新浪汽车讯，7月15日上午消息，宝马正式宣布与中国科技企业Momenta合作，将联合开发面向中国市 场的新一代智能驾驶辅助解决方案。该方案结合双方在人工智能和汽车工程领域的优势，未来将会应用 于包括新世代在内的多款国产车型上。 宝马集团大中华区总裁兼首席执行官高翔表示："宝马独有的产品理念、智能驾驶之道正与中国卓越的 数字科技深度融合，为中国用户打造拥有宝马DNA和中国智能的纯粹智能驾趣。我们期待着与Momenta 树立又一个共创共赢的范例，中国智慧，强强联合，将宝马'在中国、为中国，以中国速度创新'战略推 向新的历程。" Momenta CEO曹旭东表示："非常荣幸与宝马集团合作，BMW始终是驾驶乐趣的代名词和行业创新的 领导者。Momenta将充分发挥自身在智能驾驶领域的专长与优势，与宝马联合打造集'德系卓越驾 控'与'AI大模型前沿能力'于一体的智能驾驶辅助产品，为用户带来安全、便捷、高效的未来智慧出 行。" 值得注意的是，该辅助驾驶方案专为中国市场开发，支持全场景、点到点领航辅助，未来可实现跨城交 通全流程覆盖（含车位泊出与泊入）。宝马官方称，新一代系统以AI大模型赋能，实现一体化感知决 策与自进化， ...

公告称浙江美大上半年预计净利润盈利1150万元—1550万元，比上年同期下滑84.11%—88.21%；预计 扣非净利润盈利1000万元—1400万元 ，比上年同期下滑85.59%—89.71%。 7月15日，南都湾财社记者获悉"集成灶第一股"浙江美大实业股份有限公司（以下简称"浙江美大"）发 布2025年半年度业绩预告。 在此背景下，浙江美大业绩亦深受影响。财务数据显示，2024年，浙江美大实现营业收入8.77亿元，同 比下降47.54%；实现归母净利润1.1亿元，同比下降76.21%。 事实上，浙江美大营业收入已连续多年负增长。Wind数据显示，在2022—2024年期间，浙江美大营业 收入增速分别为-15.24%、-8.80%、-47.54%，归母净利润增速分别为-31.97%、2.68%、-76.21%。 不过在最新的财报预告中，浙江美大也强调，公司对未来发展充满信心。2025年下半年，公司将继续聚 焦主业，以场景化、集成化、AI智能化为核心，构建多元化产品矩阵，扩大市场空间，提升市场增长 新动力；继续深化渠道变革，推进多元化渠道优质融合发展；持续强化企业精益管理，多维度推动提效 降本，促进公司实现高 ...

基于征程6B的多项合作正稳步推进。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 地平线面向入门级主动安全领域的新一代车载智能计算方案 ——征程6B 日前 一次性成功点亮 。 值得一提的是， 从回片上电到 1V出图仅用时23分钟，征程6B再次刷新智驾计算方案点亮的行业速 度 。 自 2024年发布以来，地平线征程6系列面向中阶的征程6E/M已在多款主流车型上量产，面向高阶 的征程6P也将于年内在奇瑞车型首发量产。此次面向低阶ADAS市场的征程6B成功点亮，标志着地 平线征程6系列全阶通关成熟，以高效计算基座加速全民智驾实现 。 当前 的 ADAS市场面临着主动安全性能提升与成本下探的双重考验。依托地平线征程家族在前视一 体机领域的深耕和量产积累，征程6B产品力大幅提升，将助力合作伙伴打造极致性价比的一体机方 案，重塑主动安全新标杆 。 目前，基于征程 6B的多项合作正稳步推进。 国际顶级 Tier-1博世基于征程6B开发的新一代多功能 摄像头平台计划于2026年年中实现量产，现已获得多家全球和中国本土知名车企的项目定点。2024 年地平线在中 ...

买入 |维持 个股表现 资料来源：聚源，中邮证券研究所 证券研究报告：电子 | 公司点评报告 发布时间：2025-07-14 股票投资评级 公司基本情况 | 最新收盘价（港币） | 6.37 | | --- | --- | | 总股本/流通股本（亿股）138.81/ | 117.57 | | 总市值/流通市值（亿港 | 805.13 / 681.92 | | 币） | | | 52 周内最高/最低价 | 10.38 / 3.32 | | 资产负债率(%) | 41.53% | | 市盈率 | 35.47 | | 第一大股东 | Everest Robotics | | Limited | | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 地平线机器人-W(9660.HK) 规模化量产构建起完整的智能普惠生态 l 投资要点 征程系列累计出货量有望破千万。基于征程系列计算方案，公司 已与博世、电装、采埃孚等多家国际头部 Tier- ...

