截至目前， 地平线 HSD已与全球近10家汽车品牌达成合作意向，全球首发搭载奇瑞的星途星纪元 E05量产在即 。 截至目前，地平线HSD已与全球近10家汽车品牌达成合作意向。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 地平线 日前 发布 了 有史以来最大升级的高性能城区辅助驾驶产品 HSD （ Horizon SuperDrive） ，其作为 基于征程 ®6P打造的一段式端到端辅助驾驶系统，实现了从"光 子输入到轨迹输出"的系统超低时延，大幅提升 了 辅助驾驶安全、效率、舒适。 值得一提的是， 地平线最新版本的 HSD 现已被誉为 "国内最像特斯拉FSD的辅助驾驶系统" —— HSD可行驶区域覆盖城区、高速、乡间小路、停车场等道路场景 ， 不仅在连续弯道、多出口大型环 岛等复杂道路拓扑环境下，依然能实现精准感知与丝滑通行，还能从容完成高难度直行待行区识别、 盲区遮挡防御性驾驶、潮汐车道通行等复杂城区驾驶任务，并实现不依赖于记忆建图的园区漫游及车 位到车位的流畅驾驶 。 某种程度上而言， HSD 于今年年初的发布及日前完成的进一步迭代，再一 ...

Core Viewpoint - The emergence of Momenta's self-developed driving chip marks a significant shift in the domestic intelligent driving industry, transitioning from a software-only company to a full-stack supplier, posing new competitive challenges to existing players in the market [1][2][20]. Company Overview - Momenta, established in 2016, focuses on high-performance intelligent driving solutions, targeting both L2 and L4 markets, and has partnerships with major global automakers, including SAIC, BYD, and Toyota [2][3]. - The company holds the largest market share in urban NOA technology at 60.1%, with cumulative sales of 114,000 vehicles equipped with its technology [3][19]. Self-Developed Chip Significance - Momenta's self-developed chip is positioned for the mid-range market, offering cost advantages and compatibility with existing products, which enhances its competitive edge [6][19]. - The strategy of "downward integration" is expected to create stronger competitive barriers and higher value capture capabilities for the company [6][10]. Impact on Competitors - The introduction of Momenta's chip poses significant challenges to NVIDIA and Qualcomm, as it allows automakers to transition smoothly from their solutions, increasing competitive pressure on these established players [8][10]. - Domestic chip manufacturers like Horizon Robotics and Black Sesame are also facing heightened competition, as Momenta's software expertise may overshadow their advantages [10][11]. Implications for Automakers - Automakers are reevaluating the necessity and cost-effectiveness of in-house chip development in light of Momenta's competitive offerings, particularly for resource-constrained new entrants [12][14]. - The shift towards Momenta's integrated solutions may lead to a reassessment of self-research strategies among automakers, balancing differentiation with cost advantages [15][21]. Strategic Challenges Ahead - Momenta faces challenges in achieving large-scale production and meeting stringent automotive safety standards, which are critical for its long-term success [20][21]. - The competitive landscape is expected to intensify as established players like NVIDIA and Qualcomm may respond with price cuts or enhanced technology to counter Momenta's market entry [20][21].

公众号记得加星标⭐️，第一时间看推送不会错过。 国内的智能驾驶赛道，又掀起了新的波澜。 据36氪等媒体报道，国内自动驾驶技术公司Momenta自研的首款辅助驾驶芯片，已在近期点 亮，并开始上车测试。据了解，这块芯片的性能主要对标的是旗下的Orin-X和高通8650等主流 辅助驾驶芯片。 此消息一出，就震动了整个国内智能驾驶圈，作为一家以算法软件起家的智驾公司，Momenta 亲自下场搞芯片，不仅标志着其开始从纯粹的"软件公司"转向"软硬一体"全栈供应商，同时也意 味着众多智能驾驶赛道的厂商迎来了一位新的对手。 而问题也随之而至：当Momenta这样的厂商开始下场造芯片，谁会受伤，谁又能因此受益呢？ 自研芯片，意义重大 我们先来简单了解一下Momenta，这家成立于2016年的企业，此前专注于提供高性能智驾解决方 案，主攻中高端市场，产品主要包括量产L2智驾系统Mpilot、L4完全无人驾驶系统MSD，其整体业 务策略是兼顾L2与L4两条腿走路的产品策略，与数据驱动的飞轮策略相结合。 截至目前，Momenta与多家国内外头部车企建立合作，包括多家全球销量前10车企，代表客户包括 国内上汽、比亚迪、广汽，海外丰田 ...

