◆国际品牌："电动化+本土化"的生存必修课 8月29日-9月7日，第二十八届成都国际汽车展览会将在中国西部国际博览城启幕。作为下半年首场A级车展，其立足"金九银十"黄金档期的战略地位， 早已超越单纯展会范畴——它既是全国车市年中"体检报告"的发布平台，更是中西部链接全球产业链、推动消费升级的核心枢纽。本届以"领潮而立，向新 而行"为主题的车展，汇聚近120个品牌、覆盖22万平方米空间，背后折射的是中国汽车产业在技术革命与市场变革中的突围路径，更藏着全球汽车格局重构 的关键密码。 车展核心亮点：多元融合背后的产业话语权争夺 ◆自主品牌：从规模扩张到技术定义的自信跃迁 自主品牌以"专馆集结"的强势姿态，宣告着从追随者到规则制定者的身份转变。奇瑞集团五大品牌齐发，捷途纵横序列首秀与威麟品牌焕新，直指西南 越野与智能皮卡细分市场——这不再是简单的产品堆砌，而是基于区域消费特征的精准战略布局。比亚迪"全矩阵+技术专区"的组合拳更具代表性："天神之 眼"动态演示与"兆瓦闪充"技术落地，将技术参数转化为用户体验，室外智能化街区的场景互动，则彻底打破了车展只能静态展示的传统认知。 鸿蒙智行"五界"齐聚与尚界首秀，标志着"生态 ...

Core Viewpoint - BYD has recently faced two public relations crises that appear to be orchestrated, highlighting the manipulation of public opinion against the company [1][2]. Group 1: Recent Events - On July 10, BYD announced a partnership with the youth training organization "China Football Young Players," planning to invest in youth player development over the next five years, which was misrepresented as "huge sponsorship for the national team" [1]. - Following this, a campaign to "boycott national team sponsors" gained traction on social media, with hundreds of accounts using similar language to confuse "support for youth training" with "sponsoring the senior national team," inciting negative public sentiment towards BYD [1]. - On July 24, a video of a BYD vehicle allegedly "losing control" at Chengdu Tianfu Airport spread widely, labeled as "brake failure," coinciding with the launch event of BYD's Sea Lion 06, suggesting an attempt to divert public attention [1]. Group 2: Black Public Relations Tactics - The incidents reflect a typical "black PR" operation, with regional media amplifying the narrative and using inflammatory language, while marketing accounts collaborated to rapidly escalate the topic's visibility [2]. - The spread of misinformation through short video platforms, where sensational content is favored by algorithms, has made it difficult for the truth to gain traction, as BYD's rebuttals were quickly overshadowed [2]. Group 3: Industry Context - The transformation and upgrading of the Chinese automotive industry rely on companies like BYD that are willing to innovate and take responsibility, impacting not only their growth but also the transition from "Made in China" to "Created in China" [3]. - Supporting BYD is fundamentally about safeguarding the courage of Chinese enterprises to innovate and the hope for industrial upgrades, emphasizing the need for rational participation from netizens and a societal consensus against malicious manipulation of public opinion [3].

Core Insights - The article discusses the integration of three major technological trends: Artificial Intelligence (AI), Embodied Intelligence, and Intelligent Driving, highlighting their interconnectedness and the underlying industry chains [2][3][20]. Group 1: Artificial Intelligence - AI is defined as the capability of machines to simulate human intelligence behaviors, including perception, thinking, learning, and decision-making. IDC predicts that by 2028, China's AI investment will exceed $100 billion, with a compound annual growth rate of 35.2% [7][8]. - The AI industry chain includes components such as AI chips, servers, sensors, machine learning frameworks, and data services, emphasizing the importance of chips as the core of the industry [9][8]. Group 2: Embodied Intelligence - Embodied Intelligence refers to intelligent agents with physical bodies that interact with the physical world, accumulating knowledge and skills through perception and control. Its applications span various sectors, including industrial manufacturing, healthcare, and education [13][14]. - The industry chain for Embodied Intelligence includes upstream core technology development, key components, system integrators, and downstream applications, showcasing a comprehensive view of the sector [14]. Group 3: Intelligent Driving - Intelligent Driving is described as an advanced driving technology that combines AI, autonomous driving, vehicle sensors, and internet technologies to enhance driving experiences. The ultimate goal is fully autonomous driving [17][18]. - The industry chain for Intelligent Driving encompasses core technology and hardware supply, system integration, and application scenarios, with significant representation from companies in the field during the upcoming expo [18][20]. Group 4: Event Overview - The 2025 China International Industrial Expo will feature three main exhibition areas focusing on "Secrets of Computing Power," "AI's Rebellion," and "Intelligent Driving Disassembly," showcasing advancements in semiconductor independence, AI-enabled industrial software, and digital transformation in manufacturing [24][23]. - The event will also host industry summits on topics like industrial internet and integrated circuits, aiming to empower high-quality development in the electronic information industry [24].

