Core Viewpoint - Xiaomi is focusing on increasing the average selling price of smartphones as a primary operational goal for 2026, while significantly boosting investments in artificial intelligence to transform its entire business line and setting an annual delivery target of 550,000 electric vehicles [1][2]. Group 1: Smartphone Business - Xiaomi's strategy to counter the rising costs of storage chips involves increasing the average selling price (ASP) of smartphones, with a clear focus on high-end models [3][4]. - The upcoming Xiaomi 17 Ultra will be priced 500-700 RMB higher than the Xiaomi 15 Ultra, reflecting this strategy [3]. - The company aims to increase its market share in China by 1 percentage point annually, emphasizing the strategic importance of the Chinese market for its high-end strategy [4]. Group 2: AIoT Business - The AIoT segment is positioned as a profit stabilizer for Xiaomi, with expectations of approximately 20% year-on-year revenue growth in 2025 and a margin expansion of 2-2.5 percentage points [5]. - Xiaomi plans to increase the number of its retail stores from about 500 in 2025 to over 1,000 in 2026, while expanding product categories and exploring partnerships with cross-border e-commerce platforms [5]. - Currently, overseas AIoT revenue accounts for about 30%, with overseas smartphone revenue at 60%, indicating potential for future growth in AIoT [5]. Group 3: Electric Vehicle Business - Xiaomi has raised its delivery target for electric vehicles to 550,000 units for 2026, significantly up from the previous target of 410,000 units for 2025 [6][7]. - The growth is driven by increased manufacturing capacity and consumer confidence in new models, including the SU7 facelift and a third model set for release in the second half of 2026 [6]. - The company aims for a healthy gross margin of over 20% in the electric vehicle segment, although margins may be lower in 2026 due to tax incentives and changes in product mix [6][7]. Group 4: R&D Investments - Xiaomi plans to invest 200 billion RMB in R&D from 2026 to 2030, focusing on AI, autonomous driving, and chip development [8][9]. - AI investments are expected to account for 25% of the 320-330 billion RMB R&D budget in 2025, with a commitment to maintaining reasonable levels of investment [9]. - The company has a strong focus on developing its own chips, with significant investments already made in the XRING O1 chip, which is expected to enhance its capabilities in the electric vehicle sector [11].

B O o 755-18 e s N ago th 2 t Pack get 19 ece W li 雷军表示，内饰重新设计，品质感大幅度提升，座椅舒适度也有了质的提升。"这个氛围灯，是不是还 可以？" 1 C - province r 6 1 France of the 2 t B W 8 B . . . . . 3,5100 / 1月7日，小米公司创始人、董事长、首席执行官雷军宣布新一代SU7预计2026年4月上市，并同步公布 了新车配置。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

Core Insights - China's L3 level autonomous driving has transitioned from testing to commercial application, with the first batch of L3 vehicles approved for trial in designated areas of Beijing and Chongqing by December 15, 2025 [1] - This milestone is expected to generate valuable L3 autonomous driving data, facilitating technological upgrades and presenting new opportunities for the auto insurance market [1] Group 1: Autonomous Driving Levels - The classification of driving automation ranges from L0 to L5, with L3 indicating conditional automation where the vehicle can perform driving tasks under specific conditions, transferring responsibility from the driver to the system [2] - The shift from L2 to L3 represents a critical transition in smart driving technology, marking the first time driving responsibility is transferred from the driver to the automated system [2] Group 2: Insurance Implications - Auto insurance products are expected to evolve from "personal consumer insurance" to "product liability insurance" and "technical professional liability insurance," focusing on the reliability of the automated driving system rather than the driver's habits [3] - Insurance companies will need to redefine insurance terms, distinguishing between inherent system defects and external uncontrollable factors that lead to accidents [3] Group 3: Challenges in Insurance Claims - Current intelligent driving insurance products are often supplementary and do not serve as independent main products, primarily focusing on driver and passenger injury compensation rather than third-party liability due to system failures [4] - Key challenges in the insurance claims process include accident responsibility identification, data collection and analysis from autonomous systems, and estimating repair costs for high-tech systems [4] Group 4: Future Directions for Insurance Companies - A comprehensive insurance framework is essential for the widespread application of autonomous driving technology, with a focus on innovative, tiered products that cover new risks such as system failures and cybersecurity [5] - Insurance companies should establish a "vehicle-cloud-insurance" data loop to enhance risk assessment and pricing, and collaborate with automotive manufacturers and regulatory bodies to create unified standards for accident identification and data sharing [5][6]

