【导读】 东风集团股份复牌后狂飙，涨超54% 中国基金报记者 郭玟君 8月25日，香港三大股指均大涨：恒生指数涨1.94%，报25829.91点；恒生科技指数涨 3.14%，报5825.09点；恒生中国企业指数涨1.85%，报9248.0点。市场成交额达3696.98 亿港元，较前一交易日的2855.84亿港元显著放大。 恒生指数成份股中72只上涨，12只下跌。其中，紫金矿业涨6.38%，百度集团涨6.25%，网 易涨6.04%，领涨蓝筹。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 紫金矿业 | 2899 | 24.340 c | 1.460 | 6.38% | 19.37亿 | 75.17% | | 2 | 百度集团-SW | 9888 | 91.000 c | 5.350 | 6.25% | 20.99亿 | 10.04% | | 3 | 网易-S | ddad | 217.600 c | 12.400 | 6.04% | 21.37亿 | ...

Core Viewpoint - The 2025 Beike Finance Annual Conference opened with the theme "Chinese Economy: Co-Growth of Openness and Resilience," focusing on how the automotive industry can consolidate and expand its advantages in smart connected vehicles and accelerate the construction of a new industrial ecosystem [1]. Group 1: Development Stage of Smart Assisted Driving - The smart assisted driving industry is currently in a transitional development stage, showing significant progress compared to ten years ago, particularly in safety across various scenarios, including highways [4]. - There remains a gap between current smart assisted driving capabilities and L3 level or higher autonomous driving, leading to user hesitation, especially among new drivers [5][6]. Group 2: Impact of AI and Computing Power - The reliance on large computing power for AI models is leading to a phenomenon called computing power overflow, which is driving the integration of cabin and driving functions [6]. - The benefits of cabin-driving integration include elastic computing power allocation, allowing for better resource utilization across various scenarios, enhancing both smart driving and user interaction capabilities [6][7]. Group 3: Advantages of New Energy Vehicles - New energy vehicles (NEVs) possess inherent advantages in the realm of smart connectivity and intelligence, which may accelerate the phase-out of traditional fuel vehicles in the long run [8]. - In the short term, fuel vehicles still have advantages in refueling convenience, but NEVs are expected to overcome these challenges in the long term [9][10]. Group 4: Future Outlook - The future of smart connected vehicles may not resemble current forms, as advancements in AI could lead to the emergence of generalized intelligent agents that replace today's specialized vehicle systems [10].

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of $2.51 [2][8]. Core Viewpoints - The company is positioned as a global leader in automotive intelligence solutions, leveraging its strong ties with Geely and expanding its customer base internationally. The report highlights three main investment highlights: deep integration of group and industry resources, outstanding software capabilities adaptable for global markets, and the development of third-party automotive partnerships and overseas growth [7][30][31]. Financial Performance - The company is projected to achieve total revenue of $5.561 billion in 2024, with a year-on-year growth rate of 18.3%. By 2027, revenue is expected to reach $9.334 billion, reflecting a growth rate of 24.1% [3][32]. - The adjusted EBITDA is forecasted to improve from -$2.11 billion in 2025 to $3.35 billion in 2027, indicating a potential turning point towards profitability [3][9]. - The company reported a total net loss of $932 million in 2024, which is expected to narrow to $172 million by 2027 [3][37]. Business Overview - The company, established in 2017, focuses on providing comprehensive intelligent automotive solutions, including hardware and software systems. It has developed a full-stack automotive computing platform and has expanded its client base beyond Geely to include major global automotive brands [7][14][23]. - The company has successfully integrated its products into over 8.7 million vehicles globally, with a significant increase in shipment volume of 81% year-on-year in Q1 2025 [7][27]. Industry Development - The report notes a deepening penetration of cockpit and intelligent driving domain controllers, with a trend towards integrated cockpit-driving solutions, particularly in mid-range vehicles [11][30]. - The competitive landscape is characterized by intense competition in cockpit domain controllers, while the company has achieved a leading position in intelligent driving domain controllers [11][30]. Investment Highlights - The company has established a competitive barrier through the integration of group resources and the development of a comprehensive "chip-software-vehicle" capability [8][30]. - Its proprietary Cloudpeak cross-domain software platform has been successfully deployed in the Volvo EX30 model, enhancing its international competitiveness [7][30]. - The company is leveraging its Geely customer base to develop partnerships with third-party automakers and expand into overseas markets, with notable success in Australia and New Zealand [7][30][31].

