智驾国产芯片格局变化 20251208 摘要 蔚来汽车智驾方案采用全栈自研，主推世界模型，但效果相对落后，明 年主要任务是提升车位到车位功能的接网率及处理复杂案例，乐道和萤 火虫系列预计仍将使用英伟达方案。 小鹏汽车中高端车型将搭载自研图灵芯片，算力达 1,000+TOPS，算法 重点在于 VLA 和世界模型的迭代，深度融合 BL 模块，并计划在 Robotic 业务线中使用图灵芯片优化 Robot Taxi 的通行效率和安全性。 理想汽车自研 M100 苏马赫芯片预计 2026 年 Q2 量产，首发于高端改 款车型，AD Max 系统将存在 M100 与地平线混合方案并存的情况， AD Pro 系统继续采用地平线方案，但可能升级至 G6H 版本，算法方面 坚定走 VOL 路线。 小米汽车计划在高端车型上采用英伟达 42 系列芯片，自研玄戒 O2 芯片 暂缓使用，明年将采用类似特斯拉的架构，以世界模型为主，加语言模 型辅助，解决停车场出入、道路标识牌识别及城市通勤问题。 比亚迪高端方案将升级至英伟达索尔方案，首发于仰望 U8 改款车型， 由 Momenta 提供 R6 大模型 plus 版本算法。终端方案天翼 ...

有分析师对《证券日报》记者表示，地平线通过HSD方案有效压缩了高阶智驾的硬件与算法成本，为车 企提供了兼具性能与性价比的技术路径，进而推动智能驾驶从"可选"向"标配"演进，加速智能驾驶普 惠。 AI能力向物理世界延伸 在推动智能驾驶普及的同时，地平线也在夯实其AI计算的技术底座。会上，地平线正式发布第四代BPU 架构"黎曼"，并同步推出编译器"天工开物4.0"及智能驾驶大模型，构建起以BPU、编译器和基础模型为 核心的三大技术支柱。 12月8日，在2025地平线技术生态大会上，地平线创始人兼CEO余凯回顾了过去两年地平线在高阶辅助 驾驶领域持续发力的成果。 "从2021年起，地平线持续推动高阶驾驶向高而行，2024年4月24日征程6家族重磅发布、2025年4月18日 征程6P与HSD（地平线城区辅助驾驶系统）发布。2025年11月18日起，地平线智驾HSD正式首发量 产，降低了高阶智驾门槛。首搭HSD量产落地的星途ET5和深蓝L06上市仅两周，HSD激活量超12000 辆，市场反响热烈，展现出地平线在高阶辅助驾驶领域的强大实力与广阔前景。"余凯表示。 技术底座持续迭代 "传统的两段式端到端、一段式端到端+规则 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [4]. Core Insights - The company's ADAS (Advanced Driver Assistance Systems) laser radar products continue to grow, with sales reaching 185,600 units in Q3 2025, a year-on-year increase of 34%. Specifically, laser radar products for ADAS applications saw a 14.3% increase, with 150,000 units sold [1]. - The Robotaxi business is advancing, with significant partnerships established, including a collaboration with Didi Autonomous Driving for L4 Robotaxi equipped with RoboSense laser radar. The company has also signed mass production agreements with several leading Robotaxi and Robotruck firms [2]. - The company is expected to turn a profit in Q4 2025, with a record monthly delivery of over 120,000 laser radar units in October 2025, marking a key point for improving operational efficiency [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 1.19 billion yuan, a year-on-year growth of 1.24%, but incurred a net loss of 252 million yuan [1]. - The adjusted net profit forecast for 2025-2027 is projected at -176 million yuan, 207 million yuan, and 573 million yuan respectively, with corresponding P/E ratios of -138.82, 29.86 [4][11]. Revenue Growth Projections - Revenue is expected to grow significantly from 1.649 billion yuan in 2024 to 5.417 billion yuan in 2027, with annual growth rates of 47%, 37%, 59%, and 51% respectively [6][13]. Product Development and Market Expansion - The company has successfully secured production orders from 31 automotive manufacturers and suppliers, with a total of 134 models, and has achieved SOP (Start of Production) for 47 models from 15 manufacturers [1]. - The sales of laser radar products for robotics and other applications surged by 393.1% year-on-year, with 35,500 units sold in Q3 2025 [2].

