Core Viewpoint - The emergence of "smart driving insurance" (智驾险) is a response to the growing concerns of car owners regarding liability in accidents involving advanced driver-assistance systems (ADAS) [1][3][10] Group 1: Smart Driving Insurance Overview - Various brands, including Xiaopeng Motors and Xiaomi, are offering "smart driving insurance" as a supplementary service, which provides compensation in case of accidents while using ADAS features [2][5] - The insurance-like products are not officially recognized as insurance by regulatory bodies and are primarily backed by the car manufacturers rather than traditional insurance companies [3][7] - Current ADAS technology is primarily at Level 2, with Level 3 still under development, complicating liability determination in accidents [1][10] Group 2: Market Dynamics and Consumer Perspective - Consumers are often required to purchase traditional insurance before being eligible for "smart driving insurance," which may increase their financial burden without providing significant additional coverage [4][5] - The lack of true insurance products for smart driving means that consumers have limited options and must rely on the offerings of car manufacturers [4][10] Group 3: Role of Insurance Companies - Insurance companies are involved in the design and risk assessment of these products, even though they do not directly handle claims [7][8] - The collaboration between car manufacturers and insurance companies aims to build trust in smart driving technologies and prepare for future insurance products as the market evolves [8][10] Group 4: Future of Smart Driving Insurance - The potential for "smart driving insurance" to evolve into a standalone insurance product exists, but it requires resolution of issues related to liability recognition, data security, and pricing [10][11] - Industry experts suggest that legislative frameworks and standards need to be established to clarify responsibilities and facilitate the development of appropriate insurance products for smart driving [10][11]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失 承擔任何責任。 自願公告 2025 年 7 月智能車交付數據 XPeng Inc. （「本公司」或「小鵬汽車」）之董事會欣然宣佈其2025年7月車輛交付數 據。 小鵬汽車在2025年7月創下了新的月度交付紀錄，共交付智能電動汽車36,717輛，同比 增長229%，這標志著本公司連續第九個月交付量超過30,000輛。截至2025年7月，本公 司的累計總交付量超過80萬輛。2025年前七個月，小鵬汽車共交付智能電動汽車 233,906輛，較去年同期增長270%。 7月中旬，小鵬汽車在歐洲市場推出了2025款小鵬G6和G9，並宣布即將在歐洲推出小 鵬P7+，這增強了小鵬汽車在該地區的強勁增長勢頭。隨著小鵬汽車這一品牌在2025年 上半年進入英國、意大利、愛爾蘭及其他新市場，本公司現已進入了全球46個國家和 地區。 2025年7月，小鵬汽車智能導航輔助駕駛（XNGP）的城區智駕月度活躍用戶滲透率達 86%。小鵬汽車最近推出最新版本的 ...

Core Viewpoint - The new national standard for passenger car braking systems, effective from January 1, 2026, regulates the single-pedal mode, prohibiting it from being set as the default option in new vehicles while allowing users to manually activate it, reflecting a balance between innovation and safety [2][3]. Regulatory Changes - The regulation emphasizes "prioritizing choice," allowing consumers to opt for single-pedal mode while mitigating technical risks associated with its default activation [3]. - The new standard establishes compliance boundaries and safety baselines for innovative technologies, particularly concerning electric transmission braking systems [6]. Safety Concerns - Research indicates that approximately 34% of traffic accidents involving single-pedal vehicles from 2022 to 2024 were related to pedal misoperation, with experienced drivers being 20% more likely to misoperate compared to novice drivers [3]. - A study revealed that 28% of passengers experienced discomfort in single-pedal vehicles, compared to only 5% in traditional fuel vehicles, highlighting concerns about ride comfort [3][4]. Industry Response - Companies like Tesla have adjusted their technology post-recall, introducing features that allow users to adjust regenerative braking intensity, while new entrants like NIO and Xpeng are also offering customizable regenerative modes in their latest models [6][7]. - The shift towards safety redundancy in design is becoming a consensus in the industry, with companies developing next-generation braking systems that maintain single-pedal convenience while ensuring multiple safety layers [7]. Future Directions - The integration of single-pedal operation with advanced driver assistance systems (ADAS) is being explored, potentially enhancing safety and user acceptance [9]. - The industry is moving towards personalized driving experiences, with developments in biometric recognition systems that adapt vehicle settings to individual drivers [9]. - The new regulation encourages a focus on the quality of technology rather than just its presence, marking a significant evolution in the regulatory mindset as the industry matures [9].

