作者 | 第一 财经 武子晔 7月15日，宝马宣布与中国科技企业Momenta合作，联合开发面向中国市场的新一代智能驾驶辅助 解决方案。据了解，双方将依托AI大模型，专注于中国特有的出行场景和用户需求，提供全面场景 覆盖和点到点的领航驾驶辅助功能，这套智能驾驶辅助系统将首搭于国产宝马新世代车型上。 汽车市场的竞争已经进入智能化，招商银行研究院称，智能驾驶正成为消费者购车的重要因素， 65%以上的用户使用高阶智驾的频次超2次/周。面临中国汽车市场变化，宝马等外资车企正加速智能 化和电动化布局，包括推出全新电子电气架构、与多家本土科技企业合作等。 Momenta是国内智能辅助驾驶解决方案的头部供应商，与奔驰、奥迪、丰田等车企均有战略合作。 助力城市NOA（Navigate on Autopilot，领航辅助驾驶）成功规模化量产上车的国内第三方智驾供 应商主要有5家，分别是Momenta、华为Hi模式、Bosch+WeRide、百度和元戎启行。佐思汽研数 据研究显示，在2023年1月至2024年10月期间，Momenta在城市NOA供应链市场占比达60%，华 为HI模式占比近30%，其他企业总共占比约10%。 20 ...

Group 1 - BMW announced a partnership with Chinese tech company Momenta to develop a new generation of intelligent driving assistance solutions tailored for the Chinese market [1] - The collaboration will leverage AI models to address unique travel scenarios and user needs in China, providing comprehensive scene coverage and point-to-point navigation assistance [1] - The intelligent driving assistance system will first be integrated into domestically produced BMW models [1] Group 2 - Momenta is a leading domestic supplier of intelligent driving assistance solutions, with strategic partnerships with major automakers like Mercedes-Benz, Audi, and Toyota [2] - In the urban NOA (Navigate on Autopilot) supply chain market, Momenta holds a 60% market share from January 2023 to October 2024, while Huawei's HI model accounts for nearly 30% [2] - Luxury brands like BMW, Mercedes-Benz, and Audi (BBA) are facing challenges in the Chinese market, as local brands like AITO and Li Auto are rapidly gaining market share in the premium segment due to their intelligent features [2] Group 3 - Foreign automakers have generally relied on European logic for their vehicle systems in China, leading to outdated navigation experiences [3] - In response to the cooling electric vehicle market, foreign companies are beginning to collaborate with local firms to enhance their vehicle systems and map services [3] - The rapid development of local suppliers in chips, software algorithms, and intelligent cockpits has prompted foreign automakers to deepen partnerships with local intelligent driving assistance providers to remain competitive in China [3]

关注 「电动车公社」 和我们一起重新思考汽车 近年来智能辅助驾驶技术发展迅猛，市面上辅助驾驶功能更新得也让人眼花缭乱。 仿佛一夜之间，就从连 LCC （车道居中）、 ACC （自适应巡航）都没普及的状态，一下子跳转到了领航辅助 驾驶、乃至端到端的时代，其变化幅度堪称跨越式。 俗话说科技改变生活，智能辅助驾驶为消费者带来诸多美好体验的同时，也带来了一些问题，比如大家对智能 辅助驾驶相关的东西，似乎总有些不同的认知 。 7 月 8 日，中汽中心、清华大学、华为联合发布的《汽车智能驾驶技术及产业发展白皮书》 ， 就是试图改变 这一情况，让大家统一一下对智能辅助驾驶相关概念的看法。 具体说来，中汽中心是国内汽车行业权威的第三方检测认证平台，清华大学是国内最高学府，其车辆与运载学 院是国内最早设立的汽车工程专业，而华为则是国内智能辅助驾驶系统的优秀供应商之一。 这三者凑一起，实际凑齐了"产学研"三方，推出的智能驾驶技术白皮书，也算是对智能辅助驾驶行业的深入探 讨。 那么，智能驾驶技术白皮书里有哪些地方值得我们关注，背后代表的哪些领域又值得我们思考，接下来咱们就 具体来聊聊！ 01. 激光雷达不是万能的， 算力大也不能出 ...