Core Insights - The visit of Huawei's executive Yu Chengdong to GAC Group marks a significant step in their collaboration on smart vehicles, culminating in a comprehensive cooperation framework agreement [2][3] - The agreement signifies a shift from project-level cooperation to a long-term strategic partnership, focusing on the integration of technology and product development in the smart automotive sector [3][5] Group 1: Cooperation Framework - The cooperation framework between GAC Group and Huawei is centered around the co-construction of the HarmonyOS ecosystem, emphasizing joint innovation in AI and other cutting-edge technologies [4][5] - This partnership aims to enhance GAC's smart upgrade and support the international expansion of China's automotive industry [5][6] - Both companies will work on integrating their strengths in electric vehicle manufacturing, operating systems, smart cockpits, and global service systems [4][5] Group 2: Product Development - GAC's new brand, Qijing, is set to play a crucial role in deepening the collaboration, with new models featuring Huawei's advanced driving and smart cockpit systems [7][8] - The first model from Qijing, a stylish shooting brake, is expected to launch in 2026, showcasing a collaborative design process involving significant input from both GAC and Huawei [7][8] - The product development process has been characterized by intense discussions and negotiations, reflecting the high standards both companies aim to achieve [8][9] Group 3: Strategic Alignment - The ongoing collaboration aligns with GAC Group's strategic plan "Smart Travel 2027," which prioritizes smart technology as a core focus [9][10] - The partnership has expanded from hardware to software, covering various aspects of automotive technology, with a consistent emphasis on smart solutions [9][10] - GAC and Huawei's joint initiatives, such as the Huawei cloud vehicle technology, have already been implemented in GAC's models, enhancing the overall smart experience [9]

项兴初拜访任正非先生。 展望未来，江汽集团与华为将进一步拓宽合作领域，在汽车智能化、企业数智化等关键领域持续深化合 作，共同推动新能源汽车产业实现高质量发展，为中国汽车强国建设注入新动能。(江汽宣 文/图) 1月5日，江汽集团控股公司党委书记、董事长、总经理项兴初率团队赴深圳，拜访华为公司创始人任正非 先生等。双方围绕汽车产业智能化变革趋势、合作项目进展及未来规划等，进行了全面深入的交流。 ...

企查查 App 显示，近日，北京智驭科技有限公司正式成立，注册资本 300 万元。公司经营范围涵盖人工智能应用软件开 发、人工智能基础软件开发、智能车载设备制造、汽车零配件批发、汽车零配件零售等领域，业务布局精准锚定智能汽车核 心软硬件赛道。 企查查股权穿透结果显示，该公司由两大主体联合持股：一是北京汽车集团有限公司全资子公司北京汽车研究总院有限 公司，二是北京地平线机器人技术研发有限公司。其中，北汽研究总院持股 65%，为第一大股东；地平线持股 35%，双方强 强联手，共同布局智能车载领域。 | 统一社会信用代码 | 91110108MAK482E3X3 | 企业名称 | 北京智驭科技有限公司 | | | | --- | --- | --- | --- | --- | --- | | 法定代表人(1) | 王磊 【关联企业 3 | 登记状态 | 存续(在营、开业、在册) | 成立日期 | 2025-12-29 | | | | 注册资本 | 300万元 | 材质量位 | | | 组织机构代码 | MAK482E3-X | 工商注册号 | 110108046527231 | 纳税人识别号 | 91110108M ...