Core Viewpoint - The 2025 International Automotive and Supply Chain Expo in Hong Kong showcased Horizon's advanced driving technology, highlighting its innovative contributions to the automotive industry and its commitment to smart driving solutions [1][3][5]. Group 1: Event Overview - The expo served as a platform for showcasing new ideas, technologies, and products in the automotive industry, emphasizing the global trends of vehicle intelligence and electrification [3]. - Horizon's products, including the Horizon SuperDrive™ (HSD) and the Journey® 6 series, were prominently featured, demonstrating the company's full-stack technology capabilities [1][3]. Group 2: Product Highlights - Horizon's HSD system received the 2025 China Automotive Supply Chain Innovation Achievement Award for its human-like driving experience and reliable technology [6]. - The HSD is the first fully integrated urban driving assistance system developed in China, utilizing the Journey 6P computing solution to provide a seamless driving experience [6][8]. Group 3: Strategic Partnerships and Collaborations - Horizon has established comprehensive cooperation with Chery Group for the mass production of HSD, which will debut in the global market under the Starway brand in 2025 [10]. - The company has formed partnerships with over 40 automotive brands, resulting in more than 310 vehicle models equipped with its driving assistance solutions [13]. Group 4: Market Position and Future Outlook - Horizon has achieved significant market penetration, with over 8 million units of its driving assistance solutions shipped, indicating that one in three smart vehicles in the market is equipped with Horizon's technology [13]. - The company aims to lead the innovation in the smart driving sector by promoting the widespread adoption of its technology and enhancing the safety and intelligence of vehicles [15].

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The high-end strategy of automotive companies is categorized into two types: those with clear advantages focusing on their strengths and those adopting benchmarking strategies [4][58] - The tightening regulations on intelligent driving are leading to a shift in marketing strategies among automotive companies, emphasizing safety and compliance [28][59] - Leading intelligent driving suppliers are expanding their product matrices and customer bases through integrated hardware and software solutions [60] Summary by Sections 1. Leveraging Strengths for Brand Advancement - Automotive companies like Li Auto, Great Wall Motors, and Xiaomi are focusing on their unique strengths to enhance brand positioning [4][58] - Li Auto's MEGA model maintains a flagship position with a price above 500,000 yuan, while Great Wall Motors continues to deepen its off-road market with the launch of the Tank 300 [8][19] - The introduction of new large SUVs during the 2025 Shanghai Auto Show aims to capture market share and elevate brand value [9][21] 2. Strengthening Safety and Regulatory Compliance - The intelligent driving sector is entering a period of stringent regulation, with new guidelines affecting marketing and OTA upgrades [28][29] - Companies are adjusting their marketing strategies to highlight safety features and avoid misleading claims about autonomous capabilities [35][36] 3. Leading Intelligent Driving Suppliers: Integrated Solutions and Rich Product Matrix - Major suppliers like Huawei and Horizon Robotics are offering diverse solutions across various price segments, with Huawei's ADS 4 and Horizon's HSD series [42][60] - High-end products are undergoing further iterations, with Huawei's ADS 4 flagship version introducing commercial L3 solutions [46][60] - The rapid expansion of user bases and significant R&D investments are leading to economies of scale for these suppliers [50][60] 4. Investment Recommendations - The report recommends focusing on automotive companies with distinctive brand advantages and ongoing development, specifically highlighting Li Auto, Great Wall Motors, and Xiaomi [58][60] - It also suggests looking at companies benefiting from the scale of new energy vehicles, such as BYD and Geely, and suppliers like Horizon Robotics and Fuyao Glass that are poised to gain from the proliferation of intelligent driving technologies [60]

