作者 | 贝隆行业研究 数据支持 | 勾股大数 据（www.gogudata.com） 今年以来，新能源汽车板块有一个显著的特征，也是投资者的普遍共识：明明不少车企的销量、业绩都还不错，为什么股价就是涨不动，甚至 还在回调。 这背后实际是板块的估值逻辑发生了根本转变 ——从"蒙眼狂奔"进入"精耕细作" 周期，市场关注点也从 "规模" 转向了 "质量"。 同时笔者留意到，近期岚图汽车正式向港交所递交上市申请，将为港股市场带来一个新的增量看点。 根据招股书显示，岚图汽车交出了一份实打实的业绩： 2022年-2024年销量复合增速103.2%，2024年第四季度首次实现单季度盈利，成为 行业内最快实现单季度盈利、经营现金流转正的新能源车企。 那么在上述的行业阶段下，岚图的投资价值如何看？上市后是否有跑赢新能源板块的潜质？ 01 规模质量双升， 业绩确定性为估值提供 "安全垫" 从业绩来看，销量端， 2022-2024年销量从19409辆跃升至80116辆，复合年增速达103.2%，稳居中国高端新能源品牌增速前三。2025年 9月，岚图汽车单月交付达15224辆，同比增长52%；2025年1-9月累计交付达到9699 ...

01 全球汽车产业进入"电动智能时刻" 据中国科协主席、世界新能源汽车大会主席万钢介绍，今年上半年，全球新能源汽车销量达975万辆，同比增长31.3%，创历史新高，市场渗透率已达 21.4%。其中，中国、欧洲、美国等多个国家和地区新能源汽车销量均呈现明显增长态势。可以说，在绿色低碳和高质量发展共识之下，全球汽车产业已经 进入"电动智能时刻"。 9月27~29日，2025年世界新能源汽车大会（WNEVC）在海南海口盛大启幕。在9月28日召开的"前瞻科技与融合创新"主论坛现场，来自整车制 造、动力电池、芯片研发、平台服务等多领域的行业代表齐聚一堂，围绕前瞻技术的融合创新发展，共探未来出行新生态建设之路。 科学技术部副秘书长苗鸿表示，当前正处于由科技革命驱动的百年未有之大变局时代，汽车这一工业产品正在被重新定义。人工智能、大数据、新材 料、先进材料等前沿科技正在重塑、拓宽汽车的边界。中国新能源汽车产业的发展之路，正是一条坚定不移的科技创新之路。今年上半年，我国新能源汽车 新车销量达到汽车新车总销量的44.3%，其背后是中国汽车产业在关键领域的技术突破与产业链的日趋完善。 苗鸿强调，未来，我国新能源汽车将持续实现技术 ...

魔视智能是一家由人工智能创新驱动的智能驾驶解决方案提供商，依托全栈自研技术体系，为汽车主机 厂及一级供应商提供L0 - L4级智能驾驶软硬一体解决方案，包括Magic Drive、Magic Parking和Magic Safety。公司通过直接销售和经一级供应商销售两种渠道获取收入。从营收构成看，Magic Drive解决方 案占比较大，2025年上半年占总收入61.8%，其业务增长主要得益于智能驾驶行业的快速发展以及公司 与主机厂的合作。这种全栈自研能力不仅是公司的核心竞争力，也为其在智能驾驶市场的拓展奠定了基 础。 营收增长显著，复合年增长率达74% 魔视智能的收入在过往记录期呈现出显著的增长态势。数据显示，其收入由2022年的1.178亿元增加至 2023年的1.465亿元，并进一步增加至2024年的3.568亿元，2022 - 2024年的复合年增长率为74.0%。2025 年上半年收入为1.886亿元，较2024年同期的1.069亿元增长76.4%。这种增长主要得益于市场对智能驾 驶解决方案需求的增加，以及公司技术及解决方案的持续创新与迭代。例如，Magic Drive解决方案及 Magic Pa ...

