Investment Rating - The automotive industry is rated as "Outperform" compared to the market [4] Core Insights - The automotive sector experienced a decline of 0.79% this week, underperforming the CSI 300 index which rose by 0.59% [4][12] - Passenger car sales showed a year-on-year increase of 13% in the second week of April, with a total retail of 5.642 million units since the beginning of 2025, reflecting a 6% year-on-year growth [4][12] - The upcoming Shanghai International Auto Show is expected to highlight the acceleration of electric intelligence, with a focus on smart driving technologies [8][10] Summary by Sections Market Overview - The automotive sector's index closed at 6,519.5 points, ranking 28 out of 31 sectors [4][12] - The automotive services sector saw an increase of 1.95%, while passenger vehicles and automotive parts both declined by 0.99% [4][12] Sales Data - In April, the average daily retail of passenger cars was 44,000 units, with leading sales from BYD at 53,400 units [4][12] - The overall market for passenger vehicles showed a month-on-month decline but maintained a year-on-year growth trend [4][12] Regulatory Developments - The Ministry of Industry and Information Technology emphasized the need for automotive manufacturers to conduct comprehensive testing for driving assistance systems, increasing compliance costs and self-research pressures [4][12] Investment Recommendations - Focus on companies leading in autonomous vehicle technology and smart cockpit development, such as Xiaopeng Motors and Xiaomi Group [4][5] - In the automotive parts sector, companies like Kobotda and Baolong Technology are recommended due to their core technology supply chain [4][5] - The automotive service sector is expected to expand with the growth of electric intelligent brands, with China Automotive Research being a key player [4][5]

Group 1: Event Overview - The fifth China International Consumer Products Expo (CICPE) took place in Haikou, Hainan from April 13 to 18, with the theme "Sharing Open Opportunities, Creating a Better Life" [2] - The expo showcased a variety of consumer hotspots, including green consumption, smart consumption, low-altitude economy, and service consumption, with a significant focus on automotive products [2] Group 2: Smart New Energy Vehicles - Numerous domestic and international car manufacturers presented their smart new energy vehicles, highlighting advancements in technology and electrification [3] - Tesla showcased its updated Model Y and Cybertruck, along with the Tesla Bot, a humanoid robot with enhanced capabilities [4] - Huawei displayed its HarmonyOS ecosystem, featuring models like the AITO M9 and M8, demonstrating the integration of smart home and automotive technologies [4] - Haima Automobile introduced the Haima 7X-H hydrogen fuel cell vehicle, emphasizing Hainan's commitment to a hydrogen economy, with a range of 800 kilometers on a full tank [4] - Volkswagen Group (China) presented 11 models across its brands, showcasing its commitment to electric transformation and sustainable innovation [4] Group 3: Low-altitude Economy - The expo included a dedicated area for low-altitude economy, featuring companies like EHang and XPeng, focusing on drone manufacturing and low-altitude transportation systems [5] - XPeng's flying car, "Land Carrier," is designed for both ground and aerial travel, with over 4,000 pre-orders and a planned launch in 2026 [5][6] - EHang's EH216 series of autonomous aerial vehicles aims to provide safe and eco-friendly low-altitude travel solutions, with commercial operations expected to begin later this year [6] Group 4: Consumer Engagement and Activities - The expo featured various automotive activities to stimulate consumer interest and showcase smart transportation technologies [8] - Hainan is a pilot province for intelligent connected vehicles, with extensive testing areas for autonomous vehicles [8] - The "China Hainan 2025 New Energy Vehicle Test Drive Tour" showcased 46 vehicles from 25 brands, highlighting Hainan's advancements in smart transportation infrastructure [9] Group 5: Economic Impact and Future Outlook - The expo attracted over 4,100 brands from 71 countries, reflecting China's strong consumer potential and economic vitality [10] - New energy vehicles are expected to play a crucial role in driving consumption and promoting high-quality economic growth in China [10]

