产品投资评审委员会（IRB）作为华为内部关键决策机构，其核心职能涵盖公司重大战略方向的资源投 入评估、重点项目立项审核及预算审批等关键环节。该机构负责对华为重大战略方向的资源投入、项目 立项及预算审批进行关键决策，确保资源高效聚焦核心战略目标。IRB控制华为研发预算与重大投资， 主任拥有项目否决权，意味着余承东将负责整个华为公司的投资决策。华为的各个业务BG旗下也设有 IRB委员会，将与公司的IRB形成协同分工。分析人士指出，"光靠各个业务的IRB难以完全覆盖，还有 很多公共的能力投资，需要公司IRB来管理"。 （来源：电动知家） 电动知家消息，9月29日晚，据多家媒体报道，华为公司9月29日发布重要人事任命，余承东出任公司产 品投资评审委员会（IRB）主任。这一任命由华为创始人任正非亲自签发，被业内视为华为强化人工智 能战略布局、聚焦核心业务突破的重要举措。 此次任职后，余承东将继续担任华为常务董事、终端BG董事长，同时负责华为终端、鸿蒙智行等核心 业务板块。这位在终端业务和智能汽车领域战绩显赫的"救火队长"，如今被赋予更重要的使命——带领 华为在人工智能领域取得全球领先地位。 华为在AI领域的布局已全面铺 ...

Core Viewpoint - Four-dimensional Map New (四维图新) is investing in JianZhi Robotics (鉴智机器人) through a cash increase of 250 million yuan and acquiring 100% equity of JianZhi, becoming its largest shareholder with a 39.14% stake, but not a controlling shareholder [4][5][6] Group 1: Investment and Business Integration - The integration of Four-dimensional Map New's intelligent driving business with JianZhi will create a new entity called "New JianZhi," which will enhance product offerings and combine resources from both companies [4][5] - The new entity will have a workforce of around 1,000 employees, combining teams from both companies [4][6] Group 2: Product Development and Market Position - "New JianZhi" will offer a comprehensive product line covering the Horizon J6 series and Qualcomm chip-based solutions, enhancing its competitive edge in the intelligent driving market [5][6] - Four-dimensional Map New has previously launched low-level intelligent driving solutions based on the Horizon J6B chip, while JianZhi has developed mid-level solutions based on the J6E/M chips, with high-level solutions based on J6P awaiting mass production [5][6] Group 3: Industry Context and Challenges - Four-dimensional Map New has faced intense competition in the automotive navigation sector, leading to a strategic pivot towards high-precision maps, autonomous driving, and vehicle networking [6][7] - The company aims to transform into a Tier 1 supplier for intelligent driving, but faces challenges due to increasing competition and a market that is rapidly consolidating around established players [6][7] - As of 2023, Four-dimensional Map New's revenue from its intelligent driving and cockpit segments remains low, with the mapping segment still accounting for 70% of total revenue [7]

Core Insights - The article highlights the rapid integration of generative AI into the automotive industry, with over 50 domestic car brands equipping more than 130 models with AI large models by mid-2025, achieving an installation rate of nearly 16% [4] - The global smart connected vehicle market is projected to reach $1.5 trillion (approximately 10.6 trillion RMB) by 2025, with expectations to grow to $6.7 trillion by 2032 [5] - Qianli Technology announced its strategic focus on "AI + Car," aiming to develop intelligent driving, smart cockpit, and smart mobility solutions, transitioning from L2+ to L4 level intelligent vehicles [5][10] Company Strategy - Qianli Technology's chairman emphasized that future vehicles will evolve into intelligent robotic carriers, marking the beginning of a significant transformation in the automotive industry [10] - The company reported a revenue of 4.184 billion RMB in the first half of 2025, a year-on-year increase of 40.04%, driven by strong sales in its automotive and motorcycle segments [11] - Qianli Technology plans to launch its first public offering of H-shares on the Hong Kong Stock Exchange [12] Product Development - Qianli Technology introduced the "Qianli Intelligent Driving 1.0" platform, which includes various configurations to meet different vehicle needs, with the flagship version offering up to 700 TOPS of computing power [14] - The company aims to release the L3 level intelligent driving solution, "Qianli Intelligent Driving 2.0," by the end of this year, redefining the standards for intelligent driving technology [14] - Qianli Technology is developing a universal AI intelligent driving solution that does not rely on high-precision maps, enabling seamless driving in complex environments [17] Market Trends - The penetration rate of new passenger cars equipped with combined driving assistance systems in China reached 62.6% in the first seven months of 2025, an increase of 40 percentage points compared to the same period in 2021 [29] - The article suggests that the next three years will be crucial for the development of autonomous driving technologies, with significant changes expected in the industry landscape [29] - By 2028, the overall scale of the "AI + Car" market is expected to exceed 21.2 million units [32]