9月26日，魔视智能科技（上海）股份有限公司（以下简称"魔视智能"）正式向香港交易所递交了上市申请，拟通过募集资金用于加强其研发能力，专注于 智能驾驶解决方案的持续迭代升级。募集资金将主要用于以下几个方面： 魔视智能作为一家由人工智能创新驱动的智能驾驶解决方案提供商，致力于赋能未来出行。公司依托从底层算法至应用层的全栈自研技术体系，构建了性能 卓越的安全基准和安心使用的用户体验，推动从功能协同走向高阶智能驾驶模式。公司的使命是真正实现"智驾平权"，使汽车成为每个人的智能出行伙伴。 魔视智能是业内少数基于AI原生基因与技术积累、具备全栈自研能力的供应商，在算法、模型、数据治理及智能驾驶软硬件核心技术领域均实现全面自 研。这些能力使公司能够高效响应主机厂多元化的场景与功能定制需求，同时助力部分传统主机厂以更具成本效益的方式完成智能化转型，为终端用户提供 整合及优化智能驾驶系统：提升系统的整体性能和稳定性。 前沿算法研究与创新：探索新的算法技术，以保持技术领先地位。 建立全球研发网络：加强海外研发能力，提高解决方案对国际市场的适应性。 行业合作及技术交流：与行业伙伴合作，共同推动技术进步。 扩大产能、技术升级及提升 ...

Core Viewpoint - Magic View Intelligent Technology (Shanghai) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to empower future mobility through AI-driven intelligent driving solutions [1][2]. Group 1: Company Overview - The company is a provider of intelligent driving solutions driven by AI innovation, focusing on creating a safe and user-friendly experience while advancing towards higher-level intelligent driving modes [1]. - It is one of the few suppliers with a fully self-developed technology stack, covering core technologies in algorithms, models, data governance, and intelligent driving hardware and software [1][3]. - The company has provided integrated hardware and software solutions with L0 to L4 intelligent driving capabilities to OEMs and tier-one suppliers, contributing to the popularization of intelligent driving [2]. Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 is projected to be RMB 118 million, RMB 147 million, RMB 357 million, and RMB 189 million, respectively [3]. - The net losses for the same periods are expected to be RMB 200 million, RMB 228 million, RMB 233 million, and RMB 112 million [3]. - The company has served all top ten automotive OEMs in China by sales volume for 2024 [3]. Group 3: Research and Development - The company's R&D capabilities span from basic algorithms to embedded engineering, ensuring deep software and hardware collaboration without technical gaps [3]. - R&D expenditures for 2022, 2023, 2024, and the first half of 2025 are projected to be RMB 128 million, RMB 143 million, RMB 160 million, RMB 66.9 million, and RMB 83.9 million, respectively [3]. Group 4: Use of Proceeds - The funds raised from the listing are expected to enhance the company's R&D capabilities, expand production capacity, upgrade technology, and improve delivery capabilities [4]. - The proceeds will also support the deepening of the sales and marketing network and general corporate purposes [4].

Core Insights - Huawei is advancing its high-level autonomous driving technology with the launch of the QianKun ADS 4.0 system, which supports commercial use of high-speed L3 driving [1] - The company is exploring new collaboration models with automakers, named "HI PLUS," which involves ceding data and algorithm sovereignty to partners while moving away from brand co-construction and channel control [1][2] - The competitive landscape is intensifying, with other automakers like BYD adopting aggressive pricing strategies for autonomous driving features, prompting Huawei to rethink its pricing and sales models [3][5] Group 1: Business Model Evolution - Huawei's previous business models included component sales, full-stack solutions (HI model), and a more consumer-oriented approach (Smart Selection model) [1][2] - The new "HI PLUS" model allows for collaborative development with automakers from the product design stage without entering Huawei's sales channels, increasing automaker autonomy [2] - The shift aims to break the limitations of the Smart Selection model and provide more open cooperation options to automakers [2] Group 2: Market Dynamics and Competition - The autonomous driving market is experiencing a price war, with competitors like BYD offering advanced features at lower prices, leading to a significant drop in market prices [3][4] - Huawei's high-end positioning is being challenged as it faces pressure to lower prices while maintaining quality, similar to the competition between Apple and Android ecosystems [4][5] - The company has been reducing prices for its autonomous driving service packages to attract more users and build a larger data pool, indicating a shift in focus from immediate revenue to long-term user engagement [5][6] Group 3: Sales and Performance Metrics - In the first half of 2025, the domestic automotive market saw a total sales volume of 15.653 million units, with a year-on-year growth of 11.4% [7] - Huawei's smart automotive solutions business reported a revenue of 26.353 billion yuan, a staggering year-on-year increase of 474.4%, marking its first profitable year [8] - Despite strong sales of the AITO series, other models under Huawei's brand are struggling to maintain momentum, highlighting the need for increased sales volume to offset high R&D costs [8][9] Group 4: Strategic Adjustments - Huawei is expanding its partnerships with various automakers, indicating a growing acceptance of its autonomous driving technology across the industry [10] - The company is facing challenges in its current business model, necessitating a shift towards a more flexible approach that allows for greater collaboration and data sharing with automakers [12][13] - The introduction of the "HI PLUS" model reflects Huawei's intent to foster a win-win ecosystem rather than exerting deep control over its partners [13]

