齐鲁晚报·齐鲁壹点 张雪 2025年4月，中国汽车市场迎来历史性转折——新能源乘用车零售渗透率首次突破51%，标志着燃油车 与新能源车市场份额正式进入"五五开"新纪元。据乘联会数据，在五一假期前购车需求的释放下，环比 3月销量普遍增长10%-15%，为4月的高渗透率提供了有力支撑。4月上半月新能源车零售渗透率达 50.39%，这一数字较原定2035年目标提前11年达成。 对比2020年5.8%的渗透率，短短五年间新能源车实现近十倍增长。这一里程碑时刻的背后，是技术迭 代、政策支持与消费需求的三重共振。 与此同时，记者了解到，车展也成为促销的主阵地。据统计，全国超过80个城市举办了近百场车展。在 乌鲁木齐国际汽车展览会上，购车可享受各大汽车厂商推出的各类购车优惠，叠加以旧换新补贴政策， 消费者可以享受到实实在在的优惠。广州车展上，比亚迪、广汽埃安、东风纳米等超30家新能源汽车品 牌参展，打出"国补+地补+厂家补贴+展商优惠"组合促销牌，其中报废补贴至高2万元、广州置换补贴 至高1.5万元。长春车展打造"车展+时尚秀场"多元场景，零跑、小鹏等新势力品牌推出"试驾送茶 具""订车送充电桩"等特色权益。 假期后的销量 ...

Group 1: Solar Industry - The China Securities Solar Industry Index (931151) rose by 2.07% as of May 6, 2025, with key stocks like Sungrow Power (300827) up 4.91% and Quartz Shares (603688) up 4.17% [1] - Solar component orders are expected to decline by over 10% due to weak demand, leading major manufacturers to reduce production and cut external processing orders [1] - Guohai Securities predicts further price declines for solar components in May, although the rate of decline is expected to slow down [1] Group 2: New Materials Industry - The China Securities New Materials Theme Index (H30597) increased by 1.55% as of May 6, 2025, with stocks like Hunan Youneng (301358) rising by 6.09% [3] - The New Materials ETF Index Fund (516890) saw a significant increase in shares, growing by 200,000 shares in the past month, ranking first among similar funds [3] Group 3: New Energy Vehicles - The China Securities New Energy Vehicle Industry Index (930997) rose by 1.79% as of May 6, 2025, with companies like Shangtai Technology (001301) increasing by 6.42% [3] - BYD announced that its April 2025 sales of new energy vehicles reached 380,100 units, a year-on-year increase of 21.33% [4] - The New Energy Vehicle ETF (515700) has reached a scale of 2.208 billion yuan, marking a recent high and ranking in the top half of comparable funds [3][4] Group 4: ETF Funds - Investors can leverage the Solar ETF Fund (516180), New Materials ETF Index Fund (516890), and New Energy Vehicle ETF (515700) to capitalize on investment opportunities in these sectors [7] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index, which includes 50 companies involved in various aspects of the new energy vehicle industry [7]

Core Viewpoint - Xiaomi has changed the terminology from "intelligent driving" to "assisted driving" for its SU7 model in response to national standards and to clarify the functionality of its driving automation features [1][2]. Group 1: Company Actions - Xiaomi's official customer service stated that the change in terminology is to align with national calls and the automotive industry's driving automation classification standards, emphasizing that the related functions are classified as assisted driving [1]. - The model "Xiaomi Intelligent Driving Pro" has been renamed to "Xiaomi Assisted Driving Pro," and other models have also undergone similar name changes to reflect this shift [1]. - The "valet parking" feature has been modified to "valet parking assistance," but the functionality remains unchanged [1]. Group 2: Industry Context - The Ministry of Industry and Information Technology (MIIT) has emphasized the need for automotive manufacturers to conduct thorough testing and validation of combined driving assistance systems, ensuring clear boundaries of system functions and safety measures [2]. - There is a growing concern that some automotive companies are using misleading marketing terms like "L2+" and "L2.9," which do not comply with national standards, leading consumers to mistakenly believe they are purchasing fully autonomous driving capabilities [2]. - The industry is facing a paradox where advanced technology leads to ambiguous responsibilities, which has resulted in serious consequences in some cases due to misinformation [2].

