12 月 3 日，理想汽车正式发布了其首款量产 AI 眼镜—— Livis 。在外界看来，这或许只是车企为了丰富周边生态而推出的一款"科技玩具"，但在李想的 战略棋局中，这款重仅 36 克的眼镜，被定义为"最强人工智能附件"。它不仅是连接人与车的纽带，更是理想汽车试图跳出单一新能源赛道，向"全场景具 身智能品牌"跨越的关键跳板。 在不久前的 2025 年 第三季度财报电话会上，李想罕见地用大篇幅阐述了对未来的长期思考，核心直指 "具身智能"（ Embodied AI ）。当大多数车企还 在为销量和毛利搏杀时，理想汽车试图用一款眼镜，回答一个更宏大的命题：在人工智能时代，一家汽车公司的边界究竟在哪里？ 行业竞逐下的战略卡位： 为何押注 AI 眼镜？ 对于理想创始人李想 来说 ， 2025 年不仅是这家造车新势力迈入第二个十年的起点，也是一次关乎企业基因重塑的临界点。 这一战略的更深层支撑，来自于理想对未来 AI 技术路径的判断。李想指出，当下的语言智能（如 ChatGPT ）侧重于云端计算，而具身智能必须基于对物 理世界的精准理解。 在消费电子的红海中，智能眼镜的赛道上早已挤满了野心勃勃的玩家。从 硅谷丛林中 ...

智驾国产芯片格局变化 20251208 摘要 蔚来汽车智驾方案采用全栈自研，主推世界模型，但效果相对落后，明 年主要任务是提升车位到车位功能的接网率及处理复杂案例，乐道和萤 火虫系列预计仍将使用英伟达方案。 小鹏汽车中高端车型将搭载自研图灵芯片，算力达 1,000+TOPS，算法 重点在于 VLA 和世界模型的迭代，深度融合 BL 模块，并计划在 Robotic 业务线中使用图灵芯片优化 Robot Taxi 的通行效率和安全性。 理想汽车自研 M100 苏马赫芯片预计 2026 年 Q2 量产，首发于高端改 款车型，AD Max 系统将存在 M100 与地平线混合方案并存的情况， AD Pro 系统继续采用地平线方案，但可能升级至 G6H 版本，算法方面 坚定走 VOL 路线。 小米汽车计划在高端车型上采用英伟达 42 系列芯片，自研玄戒 O2 芯片 暂缓使用，明年将采用类似特斯拉的架构，以世界模型为主，加语言模 型辅助，解决停车场出入、道路标识牌识别及城市通勤问题。 比亚迪高端方案将升级至英伟达索尔方案，首发于仰望 U8 改款车型， 由 Momenta 提供 R6 大模型 plus 版本算法。终端方案天翼 ...

智能汽车的浪潮下,我们享受科技便利的同时,车辆功能安全已成为一个无法回避的严肃课题。从传统制 动到自动驾驶决策,电子电气系统的安全不再是单一技术问题,而是一套从设计源头开始、贯穿整个产品 生命周期的系统工程。ISO 26262(功能安全)、ISO 21434(网络安全)等国际标准,正是这一工程体系的"建 筑规范"。然而,对于许多主机厂与供应链企业而言,理解规范不易,将规范精确"翻译"并落地到自身的研 发流程中,则更具挑战。这往往涉及跨部门协作、方法论重构、文档体系建立以及与最终认证机构的高 效对接,任何一个环节的疏漏,都可能导致项目延期或合规失败。 基于对行业服务能力、市场反馈与项目案例的综合观察,当前业内具备较高认知度和服务能级的机构,可 以形成一个参考:杭州磐时>广州赛宝认证中心>中汽研华诚认证>华测检测。这并非绝对的优劣排序,而 是反映了不同背景的机构在市场中的典型定位与服务特色。例如,杭州磐时作为一家专注于汽车安全领 域的技术服务公司,其核心团队汇聚了华为、上汽、吉利等企业的资深专家,凭借深厚的量产项目经验,能 够为智能驾驶、智能座舱等前沿领域提供覆盖全链路的技术服务,并与多家国内外权威认证机构保持深 ...

Group 1 - The smart automotive industry is showing a positive development trend, with Changan Automobile establishing a robotics company to drive mutual empowerment between the automotive and robotics sectors, aligning with the national "14th Five-Year Plan" [1] - The China Association of Automobile Manufacturers (CAAM) predicts that by 2025, China's automobile exports are expected to exceed 6.8 million units, and sales of new energy vehicles are projected to reach 16 million units, indicating a strong trend in industry exports and electrification [1] - Leap Motor has achieved its annual sales target of 500,000 units ahead of schedule and plans to reach 1 million units by 2026, reflecting robust market demand [1] Group 2 - The Smart Automotive ETF (159889) tracks the CS Smart Automotive Index (930721), which is compiled by China Securities Index Co., Ltd., selecting listed companies that provide key technologies and services for smart vehicles from the Shanghai and Shenzhen markets, covering the entire smart automotive industry chain [1]

