（原标题：寻找"受尊敬"企业系列报道之五：1.62万亿元研发投入构筑A股上市公司发展"护城河"） 科技是第一生产力，科技创新成为现阶段转型发展的关键。当前，我们正经历百年未有之大变局，这个变局的"始作俑者"就是日新月异的科技进 步。今天，以新一代信息技术、机器人、人工智能、生命科学、新能源等为代表的科技革命正重塑产业、经济格局，科技竞争已经成为各方博弈 的重要方面。 对于企业而言，科技创新不仅是评价一个企业综合实力以及保持高质量发展的重要指标和核心推动力，还是衡量一个企业能否受到普遍尊敬，以 及能否负责任地扛起行业创新大旗的重要体现。由经济观察报主办的2024—2025年度"寻找'受尊敬'企业"征集评选工作以"智创未来，向新而行"为 主题，也彰显了科技创新的独特分量。 从公司来看，比亚迪（002594.SZ）2024年以531.95亿元研发费用居首，研发投入同比增加超过百亿元，被称为"研发之王"；中国电建 （601669.SH）2024年研发投入242.5亿元，排在第二位；中国石油（601857.SH）、宁德时代（300750.SZ）、美的集团（000333.SZ）、中国中车 （601766.SH）、中国石化 ...

Core Viewpoint - The Chinese automotive market continues to grow, with both production and sales exceeding 20 million units from January to August 2025, driven by a significant increase in new energy vehicle (NEV) penetration and the dominance of domestic brands like BYD [1] Group 1: Market Performance - BYD sold 374,000 NEVs in August, with a cumulative sales of 2.864 million units from January to August, representing a year-on-year growth of 23%, significantly outpacing the industry average [2] - BYD's single brand sales reached 2.63 million units from January to August, maintaining a substantial lead in the market [5] - BYD has completed 62% of its annual sales target of 4.6 million units, setting a solid foundation for the second half of the year [2] Group 2: Technological Advancements - BYD's continuous sales growth is supported by strong technological capabilities, including the "Tiangshen Eye" advanced driver-assistance system, which has been installed in over 1.4 million vehicles [8] - In August, 90% of the sales of models equipped with the driver-assistance system were recorded, with daily data generation exceeding 87 million kilometers [8] - BYD's innovative achievements include the Lingyuan vehicle-mounted drone system and the super e-platform with megawatt fast-charging technology, contributing to the sales growth of models like Han L and Tang L [9] Group 3: Global Expansion - BYD's overseas sales of passenger cars and pickups reached 80,464 units in August, marking a year-on-year increase of 146.4%, with cumulative overseas sales of 630,728 units in 2025, up 135.7% [12] - The overseas sales accounted for 22% of BYD's total sales, indicating a strong international presence [12] - At the recent Munich Motor Show, BYD showcased several key models and announced the upcoming production of its factory in Hungary [12] Group 4: Future Outlook - BYD aims to continue its growth through ongoing technological innovation, an expanding product matrix, and enhanced global presence, focusing on efficient, intelligent, and environmentally friendly development in the NEV sector [14]

