作者 | 历不白@知乎 编辑 | 自动驾驶之心 原文链接： https://www.zhihu.com/question/1899822735284244767/answer/1989321465271706827 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近30个 方向 学习 路线 >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 本文只做学术分享，如有侵权，联系删文 中国市场太卷了， 智驾没有芯片根本没有议价权。 我们回顾历史来说明一下。历史虽然不能说明一切，但是历史却是现实的一面镜子。 在 2004 年至 2010 年间。全球视频监控市场正经历从模拟信号向数字和网络监控。 当时的行业话语权掌握在德州仪器（Texas Instruments, TI）和安霸（Ambarella）等老牌半导体巨头手中 。 TI 作为通用 DSP（数字信号处理）领域的霸主，其方案如经典的 DM365、DM368 系列芯片，本质上是通用的计算引擎。 这意味着下游的安防器材厂商不仅要购买昂贵的芯片，还需要配备庞大的软件团队，在底层的 DSP 上进行极具挑战性的视 频编解码开发和图像算法调优。 对于 ...

Core Viewpoint - The article emphasizes a positive outlook on the automotive industry, highlighting the transformative era characterized by "independent rise, order reshaping, and embodied intelligence" [6]. Group 1: Industry Transformation - The automotive industry is entering a golden decade, with significant changes driven by high-end products from independent brands, reshaping the global automotive value chain [6]. - The penetration of intelligent driving is accelerating due to iterative model algorithms and optimized computing costs [6]. - The emergence of humanoid robots is creating new commercial value in manufacturing and home service scenarios [6]. Group 2: Research and Recognition - The company has received multiple accolades for its research in the automotive sector, including rankings in various prestigious awards such as the Securities Times and Wind [6]. - The focus on forward-looking research has expanded to include areas like humanoid robots, overseas components, and intelligent driving [6]. Group 3: Commitment to Growth - The company aims to be a long-term partner with the capital market and the automotive industry, emphasizing collaboration and mutual growth [6]. - The team expresses gratitude for the support received and invites like-minded individuals from the capital market to join in seizing investment opportunities arising from industry changes [8].

Core Insights - The Chinese intelligent driving industry is experiencing both expansion and contraction, with rapid adoption of assisted driving features in mass-produced vehicles, while financing for some companies is slowing down, leading to exits from mainstream competition [1][2] - The competition in the intelligent driving sector has shifted towards large-scale delivery, cost efficiency, and long-term service capabilities, with opportunities concentrating on a few companies that can prove their value [2][4] - The industry is entering a mature phase, as evidenced by significant orders from conservative automakers like Toyota, indicating a shift from vague to definite market demand [5][6] Industry Dynamics - The competition is no longer about validating technology but about scaling delivery and maintaining cost efficiency, with survival becoming a pressing issue for mid-tier companies [2][4] - The leading companies in the assisted driving sector include Horizon, ZhiYu, Huawei, and Momenta, which have successfully transitioned from technology validation to large-scale delivery [4][5] - The gap between leading companies and newcomers is estimated to be 3 to 5 years, primarily due to data accumulation advantages and algorithm iteration capabilities [4][5] Market Trends - The assisted driving market is seeing a push towards lower-cost models, with major players like Horizon and Momenta targeting vehicles priced under 100,000 yuan, which account for nearly half of China's passenger car sales [8][9] - The competition is intensifying around cost control, as companies strive to keep the cost of assisted driving features within 3% to 5% of the vehicle's price to ensure market acceptance [9][10] - The trend towards self-developed chips is debated, with some companies believing it can lead to differentiation and lower system costs, while others see it as economically challenging [10][11] Competitive Landscape - The intelligent driving sector is unlikely to see a "winner-takes-all" scenario until the L4 or L5 stages of automation, as the current market remains fragmented with multiple strong players [8][11] - Companies that can continuously iterate, validate their solutions through mass production, and respond to market demands will be the ones to secure future growth [11] - The supply chain strategies of automakers suggest that the assisted driving market will not favor a single dominant player, as diverse needs for customization and differentiation persist [7][8]

2025年智能驾驶行业迎来了"体验升级"与"安全合规"的双重拐点。福瑞泰克以技术创新回应市场期待， 不仅重磅推出了城区NOA(领航辅助驾驶)解决方案，更投身国标和团标建设，以企业自身技术积累和实 践经验，促进行业健康发展。 福瑞泰克相关负责人表示，智能网联汽车、辅助驾驶及车路云一体等项目标准，关乎出行安全性与前沿 智能功能应用，始终是公司关注的重点。通过"标准建设"与"产品落地"的结合，福瑞泰克致力于让用户 在享受智驾便捷的同时，拥有更可靠的安全保障。 随着智能驾驶技术的加速演进，2025年被行业普遍视为"全民智驾元年"。在市场渗透率不断攀升的背景 下，如何确保技术落地的安全性与规范性，成为了行业高质量发展的核心命题。 今年，备受关注的《智能网联汽车组合驾驶辅助系统安全要求》标准已完成征求意见稿，进入征求意见 阶段。作为该标准工作组的成员单位，福瑞泰克积极参与标准编制工作，以专业力量助推智能辅助驾驶 标准化、规范化发展。 ...