月度产销： 根据乘联会统计，3月全国乘用车市场零售194.0万辆，同比增长14.4%，环比增长40.2%；今年1-3月份累计销量512.7万辆，同比增长6.0%。其中3月新能源乘用车批 发销量达到112.8万辆，同比增长35.5%，环比增长35.9%；1-3月累计批发284.7万辆，同比增长42.8%。根据乘联会数据，4月狭义乘用车零售预计175.0万辆，新能源预计90.0万 辆。 周度数据： 根据上险数据，4.14-4.20国内乘用车上牌38.70万辆，同比+9.4%，环比+12.1%；其中新能源乘用车上牌20.43万辆，同比+28.9%，环比+10.9%。4月累计更新(4.7- 4.20)：4月国内乘用车累计上牌73.22万辆，同比+10.3%；其中新能源乘用车累计上牌38.85万辆，同比+27.7%。 本周行情： 本周（20250421-20250425）CS汽车上涨4.98%，CS乘用车上涨3.77%，CS商用车上涨2.26%，CS汽车零部件上涨6.72%，CS汽车销售与服务上涨3.38%，CS摩托车 及其他上涨4.47%，电动车上涨3.53%，智能车上涨3.25%，同期的沪深300指数上涨0.38% ...

Core Insights - The integration of AI in the automotive industry is transforming production efficiency and quality control, with companies like Li Auto and NIO achieving significant improvements in precision and operational efficiency through AI-driven inspection systems [1][2] - The automotive sector is predicted to see deeper integration of AI technologies by 2025, evolving towards "smart mobility entities" and fostering the emergence of new automotive innovations [1][2] Group 1: AI in Production and R&D - NIO's new factory has implemented large-scale autonomous operations for vehicle transfer, enhancing production efficiency and precision to 0.1 mm through AI inspection [2] - AI is increasingly recognized as a key driver in reducing costs and improving efficiency in battery development, particularly in solid-state battery research [2][3] - The introduction of virtual quality inspectors has led to a 20% increase in production efficiency and a 25% reduction in operational costs for Li Auto [2] Group 2: AI Enhancing Driving Experience - Consumer expectations for automotive intelligence have shifted towards usability and enjoyment, with AI becoming a competitive factor in the industry [4] - AI models like DeepSeek are improving voice interaction in vehicles, reducing response times significantly and enhancing user experience [4] - AI is revolutionizing vehicle control systems, enabling real-time adjustments based on environmental feedback, with companies like Zhiji Auto leading in this innovation [5] Group 3: Future of Automotive Robotics - The future of vehicles may involve robotic forms, with companies like GAC Group developing humanoid robots for various applications, indicating a trend towards integrating robotics with automotive technology [6][7] - The collaboration between humanoid robots and electric vehicles is expected to create new market opportunities, with significant cost reductions possible through shared supply chains [7] Group 4: AI Supply Chain Ecosystem - The rise of AI in the automotive sector emphasizes the importance of a robust supply chain, with domestic suppliers gaining influence and recognition [8] - Companies like Pony.ai and Hesai Technology are showcasing advanced autonomous driving systems and lidar solutions, highlighting the growing role of tech firms in the automotive supply chain [8]