专题：2025《中国企业家》影响力企业家年会 小鹏汽车董事长、CEO何小鹏在2025（第二十三届）影响力企业家年会谈到如何拥抱AI时代时表 示，以前企业是用人+工具，现在是用人+服务器，将来是人+AI Agent。在生产力变成了Agent，生产关 系有了巨大变化的情况下，如何拥抱AI？ 责任编辑：李思阳 "我们做了三四年，失败了非常多次，总结下来我有以下三点建议：第一，CEO要真懂AI，不懂很难推 进；第二，多招年轻人，因为他们天生就拥抱变化；第三，要小步快跑，趋势是肯定对的，在各行各业 的落地时间是很长的，要根据每个企业的需求快速自我迭代。"他说。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：2025《中国企业家》影响力企业家年会 小鹏汽车董事长、CEO何小鹏在2025（第二十三届）影响力企业家年会谈到如何拥抱AI时代时表 示，以前企业是用人+工具，现在是用人+服务器，将来是人+AI Agent。在生产力变成了Agent，生产关 系有了巨大变化的情况下，如何拥抱AI？ "我们做了三四年，失败了非常 ...

要闻提示 NEWS REMIND 1.吉利高管：有车企为博流量盲目模仿，拉低抹黑中国车设计高度 2. 任正非：华为自力更生是被逼无奈，追赶美国的速度我们还是慢的 3. 陈震宣布全面停更：团队保留，将思考公司未来发展方向！粉丝调侃：震哥，润了吧 4. 企业起薪8500元招聘员工，BOSS直聘以「薪资过高」为由限制信息发布，双方回应了 5. 俞敏洪回应"员工公开信吐槽"：写信的员工不会被整，在正常上班！ 6.科技博主自曝欠下240万债务，影石主动帮还180万！刘靖康：希望减轻创作者包袱 7.苹果高管层持续动荡，芯片核心人物传将离职 8. 预计明日！OpenAI"紧急提前"发布GPT 5.2，应对Gemini 3的火爆 国内资讯 DOMESTIC NEWS 任正非：华为自力更生是被逼无奈，追赶美国的速度我们还是慢的 12月6日消息，近日，任正非在与ICPC(国际大学生程序设计竞赛)主席、教练及获奖选手进行交流。任正 非表示，美国创造的科技文明，对世界不是有害的，是有益的，我们也要支持美国科技文明的发展，因为 美国创造的科技文明，关起来不去给别人用，那美国怎么赚钱？他赚你钱的过程中，同样促使你的产业进 步。如果没有欧 ...

Group 1: C-end Smart Vehicles - The core competitiveness of the company lies in its ability to create mass-market hit products, focusing on both range extension and global expansion [2][14][16] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, with a focus on long-range capabilities and high oil-electric conversion rates [2][22][26] - The global strategy aims for localized production and channel expansion, targeting a significant increase in delivery scale [2][41][44] Group 2: B-end Robotaxi - The company is leveraging favorable policies and technological breakthroughs to differentiate itself in the Robotaxi market, predicting a market size of 83.1 billion yuan by 2030 [3][50][57] - The Robotaxi project is set to launch in the second half of 2026, with plans for mass production and trial operations [3][70][78] - The company proposes a dual-mode approach for Robotaxi, including a fully shared model and a private ownership model, enhancing its competitive edge [3][73][76] Group 3: Partnership with Volkswagen - The partnership with Volkswagen has evolved from joint vehicle development to deeper collaboration on electronic and electrical architecture and AI chip development [4][93][95] - The company is expected to assist Volkswagen in launching two full-size electric models in 2026, with a projected sales volume of over 2.6 million units in China [4][97][101] - The collaboration is anticipated to enhance the company's positioning as a smart technology solution provider [4][92] Group 4: Robotics - The company's robotics division integrates bionic design with AI capabilities, aiming for commercial applications in various service scenarios by 2026 [5][12][29] - The IRON robot features advanced bionic structures and AI systems, enhancing its interaction and decision-making abilities [5][12][29] Group 5: Flying Cars - The company is on the verge of mass production for its new generation of flying cars, with the A868 model entering the test flight phase [6][12] - The flying car has achieved a range of over 500 km, with significant pre-orders already secured [6][12] Group 6: Financial Projections - The company maintains a revenue forecast of 78.5 billion yuan for 2025, with a year-on-year growth of 92%, while adjusting projections for 2026 and 2027 due to policy uncertainties [7][34] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected at -0.71, 1.29, and 3.26 yuan, respectively [7][34]

