行业研究 | 证券分析师：张程航 | 证券分析师：夏凉 | 证券分析师：李昊岚 | 联系人：张睿希 | | --- | --- | --- | --- | | 电话：021-20572543 | 电话：021-20572532 | 邮箱：lihaolan@hcyjs.com | 邮箱：zhangruixi@hcyjs.com | | 邮箱：zhangchenghang@hcyjs.com | 邮箱：xialiang@hcyjs.com | 执业编号：S0360524010003 | | | 执业编号：S0360519070003 | 执业编号：S0360522030001 | | | 汽车板块依然受零售较弱、材料涨价影响。我们预计 3 月零售将逐步回暖：影响 1-2 月 零售核心因素 3 个，1）去年递延到今年的消费者有价格观望，2）3 月新车上市带来的 观望，3）补贴程序开启节奏，我们预计 3 月随存量消费者减少、新车上市、补贴通道打 开都将逐步改善。材料涨价方面，我们测算 PHEV 碳酸锂成本同比涨约 1-2k，BEV 2- 4k，经济型存储成本同比涨几百元、高端型 1-3k。市场对材料涨价影响的评估相对 ...

国内新闻 市场监管总局：到2027年底，全国统一检验检测智慧监管平台基本建成 在2月27日举行的新闻发布会上，生态环境部有关负责人介绍，"十五五"期间的大气污染防治工作仍然面临挑战，今后将继 续以PM2.5浓度下降为主线，大力推动结构优化调整和污染精细化治理，推动空气质量全面改善。 上海市2026年第三批节能减排专项资金和超长期特别国债安排计划发布 2月27日，据"上海发展改革"公众号消息，上海市2026年节能减排专项资金和超长期特别国债安排计划(第三批)发布，支持 方向为国家汽车报废更新、汽车置换更新(燃油车、新能源)，计划下达市节能减排专项资金4323.2万元。 国际新闻 起亚美国公司正在召回85448辆美国市场汽车 2月27日，市场监管总局办公厅印发《检验检测智慧监管能力提升攻坚行动方案》，力争到2027年底，全国统一的检验检测 智慧监管平台基本建成，数据集成共享全面实现，人工智能、大数据等新技术深度应用，智慧化审评、穿透式监管等新方式广 泛推行，上下贯通、左右联通的智慧监管格局有效建立，检验检测监管效能显著提升。 1月底我国电动汽车充电基础设施（枪）同比增长49.6% 2月27日，国家能源局发布202 ...

（来源：新华日报） 作为全国对德合作高地，江苏一直是德企长期信赖、青睐的伙伴。2025年全国实际使用德资一半以上投 向江苏；德国全年对江苏实际投资8.1亿美元，同比增长29.7%；目前落户江苏的440家外资总部中德资 占比8.6%，太仓、昆山、南京、扬州、无锡等地形成德企集聚高地。春天已至，征途正好，德国与江 苏正携手开启一段"新旅程"。 新旅启程，"投向"未来赛道 人形机器人、零碳园区、跨境创新……此次默茨总理访华促成的与江苏有关的合作中，处处可见新意， 直指未来产业。 □ 本报记者 王梦然 马年新春，德国总理默茨以"亲朋好友串门"之谊访华，率领近30家德国工业龙头企业高管到访北京、杭 州，释放出强烈的长期合作信号。访问期间，中德双方围绕产业合作、机械制造、物流、能源、人文等 领域签署10余项合作文件，其中多项成果落地江苏：人形机器人、零碳园区、创新中心……既有产业深 度融合的"含金量"，更有撬动未来的"含新量"。 从苏南到苏中，德企用持续加码的投资，为江苏营商环境投下信任票。 驱车驶入昆山张浦镇，德浦路、德新路、德望路、益德路……一个个以"德"为名的路牌，诉说着这片土 地与德国的深厚渊源。"2025年，我 ...

Momenta CEO曹旭东表示："自2016年成立以来，Momenta就致力于通过突破性的AI科技，创造更美好的生活。我们非常高兴2017年就开 始与梅赛德斯-奔驰携手，不断深化和拓展我们的战略合作，将梅赛德斯-奔驰严苛的安全标准及卓越品质与Momenta领先的AI技术深度融合， 打造行业标杆级的安全且高效的智能辅助驾驶系统，持续助力梅赛德斯-奔驰为中国客户带来更安全、安心且豪华的智能出行体验。这一共同 成就完美地展示了德国和中国两国优势的融合，通过双方的携手合作，实现双赢。更重要的是，我们在共同为世界打造更美好的未来。我相 信，我们的伙伴关系将成为推动德国和中国两国之间更广泛合作的强大引擎。" 据悉，2月26日，德国总理弗里德里希·默茨在梅赛德斯-奔驰集团股份公司董事会主席康林松（Ola Källenius）的陪同下，在北京试乘了搭 载Momenta智能辅助驾驶系统的新一代梅赛德斯-奔驰S级轿车，体验了这套城区及高速领航辅助驾驶系统。 梅赛德斯-奔驰自2017年便成为首个投资Momenta的国际车企。双方融合严苛的"奔驰标准"和Momenta人工智能算法优势，用"中国速度"共 同推动研发创新。目前，双方合 ...