不断技术迭代、不断推出更高性能的产品，从而不断保持自己的领导地位。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 4月18日， 地平线举办以 "征程所向，远超想象"为主题的2025年度产品发布会 并正式 推出 L2城区 辅助驾驶系统 " 地平线 HSD "。 值得注意的是，这是 4月16日工信部 发布新公告（注： 工信部官网 于 4月16日 发布《装备工业一 司召开智能网联汽车产品准入及软件在线升级管理工作推进会》公告 ）后首场由智驾科技企业召开 的产品发布会。换言之，地平线成为 工信部收紧智能网联汽车相关管理之后，第一家在智驾产品宣 传上作出反应的企业 ， 为整个行业的规范行为率先打了个样。 同时 ， 地平线在发布会上还提出了 "用户智驾信任度模型"，这是行业首次就如何提升智驾信任度 进行的标准化、规范化的探索 。由地平线这一 "用户智驾信任度模型"所引发的行业思考，或将定义 智驾行业的新标准，推动智驾行业从无序走向规范。 在会后交流环节， 地平线创始人兼 CEO余凯博士 向「 IPO早知道」等指出， 这次工信部发布新政 让整个行业回归到正常轨道，确实是好事。 " ...

Core Viewpoint - The article discusses the rising trend of intelligent driving technology in the automotive industry, emphasizing the importance of safety and rationality in its development [1][21]. Group 1: Industry Developments - The Ministry of Industry and Information Technology (MIIT) of China has initiated measures to ensure the safety of intelligent driving systems, requiring car manufacturers to conduct thorough testing and avoid exaggerated claims [2]. - Horizon Robotics launched its L2 urban driving assistance system, Horizon HSD, which is powered by the high-performance Chengcheng 6P chip, capable of 560 TOPS [3][5]. Group 2: Product Features and Capabilities - The HSD system covers various driving scenarios, including urban areas, highways, and parking lots, and can perform complex maneuvers such as three-point turns and navigating narrow roads [6]. - The HSD system is designed to balance efficiency and safety, learning from the driver's habits while outperforming novice drivers in certain situations [6][8]. Group 3: Market Position and Growth - Horizon Robotics has established itself as a leader in the L2 driving assistance market, achieving a market share of 33.97% and delivering over 8 million units [11][12]. - The company aims to deliver over 10 million units by 2025, capitalizing on the expected increase in the penetration rate of L2 driving assistance systems in new vehicles [11]. Group 4: Financial Performance and Future Outlook - Horizon Robotics reported a revenue of 2.384 billion yuan in 2024, a 53.6% increase year-on-year, with a gross profit margin of 77.3% [16]. - The company anticipates achieving profitability by 2027, marking a significant milestone in its growth trajectory [17]. Group 5: Research and Development - Horizon Robotics plans to invest approximately 3 billion yuan in R&D in 2024, focusing on advancing its algorithms and technology [19]. - The company has received the SO 8800AI functional safety certification, enhancing its credibility in the global market [19]. Group 6: Strategic Partnerships and Ecosystem - Horizon Robotics collaborates with over 40 automotive manufacturers, including major players like Chery and Volkswagen, to expand its market presence [11][20]. - The company is building an ecosystem that integrates chips, algorithms, and developer partnerships to strengthen its competitive position [12].

地平线的最新愿景——"打造人人爱用的智能驾驶产品"。 此外， 余凯博士在本次发布会上还宣布了地平线的最新愿景——"打造人人爱用的智能驾驶产品"。 站在现在看未来， 地平线以全新愿景为指引，打造高信任度的智驾产品；站在未来看现在，地平线遵循AI时代产品逻辑，不断"逼近世界 的真相"。 与奇瑞就HSD量产展开全面合作 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，地平线于4月18日正式推出L2城区辅助驾驶系统——地平线HSD—— HSD搭载当前最强性能的国产智 驾计算方案征程6P，采用一段式端到端技术架构，是国内首个软硬结合全栈开发的L2城区辅助驾驶系统，能够全方位 提升系统安全性、稳定性和通行效率 ，为用户带来信任度高、体验类人的智慧出行。 同时，基于软硬结合全栈技术，地平线创新推出Horizon Cell"弹夹系统"，实现硬件可插拔、软件可升级，为车企合作 伙伴提供"软硬件皆可升级"的方案选择，支持车载计算平台快速升级，实现车企与用户的共赢。基于弹夹系统，依托 于"技术同源、架构统一"的特点，软硬一体全栈方案HSD推出HSD 300/HSD 60 ...