智能化层面，长城欧拉5致力于将前沿科技转化为可感知的安心体验，搭载的长城汽车第三代辅助驾驶 系统Coffee Pilot Ultra，已经陪伴用户安全行驶2.3亿公里，相当于绕地球赤道5600多圈，累计使用超280 万小时。 在激光雷达的加持和Coffee Pilot Ultra系统的赋能下，长城欧拉5可实现不依赖高精地图的城市NOA功 能，不仅具备红绿灯识别、智能变道、障碍物绕行等高阶能力，更支持同级最长的3公里记忆泊车 (OTA)及200+车位类型的泊车辅助。 与此同时，长城欧拉5的Coffee OS3智慧空间系统深度融合AI技术，搭载4纳米车规级芯片，打造出"有 温度的移动空间"。其核心集成了Coffee GPT与DeepSeek双大模型，变身为懂车、懂生活、懂创意的全 能助手。目前，欧拉已经进入全球50多个国家和地区，成为了全球60万用户的共同选择。(易知微) 近日，长城汽车（601633）欧拉品牌全新A级纯电SUV——长城欧拉5正式上市。新车共推出5款配置， 建议零售价区间为9.98万至13.38万元，限时换新价9.18万元起。 在长城欧拉5的上市发布会上，长城汽车董事长魏建军先生表示，长城汽车要坚 ...

12月16日，长城汽车欧拉品牌全新A级纯电SUV——长城欧拉5正式上市。新车共推出5款配置，建议零售价区间为 9.98万至13.38万元，限时换新价9.18 万元起。 d you er Ho ter and and // I 24 B 11 t and the property the state the state of the state the state the the the state r and a pp t and the state the the state r and t 2017 1 e to a the state CA t and tion of the first the state a 4 1 1 the state 11 12 the first t 2017 the first in the 3 the state t 12 12 1 and and on the the state 201 the state the first 5 6 7 智能化层面，长城欧拉5搭载的长城汽车第三代辅助驾驶系统Coffee Pilot Ultra，已经陪伴用户安全行驶2.3亿公里，累计使 ...

交警提醒，雾天行车务必"慢"字为先，能见度越低，车速应越慢，与前车的距离也要相应加大，要 注意控制车速和车距，不要急刹车。 冬季气温低，在高原地区经常会遇到突然的雨雪、冰雹等恶劣天气，山区弯道和坡道路段，也容易 结冰。特别是背阴弯道，由于阳光照射不到，冰雪融化缓慢，往往成为事故高发区。 青海省西宁市公安局交通管理局城西大队一级警长德吉措提醒："桥梁和隧道路段也是事故多发 地。桥梁散热快，更容易结冰；隧道出入口温度变化大，容易形成 '黑白路'现象，即隧道内干燥，隧道 外结冰，这种突然的路况变化容易让驾驶员措手不及。从时间段来看，早晨和傍晚是事故高发期。冬季 夜间温度极低，路面结冰严重，加上照明条件较差，驾驶员疲劳驾驶的情况也比较常见。" 同时，随着气温降低，暗冰也往往与团雾同时出现，并且薄冰难以被肉眼发现，极易引发交通事 故。那么，如果遇到大雾天气，驾驶人员如何操作才能避免危险？如果看不清道路，智能驾驶能帮大忙 吗？ 冬季大雾天气会显著降低驾驶人获取外界信息的能力，最直接的影响就是容易误判车速和车距，驾 驶人的车道保持能力也会受到影响，更容易压线或偏离车道。交警提醒，雾天行车首先要解决车窗起雾 的难题，这是保障 ...

Core Insights - The new generation of Proton SAGA has been launched in Malaysia, receiving over 20,000 orders, and is recognized as the "national car" of Malaysia with cumulative sales exceeding 2 million units [1] - The new SAGA features an advanced driver assistance system (ADAS) that enhances vehicle safety, achieving two full scores in the ASEAN-NCAP certification and becoming the first model in the region to receive CMR (AEB motorcycle trigger) safety certification [1][2] - The collaboration between Zhixing Technology and Proton is aimed at adapting the ADAS to local regulations and driving habits, providing features such as AEB, LDW, and FCW [1] Company Developments - Zhixing Technology has conducted extensive testing and optimization for the SAGA's ADAS, including road tests in Malaysia to ensure system reliability and robustness [2] - The company has addressed specific local challenges, such as misinterpretation of tunnel shapes by the AEB system, by conducting specialized tests and software optimizations [2] - Zhixing Technology's efforts have positioned the new SAGA as a leader in active safety system performance and cost control in the Malaysian and ASEAN markets [2] Future Prospects - With the launch of the new SAGA, Zhixing Technology is advancing its production line setup in Malaysia, aiming for the vehicle to feature domestically produced active safety systems by 2026 [3] - The company has established a joint venture with Delloyd, a leading automotive parts supplier in Malaysia, to facilitate its transition from product export to technology and service export [3] - The successful production of the new Proton SAGA serves as a significant milestone for Zhixing Technology's capabilities in Southeast Asia and other overseas markets [3]