Group 1 - Henan Province has introduced new policies to support listed companies in mergers and acquisitions, encouraging transformation and resource allocation towards sectors like artificial intelligence, low-altitude economy, biomedicine, new materials, and high-end equipment [1] - Postal Savings Bank announced plans to invest 10 billion yuan to establish a financial asset investment company, marking the establishment of financial asset investment companies by all six major state-owned banks [1] Group 2 - Nvidia CEO Jensen Huang highlighted 11 Chinese companies during his speech at the Chain Expo, praising China's supply chain as a miracle and predicting that factories will be driven by software and AI in the next decade [2] Group 3 - The State Council meeting emphasized strengthening domestic circulation as a strategic move for economic stability, focusing on boosting consumption and optimizing policies to release domestic demand potential [5] - The Minister of Commerce stressed the importance of high-level opening-up to enhance domestic circulation and improve international competitiveness [7] Group 4 - Beijing Yizhuang has launched the first local 6G industry funding support policy, offering up to 30 million yuan for companies undertaking significant 6G technology tasks [9] - National power load has reached a historical high of 1.506 billion kilowatts, marking a 0.55 billion kilowatt increase from last year [10] - China has successfully established the world's first international standard for supercapacitors used in power storage, receiving support from countries like Germany and Japan [10] Group 5 - Fengshen Co. plans to raise up to 1.1 billion yuan through a private placement to expand its production capacity for high-performance giant engineering tires [11] - Pinggao Electric has won a procurement project from the State Grid worth approximately 1.45 billion yuan, accounting for 11.69% of its 2024 revenue [13] - Tuo Xin Pharmaceutical intends to invest 10 million yuan in Jiangsu Jinsan Biotechnology, acquiring a 1.75% stake [15] - Tesla announced the upcoming launch of Model Y L, a luxury electric SUV, expected to be priced around 400,000 yuan [17] - BYD plans the largest-scale OTA update for its "Tian Shen Zhi Yan" intelligent driving system, covering multiple functionalities [19] Group 6 - Wuzhou Zhongda intends to acquire 100% equity of Huzhou South Taihu Technology for 1.457 billion yuan, aiming to enhance its market share in the cogeneration sector [21] - AUX Electric has submitted a listing application to the Hong Kong Stock Exchange, with a market share of 7.1% in 2024 [23] - ST Huawang plans to purchase 55.5% equity of Anhui Niwei Power Systems for a total of approximately 606 million yuan [25] - Shangwei Co. aims to raise up to 1.144 billion yuan through a private placement to enhance its digital transformation and marketing efforts [26] - Faraday Future announced it has secured 105 million USD in financing to accelerate the launch of its new FX Super One model [27] - Huayuan Holdings plans to repurchase shares worth 20 to 40 million yuan for employee stock ownership plans [28] - Pinming Technology expects a net profit of 28 to 34 million yuan for the first half of the year, representing a year-on-year growth of 231.79% to 302.89% [29]

