得益于此，德赛西威在智能座舱、智能驾驶等多个关键领域，成功推动多项创新技术从概念验证走向规 模化量产，陆续实现了包括辅助驾驶域控制器、曲面双联屏、AI智能座舱平台等在内的多项业内首 发。 2026年的新年钟声已然敲响，站在"十四五"收官与"十五五"启幕的历史交汇点，汽车产业的转型浪 潮依然澎湃。 作为产业发展的"筋骨"，汽车供应链在过去5年间历经重重考验、却更显韧性，不仅支撑我国筑牢全球 最完整的新能源汽车产业链体系，更在电动化、智能化、网联化、低碳化的变革浪潮中，实现了从跟跑 到领跑的跨越。 展望"十五五"，这既是我国从汽车大国迈向汽车强国的关键时期，也是汽车供应链进入深度转型的攻坚 阶段。在此背景下，《中国汽车报》记者与不同细分领域的供应链企业展开对话，聆听它们的成长心 声，共同描绘未来发展的崭新蓝图。 1 成果与经验 《中国汽车报》：回顾过去5年，你们取得了哪些显著成果？有哪些主要经验与感悟？ 德赛西威 "十四五"时期，在全球汽车产业充满挑战的背景下，德赛西威凭借智能化产品矩阵落地量产，推动国际 化布局与品牌认可度显著提升——自2021年发布"创领智行"品牌主张以来，公司持续投入研发，近5年 研发投入的 ...

Core Insights - Yuanrong Qixing and Haomo Zhixing, both established in 2019, are experiencing vastly different trajectories as of winter 2025, with Yuanrong Qixing showing significant growth and Haomo Zhixing facing operational stagnation [1][2]. Company Performance - Yuanrong Qixing has delivered over 200,000 vehicles equipped with its urban NOA system, achieving a market share of nearly 40% among third-party suppliers in a single month [1]. - The CEO of Yuanrong Qixing, Zhou Guang, indicated plans to accelerate production and expand into Robotaxi and overseas markets [1]. - In contrast, Haomo Zhixing announced a company-wide shutdown starting November 24, 2024, with no set date for resumption, and has faced significant layoffs and executive departures since 2024 [1][2]. Investment Landscape - Yuanrong Qixing has maintained a steady financing pace, completing six rounds of funding with a total exceeding $500 million, including a recent $100 million Series C round led by Great Wall Motors [4][5]. - The investment structure of Yuanrong Qixing evolved significantly after its Series A and B rounds, with major players like Alibaba and Dongfeng Motor Group entering as strategic investors, indicating strong industry recognition of its technology [6][7]. - Haomo Zhixing has completed seven funding rounds, but its investor landscape has shifted, with a decline in participation from prominent investors like Hillhouse Capital and Meituan, signaling a loss of confidence in its growth potential [11][12][13]. Strategic Relationships - The relationship between Yuanrong Qixing and Great Wall Motors has evolved from a client-supplier dynamic to a deeper strategic partnership, enhancing both companies' operational synergies [7]. - Haomo Zhixing, originally incubated by Great Wall Motors, has struggled to establish independent market competitiveness, leading to a significant decline in investor interest [13][15]. Future Outlook - Yuanrong Qixing's increased delivery volumes in 2025 are seen as a strong foundation for potential public listing preparations, with recent investor exits interpreted as a positive signal for its market ambitions [10]. - Haomo Zhixing's future remains uncertain, with ongoing discussions about share buybacks at previous high valuations, but disagreements on pricing reflect the company's current operational challenges [15].

Core Insights - The autonomous driving industry has not seen new "winners" for a long time, but Yuanrong Qihang has emerged as a significant player, achieving a monthly market share of nearly 40% in the urban NOA third-party supplier market within just 14 months of operation [2][3] - The high-level assisted driving market is nearing a reshuffle, with a few key players dominating the landscape, including Yuanrong Qihang, Huawei, and Momenta [2] - Yuanrong Qihang's commercial breakthrough in 2024 is crucial, having secured a project with Great Wall Motors and significantly increasing the sales of the Blue Mountain model equipped with urban NOA [3][4] Company Performance - Yuanrong Qihang has delivered a total of 200,000 vehicles, marking a rapid commercial success [4] - The Blue Mountain model's sales surged to 6,019 units in a month, nearly tripling from the previous month, indicating strong market demand [3] - The company has received a $100 million exclusive investment from Great Wall Motors, enhancing their partnership and support for future projects [3] Market Dynamics - The shift from high-level assisted driving as an "add-on" to a core competitive factor among automakers is reshaping the industry [3] - Yuanrong Qihang's strategy focuses on producing a limited number of high-quality models, akin to Apple's approach in the tech industry [7] - The company plans to expand its customer base, including potential partnerships with joint venture automakers [9] Future Outlook - Yuanrong Qihang aims to achieve a delivery scale of one million vehicles in the coming year, positioning itself as a leader in urban NOA mass production [4] - The company is also preparing to launch its Robotaxi business in 2026, indicating a shift towards data-driven and collaborative evolution in autonomous driving [4] - The CEO emphasizes the importance of accumulating data through mass production to support the development of fully autonomous vehicles [13][12] Competitive Landscape - The current market has only three core players, suggesting a stable competitive environment with limited room for new entrants [7] - Yuanrong Qihang's AI capabilities are seen as a significant advantage over competitors, which may struggle to transition from traditional engineering to AI-driven approaches [16][17] - The company maintains strategic partnerships with chip manufacturers to enhance its competitive edge without venturing into hardware production [21][22]

