Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index attempting to reclaim the 3900-point level but ultimately closing with a small gain and a long upper shadow [1] - Trading volume remained low at around 1.7 trillion yuan, indicating a cautious market sentiment as the year-end approaches [1] - The market is expected to experience fluctuations around the 4000-point level, which may prepare for a potential upward movement as the manufacturing sector is likely to see improved supply-demand dynamics by 2026 [1] Sector Focus - The technology sector is anticipated to continue its orderly rotation in November, with potential rebound opportunities in underperforming areas such as robotics, military, and smart vehicles [2] - The semiconductor industry is expected to maintain its growth trajectory, with a focus on domestic production across various segments including equipment, wafer manufacturing, materials, and IC design [2] - The military sector is projected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2] - The banking sector is witnessing a rebound in mid-year performance growth following the impact of loan rate re-pricing, making it attractive to long-term institutional investors due to its dividend yield [2]

Core Insights - The article discusses the advancements and challenges faced by Li Auto in the development of its autonomous driving technology, particularly focusing on the end-to-end model and VLA (Vision-Language-Action) integration [2][5][9]. Group 1: Model Performance and Data Utilization - The performance improvement of end-to-end models slows down after reaching a certain amount of training data, specifically after 10 million clips, where the model's MPI (Miles Per Interaction) only doubled in five months [5]. - To enhance model performance, Li Auto adjusted the training data mix, increasing the quantity of generated data, including corner cases, and implementing manual rules for safety and compliance in special scenarios [5][9]. Group 2: VLA Integration and Decision-Making - The introduction of VLA aims to enhance the decision-making capabilities of the end-to-end model, addressing issues such as illogical behavior, lack of deep thinking in decision-making, and insufficient preventive judgment based on scenarios [5][6]. - VLA incorporates spatial intelligence, linguistic intelligence, and action policy, allowing the model to understand and communicate spatial information effectively, and generate smooth driving trajectories using diffusion models [6][9]. Group 3: Simulation and Testing Efficiency - Li Auto upgraded its model evaluation methods by utilizing a world model for closed-loop simulation and testing, significantly reducing testing costs from 18.4 per kilometer to 0.53 per kilometer [9][11]. - The closed-loop training framework AD-R1 was introduced, allowing for efficient data management and reinforcement learning, with high-value data being processed through a series of steps back to the cloud platform [11][12]. Group 4: Computational Power and Resources - Li Auto's total computational power is 13 EFLOPS, with 3 EFLOPS dedicated to inference and 10 EFLOPS for training, utilizing 50,000 training and inference cards [13]. - The emphasis on inference power is crucial in the VLA era, as it is necessary for generating simulation training environments [13].

Core Insights - Huawei's strategy focuses on "not manufacturing cars, but helping car manufacturers build better cars," aiming to create a new paradigm for smart mobility through "technology inclusivity" and "ecosystem co-creation" [1] - The company has expanded its partnerships to include 14 automakers and 33 mass-produced models, emphasizing a collaborative approach rather than merely technology output or market scale [1] Technology Development - The upgraded ADS Pro features the first mass-produced cabin laser vision Limera, enhancing forward perception capabilities and supporting urban navigation assistance [2] - The all-dimensional collision avoidance system has been upgraded to CAS 4.0, providing comprehensive safety coverage across various conditions [2] - The urban NCA function will be available in over 20 models by Q1 2026 and will also be accessible in models priced at 150,000 yuan, promoting wider access to advanced driving assistance [2] Product Matrix Expansion - Huawei's ecosystem aims to meet diverse consumer needs across different price ranges, from entry-level to luxury vehicles, ensuring users do not have to compromise between budget and smart features [3] - The newly announced "Jing" series enhances the product matrix, with models like GAC's "Qijing" and Dongfeng's "Yijing" targeting specific market segments while integrating Huawei's smart mobility solutions [3] Sales Milestone - In October 2025, sales of vehicles equipped with Huawei's smart driving technology surpassed 100,000 units in a single month, marking a significant milestone for the company [4] Value Evolution - Huawei's OTA technology is redefining the lifecycle value of vehicles, allowing continuous software upgrades that enhance vehicle performance and user experience [5][6] - The OTA upgrades have led to increased vehicle retention and user engagement, with a 95.2% active user ratio for Huawei's smart driving technology [6] Industry Impact - The Chinese Passenger Car Industry Alliance Secretary General highlighted that Huawei's ecosystem is driving technological progress and enhancing user experience, positioning Chinese automakers for a competitive advantage in the global smart mobility landscape [7]