Focus Events - Shanghai Stock Exchange held a seminar with over 10 leading private equity institutions to discuss the impact of recent U.S. tariff policies on global risk assets, emphasizing that short-term shocks do not alter the long-term positive trend of China's capital market [1] - The meeting highlighted the role of macroeconomic policy tools, a vast domestic market, emerging technologies, and resilient supply chains in supporting market stability [1] Company News - Greenland Holdings received a warning letter from the Shanghai Securities Regulatory Commission for failing to disclose litigation matters that met disclosure standards from January 1, 2022, to December 31, 2023 [3] - Keda Xunfei reported a net loss of 193 million yuan in Q1 2025, despite achieving a revenue of 4.658 billion yuan, reflecting a year-on-year growth of 27.74% [14] - New Tian Di Pharmaceutical announced a personnel change with the appointment of Xie Yushan as the new board secretary, who is the daughter of the company's chairman [15] - Kangli Elevator's founder Wang Youlin passed away at the age of 62, holding approximately 3.59 billion shares, valued at about 2.392 billion yuan based on the closing price [17] - Sanbo Brain Science announced that its chairman Zhang Yang is under investigation, with the company monitoring the situation closely [19] Industry Dynamics - The State-owned Assets Supervision and Administration Commission urged central enterprises to enhance fund coordination to ensure timely payments, especially to small and medium-sized enterprises [6] - The Central Committee and State Council issued opinions to support the deepening of intelligent connected vehicle testing in free trade zones [8] - The People's Bank of China is exploring the internationalization of specific product deliveries at the Shanghai Gold Exchange, aiming to expand the application of the RMB benchmark price in international markets [9] - The average pig-to-grain price ratio in Sichuan has entered a warning zone, prompting the provincial development and reform commission to advise farmers on production decisions [11] Financial Performance - Miaokelando reported a net profit of 82.4 million yuan in Q1 2025, a year-on-year increase of 114.88%, driven by improved product structure and reduced promotional expenses [20] - Yachuang Electronics achieved a net profit of 124 million yuan in 2024, marking a 132.79% increase, and proposed a stock dividend plan [21] - Light Media's Q1 2025 net profit surged to 2.016 billion yuan, a 374.79% increase, attributed to significant growth in film and derivative business revenues [23]

Group 1 - The Central Committee of the Communist Party of China and the State Council issued opinions to support the deepening of intelligent connected vehicle road testing and the construction of civil unmanned aerial vehicle test bases in free trade pilot zones [1] - The Shanghai Stock Exchange held a meeting with private equity institutions, which expressed that Chinese asset valuations are relatively low and have significant potential for recovery and enhancement, advocating for a long-term, rational, and value-oriented investment approach [3] - The People's Bank of China and four other departments jointly issued an action plan to enhance cross-border financial service facilitation in Shanghai, supporting cooperation between the Shanghai Gold Exchange and foreign exchanges [1][3] Group 2 - The Ministry of Commerce announced pilot tasks in the telecommunications sector, including the removal of foreign investment shareholding restrictions in application stores and internet access services [2] - The China Insurance Industry Association held a meeting where experts predicted a potential reduction in the standard interest rate for ordinary life insurance products, currently at 2.13% [2] - A bank in a southeastern coastal province received instructions to maintain lending to foreign trade enterprises, confirming the implementation of "no withdrawal, no discontinuation" policies [2] Group 3 - Ningde Times launched its second-generation supercharging battery, which can provide over 520 kilometers of range with a 5-minute charge, and released its first sodium-ion battery product, expected to be mass-produced in June [2] - China Communications Construction Company announced plans to repurchase A-shares worth 500 million to 1 billion yuan, while BOE Technology Group plans to repurchase A-shares worth 1.5 billion to 2 billion yuan [2][3] Group 4 - Several companies reported significant year-on-year profit growth in the first quarter, including Light Media with a 375% increase, Yongding Co. with a 961% increase, and others with substantial growth rates [4] - Companies like Pingzhi Information and Zhongbei Communication announced contracts worth 246 million yuan and 441 million yuan for GPU computing power projects and services, respectively [4]

