Market Overview - A-shares collectively declined on Thursday, with over 3,000 stocks falling and trading volume dropping to recent lows, indicating poor market profitability [1] - The banking sector showed resilience, with several state-owned banks rising over 3% [1] - As the year-end approaches, market participants are exhibiting a cautious trading attitude, leading to a significant reduction in A-share trading volume [1] Future Outlook - The market is expected to experience fluctuations around the 4000-point level, which may prepare for a potential upward movement [1] - The manufacturing sector is anticipated to see an improvement in supply and demand by 2026, which could lead to a notable recovery in the earnings growth of A-share listed companies [1] - Key focus areas for November include the impact of the 14th Five-Year Plan on industries, event-driven dynamics in the technology sector, and price recovery driven by anti-involution trends [1] Sector Highlights - The technology sector remains a focal point in November, with opportunities for rebound in underperforming areas such as robotics, military, and smart vehicles [2] - The semiconductor industry is expected to continue its trend towards domestic production, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is projected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth observed since Q3 2024 [2] - The banking sector has begun to see a rebound in mid-year performance growth following the impact of loan rate re-pricing, making it attractive to long-term institutional investors due to its dividend yield [2]

责任编辑：王翔 雷军11月21日在微博发文称，中国汽研安全辅助功能四大场景测试，小米AES紧急转向辅助功能，全部 测试成功，包括摩托车逆行变道切入、消失的前车+多车连撞事故现场、前后车夹击+有遮挡儿童横 穿、摩托车强行变道+前方遇事故车。 ...

Core Insights - Huawei's QianKun ecosystem conference showcased new automotive brands "Qijing" and "Yijing," developed in collaboration with GAC and Dongfeng, indicating a potential new cooperative model in the automotive industry [2][7]. Group 1: Huawei QianKun Overview - Huawei QianKun, launched on April 24, 2024, is a new smart automotive solution brand that has partnered with 14 automakers by October 2025, covering a wide range of vehicle types from 150,000 to 1,000,000 yuan [4]. - The QianKun intelligent driving system and Harmony cockpit have been integrated into 33 mass-produced models, showcasing versatility in powertrains including pure electric, range-extended, and hybrid options [4]. Group 2: Sales and Technology Developments - In October, vehicles equipped with QianKun intelligent driving systems achieved sales exceeding 100,000 units [5]. - The upcoming ADS Pro will feature the Limera laser vision sensor, enhancing urban navigation capabilities, with expectations for over 20 models to incorporate this technology next year [5]. Group 3: Brand Collaborations - The "Yijing" brand, developed with Dongfeng, will unveil its first model at the Beijing Auto Show in April 2026, with plans for at least one new model each year [7]. - The "Qijing" brand, in collaboration with GAC, aims to launch two models in 2026, with the first coupe model expected to be delivered by June next year [7]. - Huawei's previous collaboration models focused on component supply and solutions, but the new "Qijing" and "Yijing" brands represent a deeper integration of Huawei's technology into the automotive experience [7]. Group 4: Expanded Partnerships - Avita has deepened its collaboration with Huawei, transitioning from the HI model to the HI Plus model, which will enhance cooperation in product development, marketing, and ecosystem services [8].

11月20日，在华为乾崑生态大会上，启境品牌首次正式公开亮相。作为华为乾昆生态首个落地品牌，启境的诞生不仅是一次简单的品牌发布， 更被业内视为科技企业与主流车企深度融合的里程碑事件。当广汽数十年的制造积淀遇上华为百亿级的智能技术研发投入，这场跨界共创究竟重构 了什么？又将为智能汽车产业带来怎样的变革？ 从技术输出到生态共生的范式重构 启境的诞生并非偶然，而是源于华为与广汽集团顶层战略的深度同频。时间回溯到2024年11月，双方签署深化合作协议，历经多轮高层会晤与体系化筹 备，2025年9月启境品牌正式官宣，其"开启新境界"的命名由任正非提议，既承载着品牌初心，更暗藏着双方对合作模式的颠覆性构想。 在智能汽车产业的合作史上，"技术供应商+制造方"的浅度绑定并不鲜见，而启境构建的"合署办公、同频同步、共同决策"体系彻底打破了这一传统。 自2025年初起，数百名华为乾昆团队成员已进驻启境，全面介入产品定义、研发、测试、营销等全环节，形成"嵌入式协作"格局。这种融合并非简单的人员 叠加，更体现在体系层面的深度植入——启境全面导入华为沉淀多年的IPD（集成产品开发）与IPMS（集成产品营销服务）体系，华为团队全程陪跑， ...

