消息面上，9月17日，工业和信息化部公开对《智能网联汽车组合驾驶辅助系统安全要求》强制性国家 标准公开征求意见。数据显示，新能源汽车组合驾驶辅助技术(L2级)搭载率超过50%，且预计组合驾驶 辅助系统的装配率仍将持续提升。工信部装备工业一司相关负责人介绍，这一标准填补了我国组合驾驶 辅助系统产品安全基线空白，将为行业准入、质量监督和事后追溯提供关键技术依据，有助于全面提升 产品安全水平。 智通财经APP获悉，智驾概念股走高，截至发稿，黑芝麻智能(02533)涨9.04%，报20.86港元；地平线机 器人-W(09660)涨7.18%，报11.19港元；速腾聚创(02498)涨6.33%，报45.26港元；佑驾创新(02431)涨 5.9%，报27.64港元。 中信证券此前指，在行业监管逐步完善的趋势下，汽车智能化产业链有望受益。推荐以下几条投资主 线：1）智能驾驶研发进展领先的主机厂；2）激光雷达头部供应商；3）智能网联汽车检测与仿真测试 服务头部公司；4）其他智能驾驶头部零部件供应商。爱建证券认为，预计当前至明年是汽车高阶智驾 技术成熟度、政策法规、用户接受度与商业模式共同突破的窗口，建议重视汽车智能化。 ...

Group 1 - Dongfeng Group announced the establishment of a joint venture with a registered capital of RMB 8.47 billion to develop and sell smart off-road vehicles [2] - The joint venture will focus on manufacturing and selling smart off-road vehicles, with an operational period of 20 years [2] - Dongfeng Group will contribute RMB 3.55 billion in intangible asset usage rights, while Dongfeng Motor Company will contribute RMB 920 million in physical assets [2] Group 2 - The investment amounts were determined based on an asset valuation report from an independent appraiser, using methods such as income, cost, and market approaches [3] - The establishment of the joint venture is a strategic move for Dongfeng Group in the context of the automotive industry's shift towards intelligence and electrification [3] - The joint venture aims to enhance market competitiveness by integrating technological research and development, manufacturing, and market channels [3]

东兴证券近日发布汽车行业8月数据点评：近日中汽协发布2025年8月汽车产销数据，8 月汽车产销分别完成281.5万辆和285.7万辆，环比分别增长8.7%和10.1%，同比分别增长13% 和16.4%；新能源汽车产销分别完成139.1万辆和139.5万辆，同比增长27.4%和26.8%。1-8 月，汽车产销分别完成2105.1万辆和2112.8万辆，同比分别增长12.7%和12.6%；新能源汽车 产销分别完成962.5万辆和962万辆，同比分别增长37.3%和36.7%。 以下为研究报告摘要： 事件：近日中汽协发布2025年8月汽车产销数据，8月汽车产销分别完成281.5万辆和 285.7万辆，环比分别增长8.7%和10.1%，同比分别增长13%和16.4%；新能源汽车产销分别 完成139.1万辆和139.5万辆，同比增长27.4%和26.8%。1-8月，汽车产销分别完成2105.1万辆 和2112.8万辆，同比分别增长12.7%和12.6%；新能源汽车产销分别完成962.5万辆和962万 辆，同比分别增长37.3%和36.7%。 点评： 国内：同比持续增长，纯电车型增速较高。8月，汽车国内销量224.5万辆 ...

Industry Overview - EPS (Electric Power Steering) systems have become the mainstream design solution for automotive steering, replacing traditional hydraulic systems due to their high efficiency, safety, and environmental benefits [1][7] - The market size of China's EPS industry is projected to reach 38.2 billion yuan in 2024, with a year-on-year growth of 6.81% [1][7] - The industry is experiencing a clear upgrade trend, with DP-EPS (Dual Pinion Electric Power Steering) and R-EPS (Rack Electric Power Steering) systems achieving higher transmission efficiency compared to traditional systems [1][7] Market Size - The EPS market in China is expected to grow to 40.8 billion yuan by 2025, driven by increasing demand for comfort and safety in vehicles [11] - The rapid development of new energy vehicles (NEVs) is creating new opportunities for the EPS industry, as these vehicles require systems that can handle increased weight from battery packs [5][11] Key Companies - Leading companies in the EPS market include Bosch and Huayu Automotive, with domestic players like Nissin and Zhejiang Shibao gaining market share [8][9] - Zhejiang Shibao reported a revenue of 1.524 billion yuan in the first half of 2025, a year-on-year increase of 35.32%, with a net profit margin rising from 1.1% in 2022 to 5.5% in 2024 [9] - Bertli Automotive Safety Systems achieved a revenue of 5.164 billion yuan in the first half of 2025, reflecting a year-on-year growth of 30.04% [10] Industry Development Trends - Continuous technological innovation is driving the EPS industry towards higher efficiency and intelligence, with R-EPS and line-controlled steering systems (SBW) being key focus areas [11] - The industry is also seeing a push towards domestic production of core components, with local companies making significant technological advancements [11] - Environmental upgrades are being prioritized, with the adoption of recyclable materials and reduced emissions in production processes [12]

