overcome previous setbacks in the listing process [2][9] - Chery's leadership has set ambitious sales targets for its new energy vehicles, with a goal of reaching 600,000 units by the end of 2024, positioning itself as a strong competitor in the industry [5][6][9]

Group 1 - The core topic of discussion revolves around the future talent needs of the automotive industry, particularly in light of the increasing focus on electric and intelligent vehicles [2][3] - Executives from various automotive companies have provided insights on desirable fields of study for prospective students, emphasizing the importance of AI, intelligent science, and engineering disciplines [2][3] - The automotive industry is experiencing a significant transformation, with a growing demand for professionals skilled in new technologies, particularly in the context of electric vehicles and AI applications [3][4] Group 2 - The shift towards electric and intelligent vehicles is creating a talent gap, with a projected shortage of 30 million AI-related professionals, necessitating immediate action from educational institutions [4] - The automotive repair sector is also facing a talent shortage, particularly for skills related to the maintenance of electric and intelligent vehicles, with a current workforce of about 100,000 skilled workers and a gap of over one million [4] - Traditional automotive engineering fields, such as internal combustion engines, will continue to evolve and remain relevant, as the industry seeks to improve fuel efficiency and reduce emissions [5] Group 3 - There is a strong emphasis on the need for professionals who possess both technical expertise and strong communication skills, reflecting the industry's demand for versatile talent capable of understanding user needs [5][6] - Executives highlight the importance of interdisciplinary knowledge, including social psychology and consumer behavior, to better serve customers in a user-centric market [5][6] - The automotive industry is moving towards a model that requires professionals to have both depth in their specific fields and breadth across various disciplines, indicating a trend towards cross-disciplinary integration [6]

Core Viewpoint - The automotive industry is becoming a new pillar of economic development in China, taking over from real estate, and is positioned to leverage technological advancements for growth in both domestic and international markets [1][4][7]. Industry Transformation - The global landscape is undergoing significant changes, with China’s GDP reaching $19 trillion, approximately two-thirds of the U.S. GDP, indicating a shift in economic power [6]. - The automotive sector's market share for Chinese brands has surged from 19% to 69%, with annual sales increasing from about 3 million vehicles in 2002 to over 30 million today [7]. Global Market Position - In 2024, China's net automotive export value is projected to exceed $164 billion, accounting for about 17% of total net exports, establishing China as a leading automotive exporter [9]. - China has become the world's largest automotive exporter for two consecutive years, with exports surpassing 5.8 million vehicles [9]. Technological Leadership - China is leading in electric vehicle (EV) technology, with a significant advantage in the global market due to advancements in technology, patents, and supply chains [11]. - The penetration rate of L2 and above intelligent vehicles in China is expected to reach 58% by 2024, compared to just over 10% globally [11]. High-End Market Development - The transition from a "low-end" to a "high-end" automotive market is evident, with brands like BYD emerging as leaders in the high-end segment [12]. - In 2024, sales of vehicles priced over $1 million in China reached 78,000 units, with BYD's premium brand ranking third in the SUV market [12]. Investment Strategy - The company adopts a strategy of "selecting the best and investing heavily," focusing on the entire automotive supply chain and enhancing its competitive edge [1][17]. - The company has invested in approximately 100 enterprises, with 12 successfully listed and several more in the pipeline for IPOs [15][17].

Core Insights - NXP Semiconductors, one of the largest automotive chip suppliers globally, has demonstrated its commitment and achievements in the Chinese market during its 2025 Automotive Leadership Media Day event [2][3]. Group 1: Company Overview - NXP was originally part of Philips Semiconductor, established in 1953, and became an independent entity in 2006, going public in 2010 [1]. - The company is known for producing microcontroller (MCU) chips and various sensor chips, primarily used in automotive, industrial, and IoT applications [1]. Group 2: Financial Performance - In 2024, NXP's global revenue reached $12.614 billion, with the Chinese market contributing 36% of total sales, significantly higher than the Americas (14%), Europe, Middle East, and Africa (22%), and other Asian regions (28%) [3]. Group 3: Local Operations and Workforce - NXP has been operating in China since 1986, employing over 6,000 people across 14 cities, with 6 R&D centers and more than 1,600 engineers [5]. - The establishment of the China Division in January 2025 aims to integrate sales, R&D, operations, quality, and technical support to better meet the evolving needs of Chinese customers [5]. Group 4: Product Development - NXP has launched new products tailored for the Chinese market, including the S32K5 series automotive MCUs and the S32R47 radar processor, which supports L2+ to L4 level autonomous driving [5]. - The company introduced the BMx7318/7518 series IC products designed for high-voltage battery management systems in electric vehicles and industrial energy storage systems, developed in response to local customer needs [6]. Group 5: Supply Chain and Partnerships - NXP is enhancing its local supply chain by strengthening partnerships with local manufacturers, including a significant packaging and testing facility in Tianjin and collaborations with TSMC and SMIC [9]. - The company announced new collaborations with Chinese automakers such as Geely, Leap Motor, Changan Deep Blue, and Great Wall, focusing on joint innovation labs and projects in areas like ADAS and electric vehicle architecture [9][10].

