召回原因上，高级驾驶辅助系统、制动系统、燃油系统成为主要"导火索"。在高级驾驶辅助系统方面，小米汽车的问题较为突出。部分SU7标准版电动汽车 在L2高速领航辅助驾驶功能开启的某些情况下，对极端特殊场景的识别、预警或处置可能不足，若驾驶员不及时干预，碰撞风险将大幅增加。为此，小米 汽车通过汽车远程升级（OTA）技术，为召回范围内的车辆免费升级软件，以消除安全隐患。 制动系统的问题也不容忽视。荣威因制动问题召回部分科莱威纯电动汽车，共计98408辆。在制动过程中遇到减速带等特殊路面，并达到制动防抱死功能触 发条件时，电机再生制动功能会受到影响，导致车辆制动效果出现波动，与驾驶员预期不一致，存在安全隐患。对此，厂商将为召回范围内的车辆免费更新 软件，改善制动效果。此外，福特、林肯以及阿斯顿马丁也因制动系统问题召回部分车辆。福特、林肯因制动主缸装配混入杂质等问题，召回部分进口汽 车；阿斯顿马丁则因制动控制单元（ESP）软件问题，召回部分Vanquish Coupe汽车，厂商均采取相应措施消除安全隐患。 燃油系统方面，捷豹因发动机左侧低压燃油管的接头可能出现异常裂纹，导致燃油渗漏，极端情况下可能造成发动机舱起火，召回部 ...

根据召回公告，召回原因是"部分车辆在L2高速领航辅助驾驶功能开启时，对极端特殊场景的识别、预警或处置能力存在不足，若驾驶员未及时干预可能 增加碰撞风险，构成安全隐患。"而和很多老牌消费者的传统认知不同，本次召回采用的方式则是这两年开始逐步正规、使用频次逐渐增加的OTA召回。 上周，国家市场监督管理总局发布的一则召回公告引发广泛关注，小米汽车宣布自即日起召回2024年2月6日至2025年8月30日生产的共116,887辆SU7标准 版电动汽车。 几个细节值得关注。 首先，本次召回的超11万台小米SU7车型均为标准版车型，未涉及SU7 Pro和Max车型，且据比例推算，这应该包含上市以来销售的所有标准版车型。 据此推断，本次基于高速领航辅助驾驶功能进行的OTA召回，主要是针对仅在小米SU7标准车型上使用的 Xiaomi Pilot Pro的升级更新——与之对应，SU7 Pro和Max车型使用的均为Xiaomi HAD。 在算力方面，标准版使用的还是一颗英伟达Orin芯片，算力仅为84TOPS。而SU7 Pro和Max车型使用的则是两颗英伟达Orin X芯片，总算力达到 508TOPS。此外，SU7 Pro和Max ...

Core Viewpoint - The article highlights significant developments in the global expansion of Chinese companies, focusing on their strategies, investments, and innovations in various sectors, particularly in e-commerce, technology, and automotive industries [2]. Group 1: Major Events - SHEIN launched the "SHEIN Xcelerator" brand incubation and support program to assist emerging and established brands, including Chinese designers, in global expansion [5]. - TikTok Shop introduced new postal control rules to combat "postal fraud" and ensure compliance among merchants [7][8]. - Xiaomi announced a recall of 116,887 units of its SU7 standard electric vehicles due to safety concerns related to its L2 highway navigation feature [10][11]. - Temu reported a 50% year-on-year increase in global GMV, reaching $35 billion, and is shifting to a "overseas warehouse + local delivery" model to adapt to new tax policies [6]. Group 2: Company Developments - Xiaomi's automotive division is actively recalling vehicles and enhancing software to address safety issues, showcasing its commitment to customer safety [11]. - Temu is focusing on localizing operations in Europe, signing contracts with over 7,000 local suppliers to improve delivery times and reduce customs risks [6]. - SHEIN's new program aims to enhance brand visibility and influence globally, benefiting the entire supply chain [5]. - Didi's subsidiary 99 announced a $2 billion investment in Brazil to expand its food delivery service, aiming to cover 15 cities by the end of the year [25]. Group 3: Technology and Innovation - Alibaba's self-developed AI chip was showcased, with specifications comparable to Nvidia's H20 chip, indicating advancements in AI technology [21][22]. - Meta launched the Ray-Ban smart glasses priced at $499, featuring a built-in display for various functionalities [41][42]. - Nvidia announced a $5 billion investment in Intel, aiming to collaborate on chip development for data centers and personal computers [36][37]. Group 4: Investment and Financing - AI chip startup Groq completed a $750 million funding round, achieving a post-money valuation of $6.9 billion, indicating strong investor interest in AI technologies [45]. - Figure, an AI robotics company, raised over $1 billion in Series C funding, reflecting the growing demand for AI-driven solutions [47].