Core Insights - In 2025, the Chinese smart driving industry is experiencing an unprecedented shift in computing power, driven by the evolution of software algorithms and the emergence of competing technical paradigms [1][2] - The differentiation in high-level intelligent driving commercial applications is evident, with a K-shaped market split between affordable and high-end models, leading to fragmentation in the industry [2] - The demand for computing power is increasingly recognized as a core element in the development of smart driving technologies, both at the vehicle and cloud levels [2] Group 1: Technological Evolution - The transition to an end-to-end framework in smart driving is marked by significant advancements, as seen in Tesla's FSD Beta V12 software, which utilizes a computing power standard of 144 TOPS [3][4] - Tesla's shift from HW3 to HW4 signifies a major milestone in its autonomous driving evolution, with the latter becoming the preferred platform for future software updates [5][6] - The upcoming FSD V14 version is expected to have ten times the parameters of its predecessor, indicating a substantial leap in the vehicle's ability to process complex environmental information [6] Group 2: Market Dynamics - Chinese smart driving players, including Xpeng, Li Auto, and NIO, are adopting end-to-end strategies but are initially relying on existing computing platforms, primarily NVIDIA's Orin-X [7][12] - By 2025, a clear division among smart driving companies has emerged, categorized into three main factions based on their computing power strategies: self-developed chips, NVIDIA-based solutions, and Huawei's offerings [12][13] - The self-developed chip faction includes NIO's NX9031 and Xpeng's Turing AI chip, while the NVIDIA faction is represented by the latest Thor platform, which is gaining traction in various models [13][14] Group 3: Cloud Computing and Future Prospects - The industry is witnessing a race for cloud computing power, which is essential for the evolution of smart driving algorithms and the transition from L2 to L4 capabilities [19][20] - The reliance on cloud computing is becoming increasingly critical, as it supports data processing, model training, and simulation necessary for addressing complex driving scenarios [23][24] - The ongoing competition for cloud resources is expected to intensify, with companies recognizing that enhanced cloud capabilities are vital for future advancements in autonomous driving technology [20][21]

Group 1 - The core viewpoint of the article highlights DeepWay's recognition as a valuable player in the AI sector, particularly in the intelligent new energy heavy truck field, as evidenced by its inclusion in the "2025 Most Valuable Influential Enterprises List" at the investment conference [1] - DeepWay is a leading global technology company focused on new energy heavy trucks and intelligent road freight solutions, aiming to transition the freight industry towards a zero-carbon, efficient, and safe future through electrification and intelligence [3] - The company has launched several intelligent driving systems, including "Tianji·Suixing," "Tianji·Yanxing," "Tianji·Duxing," and "Shenxiang·Tianshu," establishing a progressive technological route from assisted driving to advanced autonomous driving [3] Group 2 - As of May 2025, DeepWay's new generation models have equipped all vehicles with the intelligent assisted driving system "Tianji·Suixing," with over 2,000 vehicles deployed, accumulating substantial real-world operational data for the continuous iteration and large-scale application of advanced autonomous driving technology [5] - DeepWay is accelerating the development and validation of two technological paths: single vehicle L4 and platoon L4, transitioning heavy trucks from traditional transport tools to "industrial robots" with autonomous perception, decision-making, and collaboration capabilities [5] - The company plans to continue focusing on new energy heavy trucks and artificial intelligence, enhancing technological research and application scenario innovation to promote the development of intelligent new energy heavy trucks towards higher efficiency, lower costs, and greater sustainability [6]

2025年，港股上演强势复苏大戏，以五年来最佳年度表现领跑全球主要资本市场，成为全球资本配置的 "香饽饽"。 随着指数的上涨，2025年港股的赚钱效应全面释放，年内超400只个股股价翻倍，13只个股涨幅超10 倍，硬科技、生物医药、贵金属赛道牛股云集。此外，基地锦标集团（08460.HK）年内暴涨超38倍成 "股王"。 港股走强的背后，是资金、政策与制度的三重红利共振。南向资金作为 "压舱石"，年内净流入超 1.3 万 亿元；制度层面，港交所于5月推出 "科企专线"，允许硬科技与生物科技企业保密递表，叠加18C章上 市通道高效落地，制度红利推动港股IPO市场强势回暖。截至12月29日，港交所年内IPO合计募资近 2800亿港元，同比增长224.38%，助推港交所重回全球交易所募资榜首。 盘古智库高级研究员余丰慧向时代财经表示，2025年港股估值修复的核心驱动力主要来源于资金宽松、 国内经济复苏预期增强以及政策支持。特别是南向资金的持续流入，加上人民币汇率稳定，增强了市场 信心。此外，新能源汽车、人工智能等产业的发展也促进了相关板块的业绩和估值扩张。 核心指数领涨全球，资金面共振推动港股复苏 2025年，港股核 ...