Core Viewpoint - The company Youjia Innovation is set to enter its first lock-up expiration period post-IPO on June 27, 2025, with cornerstone investor Kang Cheng Heng International expressing a commitment to long-term holding without immediate sell-off plans [1][2]. Group 1: Commitment from Cornerstone Investor - Kang Cheng Heng International has issued a commitment letter stating it will not reduce its holdings for three months post-lock-up and will limit any sales to no more than 10% of its total holdings in the following nine months [2]. - The investor emphasizes confidence in Youjia Innovation's long-term development and recognizes the need for time to realize the value of disruptive technologies [2]. - This commitment reflects a strategic decision to support the company through its critical transition phase in the smart driving industry [2]. Group 2: Financial Performance and Market Confidence - Youjia Innovation, known as the "first stock of integrated cockpit and driving," has developed comprehensive smart driving capabilities from L1 to L4, with solutions applied in vehicles from 35 major manufacturers [3]. - The company reported a revenue of 654 million yuan for 2024, marking a 37.4% year-on-year increase, with smart driving solutions contributing 484 million yuan, a 25.2% increase [3]. - The stock price of Youjia Innovation has risen over 50% this year, with a market capitalization exceeding 11 billion yuan, supported by strong financial performance [3]. Group 3: Market Outlook and Growth Potential - Analysts from CITIC Lyon, Everbright Securities, and Guozheng International have issued positive ratings for Youjia Innovation, highlighting its unique position in the autonomous driving sector [4]. - The company is expected to achieve a compound annual growth rate of 49% in total revenue from 2024 to 2027, with a target price set at 32.00 HKD [4]. - The global smart driving market is projected to exceed 600 billion USD by 2027, with supportive policies enhancing the growth prospects for the industry [4].

Core Viewpoint - The trend of mainland companies listing in Hong Kong continues to grow, with significant increases in both the number of IPOs and the amount of capital raised in the first half of the year compared to the same period last year [1][2]. Group 1: IPO Market Overview - In the first half of the year, mainland companies accounted for 95% of the total number of IPOs and 96.7% of the total capital raised in the Hong Kong market [1]. - The number of companies listed in Hong Kong and the amount of capital raised increased by 33% and 711%, respectively, compared to the previous year [1]. - Over 50 A-share companies have announced plans to list in Hong Kong, indicating a strong interest in the market [2]. Group 2: Industry Trends - The "new consumption + hard technology" sectors are emerging as new engines for the Hong Kong stock market [2]. - The biotechnology and health, retail, and consumer sectors had the highest number of IPOs in the first half of the year, with significant interest in niche markets like trendy toys and new-style tea drinks [2]. - The report anticipates more large enterprises and industry leaders will enter the Hong Kong market, with an increasing proportion of IPOs from new consumption and hard technology companies [2]. Group 3: Investment Opportunities - The current growth lines in the Hong Kong market are technology and new consumption, with investment opportunities identified in AI, smart driving, robotics, and innovative pharmaceuticals [3]. - The launch of the "Tech Company Fast Track" by the Hong Kong Stock Exchange aims to facilitate the listing of specialized technology and biotech companies, enhancing the market's appeal [3][4]. - The "H+A" listing model is expected to connect the capital markets of the Guangdong-Hong Kong-Macao Greater Bay Area, providing new growth opportunities for both A-share and Hong Kong-listed companies [4][6]. Group 4: Challenges and Considerations - The "H+A" policy implementation faces challenges such as regulatory alignment, valuation differences, and information disclosure requirements [6]. - Companies listed in both markets must adapt to different regulatory standards, which may complicate their operations [6].

