杰发科技MCU技术创新与差异化策略明晰 在芯片业务方面，杰发科技2025年MCU技术创新聚焦"功能安全""极致性价比""AI适配"，架构从单核向 多核异构演进，能效管理升级，AI适配聚焦轻量化场景。其差异化策略为"车规基因 + 定制化敏捷 + 本 土化生态"，将SoC经验迁移到MCU设计，IP自研比例高，FAE团队7×24小时响应，降低本土化门槛， 在车规MCU领域替代速度快于行业平均水平。 多云合作围绕数据闭环，数据合规业务潜力大 8月22日，四维图新举办业绩说明会，美国银行与美林证券、瑞银证券、中金公司等40家机构及公众投 资者通过线上会议参与。四维图新SVP&董秘孟庆昕、CFO姜晓明等相关负责人出席，就行业近况、公 司业务、业绩展望等方面与投资者展开交流。 智能驾驶行业趋势向好，政策助力商业化落地 在业绩说明会上，四维图新介绍了2025年上半年智能驾驶行业呈现技术下沉、AI驱动、政策支持等核 心趋势。L3级自动驾驶进入商业化元年，智能驾驶技术下沉至中低端市场，推动"智驾平权"。AI大模 型优化感知与决策能力，提升智驾系统深度挖掘能力，带动传感器与算力需求增长。政策方面，多地立 法允许L3车辆上路、发放L ...

Group 1: Industry Trends - The smart driving industry is experiencing key trends such as technology penetration, AI-driven advancements, and policy support, leading to the commercialization of mid-to-high level autonomous driving [2][3] - Level 3 autonomous driving is entering its commercial phase, with mid-to-high level features being offered in vehicles priced between 100,000 to 150,000 RMB, promoting "driving equality" [2][3] - The demand for sensors and computing power is increasing, with some vehicle models requiring over 1000 TOPS of computing power [3] Group 2: Policy and Regulation - Local governments, such as Shenzhen and Shanghai, are facilitating the commercialization of new applications by allowing Level 3 vehicles on the road and establishing international safety standards [3] - The Ministry of Industry and Information Technology and other agencies have drafted guidelines for automotive data security, which may release data export demands for global automotive companies [3] Group 3: Company Performance and Growth - The company's data compliance business has shown strong growth, with a revenue increase of over 100% in the first half of 2025, surpassing 400 million RMB [4][10] - The company is implementing cost-reduction strategies and enhancing efficiency through AI integration, aiming for optimized resource allocation [4] Group 4: Product Development and Innovation - The focus for 2025 includes "functional safety," "extreme cost-performance," and "AI adaptation," with advancements in multi-core technology and dynamic energy management [4][5] - The company has achieved a 100% self-research rate for analog IP and over 90% for digital IP, promoting domestic production capabilities [6] Group 5: Market Dynamics and Competition - The automotive chip market is currently facing price declines, but the company aims to differentiate by offering high-performance, safety-focused products [7] - The company collaborates with major cloud service providers to enhance data compliance and operational efficiency, leveraging their strengths for mutual benefit [8] Group 6: Future Outlook - The AI new infrastructure framework consists of three core layers: data compliance, data enhancement, and AI training, which collectively reduce R&D costs and improve industry efficiency [10] - The growth potential for data compliance services remains significant, driven by the increasing scale of data operations and integration with other business segments [10]

Core Viewpoint - The article discusses the recent changes in the leadership of the intelligent driving team at Li Auto, highlighting the departure of key personnel and the implications for the company's future in the competitive automotive industry [4][5]. Group 1: Leadership Changes - Wang Jiajia, the head of mass production for Li Auto's intelligent driving team, has submitted his resignation, marking the third significant departure from the team this year [4]. - Wang Jiajia previously worked at Bosch China for nearly eight years before joining Li Auto in May 2021, where he played a crucial role in the development of intelligent driving technologies [5]. - The intelligent driving team at Li Auto has undergone significant restructuring, with previous leaders like Xia Zhongpu and Jia Peng also leaving the company this year [4][5]. Group 2: Industry Context - The intelligent driving sector is experiencing a convergence of technology routes, driven by a price war in the automotive industry, leading to a more standardized approach among competitors [6]. - As the cost of advanced technologies does not yield proportional returns, companies are increasingly looking to reuse resources to reduce costs [6]. - The departure of key personnel, including Wang Jiajia, reflects broader industry trends and personal choices influenced by the changing landscape of the intelligent driving market [6].