Core Viewpoint - The automotive industry is undergoing a significant shift in terminology and marketing strategies regarding intelligent driving, moving from "smart driving" to "assisted driving" in response to regulatory pressures and safety concerns [1][2][3]. Group 1: Regulatory Changes - The Ministry of Industry and Information Technology (MIIT) issued a draft standard prohibiting the use of ambiguous terms like "automatic driving" and "smart driving," mandating the use of "assisted driving" or "combined assisted driving" [1]. - Following a serious accident involving a Xiaomi vehicle, regulatory bodies tightened promotional language, emphasizing the need for clear communication about the limitations of L2-level assisted driving systems [2][3]. Group 2: Industry Response - Xiaomi's rebranding of its driving assistance features reflects a broader trend among new automotive companies, including Li Auto, NIO, and Xpeng, to adjust their marketing language and focus on safety and comfort rather than advanced driving capabilities [1][2]. - The shift in terminology is seen as a response to the misalignment between technological maturity and public perception, with many consumers mistakenly believing L2 systems offer full autonomy [3]. Group 3: Technical Considerations - Xiaomi's SU7 model highlights the ongoing debate between pure vision systems and multi-sensor fusion technologies, with the former being cost-effective but limited in adverse conditions, while the latter offers enhanced safety at a higher cost [4]. - The change in naming from "smart driving" to "assisted driving" serves to manage user expectations and clarify the responsibilities of drivers in the context of current technological limitations [4]. Group 4: Consumer Education - The rebranding initiative aims to foster a more rational understanding of intelligent driving among consumers, moving away from the notion of "fully autonomous" vehicles [6]. - Companies are implementing measures to educate users about the limitations and responsibilities associated with assisted driving, including mandatory training and detailed user manuals [6]. Group 5: Future Outlook - The transition to "assisted driving" signifies a move towards a more realistic and safety-focused approach in the automotive industry, with an emphasis on balancing technological advancements with regulatory compliance [7]. - The industry is expected to evolve towards L3-level and above autonomous driving, but this progression will prioritize safety and responsible marketing practices [7].

Core Viewpoint - Xiaomi has changed its vehicle ordering page terminology from "Intelligent Driving" to "Assisted Driving" in response to stricter regulatory policies and safety considerations [4][5][6]. Regulatory Changes - The Ministry of Industry and Information Technology (MIIT) held a meeting on April 16, announcing that terms like "Intelligent Driving" and "Autonomous Driving" cannot be used loosely, as they may lead to misunderstandings. Car manufacturers must adopt the terminology "Assisted Driving" or "Intelligent Driving Level + Assisted Driving" [6]. Safety and Responsibility - The previous use of "Intelligent Driving" led to consumer confusion with "Autonomous Driving," resulting in potential misuse. An incident involving the Xiaomi SU7 highlighted the risks associated with vague terminology. The name change aims to clarify functionality and reduce the risk of user errors [7]. - The China Association of Automobile Manufacturers issued a statement urging car manufacturers to adhere to the national standards for advertising and naming driving assistance features, emphasizing the importance of clear and responsible communication to prevent dangerous misuse [7]. Industry-Wide Impact - Xiaomi's renaming is part of a broader trend, with several other car manufacturers also adjusting their terminology. Tesla, BYD, Li Auto, Horizon Robotics, and XPeng have all modified their promotional language to align with the new regulatory standards [8]. - This wave of renaming represents a significant shift in the intelligent driving industry, emphasizing safety and accountability in advertising practices [8].