Group 1: Space Computing Industry - The space computing industry is accelerating its development, aiming to create an integrated computing architecture that utilizes solar energy and ultra-low temperature environments to significantly reduce latency and data transmission volume [2] - Upstream, SpaceX's Starlink V3 satellites have improved performance, and their reusable technology continues to lower costs. China's rocket recovery attempts, although unsuccessful, are crucial for technological exploration [2] - In the midstream operations, Starlink relies on phased array, dynamic scheduling, and laser link core technologies, having formed a large-scale commercial constellation that has been validated in practical applications [2] Group 2: Intelligent Driving Industry - The intelligent driving industry is expected to see significant growth, with Tesla leading a transformation in physical AI by 2026. The business model is shifting from hardware sales to software subscriptions and mobility operations [3] - Within 2-3 years, breakthroughs in L3 conditional and L4 autonomous driving technologies are anticipated, with the Robotaxi business model expected to become viable, concentrating the industry value chain towards intelligent driving solution providers and mobility platforms [3] - Companies with integrated hardware and software solutions, as well as those producing autonomous components like lidar and drive-by-wire systems, are likely to see a revaluation of their technological attributes [3] Group 3: Chinese Securities Industry - The growth of the Chinese securities industry is benefiting from economic development and capital market reforms, with leading domestic brokerages expected to accelerate their progress towards becoming world-class investment banks during the 14th Five-Year Plan [4] - These brokerages are anticipated to enhance their business scale, professional capabilities, and profitability, further highlighting their long-term investment value [4]

Core Viewpoint - The company aligns its strategic transition towards "AI-driven" solutions with the directives from the Central Economic Work Conference, particularly focusing on expanding domestic demand and optimizing supply chains [1][4]. Group 1: Strategic Initiatives - The company aims to break down cost barriers in intelligent driving, making technological benefits accessible to a broader consumer base [4]. - A complete product matrix has been established in the intelligent driving sector, with nearly 6 million new intelligent driving solutions secured since 2024, covering over 20 mainstream automakers and 100 designated models [4]. - The company is embracing a new paradigm of intelligent driving driven by data and AI, aiming for point-to-point autonomous driving capabilities [4]. Group 2: 2026 Strategic Development Goals - By 2026, the company plans to enhance the scale of intelligent driving product deliveries and solidify its market position in chip business while expanding global market coverage [5]. - The focus will be on AI-driven system-level competitiveness, with advancements in end-to-end architecture for intelligent driving, integration of large models with cockpit systems, and development of next-generation automotive-grade chips [5][6]. - The company will provide integrated smart solutions through full-stack technology and engineering capabilities, enhancing cross-business collaboration and ecosystem openness [6].

Commercial Aerospace - Zhongtian Rocket's thermal protection components are utilized in commercial aerospace [1] - Zai Sheng Technology's high-silica fiber has been supplied to international aerospace companies [1] - Aerospace Intelligent Equipment has established long-term cooperation with multiple aerospace enterprises for its aerospace chips [1] - Sanan Optoelectronics' gallium arsenide solar cells are applied in commercial satellite power systems [1] - Electronic Science and Technology's Ka-band phased array antenna chip for low Earth orbit constellations has entered mass production [1] - Guangzhi Technology's infrared optical materials are used for satellite infrared camera optical windows and satellite solar cells [1] - Kosen Technology does not manufacture precision structural components for aerospace applications [1] - Baoding Technology currently has no orders in the commercial aerospace sector [1] Intelligent Driving - Weichai Power's Shaanxi Heavy Truck has achieved L4-level combined driving assistance technology in closed areas [1] - Guoxin Technology's CCFC3009PT chip, designed for automotive assisted driving, has completed development and is in the trial production stage [1] Precious Metals - Xing Shuaier will adjust sales strategies in response to fluctuations in silver prices [1] - Xingye Silver Tin has not engaged in silver hedging business from early 2025 to the present [1] Other Developments - Jinyuan Co. is in the trial production phase of its lithium extraction project from the salt lake [1] - Hengdian East Magnetic has technical reserves for perovskite tandem batteries [1] - Zhongmi Holdings' products have not yet been applied to "Super Carbon No. 1" [1] - Rewei Co. has a client relationship with Chasing Technology (Suzhou) Co., Ltd. [1] - Yingjie Electric's controllable nuclear fusion business is currently focused on domestic clients, with no clear plans for international development [1]