Core Viewpoint - The emergence of Momenta's self-developed driving chip marks a significant shift in the domestic intelligent driving industry, transitioning from a software-only company to a full-stack supplier, posing new competitive challenges to existing players in the market [1][2][20]. Company Overview - Momenta, established in 2016, focuses on high-performance intelligent driving solutions, targeting both L2 and L4 markets, and has partnerships with major global automakers, including SAIC, BYD, and Toyota [2][3]. - The company holds the largest market share in urban NOA technology at 60.1%, with cumulative sales of 114,000 vehicles equipped with its technology [3][19]. Self-Developed Chip Significance - Momenta's self-developed chip is positioned for the mid-range market, offering cost advantages and compatibility with existing products, which enhances its competitive edge [6][19]. - The strategy of "downward integration" is expected to create stronger competitive barriers and higher value capture capabilities for the company [6][10]. Impact on Competitors - The introduction of Momenta's chip poses significant challenges to NVIDIA and Qualcomm, as it allows automakers to transition smoothly from their solutions, increasing competitive pressure on these established players [8][10]. - Domestic chip manufacturers like Horizon Robotics and Black Sesame are also facing heightened competition, as Momenta's software expertise may overshadow their advantages [10][11]. Implications for Automakers - Automakers are reevaluating the necessity and cost-effectiveness of in-house chip development in light of Momenta's competitive offerings, particularly for resource-constrained new entrants [12][14]. - The shift towards Momenta's integrated solutions may lead to a reassessment of self-research strategies among automakers, balancing differentiation with cost advantages [15][21]. Strategic Challenges Ahead - Momenta faces challenges in achieving large-scale production and meeting stringent automotive safety standards, which are critical for its long-term success [20][21]. - The competitive landscape is expected to intensify as established players like NVIDIA and Qualcomm may respond with price cuts or enhanced technology to counter Momenta's market entry [20][21].

在这个机遇与挑战并存的时代，我国智驾行业如何形成健康可持续的产业生态，将是未来发展的关键。 今年是"智驾平权"元年，这已经成为了行业共识。一方面，辅助驾驶功能加速普及，L2级及以上的辅助驾驶渗透率已超50%；另一方面，高阶智能驾驶功能 （如城市NOA）正从高端车型持续下放到10万~20万元主流市场。 与此同时，中国智驾行业也保持持续创新活力，技术路线加速演进，"多传感器融合"（视觉+激光雷达+毫米波雷达）仍是主流路线，但"端到端"架构与VLA （视觉语言动作）模型也正重塑技术路径。 在智驾行业充满机遇的同时，也面临着不小的挑战，比如遭遇了安全与责任界定、技术成熟度与可靠性不足、过度宣传与消费者信任危机等问题。 在这个机遇与挑战并存的时代，我国智驾行业如何形成健康可持续的产业生态，将是未来发展的关键。在第一财经于8月20日上午举办的科创未来行产业沙 龙上，主线科技合伙人兼前瞻院院长王超、图达通工程研发副总裁蒲兴华、赛恩领动市场战略、政府关系及业务发展副总裁丰浩、纽劢科技量产工程部高级 总监张帆、汇正财经首席策略师杨首骏，就中国智驾高质量发展中的核心问题展开圆桌讨论。蔚来资本董事总经理凌雯作为圆桌主持。 与会嘉宾 ...

21世纪经济报道记者 易思琳 北京报道 理想汽车智能驾驶团队再现变动。 《21汽车·一见Auto》从多位信源处获悉，理想汽车智驾团队量产负责人王佳佳近期已提交离职申 请。"但目前飞书架构上显示他还在。"一位知情人士补充。 这是今年以来从理想汽车智能驾驶团队离职的第三个重要负责人。去年11月，理想调整过一次智驾团 队，把整个部门分成三大块：夏中谱负责AI算法落地，贾鹏负责VLA的技术研发、王佳佳负责量产， 三位同时汇报给郎咸朋。今年以来，夏中谱、贾鹏已离开理想。 离职前，王佳佳是理想智能驾驶量产研发负责人，职级为21级，向理想汽车智能驾驶负责人郎咸朋汇 报。他带领的量产团队，是理想智驾团队继VLA团队之后的第二大团队，规模近250人。 今年6月，王佳佳曾带领团队进行了一段时间的智能驾驶相关的封闭开发。 理想之前，王佳佳在博世中国工作近8年，先后担任自动驾驶研发项目组长、部门经理等职位，曾是博 世中国公司发展历史上最年轻的研发总监。 （原标题：21独家｜"智驾元老"再流失，理想智驾量产负责人王佳佳离职） 一位接近理想汽车智驾量产研发团队的员工后来告诉《21汽车·一见Auto》，理想汽车CEO李想在5月底 试驾了无 ...

