2026年1月13日，前腾势销售事业部总经理赵长江官宣加盟智界，出任品牌执行董事及执行副总裁。 这则消息在年初的智能汽车行业掀起了不小的波澜——自2025年10月赵长江从比亚迪离职后，这位曾经的腾势销售总经理的去向，始终是行业热议的焦点。 有行业人士分析，赵长江选择智界绝非偶然的个人职业选择，而是智能汽车产业从电动化上半场，迈入智能化下半场的必然人才流向。当行业共识从"电动 化替代燃油"转向"智能化定义价值"，具备量产交付经验与高端品牌操盘能力的管理者，正成为掌握核心智能技术的车企最稀缺的资源。赵长江的职业选 择，精准踩中了行业变革的脉搏。 这一判断并非个体感知，而是产业演进的客观现实。2025年12月，工信部已正式公布我国首批L3级有条件自动驾驶车型准入许可，长安深蓝SL03、北汽极 狐阿尔法S等车型相继开启试点运营，政策破冰为技术落地扫清了关键障碍。正如深度科技研究院院长张孝荣所言，L3商用破冰首次明确系统接管期车企担 主责，为商业化扫清了核心制度障碍，智能汽车产业已迎来黄金发展期。 赵长江将华为视为"智能汽车最重要的推动者之一"，他看中的是华为在智能软硬件、生态构建上的全栈能力。而智界背靠的奇瑞近30年 ...

证券研究报告 注：若无特殊说明，"本周"均代表2025.12.29-2026.1.2 2 ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数-6.2%，智能汽车指数（除特斯拉）+0.2%。截至2025年 12月31日，智能汽车指数PS(TTM）为14.1x，该估值位于2023年初以来96%分位数；智能汽车指数（除特 斯拉）PS(TTM）为6.4x，该估值位于2023年初以来90%分位数。智能汽车指数标的池中佑驾创新、文远知 行、小马智行、禾赛、小鹏汽车涨幅前五。 （ ◼ 本周行业核心变化：1）小马智行Robotaxi规模突破1159辆，超额完成2025年千辆Robotaxi目标；2）特斯 拉 FSD v14.2 完成2天20小时零接管横穿美国 ◼ 当前时点智能汽车板块投资建议：继续坚定看好2026年L4 RoboX主线！ ➢ B端软件标的>C端硬件标的。H股优选【小鹏汽车+地平线机器人+小马智行/文远知行+曹操/黑芝麻智能】； A股优选【千里科技+德赛西威+经纬恒润】 ➢ 下游应用维度相关标的：#Robotaxi视角：1）一体化模式：特斯拉/小鹏汽车；2）技术提供商+运营分成模 式：地平线/百度/小马智行/文远 ...

Core Insights - The article discusses the rapid growth and evolution of Huawei's QianKun intelligent driving system, highlighting its increasing user adoption and the need for a comprehensive ecosystem to address various driving-related challenges [2][5][12]. Group 1: Growth of Intelligent Driving - Huawei's QianKun intelligent driving system has surpassed 1 million units in August, a significant increase from 300,000 units in October of the previous year, indicating a strong user reliance on smart driving technology [2]. - The active user ratio for QianKun has reached 95.2%, showcasing a substantial acceptance of intelligent driving features among users [2]. - The penetration rate of intelligent driving in China is projected to exceed 60% by mid-2025, significantly faster than the 10 years it took for electric vehicle penetration to reach 50% [5]. Group 2: Ecosystem Development - Huawei aims to create an open ecosystem for autonomous driving, positioning itself as an "ecosystem solution provider" rather than a dominant player [4][12]. - The QianKun platform consists of four main components: autonomous driving operation platform, transaction platform, intelligent driving function platform, and operation and maintenance platform, designed to unify data and capabilities [13][16]. - The platform allows partners to develop customized services by utilizing standardized "ecosystem kits" for high-frequency scenarios such as charging, parking, and insurance [16]. Group 3: Addressing Systemic Challenges - Despite advancements in intelligent driving, significant gaps remain in the overall user experience, particularly in parking and charging, which are critical for a seamless travel experience [8][9]. - The report indicates that 30% of urban traffic is caused by vehicles searching for parking, highlighting the need for integrated solutions to improve efficiency [8]. - The average utilization rate of public charging stations is only 12.7%, with a combined failure and occupation rate exceeding 35%, indicating ongoing challenges in the charging infrastructure [8]. Group 4: Future Outlook - The automotive industry is shifting its competitive focus from electrification to the overall intelligence of vehicles, with expectations for large-scale commercialization of Level 3 autonomous driving by 2026 and Level 4 trials in urban areas [12]. - Huawei's QianKun has established partnerships with 33 vehicle models, achieving a market share of 27.8% in urban navigation assistance, with new car sales reaching 452,000 units in the first three quarters of 2025 [17]. - The transition from a technology provider to an ecosystem collaborator is crucial for Huawei to ensure sustainable value creation for its partners in the evolving automotive landscape [17].