今年以来，智能辅助驾驶已然成为汽车领域备受关注的焦点话题。随着汽车智能化进程步入下半场，智 能辅助驾驶正掀起"平权战"。 一方面，随着智能辅助驾驶的价格不断下探，行业智能辅助驾驶渗透率呈现出持续攀升的态势。车企们 所倡导的"平权"理念，实际背后隐藏着诸多差异。德赛西威执行副总裁李乐乐日前在一汽车行业论坛上 指出，当前在同一价位区间、不同车型上，即便针对同一功能，也存在着巨大的配置差异，而这种差异 将直接导致在安全实现功能方面的不同。 另一方面，"小米事故"的发生为今年以来火热的智驾宣传泼了一盆冷水，使得智能辅助驾驶的安全问题 被提上重要议事日程。6月4日，全国标准信息公共服务平台公示了关于征求《智能网联汽车组合驾驶辅 助系统安全要求》拟立项强制性国家标准项目意见的通知。这也意味着，L2级辅助驾驶的强制性国标 即将落地实施。 地平线创始人、CEO余凯表示，L2级辅助驾驶强制性国标的推出有望缓解车企的焦虑情绪，将会"让车 企少一些焦虑"，引导行业回归更健康、更理性的状态。 城市NOA平权尚早，普惠更需安全托底 智能辅助驾驶新战场开启后，智驾竞争的速度远超人们的想象。 回顾去年年初，城市NOA还只是车企在营销车型时 ...

Group 1: Automotive Data Regulations - The Ministry of Industry and Information Technology (MIIT) of China has solicited opinions on the "Automotive Data Export Security Guidelines (2025 Edition)" [1] - Automotive data processors must declare data export security assessments under specific conditions, including providing important data or personal information to overseas entities [1] Group 2: Market Outlook and Investment Strategies - The Chinese stock market is expected to experience continued divergence from the U.S. market, with a focus on a barbell strategy and opportunities in overseas expansion [2] - The AI sector is anticipated to drive valuation recovery in the internet industry, while external geopolitical factors remain a significant influence on market sentiment [2] - The Chinese new energy vehicle (NEV) market is projected to grow by 24% year-on-year, with a penetration rate of 53.3% [2] - The pharmaceutical sector is optimistic about domestic innovative drugs achieving overseas authorization, supported by national policies [3] Group 3: A-Share Market Analysis - Historical "bottoms" in the A-share market may have already occurred, with resilience observed despite external uncertainties [4] - The market is expected to continue narrow fluctuations, with potential upward movement dependent on macroeconomic policies, particularly fiscal measures [4] Group 4: Industry Opportunities - Investment opportunities are identified in three main areas: capacity cycle opportunities (industrial metals, lithium batteries, innovative drugs), high-growth sectors less correlated with economic cycles (AI industry), and dividend-paying sectors (consumer leaders, public utilities) [5] Group 5: Military Trade and Defense Industry - China's military trade is evolving, with the country transitioning from a "follower" to a "leader" in the global military trade landscape [6] - Investment opportunities in the defense sector include radar systems, guided equipment, drones, military aircraft, armored vehicles, and naval vessels [6] Group 6: Stablecoin Market Dynamics - The stablecoin market is gaining attention, with implications for financial technology and international currency dynamics [7] - USDT, a widely used stablecoin, has an issuance scale exceeding $150 billion, representing a new generation of payment technology [7] - Future focus on the listing of Circle and related companies in the stablecoin space is recommended [8]