核心观点： 智能驾驶：景气度加速向上，比亚迪率先实现媲美 L4 级智能泊车。 比亚迪率先实现媲美 L4 级智能泊车，官方承诺为安全兜底：比亚迪在智能泊车场景取得关键突破，在全球率先实现 媲美 L4 级的智能泊车，并承诺：在中国市场，比亚迪对所有天神之眼车辆用户在智能泊车场景下的安全及损失全面 兜底。 全球首个自动驾驶租车产品上线，神州租车携手 Apollo 重新定义"租车自由"：2025 年 7 月 8 日，神州租车与百度 Apollo 在北京联合宣布，正式推出全球首个面向公众的自动驾驶租车产品。神州租车自动驾驶租车服务是基于百度 Apollo L4 级自动驾驶平台打造，深度融合神州租车覆盖全国的租车网络与车队运营经验，是国内首个实现自动驾驶、 全流程自助的租车产品。 机器人：景气度保持稳健向上，供应链节奏波动不改下半年国产机器人今年中小批量量产趋势。 智元机器人：投资方面：7 月 8 日，上纬新材公告显示，智元机器人拟收购其不低于 63.62%的股份。交易完成后，智 元机器人及其管理团队将成为上纬新材控股股东，邓泰华将成为上市公司实际控制人，核心团队含稚晖君等成员。产 品方面：7 月 9 日，智元机器人、安 ...

Core Viewpoint - The report highlights the performance and investment strategy of the Huafu Times Selected Mixed Securities Investment Fund, emphasizing its focus on the autonomous driving sector and its financial metrics for the second quarter of 2025 [1][11][15]. Fund Overview - Fund Name: Huafu Times Selected Mixed Fund - Fund Manager: Huafu Fund Management Co., Ltd. - Fund Custodian: China Construction Bank Co., Ltd. - Total Fund Shares at Period End: 77,179,097.37 shares - Investment Objective: To achieve long-term capital appreciation while strictly controlling risks [3][4]. Financial Performance - For the period from April 1, 2025, to June 30, 2025: - Huafu Times Selected Mixed A share net value growth rate: 1.84% - Huafu Times Selected Mixed C share net value growth rate: 1.74% - Benchmark return for the same period: 1.53% [5][15]. - Cumulative net value for A shares: 0.8789 RMB - Cumulative net value for C shares: 0.8699 RMB [15]. Investment Strategy - The fund has shifted its focus towards the autonomous driving sector, identifying it as a promising area for investment due to recent advancements and market potential [11][15]. - The fund's investment strategy includes a diversified approach across various segments of the autonomous driving industry, including vehicles, core components, and operational services [15]. Asset Allocation - As of the report date, the fund's asset allocation includes: - 75.73% in stocks - 18.45% in cash equivalents - No holdings in bonds or asset-backed securities [16][17]. - The fund has not engaged in any abnormal trading activities during the reporting period, ensuring compliance with relevant regulations [8][9]. Shareholder Activity - Total shares at the beginning of the reporting period for A shares: 68,773,874.57 - Total shares at the end of the reporting period for A shares: 66,609,842.38 - Total shares at the beginning of the reporting period for C shares: 11,372,060.21 - Total shares at the end of the reporting period for C shares: 10,569,254.99 [19].

Core Insights - The 15th China Automotive Forum was successfully held in Shanghai from July 10 to 12, where Horizon Robotics' President Chen Liming delivered a keynote speech on the latest trends in the intelligent driving industry and the company's technological innovations [1]. Group 1: Industry Trends - Intelligent driving technology is at a critical development stage, with a potential for rapid growth as it has reached an inflection point [1]. - The growth is supported by three factors: the integration of intelligent driving in China's new energy vehicle strategy, the expansion of Navigate on Autopilot (NOA) features from high-end to mid-range vehicles, and consumer preference for intelligent features in electric vehicles, especially among premium brands [1]. Group 2: Challenges in Intelligent Driving - Despite the promising outlook, intelligent driving faces challenges, particularly with urban NOA, which is still in a "usable" stage due to complex traffic conditions leading to safety issues [2]. - Current systems have limited Operational Design Domain (ODD) and weak generalization capabilities, which restrict their usage areas [2]. - High-performance systems are costly, hindering widespread adoption [2]. Group 3: Technological Innovations by Horizon - Horizon has developed the Vision Mamba algorithm, which addresses computational and visual challenges, enhancing performance with linear complexity and global perception [2]. - The Senna architecture combines end-to-end models with Visual Language Models (VLM), improving generalization and decision-making capabilities while reducing planning errors and collision rates [2]. - The Journey 6 series chips cover a range of intelligent driving applications, with the Journey 6P chip set to debut in Chery vehicles this year [2]. Group 4: Future Outlook - Horizon supports domestic manufacturers in producing intelligent driving systems and collaborates with international companies, including strategic partnerships with Bosch and Denso announced at the Shanghai Auto Show [3]. - The future of the intelligent driving industry is expected to see further integration of hardware and software, leading to the development of a unified AI Agent for distributed control [3]. - Horizon aims to collaborate with partners across the industry chain to create user-friendly intelligent driving products that deliver real value to consumers [3].

