编辑 杨娟娟 新京报贝壳财经讯（记者林子）9月24日，在高通举办的峰会现场，中国工程院外籍院士、清华大学智 能产业研究院院长张亚勤在对话财经作家吴晓波时谈到，无人驾驶的痛点之一是数据不足。他解释说， 端到端大模型的出现让代码变得简洁，这也是最近2-3年无人驾驶技术加速迭代的基础，目前To B的智 能驾驶的技术问题已经基本克服了，但现在企业采集的数据量还不够。 校对 刘军 ...

Core Viewpoint - The article discusses the evolution of autonomous driving technology, highlighting the competitive landscape among major tech companies, automakers, and startups, and how advancements are reshaping transportation methods [2][3]. Group 1: Tesla's Development - Tesla is recognized as a pioneer in autonomous driving, with its aggressive data-driven approach that discards traditional methods like LiDAR and high-definition maps in favor of pure visual perception [6]. - The development path includes the transition from modular designs to end-to-end neural networks, aiming to make AI think and drive like humans [6]. - Key technologies introduced include BEV (Bird's Eye View) and Occupancy Network, enhancing spatial awareness and reducing reliance on high-definition maps [8][12]. Group 2: Huawei's Progress - Huawei's ADS technology has evolved from multi-sensor fusion and high-definition map reliance to a "mapless" approach, enhancing perception algorithms and ultimately leading to end-to-end model applications [23]. - The ADS 1.0 version relied on multiple sensors and high-definition maps, while ADS 2.0 marked a breakthrough in "mapless" driving [25][26]. - The latest ADS 3.0 aims for full scene intelligent driving, integrating advanced perception networks and optimizing hardware for better performance [28]. Group 3: Momenta's Strategy - Momenta employs a dual strategy of data-driven algorithms and mass production of autonomous driving products, creating a feedback loop for continuous improvement [33]. - The company focuses on low-cost automated mapping and crowd-sourced map updates, enhancing its capabilities in complex environments [35]. Group 4: Horizon's Path - Horizon has developed a unique path from automotive-grade AI chips to full-stack solutions, emphasizing software and hardware collaboration for efficiency [47]. - The company has progressively advanced from early ADAS prototypes to L2+ and L3 capabilities, with plans for broader applications in 2025 [49][50]. Group 5: Xiaopeng's Evolution - Xiaopeng's autonomous driving journey reflects a shift from multi-sensor fusion and high-definition maps to a "mapless" approach, driven by AI large models [79]. - The XPILOT series has evolved from basic parking assistance to advanced highway and urban navigation capabilities, with significant improvements in system generalization [81][90]. Group 6: NIO's Development - NIO's approach is characterized by a cautious evolution from collaborative development to full-stack self-research, focusing on safety and reliability [98]. - The introduction of the World Model NWM in 2025 signifies a new phase in NIO's autonomous driving capabilities, enhancing cognitive and reasoning abilities [110].

Core Viewpoint - The emergence of "World Models" has complicated the high-end intelligent driving landscape, leading to debates over the authenticity and effectiveness of various models like VLA, WEWA, and others [3][5]. Group 1: Company Perspectives - Xiaopeng Motors claims to be the only company in China that has truly developed VLA, criticizing competitors for creating modified versions [3][7]. - Huawei's CEO of Intelligent Automotive Solutions stated that the company will not pursue the VLA path, emphasizing a focus on World Action (WA) instead of language processing [3][5]. - Li Auto is developing a foundational model to support its MindVLA algorithm, which is positioned as a marketing strategy rather than a true VLA implementation [7][8]. Group 2: Technical Insights - VLA (Vision-Language-Action) is seen as an evolution of the end-to-end plus VLM (Vision-Language Model) approach, addressing some limitations of the previous models [5][7]. - Xiaopeng is developing a large-scale driving model with 720 billion parameters, utilizing cloud distillation to deploy smaller models to vehicles [8][15]. - The concept of World Models, initially proposed by Tesla, aims to create a virtual environment for autonomous driving learning and validation [9][11]. Group 3: Industry Trends - The industry is witnessing a shift from perception-driven to cognition-driven approaches, with various companies exploring different architectures for intelligent driving [12][13]. - The debate over the effectiveness of VLA versus World Models reflects a broader struggle within the industry to define the best methodologies for achieving autonomous driving capabilities [17]. - The integration of cloud and vehicle-based models is seen as essential for optimizing perception and decision-making in autonomous systems [17].