Company Developments - ByteDance announced it will advance related work according to Chinese laws to ensure TikTok's U.S. operations continue to serve American users [6] - Xiaomi announced a recall of 116,887 units of its SU7 standard electric vehicles, produced between February 6, 2024, and August 30, 2025 [6] - Moore Threads' IPO on the Sci-Tech Innovation Board will be reviewed on September 26, with less than three months from application acceptance to review [6] - Chow Tai Fook confirmed that its "one-price" gold products will see price increases starting in October, with the adjustment range to be announced later [6] - Li Auto signed a five-year comprehensive strategic cooperation agreement with CATL, which will provide various battery systems for Li Auto's entire product line [6] - The State Administration for Market Regulation has initiated an investigation into Chengdu Kuai Gou Technology Co., Ltd. for suspected violations of the E-commerce Law [6] Investment News - The China Securities Regulatory Commission emphasized the need for risk prevention, strong regulation, and high-quality development in the capital market, accelerating a new round of reforms [4] - In 2023, the number of newly established index-enhanced funds reached 129, a 207% increase from the previous year, with a total scale of 72.843 billion yuan [4] - As of September 12, the number of domestic securities investment private equity firms with over 10 billion yuan in assets reached 92, with quantitative private equity firms making up nearly half [4] Macro Economy - The Ministry of Industry and Information Technology, the Ministry of Commerce, and the State Administration for Market Regulation jointly issued a plan to stabilize growth in the light industry for 2025-2026 [2] - The Ministry of Commerce and nine other departments proposed to achieve the "Hundred Cities, Ten Thousand Circles" goal by 2030, promoting the expansion and upgrade of convenient living circles in cities [2] - The People's Bank of China announced adjustments to the 14-day reverse repurchase operations to maintain ample liquidity in the banking system [2] - From January to August, the number of newly established foreign-invested enterprises reached 42,435, a year-on-year increase of 14.8%, while the actual use of foreign capital decreased by 12.7% to 506.58 billion yuan [2][3]

Strategic Decisions - Alibaba Group has made a strategic investment in Hello's Robotaxi business, aiming to co-develop foundational models in vision, voice, and language, as well as specialized models for smart cabins [2] - This investment signifies a deepening of the partnership between Alibaba and Hello, focusing on the commercialization and scaling of autonomous driving technologies [2] Major Announcements - Anta Sports has initiated a special anti-corruption campaign, resulting in the dismissal of 74 employees for serious misconduct and the referral of 46 individuals to judicial authorities [3] - The campaign aims to purify the internal ecosystem and enhance compliance, which is expected to safeguard profits and brand reputation [3] Performance Announcements - BYD's "Heavenly Eye" model has achieved cumulative sales exceeding 1.4 million units, with 263,721 units sold in August alone, representing a 90% share of domestic sales for assisted driving models [4] - The success is attributed to BYD's "Universal Smart Driving" strategy, which emphasizes technology accessibility and cost control [4] Operational Measures - Xiaomi has announced a recall of 116,887 units of its SU7 standard electric vehicles produced between February 6, 2024, and August 30, 2025, due to safety concerns related to the L2 highway navigation assistance feature [5][6] - This proactive recall is expected to mitigate potential damage to consumer trust [6] New Product Launches - BYD has launched its third-generation electric bus technology platform, e-Bus 3.0, which includes the new C11 electric bus with a range exceeding 400 kilometers [4] - This launch sets a new benchmark in electric bus technology and aims to drive the electrification of global bus markets [4] Important Collaborations - Li Auto and CATL have signed a five-year comprehensive strategic cooperation agreement, focusing on battery safety and ultra-fast charging technology [7] - This partnership aims to enhance Li Auto's offerings with high-performance battery systems and support its global expansion efforts [7]