Core Viewpoint - Alibaba is undergoing a self-revolution similar to historical examples like IBM and Microsoft, with a recent stock price surge reflecting market optimism about its AI strategy and cloud business performance [2] Group 1: Alibaba's Position in the AI Cloud Market - Alibaba is the only Chinese company among the world's four "super AI clouds," pursuing a full-stack self-research approach in AI chips, cloud computing, and foundational models, aligning strategically with Google [2][3] - The company has announced a significant investment of 380 billion yuan (approximately 53.5 billion USD) over the next three years for cloud and AI infrastructure, surpassing its total investment over the past decade [11] Group 2: AI Competition Dynamics - The AI competition has shifted from a "model race" to a focus on building a robust AI full-stack technology system, which includes capital investment, cloud computing capacity, foundational models, and self-developed AI chips [4][7] - The success in AI is determined by two core variables: iteration speed and cost efficiency, which require a vertically integrated AI full-stack technology system [7][8] Group 3: Comparison of Strategic Paths - Two distinct strategic paths have emerged: the "cloud + ecosystem" model represented by Microsoft and Amazon, and the "full-stack self-research" model represented by Google and Alibaba [15][17] - The "full-stack self-research" model allows for faster iteration and better cost efficiency, as seen in the recent revenue growth of both Google Cloud and Alibaba Cloud [17] Group 4: Open Source and Global Impact - The open-source model has gained traction, with Chinese models like DeepSeek and Alibaba's Tongyi Qwen influencing global AI paradigms, highlighting the importance of a complete "full-stack AI capability" for long-term competitive advantage [19] - The shift towards open-source by OpenAI is seen as a response to the growing influence of Chinese open-source capabilities, emphasizing the need for a comprehensive industrial system to convert advanced designs into scalable products [19][20]

Core Viewpoint - The article emphasizes the necessity for cloud vendors to continuously invest in computing power, models, chips, and ecosystems to build a "super AI cloud" [2][25]. Group 1: AI Cloud Competition - AI cloud has become a new entry ticket in the cloud computing arena, crucial for vendors to escape price wars and rebuild competitive advantages [2]. - The competition for "AI Cloud No. 1" is intensifying among domestic cloud vendors, with the focus on market leadership becoming a core industry concern [2]. - Globally, only four major players remain in the AI cloud space: AWS, Microsoft, Google, and Alibaba Cloud [2][11]. Group 2: Evaluation Criteria for AI Cloud Leaders - The evaluation of who is the "AI Cloud No. 1" depends on various standards, with models being a key factor for some [5][6]. - The article outlines four critical questions to assess the capabilities of AI cloud vendors: 1. Annual infrastructure investment of at least 100 billion [6]. 2. Possession of million-level large-scale computing clusters and cloud scheduling capabilities [8]. 3. Availability of top-tier large model capabilities that perform across various scenarios [9]. 4. Strategic layout of AI chip computing power [10]. Group 3: Capital Expenditure Insights - Major cloud vendors like Google, Microsoft, and AWS have significantly increased their capital expenditures to meet the explosive growth in AI infrastructure demand, with Google raising its annual target to $85 billion [6][7]. - Alibaba's capital expenditure for 2024 is projected at 76.7 billion RMB, significantly lower than its competitors, indicating a disparity in financial strength [10]. Group 4: Development Models - Two primary development models are identified: "Cloud + Ecosystem" (AWS and Microsoft) and "Full Stack Self-Research" (Google and Alibaba) [12][19]. - The "Cloud + Ecosystem" model allows vendors to leverage external models, reducing R&D costs and risks while increasing platform attractiveness [14][15]. - The "Full Stack Self-Research" model involves significant upfront investment but can create a strong competitive moat and higher long-term value [19][20]. Group 5: Alibaba Cloud's Position - Alibaba Cloud is positioned as a representative of the "Full Stack Self-Research" model in the Eastern context, competing closely with Google Cloud [25]. - The company plans to invest over 380 billion RMB in cloud and AI hardware infrastructure over the next three years, demonstrating a commitment to enhancing its capabilities [24]. - Alibaba Cloud's strategy includes embracing open-source models, creating a large AI model community, and addressing hardware constraints through software ecosystem development [24][25].