Group 1 - NVIDIA's CEO Jensen Huang highlighted that over 1.5 million developers in China are utilizing NVIDIA's platform to innovate, with significant contributions from Chinese-developed open-source AI models like DeepSeek and Baidu Ernie Bot [2][3] - Open-source AI is seen as a catalyst for global progress, providing opportunities for various countries and industries to participate in the AI revolution, while also ensuring AI safety through collaboration on technical standards and security measures [2][3] - AI is now considered a fundamental infrastructure, reshaping supply chains and transforming production and logistics methods, with China's supply chain being described as a miracle [2][3] Group 2 - Hundreds of projects in China are using NVIDIA Omniverse for digital twin simulations to design and optimize factories and warehouses, with robots being trained in virtual environments for safe collaboration with humans in the physical world [2][3] - The next wave of AI will focus on robotic systems capable of reasoning and executing tasks, with factories expected to be driven by software and AI, coordinating human-robot teams to produce AI-led smart products over the next decade [3] - NVIDIA is working to enhance the capacity of the H20 supply chain and plans to accelerate this process in the coming months, following the announcement of export licenses for H20 chips to China [3] Group 3 - The development of humanoid robots in China is positioned advantageously due to the country's strong AI technology, excellent mechatronics, and a vast manufacturing base [4] - The domestic electric vehicle market has surprised the world with its rapid advancements, with NVIDIA collaborating closely with companies like Xiaomi [3][4] - The CEO of ASML projected that revenue from the Chinese mainland market will exceed 25%, aligning with the current order situation, as AI continues to drive growth in logic and memory chip markets [9]

Sales Performance - In June 2025, BYD sold 382,585 vehicles, a year-on-year increase of 12.0% [2] - Cumulative sales for the first half of 2025 reached 2,145,954 vehicles, representing a 33.0% year-on-year growth [2] - Total cumulative sales of new energy vehicles exceeded 12.7 million [2] Shipping and Logistics - BYD launched its sixth car carrier, "BYD CHANGSHA," on June 24, 2025, with a capacity of 9,200 standard car slots [2][3] - The existing carriers have transported over 70,000 BYD new energy vehicles globally [3] Technological Advancements - BYD has achieved a breakthrough in intelligent parking, comparable to L4 level, offering full liability coverage for users in China [4] - The "Tian Shen Zhi Yan" system will undergo the largest OTA upgrade, enhancing over ten features across parking, driving, and safety [5] Market Expansion - Since entering the Brazilian market in 2021, BYD has gained the favor of over 13,000 Brazilian families [6] - In Q1 2025, BYD's sales in Brazil surpassed 2,000 units, making it the top-selling brand of new energy vehicles in the region [6] - BYD's market share in Brazil reached 9.7%, ranking fourth in retail sales among automotive brands as of May 2025 [6]

Market Overview - On July 14, the Hang Seng Index rose by 64 points or 0.3%, closing at 24,203 points, with a daily trading range of only 167 points[1] - The Hang Seng Tech Index increased by 0.7%, closing at 5,283 points, while total market turnover decreased to HKD 210.4 billion[1] - Net inflow from the Hong Kong Stock Connect was HKD 8.2 billion, indicating a positive sentiment despite the lack of clear direction in the market[1] Sector Performance - The biopharmaceutical sector showed strong performance, with 3SBio (1530 HK) rising by 12.2% and BGI Genomics (6955 HK) increasing by 22.3%[1] - The chemical, paper, copper, and other non-ferrous metal sectors benefited from "capacity reduction" policies, contributing to their positive performance[1] - AI and robotics-related stocks, previously lagging, saw gains, with Kingsoft Cloud (3896 HK) and GDS Holdings (9698 HK) rising between 2.9% and 8.5%[1] Macroeconomic Insights - In June, China's M1 money supply grew by 4.6%, the fastest rate since May 2023, while M2 increased by 8.3%, the highest since March 2024[2] - Social financing in June increased by CNY 900 billion, with government bonds contributing CNY 500 billion to this growth[2] - New home sales in major cities fell by 26.5% year-on-year, indicating a downturn in the real estate market[2] Industry Developments - 361 Degrees (1361 HK) reported a 10% year-on-year growth in retail sales for its main brand and children's clothing, with online sales up by approximately 20%[3] - Sai Jing Technology (580 HK) announced a CNY 180 million acquisition of Hunan Hong'an's equity, which is expected to enhance its supply chain and customer resources[3] - The pharmaceutical sector rose by 2.1%, driven by expectations of new drug listings in the national insurance catalog for 2025[4] Future Projections - Tianlun Gas (1600 HK) is expected to return to profit growth starting FY25, with a projected CAGR of 12.0% from FY24 to FY27[6] - The global autonomous driving market is projected to reach USD 207.4 billion in 2024, growing at a CAGR of 31.0% until 2027[13] - China's autonomous driving market is expected to grow from CNY 330 billion in 2023 to CNY 791.5 billion by 2027, with a CAGR of 24.4%[13]

