作者丨彭鑫 1月14日，中国汽车工业协会旗下中国汽车工业经济技术信息研究所发布《2025城市NOA汽车辅助驾驶 研究报告》。《报告》显示，2025年1-11月，我国搭载城市NOA功能的乘用车累计销量达312.9万辆， 占乘用车上险量的15.1%。 编辑丨安安 ...

Domestic News - The General Administration of Customs predicts that lithium battery exports will grow by 26.2% by 2025, with total exports reaching 26.99 trillion yuan, a year-on-year increase of 6.1% [2] - In early January, the price of lithium iron phosphate increased by 11.3% compared to late December 2025, as reported by the National Bureau of Statistics [3] - From January to November 2025, the cumulative sales of passenger cars equipped with urban NOA functions reached 3.129 million units, accounting for 15.1% of the total passenger car insurance volume [4] - The comprehensive inventory coefficient of automobile dealers in December 2025 was 1.31, a month-on-month decrease of 16.6% but a year-on-year increase of 14.9%, indicating inventory levels below the warning line but above the reasonable range [5] International News - Volvo's battery startup, NOVO Energy, has suspended operations and is seeking partners, with plans for layoffs affecting all positions, notifying unions and the Swedish labor market authority of 75 job cuts [6] - Toyota has maintained its position as the world's top-selling automaker for the sixth consecutive year, selling 10.32 million vehicles globally from January to November 2025, compared to Volkswagen's 8.98 million [8] - Tesla has extended the contract of senior vice president Zhu Xiaotong for another five years until January 2031 and granted him approximately 520,000 restricted stock units valued at about $233 million [9] - Honda announced a new "H" logo for its automotive business, set to be applied to the next generation of electric and hybrid vehicles, with the first models featuring the new logo expected to launch in 2027 and beyond [10] Corporate News - Xiaomi's chairman Lei Jun reported on the progress of the YU7 winter high-speed long-distance test, focusing on smart driving and battery life [11] - Dongfeng Fengshen plans to launch eight new and upgraded models over the next three years, with 2025 sales exceeding 138,000 units, a year-on-year increase of 37%, and an expansion of its terminal network to 367 stores by the end of 2025 [11] - BAIC Jihe has officially partnered with Kunlun Network Electric for charging network services, launching 15 charging stations and over 400 charging piles in Beijing [12] - ZEEKR's legal department issued a statement addressing false information circulating online about its community activities, emphasizing the negative impact on the brand and the need for compliance with internet information management laws [13] - Weichai Power has completed laboratory research on industry-leading sulfide all-solid-state batteries and is advancing towards industrialization, with strong demand for power generation products for data centers and plans to increase SOFC production capacity [14]

Investment Highlights - Company is a global leader in LiDAR solutions and has achieved profitability for the first time in Q4 2024, marking a significant milestone as the only publicly listed LiDAR company to do so [1] - The company has maintained the top position in global LiDAR revenue from 2021 to 2024, showcasing a leading market share [1] - Three competitive advantages include chip technology leadership, self-built automated production capacity, and extensive customer resources [1] Industry Growth Factors - The industry is entering a high-growth phase driven by the proliferation of urban NOA functions, the layout of L3, and decreasing LiDAR prices [2] - Expected shipments of automotive LiDAR in China are projected to exceed 3 million units in 2025 and 10 million units by 2028, with a CAGR of 58% [2] - The robotics sector, including applications like lawnmowers and logistics robots, is emerging as a new growth area [2] Financial Projections and Valuation - Earnings per share (EPS) are forecasted to be 2.33 CNY and 3.81 CNY for 2025 and 2026, respectively, with revenues of 3.1 billion CNY and 4.3 billion CNY [2] - The company is valued at 5.4x and 4.0x P/S for 2025 and 2026, respectively, with target prices of 182.5 HKD for H shares and 23.5 USD for US shares, indicating an upside potential of 53% and 52% [2]

Core Insights - The article emphasizes the ideal of living authentically and aligning with personal values, particularly in the context of driving standards and experiences [1] Group 1: Performance Metrics - In two months, VLA achieved a mileage of 312 million kilometers, with a penetration rate increase of 2.2 times and daily active users increasing threefold, including over 5,000 users driving 1,000 kilometers in a single day and 520,000 AD Max users [3] Group 2: Technological Advancements - The article discusses the transition from pre-reinforcement learning (blue) to post-reinforcement learning (green), indicating that new capabilities and features are currently in tight internal testing, with a rollout expected soon [6] - The company plans to automate all steps of charging at its stations, except for plugging in the vehicle, with 1,400, 2,400, and 2,900 stations expected to achieve this capability in January, February, and March of 2026, respectively [6] Group 3: Safety Features - The system has avoided potential collision incidents 11.32 million times and has cumulatively prevented 14,034 extreme accidents, with 2.08 million nighttime proactive risk avoidance actions [9] - New features include defensive acceleration maneuvers and a comprehensive 360-degree AES capability, enhancing safety against various driving threats [9] Group 4: Future Developments - Upcoming OTA content is anticipated to enhance user experience and vehicle functionality [11] - A new city NOA feature will soon be pushed to users of the revamped AD Pro [13]

Core Viewpoint - The company, Siwei Tuxin, announced the launch of two mid-to-high-end products based on Qualcomm's SA8620/SA8650 platform, which can achieve urban NOA (Navigation on Autopilot) functionality during the Shanghai Auto Show [1] Group 1 - The new products enhance stability and safety in complex scenarios through continuous improvements in speed control, following distance control, lateral precision control, collision avoidance, and recognition of stationary obstacles and vulnerable road users (VRU) [1] - High-precision mapping is utilized to empower the products, further increasing their reliability [1]