Core Viewpoint - The launch of the Roewe M7 DMH marks a strategic move by SAIC Motor to re-enter the mainstream automotive market, emphasizing self-developed technology and user-centric design [1][2][3] Group 1: Product Launch and Market Positioning - The Roewe M7 DMH has a length of nearly 5 meters and a comprehensive range of over 2000 kilometers, directly competing with leading brands like BYD and Chery [1] - The vehicle aims to provide a B-class car experience at a price point typically associated with lower-tier models, targeting consumers looking for value [2][3] - SAIC Motor's passenger vehicle sales have shown a recovery, with approximately 502,300 units sold in the first eight months of the year, a year-on-year increase of 17.65% [1] Group 2: Technological Advancements - The M7 DMH features a fully self-developed technology stack, integrating 21 control units into a single Power Intelligent Control Unit (PICU) for enhanced performance [2][3] - The vehicle's hybrid technology focuses on precise control in various driving conditions, improving efficiency and user experience [3] Group 3: Design and User Experience - The design philosophy emphasizes spaciousness and aesthetic appeal, with a focus on user comfort through optimized seating and interior details [3][4] - The vehicle includes advanced smart cockpit features, such as seamless smartphone integration and AI voice interaction, enhancing user engagement [4][5] Group 4: Strategic Management and Future Outlook - SAIC Motor has adopted an integrated management approach for its passenger vehicle segment, inspired by Huawei's product development and marketing systems, to improve operational efficiency [2] - The company is committed to enhancing customer service and experience through data-driven initiatives and a focus on value rather than price competition [4][5]

Core Insights - The discussion with Elon Musk highlighted four key areas: DOGE, Optimus, Starlink, and direct smartphone connectivity [1] - Musk provided timelines for the delivery of Full Self-Driving (FSD) by the end of the year, mass production of humanoid robots by the end of 2025, and completion of a $17 billion spectrum acquisition for Starlink [3][11][30] Group 1: AI Infrastructure Development - Musk is not promoting standalone products but is advancing three technological lines simultaneously: AI5 chip, FSD V14, and Optimus V3 [6] - The integration of these technologies is aimed at building a comprehensive AI infrastructure, with each layer accelerating integration from chips to algorithms to networks [4][5] - The AI5 chip is designed to be cost-effective, energy-efficient, and fast, with a performance improvement of 40 times over its predecessor [8][9] Group 2: Product Timelines and Ambitions - FSD V14 is set to be operational by the end of the year, marking a shift from demonstration to large-scale deployment as a core system for Robotaxi [11][12] - Musk envisions Optimus as a revolutionary product, with significant challenges in supply chain and mechanical design that need to be addressed for practical applications [13][14] - The combination of Grok, Optimus, FSD, and Starlink is not coincidental but part of a unified strategy to create a complete AI ecosystem [15][16] Group 3: Grok and Neuralink Integration - Grok is positioned as a central system that integrates with physical systems and real-world operations, moving beyond traditional chatbots [18][25] - Neuralink is being developed to interface directly with the brain, allowing for immediate control of devices without the need for verbal commands [22][24] - The goal is to create an AI that can understand and execute tasks based on direct brain signals, enhancing efficiency [25] Group 4: Starlink's Role in AI Connectivity - Starlink aims to provide a direct communication link for AI devices, eliminating reliance on traditional mobile networks [30][31] - The $17 billion investment in new frequency bands is intended to enable direct satellite-to-phone communication, enhancing global connectivity for AI applications [30][31] - With Starlink, AI tools can be deployed in remote locations, addressing the challenges of slow uploads and high latency [34][35] Group 5: Systemic Integration and Future Outlook - Musk emphasizes that the integration of these technologies is not merely about product development but about creating a cohesive system that operates seamlessly [39][43] - The urgency of deploying AI and robotics to address societal challenges is underscored, with a focus on immediate applications rather than distant future possibilities [44] - The interconnected nature of Grok, Optimus, FSD, and Starlink represents a strategic move towards establishing a unique technological ecosystem that is difficult to replicate [46]