李书福表示，智能化发展不能以牺牲安全为代价，而要通过包括AI在内的技术让汽车更安全。 "我当时在全国寻找聪明人，偶然有一次见到印奇，一见如故、相见恨晚、一拍即合。" 9月28日，在"AI重庆智驾之夜暨千里科技品牌发布会"上，吉利控股集团董事长李书福在回应吉利为何 投资千里科技（601777.SH）时表示，目标就是"要找到一个聪明的人"。据其透露，千里科技董事长印 奇的出现，是"一个更聪明的人"介绍来的，在第一次见印奇时"考核"了他，并认可了他。 李书福在发布会现场表示，希望印奇"认准一个方向，坚定一个信念，凝聚一股力量，提炼一种精神， 完成一个使命，这一使命就是带领千里科技走向无限广阔的明天"。 同日上午，在以"AI+车，迈向智能网联新能源汽车之都"为主题的高端对话中，对于"未来的汽车将是什 么模样"这一问题，李书福认为，传统汽车要想实现质的飞跃，必须插上人工智能的翅膀。随着AI技术 进步，汽车可能和低空飞行、水上工具无缝衔接，形成一个陆海空交通整体解决方案。当然，这需要高 效率的算力和立体交通网络的构建。 面对AI重塑产业生态的洪流，各家车企都面临一个核心问题：是构建自主可控的生态闭环，还是融入 跨界合作的 ...

9月28日，在第七届世界新能源汽车大会上，华为智能汽车解决方案BU（以下简称华为车BU）CEO靳玉志发表了重要讲话，对 汽车行业的发展趋势进行了深入解读，并分享了华为车BU在智能汽车领域的最新成果。 靳玉志指出，汽车行业的发展经历了三个阶段。第一阶段是从2015年到2022年的电动化阶段，在这个阶段，电力逐渐取代燃 油，出行成本大幅降低，为汽车行业的发展奠定了基础。第二阶段是从2022年到2027年的智能化阶段，算法开始替代司机，汽 车的安全性和用户体验得到大幅提升。而第三阶段则是从2027年开始的自动化阶段，算法将全面替代司机，重新定义安全和体 验标准，极大提升出行效率和社会效率。靳玉志还透露，随着高速和城区NCA的加速普及，L3（级自动驾驶）将在2027年规模 放量，这将标志着智能汽车发展进入一个新的里程碑。 在智能汽车技术应用方面，华为车BU取得了显著的成果。靳玉志表示，华为车BU的乾崑智驾已经搭载在赛力斯、江淮、北 汽、上汽、广汽、长安、东风等车企的28款车型上，累计搭载量已超过100万辆，这充分证明了华为车BU在智能汽车领域的技 术实力和市场认可度。 回顾2025年4月22日，华为在上海举办了"以智 ...

Group 1 - The core idea of the article emphasizes the importance of "aggregated thinking" in driving the collaborative development of three key sectors: smart vehicles, smart robots, and low-altitude economy, which are interconnected through technology, supply chains, and application fields [1][3][4] - The article outlines that the current fourth industrial revolution is characterized by the convergence of various technologies, such as artificial intelligence and new energy, which were previously developed independently [1][2] - The potential of the "three key components" (smart vehicles, power batteries, and new energy represented by photovoltaics) is highlighted as a significant driver for export and economic growth, especially in the post-pandemic context [3][4] Group 2 - The shared industrial chain among smart vehicles, smart robots, and low-altitude flying is crucial for the aggregation effect, with over 60% of the automotive supply chain being applicable to these sectors [4][5] - The article discusses the rapid development of the perception field, where costs have significantly decreased, exemplified by the price drop of automotive laser radar from over 100,000 yuan to around 800 yuan within five years [5][6] - The demand for computing power in vehicles has increased, with modern cars requiring 300 to 400 chips, indicating a trend towards a unified operating system across vehicles, robots, and drones [6][7] Group 3 - The article suggests that the manufacturing sector must establish advantages quickly, drawing parallels with the electric vehicle industry, which saw a dramatic increase in sales from 1 million to 10 million units in five years due to a 50% reduction in component costs [9][10] - It is anticipated that the robotics sector may experience a similar "electric vehicle moment" in the near future, with prices potentially dropping from over 1 million yuan to 100,000 or 200,000 yuan [10][11] - The article emphasizes the need for component manufacturers to expand into the aggregation field, leveraging existing supply chains and fostering cross-industry collaborations to accelerate market entry [11][12] Group 4 - The internationalization of the autonomous and automated driving industry is highlighted, with increasing global demand for Chinese components and solutions, particularly in the robotics sector [12] - The article calls for a shift in thinking from single-industry development to a coordinated approach that breaks down barriers between industries, technologies, and policies [12][13] - It stresses the importance of infrastructure integration and policy adaptation to support the rapid development of industries like autonomous driving, low-altitude economy, and smart robotics [12][13]