● 龚梦泽 熊永红 在不久前举行的广州华为乾崑生态大会上，随着广汽"启境"与东风"奕境"的亮相，华为乾崑的"朋友 圈"再度扩容。这并非单纯的品牌叠加，而是华为乾崑在"不造车，帮助车企造好车"的战略指引下，通 过"技术普惠"与"生态共创"，构建智能出行新范式的体现。 从2019年以"电子螺丝钉"身份入局汽车领域，为行业提供智能技术，到如今携手众多合作伙伴构建起覆 盖14家车企、33款量产车型的庞大"朋友圈"，华为乾崑追求的从来都不是单一的技术输出或市场规模， 而是通过重构产品与服务、车企与用户之间的价值关系，为中国汽车产业在智能化下半场开辟一条"开 放共生、持续进化"的新增长路径。 技术同源 让高端智能普惠每一款车型 中国汽车市场的复杂性，决定了智能出行无法用单一产品满足所有用户。从10万元以下入门级到50万元 以上豪华车型，从家庭用户的空间需求到年轻群体的科技追求，从商务出行的舒适诉求到日常通勤的高 效需求，多元场景呼唤差异化的产品供给，而这正是华为乾崑生态布局的核心逻辑。通过与不同定位的 车企合作，华为乾崑正在构建覆盖全价位、全场景的车型矩阵，让用户无需在"预算"与"智能"之间妥 协。 本次大会上官宣的"境 ...

● 龚梦泽 熊永红 在不久前举行的广州华为乾崑生态大会上，随着广汽"启境"与东风"奕境"的亮相，华为乾崑的"朋友 圈"再度扩容。这并非单纯的品牌叠加，而是华为乾崑在"不造车，帮助车企造好车"的战略指引下，通 过"技术普惠"与"生态共创"，构建智能出行新范式的体现。 从2019年以"电子螺丝钉"身份入局汽车领域，为行业提供智能技术，到如今携手众多合作伙伴构建起覆 盖14家车企、33款量产车型的庞大"朋友圈"，华为乾崑追求的从来都不是单一的技术输出或市场规模， 而是通过重构产品与服务、车企与用户之间的价值关系，为中国汽车产业在智能化下半场开辟一条"开 放共生、持续进化"的新增长路径。 技术同源 让每类需求都能精准匹配 中国汽车市场的复杂性，决定了智能出行无法用单一产品满足所有用户。从10万元以下入门级到50万元 以上豪华车型，从家庭用户的空间需求到年轻群体的科技追求，从商务出行的舒适诉求到日常通勤的高 效需求，多元场景呼唤差异化的产品供给，而这正是华为乾崑生态布局的核心逻辑。通过与不同定位的 车企合作，华为乾崑正在构建覆盖全价位、全场景的车型矩阵，让用户无需在"预算"与"智能"之间妥 协。 本次大会上官宣的"境" ...

Core Insights - Huawei's strategy focuses on "not manufacturing cars, but helping car manufacturers build better cars," emphasizing a collaborative ecosystem for smart mobility [1][3] - The Huawei QianKun ecosystem has expanded to include 14 car manufacturers and 33 mass-produced models, aiming to redefine the value relationship between products, services, manufacturers, and users in the smart automotive sector [3][11] Technology Development - The upgrade of Huawei QianKun's ADS Pro features the first mass-produced cabin laser vision system, enhancing forward perception capabilities and supporting advanced urban navigation assistance [3][4] - The full-dimensional collision avoidance system has been upgraded to CAS 4.0, providing comprehensive safety coverage across various scenarios [3][4] - The urban NCA function will be available for models priced at 150,000 yuan and above, making advanced driving assistance more accessible to a broader user base [4][11] Market Positioning - Huawei QianKun's ecosystem aims to meet diverse consumer needs across different price segments, from entry-level to luxury vehicles, ensuring that users do not have to compromise between budget and smart features [6][8] - The newly announced "Jing" series further enriches the product matrix, targeting both high-end and family markets with tailored solutions [6][8] Value Evolution - The OTA (Over-The-Air) updates redefine the lifecycle value of vehicles, allowing continuous software upgrades that enhance user experience and vehicle performance [9][11] - The high user engagement rate of 95.2% for QianKun's smart driving system indicates strong user recognition of the value added through OTA updates [9][11] Industry Impact - Huawei QianKun is accelerating the transition of smart technology from being a premium option to a standard feature in vehicles, aiming to increase the adoption of advanced driving assistance systems in China [11] - The initiative supports the broader goal of positioning Chinese automotive manufacturers at the forefront of the global smart mobility revolution [11]

11月27日，鸿蒙智能汽车技术生态联盟官方微博发帖称：近期，我们识别到互联网上出现了大量对鸿蒙智行的集中攻击，其内容罔顾事实、移花接木、张冠 李戴、自导自演、哗众取宠、漏洞百出，不仅内容观点偏离主流价值观，且目的险恶手段恶劣，挑战了社会道德底线、破坏了网络清朗环境。 本文系观察者网独家稿件，未经授权，不得转载。 据国家网信办网站9月10日消息，工业和信息化部等六部门已联合部署开展汽车行业网络乱象专项整治行动。本次专项整治行动将集中整治非法牟利、夸大 和虚假宣传、恶意诋毁攻击等网络乱象，提升涉汽车企业网络乱象处置质效，督促企业规范营销宣传行为，营造良好舆论环境，护航汽车产业高质量发展。 重点整治问题主要包括非法牟利问题、夸大和虚假宣传问题、恶意诋毁攻击问题。 该官微还表示，鸿蒙智行已充分收集证据，对涉嫌造谣、抹黑的相关组织和人员，坚决追究到底！ ...