Core Insights - The "Vehicle-Road-Cloud Collaboration" is identified as the core path for the development of intelligent driving in China, emphasizing the need for a dual support system of smart roads and cloud computing for the realization of L3 to L4 level autonomous driving [1][3] - Recent policy actions, including the release of the draft for safety requirements of intelligent connected vehicles and conditional approval for L3 models, indicate that the auxiliary driving industry in China is entering a new phase of standardized development focused on safety quantification [1][5] Industry Developments - The auxiliary driving industry faces challenges such as a lack of unified performance baselines and improper promotional language, which can lead to dangerous behaviors among drivers [4] - The draft safety requirements transform safety concepts into quantifiable metrics, including 46 field tests, 72 hours of road tests, and specific thresholds for vehicle hazards and typical faults [4] - The Ministry of Industry and Information Technology has proposed a work plan to stabilize growth in the automotive industry, which includes conditional approval for L3 model production [5] Technological Advancements - The penetration rate of intelligent driving is increasing, with projections indicating that vehicles supporting high-speed and urban NCA will grow from under 2 million in 2023 to over 7 million by 2025 [6] - Leading tech companies and new automotive players are showcasing advantages in the market, with Huawei's ADS system accumulating 4 billion kilometers of safety mileage and XPeng Motors launching the world's first L3-capable AI car [6][7] - Traditional automakers like BYD are also accelerating their advancements, planning to equip 60% of new vehicles with advanced driving features by 2025 [7] Compliance and Standards - The systematic connection of policies and standards is crucial for the orderly advancement of autonomous driving technology, with recent initiatives aimed at bridging generational gaps in technology [8] - The draft has clarified the definitions of L2 to L5 level technologies, establishing boundaries between auxiliary driving and autonomous driving [8] - The industry is experiencing significant generational gaps, with leading companies advancing to urban NOA while others remain at basic levels of highway assistance [9] Future Trends - The competition in the auxiliary driving sector will increasingly focus on technological innovation and service experience optimization, with a shift from "selling functions" to "selling safety" [9][10] - The "Vehicle-Road-Cloud Collaboration" is expected to become a significant trend, enhancing road safety and traffic efficiency through effective information exchange between vehicles and infrastructure [10]

Group 1 - In the first half of the year, over 5,400 A-share listed companies invested more than 810 billion yuan in R&D, marking a year-on-year increase of 3.27% [1] - The automotive industry is accelerating its transformation from electrification to intelligence, with companies increasing their focus on technological capabilities and R&D investments [1] - BYD's R&D investment reached 30.9 billion yuan in the first half of the year, a 53% increase year-on-year, which is twice its net profit for the same period, making it the highest among A-share companies [1][2] Group 2 - BYD's R&D investment for the first half of 2025 is equivalent to the combined R&D investments of Geely Holding (14.7 billion yuan), SAIC (10.2 billion yuan), and Great Wall (6 billion yuan), with a significantly higher growth rate [2] - From 2011 to 2024, BYD has spent more than 210 billion yuan on R&D, exceeding its annual net profit in 13 out of 14 years, demonstrating a commitment to "cost-agnostic" R&D spending [2] - BYD has launched several innovative technologies in the first half of the year, including the Tian Shen Eye driver assistance system and the Super e-platform megawatt fast charging, showcasing its confidence in its technology [2][3]

Core Viewpoint - BYD has upgraded the Tang DM-i model within seven months of its previous release, enhancing battery capacity and electric range while lowering the price of the top model, thereby increasing its competitiveness in the new energy SUV market [1][4]. Group 1: Product Upgrades - The new Tang DM-i model features three variants priced between 179,800 to 199,800 yuan [1]. - The battery capacity has increased from 21.5 kWh to 26.6 kWh, with energy density rising to 114.9 Wh/kg, resulting in an official CLTC electric range increase from 115 km to 175 km [1]. - Fast charging power has been upgraded from 40 kW to 53 kW, and the new battery pack has an IPX8 protection rating for enhanced safety [1]. Group 2: Intelligent Features - The new model includes the "Tian Shen Zhi Yan" driver assistance system, with different configurations for mid-range and high-end models, including features like parking assistance and highway navigation [4]. - The intelligent cockpit is equipped with DiLink 100, featuring a 6nm 5G chip for AI voice interaction and customizable scenario modes [4]. Group 3: Market Strategy - BYD's rapid product iteration and upgrades are aimed at solidifying its market share in the mid-to-high-end segment amid increasing competition in the new energy SUV sector [4]. - The inclusion of advanced safety technologies like the "TBC High-Speed Tire Blowout Stability System" as standard equipment reflects a strategic move to enhance value and safety for consumers [2][4].

