Group 1: Domestic Chips - Alibaba's Pingtouge has developed an AI-oriented PPU chip that surpasses Nvidia's A800 in key parameters, indicating a strong competitive position in edge computing and AI inference [1] - The RISC-V architecture and support from national policies provide Pingtouge with a significant advantage, with expectations of over 10 billion units shipped by 2027 and a potential 15% share of the global AI chip market [1] Group 2: Intelligent Driving - The Ministry of Industry and Information Technology is seeking public opinion on mandatory national standards for intelligent connected vehicle auxiliary systems, aiming to enhance product capabilities and safety [2] - The new standards will fill a gap in safety baselines for auxiliary systems, supporting the development of intelligent connected vehicles as a strategic focus for the automotive industry [2] Group 3: Smart Glasses - IDC forecasts that China's smart eyewear market will reach 2.846 million units by 2025, a 116.4% increase year-on-year, driven by advancements in AI and hardware [3] - The market is transitioning from tools to ecosystem terminals, reshaping human-computer interaction [3] Group 4: 5G-A Development - China leads in the number of projects and proposals for 5G-A international standards, with plans for extensive coverage and user adoption expected to exceed 1.3 billion by 2025 [4] - The "5G Scale Application" action plan aims to promote the upgrade of 5G networks to 5G-A, enhancing both depth and breadth of coverage [4] Group 5: Photovoltaics - The National Standards Committee is seeking opinions on three mandatory national standards related to energy consumption limits and efficiency for photovoltaic products, with a deadline of November 15, 2025 [5] - These standards are expected to drive energy-saving and high-quality development in the photovoltaic industry, benefiting leading companies [5] Group 6: Shale Gas - Sinopec's Ziyang shale gas field in Sichuan has set a new production record, with one well testing at 1.407 million cubic meters per day, showcasing advancements in deep shale gas exploration [6] - The use of innovative fracturing technology has significantly expanded the development potential of shale gas resources in China [6] Group 7: Macro and Industry News - China's general public budget revenue grew by 0.3% and expenditure by 3.1% from January to August [6] - A-shares have seen a cumulative trading volume of 280 trillion yuan this year, reflecting high market activity [6] - The Ministry of Commerce plans to select around 50 cities for pilot projects in new consumption models [6] - The establishment of the China Artificial Intelligence Industry Development Alliance aims to promote software intelligence [6] - Huawei has launched a new intelligent solution for small and medium enterprises to facilitate their transition to an intelligent world [6]

Group 1 - The company Huayang Group (002906.SZ) has launched various auxiliary driving-related products, including integrated control systems for cabin and parking, as well as integrated driving and parking control systems [1]

Core Viewpoint - The company, Zhonghaidah (300177.SZ), primarily focuses on providing intelligent driving positioning perception-related hardware and software products, rather than manufacturing complete robotic systems [1] Group 1: Company Products and Services - The company offers high-precision positioning antennas, a combination of (4G/5G+GNSS+V2X) intelligent antennas, high-precision positioning and control units, inertial measurement units (IMU), intelligent driving positioning algorithm IP, and differential enhancement services for positioning [1] - The comprehensive solutions provided by the company are aimed at assisting and automating driving positioning and vehicle control [1] Group 2: Future Development and Customization - The company does not currently manufacture complete robotic systems but is open to future developments in customized body research, focusing on modular design that may allow for switching between wheeled and footed configurations [1]

Core Viewpoint - Hikvision Automotive and Sensatech have recently achieved mass production of an L2-level integrated driving and parking control system based on a domestic customized solution for a leading domestic brand's mainstream vehicle [2] Group 1: Product Development - The solution utilizes a single V (front-view monocular camera) to achieve L2-level single-lane driving functionality [2] - It also incorporates a 4V12U (4 surround cameras + 12 ultrasonic radars) fusion for automatic parking capabilities, developed entirely by Hikvision Automotive and Sensatech [2] Group 2: Market Position - Hikvision Automotive and Sensatech are recognized as leading suppliers of intelligent driving sensors, providing personalized intelligent driving and cockpit solutions and services based on multi-sensor fusion perception algorithm capabilities [2] - The company has achieved a leading position in the industry with a steady shipment volume of vehicle-mounted cameras, millimeter-wave radars, and other intelligent driving sensors, supporting various intelligent driving solutions for numerous top automotive enterprises [2]

