1.一周融资概述 本周上海共发生22起融资，张江有6起，临港有4起。 2.融资企业和热点行业动态 11月27日，优理奇机器人亮相世界智能制造大会； 11月28日，辰仪测量携国产真空计亮相IC China 2025； 11月28日，上海智能传感器产业园成功获评上海市知识产权强市建设试点园区。 天使轮和战略融资的融资额相近，其中，战略融资中涉及1起医药领域的5300万美元的融资。 01 融资综述 加冕研究院据张通社Link数据库统计，本周（12.1 – 12.7），上海企业共发生22起融资事件，其中有8起披露了融资金额，合计金额约10.5亿元。本期较上 周（27起）少5起融资事件。 从行政区域分布来看，本周上海共有10区发生融资事件。浦东新区融资事件数量最多，有10起，其余各区发生1-2起。 从融资轮次来看，本周上海融资A轮最多，有11起；其次是天使轮，有5起。 从行业分布来看，本周上海融资共涉及10个行业，医疗健康融资事件最多，有7起，其次是先进制造，有5起。 02 热门融资速览 赛神医药完成5300万美元战略融资 12月4日，赛神医药完成5300万美元战略融资，本轮融资由礼来亚洲基金和ARCH Venture ...

Investment Rating - The report maintains a "Strong Buy" rating for the industry [1] Core Insights - The evolution of intelligent driving has entered the AI 2.0 phase, focusing on scalable capabilities and the ability to autonomously handle extreme edge scenarios, which will further enhance the commercial viability of intelligent driving systems [1] - Major players in the high-level intelligent driving sector are accelerating their entry into the Robotaxi business, leveraging mass-produced vehicles to optimize model training and performance in extreme scenarios [1][79] - The report highlights the importance of diverse real-world data and robust R&D resources as key competitive advantages for players in the AI driving space [81] Summary by Sections 1. Tesla's Software and Hardware Iterations - Tesla's FSD (Full Self-Driving) software has achieved significant milestones, with over 60 billion miles driven cumulatively, showcasing its leading position in intelligent driving [7] - The next-generation AI5 chip is expected to greatly enhance the performance and energy efficiency of Tesla's driving systems [8][9] 2. Development Stages of High-Level Intelligent Driving in China - The industry has transitioned from a rule-based system to a fully data-driven approach, marking the arrival of the AI driving era [15][12] - The current phase emphasizes end-to-end models that utilize extensive data for improved driving performance and user experience [18][19] 3. Technical Architecture: Mainstream Player Directions - The VLA (Vision-Language-Action) model integrates visual, language, and action modalities, enhancing the system's ability to understand and interact with the physical world [27][28] - Huawei's ADS 4.0 emphasizes a scene-driven approach, utilizing cloud simulations to train AI drivers without relying on large language models [49][50] 4. Business Model: Acceleration of Robotaxi Initiatives - The Robotaxi business is seen as a critical avenue for data collection and model optimization, with major players planning to leverage mass-produced vehicles for this purpose [65][66] - The report outlines two main technological routes for Robotaxi operations: the "crossing route" represented by Waymo and the "gradual route" represented by Tesla, each with its own advantages and challenges [67][68] 5. Investment Recommendations - The report recommends investing in companies such as Seres, Horizon Robotics, Great Wall Motors, Li Auto, and Xpeng Motors, which are well-positioned to capitalize on the advancements in AI driving technology [81]

Group 1 - Tesla Model Y standard version has begun mass production at the Texas Gigafactory, with a starting price of $39,990, which is a $5,000 reduction (approximately 11%) from previous versions [2][10] - The new Model Y features a simplified design, removing the continuous daytime running lights and tail lights, and is available in three colors: gray, white, and black [4] - The vehicle is equipped with a 69.5 kWh battery, offering an EPA range of 517 km, a 0-96 km/h acceleration time of 6.8 seconds, and a peak charging power of 225 kW, allowing for a 265 km charge in just 15 minutes [9] Group 2 - Bosch has commenced mass delivery of its mid-level intelligent driving assistance system, which has been adopted by several automakers including Jietu, Dongfeng, and BAIC for over ten models [11][14] - Bosch is the only global supplier with both high-level and mid-level intelligent driving technologies, having established a comprehensive regulatory compliance system [14] - The introduction of mid-level intelligent driving assistance may enable many gasoline vehicles to transition to smart features, allowing gasoline vehicle owners to experience L2-level driving assistance [16]

Core Insights - Bosch has officially achieved large-scale delivery of its mid-level intelligent driving assistance system, which has been adopted by over ten models from five automakers including Jietu, Dongfeng, and BAIC [4] - This delivery marks the first instance in China of a mid-level intelligent driving assistance system that is compatible with fuel vehicles, breaking the long-standing limitation of such features being exclusive to new energy vehicles [4] - Bosch is accelerating its commercialization process in the intelligent driving assistance sector, with its high-level end-to-end intelligent driving assistance solution also set for mass production [8] - Bosch is currently the only supplier globally that possesses both high-level intelligent driving assistance technology and a comprehensive regulatory compliance system [8]