Core Insights - SAIC Motor Corporation Limited reported a total vehicle wholesale of 2.053 million units in the first half of 2025, representing a year-on-year increase of 12.4% [1] - The company achieved a consolidated revenue of CNY 299.59 billion, up 5.2% year-on-year, and a net profit attributable to shareholders of CNY 6.02 billion, with a significant increase in net profit excluding non-recurring items by 432.2% [1] - The company launched several new models and implemented various consumer promotion measures to stimulate demand, including trade-in subsidies and purchase packages [1] Sales Performance - The retail sales reached 2.207 million units, maintaining the leading position in the domestic industry [1] - Sales of self-owned brands reached 1.304 million units, up 21.1%, with a market share increase to 63.5% [1] - New energy vehicle sales totaled 646,000 units, marking a growth of 40.2%, while overseas sales reached 494,000 units, a slight increase of 1.3% [1] Operational Efficiency - The company has implemented integrated management for passenger and commercial vehicle businesses, enhancing operational efficiency and market responsiveness [2] - The passenger vehicle segment adopted Huawei's integrated product development and marketing systems, optimizing numerous business processes and reducing product development cycles to 18 months [2] - The commercial vehicle segment established a dedicated board to improve organizational structure and resource collaboration [2] New Product Development - SAIC Motor launched a new brand "SAIC Shangjie" in collaboration with Huawei, focusing on durable and high-quality vehicles [2] - The first product, Shangjie H5, started pre-sales on August 25, achieving over 50,000 orders within 18 hours [2] - The MG brand adjusted its product structure and marketing strategies, achieving a 16% year-on-year increase in deliveries in Europe, totaling 153,000 units [3] Technological Advancements - The company is advancing the development of second-generation solid-state batteries and has partnered with OPPO for a new intelligent cockpit [3] - These technologies have been implemented in the new MG4, which has received 30,000 pre-sale orders [3] - The "end-to-end" large model has been integrated into the Zhiji L6, with continuous upgrades, while the new Zhiji LS6 utilizing "Star" super-range technology received over 10,000 orders within 30 minutes of pre-sale [3]

Core Viewpoint - SAIC Motor Corporation reported a mixed performance in its 2025 semi-annual report, with revenue growth but a decline in net profit, highlighting the challenges and opportunities in the automotive industry amid increasing competition and evolving consumer demands [1][2][3] Financial Performance - The company achieved a consolidated operating revenue of 299.58 billion yuan, a year-on-year increase of 5.23% [1] - The net profit attributable to shareholders was 6.02 billion yuan, a year-on-year decrease of 9.21% [1] - The net profit excluding non-recurring items was 5.43 billion yuan, showing a significant year-on-year increase of 432.21% [1] - The net cash flow from operating activities reached 21.04 billion yuan, up 85.89% year-on-year [1] Market Performance - Domestic vehicle sales increased by 11.7% year-on-year, driven by the "old-for-new" policy [1] - Total vehicle wholesale reached 2.053 million units, a year-on-year increase of 12.4% [1] - Retail sales of vehicles amounted to 2.207 million units, maintaining the leading position in the domestic industry [1] - Sales of the company's own brands reached 1.304 million units, up 21.1% year-on-year, with a market share increase to 63.5% [1] - New energy vehicle sales grew by 40.3% year-on-year, totaling 646,000 units [1] - Overseas market sales reached 494,000 units, a year-on-year increase of 1.3% [1] Strategic Initiatives - The company launched various initiatives to stimulate consumer demand, including trade-in subsidies and new vehicle offerings [2] - SAIC Motor is expanding its overseas market presence, with the MG brand becoming the top-selling Chinese brand in Western Europe in the first half of the year [2] - The company is accelerating the development of key technologies, including second-generation solid-state batteries and smart cockpit systems in collaboration with OPPO [2] - The application rate of domestic chips is increasing, with ongoing technical collaborations with companies like Horizon [2] Collaborative Projects - The company is advancing its collaboration with Huawei on the "SAIC尚界" project, focusing on product development and marketing strategies [3] - The first product under this brand is set to launch in September, with additional products in development to enhance market coverage [3]