Core Viewpoint - Horizon Robotics is experiencing rapid revenue growth in its automotive product solutions, with significant increases in both volume and pricing, and is expected to maintain a "buy" rating due to upcoming product launches and successful overseas expansion [1] Group 1: Financial Performance - In H1 2025, Horizon Robotics' automotive product solutions generated revenue of 778 million yuan, representing a year-on-year increase of 250%; gross margin was 45.6%, up by 3.9 percentage points [2] - The company shipped 1.98 million units of its onboard-level Journey series processing hardware, achieving a year-on-year doubling in volume; 980,000 units of hardware supporting highway-assisted driving accounted for 49.5% of total shipments, six times the amount from the same period last year [2] - The average selling price (ASP) increased due to the growth in shipments of the new generation Journey 6 series products [2] Group 2: Market Position and Product Development - Horizon Robotics holds the top market share in China for basic and overall assisted driving solutions, with shares of 45.8% and 32.4% respectively [2] - As of mid-2025, the company has secured 400 new model designations, with over 100 models featuring highway-assisted driving or higher capabilities [2] - The high-level intelligent driving solution HSD has been designated by multiple vehicle manufacturers, covering over ten models, with plans for mass production in the second half of 2025 [2] Group 3: International Expansion - The company collaborates closely with global partners to develop the new generation basic assisted driving solution Horizon Mono, which has received model designations from two Japanese automakers for markets outside China [3] - This collaboration is expected to yield over 7.5 million units in total lifetime shipments [3] - Nine joint venture automakers in China, including Volkswagen and Japan's largest automotive group, have designated 30 models for the company's solutions, with some models set to begin mass production by the end of 2025 [3]

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Core Viewpoint - The rapid influx of capital into the unmanned logistics sector has led to significant financing for multiple companies, accelerating the commercialization of unmanned logistics vehicles, exemplified by Youjia Innovation's launch of its unmanned logistics brand "Xiaozhu Unmanned Vehicle" with two models, T5 and T8 [2][4]. Company Overview - Youjia Innovation has officially launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle" on September 15, introducing two models: T5 and T8 [2]. - The T5 model has a cargo volume of 5.5m³, a maximum load of 1000kg, and a range of 180km, targeting urban distribution and retail [2]. - The T8 model offers a larger cargo volume of 8.5m³, a maximum load of 1700kg, and a range of 240km, suitable for industrial logistics and large-scale transportation [2]. Market Context - China has been the world's largest logistics market for nine consecutive years, with traditional logistics struggling to increase profits through reduced labor costs and improved efficiency [2][4]. - The unmanned logistics vehicle is seen as a solution to balance labor costs and organizational efficiency in the logistics sector [4]. Technological Advancements - Xiaozhu Unmanned Vehicle employs a multi-sensor fusion approach, including three LiDARs and eleven cameras, to achieve 360-degree visibility and precise road condition recognition [3]. - The vehicle's development benefits from over a decade of industry experience and extensive road data, enabling rapid growth in capabilities such as complex road navigation and autonomous parking [3]. Financial Performance - In the first half of 2025, Youjia Innovation reported revenue of 346 million yuan, a year-on-year increase of 46.07%, but incurred a loss of 152 million yuan [4]. - The company anticipates no net profit before 2026, with the L4 unmanned vehicle business expected to become a significant growth driver following the success of its other business lines [4]. Industry Trends - The unmanned logistics sector is experiencing a surge in investment, with several companies securing substantial funding in 2023, indicating a robust market interest [5]. - By mid-2025, 103 cities in China had officially opened road rights for unmanned delivery vehicles, covering over 80% of major logistics nodes [5]. Future Outlook - The market for unmanned logistics vehicles is projected to exceed 30,000 units by 2025, with a penetration rate surpassing 1.2%, and is expected to grow significantly in the following years [5]. - The industry is still in its early stages, with key indicators for scaling including the opening of road rights in over 200 cities and reducing operational costs to below 70% of human delivery costs [6].

证 券 研 究 报 告 计算机行业重大事项点评 稳增长方案发布，L3+智能驾驶迎产业新机 事项： ❑ 9 月 12 日，工业和信息化部等八部门公布关于印发《汽车行业稳增长工作方 案(2025—2026 年)》的通知。 评论： 行业研究 计算机 2025 年 09 月 16 日 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 59,813.55 | 5.10 | | 流通市值(亿元) | 53,712.71 | 5.68 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 6.9% | 9.8% | 106.8% | | 相对表现 | -1.0% | -3.3% | 63.3% | 0% 39% 78% 117% 24/09 24 ...