"成本竞争"在加速技术普及的同时，也在消费者心中不可避免埋下了隐忧。当"智驾平权"演变为价格战，安全冗余、系统一致性、极端场景验证是否被压 缩？ 「统一模型基座，辅助驾驶的安全底盘」 过去，物理层面的堆料构筑安全第一道防线，但随着端到端大模型成为智能辅助驾驶的"大脑"，安全冗余的概念已向"数据规模"与"模型架构"延伸。 2025年，"智驾平权"的口号响彻业界，成为贯穿全年的行业最强音。 但不能否认的是，智能辅助驾驶的发展也开始从追求规模普及，转向聚焦安全和用户体验的理性轨道。尤其是随着技术下探至10万级主流市场，曾经属于 豪华车型的"高阶智能辅助驾驶"正加速进入寻常百姓家，我们不得不开始对普及浪潮中的功能底线进行审视。 过去几年，随着第三方解决方案的成熟，高阶辅助驾驶进入量产爆发阶段，行业在竞争的喧嚣中，难免出现失序的一面。例如，定点数量成为传播的核心 指标，但交付规模和质量则隐于灯光之下，价格成为车企博弈的关键筹码，也成为供应商抢夺市场的利器，但质量和体验则往往被避而不谈。 特斯拉CEO马斯克判断，实现安全、无人监督的自动驾驶，大约需要100亿英里的训练数据。这些数据规模的差异，直接影响泛化能力与极端场景覆 ...

Core Insights - The visit of German Chancellor Merz to China included key executives from major German automotive companies, highlighting the importance of the Chinese market for their global strategies [2][11] - Executives emphasized that neglecting the Chinese market could result in missed global growth opportunities, with China being redefined as a core innovation center rather than just a sales market [3][4][12] Group 1: Market Context - The German automotive industry employs approximately 780,000 to 800,000 people, accounting for over 12% of total employment, making it a critical sector for the German economy [3] - In 2025, Mercedes-Benz's sales in China are projected to drop to 575,000 units, a 19% decline, while BMW's sales are expected to fall by 12.5% to 625,500 units, and Volkswagen's deliveries are anticipated to decrease by about 8% to over 2.69 million units [3][13] Group 2: Strategic Shifts - The executives' statements during their visit indicate a shift in the perception of the Chinese market, with terms like "innovation source" becoming more prevalent alongside the traditional "largest single market" description [3][4][14] - BMW and CATL signed an agreement to collaborate on reducing carbon footprints in the battery supply chain, while Mercedes-Benz deepened its partnership with Momenta to enhance smart driving technologies [4][5][14] Group 3: Investment and Collaboration - BMW has invested over 120 billion yuan in its Shenyang production base and established multiple R&D centers in China, while Mercedes-Benz has invested over 100 billion yuan in partnerships since 2014 [6][16] - The collaborations with Chinese tech companies signify a transition from a one-way technology transfer model to a dual-directional technology integration approach [7][18] Group 4: Future Outlook - The partnerships aim to leverage China's rapid technological advancements in electric and intelligent vehicles, with German companies recognizing the necessity to adapt to "Chinese speed" to maintain global competitiveness [7][18] - The integration of German engineering standards with Chinese technological innovations is seen as crucial for the future success of German automakers in the evolving automotive landscape [19]

Momenta CEO曹旭东表示："自2016年成立以来，Momenta就致力于通过突破性的AI科技，创造更美好的生活。我们非常高兴2017年就开始与梅赛德斯- 奔驰携手，不断深化和拓展我们的战略合作，将梅赛德斯-奔驰严苛的安全标准及卓越品质与Momenta领先的AI技术深度融合，打造行业标杆级的安全且高 效的智能辅助驾驶系统，持续助力梅赛德斯-奔驰为中国客户带来更安全、安心且豪华的智能出行体验。这一共同成就完美地展示了德国和中国两国优势的 未来，这套"安全为先"的智能辅助驾驶系统还将推出基于Momenta R6强化学习大模型的升级版，显著提升通行效率和驾驶平顺性，优化突发风险场景 下的瞬时响应能力，为用户带来加倍安全、丝滑和高效的出行体验。 在京访问的德国总理默茨专程试乘了新一代梅赛德斯-奔驰S级轿车，亲自体验了这套城区及高速领航辅助驾驶系统，并对梅赛德斯-奔驰和Momenta在 汽车智能化时代的合作给予高度肯定。 梅赛德斯-奔驰集团股份公司董事会成员、负责大中华区业务的佟欧福（Oliver Thöne）表示："我们非常荣幸邀请默茨总理试乘搭载梅赛德斯-奔驰与 Momenta合作开发的智能辅助驾驶系统的新一 ...