Industry Overview - The steer-by-wire (SBW) system is a key technology in automotive intelligence, significantly enhancing driving safety, control experience, and supporting autonomous driving functions [1][4] - The market size for China's steer-by-wire system is projected to reach approximately 5.5 billion yuan in 2024, with an expected growth to 301.5 billion yuan by 2030 [1][9] Market Dynamics - The steer-by-wire system is expected to see a penetration rate of 5% by 2025 and 30% by 2030, with a corresponding market size increase from 63 billion yuan in 2025 to 376 billion yuan in 2030 [4][14] - The automotive market in China has shown a production increase of 12.7% year-on-year in the first seven months of 2025, indicating a growing demand for innovative steering technologies [9] Key Companies - Leading international companies in the steer-by-wire market include Bosch, ZF, and Denso, while domestic players like Nissin and Zhejiang Shibao are emerging as significant competitors [10][11] - Zhejiang Shibao is focusing on electric power steering systems and aims to achieve mass production of steer-by-wire systems by 2026, with a revenue increase of 35.32% in the first half of 2025 [12][14] - Bertli has developed a steer-by-wire product that supports L3 and above autonomous driving, achieving a revenue growth of 30.04% in the first half of 2025 [12][14] Industry Development Trends - The steer-by-wire system is expected to experience explosive growth from 2025 to 2030, driven by advancements in technology and increasing market penetration [14][15] - The industry is witnessing a trend towards the integration of core components domestically, with a target of over 50% localization for key parts by 2030 [15] - The collaboration between steering and braking systems is becoming a focus for research and development, enhancing the overall vehicle control experience [16][17]

Macro - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, aligning with market expectations. Ten officials anticipate at least two more 25 basis point cuts this year, with one official suggesting a total reduction of over 100 basis points [1] Market - The Nasdaq China Golden Dragon Index rose by 2.85%, reaching a three-year high, with notable gains in stocks such as Baidu (up over 11%), NIO (up over 6%), and Pinduoduo (up 4.5%) [2] - The total trading volume of A-shares this year is double that of the same period last year, with the securities transaction stamp duty in August reaching 25.1 billion yuan, a year-on-year increase of 225.97% [4] Industry - The Ministry of Industry and Information Technology is seeking public opinion on mandatory national standards for intelligent connected vehicles, which is expected to strengthen the safety foundation for the industry. Experts predict that 2025 may be a pivotal year for automotive intelligence [3] - The sodium-ion battery developed by CATL is expected to begin mass production next year, with advantages over lithium batteries in low-temperature performance and safety. The year 2025 is anticipated to be the starting point for large-scale production of sodium batteries [9] - The Chinese lidar market is projected to exceed 24 billion yuan by 2025, with domestic manufacturers leading in scale, cost, and production rhythm, indicating a golden period for the industry [11]

Industry Overview - The Ministry of Industry and Information Technology has released a draft for mandatory national standards on "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems," aiming to establish a safety baseline for intelligent connected vehicles [1] - The draft emphasizes that systems can only be activated under their designed operating conditions and sets comprehensive safety technical requirements, including human-machine interaction, functional safety, information security, and data recording, creating a "triple safety guarantee" [1] - The standard is expected to drive technological upgrades and accelerate the implementation of advanced intelligent driving, facilitating smoother international expansion for the industry [1][2] Market Trends - The penetration rate of combination driving assistance systems in new passenger cars in China reached 62.58% in the first seven months of this year, with sales of such vehicles amounting to 7.76 million units, a year-on-year increase of 21.31% [2] - By mid-2025, the installation rate of L2-level and above driving assistance functions in new energy passenger vehicles is projected to reach 82.6% [2] - The current period until next year is seen as a critical window for breakthroughs in the maturity of advanced intelligent driving technology, policy regulations, user acceptance, and business models [2] Company Developments - Horizon Robotics is a leading player in the advanced driving assistance solutions market, providing both chips and algorithms, with products like J6P and HorizonCell offering 1120 TOPS computing power [4] - Black Sesame Intelligence has developed the A1000Pro chip with 106 TOPS performance and is collaborating with major automotive OEMs, enhancing its product matrix with the A2000 chip [4] - SUTENG Juchuang has achieved mass production of its high-line count LiDAR products, which are now featured in new models from various automakers [5] - Youjia Innovation has secured multiple contracts in the intelligent driving sector and is investing in high-level driving assistance and L4 autonomous driving solutions [5][6]