Core Viewpoint - SAIC Motor Corporation reported strong financial performance in the first half of 2025, with significant growth in revenue, net profit, and cash flow, indicating a robust operational strategy and market position. Financial Performance - The company achieved a consolidated revenue of 299.59 billion yuan, a year-on-year increase of 5.2% [1] - The net profit attributable to shareholders was 6.02 billion yuan, with a non-recurring net profit of 5.43 billion yuan, reflecting a substantial year-on-year growth of 432.2% [1] - Operating cash flow reached 21.04 billion yuan, marking an 85.9% increase compared to the previous year [1] Sales and Market Position - SAIC sold 2.053 million vehicles in the first half of the year, representing a 12.4% year-on-year increase, maintaining the top position in the domestic market [1] - Retail sales reached 2.207 million vehicles, with self-owned brand sales at 1.304 million units, up 21.1%, accounting for 63.5% of total sales [1] - New energy vehicle sales totaled 646,000 units, showing a growth of 40.2%, while overseas sales reached 494,000 units, a 1.3% increase [1] Operational Strategy - The company implemented integrated management for passenger and commercial vehicle businesses, enhancing operational efficiency and market responsiveness [2] - The passenger vehicle segment adopted Huawei's integrated product development and marketing systems, optimizing numerous business processes and reducing product development cycles to 18 months [2] - The commercial vehicle segment established a dedicated board to improve organizational structure and resource collaboration, enhancing sales service efficiency [2] New Product Development - SAIC launched a new brand "SAIC Shangjie" in collaboration with Huawei, focusing on durable, safe, and reliable vehicles, with the first model, Shangjie H5, receiving over 50,000 pre-orders within 18 hours [2] - The MG brand delivered 153,000 units in Europe, becoming the best-selling Chinese brand in the region, while the IM5 and IM6 models expanded into markets like Thailand, the UK, and Australia [3] - The company is advancing second-generation solid-state battery development and has partnered with OPPO for a new intelligent cockpit, with new models like MG4 and LS6 already in pre-sale [3] Future Outlook - Upcoming launches include the Roewe M7DMH, new MG4, and the first model from the SAIC-Huawei collaboration, which are expected to enhance the company's sales structure and brand performance [3]

Core Viewpoint - SAIC Motor Corporation reported a strong performance in the first half of 2025, with significant growth in revenue and net profit, driven by robust sales in its self-owned brands, new energy vehicles, and international markets [1][2]. Financial Performance - The company achieved a consolidated revenue of 299.59 billion yuan, representing a year-on-year increase of 5.2% [1]. - The net profit attributable to shareholders reached 6.02 billion yuan, with a non-recurring net profit of 5.43 billion yuan, marking a substantial year-on-year growth of 432.2% [1]. Sales Performance - SAIC sold 2.053 million vehicles in total, reflecting a year-on-year growth of 12.4%, with retail sales reaching 2.207 million vehicles, maintaining its position as the industry leader in China [1]. - Sales of self-owned brands reached 1.304 million units, up 21.1%, accounting for 63.5% of total sales [1]. - New energy vehicle sales totaled 646,000 units, showing a year-on-year increase of 40.2% [1]. - International sales reached 494,000 units, with a slight growth of 1.3% [1]. Strategic Initiatives - The company implemented integrated management for its self-owned passenger and commercial vehicle businesses, enhancing operational efficiency and market responsiveness [2]. - SAIC launched the new brand "SAIC尚界" in collaboration with Huawei, focusing on high-quality, durable vehicles equipped with advanced technology [2]. - The MG brand successfully navigated challenges in the European market, delivering 153,000 units, a 16% increase, making it the best-selling Chinese brand in Europe [2]. Technological Advancements - SAIC is advancing the development of second-generation solid-state batteries and has partnered with OPPO for a new intelligent cockpit, with successful mass production in the new MG4 model [3]. - The company is also focusing on rapid iteration of its technologies, with significant pre-sale orders for new models like the智己L6 and the new generation智己LS6 [3]. Future Outlook - Upcoming launches include several key models such as the 荣威M7 DMH,全新MG4, and the first model from the SAIC-Huawei collaboration,尚界H5, which are expected to enhance the company's sales structure and brand performance [3].