Core Insights - Li Auto reported a significant decline in both deliveries and revenue for Q3 2025, marking a return to losses after 11 consecutive profitable quarters [2][4] Delivery and Revenue Decline - In Q3 2025, Li Auto delivered 93,211 vehicles, a year-on-year decrease of 39.0% [2] - Vehicle sales revenue was 25.9 billion RMB (3.6 billion USD), down 37.4% from 41.3 billion RMB in Q3 2024 and down 10.4% from 28.9 billion RMB in Q2 2025 [2][3] - Total revenue for Q3 2025 was 27.4 billion RMB (3.8 billion USD), a decrease of 36.2% year-on-year and 9.5% quarter-on-quarter [2][3] Profitability and Financial Performance - Li Auto reported a net loss of 624.4 million RMB (87.7 million USD) in Q3 2025, compared to net profits of 2.8 billion RMB and 1.1 billion RMB in Q3 2024 and Q2 2025, respectively [2][3] - The gross margin for vehicles fell to 15.5%, down from 20.9% in Q3 2024 and 19.4% in Q2 2025 [4] Cost and Cash Flow Challenges - The company faced increased costs due to supply chain bottlenecks and the impact of the Li Auto MEGA recall, which affected gross margins [4] - Free cash flow was reported at -8.9 billion RMB (-1.3 billion USD) for Q3 2025, compared to 9.1 billion RMB in Q3 2024 [4] R&D Investment - Despite financial pressures, R&D expenses remained high at 3.0 billion RMB (418 million USD) for Q3 2025, up 15.0% year-on-year [4] - The increase in R&D spending was attributed to new model projects and adjustments in product configurations [4] VLA Driver Model Performance - The VLA driver model, an in-house developed assisted driving system, has seen high penetration and usage rates, with cumulative mileage exceeding 312 million kilometers [5][6] Market Performance - As of the report date, Li Auto's stock price increased by 0.84%, trading at 72.3 HKD per share, with a total market capitalization of 154.8 billion HKD [7]

Core Viewpoint - The launch of the Ora 5 marks a strategic shift for Great Wall Motors' Ora brand, moving away from its previous female-centric positioning to focus on technology and performance for a broader user base [2][3]. Group 1: Product Launch and Features - The Ora 5 is officially available for pre-sale with a price range of 109,800 to 142,800 yuan, featuring five different versions [2]. - The vehicle emphasizes advanced technology, equipped with the Coffee Pilot Ultra driver assistance system and 27 sensing hardware components, enabling full-scene NOA without high-precision maps [3]. - The Ora 5 offers two battery options with ranges of 480 km and 580 km, and a power consumption of 11.6 kWh/100 km under CLTC conditions [3]. Group 2: Market Positioning and Competition - The Ora brand has shifted its focus to attract mid-to-high-end users who prioritize technology and performance, moving away from its initial positioning as a women's car brand [3]. - Key competitors in the 100,000 to 150,000 yuan electric vehicle market include Leap Motor B10, BYD Yuan PLUS, and Geely Galaxy E5, with the Ora 5 having advantages in NOA support and chassis tuning by BMW, but facing challenges in configuration and pricing [3]. Group 3: Brand Strategy and Challenges - The Ora brand has faced declining sales, with a 23% year-on-year drop in 2022, resulting in only 63,000 units projected for 2024 [2]. - The brand's retro design has sparked debate, posing a challenge in appealing to urban youth while maintaining market acceptance [3]. - Sales and service channel integration has been a challenge, with plans to expand and establish new channels still unclear [4].