首先，这款新车解决了长期以来困扰大型六座SUV的一大难题，即第三排座椅往往只能充当"临时"座椅。其车身 尺寸为5205mm×1999mm×1800mm，轴距超3米，拥有5.2㎡同级最大车内面积和同级最优88.3%得房率。通过优化 设计，第三排座椅不仅拥有极为出色的腿部和头部空间，而且可以后仰150°，从而让"临时"座椅变为"尊享"座 椅，不再是鸡肋。 吉利银河M9搭载新一代雷神EM-P AI电混系统，配备同级独有的分布式三电机，可实现4.5秒的零百加速，甚至能 实现半径仅3.45米的"华尔兹式调头"、漂移泊车等极致操控。行业领先的GVMC车辆动态控制系统，使其拥有极 强的单轮脱困能力，实现同级最高83km/h麋鹿测试成绩。这样的表现也改变了人们对于大型SUV好坐但不好开的 观念。 吉利银河M9率先搭载Flyme Auto 2 AI智能座舱+千里浩瀚H5方案，车机表现大为进化，不仅可以听懂多种方言， 更能进行思考。如驾乘者说"感觉有点热呀"，车机就会主动把车内空调温度降低。这也成为当前汽车智能化不断 加速的生动写照。 在吉利银河M9明显低出两档的价格和出色产品力的压力下，"9"字辈大型新能源SUV市场是否会有进 ...

均胜电子作为汽车电子领域领先企业，收入规模显著，2024 年营收预 计超 600 亿元，远超竞争对手三花智控和拓普集团，但盈利能力有待提 升，净利润率有望从 2-3%提升至 5%以上。 公司获得全球性汽车智能化项目定点，订单总额约 150 亿元，涉及智能 驾驶、智能网联等高盈利产品，将显著提升公司盈利水平，并巩固其在 汽车电子领域的领先地位。 均胜电子积极布局人形机器人领域，已与资源合作开发大小脑域控制器 等产品，虽当前收入占比不高，但凭借全球化布局和供应链优势，有望 成为北美大厂如特斯拉的重要供应商。 公司全球化布局优势显著，子公司遍布全球，有利于承接北美订单，满 足国际客户对质量、供应和交货周期的严格要求，并定位为汽车和机器 人一级供应商，重点突破关键零部件。 被动安全领域，均胜电子全球市占率 23%，位居第二，中国市场份额 24%，同样排名第二。随着法规加强和新能源车升级，单车价值量提升 空间大，中国市场盈利能力高于海外。 摘要 Q&A 今年以来，均胜电子的表现如何？其核心逻辑是什么？ 今年以来，均胜电子的表现非常出色。从 5 月 22 日发布深度报告至今，不到 四个月时间内，其股价涨幅达到 77%。我 ...

作为全球汽车诊断领域的龙头企业，元征科技于2024年启动智能诊断服务(ADS，AI Diagnostic Service)、智能汽车服务(AAS，AI Auto Service)、新 能源汽车服务(EVS，Electric Vehicle Service)三大战略，旨在打造智能化汽车故障分析和预判系统，为车主、修理厂、整车厂和配件商提供汽车AI 服务，以及向客户提供新能源车维修工位改造、售后服务，已取得阶段性积极成果。 2025年中期报告显示，公司营业收入达9.81亿元，同比增长10%；净利润1.94亿元，同比增幅达28.47%，展现出强劲的发展势头。其中，软件、远 程诊断服务、汽车数据三项高毛利业务增长显著。2025年上半年客户购买软件金额1.04亿元，同比增长28%，客户购买远程诊断服务金额870万 元，同比增长53%，数据收入790万元人民币，同比增长61%。元征科技已逐步从制造企业向智能化软件和数据企业发展。 此次荣膺"英华奖——港股成长示范案例"，是对元征科技从传统制造向智能化软件与数据服务转型的官方肯定。在2025年全球汽车数字化服务市场 规模预计突破2500亿美元的背景下，公司切入诊断与数据分析 ...