〖亿欧智库 算力跃迁、数据闭环、VLA与世界模型 2025中国高阶智能辅助驾驶最新技术洞察 00 亿欧智库 https://www.iyiou.com/research Copyright reserved to EO Intelligence, June 2025 www.iyiou.com 获取更多维度报告数据 (www.iyiou.com) ，请访问亿欧网 ◆◆◆ ◆ ◆◆ ZIX 零售 la CONTENTS 8 中国高阶智能辅助驾驶市场背景 01 1.1 高阶辅驾ODD再扩展 1.2 科技平权与技术普惠 1.3 事故焦虑与安全冗余 1.4 政策护航与理性宣传 中国高阶智能辅助驾驶市场背景 01 1.1 高阶辅驾ODD再扩展 1.2 科技平权与技术晋惠 1.3 事故焦虑与安全冗余 1.4 政策护航与理性宣传 中国高阶智能辅助驾驶技术洞察 02 中国高阶智能辅助驾驶技术洞察 02 解码算力、 2.1 高阶智能辅助驾驶技术洞察： 数据、算法的技术底层逻辑 2.2 高阶智能辅助驾驶算力洞察: ①车端算力;②云端算力 ①数据难题；②数据采集；③定位技术 2.3 高阶智能辅助驾驶数据洞察： ①端到端;②VLA; ...

Core Viewpoint - Horizon Robotics has gained significant market attention and investor interest following its inclusion in the Hong Kong Stock Connect, leading to a substantial increase in its stock price and market capitalization [1][2]. Group 1: Market Performance - Following the adjustment of the Hong Kong Stock Connect on May 26, eligible mainland investors can directly trade Horizon Robotics' shares, resulting in an 11.39% stock price increase on May 27, with a market capitalization exceeding HKD 104.5 billion [1]. - The company has been recognized as the third-largest IPO and the largest technology IPO of the year after its listing in October 2024, with its stock price more than doubling since the initial offering [3]. Group 2: Business Growth and Financials - In the fiscal year 2024, Horizon Robotics achieved a revenue of CNY 2.384 billion, representing a year-on-year growth of 53.6%, and a gross profit of CNY 1.841 billion, up 68.3% [2]. - The adjusted operating loss narrowed from CNY 1.687 billion in 2023 to CNY 1.495 billion in 2024, indicating improved sustainable operating capabilities [2]. Group 3: Strategic Partnerships and Market Position - The company has initiated mass production of its high-performance chip, the Journey 6P, and launched the High-Performance Urban Driving System (HSD), establishing partnerships with major automotive manufacturers like Chery and Volkswagen [2]. - Horizon Robotics has formed strategic collaborations with global Tier 1 suppliers such as Bosch, Denso, and Continental, enhancing its competitive edge in the advanced driving assistance solutions market [2]. Group 4: Future Outlook - The company anticipates a pivotal turning point for smart driving by 2025, driven by technological breakthroughs, regulatory support, and increased consumer willingness [3]. - Horizon Robotics plans to continue investing in research and development to enhance its smart driving solutions and maintain its leading position in the industry [3].

访问36氪出海网站letschuhai.com，获取更多全球商业相关资讯。 今日好文 中东为何成了无人驾驶的"黄金试验场"？ 一场政策、资本与技术交织的全球化竞跑。 杀疯了！中国车企狂攻日系腹地，最后堡垒要被击穿 这场没有硝烟的市场争夺战，早在2022年下半年就已暗流涌动。 低调女掌门人38岁创业，做出营收47亿大卖，忽然断腕退市 退市释放的灵活空间，是在为一场更大的商业突围铺路。晨北科技接下来还想投入 TikTok 及零售渠道、深化在欧洲市场的占有率等，这些规划都需要时间 和更多资金。 今年以来，我国智能辅助驾驶企业加快出海步伐，尤其是5月，Momenta、小马智行、文远知行相继与全球出行巨头 Uber 达成战略合作，掀起中国智能辅助 驾驶技术、产品的出海浪潮。有受访专家表示，中国领先的智能辅助驾驶企业在无图技术、车路协同等领域已形成具有全球竞争力的成熟技术方案，加速出 海，有助于赋能海外市场在智能辅助驾驶等智慧交通领域的生态建设。同时，出海也给智能辅助驾驶企业提供了更具盈利潜力的业务增长空间，但需避免简 单复制国内模式，应结合本土需求构建可持续生态，提升中国汽车产业的全球影响力。（中证报） 热点快讯 印度 ...