Core Insights - The traditional consumer electronics component suppliers are increasingly entering the automotive industry due to the ongoing wave of new energy [2] - Qualcomm's Snapdragon digital chassis solution is driving the transformation of vehicles from mechanical engineering products to intelligent mobile terminals, focusing on connectivity, computing, and AI [2] - The Snapdragon Ride platform supports various driving assistance and cockpit integration features, which are essential for automotive companies to compete in the future [2] Group 1: Qualcomm's Automotive Solutions - Qualcomm has supported over 210 vehicle models from various Chinese automotive brands in the past two years using the Snapdragon digital chassis [2] - The Snapdragon Ride platform includes specific chips for urban and highway navigation assistance, as well as a unique platform that supports both digital cockpit and ADAS functionalities [2][4] - The Snapdragon Ride Elite version supports over 40 cameras and multimodal sensors for AI-based sensor fusion, enabling precise 360-degree external coverage [4] Group 2: Industry Adoption and Collaboration - More than 20 automotive companies have announced or are developing models with ADAS features based on the Snapdragon Ride platform, including major global and Chinese automakers [5] - The platform's flexible architecture allows automotive manufacturers to run both digital cockpit and driving assistance functions on the same SoC, facilitating integrated electronic and electrical architecture [4] - Generative AI is utilized in the Snapdragon Ride platform to personalize settings based on driver behavior and preferences, enhancing the driving experience [4]

Core Viewpoint - Youjia Innovation has secured an exclusive contract for the DMS (Driver Monitoring System) project with SAIC Maxus, marking a significant breakthrough in the large-scale application and global expansion of its intelligent cockpit technology [1][4]. Group 1: Product Development - The iCabin Lite, a fully self-developed DMS integrated machine, will be equipped in multiple flagship light commercial vehicle models under SAIC Maxus, showcasing the company's advancement in intelligent cockpit technology [1][4]. - iCabin Lite features a highly integrated design that combines the DMS camera and controller, aligning with the industry's trend towards integration and addressing automakers' needs for development efficiency, cost control, and multi-model adaptability [1][4]. Group 2: Technical Features - The iCabin Lite utilizes high-performance domestic automotive-grade chips, offering compact size and flexible installation options, which meet the efficient deployment requirements across various vehicle models and platforms [4]. - The product integrates Youjia Innovation's proprietary DMS algorithms, enabling monitoring of driver fatigue and distraction, as well as AOI (Area of Interest) gaze tracking, effectively identifying potential driving risks and providing timely alerts for enhanced road safety [4]. Group 3: Regulatory Compliance and Market Expansion - iCabin Lite supports compliance with EU regulations such as ADDW (Driver Distraction Warning System) and DDAW (Driver Drowsiness and Attention Warning System), enhancing its adaptability and cost advantages for Chinese automakers entering overseas markets [4]. - The collaboration with SAIC Maxus provides critical safety technology for its light commercial vehicles, with plans to serve both domestic and European markets, and future expansion into South America and other potential markets [4][5]. Group 4: Strategic Positioning - Youjia Innovation has established a differentiated product matrix characterized by "cockpit and driving integration," positioning itself as a key partner in enhancing the global competitiveness of Chinese automakers [5]. - The company aims to leverage its fully self-developed advantages and continuous technological iterations to optimize human-machine interaction experiences and accelerate the large-scale production of DMS in both passenger and commercial vehicle sectors [5].