理想之前，王佳佳在博世中国工作近8年，先后担任自动驾驶研发项目组长、部门经理等职位，曾是博 世中国公司发展历史上最年轻的研发总监。 《21汽车·一见Auto》从多位信源处获悉，理想汽车智驾团队量产负责人王佳佳近期已提交离职申 请。"但目前飞书架构上显示他还在。"一位知情人士补充。 这是今年以来从理想汽车智能驾驶团队离职的第三个重要负责人。去年11月，理想调整过一次智驾团 队，把整个部门分成三大块：夏中谱负责AI算法落地，贾鹏负责VLA的技术研发、王佳佳负责量产， 三位同时汇报给郎咸朋。今年以来，夏中谱、贾鹏已离开理想。 离职前，王佳佳是理想智能驾驶量产研发负责人，职级为21级，向理想汽车智能驾驶负责人郎咸朋汇 报。他带领的量产团队，是理想智驾团队继VLA团队之后的第二大团队，规模近250人。 今年6月，王佳佳曾带领团队进行了一段时间的智能驾驶相关的封闭开发。 更多是个人选择。 理想汽车智能驾驶团队再现变动。 2021 年 5 月，王佳佳加入理想汽车，和贾鹏同为理想智驾团队的元老。四年来，王佳佳带领团队先后 攻克了有图、无图等技术路线。2024年5月，在经历MEGA风波之后，理想曾进行过一轮大规模人员优 化，当 ...

据悉，黑芝麻智能与高性能激光雷达企业AEye(LIDR.US)达成战略合作，通过深度融合黑芝麻智能的高 可靠性车载计算平台及感知算法与AEye全球领先的长距感知技术，共同打造即插即用的全栈方案，加 速AI障碍物检测与预警系统在轨道交通场景的应用落地。 智通财经获悉，黑芝麻智能(02533)午后涨超11%，截至发稿，涨10.7%，报19.15港元，成交额6.69亿港 元。 消息面上，8月18日，黑芝麻智能宣布正式进军轨道交通主动安全领域，推出面向高速运输网络的AI障 碍物检测与预警系统。该系统凭借突破性超长距探测能力与车规级高可靠性，成功获得国内头部轨道交 通装备制造商的选型认可，预计订单金额达数千万美元。 本文源自智通财经网 ...

| | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 1.760.502.272.47 | 1.666.898,266.64 | 5.62% | | 归属于上市公司股东的净利润(元) | -310.541.634.94 | -355,650,846.12 | 12.68% | | 归属于上市公司股东的扣除非经常性损益的净利 润(元) | -317,214,075.63 | -364,152,479.76 | 12.89% | | 经营活动产生的现金流量净额(元) | -90.457.591.88 | 194.138.720.53 | -146.59% | | 基本每股收益(元/股) | -0.1330 | -0.1541 | 13.69% | | 稀释每股收益(元/股) | -0.1330 | -0.1518 | 12 38% | | 加权平均净资产收益率 | -3.61% | -3.61% | 0.00% | | | 本报告期末 | 上年度末 | 本报告期末比上年度末增减 | | 总资产(元) | 10.959.944.7 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 国内的智能驾驶赛道，又掀起了新的波澜。 据36氪等媒体报道，国内自动驾驶技术公司Momenta自研的首款辅助驾驶芯片，已在近期点 亮，并开始上车测试。据了解，这块芯片的性能主要对标的是旗下的Orin-X和高通8650等主流 辅助驾驶芯片。 此消息一出，就震动了整个国内智能驾驶圈，作为一家以算法软件起家的智驾公司，Momenta 亲自下场搞芯片，不仅标志着其开始从纯粹的"软件公司"转向"软硬一体"全栈供应商，同时也意 味着众多智能驾驶赛道的厂商迎来了一位新的对手。 而问题也随之而至：当Momenta这样的厂商开始下场造芯片，谁会受伤，谁又能因此受益呢？ 自研芯片，意义重大 我们先来简单了解一下Momenta，这家成立于2016年的企业，此前专注于提供高性能智驾解决方 案，主攻中高端市场，产品主要包括量产L2智驾系统Mpilot、L4完全无人驾驶系统MSD，其整体业 务策略是兼顾L2与L4两条腿走路的产品策略，与数据驱动的飞轮策略相结合。 截至目前，Momenta与多家国内外头部车企建立合作，包括多家全球销量前10车企，代表客户包括 国内上汽、比亚迪、广汽，海外丰田 ...