Core Insights - Mercedes is collaborating with Geely's subsidiaries, Yikaton and Meizu, to integrate the Flyme Auto system into its vehicles, starting with the long-wheelbase E-Class set to launch in 2027, aiming to enhance its smart technology capabilities in the Chinese market [1][2][5] Group 1: Collaboration and Product Development - The first model to feature Flyme Auto was the Lynk & Co 08 EM-P, launched in 2023, which has contributed to improving sales and brand reputation for Geely [2][3] - Flyme Auto has been adopted in 23 Geely models as of May 2023, with total sales exceeding 1.16 million units by mid-June 2023 [4][5] - The partnership with Geely is a strategic move for Mercedes to maintain competitiveness in the fuel vehicle segment in China, where it has faced declining sales [5][6] Group 2: Market Performance and Challenges - Mercedes reported a nearly 7% year-on-year decline in new car deliveries in China for 2024, with a 14% drop in the first half of the year [3][6] - The collaboration with local suppliers like Meizu and Yikaton is part of Mercedes' strategy to adapt to the rapidly evolving smart technology landscape in China [10] - The upcoming MB.OS system, set to launch in 2025, aims to enhance the user experience with features like continuous updates and advanced AI capabilities, but current fuel models cannot support this system [7][9] Group 3: Technological Advancements - Flyme Auto features a 7nm chip, supporting seamless integration of mobile and automotive functions, which is a significant upgrade for Mercedes' existing systems [3][8] - The third-generation MBUX system in current Mercedes models includes advanced features like a voice assistant with improved response times and enhanced navigation capabilities tailored for the Chinese market [6][8] - The collaboration with local tech firms is seen as a necessary step for Mercedes to keep pace with domestic brands that are rapidly advancing in smart vehicle technology [10]

证券代码：002405 证券简称：四维图新 公告编号：2025-044 ，公司将为北汽新能源两车型开发泊车软件 产品。 根据《深圳证券交易所股票上市规则》 北京四维图新科技股份有限公司 关于与北京新能源汽车股份有限公司签署开发合同 的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 和最终成果尚存在不确定性，敬请广大投资者谨慎决策，注意投资风 险。 构成重大影响，对公司未来年度经营业绩的影响将视双方后续项目的 实施进展情况确定。 一、概况 近日，北京四维图新科技股份有限公司（以下简称"公司"或"四 维图新"）与北京新能源汽车股份有限公司（以下简称"北汽新能源"） 签署《零部件开发合同》 《公司章程》等相关规定， 本次合同的签署不构成关联交易，亦不构成《上市公司重大资产重组 管理办法》规定的重大资产重组，无需提交股东会和董事会审议。 二、交易对方介绍 公司名称：北京新能源汽车股份有限公司 法定代表人：张国富 注册资本：1506029.573 万元 注册地址：北京市北京经济技术开发区东环中路 5 号 12 幢 1 层 经营范围：生产电 ...

7月7日晚间，四维图新（002405）发布公告，公司近日与北京新能源汽车股份有限公司（以下简称"北 汽新能源"）签署《零部件开发合同》，将为后者两车型开发泊车软件产品。 2024年，四维图新实现营收35.18亿元，同比增长12.68%。其中智云业务录得营收22.54亿元，同比增长 28.96%；智芯业务营收5.66亿元，同比增长10.92%；智舱业务板块收入为4.03亿元，同比下降12.87%； 受产品结构调整及交付周期的影响，智驾业务营收为2.71亿元，同比下滑28.08%。 定点方面，2024年初至2025年一季度，四维图新获得基础行车产品300万套及舱泊产品60万套的新增定 点。 目前，四维图新正处于转型投入期，净利润处于阶段性亏损状态，不过亏损幅度正在收窄。2024年，公 司净利润为-10.95亿元，同比减亏超3亿元。公司预计，伴随着市场份额的增加，2025年将实现大幅减 亏。 不过，技术开发项目经历一定的研发周期，且存在研发活动固有的风险，四维图新提示投资者注意投资 风险。 就智驾业务而言，其盈利水平取决于订单的构成，如开发成本、软硬件占比、采购成本、出货量等，其 中出货量是重要影响因素。目前，四维 ...