Core Viewpoint - The current "smart driving" systems in vehicles are still in the assisted driving phase and do not achieve full automation, making the driver the primary responsible party for road safety [1][2][5]. Group 1: Legal Responsibilities and Risks - Drivers who take their hands off the wheel or divert their attention (e.g., using a phone) face administrative penalties, including warnings, fines, and points deduction [2][4]. - The existing legal framework emphasizes that the driver remains the core responsible party, and there is no legal exemption for drivers due to the presence of smart driving systems [2][5]. - If such behaviors lead to traffic accidents, drivers may incur civil liabilities, including repair costs, medical expenses, and compensation for injuries or fatalities [5]. Group 2: Regulatory and Legislative Developments - The Ministry of Public Security plans to collaborate with relevant departments to refine the legal framework surrounding assisted driving systems, aiming to clarify the legal attributes of Level 0 to Level 2 systems [6]. - There is a need for improved safety standards and operational guidelines for assisted driving systems, which should be included in driver education and training [6][10]. - The current lack of unified national standards for data storage and extraction from vehicle event data recorders (EDR) complicates the determination of accident responsibility [7]. Group 3: Industry Responsibilities and User Education - Automotive companies are urged to fulfill their responsibilities by conducting thorough testing of assisted driving systems and clearly communicating their functionalities and limitations to users [10][11]. - Companies must enhance user training to ensure that new users understand how to properly use assisted driving features and the associated risks [10][11]. - The industry is witnessing a shift, with traditional automakers accelerating the adoption of Level 2+ systems while new entrants focus on advancing to Level 3 and Level 4 systems [11].

Core Viewpoint - The introduction of the "Human-Machine Co-Driving" accident liability determination solution marks a significant innovation in the insurance industry, addressing the complexities of liability in the era of intelligent driving [1][4]. Group 1: Industry Innovation - The solution provides a framework for determining liability in accidents involving L2 level assisted driving, moving away from the traditional single responsibility model based on driver fault [1][2]. - It establishes a system that is "technically credible, responsibility traceable, and legally reliable," which alleviates consumer concerns about liability in accidents [1][3]. Group 2: Mechanism and Technology - The "Human-Machine Co-Driving Insurance" employs a three-tier mechanism of "data storage, intelligent liability determination, and judicial appraisal," creating an immutable "digital evidence chain" for accident analysis [2][3]. - The use of deep learning algorithms allows for rapid generation of accident analysis reports, clearly delineating the responsibilities of drivers, manufacturers, and algorithm suppliers [2][3]. Group 3: Risk Management and Product Development - Insurance companies can now design risk coverage plans based on the level of autonomous driving, with clear responsibility assignments for different levels of technology [2][3]. - The introduction of tiered insurance products based on vehicle usage and driving behavior allows for more customized and scenario-based insurance offerings [3][4]. Group 4: Impact on Automotive Industry - The new liability determination framework encourages manufacturers to focus on extreme scenarios that are often overlooked, thereby improving the robustness of their algorithms [3][4]. - The shift from a "compensation economy" to a "prevention economy" opens up a trillion-dollar market for intelligent driving risk management [4].