宏观经济 今日关注 1、9月19日，国务院常务会议召开，听取关于贯彻落实全国生态环境保护大会精神全面推进美丽中国建 设工作情况的汇报，研究关于在政府采购中实施本国产品标准及相关政策，讨论《中华人民共和国银行 业监督管理法(修订草案)》。 2、国务院新闻办公室将于2025年9月22日（星期一）下午3时举行"高质量完成'十四五'规划"系列主题 新闻发布会，请中国人民银行行长潘功胜，金融监管总局局长李云泽，中国证监会主席吴清，中国人民 银行副行长、国家外汇局局长朱鹤新介绍"十四五"时期金融业发展成就，并答记者问。 1、工业和信息化部、商务部、市场监管总局日前联合印发《轻工业稳增长工作方案（2025—2026 年）》，推动轻工业在保持经济稳定增长中发挥更大作用。详情>>> 2、商务部等9部门发文提出，到2030年实现"百城万圈"目标，推动城市一刻钟便民生活圈建设扩围升 级。详情>>> 3、日前，上海优化调整个人住房房产税试点政策，明确持上海市居住证满3年并在上海工作生活的购房 人，在上海新购住房且属家庭首套的，暂免征收房产税。 4、9月19日，中国人民银行发布公告显示，为保持银行体系流动性充裕，更好满足不同参与机构差 ...

有业内人士向《证券日报》记者表示，尽管智能驾驶技术不断发展，但目前仍存在一定的局限性，特别 是在面对一些极端特殊场景时，系统的应对能力还有待提高。 本次召回无需更换车辆的任何物理零件，全程通过软件升级完成，车主只需将车辆的车机系统升级至 Xiaomi HyperOS 1.10.0版本，即可完成此次召回升级。 值得注意的是，这并不是小米汽车首次启动召回。今年1月份，小米汽车就曾向国家市场监督管理总局 备案了召回计划，召回2024年2月6日至2024年11月26日生产的部分SU7标准版电动汽车，共计30931 辆。召回原因是部分车辆因软件策略问题，可能导致授时同步异常，影响智能泊车辅助功能对静态障碍 物的探测，增加剐蹭或碰撞的风险，存在安全隐患。彼时，小米汽车表示，将通过汽车OTA技术，为召 回范围内的车辆免费升级软件，以消除安全隐患。 9月19日，国家市场监督管理总局官网发布消息，小米汽车科技有限公司（以下简称"小米汽车"）依照 《缺陷汽车产品召回管理条例》及相关实施办法，已完成召回计划备案。公司决定自即日起，召回2024 年2月6日至2025年8月30日期间生产的部分SU7标准版电动汽车，涉及车辆共计11.6 ...

9月19日，据市场监管总局消息，小米汽车将召回超11万辆SU7标准版电动汽车。此次召回直接触及智 能辅助驾驶系统的可靠性。 根据召回声明，部分车辆在L2高速领航辅助驾驶功能开启的某些情况下，对极端场景识别等可能不 足，若驾驶员不及时干预可能会增加碰撞风险，存在安全隐患。 就在两天前（9月17日），工信部就强制性国家标准《智能网联汽车 组合驾驶辅助系统安全要求》（以 下简称《标准》）公开征求意见，拟从"提升产品能力表现"、"强化安全保障要求"、"规范系统使用方 式"三大维度，为辅助驾驶安全划定红线。 有业内人士称，《标准》填补了我国组合驾驶辅助系统产品安全基线空白，将为行业准入、质量监督和 事后追溯提供关键技术依据，有助于全面提升产品安全水平。 中国政法大学教授郑飞告诉南都记者，该文件属于国家强制性标准，一旦正式发布，任何在中国市场生 产、进口、销售的组合驾驶辅助系统（L2）整车和零部件都必须满足其全部条款。如果企业违反相关 标准，则可能面临多重处罚，包括停产整改、公告撤销、强制召回、罚款乃至刑事责任。 据南都记者了解，小米SU7是小米汽车推出的首款车型，于2024年3月底上市，同年4月3日开启首批交 付，定位 ...