Core Viewpoint - The rise of companies like Cambricon reflects the inevitable trend of domestic substitution in the semiconductor industry, focusing on hard technology enterprises that excel in niche markets [1] Group 1: Company Transformation - Weir Shares, now known as OmniVision Group, underwent a significant transformation after acquiring Beijing OmniVision in 2019, which was a pivotal moment for the company's performance [2][3] - The acquisition allowed the company to shift its business structure from relying on consumer electronics to becoming a leader in automotive visual chips, marking a critical turning point in its growth trajectory [3][4] Group 2: Financial Performance - In 2024, the automotive segment's revenue reached 5.905 billion yuan, a year-on-year increase of 29.85%, contributing over 30% to the total revenue of the image sensor solutions segment [3][4] - The company reported a projected revenue growth of 13.49% to 15.97% for the first half of 2025, with net profit expected to increase by 39.43% to 49.67%, indicating strong performance in the automotive sector [6] Group 3: Market Position and Competition - OmniVision Group holds nearly 30% market share in the domestic automotive CIS sector, benefiting from high-resolution sensors and competitive advantages in low-light performance and power consumption [5][6] - The company is positioned as a leader in the automotive CIS market, having surpassed ON Semiconductor in sales for two consecutive years [5] Group 4: Challenges and Risks - The company's high share pledge by its controlling shareholder raises concerns about financial stability and control, which could impact its IPO process in Hong Kong [10][12] - Despite achieving revenue growth, the decline in R&D expenditure and the rising compensation for executives create a paradox that may undermine market confidence in the company's long-term growth potential [12][14]

Core Viewpoint - The article discusses the transformation of Weir Shares into Haowei Group, highlighting its strategic shift from consumer electronics to automotive visual chips, driven by the growth of the intelligent automotive market and the company's successful acquisitions [3][4][6][8]. Company Transformation - Haowei Group, formerly Weir Shares, underwent a significant transformation after acquiring Beijing Haowei, which was a key player in the global CMOS image sensor market, leading to a substantial increase in net profit and a shift in business focus [4][6][12]. - The company has successfully transitioned from being heavily reliant on the consumer electronics sector to becoming a leader in the automotive visual chip market, capitalizing on the growing demand for intelligent driving technologies [6][8][10]. Financial Performance - In 2024, Haowei Group reported automotive market revenue of 5.905 billion yuan, a year-on-year increase of 29.85%, contributing over 30% to the total revenue of its image sensor solutions [8][10]. - The company’s revenue is projected to grow by 13.49% to 15.97% in 2025, with net profit expected to increase by 39.43% to 49.67%, indicating strong growth potential in the automotive sector [10][16]. Market Position and Strategy - Haowei Group holds a market share of nearly 30% in the domestic automotive CIS sector, benefiting from its advanced technology and competitive product offerings [9][10]. - The company has strategically positioned itself to take advantage of the shift towards intelligent vehicles, with major automotive manufacturers increasing their adoption of advanced camera systems [9][10]. Challenges and Risks - Despite its growth, Haowei Group faces challenges such as high share pledges by its controlling shareholder, which may impact its control stability and investor confidence [14][15][16]. - The company’s R&D expenditure has shown volatility, with a declining R&D expense ratio, raising concerns about its ability to maintain competitive advantages in a rapidly evolving market [16][17][18].