Group 1 - The People's Bank of China announced a net withdrawal of 491.9 billion yuan from the open market on July 4, 2023, following a reverse repurchase operation of 34 billion yuan at an interest rate of 1.4% [1] - The report from the Bank of China Research Institute indicates that the banking sector will maintain a healthy capital adequacy ratio, projected to reach approximately 15.8% by the end of Q3 2025, supported by special bonds and capital replenishment measures [2][3] - China Minmetals Corporation has completed the transfer of 40.31 million shares of Huishang Bank, representing 0.2902% of the total share capital, to Anhui Provincial Investment Group for 103 million yuan [3] Group 2 - On July 3, 2023, the approval for Yu Hua to serve as a director of Industrial Bank was granted by the National Financial Regulatory Administration [4] - China Merchants Bank received approval to establish a wholly-owned subsidiary, China Merchants Financial Asset Investment Co., with a registered capital of 15 billion yuan [5][6] - Baoding Bank has been approved to increase its registered capital by 710 million yuan, raising it from 5.27 billion yuan to 5.98 billion yuan [6] Group 3 - The insurance market in China is projected to account for over half of Asia's total premium income in 2024, with a strong growth rate of 11.2%, leading to total premium income of 754 billion euros [8] - The life insurance sector in China is expected to grow by 15.4%, significantly surpassing the average growth rate of 7.8% in Asia [7] Group 4 - A new integrated solution for accident liability determination in "human-machine co-driving" has been launched by Ping An Property & Casualty in collaboration with the China Automotive Technology and Research Center [9] - JPMorgan Chase has reduced its stake in Ping An Insurance from 7.07% to 6.62%, involving several hundred million Hong Kong dollars [10]

Domestic News - The Ministry of Commerce will strengthen guidance on the export of used cars, promoting healthy and orderly development of the used car export market [2] - In May 2025, the total import and export value of automobiles reached $25.06 billion, with a year-on-year increase of 3.2%. Exports accounted for $20.67 billion, up 12.2% year-on-year [3] - NIO Day 2025 has been rescheduled to autumn due to various logistical considerations, with the specific date to be announced later [4] - Avita Motors announced a full OTA upgrade to its models, enhancing features such as collision pre-unlock and emergency steering assistance [5][6] - Geely Auto signed a dealership agreement with Anlijie Auto to jointly explore the Italian new energy vehicle market, establishing a complete business system in Italy [8][9] - Changan Automobile has initiated site selection for a new factory in Europe to support its local sales strategy [9] - A nationwide solution for determining liability in human-machine co-driving accidents has been implemented, enhancing claims efficiency and consumer protection [10] International News - The U.S. has lifted export restrictions on three major chip design software suppliers to China, facilitating access to critical EDA tools for Chinese chip design companies [11] - In June 2025, new registrations of passenger cars in Germany fell by 13.8% year-on-year, with a total of 256,193 vehicles registered [12] - GlobalLogic has been selected as a strategic partner by Volvo Cars to enhance digital mobility solutions and improve operational efficiency [13] - BMW's automated charging robot has completed concept validation and will be deployed based on future market conditions [14] Commercial Vehicles - The new national standard for urban logistics vehicle selection has been implemented as of July 1, 2025 [15] - Weichai's new generation light truck X7 has been officially launched, featuring advanced battery technology for enhanced performance [16] - Weidu Technology's Windrose electric heavy truck has received dual certifications from the U.S. EPA and CARB, marking a significant milestone for entry into the North American market [17] - JD Logistics has introduced its self-developed VAN unmanned light truck, capable of 400 km range and L4 level autonomous driving [18]

Core Viewpoint - The emergence of "Intelligent Driving Insurance" (智驾险) aims to provide coverage for potential risks associated with the use of intelligent driving assistance technologies, addressing consumer concerns and enhancing their confidence in these features [2][3]. Group 1: Industry Developments - Numerous automotive companies and insurance firms are launching targeted products, such as "Intelligent Driving Insurance," to alleviate consumer worries regarding the safety of intelligent driving technologies [2]. - The increasing adoption of intelligent driving features, such as automatic parking and lane-keeping assistance, is accelerating the transition to a new era of "human-machine co-driving" [2]. - Companies are focusing on "equalizing intelligent driving" by integrating advanced technologies into more vehicles while addressing user safety concerns [2]. Group 2: Consumer Experience - A consumer shared that the psychological comfort provided by "Intelligent Driving Insurance" encouraged them to try automatic parking, although they later experienced a minor accident [3]. - The claims process for "Intelligent Driving Insurance" can be complex, raising doubts about the reliability of intelligent driving features and the insurance itself [4][5]. Group 3: Legal and Regulatory Issues - There are ongoing disputes regarding legal responsibilities and liability divisions related to "Intelligent Driving Insurance," questioning whether it serves merely as a risk transfer tool or as essential psychological support for consumers embracing new technologies [3][8]. - The lack of clear legal standards for determining responsibility in intelligent driving scenarios complicates the claims process, as current laws do not adequately address the division of liability between users and manufacturers [8][9]. - The insurance products marketed as "Intelligent Driving Insurance" are often not true insurance products but rather value-added services provided by automotive companies, with insurance companies acting as partners in risk assessment and compensation [5][6]. Group 4: Data and Responsibility - The absence of clear regulations regarding data ownership, usage rights, and protection complicates the interactions between automotive manufacturers, system suppliers, vehicle owners, and insurance companies [8][10]. - The current legal framework does not establish standards for the division of responsibility in accidents involving intelligent driving systems, leading to disputes over whether issues arise from system failures or user errors [9][10]. - Establishing clear rules for data storage and usage is essential for ensuring the integrity of accident data and maintaining the legal rights of all parties involved [10].