Core Insights - Yuanrong Qixing showcased multiple models equipped with its combined auxiliary driving solutions at the 2025 Guangzhou Auto Show, demonstrating the adaptability and scalability of its systems across various vehicle types including SUVs, MPVs, and off-road vehicles [1] - As of now, Yuanrong Qixing has delivered 200,000 mass-produced vehicles equipped with its City NOA (Navigation Auxiliary Driving) system, with a target to exceed 1 million cumulative deliveries by 2026 [1] - The company achieved nearly 40% market share in the third-party City NOA market within just over a year, reflecting strong recognition of its technological capabilities and delivery performance [1] Business Development - Yuanrong Qixing's auxiliary driving solutions have contributed to the sustained sales growth of its partner models, while the company accelerates its Robotaxi business [2] - A strategic agreement was reached with the Wuxi municipal government to establish a testing and R&D base, with plans to launch Robotaxi services using consumer-grade mass-produced vehicles by the end of this year [2] - Unlike the traditional "modified vehicle + high-precision map" approach, Yuanrong Qixing's Robotaxi vehicles are built on consumer-grade mass-produced cars, resulting in lower deployment costs and enhanced system stability and platform compatibility [2] Technological Advancements - Yuanrong Qixing is advancing its RoadAGI initiative through its self-developed VLA model, which integrates VLA and VLN core models to enable mobile intelligent agents to navigate autonomously in real environments using natural language commands [2] - The application scenarios for RoadAGI include public roads, campus pathways, and indoor shopping malls, facilitating "any point to point" navigation [2]

Macro Strategy - The LPR remained unchanged in November, with the 1-year and 5-year rates at 3.00% and 3.50% respectively, indicating stable monetary policy despite weak macro data in October [2][3] - A-share indices experienced significant declines from November 17 to 21, with the Shanghai Composite Index down 3.90% and the ChiNext Index down 6.15%, primarily due to reduced expectations for a December rate cut by the Federal Reserve [3][4] - All primary industries in the A-share market declined, with energy metals and communication equipment showing the highest cumulative gains for 2025 at 83.18% and 78.97% respectively [5][6] Investment Recommendations - For the long term, 2026 is expected to be a year of growth driven by the "14th Five-Year Plan," with a stable A-share market anticipated [7] - Short-term strategies should focus on sectors benefiting from long-term capital inflows, traditional sectors related to "anti-involution," and consumer areas such as motorcycles and medical services [7] North Exchange Overview - As of November 21, 2025, the North Exchange had 284 listed stocks, with an average total market value of 864.16 billion yuan, a decrease of 4.16% from the previous week [10][11] - Notable new listings included Dapeng Industrial, which saw a 1211.11% increase in its stock price during its first week [10][12] Medical Services Industry - The pharmaceutical and biological sector fell by 6.88%, underperforming the Shanghai Composite Index by 3.11 percentage points [16][17] - The medical services sector's PE ratio is currently at 31.22, with a recent decline of 2.25 [18] - High-growth areas such as ADC and TIDES CDMO are recommended for investment, with companies like WuXi AppTec and WuXi Biologics highlighted [19][20][21] Automotive Industry - Yuanrong Qixing showcased 200,000 mass-produced vehicles at the Guangzhou Auto Show, aiming for a cumulative delivery of 1 million vehicles by 2026 [23][24] - The automotive sector is expected to benefit from the acceleration of intelligent technology adoption and supportive policies for vehicle consumption [25][26] - Investment opportunities are significant in the automotive and parts sectors, particularly for companies involved in smart components and electric vehicles [26][27]

Core Viewpoint - The discussion on intelligent driving safety is ongoing, emphasizing that human-machine collaboration will be crucial for future developments in autonomous driving technology [1][3]. Group 1: Human-Machine Collaboration - Current intelligent driving capabilities do not meet user expectations, highlighting the need to build trust between humans and machines to optimize collaboration [3][4]. - If humans disengage from driving control, their driving skills may deteriorate, leading to risky behavior due to overconfidence in autonomous systems [3][4]. Group 2: Industry Challenges - The urban navigation assistance feature (NOA) in intelligent driving vehicles faces challenges due to the complexity and diversity of China's traffic infrastructure, affecting user trust in these systems [3][4]. - Companies are focusing on enhancing the capabilities of intelligent driving products to handle complex scenarios, including increasing computational power and automating data processes for rapid system iteration [4]. Group 3: Technological Advancements - The integration of large models in AI is expected to improve human-machine interaction by better understanding commands and emotional nuances [4]. - In five years, AI-driven vehicles may evolve from mere tools to intelligent companions, with systems potentially available in vehicles priced around 100,000 yuan [5]. - The automotive industry anticipates the mass production of intelligent cabins with long-term memory capabilities, leading to personalized driving experiences [5].