Market Overview - The Hang Seng Index rose by 0.9% last week, closing at 24,139 points, while the Hang Seng Tech Index increased by 0.6% to 5,248 points[1] - Weekly market turnover decreased by 1.7% to HKD 242.5 billion, with a net inflow of HKD 20.7 billion through the Stock Connect[1] - The market is experiencing significant rotation among sectors, with strong inflows into stablecoin concept stocks, brokerages, and biopharmaceuticals, indicating a positive investment cycle[1] Macroeconomic Insights - The latest FOMC minutes revealed that only a few Fed officials support a rate cut in July, with most concerned about inflation risks from new tariffs[2] - Initial jobless claims in the U.S. unexpectedly fell to 227,000, the lowest in seven weeks, indicating a resilient labor market[2] Sector Performance - The consumer sector saw declines, with stocks like Maogeping and Lao Pu Gold dropping between 5% and 9% last week[3] - The vocational education sector performed well, with New Higher Education and China Spring rising by 24.2% and 14.6%, respectively[3] Healthcare Sector - The Hang Seng Healthcare Index slightly declined by 0.05% after two weeks of gains, despite WuXi AppTec's stock surging by 10.5% following a positive earnings announcement[4] - WuXi AppTec expects a revenue of approximately RMB 20.8 billion for H1 2025, reflecting a year-on-year growth of about 20.6%[4] Energy and Utilities - The renewable energy and utilities sectors experienced slight fluctuations, with notable increases in stocks like Xinyi Solar and GCL-Poly Energy, rising by 2.4% and 9.8%, respectively[5] - Environmental stocks also saw gains, with Everbright Environment and Beijing Enterprises Water rising by 3.8% and 5.7%[5] Company-Specific Updates - Tianlun Gas is expected to return to profit growth starting FY25, with a projected CAGR of 12.0% for net profit from FY24 to FY27[6] - The company aims to increase its dividend payout ratio from 30.0% in FY23 to 35.0% by FY25, indicating a commitment to shareholder returns[11]

Core Viewpoint - The article discusses the current state and future directions of autonomous driving technology, emphasizing the maturity of certain technologies like BEV and the emerging focus on VLA/VLM, while highlighting the challenges in corner case handling and the need for robust models [2][11][37]. Group 1: Current Technology Maturity - The BEV (Bird's Eye View) perception model is considered fully mature and widely adopted in the industry, effectively handling dynamic and static perception tasks [11][45]. - The introduction of VLA (Vision-Language Alignment) is seen as a promising approach to address corner cases, although its practical effectiveness remains under scrutiny [4][28]. - There is a consensus that while end-to-end models are usable, they cannot be solely relied upon for production due to their limitations in handling complex scenarios [37][45]. Group 2: Emerging Technologies - New technological directions such as VLA/VLM (Vision-Language Model) and diffusion models are being explored to enhance the capabilities of autonomous driving systems, particularly in complex environments [16][18][42]. - The integration of world models is recognized as essential for improving data generation and model training, addressing the high costs associated with real data collection [42][49]. - The industry is also focusing on closed-loop simulations to validate models before deployment, which is crucial for ensuring safety and reliability [44][48]. Group 3: Challenges and Gaps - A significant challenge remains in effectively addressing corner cases, with many companies still struggling to demonstrate robust performance in these scenarios [11][33]. - There is a noted gap between academic research and industrial application, particularly in data sharing and validation of new models like VLA [4][28]. - The efficiency of models is a critical concern, as larger models may not meet latency requirements while smaller models may lack necessary capabilities [5][37]. Group 4: Future Directions - The future of autonomous driving technology is expected to focus on enhancing safety, user experience, and comprehensive scene coverage, with a shift towards data-driven approaches [26][30]. - The industry is likely to see a transition from algorithm-centric development to data-driven efficiency, emphasizing the importance of robust data operations [26][30]. - There is an ongoing debate about whether to deepen expertise in autonomous driving or pivot towards embodied intelligence, with both fields offering unique opportunities [21][41].

Group 1 - The A-share market for electronic rearview mirrors, 3D cameras, and LiDAR related to assisted driving has seen a short-term rise, with Lianchuang Electronics increasing by over 7% [1] - Other stocks such as Qutian Micro, Yutong Optics, and Tongda Electric have also experienced gains [1] - BYD has announced comprehensive coverage for all users of its "Tianshen Eye" vehicles regarding safety and losses in smart parking scenarios [1]