智能车ETF泰康紧密跟踪中证智能电动汽车指数，中证智能电动汽车指数选取主营业务涉及智能电动汽 车动力系统、感知系统、决策系统、执行系统、通讯系统、整车生产以及汽车后市场的上市公司证券作 为指数样本，以反映智能电动汽车产业上市公司证券的整体表现。 4月上半月整体车市热度仍维持较高水平，下半月上海车展开幕；新车型集中上市，新能源热点产品逐 一开启交付，预计将为新能源市场提供新的增长动能，有力支撑整车市场。 民生证券认为，智能化奇点已来，自主技术输出孵化机遇。智能化能力将成为车企竞争的重要因素。随 着特斯拉FSD使用率拐点显现，自主新势力城市辅助驾驶加速落地和小鹏开启全新商业模式；我们判断 智能驾驶正逐步迎来技术、用户接受度和商业模式的三重拐点，看好智能化布局相对领先、产品周期、 品牌周期向上的优质自主车企。 相关产品：智能车ETF泰康(159720)。 截至2025年5月6日 10:31，智能车ETF泰康(159720)上涨1.61%，盘中成交额迅速走阔，跟踪指数中证智 能电动汽车指数(H11052)强势上涨1.43%，成分股伯特利(603596)上涨5.81%，湖南裕能(301358)上涨 4.97%，北京君正 ...

智驾平权进行时，车载 CIS 高端市场加速放量 20250505 全球范围内关于自动驾驶政策法规有哪些进展？ 德国于 2021 年成为全球首个批准 L3 级别自动驾驶上路的国家，但其规定较为 严格，包括限速 60 公里以及仅限特定高速公路场景。中国则采取试点探索加 法律规范路径推进，目前上海、北京和深圳等城市积极开展 L3 级别自动驾驶测 试。例如，上海部分高速公路段及城市快速路允许最高时速不超过 80 公里情 况下全程脱手，并使用比亚迪天神之眼系统。总体来看，中国保持谨慎追赶节 奏，不断推进相关政策法规发展。 摘要 • L2/L3 自动驾驶渗透率预计 2026 年达 30%-40%，大幅提升电子传感器、 激光雷达和超声波雷达需求，推动车载 CIS 市场增长。 • 比亚迪等主机厂力推城市 NOA，对车辆定位、雷达、摄像头传感器数据分 析及高精度地图结合提出更高要求，车载摄像头 CS 需求快速增加，如比 亚迪"雷神之眼"搭载量已达 12-13 个。 • 中国 L3 级别以上自动驾驶采取试点探索加法律规范路径推进，上海、北京 和深圳等城市积极开展 L3 级别路测，部分高速公路段允许在特定条件下全 程脱手。 • 车 ...

Market Overview - The Hang Seng Index rose by 1.96% to 22,504.68 points during the trading days from April 28 to May 2, 2023, with the Hang Seng Tech Index showing a strong increase of 4.64% to 5,244.06 points [1] - Recent easing of geopolitical tensions has led to a rebound in risk assets, with the Hong Kong stock market rising for the third consecutive week, nearing recovery from the declines caused by the "reciprocal tariffs" imposed during the Trump administration [1] Economic Indicators - The Hong Kong Monetary Authority (HKMA) intervened by purchasing HKD 46.539 billion (approximately USD 6 billion) to maintain the stability of the Hong Kong dollar against the US dollar, triggered by the strong-side convertibility undertaking at 7.75 HKD per USD [2] - The HKMA noted an increase in demand for Hong Kong dollars related to stock investments, which supports the currency's value [2] Company Performance - Hong Kong Exchanges and Clearing Limited (HKEX) reported record revenue of HKD 68.57 billion for Q1 2025, a 32% year-on-year increase, and a net profit of HKD 40.77 billion, up 37% year-on-year [3] - The average daily trading amount for Hong Kong stocks reached a historical high of HKD 242.7 billion, with the IPO market remaining strong, raising HKD 18.7 billion from 17 companies, nearly quadrupling the amount from the same period last year [3] New Listings - Hunan Mingming Henmang Commercial Chain Co., Ltd. submitted its IPO application to HKEX, aiming to raise funds for supply chain upgrades, store network optimization, brand building, and digital investment [4][5] - The company, formed by the merger of "Snacks Very Busy" and "Zhao Yiming Snacks," is projected to achieve a GMV of RMB 55.5 billion in 2024, making it the largest leisure food and beverage retail chain in China [4][5] Industry Trends - The leisure food market in lower-tier cities is expected to reach a GMV of RMB 2.3 trillion in 2024, with growth rates surpassing those in higher-tier markets [5] - The market is undergoing rapid consolidation, with an estimated 50% of lower-tier companies expected to exit by 2025 [5]

