开栏语： 当巴比伦的计时壶在晨曦中滴落第一颗水珠，当指南车的木轮碾过中原大地的尘埃，当张衡的候风地动仪在朝堂上第一次指向陇西——这些跃动的机械心 脏，早已在青铜与木石的躯壳里，埋下了人类对 "造物致知" 与"自动""智能"的渴望。 如今，世界机器人大会与世界人形机器人运动会的聚光灯下，站在奇点前夜，钢铁与代码正在重写科技进化的叙事。当人形机器人在马拉松赛道和冰丝带扬 起金属尘埃，当神经网络在硅基大脑里点燃百万个突触，这些钢铁造物已不再是简单的模仿者。它们带着算法的 "智慧" 与传感器的 "感知"，在碳基文明的 土地上投下崭新的影子。 潮水已至，星光在前。图灵测试的终点线外，还有具身智能的莽原等待开垦。新京报贝壳财经推出《机智谈》系列报道，愿做这趟星辰之旅的记录者，对话 深耕机器人产业前沿的创始人和领军人物，让我们一同见证，这场属于机械与智能的蝶变，如何书写下一个人类群星闪耀的时代。 0:00 赵同阳对人形机器人一直有着自己的执念。 "创业以来我只做过两件事，第一次是与物联网相关，第二次就是与人形机器人相关，一直到现在。十年前，没人认可人形机器人行业，更没有资本愿意为 机器人的未来买单，所以我只能'曲线救国'， ...

汽车行业先进个人与团队关注 Vehicle， 一起智能、出海、成长 作者 | Pirate Jack 来源 | Vehicle 以下文章来源于Vehicle ，作者Pirate Jack Vehicle . 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近30个 方向 学习 路线 | | 自动驾驶之心-国内最大的自驾技术平台 | | | --- | --- | --- | | 学习社区 | 论文辅导 | 在线课程 | | 产品宣传 | 内推求职 | 展会服务 | | 企业咨询 | 硬件教具 - | 项目对接 | >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 本文只做学术分享，如有侵权，联系删文 2025 年 的 CVPR 自 动 驾 驶 Workshop 上 ， 小 鹏 汽 车 的 Liu Xianming 先 生 做了一篇名为《Scaling up Autonomous Driving via Large Foundation Models》的演讲。 之前，网络上有不少小鹏此次CVPR的 VLA演讲信息，但那些是别人想让你看到的广告推文。本文根据 Liu Xianming ...

9月11日，深圳慧智物联与智平方达成半导体显示领域的首个具身智能战略合作，标志着具身智能机器 人首次大规模进入半导体显示产业。 作为惠科股份的全资子公司，慧智物联将在未来三年内携手智平方，在惠科全球生产基地部署逾1000台 具身智能机器人，覆盖从仓储物流、上下物料、零部件装配到质检测试等全流程，以PCB操作为首个示 范场景，共同推动具身智能在半导体显示和智能终端制造环节的落地应用。 据悉，本次战略合作订单金额接近5亿元人民币。 从合作双方背景来看，惠科是全球领先的半导体显示面板制造商，深耕显示产业二十余年，在大尺寸液 晶面板领域位居世界前三。 智平方成立于2023年，是知名具身通用智能机器人企业，该公司原创研发了全球首个全域全身具身大模 型GOVLA，并推出了自研机器人AlphaBot(爱宝)系列，在多个行业实现落地。作为"产业派"代表，智平 方已先后在汽车制造、生物科技、公共服务等领域落地机器人应用。年产能超千台的自有工厂已于今年 9月正式投产，为大规模商用奠定基础。 据了解，不同于传统依赖预设程序的方式，智平方AlphaBot(爱宝)系列机器人由端到端VLA大模型驱 动，能够实现感知、理解、决策与执行的高 ...

Core Viewpoint - The strategic partnership between Shenzhen Huizhi IoT Technology Service Co., Ltd. and Zhi Ping Fang (Shenzhen) Technology Co., Ltd. aims to deploy over 1,000 embodied intelligent robots in the semiconductor display industry over the next three years, marking a significant milestone in large-scale application within this sector [1][8]. Group 1: Partnership Details - The collaboration will focus on deploying the AlphaBot series robots for various tasks including PCB operations and OLED vacuum lamination, enhancing efficiency in the semiconductor display manufacturing process [5][7]. - The estimated contract value for this partnership is around 500 million yuan, based on a median price of 500,000 yuan per robot, which would set a new industry record for robot orders [5][12]. Group 2: Technology and Innovation - The AlphaBot series, particularly the latest AlphaBot 2, utilizes an end-to-end VLA large model that enables the robots to perceive, understand, decide, and execute tasks effectively, adapting quickly to new tasks in complex environments [5][11]. - The partnership will also involve the development of AI edge models tailored for display panel manufacturing, optimizing real-time decision-making and energy management [7][12]. Group 3: Industry Impact - This collaboration is seen as a pivotal step towards the mass production of embodied intelligent robots, transitioning from research and small-scale trials to large-scale deployment across various industries [8][10]. - The partnership is expected to provide a new pathway for the intelligent transformation of the semiconductor display industry and serve as a practical case for the development of embodied intelligence in China [14].