Core Insights - The Zeekr 9X is set to launch on September 29, with the delivery of the "Selection Edition" beginning shortly after [1] - The Max and Ultra versions are expected to start deliveries, while the Hyper version will face delays due to supply chain resource allocation [1] - All Zeekr stores will have Zeekr 9X display vehicles, with shipments starting from September 17 and expected to be fully delivered by mid to late September [1] Product Specifications - The Zeekr 9X dimensions are 5239×2019/2029×1819mm, with a wheelbase of 3169mm [1] - The vehicle features the world's first dual NVIDIA Drive Thor-U chips and a 5-laser radar perception system [1] - It is equipped with the Qianli Haohan H9 advanced driver assistance system [1]

Core Insights - Horizon Robotics is a key player in the automotive industry, focusing on intelligent driving technology and has established itself as an "invisible champion" in the automotive supply chain [1][4]. Company Overview - Horizon Robotics has delivered over 10 million units of its Journey series chips, collaborating with more than 40 automotive manufacturers and securing over 400 model designations [1][3]. - The company holds over 30% market share in the intelligent driving sector as of 2024, with one in three new vehicles equipped with its intelligent driving assistance features [1][2]. Product Development - The Journey series chips are recognized as China's first and largest-scale mass-produced automotive intelligent chips, leading the market in assistance driving chip share [3]. - The Journey 6 series, set for mass production in 2025, will cover a wide range of driving assistance needs, with performance capabilities ranging from 10 to 560 TOPS [3][6]. Market Trends - The Chinese market for intelligent driving is rapidly evolving, with the number of NOA (Navigation on Autopilot) models nearly doubling year-on-year, reaching 197 models by July 2023 [2]. - The average delivery price for NOA-equipped vehicles has decreased by 25.91% year-on-year, indicating a growing accessibility of intelligent driving features [2]. Strategic Partnerships - Horizon Robotics has established partnerships with major companies like Bosch, which is developing new multifunctional camera platforms based on Horizon's chips, expected to enter mass production by mid-2026 [4][5]. - The company aims to empower a wide range of vehicles, including those priced under 200,000 yuan, to compete with luxury models in terms of intelligent features [6][7]. Future Outlook - Horizon Robotics anticipates that its HSD (Horizon SuperDrive) system will become a standard feature in vehicles within the next two years, with significant projected sales volumes [7]. - The company plans to deploy 10 million HSD systems in the next 3-5 years, enhancing the accessibility of intelligent driving technology [6][7].

Group 1 - BYD showcased its brands including Dynasty, Ocean, Tengshi, Fangchengbao, and Yangwang at the Chengdu International Auto Show, occupying the entire Hall 9 and an outdoor experience area [1] - The Qin L EV was officially launched with the Yunlian version, featuring the Yunlian-C intelligent damping body control system and TBC high-speed blowout stability system, priced at 129,800 yuan [3] - The Qin family has been a key model for BYD, targeting the younger demographic as the market shifts towards younger consumers [3] Group 2 - The Qin L EV faces competition in the 100,000 to 150,000 yuan sedan market from models like Geely Galaxy A7, Roewe D7, and Xpeng MONA M03, with BYD aiming to enhance product strength and reduce prices to maintain its competitive edge [5] - The Yunlian version is the top configuration in the Qin L EV series, incorporating features previously exclusive to high-end models, such as the Yunlian-C system and the TBC system [5][7] - The Yunlian-C system enhances comfort and vehicle control, while the TBC system stabilizes the vehicle during high-speed blowouts, maintaining lateral deviation within 75 cm even at speeds of 140 km/h [7] Group 3 - The starting price for the original Qin L EV model has been reduced to below 110,000 yuan, with standard features including advanced suspension systems and the DiPilot 100 driving assistance system [9] - The Qin L EV series has introduced three new color options and has undergone two OTA upgrades, adding over 20 new features related to driving assistance and smart cockpit functionalities [9] - In addition to the Qin L EV, BYD announced the 2026 model of the Seal 07DM-i, expected to launch in mid-September with a price range of 160,000 to 200,000 yuan, and introduced new models from Tengshi and Fangchengbao [9]

Group 1 - Xiaomi announced that the delivery of the Xiaomi YU7 is about to begin, coinciding with the launch of the new Xiaomi end-to-end assisted driving system HAD [1] - The YU7 will be equipped with the 10 million Clips version of the Xiaomi end-to-end assisted driving system across all models [1] - The SU7 Pro/Max/Ultra models are expected to start receiving updates in late July [1]