Core Viewpoint - The launch of the unmanned logistics vehicle brand "Xiao Zhu" by Youjia Innovation is timely, driven by favorable policies, surging demand, and mature technology, creating a new cycle in the logistics unmanned vehicle industry [1] Product Launch - Youjia Innovation unveiled two models, T5 and T8, of the Xiao Zhu unmanned vehicle. The T5 has a cargo space of 5.5m³, a maximum load of 1000kg, and a range of 180km, targeting express delivery and retail sectors. The T8 offers 8.5m³ of cargo space, a maximum load of 1700kg, and a range of 240km, suitable for industrial logistics and specialized scenarios [3][6] Technological Advancements - Youjia Innovation leverages its extensive data from passenger vehicle production to optimize algorithms for unmanned logistics, enabling rapid development of core capabilities such as road navigation and autonomous parking [6][10] - The Xiao Zhu vehicles are equipped with a multi-sensor fusion system, including 3 LiDARs and 11 cameras, providing a 360° view for enhanced safety [6][10] Safety and Durability - The Xiao Zhu unmanned vehicles incorporate five layers of safety redundancy and undergo nine rigorous software tests to ensure reliability. Core components are automotive-grade for durability [11] - The company aims to reduce operational costs by optimizing resource management, allowing a team to manage 100 vehicles at a cost 2.5 times lower than managing 10 [14] Strategic Partnerships - Youjia Innovation has formed strategic partnerships with Shenzhen Postal and Eastern Bus to enhance urban logistics and public services. The first batch of unmanned vehicles has been delivered to clients, marking a "release and delivery" approach [16] Future Development - The next generation of Xiao Zhu vehicles will integrate advanced technologies from partners, including Horizon Robotics and other leading firms, to further enhance product capabilities [14][16] - Youjia Innovation plans to continue expanding its product matrix across various autonomous driving levels, adhering to its "Mao Zhu Spirit" of deep-rooted growth and iterative advancement [16]

Market Overview - The Shanghai Composite Index increased by 1.52% during the week of September 8 to September 12, 2025, while the ChiNext Index rose by 2.1% [2][3] - The Hang Seng Tech Index saw a significant increase of 5.31%, and the Nasdaq Index rose by 2.03% during the same period [2][3] - Sector performance included a 4.44% increase in the media index and a 7.56% rise in the Hang Seng Internet Technology sector [2][3] AI Developments - Meituan launched its first AI Agent product "Xiao Mei" for public testing on September 12, 2025, designed to enhance local life services through natural language interaction [3][5][10] - ByteDance announced the release of "Dream Image 4.0" on September 5, 2025, which supports multimodal image generation and editing with a quick response time [3][5] Semiconductor Sector - Oracle reported FY26Q1 revenue of $14.9 billion, an 11% year-over-year increase, with a remaining performance obligation (RPO) of $455 billion [6] - TSMC's revenue for August 2025 was approximately NT$335.77 billion, reflecting a 33.8% year-over-year increase [6] Smart Driving Initiatives - The Ministry of Industry and Information Technology of China, along with eight other departments, issued a plan to stimulate consumer demand in the automotive industry through technological innovation [7] E-commerce Expansion - Lazada and Tmall have integrated their systems to facilitate Southeast Asian market access for Tmall merchants, with no additional operational costs for merchants [8][9] Local Life Services - The launch of Meituan's "Xiao Mei" AI Agent is expected to drive rapid development in general-purpose AI Agent products, with a focus on companies with strong ecosystem resources [10] Cloud Computing Investments - Alibaba plans to issue approximately $3.2 billion in zero-coupon convertible senior notes to enhance cloud infrastructure and expand international business operations [11] Consumer Electronics - Apple released the iPhone 17 series, which includes the thinnest iPhone model to date and a price increase for the Pro models, indicating a potential impact on sales [12] Film Industry Performance - The national box office for the week of September 1 to September 7, 2025, was 465 million yuan, showing a noticeable decline compared to the previous week [13] Gaming Sector Insights - The game "Mingmo: Yuanshu Zhi Yu" reached a total download of 2.95 million across platforms by August 31, 2025, indicating strong market performance [15]