Core Insights - Xiaopeng Motors has officially launched a large-scale OTA upgrade for its G7 Ultra model, focusing on AI-assisted driving and smart cockpit enhancements [1] - The integration of the VLA large model significantly enhances the NGP intelligent driving system's capabilities, improving reasoning, prediction, and defensive driving in complex road conditions [1] - The new "human-machine co-driving" mode allows drivers to subtly intervene in vehicle control, enhancing collaboration between the driver and the vehicle's intelligent system [1] Feature Enhancements - The new version introduces practical features addressing user pain points, such as "custom parking" for manual creation of virtual parking boxes and "smart exit" for remote vehicle maneuvering via a mobile app [2] - An AES automatic emergency steering system has been added to enhance active safety by allowing the vehicle to steer away from potential collisions when braking distance is insufficient [2] - The smart cockpit experience has been optimized with enriched AR-HUD functionalities, including adaptive height adjustment and interactive AR animations to alleviate driver frustration during traffic [2]

Core Viewpoint - The company has adjusted the target prices for Li Auto (LI.US) to $26.4, indicating a potential upside of 17%, and for Li Auto-W (2015.HK) to HKD 102.6, indicating a potential upside of 16% while maintaining a "Buy" rating due to expected stable gross margins despite fluctuations in vehicle sales guidance for Q3 [1][2]. Group 1: Financial Performance - In Q2, the company's revenue reached RMB 30.2 billion, a year-on-year decrease of 5% but a quarter-on-quarter increase of 17% [2]. - The gross margin was 20.1%, with the automotive sales gross margin at 19.4%, reflecting a year-on-year increase of 0.7 percentage points and a quarter-on-quarter decrease of 0.3 percentage points, indicating relative stability [2]. - The company has provided a Q3 delivery guidance median of 92,500 vehicles, with a revenue median of RMB 25.5 billion, representing a year-on-year decline of nearly 40% and a quarter-on-quarter decline of about 16% primarily due to fluctuations in L-series sales [2]. Group 2: Strategic Initiatives - The company is actively adjusting and optimizing its sales strategy, including direct management from headquarters, localized approaches, and penetrating lower-tier markets to boost sales motivation [2]. - An investment of RMB 6 billion in artificial intelligence is anticipated this year, with the VLA large model expected to be integrated into the AD MAX model via OTA updates in September [2]. - The company expects cumulative deliveries of the i8 model to reach 8,000-10,000 units by the end of September, with the i6 model set to launch [2]. Group 3: Valuation - The company employs a sum-of-the-parts valuation method, using price-to-sales ratios of 1.6x for automotive sales and 0.9x for other revenues, leading to a target price of $26.4 for Li Auto (LI.US) and HKD 102.6 for Li Auto-W (2015.HK) [3].

Investment Rating - The report maintains a "Buy" rating for the company, Li Auto (LI.US/2015.HK), with a target price of $26.4, representing a potential upside of 17% for the US stock and a target price of HKD 102.6, representing a potential upside of 16% for the HK stock [2][4][6]. Core Insights - The report highlights that while there are fluctuations in the sales guidance for the third quarter, the gross margin is expected to remain stable. The company is actively adjusting its sales strategies to enhance sales performance, and the upcoming launch of the i6 model is anticipated to boost sales in the fourth quarter [8][29]. - The second quarter gross margin was stable at 20.1%, with total revenue reaching RMB 30.2 billion, a year-on-year decrease of 5% but a quarter-on-quarter increase of 17% [11][12]. - The report indicates a significant adjustment in revenue and profit forecasts for 2025 and 2026 due to expected declines in sales and operating profit [12][29]. Financial Projections - Revenue projections for 2023 to 2027 are as follows: - 2023: RMB 123,851 million - 2024: RMB 144,460 million - 2025E: RMB 121,217 million (down 16%) - 2026E: RMB 135,335 million (up 12%) - 2027E: RMB 151,527 million (up 12%) [3][9]. - Gross margin is projected to be around 20.2% in 2025, with net profit expected to decline significantly in 2025 before recovering in subsequent years [12][29]. Market Expectations - The report notes that the demand for new energy vehicles in China, particularly in the high-end segment, is expected to drive sales growth for Li Auto. The positive market response to pure electric models is anticipated to enhance average selling prices and gross margins [29][36]. - The company is also expected to invest approximately RMB 6 billion in artificial intelligence this year, which is projected to provide a long-term competitive advantage [8][29].