Core Viewpoint - Wang Fengying has significantly improved Xiaopeng Motors' performance and operational efficiency since joining the company as president, leveraging her extensive experience in the automotive industry to implement effective strategies and reforms [3][4][21]. Group 1: Initial Achievements - Under Wang Fengying's leadership, Xiaopeng Motors has launched four new models: G6, X9, M03 (including Max version), and P7+ [3]. - In January, Xiaopeng delivered 30,350 vehicles, becoming the top domestic new energy vehicle brand [3]. - The MONA M03 Max version received over 10,000 orders in its first week after launch [3]. Group 2: Cost Reduction and Efficiency Improvement - Wang Fengying initially focused on sales but quickly took charge of product planning and supply chain management [5]. - Xiaopeng Motors has implemented strict cost control measures, including reducing the size of executive offices by 40% and reallocating savings to purchase high-precision testing equipment [9]. - The company has seen a 51.5% year-on-year reduction in net losses, with Q1 losses narrowing to 660 million yuan, the lowest since its Hong Kong listing [12]. Group 3: Strategic Focus - Wang Fengying emphasizes a focused strategy, concentrating on the core strengths of Xiaopeng Motors, particularly in smart electric vehicles [14][16]. - The company has built a user behavior database to identify key consumer pain points, such as "smart anxiety" and "value expectations" [16]. - Xiaopeng Motors has streamlined its sales channels by merging direct sales and agency models, enhancing market coverage and reducing operational costs [18]. Group 4: Product Strategy and Market Positioning - The company has adopted a cost-effective approach, with the MONA M03 priced competitively to attract consumers seeking advanced driving features at lower price points [19]. - The G9 model has been strategically priced to penetrate the 250,000 yuan SUV market segment effectively [19]. - Xiaopeng aims to achieve annual sales of one million vehicles within three years, focusing on low-cost sales to increase volume and leverage economies of scale [20].

Core Viewpoint - The 17th Xuanyuan Auto Blue Book Forum, renamed from the China Auto Blue Book Forum, will take place from June 13 to 15, 2025, in Guangzhou, focusing on the critical strategies and actions necessary for survival in the competitive Chinese automotive industry [4][5]. Group 1: Event Overview - The forum will last for three days and will cover ten major topics including strategy, joint ventures, mobility, embodied robotics, overseas expansion, driving skills, design, scenarios, marketing, and AI+ [5]. - The theme for the 2025 forum is "Decisions," reflecting the current competitive elimination phase in the Chinese automotive sector, where the survival of brands hinges on fundamental strategies and key measures taken in 2025 [5]. Group 2: Agenda Highlights - The forum will feature numerous keynote speeches and discussions, including opening remarks from prominent figures such as the chairman of Xuanyuan Auto Blue Book Forum, Dr. Jia Ke, and leaders from major automotive companies [7][8]. - The first day will include sessions on driving skills and overseas expansion, with discussions on topics like human-machine co-driving and strategies for global market entry [9][10]. - The second day will focus on design and scenarios, featuring discussions on the aesthetics of Chinese automotive brands and the future of automotive design [12][13].