Group 1: Industry Developments - Moore Threads' IPO application has been approved, potentially making it the first domestic GPU company to go public, focusing on both graphics rendering and AI computing [2] - Didi has launched its AI travel assistant, which customizes ride options based on user input, enhancing user experience [4] - Didi's overseas ride-hailing service has expanded to Australia, New Zealand, and Egypt, now operating in 12 countries and over 1,000 cities [11] Group 2: Company News - Wang Jianlin's restrictions have been lifted, indicating a resolution to economic disputes involving Wanda Group [3] - Xiaomi's demand for the 17 Pro Max model has exceeded expectations, prompting the company to increase production [6] - HP has introduced new printing products tailored to the evolving needs of Chinese households, emphasizing the importance of the Chinese market [12] Group 3: Investment Activities - Beijing Xinghe Power Aerospace completed a D-round financing of 2.4 billion yuan, with multiple investment funds participating [12] - Yuliqi Robotics announced nearly 100 million yuan in angel financing, with participation from several notable financial institutions [13] - "Leisure Technology" secured 200 million yuan in angel financing, aiming to accelerate the development of consumer-grade intelligent products [14] - "Bai Xing Intelligent" completed a Pre-A round financing of several million yuan, focusing on AI Agent solutions for foreign trade [15]

Summary of Conference Call on AI Smart Vehicle Sector Investment Opportunities Industry Overview - The smart vehicle industry is accelerating, showing signs of a turning point, with software becoming more important than hardware, and B-end applications outperforming C-end applications [1][2] - The fourth quarter is expected to bring significant market activity in the smart vehicle sector, driven by the expansion of AI technology from hardware to applications and from the digital world to the physical world [1][2] Key Insights and Arguments - **Investment Opportunities**: The smart vehicle sector is anticipated to see substantial investment opportunities in Q4, with a focus on AI smart vehicles. Key stocks include Xiaopeng Motors, Horizon Robotics, and ChaoTu Mobility [1][2] - **Robot Taxi Potential**: Robot Taxi is identified as the best breakthrough application scenario for smart vehicles, with a projected domestic ownership of 500,000 units by 2030 and 2 to 2.5 million units by 2035 [1][3][12] - **Autonomous Driving Technology**: Rapid advancements in autonomous driving technology are noted, with leading companies like Li Auto and Xiaopeng already demonstrating partial L4 capabilities. Significant changes are expected by the end of the year [1][10] - **Catalysts for Growth**: Key catalysts for the development of the autonomous vehicle market include L3 access policies, the release of Tesla's V74 version, and production plans for Xiaopeng's Robotaxi [1][11] Market Dynamics - **Performance of Smart Vehicle Sector**: The smart vehicle sector underperformed in the first half of the year due to regulatory tightening and market sentiment influenced by incidents like the Xiaomi accident. The focus has shifted towards software and digital models rather than physical applications [3][4] - **Future Trends**: The smart vehicle market is expected to grow significantly, with AI efficiency improvements leading to better performance in the sector. The potential for investment and industrial transformation in China is highlighted [6] Investment Recommendations - **Valuation Approach**: The valuation of smart vehicles and Robotaxis should be based on their ability to replace human jobs and generate income, rather than traditional metrics like user numbers [16] - **Key Players**: Investors are advised to focus on companies with significant barriers in software or hardware integration, as these are likely to achieve higher profit margins [18] Company-Specific Insights - **Xiaopeng Motors**: Positioned as a leading player in the smart vehicle market, with plans for new models and a focus on both B-end and C-end markets. Expected to scale production of Robotaxis by 2026 [21] - **Horizon Robotics**: Recognized as a leader in L2 and L3 intelligent driving, with a market cap reflecting its core positioning. Expected to reach a market cap of over 200 billion [24] - **Black Sesame Intelligence**: Noted for its potential in the L4 scene and partnerships with major automotive companies. The company is expected to see significant growth in the coming years [25] Additional Considerations - **Robotaxi Market Size**: The domestic ride-hailing and taxi market is estimated at 5 to 6 million vehicles, with Robotaxi expected to enhance user experience rather than compete on price [12] - **Role of Regulatory Bodies**: Organizations like China Automotive Research Institute play a crucial role in policy changes and vehicle testing, which are essential for the industry's evolution [30] This summary encapsulates the key points from the conference call regarding the AI smart vehicle sector, highlighting investment opportunities, market dynamics, and company-specific insights.