2 汽车周观点： 6月第4周乘用车环比+3.9%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年7月7日 请务必阅读正文之后的免责声明部分 核心结论 证券研究报告 注：若无特殊说明，"本周"均代表2025.6.16-2025.6.22 （ ➢本周复盘总结：六月第四周交强险56.9万辆，环比上周/上月周度+3.9%/+24.2%。 ➢本周细分板块涨跌幅排序:SW摩托车及其他(+5.1%) >SW商用载客车(+4.4%) >SW乘 用车(+0.4%) >SW汽车（+0.1%）> SＷ商用载货车(0.1%) > SW汽车零部件(-0.7%) 。 本周已覆盖标的春风动力、爱玛科技、宇通客车、上汽集团、中国重汽涨幅前五。 ◼ 本周团队研究成果：外发小鹏G7上市点评。 ◼ 本周行业核心变化：1）小鹏G7定位为极致空间而生的家庭科技美学中大型SUV，602 km Max版搭载双Orin-X芯片定价19.58万元，702km Max版搭载双Orin-X芯片定价2 0.58万元，Ultra版搭载三颗图灵AI芯片定价22.58万元， ...

Core Insights - The penetration rate of new energy vehicles in China is expected to approach 60% this year, with intelligent experience becoming a crucial factor for consumers when purchasing cars [1] - The automotive industry is transitioning from the electrification phase to the intelligent phase, with the government emphasizing the development of smart connected new energy vehicles [1] - The Qualcomm Automotive Technology and Cooperation Summit showcased the latest intelligent vehicles, highlighting the industry's focus on smart vehicle development [2] Industry Trends - The summit featured over 40 demonstration vehicles and more than 60 partners, indicating a strong momentum in the intelligent automotive sector [2] - Qualcomm's Chairman in China noted that smart connectivity has significantly accelerated the commercialization of new energy vehicles, particularly benefiting Chinese automakers [2] - The adoption rate of Level 2 and above advanced driver-assistance systems (ADAS) is projected to reach 65% this year, with expectations to exceed 90% by 2030 [2][3] Technological Developments - The automotive industry is increasingly exhibiting semiconductor characteristics, with the importance of chips growing in intelligent cockpits, smart driving, and vehicle domain control systems [5] - The collaboration between automakers and chip manufacturers is crucial for enhancing product development speed and functionality [5][6] - The integration of smart cockpit technologies is a significant challenge, as automakers aim to create a cohesive user experience with multiple screens [4] Market Dynamics - The development of smart connected vehicles is becoming a key strategy for local governments to foster new productive forces [9] - Suzhou's Xiangcheng District is emerging as a hub for new energy-related enterprises, focusing on automotive electronics and chips [9] - The rapid technological innovation and product iteration in China's automotive sector are reminiscent of the early mobile phone industry, suggesting potential for significant global market success [9]

Core Insights - The automotive recall landscape is shifting from mechanical failures to software and electronic system issues, reflecting the industry's transformation into mobile intelligent terminals [2][6][8] - In the first half of 2025, a total of 60 recall announcements affected 28 brands, impacting 5.281 million vehicles, marking a year-on-year increase of 29.5%, the second-highest in nearly a decade [2][3] - Over 40% of the recalls are attributed to vehicle system vulnerabilities, with new energy vehicles (NEVs) accounting for 30% of the recalls, highlighting the digital challenges faced by the industry [2][3] Recall Trends - Honda's joint ventures in China executed the largest single recall in industry history, affecting 1.367 million vehicles due to steering system defects, representing 25% of the total recalls in the first half of the year [3] - Tesla recalled 1.2068 million Model 3/Y vehicles due to electronic system defects, nearing its global delivery total for 2024 [3] - Korean brands saw a staggering 113-fold increase in recall volume, while European brands experienced a 45-fold increase, primarily due to supply chain management issues during their electrification transitions [3] Quality Management Improvements - Domestic brands have reduced recall volumes by 85.1% through enhanced quality management systems, reflecting advancements in research, development, and production control [4][5] - The frequency of recalls in the core battery management system and electric drive components has significantly decreased, indicating improved safety measures and technological maturity in the NEV sector [6][8] Regulatory Changes - The Ministry of Industry and Information Technology's 2025 inspections will include mandatory testing for battery performance and collision safety, pushing companies to establish comprehensive testing systems [7] - Luxury brands like Mercedes-Benz and BMW accounted for 55% of the total recall announcements, indicating ongoing challenges in quality control within the high-end market [7] Future Outlook - The automotive industry is transitioning to a new era of quality management, focusing on a "prevention-response-optimization" closed-loop system that encompasses the entire product lifecycle [8] - Companies that adapt to this new quality standard, prioritizing user experience and comprehensive lifecycle management, will gain a competitive edge in the intelligent mobility landscape [8]