Core Insights - The intelligent assisted driving industry has experienced a stark contrast over the past year, with advancements in technology leading to increased consumer demand and cost reductions, allowing L2+ systems to penetrate the mid-to-low-end market [2][4][5] - The competitive landscape is intensifying, with a clear emergence of leading players, and companies must adapt to new technological paradigms to remain relevant [2][9] - The rise of multi-modal large models and end-to-end systems is reshaping the industry, with companies like Qianli Technology positioning themselves strategically to leverage these advancements [12][21] Industry Dynamics - The shift from modular to end-to-end architectures in intelligent driving systems is becoming a standard, as exemplified by Tesla's FSD V9.0, which emphasizes a pure vision-based approach [4][5][6] - The software value in intelligent driving systems is projected to exceed 40% of the total vehicle value, indicating a significant shift in the industry's focus towards software-driven solutions [6][18] - The competitive landscape is characterized by a mix of vertically integrated companies like Tesla and third-party suppliers, highlighting the importance of collaboration and resource integration [9][18] Company Developments - Qianli Technology, founded by AI pioneer Yin Qi, aims to become a platform-level AI company, focusing on intelligent assisted driving and smart cockpit solutions [11][21] - The company has established partnerships with major automotive players, including Geely, to enhance its market presence and technological capabilities [17][25] - Qianli Technology's RLM (Reinforcement Learning-Multi-modal) model is gaining attention for its ability to improve driving experience and safety through advanced perception and decision-making capabilities [21][24] Future Trends - The integration of multi-modal large models and reinforcement learning is expected to be crucial for the future of intelligent driving systems, enhancing their adaptability and safety [20][22] - The global market for automated and intelligent driving vehicles is projected to reach $1.2 trillion by 2040, with significant growth opportunities for companies like Qianli Technology [25] - The development of Robotaxi services is a key focus for Qianli Technology, aiming to establish a comprehensive operational framework within 18 months [27]

Core Viewpoint - Mercedes-Benz has invested 1.339 billion RMB in Qianli Technology, becoming its fifth-largest shareholder, marking a strategic move towards enhancing its presence in the Chinese smart driving sector [1][2][12]. Group 1: Investment Details - Qianli Technology announced that Chongqing Lifan Holdings transferred 135.63 million shares at a price of 9.87 RMB per share, which is a 25% discount from the previous closing price [2][3]. - After the transaction, Lifan's shareholding in Qianli will decrease from 13.68% to 10.68%, while Mercedes-Benz will hold a 3% stake [3][12]. - The investment is part of Mercedes-Benz's broader strategy to integrate Chinese technology into its operations, following a similar investment in Momenta [15][17]. Group 2: Company Background - Qianli Technology, previously known as Lifan Technology, has undergone significant transformation under the leadership of its new chairman, Yin Qi, who has a strong background in AI and technology [7][9]. - The company is planning to list H-shares on the Hong Kong Stock Exchange, with a board meeting held on September 12 to approve the proposal [11][12]. Group 3: Strategic Implications - The investment is seen as a further alignment between Mercedes-Benz and Geely, which has previously collaborated with Mercedes on various projects [12][14]. - Qianli Technology is expected to provide technical support for upcoming Mercedes models in China, particularly in the electric vehicle segment [13][14]. - The collaboration with Qianli and previous investments in Momenta indicate a shift towards utilizing Chinese technology for smart driving solutions in Mercedes-Benz vehicles [15][19].

Core Viewpoint - The incident involving a drunk driver using a "smart driving device" to operate a vehicle autonomously highlights the risks associated with the misuse of intelligent driving assistance systems [3][4][5]. Group 1: Incident Details - On September 13, a driver in Hangzhou, under the influence of alcohol, used a device to trick the vehicle's intelligent driving system, allowing it to drive for 20 minutes without anyone in the driver's seat [4][5]. - The vehicle was equipped with an L2 level intelligent driving assistance system, which is designed to alert the driver if hands are removed from the steering wheel for more than two minutes [4][14]. - The driver, identified as Wang, had a history of drunk driving and was subsequently sentenced to 45 days in detention and fined 4,000 yuan for dangerous driving [5][15]. Group 2: Technology and Misuse - The "smart driving device," referred to as "智驾神器," has evolved from simple weighted accessories to more sophisticated electronic modules that can deceive the vehicle's monitoring systems [6][7]. - These devices are marketed online and are designed to bypass the driver monitoring systems, allowing for extended periods of hands-free driving [6][7]. - The rise of high-level intelligent driving systems has led to the development of customized "smart boxes" for specific vehicle brands, which can maintain autonomous driving without driver intervention [7][14]. Group 3: Regulatory and Safety Concerns - The incident underscores the need for stricter regulations and oversight regarding the production, sale, and use of such devices, as current laws do not adequately address the risks posed by external modifications to driving systems [14][15]. - Authorities emphasize that intelligent driving requires human oversight and should not be mistaken for full automation, warning against the dangers of using such devices [15].