据印奇透露，千里科技正在加速研发L4级别智能驾驶解决方案，并计划在明年年中发布。同时，千里 科技与吉利共同推动整车的研发，打造兼顾安全性、便捷性和舒适性的Robotaxi（无人驾驶出租车）专 用硬件载体。 每经记者｜孙桐桐 每经编辑｜裴健如 "智驾系统将进入由AI大模型能力驱动的全新阶段。因此，我们希望用AI技术去重新定义智能辅助驾 驶。"9月28日晚间，千里科技（601777.SH）董事长印奇在品牌发布会上表示。 此外，千里科技与国内外出行服务提供商共同打造Robotaxi运营服务平台。按照计划，未来18个月，千 里科技将与合作伙伴在全球范围内10座城市落地规模化的Robotaxi商业化服务。 据悉，千里科技即原力帆科技，于2025年2月完成更名。自第一代AI创业者印奇出任该公司董事长后， 千里科技开始重点发力智能驾驶领域，并从华为引入了原华为车BU总裁王军等核心人才。 今年3月，千里科技宣布与吉利、重庆迈驰、路特斯机器人等签署《车BU投资框架协议》，共同出资15 亿元，设立一家从事智能辅助驾驶业务的公司——千里智驾，定位为"独立的智能汽车解决方案供应 商"，希望再造一个"华为车BU（引望）"。其中，吉利、 ...

Core Insights - The "Vehicle-Road-Cloud Collaboration" is identified as the core path for the development of intelligent driving in China, emphasizing the need for a dual support system of smart roads and cloud computing for the realization of L3 to L4 level autonomous driving [1][3] - Recent policy actions, including the release of the draft for safety requirements of intelligent connected vehicles and conditional approval for L3 models, indicate that the auxiliary driving industry in China is entering a new phase of standardized development focused on safety quantification [1][5] Industry Developments - The auxiliary driving industry faces challenges such as a lack of unified performance baselines and improper promotional language, which can lead to dangerous behaviors among drivers [4] - The draft safety requirements transform safety concepts into quantifiable metrics, including 46 field tests, 72 hours of road tests, and specific thresholds for vehicle hazards and typical faults [4] - The Ministry of Industry and Information Technology has proposed a work plan to stabilize growth in the automotive industry, which includes conditional approval for L3 model production [5] Technological Advancements - The penetration rate of intelligent driving is increasing, with projections indicating that vehicles supporting high-speed and urban NCA will grow from under 2 million in 2023 to over 7 million by 2025 [6] - Leading tech companies and new automotive players are showcasing advantages in the market, with Huawei's ADS system accumulating 4 billion kilometers of safety mileage and XPeng Motors launching the world's first L3-capable AI car [6][7] - Traditional automakers like BYD are also accelerating their advancements, planning to equip 60% of new vehicles with advanced driving features by 2025 [7] Compliance and Standards - The systematic connection of policies and standards is crucial for the orderly advancement of autonomous driving technology, with recent initiatives aimed at bridging generational gaps in technology [8] - The draft has clarified the definitions of L2 to L5 level technologies, establishing boundaries between auxiliary driving and autonomous driving [8] - The industry is experiencing significant generational gaps, with leading companies advancing to urban NOA while others remain at basic levels of highway assistance [9] Future Trends - The competition in the auxiliary driving sector will increasingly focus on technological innovation and service experience optimization, with a shift from "selling functions" to "selling safety" [9][10] - The "Vehicle-Road-Cloud Collaboration" is expected to become a significant trend, enhancing road safety and traffic efficiency through effective information exchange between vehicles and infrastructure [10]