Core Insights - Qualcomm emphasizes the importance of "technology inclusiveness" and "ecosystem win-win" in its automotive strategy, focusing on three strategic pillars: full-stack layout for automotive business, balancing innovation with safety, and deepening collaboration in the Chinese market [1][2][5] Full-Stack Layout - Qualcomm has been in the automotive industry for over 20 years, evolving from early solutions to the Snapdragon Digital Chassis, which includes platforms for smart cockpit, advanced driver assistance systems (ADAS), and vehicle connectivity [2][3] - The company aims to adapt its focus dynamically based on industry needs, with smart cockpit and driving assistance becoming new growth engines [3][4] Technology and Safety Balance - AI is reshaping automotive interaction and decision-making, with Qualcomm focusing on terminal-side large models and multi-modal model integration to enhance user experience [5][6] - Safety is a core prerequisite for smart driving technologies, with Qualcomm maintaining a defect rate (DPPM) of just a few parts per million to ensure reliability [5][6] Chinese Market Focus - The Chinese automotive market is seen as a core engine for Qualcomm's global strategy, with a high acceptance of new technologies and rapid regulatory responses [6][7] - Qualcomm has established deep integration with Chinese automotive companies, enabling faster application deployment and innovation [7][9] Competitive Advantage - Qualcomm's competitive edge lies in its commitment to forward-looking technology investments and deep ecosystem collaboration, with 20% of its revenue allocated to R&D [8][9] - The company maintains a flexible cooperation model to meet the diverse needs of both new entrants and traditional automakers in the rapidly evolving market [9]

Core Insights - The collaboration between CheLianTianXia, Qualcomm, BAIC Group, and ZhuoYu Technology aims to develop integrated cockpit and driving assistance solutions for vehicles priced below 200,000 yuan, indicating a significant market opportunity [1][2] Group 1: Product Development - CheLianTianXia showcased the AL-A1 cockpit and driving assistance integration product at the Shanghai Auto Show, which is based on the Qualcomm QAM8775P chip and is expected to enter mass production by Q4 2025 [1] - The integrated cockpit project aligns with future trends in cross-domain integration and central computing architectures, offering a cost-effective solution for vehicles priced under 200,000 yuan [2] Group 2: Market Strategy - BAIC Group plans to implement the integrated cockpit and driving assistance in its vehicles, aiming to lead the industry with its platform-based approach that covers L2 ADAS to urban NOA functionalities [2] - The first batch of Robotaxi vehicles, the Extreme Fox Alpha T5, is set to launch this year, with 120 units to accelerate the mass production of L4 autonomous driving technology [2] Group 3: Technology and Innovation - ZhuoYu Technology's integration solution utilizes a single SoC to support various advanced driving assistance features, achieving approximately 30% cost reduction compared to separate systems [3] - The core technology includes an inertial dual-eye perception system that offers a low-cost alternative to traditional LiDAR, with a point cloud density ten times that of standard LiDAR [3] Group 4: Chip Technology - Qualcomm's Snapdragon 8775 chip, launched in January 2023, provides a dense computing capability of 96 TOPS, supporting both digital cockpit and ADAS functionalities [3][4] - The chip is optimized for scalable performance, allowing automakers to choose suitable performance levels for different vehicle tiers, thus enhancing user experience with immersive graphics and audio [4] Group 5: Industry Perspective - The automotive industry is currently facing a disconnect between smart cockpits and driving assistance systems, with many companies using multiple chips for integration, which is seen as insufficient [4] - The ultimate goal is to achieve complete integration of hardware and software, allowing for a centralized computing architecture that enhances user feedback and perception during vehicle operation [4]