【#小米智驾团队成员超1800人##小米将持续在辅助驾驶领域加大投入#】 @小米汽车 发文称：小米汽 车，将持续在辅助驾驶领域加大投入：2025年，小米在AI领域研发投入超70亿；目前，小米智驾团队 成员超1800人，博士达108人。 ...

Core Viewpoint - Black Sesame Intelligence has officially entered a new phase of "vehicle-machine" technology collaboration, launching the SesameX™ multi-dimensional computing platform aimed at full-brain intelligence [1][9]. Company Overview - Black Sesame Intelligence has developed the SesameX platform as a comprehensive computing solution for robotics, integrating hardware, software, toolchains, and model ecosystems, marking it as the industry's first platform for commercial deployment in robotics [3][8]. - The SesameX platform consists of three major computing platforms: SesameX Kalos for commercial service robots and light autonomous devices, SesameX Aura for multi-task execution and special operation robots, and SesameX Liora for embodied intelligence and advanced self-evolving robots, covering all types of robots [5][6]. Technological Advancements - SesameX Liora is designed for humanoid robots and advanced bionic robots, featuring over 500 TOPS of efficient NPU computing power and a variety of processing capabilities, including multi-channel visual perception [6]. - The platform aims to overcome reliability bottlenecks in computing, enabling real-time, precise, and stable collaboration between decision-making and control systems in complex environments [7]. Market Potential - The humanoid robot market in China is projected to reach 10.471 billion yuan by 2026, with a compound annual growth rate of 83.7% until 2030, and is expected to exceed 300 billion yuan by 2035 [8]. - Black Sesame Intelligence is strategically positioned to benefit from the rapid growth of the robotics industry, leveraging its SesameX platform to address core bottlenecks in large-scale production and establishing unique competitive barriers [8]. Strategic Direction - The launch of the SesameX platform represents a critical step in Black Sesame Intelligence's strategy to transition from "empowering smart vehicles" to "empowering intelligent terminals," aiming to define the next generation of robotic "intelligence hubs" [9]. - The company is expected to accelerate its market share in the burgeoning embodied intelligence market, driven by the high degree of technological and supply chain overlap between smart vehicles and robotics [9].

据介绍，相较于前两级，L3 阶段具备长期记忆、模糊意图理解等核心能力，可主动提供服务。依托感 知力、记忆力等六大类人能力，座舱能记住用户通勤习惯并主动创建场景，还可通过图文视频混合形式 解答用车疑问，甚至联动外部工具完成咖啡预订等跨场景任务。 责任编辑：杨赐 会上，鸿蒙座舱携 MoLA 混合大模型 Agent 架构亮相。作为 HarmonySpace 5 起采用的核心架构， MoLA 通过融合多模态感知、通用大模型与垂域智能体，搭建起从用户意图到硬件执行的完整链路。 新浪科技讯 11 月 21日上午消息，在华为乾崑生态大会上，华为智能汽车解决方案 BU CEO 靳玉志发表 演讲。靳玉志表示，鸿蒙座舱率先进入 L3 专业助理阶段。 官方数据显示，目前鸿蒙座舱用户数已突破 120 万，2025 年 1 - 10 月问界车型搭载版本的平均净推荐 值达 93.6%。 ...