Core Viewpoint - Xiaopeng Motors has achieved significant pre-order success with the new Xiaopeng P7, receiving 10,000 orders in just 7 minutes, indicating strong market demand and consumer interest [1][39]. Group 1: Product Launch and Market Performance - The new Xiaopeng P7's pre-order performance is compared to other models, with the Xiaomi SU7 achieving 10,000 orders in 4 minutes and the Xiaopeng MONA M03 in 52 minutes, showcasing the competitive landscape [3]. - Xiaopeng Motors reported a total delivery of over 100,000 units in Q2 this year, marking a historical high with a year-on-year growth of 241.6% [39]. - The company's revenue reached RMB 18.27 billion in Q2, also a record high, with a year-on-year increase of 125.3% [39]. Group 2: Technological Strategy and Development - Xiaopeng Motors has shifted from supporting laser radar to a firm commitment to a pure vision approach for autonomous driving, aligning with Elon Musk's recent endorsement of the same technology [8][10]. - The company claims its self-developed Turing chip has effective computing power equivalent to three NVIDIA Orin X chips, positioning it as a leader in the industry [23][30]. - Xiaopeng's self-developed chips are tailored for their products, allowing for higher efficiency and better performance compared to generic chips used by competitors [28]. Group 3: Future Outlook and Competitive Landscape - Xiaopeng Motors anticipates launching L4 autonomous vehicles by 2026, with plans for pilot robotaxi operations in select areas [34]. - The CEO of Xiaopeng Motors stated that the sales in the past year and a half equate to the total sales of the previous nine years, indicating a strong growth trajectory [39]. - The company emphasizes its focus on technology and aesthetics as key drivers for future development, while acknowledging the competitive challenges ahead [40][42].

Core Viewpoint - The launch of the new XPeng P7 electric sedan showcases advanced technology and competitive pricing, aiming to capture a significant market share in the electric vehicle sector [2][9]. Product Overview - The new XPeng P7 is priced starting at 219,800 yuan, with four variants available, highlighting features such as self-developed AI chips, an 800V high-voltage platform, and 5C ultra-fast charging capabilities [2][6]. - The vehicle achieved over 10,000 pre-orders within 7 minutes of opening, setting a new record for XPeng [2][9]. Design and Performance - The P7 features a futuristic design with a focus on aesthetics and functionality, achieving high-performance metrics comparable to luxury brands like Porsche [3][4]. - It recorded a lap time of 1:38.767 at the Zhejiang International Circuit, making it the fastest production sedan under 500,000 yuan [4]. - The vehicle's performance is attributed to its advanced electric drive layout and AI-enhanced suspension system [4][6]. Battery and Charging Technology - The P7 is equipped with an 858 high-performance battery pack, offering a range of up to 820 km and ultra-fast charging capabilities, allowing for a 525 km charge in just 10 minutes [6][5]. - The charging system adapts to various public charging stations, ensuring efficient energy replenishment [6]. Intelligent Features - The P7 incorporates three self-developed Turing AI chips, providing a total computing power of 2250 TOPS, which supports advanced driver-assistance systems [6][7]. - It features a VLM cockpit assistant and an 87-inch AR-HUD, enhancing user interaction and experience [7]. Market Positioning and Strategy - XPeng aims to position the P7 as a flagship model, emphasizing its technological advancements and design to differentiate from competitors [11][12]. - The company targets a monthly sales goal of 40,000 units, indicating confidence in the P7's market acceptance [9][12]. Future Outlook - XPeng plans to expand its product line with new models in the coming years, focusing on both electric sedans and SUVs [14][16]. - The company is committed to enhancing its AI capabilities and integrating advanced technologies to maintain a competitive edge in the automotive market [27][24].

Core Viewpoint - Xiaopeng Motors has launched the new Xiaopeng P7, which is considered a "totem" product for the company, featuring advanced technology and design aimed at solidifying its position in the electric vehicle market [1][4][6]. Product Launch - The new Xiaopeng P7 was officially launched on August 27, with four versions available, priced between 219,800 yuan and 301,800 yuan [1]. - The P7 features a completely new design language and is equipped with three self-developed Turing AI chips, offering both rear-wheel and all-wheel drive options [4]. Technical Specifications - The new P7 is built on an 800V platform, providing a maximum power of 270 kW (367 hp) for the rear-wheel drive version and 437 kW (595 hp) for the dual-motor all-wheel drive version [5]. - It offers two battery options with capacities of 74.9 kWh and 92.2 kWh, achieving a charging time of 11.3 minutes from 10% to 80% SOC, and a range of up to 820 km under CLTC conditions [5]. Market Positioning - The company aims for the new P7 to become the third best-selling model in the pure electric sedan segment, with a focus on maintaining stable sales after the initial launch period [9]. - Xiaopeng Motors has prepared production capacity to meet the demand for the new P7, having already produced a batch of vehicles prior to the launch [9][11]. Historical Context - The original Xiaopeng P7, launched in 2020, played a crucial role in establishing the company in the Chinese electric vehicle market, achieving a delivery of 98,000 units in 2021, with the P7 accounting for 62% of total deliveries [7]. - In the first half of this year, Xiaopeng delivered 197,000 vehicles, a year-on-year increase of 279%, with the P7+ and MONA M03 contributing nearly 70% of the sales [9]. Future Outlook - The company plans to introduce more new products in 2026 and 2027, expanding its product line across various price segments from 100,000 to 2,000,000 yuan, including full-size SUVs [11].