国际注册创新管理师、鹿客岛科技创始人兼CEO卢克林表示："2025年的热钱只追两条赛道：城配无人 车和干线无人重卡。"因为这两条赛道的场景封闭、政策友好、客户可算账。在城配赛道，美团、顺丰 等物流巨头把"人车比"作为核心KPI，无人车单日成本只要低于司机日薪200元，就能跑通；干线重卡则 因为油价高、司机缺口大，鄂尔多斯、唐山等能源基地愿意用财政补贴换效率。"资本现在只看谁能先 跑出1万辆车，形成网络效应。"卢克林称。 不过，从事无人物流车配送的企业当前普遍承受着规模上量难、盈利难的压力，多家头部企业都在想办 法缩短盈利周期。例如，九识智能通过订阅制，客户按需租赁车辆，降低初期投入；中通智驾平台提供 数据增值服务，通过分析配送数据优化仓储选址，提升客户销售额；白犀牛通过硬件+FSD模式，探索 可持续盈利路径。 从市场竞争的角度来看，目前无人物流配送行业还存在着竞争主体多元、技术路线分化等特点。竞争主 体方面，大多数科技公司都是技术驱动型，如新石器、白犀牛、九识智能凭借L4级自动驾驶技术快速 抢占市场，通过高性价比车型和场景定制化方案形成壁垒。物流与快递巨头则各行其道，京东物流发布 自研无人轻卡"京东物流VAN ...

Group 1: Shippeo Leadership Appointment and Market Positioning - Shippeo appointed Brandon Oliveri-O'Connor as Chief Revenue Officer and Ben Douglass as Chief Marketing Officer, both previously key figures at Procore, where they helped grow annual recurring revenue from $50 million to $1 billion [1] - Their experience in expanding SaaS companies in complex industries, particularly in Europe, the UK, and the Middle East, is expected to drive Shippeo's growth [1] - Shippeo's platform integrates with over 228,000 carriers and 1,100 transportation management systems, tracking over 90 million shipments annually across 150 countries [1] Group 2: TCL Technology Acquisition of Huaxing Semiconductor - TCL Technology plans to acquire 21.5311% of Shenzhen Huaxing Semiconductor from Shenzhen Major Industry Fund for approximately 11.56 billion RMB [2] - This acquisition will enhance TCL's control over two of the five global G10.5/11 production lines, which focus on large-size panels, accounting for 35% of the global supply capacity [2] - The acquisition aims to improve coordination in R&D, production, and sales, creating a synergistic effect between panels and terminals [2] Group 3: Decline in Autonomous Delivery Vehicle Prices - The price of autonomous delivery vehicles has plummeted from millions to between 16,800 to 19,800 RMB, a decrease of 98% [3] - The price drop is attributed to technological advancements and reduced manufacturing costs, particularly in lidar and battery technology [3] - The use of autonomous delivery vehicles can significantly lower delivery costs, with urban delivery costs per ticket dropping from 0.17 RMB to 0.1 RMB, a reduction of over 40% [3] Group 4: Cyber Technology Showcase at SME Expo - Industry leaders can gain market share by addressing issues such as safety, road rights, and technology integration, facilitating the commercialization of autonomous delivery vehicles [4] - The 2023 China International SME Expo showcased over 2,000 SMEs from more than 50 countries, highlighting their potential in technological innovation [4] Group 5: AI Large Model Market Competition - Among the "six small giants" in the AI large model sector, only three companies made it to the top 50 list, with Zhipu Technology leading with 31 projects won [5] - iFLYTEK secured the most bids in 2024, focusing on private deployments in state-owned enterprises, government, education, and healthcare [5] - Custom development services, despite lower profit margins, have a higher total bid amount compared to application product vendors, indicating their significant role in the industry [5] Group 6: Innovations from SMEs - Yujiang Technology launched the CR 30H collaborative robot, overcoming traditional load and speed limitations [6] - Lingdu Intelligent introduced the first commercial curtain wall cleaning robot in China, enhancing safety and water-saving features [6] - The rapid development of SMEs in robotics, smart hardware, AI applications, and digital transformation presents numerous investment opportunities [6]

证券研究报告·行业点评报告·计算机 计算机行业点评报告 无人物流车：迎来商业化落地 2025 年 06 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 王紫敬 执业证书：S0600521080005 021-60199781 wangzj@dwzq.com.cn 行业走势 -16% -8% 0% 8% 16% 24% 32% 40% 48% 56% 2024/6/3 2024/10/1 2025/1/29 2025/5/29 计算机 沪深300 相关研究 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 各地陆续开放路权，支持无人驾驶运营测试。2024 年 7 月，工业和信息 化部、公安部、自然资源部、住房和城乡建设部、交通运输部等五部门 联合发布《关于公布智能网联汽车"车路云一体化"应用试点城市名单 的通知》，北京、上海、重庆、鄂尔多斯等 20 个城市（联合体）上榜。 各试点城市可以结合智慧城市、智能交通、产业发展等需求，因地制宜 开展智慧公交、智慧乘用车、自动泊车、城市物流、自动配送等多场景 的规模化应用试点。截至 2025 年 6 ...