双方基于NVIDIA TensorRT Edge-LLM，以端到端的高效解决方案，推动车载AI技术规模化商业落地。 TensorRT Edge-LLM是一款全新的开源C++框架，专为LLM和VLM推理而设计，旨在满足日益增长的高 性能边缘端推理需求。 "SenseAuto的成果展示了NVIDIA的边缘AI和LLM软件栈如何能够在大规模的真实汽车应用场景中落 地。"NVIDIA汽车业务副总裁Rishi Dhall表示。"通过利用NVIDIA DRIVE平台以及TensorRT和面向边缘 的LLM能力，SenseAuto正在推动智能座舱和自动驾驶体验的发展，使多模态AI更接近可量产部署。此 次合作彰显了我们汽车生态的实力，即将前沿AI转化为实用的车载创新。" 自动驾驶领域，绝影通过集成视觉语言模型(VLM)支持和优化推理能力的TensorRT Edge-LLM，显著提 升了系统对复杂交通场景的认知与决策能力。通过部署简化的工具链，模型可快速适配NVIDIA DRIVE AGX Orin和Thor等主流车载计算平台。 CES2026期间，绝影与英伟达以Drive AGX高算力平台为基石，在算子开发、模型量化等核心技 ...

Core Viewpoint - Rivian Automotive is being reassessed by Wall Street analysts following its "AI and Autonomous Driving Day," showcasing new self-developed autonomous driving chips and AI technologies, highlighting a significant divide in opinions regarding the company's future prospects [1] Group 1: Technology and Product Development - Rivian plans to equip its upcoming R2 SUV with the Rivian Autonomy Processor 1 (RAP1) chip and a new lidar sensor, aiming for full autonomous driving capabilities [2] - The RAP1 chip features advanced "chiplet" packaging technology with a bandwidth of 205GB per second, driving the next-generation onboard computer, Autonomy Compute Module 3, which can process 5 billion pixels per second, four times the performance of the current Nvidia system [2] - The company aims to achieve Level 4 autonomous driving capabilities and plans to incorporate lidar and radar technologies in future models [3] Group 2: Analyst Ratings and Market Sentiment - Needham reaffirmed a "Buy" rating for Rivian, raising the target price to $23, citing confidence in Rivian's unique market positioning and vertical integration that supports faster learning and iteration in driver interface and autonomous technology [3][4] - Morgan Stanley remains cautious, maintaining an "Underweight" rating with a target price of $12, highlighting risks in demand that could limit data collection necessary for advanced autonomous driving [4] - Wells Fargo holds a neutral stance with an "Equal Weight" rating, noting the low margin for error in Rivian's operations and the need for the company to prove its ability to grow its customer base while maintaining low advertising costs [5] Group 3: Company Performance and Challenges - Rivian's stock price increased by 1.3% in pre-market trading after a 6.1% drop following the "AI and Autonomous Driving Day," with a year-to-date increase of over 23% [5] - The company has faced operational challenges, with its Illinois factory expected to produce fewer than 50,000 vehicles this year, significantly below its capacity [6] - Rivian has experienced substantial stock price declines, losing over 80% from its IPO peak, despite securing a $6 billion investment from Volkswagen for a joint project [6]

Core Insights - Mercedes-Benz and ByteDance have announced an upgraded partnership, with the new electric CLA model set to feature the "Doubao" large model, marking a significant collaboration beyond a typical supplier-manufacturer relationship [1] - The global sales of smart vehicles are projected to reach 66.2 million units in 2024, with a compound annual growth rate (CAGR) of 10.5% from 2019 to 2024, and expected to hit 92.1 million units by 2029, with a CAGR of 5.9% from 2025 to 2029 [1] - Mercedes-Benz's sales revenue for the first half of this year was €66.377 billion, a year-on-year decline of 8.6%, with pre-tax net profit plummeting 40.7% to €4.534 billion and post-tax net profit dropping 55.8% to €2.688 billion [1] Market Dynamics - The AI+ automotive market is experiencing rapid growth, with major players like Alibaba, Tencent, and Huawei joining the automotive sector, indicating a shift from consumer internet to industrial internet [2] - The collaboration between Mercedes-Benz and ByteDance represents a critical step in integrating AI into the automotive industry [2] Competitive Landscape - Traditional luxury brands like Mercedes-Benz are facing intense competition from domestic brands in China, which have advanced significantly in smart cockpit and advanced driver assistance systems [4] - The importance of smart features in consumer purchasing decisions is increasing, with 94% of Chinese automakers planning to incorporate AI-based solutions in new vehicles [5] Sales Performance - Mercedes-Benz's global sales in Q3 2025 were 525,300 units, reflecting a year-on-year decline of 12% and a quarter-on-quarter decline of 4%, with a total of 1.6016 million units sold in the first three quarters, down 9% year-on-year [5] - In China, Q3 deliveries fell by 27% year-on-year to 125,000 units, with total sales for the first three quarters at 418,000 units, down 18% year-on-year [5] Strategic Initiatives - To regain competitiveness in China, Mercedes-Benz has announced a significant investment plan of €14 billion, aiming to launch seven dedicated models in the next two years [6] - The partnership with ByteDance is seen as a way for Mercedes-Benz to quickly address its technological shortcomings and appeal to younger consumers [7][9] Technological Integration - The collaboration aims to enhance Mercedes-Benz's smart solutions, particularly in areas like in-car interaction and scenario linkage, which are critical for modern consumer expectations [8][19] - The partnership is expected to provide Mercedes-Benz with a mature smart solution, reducing development risks and improving efficiency [10][11] Industry Trends - The automotive industry is witnessing a shift towards AI and smart features, with a predicted market size of $5 billion for AI cockpit functions by 2027, growing at a CAGR of over 25% [17] - The integration of AI in vehicles is becoming a new selling point, with numerous collaborations between AI companies and automakers emerging globally [15] Challenges Ahead - Despite the potential benefits of the partnership, Mercedes-Benz's challenges in the smart technology space are significant, with competitors already well-established in this area [13] - The reliance on external AI solutions may lead to a hollowing out of Mercedes-Benz's internal R&D capabilities, posing risks to its long-term brand value [23][24]