| 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业指 38170.41 | | -971.82 | -2.48% | | 纳斯达克指数 15870.90c | | -415.55 | -2.55% | | 标普500 | 5158.20 | -124.50 | -2.36% | 当地时间周一，美股全线下挫。截至收盘，道指跌2.48%，纳指跌2.55%，标普500指数跌2.36%。 个股方面，特斯拉跌5.8%。报道称，该电动汽车制造商平价版Model Y汽车的推出被推迟。 机构认为，当前是战略性看多的窗口期，短期回补缺口有待量能配合。 【财经日历】 2025全球汽车领袖闭门峰会举办 SPARK2025腾讯游戏发布会 | | | ►►中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》。其中提出： -支持符合条件的自由贸易试验区开展合格境外有限合伙人试点； -支持有条件的自由贸易试验区深化智能网联汽车道路测试、示范应用； -探索建立生物医药企业进口研发用物品"白名单"制度，允许免予办理进口药品通关单； ►►上交所召开私募机构座谈会。与会机构认为 ...

Core Viewpoint - The Chinese automotive industry is emphasizing the need for companies to eliminate false advertising and excessive marketing, ensuring the safety of intelligent connected vehicles, especially in light of recent incidents like the Xiaomi SU7 fire accident [1] Group 1: Industry Initiatives - The China Automotive Industry Association and the China Automotive Engineering Society issued a proposal to promote self-discipline among companies and ensure quality commitments and safety responsibilities [1][2] - The proposal calls for companies to clarify and rectify any false information they have released and to take on both corporate and social responsibilities [2] Group 2: Key Aspects of the Proposal - Companies are urged to fulfill their product quality safety responsibilities by enhancing their capabilities, establishing robust quality management systems, and ensuring timely and understandable information prompts for users [2] - Marketing practices must adhere to the standards set by GB/T 40429—2021, avoiding misleading statements and ensuring scientific naming of functions to prevent misuse by drivers [2] - A user notification mechanism should be established to inform drivers about their responsibilities, system information, proper usage, and emergency procedures, ensuring a clear understanding of the differences between driving assistance and autonomous driving [2] Group 3: Industry Perspectives - The Ministry of Industry and Information Technology emphasized the importance of conducting thorough testing and validation of driving assistance systems, highlighting the need for companies to take responsibility for product consistency and safety [3] - Industry leaders, such as Horizon's CEO, noted that tighter regulations would positively impact the industry by promoting a focus on safety rather than merely pursuing autonomous driving [3] - NIO's CEO stressed that safety should be a top priority and that all stakeholders, including government and society, must work together to enhance traffic safety [4]

近年来，我国智能网联汽车产业快速发展， 组合驾驶辅助（2级驾驶自动化）系统已进入 规模化应用关键期。为了进一步引导企业强 化自律意识，践行质量承诺与安全责任，构 建良性发展生态，推动组合驾驶辅助功能产 品安全推广应用，中国汽车工业协会联合中 国汽车工程学会发出如下倡议： 校对：陶谦 百万用户都在看 最新！国常会，重磅定调！提及楼市、股市 1.切实履行产品质量安全主体责任。 企业应 加强能力建设，健全产品质量管理体系；强 化产品安全设计，明确系统功能边界与安全 响应机制；合理设计人机交互方式，确保信 息提示及时并易于理解；开展充分的研发、 测试与生产管理，持续保障智能网联汽车产 品质量安全。 2.规范营销宣传行为。 企业应严格依据《汽 车 驾 驶 自 动 化 分 级 》 （ GB/T 40429— 2021）， 杜绝虚假宣传与过度营销，避免使 用模糊或误导性表述，确保功能命名科学严 谨，防止驾驶员误用、滥用风险。 对已发布 的失实信息应及时澄清并整改，主动承担企 业主体责任和社会责任。 3.切实履行告知义务。 企业应建立面向用户 的组合驾驶辅助功能产品告知机制。全面告 知驾驶员责任、系统基本信息、正确使用方 式 ...