Group 1 - The core viewpoint of the article highlights the transition in leadership at Apple from Tim Cook to John Ternus, emphasizing Ternus's technical background and potential to drive innovation [1][5][12] - Under Tim Cook's leadership, Apple achieved record sales and market value, but faced criticism for a lack of technological innovation, with significant updates only appearing in the iPhone 17 [3][7] - John Ternus, the current Senior Vice President of Hardware, is recognized for his role in major product developments, including the transition to self-developed M-series chips and contributions to the iPad and MacBook Pro [5][9] Group 2 - There are strong rumors that Ternus will initiate the development of Apple's electric vehicle (EV) project, which had previously been abandoned due to its similarity to Tesla's offerings [7][9] - Apple is expected to enter the EV supply chain, providing components such as smart cockpit and intelligent driving systems to other EV brands, following Huawei's success in the Chinese market [10][12] - This new approach is anticipated to yield higher profit margins compared to direct vehicle manufacturing, potentially leading Apple into a new era of high-value and high-performance products [12]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive industry is experiencing a gradual recovery, with November wholesale sales remaining within a reasonable range. Retail sales of passenger vehicles in November reached 2.263 million units, a year-on-year decrease of 7%, but a month-on-month increase of 1%. Cumulatively, retail sales for the year reached 21.519 million units, a year-on-year increase of 6% [1][19] - The new energy vehicle market is showing strong growth, with November retail sales of 1.354 million units, a year-on-year increase of 7% and a cumulative increase of 20% for the year [1][19] - The report highlights the importance of autonomous driving and the strategic initiatives of ride-hailing companies, with significant advancements in technology and policy support driving the sector forward [4][26] Summary by Sections Weekly Market Review (2025.11.29-12.05) - The automotive sector saw a weekly increase of 1.38%, outperforming the Shanghai Composite Index by 0.10 percentage points. Most sub-sectors within the automotive industry also experienced gains [12][14] Weekly Data Tracking (2025.11.29-12.05) - Passenger vehicle retail and wholesale sales data for November indicate a mixed performance, with wholesale sales showing a year-on-year increase of 2% [19][1] Industry News (2025.11.29-12.05) - Significant developments include Shanghai's announcement of 330 kilometers of autonomous driving test roads, advancements in autonomous vehicle technology by companies like Xpeng and Geely, and the launch of new models featuring cutting-edge technology [26][27][32][30]