Core Insights - The intelligent driving industry is at a critical inflection point, with the potential for rapid growth or falling into an innovation gap as technology penetration reaches 10% to 20% [4] - The future growth of mid-to-high level intelligent driving is supported by three main factors: its central role in China's smart connected new energy vehicle strategy, the decreasing costs and increasing accessibility of advanced driving features, and strong consumer demand for intelligent features in vehicle purchases [4] Industry Trends - Intelligent driving is a core component of China's "14th Five-Year Plan" and is expected to drive the automotive industry from manufacturing to intelligent manufacturing [4] - The cost of advanced driving features has decreased significantly, with functionalities like urban NOA and highway NOA now available in vehicles priced below 150,000 yuan, accelerating the "smart driving equality" movement [4] - Consumer surveys indicate that intelligent features are among the top factors influencing the purchase of new energy vehicles, with a strong emphasis on intelligent driving and smart cockpit features in high-end models [4] Challenges - Despite advancements, intelligent driving still faces challenges, particularly in urban NOA, which is currently at a "usable" level but not meeting user expectations [5] - Issues include the system's performance in complex scenarios, limited operational design domain (ODD), and high costs, necessitating improvements in both system performance and application range [5] Technological Innovations - Horizon has made significant breakthroughs in four core areas: algorithms, software architecture, computing power, and data/engineering capabilities [6][7][8] - The Vision Mamba algorithm represents a key advancement in visual perception technology, achieving a 2.8 times increase in computation speed and an 87% reduction in GPU memory usage [6] - The new Senna multi-modal architecture integrates sensor and map data for improved vehicle control, resulting in over a 40% reduction in average planning displacement error and a 45% decrease in collision rates [6] Product Development - Horizon has launched the Horizon SuperDrive urban assistance driving system, which utilizes a combination of cameras and radar to enable full-scene intelligent driving without high-precision maps [9] - The system has demonstrated its ability to handle complex driving scenarios and is set for mass production this year [9] Future Outlook - The future of intelligent driving is expected to evolve towards hardware integration and software unification, with a focus on creating user-friendly intelligent driving products [9]

Core Insights - The 15th China Automotive Forum will be held in Shanghai from July 10 to 12, 2025, focusing on the theme "Quality Improvement and New Directions for Intelligent Driving" [1] - Dr. Chen Liming, President of Horizon Robotics, delivered a keynote speech discussing the latest research and industry insights in the field of intelligent driving [1] Industry Trends - Intelligent driving is at a critical inflection point in China, driven by three main factors: its significant role in the national strategy for smart connected new energy vehicles, the industry's push for technology democratization, and increasing consumer demand for intelligent features in electric vehicles [3][7] - The functionality of Highway Navigation on Autopilot (NOA) is becoming more user-friendly, while urban NOA is still in a "usable" stage, facing challenges such as complex traffic conditions and system performance issues [7] Technological Innovations - Horizon Robotics has made significant advancements in visual perception algorithms, evolving from traditional methods to the new Vision Mamba algorithm, which improves computational efficiency and resource optimization [11] - The Senna architecture combines end-to-end models with Visual Language Models (VLM), demonstrating over 40% reduction in average planning displacement error and 45% decrease in average collision rates compared to traditional models [14] Chip Technology - The Journey 6 series chips from Horizon Robotics cover a full range of intelligent driving applications, with the Journey 6P chip innovating in areas such as function, floating-point operations, and memory management, effectively reducing system deployment costs [17] Data and Engineering Capabilities - Horizon Robotics has introduced a solution combining reinforcement learning with world models, enabling continuous interaction with the environment for autonomous learning and optimization [19] - The company has achieved ISO 8800 certification for road vehicle safety and AI, providing over 8 million solutions and aiming to exceed 10 million this year, supporting over 200 vehicle models [19] Product Launches - The Horizon SuperDrive (HSD) for urban driving utilizes a one-stage end-to-end model and is set to enter mass production this year, featuring a configuration of 11 cameras and 1 millimeter-wave radar [22] - Horizon Robotics emphasizes its commitment to serving both domestic and global markets, collaborating with major international companies like Bosch and Denso [22]

Core Viewpoint - The automotive industry is at a critical juncture for high-level intelligent driving technology, which is expected to experience rapid growth following a pivotal point similar to that seen in smartphones and electric vehicles [1][2]. Group 1: Government Support - Intelligent driving is a key component of China's smart connected vehicle development strategy, as outlined in government reports and plans from the Ministry of Industry and Information Technology [2]. - The transition to electrification is seen as a way for China to move from being a major automotive market to a strong automotive nation, facilitating industrial upgrades and the shift from "Made in China" to "Intelligent Manufacturing in China" [2]. Group 2: Industry Trends - The functionality of urban NOA (Navigation on Autopilot) and highway NOA has progressively moved from high-end models priced above 300,000 yuan to models below 150,000 yuan this year [2]. - The first quarter of this year has seen further democratization of intelligent driving features among automakers, which is expected to drive technological advancements, cost reductions, and performance improvements, making these features more accessible to consumers [2]. Group 3: Consumer Demand - According to a McKinsey report, the level of intelligence in vehicles is a top two factor for consumers when choosing between electric and fuel vehicles, indicating that smart features are becoming a major consideration in vehicle selection [3]. - When selecting high-end brands, consumers are increasingly prioritizing intelligent attributes, with two out of the top three factors related to intelligent driving and smart cabins [3].