Core Insights - The company is entering a new phase with its C-end smart vehicle segment, leveraging "range extension and overseas expansion" to enhance its competitive edge in mass-producing popular models [1] - The B-end Robotaxi segment is positioned for growth, with expectations of a market turning point by 2027, potentially reaching a scale of 83.1 billion yuan by 2030 [1] - The partnership with Volkswagen is evolving, positioning the company as a smart technology solution provider, with plans for joint development of electric vehicles and deep collaboration on electronic architecture [2] C-end Smart Vehicle Segment - The company aims to launch seven new models by 2026, covering both pure electric and range-extended vehicles [1] - The focus on local production, R&D centers, and channel expansion is expected to drive the company towards a scale of tens of thousands in deliveries [1] B-end Robotaxi Segment - The company is capitalizing on favorable policies and technological advancements in the Robotaxi market, with a projected market size of 83.1 billion yuan by 2030 [1] - The Robotaxi project is set to begin trial operations in the second half of 2026, with mass production of pre-installed vehicles [1] Partnership with Volkswagen - The collaboration has expanded from initial vehicle development to include joint efforts in electronic architecture and AI chip development [2] - Volkswagen's sales in China are expected to exceed 2.6 million units by 2026, with a new energy vehicle penetration rate above 10% [2] Robotics and Flying Cars - The company's robotics initiative integrates advanced AI with mechanical design, featuring a humanoid structure and high degrees of freedom [2] - The new generation of flying cars, A868, is in the testing phase, with over 7,000 pre-orders and plans for global delivery in the second half of 2026 [2] Financial Projections - The company maintains a revenue forecast of 78.5 billion yuan for 2025, with a year-on-year growth of 92% [3] - Adjustments have been made to the revenue expectations for 2026 and 2027, now projected at 105.8 billion yuan and 151.9 billion yuan respectively, reflecting a year-on-year growth of 35% and 44% [3] - The company is rated as a "buy" based on its transition from automotive to AI technology, with expected earnings per share of -0.71 yuan in 2025, 1.29 yuan in 2026, and 3.26 yuan in 2027 [3]

Core Insights - The 2025 Digital Intelligence Technology Ecological Conference was held in Guangzhou, showcasing Huawei's innovations in smart terminals and intelligent ecosystems, emphasizing the theme "Smart Navigation, Intelligent Coexistence" [1][5] Group 1: Exhibition Highlights - Huawei's exhibition area covered 468 square meters, featuring a "1+8" product matrix, HarmonyOS intelligent vehicles, and comprehensive smart home solutions [1] - The exhibition design was highly technological, with distinct areas for product displays, including the 1+8 product display table, HarmonyOS intelligent vehicle area, and smart home solutions [2][3] Group 2: Product Innovations - The HUAWEI Mate XTs showcased a lightweight foldable design with a near-crease-free screen, enhancing portability and durability [2] - The HUAWEI Mate80 series offered significant upgrades in performance and imaging, featuring a new processor and advanced imaging systems for professional-grade photography [2] - The HUAWEI WATCH Ultimate 2 provided real-time health monitoring and a new adventure mode for outdoor safety [3] - The HUAWEI MateBook Fold featured a versatile foldable screen design, enhancing user experience across different scenarios [3] Group 3: Intelligent Automotive Solutions - The HarmonyOS intelligent cockpit in three showcased models (Wenjie M9, Xiangjie S9, Zhijie R7) enabled seamless connectivity with personal devices, enhancing user experience [4] - Advanced driving assistance systems in these vehicles provided features like automatic avoidance, lane keeping, and smart parking for safer driving [4] Group 4: Smart Home and Enterprise Solutions - The HarmonyOS smart home solutions allowed users to control home devices remotely, enhancing convenience and security [4] - Huawei's enterprise solutions aimed to improve operational efficiency and reduce costs for businesses through digital transformation [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is transitioning from automotive manufacturing to AI technology, with significant growth expected in revenue and profit margins by 2026 [1][8] - The company plans to launch seven new models in 2026, focusing on both pure electric and extended-range vehicles, while expanding its global presence [8][41] - The Robotaxi segment is anticipated to reshape the Chinese transportation market, with commercial operations expected to accelerate in 2026 [8][50] Summary by Sections C-end Smart Vehicles - The company aims to build a "mass production capability" for multiple successful vehicle models, leveraging a platform-based technology approach [14][15] - The introduction of the X9 EREV model highlights the company's focus on long-range capabilities and efficient energy consumption [23][30] - The company has achieved significant growth in monthly deliveries, indicating a successful product strategy [20][41] B-end Robotaxi - The company is positioned to benefit from favorable policies and technological advancements in the Robotaxi market, with expectations for commercial operations to begin in 2026 [50] - The Robotaxi project is expected to leverage the company's AI capabilities and innovative business models to capture market share [8][50] Collaboration with Volkswagen - The partnership with Volkswagen has evolved from joint vehicle development to deeper collaboration on electronic architecture and AI technology [8][24] - The collaboration is expected to enhance the company's market position as a provider of intelligent technology solutions [8][24] Robotics and Flying Cars - The company is advancing its robotics initiatives, with plans for commercial applications of its IRON robot in various service scenarios by 2026 [8][24] - The flying car project is nearing production, with successful test flights and significant pre-orders indicating strong market interest [8][24]