Core Viewpoint - The company Guokewai (300672.SZ) has launched a series of automotive AI chips aimed at various applications in smart cameras, driving recorders, and monitoring systems, with plans for future product development and validation [1] Group 1: Product Applications - The automotive AI chips are primarily used in front-mounted smart cameras, driving recorders, streaming electronic rearview mirrors, electronic side mirrors, camera monitoring systems, driver fatigue monitoring systems, cabin monitoring systems, and front-view ADAS integrated machines [1] Group 2: Future Developments - The company plans to release a new generation of automotive AI chips that meet AEC-Q100 Grade 2 standards in the first half of 2025, with current validation processes underway [1] - The company aims to develop a full range of automotive AI chips with computing power varying from low to high, targeting production of 2 million to 8 million units within three years [1]

Core Insights - Tesla's latest Model Y L integrates ByteDance's Volcano Engine's Doubao model and DeepSeek model, marking a significant step in the development of in-car AI ecosystems [1][3] - The collaboration with Volcano Engine allows for rapid deployment of localized large models while maintaining long-term self-research potential, which signals growth opportunities for investors [3][10] Model Functions - Doubao model is responsible for core functions such as navigation, media playback, climate control, and owner manual queries, showcasing its capabilities in voice recognition and natural language understanding [4][5] - DeepSeek model focuses on casual conversation and emotional interaction, enhancing user engagement and providing a personalized experience [6][7] Technological Advancements - Doubao model integrates voice recognition, natural language understanding, and vehicle control interfaces for real-time responses, improving the accuracy and speed of command execution [5][9] - The collaboration between edge devices and cloud services ensures low latency and high precision, addressing computational limitations in in-car AI [9] Market Positioning - Tesla's strategy in the domestic market emphasizes speed, cost-effectiveness, and long-term potential, contrasting with its international approach that focuses on self-research and control [10] - The dual model strategy of Doubao and DeepSeek enhances driving efficiency and user experience, positioning Tesla as a leader in the smart automotive sector [10] Future Directions - The future of in-car AI includes multi-modal integration, OTA smart upgrades, personalized interactions, and international adaptation, which will continuously enhance vehicle functionality and user engagement [10] - The development of a comprehensive mobile smart terminal is supported by the collaboration of functional and conversational models, creating a unified system that adds value for users and provides long-term advantages for the company [10]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][4]. Core Views - The company continues to expand its advantages in the automotive sector while focusing on AI to develop high-end projects, which is expected to enhance profitability [4][9]. - In the first half of 2025, the company achieved a revenue of 7.095 billion yuan, a year-on-year increase of 20.93%, and a net profit attributable to shareholders of 650 million yuan, a slight decrease of 1.06% year-on-year [4][8]. - The company has become the world's largest automotive PCB supplier as of 2024, leveraging its extensive industry experience and a strong customer base [8][9]. - The company is actively embracing opportunities in AI, with ongoing advancements in high-end PCB products for data centers and AI servers [9]. Financial Performance Summary - Revenue projections for the company are as follows: 2024A: 12.659 billion yuan, 2025E: 15.055 billion yuan, 2026E: 17.774 billion yuan, and 2027E: 20.863 billion yuan, with year-on-year growth rates of 17.7%, 18.9%, 18.1%, and 17.4% respectively [7][10]. - Net profit projections are: 2024A: 1.169 billion yuan, 2025E: 1.433 billion yuan, 2026E: 1.830 billion yuan, and 2027E: 2.246 billion yuan, with year-on-year growth rates of 24.9%, 22.6%, 27.7%, and 22.7% respectively [7][10]. - The company's gross margin is expected to improve from 22.7% in 2024 to 24.6% in 2027, while the net margin is projected to increase from 9.2% to 10.8% over the same period [11]. Market Position and Strategy - The company has established itself as a leading supplier in the automotive PCB market, with a focus on high-end projects such as laser radar boards and domain controller boards, which are in the process of mass production [8][9]. - The company is also enhancing its production capabilities for high-end HDI boards and is investing in technology upgrades at its manufacturing facilities to support AI and data center applications [9].