Industry Overview - In the first eight months of 2025, China's automotive market continued its growth trend, with production and sales both exceeding 20 million units, and the penetration rate of new energy vehicles (NEVs) reaching 55.3% [1] - The market share of domestic brands increased to 64% during this period [1] Company Performance - BYD maintained its leading position in the market, selling 374,000 NEVs in August and achieving a cumulative sales volume of 2.864 million units from January to August, representing a year-on-year growth of 23%, significantly outpacing the industry average [1][4] - In August, BYD's sales reached 343,000 units, with a total of 2.63 million units sold under its brand in the first eight months, solidifying its top position in sales [4] Technological Advancements - The growth in sales is primarily supported by BYD's strong technological foundation, particularly the "Tian Shen Zhi Yan" advanced driver-assistance system, which has been installed in over 1.4 million vehicles since its launch [7] - In August, the sales of vehicles equipped with the driver-assistance system accounted for 90% of total sales, generating over 87 million kilometers of data daily [7] Competitive Landscape - In the August sales ranking for intelligent driving assistance vehicles, BYD sold 263,721 units, surpassing the combined sales of brands ranked second to tenth [10] - The competitive landscape shows BYD's dominance, with significant sales figures compared to other brands, such as Leap Motor and Wuling [10] International Expansion - BYD's overseas sales of passenger cars and pickups reached 80,464 units in August, marking a year-on-year increase of 146.4% [11] - Cumulatively, overseas sales for 2025 reached 630,728 units, a year-on-year growth of 135.7%, accounting for 22% of total sales [11]

Industry Overview - In the first eight months of 2025, China's automotive market continued its growth trend, with production and sales both exceeding 20 million vehicles, and the penetration rate of new energy vehicles (NEVs) reaching 55.3% [1] - The market share of domestic brands increased to 64% during this period [1] Company Performance - BYD maintained a strong position in the market, selling 374,000 NEVs in August and achieving a cumulative sales volume of 2.864 million units from January to August, representing a year-on-year growth of 23%, significantly outpacing the industry average [1] - BYD's individual brand sales in August reached 343,000 units, with a total of 2.63 million units sold from January to August, solidifying its leading position in the market [4] Technological Advancements - The core support for BYD's sales growth stems from its deep technological foundation, particularly the "Tian Shen Zhi Yan" driver assistance system, which has been installed in over 1.4 million vehicles since its launch at the beginning of the year [7] - In August, the sales of vehicles equipped with the driver assistance system accounted for 90% of the total sales, generating over 87 million kilometers of driving data daily [7] Competitive Landscape - In the August sales ranking for intelligent driving assistance vehicles, BYD sold 263,721 units, surpassing the combined sales of brands ranked second to tenth [10] - The significant sales figures highlight BYD's competitive edge in the intelligent driving assistance segment [10] International Expansion - While consolidating its domestic market, BYD is also expanding its overseas market presence, with overseas sales of passenger cars and pickups reaching 80,464 units in August, a year-on-year increase of 146.4% [11] - Cumulatively, overseas sales for 2025 reached 630,728 units, marking a year-on-year growth of 135.7%, accounting for 22% of total sales [11]