Investment Rating - The report indicates a strong growth potential for the LiDAR industry, with a projected market size increase from $300 million in 2020 to $17.1 billion by 2029, reflecting a compound annual growth rate (CAGR) of 60.6% [4]. Core Insights - The global LiDAR market is experiencing rapid growth, transitioning from mechanical to semi-solid and eventually to fully solid-state technologies, with costs significantly reduced to the "thousand-yuan level," facilitating adoption in mainstream vehicles and expanding into robotics and industrial automation [4]. - The upstream core components (lasers, detectors) have a low domestic production rate, dominated by companies from Europe, the US, and Japan, while the midstream market is primarily occupied by Chinese firms, which hold over 60% of the global market share [4]. - The primary application of LiDAR is in the automotive sector, with increasing demand driven by the penetration of L2+ intelligent driving systems, while robotics is emerging as a second growth driver, expected to reach a market size of $5.1 billion by 2029 [4]. Summary by Sections 1. Introduction to LiDAR - LiDAR is a sensing technology that uses pulsed laser beams to measure distances, providing high-resolution data unaffected by lighting or weather conditions [5]. 2. Advantages of LiDAR Products - LiDAR excels in three-dimensional perception and all-weather night vision capabilities, outperforming other sensors like millimeter-wave radar and cameras in terms of resolution and adaptability [11]. 3. Technological Pathways - The technology has evolved from mechanical scanning to semi-solid and fully solid-state systems, with significant improvements in size, cost, and performance [14]. 4. Industry Development - The LiDAR industry has progressed through four phases: technology emergence (pre-2007), automotive-driven growth (2010-2021), cost reduction and expansion (2022-2024), and the transition to fully solid-state technology (2025 and beyond) [17]. 5. Market Size - The global LiDAR market is expected to grow from $300 million in 2020 to $1.6 billion by 2024, with a CAGR of 52%, and further to $17.1 billion by 2029, indicating a high growth phase [18]. 6. Industry Value Chain - The LiDAR industry encompasses upstream components, midstream product integration, and downstream applications, with a focus on ADAS and robotics [24]. 7. Upstream Industry - The upstream segment is characterized by low domestic production rates of core components, with most high-end parts sourced from foreign companies [25]. 8. Midstream Industry - The midstream sector is highly concentrated, with four out of the top five global suppliers being Chinese companies, reflecting a significant shift in market leadership [26]. 9. Downstream Applications - Automotive applications dominate the LiDAR market, with the share of automotive use expected to rise from 50% in 2022 to over 63% by 2024, driven by the adoption of intelligent driving technologies [32]. 10. Future Opportunities - The industry is poised for growth due to economies of scale, policy support for intelligent driving, and advancements in digital chip technology [49]. 11. Challenges Ahead - Despite significant cost reductions, LiDAR remains more expensive than alternatives like millimeter-wave radar, posing challenges for broader adoption [51].

Core Viewpoint - The emergence of "smart driving gadgets" poses significant risks to road safety by deceiving vehicle assistance systems, leading to dangerous driving conditions and potential accidents [1][2][3] Group 1: Product Overview - "Smart driving gadgets" are marketed as simple accessories but effectively disable the "hands-off detection" feature of driver assistance systems, allowing for a false sense of security in automated driving [1][2] - These products include two main types: capacitive straps for certain brands and weighted rings for others, both designed to trick the vehicle's sensors [2][3] Group 2: Regulatory Response - The National Market Supervision Administration has indicated that these products violate the Product Quality Law of the People's Republic of China, which prohibits the production and sale of items that pose unreasonable dangers to personal and property safety [2] - A draft of mandatory national standards for vehicle operation safety is being considered, which would include requirements for detecting driver hand and gaze disengagement [4] Group 3: Market Dynamics - The market for these gadgets is thriving due to low development barriers and the ability to evade regulatory scrutiny, with sales primarily occurring through online platforms [3][6] - The automotive industry relies on torque and capacitive sensors to detect driver engagement, but these gadgets effectively bypass these safety measures [3] Group 4: Industry Statistics - As of January to July 2025, the cumulative sales of passenger cars equipped with L2-level driving assistance in China reached 7.76 million units, with a penetration rate of 62.58% [5] - Current smart driving systems available to consumers are classified as Level 2 or below, indicating that they are not fully autonomous and require driver attention at all times [5] Group 5: Recommendations for Action - To eliminate the presence of "smart driving gadgets," a comprehensive approach is needed, involving e-commerce platforms, regulatory bodies, automotive manufacturers, and traffic enforcement agencies [6] - The implementation of AI technology for keyword monitoring, stricter regulations on production, and enhanced user education are essential to combat this issue effectively [6]