11月20日，2025华为乾崑生态大会在广州落幕，这场由华为乾崑联合央视新闻举办、以"乾崑生态共赴 热爱"为主题的大会，恰逢智能汽车产业从单车智能转向场景生态的关键节点。 华为智能汽车解决方案BU CEO靳玉志表示，华为乾崑的愿景就是把智能带入每一辆车，让出行更安 全，生活更美好。大会发布的技术升级亮点和生态服务成果，不仅勾勒出华为乾崑的战略蓝图，更为全 行业提供了生态融合的实践样本。 技术筑基+产品扩容 筑牢核心竞争力 在智能汽车竞争中，技术实力是根基。华为乾崑以持续迭代的技术生态为内核，搭配覆盖全场景的产品 布局。 中国证券报记者注意到，乾崑智驾ADS系列的升级，是本次大会的技术焦点。靳玉志现场公布的ADS 4 Pro增强版，搭载了华为首创的舱内激光视觉Limera传感器，通过"一镜双模"架构实现激光与摄像头数 据的物理级实时融合。哪怕是黑夜120公里时速下，小纸箱也能被提前识别绕行。 据了解，ADS 4 Max超阶版新增的eAES 2.0功能，能在侧向来车挤压时主动躲闪，甚至在高速爆胎后还 能安全靠边停车。该版本将于2026年一季度开启OTA，推送城区全场景领航辅助（NCA）功能，覆盖 20多款车型。靳 ...

上市不到两年，辰奕智能（301578）(301578.SZ)筹划的首次资本运作来了。 11月19日晚，辰奕智能宣布，拟出资2.89亿元收购东莞市华泽电子科技有限公司(以下简称"华泽电 子")55%股权。 辰奕智能公告称，经公司自查，标的公司与上市公司及其控股股东、实际控制人、持有公司5%以上股 份的股东、董事及高级管理人员均不存在关联关系。 辰奕智能主要从事智能遥控器和智能产品的设计、研发、生产及销售。华泽电子主要从事智能汽车座舱 控制器业务。如果本次收购事项完成，辰奕智能将切入智能汽车座舱控制器领域。 积极筹划收购资产的背后，是辰奕智能自身的经营业绩承压。2024年，公司增收不增利，2025年前三季 度，公司实现的营业收入、归母净利润同比分别下降2.40%、34.50%。其中，第三季度，公司营业收入 1.86亿元，同比下降14.03%；归母净利润亏损220.73万元，系上市以来首次出现单季度亏损。 辰奕智能深耕家电及家居领域，近年来，家电市场处于存量竞争趋势，家居市场景气度相对不高，辰奕 智能的经营业绩承压符合预期。 二级市场上，2025年以来，辰奕智能的股价滞涨。 拟2.89亿收购华泽电子55%股权 辰奕 ...

Core Viewpoint - The article highlights the increasing cybersecurity risks faced by the automotive industry, particularly with the rise of "software-defined vehicles" and the vulnerabilities that come with advanced technologies like autonomous driving and connected car systems [8][24][30]. Group 1: Cybersecurity Challenges - The automotive industry is experiencing a surge in cybersecurity threats, with approximately 3 million attacks on smart driving privacy data reported in China since 2020 [8]. - High-profile data breaches have occurred, such as the leak of 22,800 internal employee records and 399,000 user ID card data from NIO, leading to a ransom demand of $2.25 million in Bitcoin [9]. - In 2024, a configuration error in BMW's cloud storage exposed sensitive internal data, highlighting the industry's vulnerabilities [12]. Group 2: Vulnerabilities in Smart Vehicles - Remote attacks pose significant risks, as hackers can potentially take control of vehicles through vulnerabilities in onboard networks and communication systems [15][20]. - A notable incident involved hackers attempting to exploit a vulnerability in Tesla's OTA system to interfere with vehicle operation, which was fortunately intercepted by Tesla's security team [16]. - The automotive industry is criticized for its slow response to cybersecurity threats, with many companies prioritizing speed to market over thorough security testing [28]. Group 3: Industry Response and Collaboration - Despite the challenges, automotive companies are beginning to recognize the importance of cybersecurity and are collaborating with ethical hackers to identify and fix vulnerabilities [30][32]. - Tesla has been proactive in engaging with white hat hackers through bounty programs and competitions, offering substantial rewards for discovering security flaws [33][35]. - Regulatory frameworks are being established globally, such as the EU's Automotive Cybersecurity Law and various regulations in China, to enforce stringent cybersecurity standards throughout the vehicle lifecycle [37].