Core Insights - The collaboration among CheLianTianXia, ZhiYu Technology, Qualcomm, and BAIC Group aims to launch the cockpit and driving integration domain control project, expected to achieve global mass production by Q4 2025 [1] - The cockpit and driving integration project utilizes Qualcomm's QAM8775P chip and is designed to meet the cost requirements for vehicles priced below 200,000 yuan, indicating a significant market potential [1][2] - The integration solution offers advanced features such as cross-layer memory parking, high-speed navigation, and urban navigation, representing a comprehensive approach to cockpit and driving integration [1][2] Technical Aspects - The core technology of the integration solution includes inertial navigation dual vision, end-to-end large models, and Hypervisor virtualization for resource management and functional isolation, enhancing system safety and usability [2] - Qualcomm's Snapdragon 8775 chip provides a computing power of 96 TOPS, supporting mixed critical workloads and ensuring isolation for specific ADAS functions, which is crucial for automotive safety [2][3] - The integration platform aims to deliver a user-friendly experience by learning from vast driving data, adapting to various scenarios, and reducing reliance on manual rules [3] Market Positioning - BAIC Group emphasizes that the cockpit and driving integration aligns with the automotive industry's shift towards centralized electronic and electrical architecture, aiming to provide a cost-effective urban NOA (Navigation on Autopilot) solution for consumers [3] - The integration AI platform will be applied across all major models, including the Alpha T5 and S5, with a target to make urban NOA accessible at a price point of 100,000 yuan [3] - The initiative highlights the importance of collaboration in the automotive sector, focusing on technological innovation to contribute to the development of smart vehicles [3]

上世纪九十年代，一部名为《高智能方程式》的日本动漫在国内颇为流行。根据故事设定， 男主角风见隼人驾驶着其父亲设计的赛车"阿斯拉达"（ASURADA），谱写了一段高智能方 程式史上最年轻冠军的传奇。 在这部动画中，最让笔者印象深刻的是这辆名为"阿斯拉达"的赛车拥有一个同名的高性能电脑，它 能将赛车直接拟人化，与男主角分享汽车的状态、马路的状态，甚至还能在驾驶者碰到困扰的时 候，扮演一个知心好友。 "阿斯拉达"首次亮相 来源：高智能方程式 在当时，如果说想拥有一个"阿斯拉达"，大多数人可能会觉得异想天开。但在三十年后的今天，我 们也许很快能迎来属于自己的"阿斯拉达"。这一切，主要感谢计算芯片和大模型技术的进步。 联发科引领Agentic AI重塑座舱 过去两年，关于大模型进入智能座舱，已经有了很多讨论。在半导体行业观察发布的文章 《 AI 座 舱芯片大变局，联发科上演技术式超车》 中，我们就对此进行了介绍。文章中，我们还深入探讨 了智能手机芯片巨头如何通过提供领先的芯片，让大模型更好地赋能汽车。不过，在智能座舱方 面，过去的大模型上车，更多的是类似ChatGPT或豆包的被动问答式的语音助手。 但在Agentic ...

2023 年 5 月台北电脑展，英伟达创始人兼 CEO 黄仁勋在结束了自家产品发布和演讲后匆匆离席。再 次出现时，黄仁勋已经来到联发科展台，握住了多年老友、联发科 CEO 蔡力行的手。 借此，英伟达、联发科两大芯片设计巨头宣布联手， " 发达联盟 " 就此成型，面向风起云涌又前景无 限的智能汽车，打造开发全新汽车芯片。 两年后， " 发达联盟 " 在上海车展发力。 4 月 23 日，联发科发布了基于双方最顶尖技术打造的天玑 汽车旗舰座舱平台 C-X1 。 绝大多数消费者乃至汽车行业人士，并不清楚这枚旗舰级座舱芯片背后的产业故事，但它的的确确串联 起了智能汽车芯片的过去和未来。 顶峰再聚首 虽然英伟达与联发科如今打得火热，但时间倒退十余年，双方其实是在移动 SoC 上相互竞争的对手。 那时联发科作为第一批国产智能手机的核心供应商，其 "Turn-key" 方案大放异彩，在 " 中华酷联 " 的崛起中占得先机。而英伟达从显卡转战而来，为了推介自家手机芯片，黄仁勋曾为小米 3 发布会站 台，高喊 " 我也是米粉 " 。 2014 年，两家公司短暂相交的命运线慢慢错开，并在漫长的坚持与等待中，分别找到了自己新的成长 ...