Summary of Conference Call on Intelligent Driving Industry Industry Overview - The intelligent driving industry is experiencing rapid penetration, expected to rise from 10% to 50% due to decreasing costs of key components like LiDAR and chips, along with regulatory relaxations [1][2] Core Insights and Arguments - **Consumer Demand**: Research indicates that intelligent features are becoming a crucial factor in vehicle purchasing decisions. For instance, the XPeng Mona M03 Max model has maintained over 80% sales share in its segment since launch, highlighting strong consumer demand for advanced driving features [3] - **Technological Evolution**: The industry is transitioning from L2 functionalities to end-to-end large models, focusing on algorithms, computing power, and data to enhance generalization and automation levels [1][5] - **Computing Power and Data**: Companies need to enhance onboard computing capabilities (e.g., XPeng exceeding 2000 TOPS, Li Auto over 700 TOPS) and accumulate large datasets (e.g., Huawei with 11 Flops, XPeng aiming for over 100 million Clip data) to train superior models [1][8] Key Developments in Major Companies - **XPeng Motors**: Leading in urban OA (automated driving) with a pure vision solution that has reduced BOM costs by 50%. The XPeng Mona M03 Max, priced at 129,800 yuan, is noted for its strong intelligent driving capabilities [4][12] - **BYD**: Plans to introduce high-speed NOA features in models priced below 100,000 yuan starting February 2025, aiming for a penetration rate exceeding 30% by year-end [4][13] - **Market Acceleration**: Major automakers like BYD, Geely, and Changan are set to launch more intelligent driving models in the latter half of 2025, with expectations of over 2 million high-speed NOA vehicles by year-end [15] Important but Overlooked Content - **Development Path of Intelligent Driving**: The evolution from basic L2 functions to complex urban NOA and nationwide no-map capabilities is crucial for understanding the industry's trajectory [5] - **End-to-End Large Models**: These models offer superior generalization compared to traditional rule-based algorithms, making them more effective in complex driving scenarios [6] - **Sensor Fusion vs. Pure Vision**: The distinction between pure vision solutions (used by Tesla and XPeng) and multi-sensor fusion approaches (adopted by many domestic automakers) is significant for understanding different technological strategies [7] - **Component Suppliers**: Key suppliers to watch include SUTENG and Hesai in the LiDAR space, Horizon Robotics in chips, and Desay SV in domain controllers, indicating a robust supply chain supporting the intelligent driving ecosystem [14]

Group 1 - The core point of the article is that the end-to-end large model used in Siwei Tuxin's SA8620P and SA8650P is developed independently by the company [1] Group 2 - An investor inquired on the investor interaction platform about the origin of the large model used in Siwei Tuxin's products [1] - Siwei Tuxin confirmed on August 12 that the large model is self-developed [1]

Core Viewpoint - The recent automotive intelligence driving simulation tests have sparked controversy, particularly regarding the performance of domestic brands compared to Tesla, highlighting the need for rigorous and credible testing standards in the industry [1][4]. Industry Development - The acceleration of automotive intelligence has made smart driving a crucial area of competition, driven by policy support, technological innovation, and market demand [2]. - By the end of 2024, the penetration rate of passenger cars with Level 2 (L2) combined driving assistance functions in China is expected to reach 57.3%, indicating a leading advantage in the smart driving sector [2]. Market Dynamics - Major luxury car brands, including BMW, Mercedes-Benz, and Audi, are increasingly adopting Chinese smart driving solutions, reflecting the growing recognition of China's technological capabilities in this field [2][3]. - Japanese automakers such as Toyota, Honda, and Nissan are also collaborating with Momenta to integrate smart driving technologies, showcasing a broader trend of multinational companies embracing Chinese innovations [3]. Technological Advancements - Chinese companies are achieving significant market share in key smart driving hardware, with over 60% of the global market for lidar technology being held by Chinese brands [3]. - The transition from "usable" to "well-functioning" smart driving systems requires overcoming technical limitations due to the complexity of real-world driving scenarios [3][4]. Strategic Importance - Smart driving is a critical trend in the global automotive industry, representing a strategic point for China to establish new productive forces and secure a competitive edge in the future automotive landscape [4].