随着汽车智能化进程的加速，智能辅助驾驶功能在提升驾驶便利性的同时，也引发了人们对于事故责任界定和风险保障的关注。在此背景下，智驾险 应运而生。 近日，剧透很久的小鹏智能辅助驾驶服务正式上线，为使用小鹏AI智能辅助驾驶的车主提供"智驾险"保障。同时，小鹏汽车还宣布，这次推出的智驾 险是行业唯一提供NGP退出后5秒内仍可享受权益的产品。小鹏此次推出的低价、高保障的智驾险，为用户吃下"定心丸"，也让智驾险这一新兴保险品类 再次成为关注的焦点。 车企押宝"智驾险"新赛道 在智能驾驶技术迭代加速、竞争白热化的当下，车企与保险公司敏锐捕捉行业痛点，纷纷锚定智能驾驶保险这一赛道。 以小鹏"智驾险"为例，定价仅每年239元，车主便能享受诸多权益。从保障额度看，最高可获100万元赔付，为事故损失兜底。而且覆盖范围极广，行 车场景中的导航辅助驾驶NGP、车道巡航辅助LCC，以及泊车场景里的智能泊车APA等常用功能都被纳入其中，无论是日常通勤、高速行驶，还是停车入 位，都有保障。同时，赔付不限次数，一年内多次事故均可理赔，并且小鹏全车系、新老车主均可购买，不受车型与购买时间限制 。 此外，还有最受关注的"NGP退出后5秒权益延续" ...

Core Insights - The 2025 Shanghai Auto Show showcased over 100 new energy vehicles and advanced technologies like flying cars and humanoid robots, highlighting significant technological advancements in China's automotive industry [1] - A new policy from the National Development and Reform Commission aims to boost car purchases by issuing additional purchase quotas for families without cars, which is expected to stimulate demand in the automotive market [1] - The Hang Seng Automotive ETF (code: 159239) is set to launch on May 6, providing investors with a tool to efficiently invest in the Hong Kong stock market's smart automotive sector [1] Investment Opportunities - The Hang Seng Automotive ETF closely tracks the Hang Seng Hong Kong Stock Connect Automotive Theme Index (HSSCAM), which includes leading companies in smart driving technology such as BYD, Xiaopeng, Li Auto, and Leap Motor among its top ten constituents [2] - The index also incorporates Xiaomi, a notable player in the automotive sector, enhancing its representation of quality smart automotive companies [2] - As of April 29, nearly half of the index's constituents are new energy vehicle manufacturers, with over 70% of the components related to smart driving systems and components, positioning it well to capture opportunities in the electric vehicle transition [2] Index Performance - The Hang Seng Hong Kong Stock Connect Automotive Theme Index has a significant focus on vehicle manufacturers and parts suppliers, with weights of 68.1% and 13.9% respectively, benefiting from the global trends of electrification and smart technology in the automotive industry [3] - Historical performance shows that the index has outperformed similar indices over various time frames, with returns of 16% over the last six months, 45% over the past year, and 31% over three years, surpassing the Hang Seng Technology Index and other benchmarks [4] Management Expertise - The proposed fund manager for the Hang Seng Automotive ETF, Tian Ximeng, has eight years of experience in the industry and has managed significant assets in Hong Kong ETFs, indicating strong management capabilities in a complex market [5] - The fund management company, Fuguo Fund, is recognized for its expertise in quantitative investment and has a well-established team that supports the fund manager with extensive research and investment strategies [6] Market Trends - The global smart driving industry is experiencing dual catalysts from policy and technology advancements, with new business growth opportunities emerging in areas like AI integration and robotics in the automotive sector [6]