Core Viewpoint - The rise of AI is leading to a new era characterized by embodied intelligence and intelligent assisted driving, marking the beginning of a competitive landscape in the Agentic AI era [1] Group 1: End-to-End Transformation - The transition from modular to end-to-end architectures in intelligent assisted driving is a significant shift, allowing for rapid iteration and adaptation to complex scenarios [3][4] - The end-to-end architecture requires exponential growth in data volume and computational power, with current mainstream intelligent driving companies needing 10P-30P of data for single model training [4] - The embodied intelligence sector faces even greater complexity, requiring machines to understand physical laws and execute intricate actions, which presents unique challenges in data handling and computational needs [4] Group 2: Cloud Infrastructure and AI Integration - Companies are increasingly seeking a unified cloud AI infrastructure that integrates computational power, big data, and AI platforms to support embodied intelligence [5] - Alibaba Cloud has upgraded its intelligent assisted driving solutions, achieving significant efficiency improvements, such as a 2-3 times increase in task management and scheduling capabilities [7] - The integration of NVIDIA's tools into Alibaba Cloud's AI platform aims to enhance the development of embodied intelligence applications, showcasing a comprehensive support system for data processing and model training [9] Group 3: High Demand and Future Outlook - The demand for high availability and extreme communication capabilities in embodied intelligence is pushing cloud providers to innovate beyond traditional models, leading to a new "network-storage-computation integration" requirement [10] - Alibaba Cloud is positioning itself as a leader in the AI infrastructure space, with ambitions to build a super AI cloud that can support the future needs of various industries [11][12] - The future may see a limited number of super cloud computing platforms, with Alibaba Cloud aiming to be a key player through substantial investments in AI infrastructure [11]

Core Viewpoint - Horizon Robotics plans to raise approximately HKD 63.39 billion through a share placement at HKD 9.99 per share, which represents a discount of about 5.75% [1][2] Group 1: Fundraising and Use of Proceeds - The share placement will account for approximately 4.6% of the company's existing issued share capital and about 1.9% of the voting rights at the shareholders' meeting [1] - The net proceeds from the placement will be used to expand overseas market operations, support the scaling of advanced driver assistance solutions, and invest in emerging fields such as Robotaxi-related initiatives [2] Group 2: Market Performance and Financials - On the secondary market, Horizon Robotics opened down over 5% on September 26, and by the time of reporting, the stock had dropped over 6% to HKD 9.92 per share [5] - The company reported a revenue of approximately CNY 15.67 billion for the first half of the year, marking a year-on-year increase of 67.6%, while losses widened from CNY 50.98 billion to CNY 52.33 billion [8] - The increase in sales costs and R&D expenses has been identified as the primary reason for the widening losses [8] Group 3: Customer Base and Market Position - Horizon Robotics is a leading supplier of intelligent driving assistance solutions for passenger vehicles, with significant revenue contributions from its top five customers, which accounted for 52.48% of total revenue in the first half of the year [8] - The revenue from the top five customers has shown a trend of increasing diversification, with the largest customer contributing 19.7% of total revenue [8]

Group 1 - The core focus of the 2025 Munich Auto Show is on intelligent assisted driving, showcasing the rapid evolution of this technology from concept to implementation, and from local to global markets [1] - Chinese companies are presenting mature mass production solutions and advanced technologies, demonstrating breakthroughs and collaborative advantages across the intelligent assisted driving industry chain [2] - Companies like Zhi Yu Technology and FAW-Volkswagen are launching intelligent assisted driving systems in models such as the Sagitar L and Tayron L, achieving A-SPICE CL2 certification, indicating maturity in international market processes and quality systems [2] Group 2 - European traditional automakers are facing transformation challenges, with many falling behind in the electric vehicle market due to slow product launches and technological reserves [3] - Collaboration with Chinese companies is seen as a way to accelerate the implementation of intelligent assisted driving technologies [3] - Chinese enterprises are establishing a presence in Europe, including setting up headquarters or R&D centers, and forming local teams to enhance collaboration with international automakers and suppliers [3] Group 3 - Safety is paramount for the future of intelligent assisted driving, with companies emphasizing the need for mass production verification and process certification to ensure technology reliability [4] - A survey by the German Association for Information Technology, Telecommunications and New Media highlights ongoing concerns regarding safety, accident liability, and data privacy in intelligent assisted driving [4] - Companies are encouraged to regularly disclose metrics such as disengagement rates and incident rates to build trust in their technologies [4] Group 4 - Chinese companies are adapting to overseas markets through collaboration and technological innovation, with companies like Lingzhou Zhihang partnering with Qualcomm to launch intelligent assisted driving products in Europe, the US, Japan, and South Korea by 2026 [5] - The focus on a unified architecture and cross-platform compatibility is seen as crucial for successful overseas deployment in the next three years [5]