本文全文共 986 字，阅读全文约需 3 分钟 点 击 蓝 字 关 注 我 们 中国汽车流通协会乘用车市场信息联席分会与广州威尔森信息科技有限公司将每月联合发布"OTA监测月 报"。 OTA（空中下载技术）即通过移动通信技术来进行无线系统升级。 OTA月报，是以全市场OTA升级信息为基础，通过智见OTA平台，进行解析测评、专家解说、车主反 馈、数据分析等模块，梳理出的全面行业OTA监测报告（本报告为简约版）。 OTA数据概览：行业整体 2025年3月，行业共计更新265项功能（上月566项），相比去年同期大幅下降，本月升级量锐减主 要受工信部与市场监管总局在2月28日联合发布的"智能网联汽车新规"影响，新规加强了对OTA升级 的备案管理，特别是涉及"产品主要技术参数变更"的升级，需在取得产品变更许可并完成备案后， 才可实施升级，部分车企在3月的OTA推送也因本次政策调整延期 。 OTA数据概览：新势力 2025年3月，新势力品牌共计更新6个功能（上月123项），本月仅蔚来品牌发布了小版本OTA升 级，受2月28号出台的OTA新规影响，小鹏、问界和乐道等"新势力OTA升级主力军"在品牌官方用户 问答中向用户说明 ...

问 ：近期行业内关注度较高的法规是什么 ？ 答 ：近期行业内关注度较高的法规是工信部在 2025年2月份发布的关于OTA（ 远程升级 ）管 理的通知。 问 ：这个法规的主要内容是什么 ？ 答 ：这个法规主要是为了进一步加强智能网联汽车产品准入召回及软件在线升级管理 ，要求车 企进行 OTA升级时需向当地市 场监督管理总局备案，并确保后续升级满足国家法规和技术标准的要求。 同时 ，监管机构需加强对于OTA升级的管理保护，避免车企隐瞒车辆缺陷并通过OTA升级掩盖问题。如 果 OTA升级是为了消除汽车产品缺 陷，则需按照召回方式进行处 理。 问 ：车企进行 OTA报备需要提供哪些信息？ 答 ：车企在进行 OTA报备时，需要提供车辆基本信息、本次OTA升级服务信息等详细内 容 ，包括但不限于升级类别、目的、 策略、问题处理方式、升级包字段信息、代码信息、云平台信息安 全防护信息等 ，并附相关附件。 问 ：最近工信部装备司召开的智能网联汽车产品准入软件和在线升级推 进会讨论了哪些关 键议题 ？ 答 ：推进会上明确了 OTA申报的严格要求，即每次OTA都需要报备并满足政策要求 ；同时倡 议和规范了宣传行为 ，要求更加 明 ...

据华为数字能源微信公众号消息，华为数字能源将于4月22日召开2025华为智能电动&智能充电网络战 略与新品发布会。据了解，在发布会上， 华为将发布兆瓦超充产品 。 图片来源：华为数字能源微信公众号 多家车企高管参加 广汽集团董事长冯兴亚在微博表示，去年北京车展，广汽与华为共同启动"传祺华为联合创新计划"。他 将和大家分享广汽与华为乾崑合作的阶段性成果。 图片来源：微博 除了广汽，上汽集团总裁贾健旭、东风猛士科技总经理曹东杰、江汽集团股份公司总经理李明、深蓝汽 车CEO邓承浩、岚图汽车CEO卢放、阿维塔科技总裁陈卓以及北汽集团等将应邀出席技术大会。 据了解，华为乾崑智能汽车解决方案业务已经进入高速增长期，2024年，智能部件发货量超过2300万 件，同比增长近7倍。 在2024年年报中，华为表示，华为智能汽车解决方案业务正携手600多家产业链伙伴，共同为车企交付 高质量、高品质的汽车部件产品。截至2024年底，已经有15款合作车型上市，车型覆盖增程、纯电和混 动所有畅销的动力类型，以及轿车、SUV、MPV、硬派越野多种品类，成为新能源市场中高端车型的 标杆。 将加速重卡迈向电动化时代 此外，华为乾崑智能技术大会 ...