Summary of Conference Call on NVIDIA and the Smart Automotive Sector Industry Overview - The conference call focuses on the smart automotive sector, particularly the advancements in autonomous driving technology led by NVIDIA in collaboration with Mercedes-Benz [1][2]. Key Points and Arguments - **NVIDIA and Mercedes-Benz Collaboration**: This partnership signifies a major advancement in the autonomous driving field, with a clear production timeline set for 2026. Testing will begin in the U.S. in Q1 2026, followed by deployment in Europe in Q2, and expansion into Asia later in the year. By the end of 2026, the vehicles are expected to have urban operational vehicle (OV) capabilities, positioning NVIDIA as a potential third-party leader in the global autonomous driving market [1][2]. - **Impact on Competition**: The collaboration is expected to have a significant demonstration effect in overseas markets, potentially attracting more automotive companies to accelerate their efforts to catch up with Tesla. This will intensify competition in the Chinese market and promote the development of Robotaxi services, which is particularly crucial for non-Chinese markets where competition is currently limited [1][3]. - **Investment Recommendations**: - For H-shares, the focus should be on XPeng (closest to Tesla's model) and Horizon Robotics (best mapping). Additionally, companies like Pony.ai and WeRide, which are purely focused on L4 Robotaxi, are highlighted for their potential. - For A-shares, Desay SV Automotive is noted as the best mapping object, while Qianli Technology is recognized as the only company actively engaged in Robotaxi-related business. Other small to mid-cap stocks like Beijing Junzheng and Dazhongnan are also recommended for investment [1][4]. Future Catalysts - Key future catalysts that may influence the smart automotive sector include: - The introduction of L3/L4 national standards - Full domestic rollout of Tesla's Full Self-Driving (FSD) technology - Launch of new models by XPeng and iterations of the second-generation Vehicle Operating Architecture (VOA) - Doubling of sales targets by companies like Pony.ai, LoBot, and WeRide - Continued progress by third-party players like Horizon Robotics and Momenta in L4 development - The implementation of electrification policies, which will alleviate overall concerns and shift the focus of autonomous driving to B-end applications [1][5]. Market Outlook for 2026 - The outlook for the smart automotive sector in 2026 is increasingly centered on L4 autonomous vehicle scenarios, particularly the Robotaxi market, which is expected to be the largest and most accommodating for various players. Since September, numerous catalysts, including Tesla's record highs and new model launches from XPeng, indicate that the industry is in a phase of positive development. Investors are advised to closely monitor NVIDIA, Tesla, and related mapping stocks like XPeng, Horizon Robotics, Pony.ai, and WeRide, while keeping an eye on upcoming policies and technological advancements to seize investment opportunities [1][6][7].

1月7日，雷军微博发文表示，新一代SU7全系标配激光雷达，辅助驾驶全部满配，续航有新的重大突 破，预计4月份上市。今天上午10点开启小订。 （文章来源：每日经济新闻） ...

Core Viewpoint - The International Consumer Electronics Show (CES) showcases China's technological advancements, highlighting a transition from "smart creation" to "ecological leadership" in the tech industry [1] Group 1: Technological Advancements - The exhibition features next-generation personal terminals with multi-modal interaction capabilities and embodied intelligent robots entering homes and businesses [1] - Smart vehicles are transforming driving experiences and reshaping human-vehicle relationships, while core computing chips and advanced solutions empower various industries [1] - Chinese tech companies are evolving from mere technology integrators to global leaders, launching defining technological architectures and open platforms [1] Group 2: Key Dimensions for Future Growth - Strengthening foundational research and frontier exploration is essential for maintaining a competitive edge in global technology, particularly in artificial intelligence, quantum information, and life sciences [2] - Enhancing the resilience and collaboration of the industrial chain is crucial, focusing on upgrading to high-end, intelligent, and green manufacturing, while addressing gaps in key components and advanced materials [2] - Optimizing capital supply to support technological innovation involves fostering "patient capital," ensuring smooth capital circulation, and enhancing global investment capabilities [2] Group 3: Future Outlook - The trajectory from "Made in China" to "Created in China" and now to "Leading in China" indicates a clear upward trend, positioning Chinese technology to significantly contribute to global economic development [3]

Core Viewpoint - The International Consumer Electronics Show (CES) showcases China's technological advancements, highlighting a transition from "smart creation" to "ecological leadership" in the tech industry [1][4]. Group 1: Technological Advancements - The exhibition features next-generation personal terminals with deep integration of artificial intelligence and multi-modal interaction capabilities [1][4]. - The emergence of embodied intelligent robots with autonomous perception and decision-making abilities marks their entry into both household and commercial applications [1][4]. - Smart vehicles and platforms are reshaping driving experiences and human-vehicle relationships, while core computing chips and advanced solutions empower various industries [1][4]. Group 2: Industry Development Strategies - Strengthening foundational research and frontier exploration is essential for maintaining a competitive edge in global technology, particularly in areas like artificial intelligence, quantum information, and life sciences [2][5]. - Enhancing the resilience and collaboration of the industrial chain is crucial, focusing on upgrading to high-end, intelligent, and green manufacturing, while addressing gaps in key components and advanced industrial software [2][5]. - Optimizing capital supply to support technological innovation involves fostering "patient capital," ensuring smooth capital circulation for core technology enterprises, and enhancing global investment capabilities [2][5]. Group 3: Future Outlook - The trajectory from "Made in China" to "Created in China" and now to "Leading China" indicates a clear upward trend in innovation, positioning China to contribute significantly to global economic development [3][6].