Market Overview - The US dollar index experienced a decline followed by a rebound this week, initially dropping due to expectations of a Federal Reserve rate cut, reaching a ten-week low before recovering after a 25 basis point cut was announced [1] - Spot gold prices fluctuated significantly, hitting a historical high of $3707 before retreating due to the dollar's rebound [1] - Non-US currencies such as the euro and pound also showed volatility, with the euro reaching a four-year high against the dollar [1] Oil Market - International oil prices rose initially due to geopolitical risks but turned to decline mid-week as US inventory reports indicated oversupply and weak demand [2] Stock Market - US stock markets maintained strength, with major indices hitting historical highs, driven by strong performances in tech stocks like Intel and Google [2] - Nvidia's $5 billion investment in Intel led to significant stock price increases for both companies and contributed to the overall market rally [2][25] Federal Reserve Insights - The Federal Reserve's recent rate cut is seen as a risk management strategy, with indications of potential further cuts later in the year [6] - Disagreements within the FOMC regarding the extent of future rate cuts were noted, with some members advocating for more aggressive cuts [6] Investment Bank Perspectives - Fitch Ratings believes the Fed will tolerate higher inflation in the short term to support employment [5] - Goldman Sachs maintains an overweight position on A-shares and H-shares, indicating a stable "slow bull" market for A-shares [5] Trade Relations - The US and India have resumed trade negotiations after a period of tension due to tariffs, with both sides expressing optimism about reaching a mutually beneficial agreement [14][15] Corporate Developments - Nvidia's investment in Intel aims to leverage both companies' strengths in chip development for PCs and data centers, marking a significant collaboration in the tech industry [25] - Xiaomi announced a recall of over 116,000 SU7 electric vehicles due to safety concerns with the L2 driving assistance feature, indicating ongoing challenges in the automotive sector [26]

Group 1 - Xiaomi Auto Technology Co., Ltd. has initiated a recall of 116,887 units of the SU7 standard electric vehicle due to insufficient recognition, warning, or handling of extreme scenarios in L2 highway navigation assistance, which may increase collision risks if the driver does not intervene in time [1] - This is the second large-scale recall since the establishment of Xiaomi Auto, with the first recall in January 2025 involving over 30,000 SU7 models due to misjudgment risks in the automatic parking function [1] - The cumulative recall of the SU7 standard version has approached 150,000 units, covering a significant proportion of the total sales since its launch [1] Group 2 - The current recall is characterized by an OTA upgrade to optimize the driving assistance algorithm for free, rather than physical repairs, reflecting a shift in how recalls are perceived in the industry [2] - The use of the term "recall" by Xiaomi Auto indicates a commitment to corporate social responsibility, while also highlighting the regulatory scrutiny faced by new car manufacturers regarding OTA practices [2] - The recall stems from issues related to driving assistance technology, which has seen rapid development, but the maturity of the technology remains a critical concern amid stringent new regulations targeting disorder in the industry [2] Group 3 - The automotive industry is undergoing a correction of chaotic competition, with various measures being implemented to ensure high-quality development, which is seen as a long-term battle [3] - Companies like Tesla and others in the smart driving sector will face compliance challenges as the industry transitions from chaotic growth to a new era focused on safety and responsibility [3] - The development of intelligent connected vehicles is crucial for fostering new productive forces and driving industrial upgrades, emphasizing the importance of safety in this transition [3]