Group 1: Market Performance - In the first eight months of 2025, China's automotive market continued its growth trend, with both production and sales exceeding 20 million units. The penetration rate of new energy vehicles (NEVs) reached 55.3%, and the market share of domestic brands hit 64% [1] - BYD sold 374,000 NEVs in August, with cumulative sales of 2.864 million units from January to August, representing a year-on-year growth of 23%, significantly outpacing the industry average [1] - BYD's single-brand sales reached 2.63 million units from January to August, maintaining its position as the top seller in the market [1] Group 2: Technological Advancements - BYD's continuous sales growth is supported by strong technological capabilities and product offerings, with the "Heavenly Eye" driver assistance system having sold over 1.4 million units since its launch [1] - In August, BYD's sales of intelligent driving assistance models reached 263,700 units, surpassing the combined sales of brands ranked second to tenth [1] - Innovations such as the Lingyuan drone system and the super e-platform with megawatt fast charging technology have contributed to BYD's sales momentum [1] Group 3: Global Expansion - BYD's overseas market performance is also impressive, with 80,464 units of passenger cars and pickups sold abroad in August, marking a year-on-year increase of 146.4% [2] - Cumulative overseas sales for 2025 reached 630,728 units, a year-on-year growth of 135.7%, accounting for 22% of total sales [2] - At the recent Munich Motor Show, BYD showcased several key models and announced that its factory in Hungary will commence production within the year [3] Group 4: Future Outlook - Moving forward, BYD aims to leverage continuous technological innovation, an expanding product matrix, and deeper global integration to drive the new energy vehicle industry towards greater efficiency, intelligence, and environmental sustainability [4]

Core Insights - The Chinese automotive market continues to grow, with both production and sales exceeding 20 million units from January to August 2025, and the penetration rate of new energy vehicles (NEVs) reaching 55.3% [1] - BYD maintains its leading position in the NEV market, achieving a sales volume of 374,000 units in August and a cumulative total of 2.864 million units from January to August, representing a year-on-year growth of 23% [2][5] - The company's strong technical capabilities and product innovations, such as the "Tiangshen Eye" driver assistance system and the Super e-platform, are key drivers of its sales growth [8][9] Sales Performance - BYD's single-brand sales reached 2.63 million units from January to August, solidifying its top position in the market [5] - The company has completed 62% of its annual sales target of 4.6 million units, setting a solid foundation for the second half of the year [2] Technological Advancements - BYD's "Tiangshen Eye" driver assistance system has seen over 1.4 million units sold, with 90% of the sales in August being driver assistance models [8] - The company has introduced innovative technologies such as the Lingyuan drone system and the Super e-platform, which have contributed to the strong sales of models like Han L and Tang L [9] Global Expansion - BYD's overseas sales reached 80,464 units in August, marking a year-on-year increase of 146.4%, with a total of 630,728 units sold overseas in 2025, representing a 135.7% increase [12] - The company showcased its products at the Munich Auto Show and announced the upcoming production of its factory in Hungary [12] Future Outlook - BYD aims to continue its growth through ongoing technological innovation, an expanding product matrix, and deeper global market penetration, focusing on providing high-quality green travel experiences [14]

Group 1 - Horizon is set to release a new integrated cockpit and driving chip in 2026, which is expected to be the most complex chip designed by the company to date [3] - The new chip development is led by Horizon's VP and Chief Architect Su Qing, focusing on defining computing power based on software algorithm requirements, which is becoming a mainstream development model in the autonomous driving chip sector [3][4] - The integrated cockpit and driving chip aims to reduce data transmission latency and simplify vehicle hardware design, offering a cost advantage over separate chips for mid-to-low-end autonomous driving and cockpit systems [5] Group 2 - Qualcomm is a major player in the integrated chip market, with its Snapdragon 8775 chip offering AI computing power of 72 Tops, and an upgraded version, the SA8797, providing 320 Tops, which is set to be used by companies like Li Auto and Leap Motor [4][5] - Horizon's lower-tier chips (J2/J3) still account for a significant portion of its shipments, with an expected shipment volume of around 4 million units in 2025, split evenly between low-tier and mid-to-high-tier solutions [5][6] - BYD is actively integrating its cockpit and driving teams to develop its own integrated chip products, with plans to launch a One-Board solution that combines cockpit and driving functions on a single PCB [6][7] Group 3 - BYD's "Heavenly Eye" driving assistance system is categorized into three platforms based on computing power and configuration, with plans to mass-produce the B platform by 2025, potentially offering advanced driving features at lower price points [7][8] - BYD aims to maintain its scale through smart technology, planning to introduce high-level driving assistance features at competitive prices as it faces increasing competition in the electric vehicle market [8]