Core Viewpoint - Li Auto is facing its most severe test since its establishment, with significant declines in revenue and net loss reported in the third quarter, marking the end of 11 consecutive quarters of profitability [2][24][26]. Financial Performance - In Q3, Li Auto reported revenue of 27.365 billion RMB, a year-on-year decline of 36.2%, and a net loss of 624 million RMB, compared to a profit of 2.821 billion RMB in the same period last year [3][26]. - Vehicle sales revenue for Q3 was 25.9 billion RMB, down 37.4% year-on-year and 10.4% quarter-on-quarter, attributed to a decrease in vehicle deliveries [6][28]. - The total vehicle deliveries in Q3 were 93,211 units, a 39.0% decrease year-on-year, while competitors like NIO and Xpeng saw significant growth in their deliveries [6][28]. Future Outlook - The company expects Q4 deliveries to decline further, projecting a drop of 37% to 30.7%, with total revenue anticipated to be between 26.5 billion and 29.2 billion RMB, reflecting a year-on-year decrease of 34.2% to 40.1% [13][35]. - Li Auto has revised its annual sales target for 2025 from 700,000 to 640,000 units, with cumulative deliveries reaching only 328,916 units by October, indicating less than 60% of the target achieved [8][31]. Challenges and Strategic Shifts - Li Auto's CEO, Li Xiang, indicated that the company is returning to a startup model, moving away from a professional management structure, and aims to innovate through self-developed AI and hardware technologies [18][39]. - The company is facing challenges in its range-extended electric vehicle (REEV) segment, which has seen a decline in market share due to increased competition and the maturation of the market [14][36]. - Li Auto's flagship pure electric model, MEGA, has faced criticism and has not replicated the success of its REEV models, contributing to the overall decline in sales [15][37]. Financial Health - As of Q3 2025, Li Auto's cash reserves stood at 98.9 billion RMB, but the company is experiencing cash flow issues, with a net cash outflow of 7.4 billion RMB compared to a net inflow of 11 billion RMB in the same period last year [11][35]. - The company reported a free cash flow deficit of 8.9 billion RMB, indicating a significant deterioration in financial health [11][33]. Market Position - Li Auto is the only new energy vehicle manufacturer among its peers to report a revenue decline in Q3, contrasting sharply with the growth reported by NIO and Xpeng [6][28]. - The company's stock price has also suffered, dropping over 33% from its peak in September, reflecting investor concerns about its future performance [15][37].

要闻提示 NEWS REMIND 1.吉利高管：有车企为博流量盲目模仿，拉低抹黑中国车设计高度 2. 任正非：华为自力更生是被逼无奈，追赶美国的速度我们还是慢的 3. 陈震宣布全面停更：团队保留，将思考公司未来发展方向！粉丝调侃：震哥，润了吧 4. 企业起薪8500元招聘员工，BOSS直聘以「薪资过高」为由限制信息发布，双方回应了 5. 俞敏洪回应"员工公开信吐槽"：写信的员工不会被整，在正常上班！ 6.科技博主自曝欠下240万债务，影石主动帮还180万！刘靖康：希望减轻创作者包袱 7.苹果高管层持续动荡，芯片核心人物传将离职 8. 预计明日！OpenAI"紧急提前"发布GPT 5.2，应对Gemini 3的火爆 国内资讯 DOMESTIC NEWS 任正非：华为自力更生是被逼无奈，追赶美国的速度我们还是慢的 12月6日消息，近日，任正非在与ICPC(国际大学生程序设计竞赛)主席、教练及获奖选手进行交流。任正 非表示，美国创造的科技文明，对世界不是有害的，是有益的，我们也要支持美国科技文明的发展，因为 美国创造的科技文明，关起来不去给别人用，那美国怎么赚钱？他赚你钱的过程中，同样促使你的产业进 步。如果没有欧 ...

人民财讯12月8日电，华泰证券发布汽车行业2026年度展望：①乘用车：总量平淡，自主高端发力大五/ 六座SUV市场，新能源抢滩登陆西欧，推荐高端化和出口有看点的公司。②零部件把握"全球化+新赛 道"两条主线：全球化更侧重欧洲新机会，围绕订单与产能进行投资布局；新赛道重点关注机器人和AI 液冷，机器人2026年把握去伪存真与技术变量，液冷与汽车底层技术高度相通，新赛道带来业绩成长性 与估值弹性。③智能驾驶：将是AI应用重要方向，技术端整车AI化加速，城市NOA加速由20万向15万 价格标配化，L4也将迎来更大规模商业落地，推荐核心运营平台以及高成长性零部件供应商。 ...