Core Viewpoint - The automotive industry is undergoing a technological transformation, with software increasingly adding value, and Huawei's QianKun is positioned to lead this change by creating an intelligent and open automotive platform [1][5][9] Group 1: Achievements and Market Position - Huawei QianKun's monthly sales have surpassed 100,000 units, with over 20 million uses of the parking-to-parking feature and an active user rate of 95.2% for assisted driving [1] - In the first nine months of this year, Huawei QianKun achieved sales of 452,000 units, capturing a market share of 27.8%, which is greater than the combined total of the second and third competitors [5] - Predictions indicate that Huawei QianKun will achieve annual profitability in 2024, with a revenue growth of 474.4%, potentially exceeding 60 billion yuan in revenue and 12 billion yuan in profit within 1-3 years [7] Group 2: Business Model and Collaboration - Huawei QianKun's business model emphasizes an open ecosystem, collaborating with 15 leading automotive companies and covering 1 million units across 35 models, including partnerships with brands like Audi [9][11] - The collaboration with various automotive manufacturers is seen as a means to quickly acquire mature solutions and reduce R&D costs, establishing Huawei QianKun as a preferred supplier [11] Group 3: Technological Advancements - Huawei QianKun has developed a robust technological moat through its fully self-developed technology, achieving high scores in critical tests for features like AEB and parking assistance [12] - The latest ADS 4 system features significant upgrades, including a 50% reduction in end-to-end latency and a 20% increase in traffic efficiency, showcasing Huawei's commitment to safety and performance [13][15] Group 4: Industry Impact and Future Outlook - Huawei QianKun's rapid growth is not just a corporate event but signifies a broader industry transformation, marking China's shift from following to leading in automotive technology [15] - The company aims to establish itself as the leading brand in automotive intelligence, with a successful transition from backend operations to a prominent market presence [15]

新华财经上海11月27日电（记者王鹤）11月27日，市场研究机构J.D. Power君迪与同济大学HVR Lab （人车关系实验室）以及AI评价伙伴XAI Lab（蜂火智能实验室）共同发布的2025中国智能座舱的研究 报告显示，2025年，智能座舱已经开始从"数字冗余"转向"实用主义"的理性变革，未来智能座舱的竞争 焦点将从"功能的广度"回归"体验的深度"。 报告认为，早期"功能座舱"以丰富在线服务为核心；随后的"感知座舱"通过多模态交互与感知技术融 合，实现基于规则的自然交互与任务自动化；如今，大模型技术的深度应用让行业正式迈入"认知座 舱"新阶段。这一系统能精准理解用户行为与偏好，主动推送餐饮、音乐等个性化服务，完成从被动响 应到自主认知的高阶交互升级。 数据质量与场景定义成为核心竞争力，体验深度成为购买决策锚点 随着大模型能力普及，行业出现明显的功能同质化趋势。智能座舱竞争正从"模型规模"转向"数据质 量、场景颗粒度与深度适配"之争。车企需构建"场景—数据—模型"的一体化闭环能力，实现"模型即应 用"，才能在真实用车场景中形成差异化体验。 报告发现，用户对智能座椅、智能音响等舒适性硬件的支付意愿提升，体 ...

11月21日，在2025广州车展上，阿维塔与华为联合举办战略合作全面深化发布会，正式宣告双方合作迈 入全新阶段。 （文/观察者网 张家栋 编辑/高莘） 文中图片均来自阿维塔官网 阿维塔科技董事长王辉表示："阿维塔是和华为合作时间最长、范围最广、深度最深的车企！双方共同 推动HI模式升级为HI PLUS模式，合作范围进一步扩展至用户洞察、产品定义、产品开发、整合营销、 团队共建等全领域。" 阿维塔科技董事长王辉 本届车展前夕，华为正式官宣合作伙伴扩容，形成"一塔两境五界"新格局。其中，阿维塔自2019年与华 为达成合作以来，在HI合作模式基础上不断深化。今年10月，阿维塔向华为累计支付115亿元，完成对 华为持有引望公司10%股权的投资，成为与华为合作深度最深的车企，同时双方的合作模式也延伸至HI PLUS（联合共创）模式。 阿维塔表示，产品推新周期将与华为乾崑ADS辅助驾驶系统的迭代周期高度同步。未来，包括华为乾崑 智驾ADS高速L3解决方案、MoLA加持下拥有类人智能的鸿蒙座舱L3等最新技术都将在阿维塔车型上量 产。 而作为渠道端的延伸，目前阿维塔全系车型已经入驻华为乾崑APP；阿维塔与华为还联合打造了首家 ...