Core Insights - The collaboration between Mercedes-Benz and Momenta in developing intelligent driving systems is a significant step in enhancing their competitive edge in the automotive market, particularly in China [3][4][7] Group 1: Collaboration and Innovation - Mercedes-Benz and Momenta signed a memorandum of understanding to deepen their cooperation in intelligent driving technology, emphasizing the importance of automotive collaboration between Germany and China [3][4] - The intelligent driving system developed by Mercedes-Benz and Momenta can operate in various scenarios, including highways and urban environments, showcasing a "from parking space to parking space" capability [4][5] - The system incorporates a "human-machine co-driving" concept, enhancing the driving experience without requiring the driver to take control of the steering wheel [4][5] Group 2: Market Strategy and Localization - Mercedes-Benz views China as a crucial market and innovation center, aiming to accelerate local supply chain integration and enhance competitiveness through partnerships with local tech firms [7][9] - The company plans to deliver over 575,000 new vehicles to Chinese customers by 2025, maintaining its leadership in the luxury segment [10] - The collaboration with Momenta allows Mercedes-Benz to retain its core safety standards while speeding up technological iterations in the Chinese market [7][9] Group 3: Future Developments - Future upgrades to the intelligent driving system will leverage Momenta's R6 reinforcement learning model to improve traffic efficiency and response capabilities in critical situations [5] - By 2026, Mercedes-Benz aims to enhance its competitiveness in smart technology, with plans to roll out multiple over-the-air software updates for vehicles equipped with the MB.OS operating system [11]

梅赛德斯-奔驰集团股份公司董事会成员、负责大中华区业务的佟欧福(Oliver Thne)表示："我们非常荣 幸邀请默茨总理试乘搭载梅赛德斯-奔驰与Momenta合作开发的智能辅助驾驶系统的新一代S级轿车。中 国是梅赛德斯-奔驰最重要的市场之一，历经多年的耕耘，我们在中国建立了全球最大的梅赛德斯-奔驰 品牌生产基地和德国之外最完善的研发体系，为700多万客户提供服务。展望未来，我们将持续扩大本 土科技合作、加速全产业链本土化升级，特别是在人工智能、辅助驾驶、车联网等前沿领域。以自研的 梅赛德斯-奔驰MB.OS架构为基础，我们将深化与Momenta等领先中国科技企业的合作。梅赛德斯-奔驰 将以清晰的战略及聚焦的行动，带来更多贴合中国客户需求的专属车型，在油车及电动车上配备同样的 前沿的智能化科技及行业领先的安全技术。" Momenta CEO曹旭东表示："自2016年成立以来，Momenta就致力于通过突破性的AI科技，创造更美好 的生活。我们非常高兴2017年就开始与梅赛德斯-奔驰携手，不断深化和拓展我们的战略合作，将梅赛 德斯-奔驰严苛的安全标准及卓越品质与Momenta领先的AI技术深度融合，打造行业标杆级 ...

Core Insights - Mercedes-Benz and Momenta announced an upgrade to their collaboration in the future mobility sector, signing a memorandum of understanding in Beijing [1][3] - German Chancellor Friedrich Merz experienced the new generation Mercedes-Benz S-Class and praised the advanced driver assistance system developed in partnership with Momenta [1][3] Group 1: Collaboration and Technology Development - Mercedes-Benz became the first international automaker to invest in Momenta in 2017, combining stringent "Mercedes standards" with Momenta's AI algorithms to drive innovation [3] - The jointly developed intelligent driver assistance system covers highway, urban, and parking scenarios, enabling smart driving from parking space to parking space [3] - The system features a pioneering "human-machine co-driving" concept that enhances lane change experiences without taking over the steering wheel, providing a smoother driving experience [3] Group 2: Future Enhancements and Market Strategy - The intelligent driver assistance system will be upgraded with Momenta's R6 reinforcement learning model, significantly improving traffic efficiency and driving smoothness while optimizing response capabilities in emergency situations [3] - The new system will be first implemented in the all-new Mercedes-Benz electric CLA and will be available in nine new Mercedes-Benz models launching this year, including the electric long-wheelbase GLC SUV and the new generation S-Class [3] - Mercedes-Benz aims to expand local technological cooperation and accelerate supply chain localization, particularly in AI, driver assistance, and connected vehicle technologies [4] Group 3: Strategic Vision and Market Importance - The company has established the largest production base for the Mercedes-Benz brand outside Germany and a comprehensive R&D system in China, serving over 7 million customers [4] - Mercedes-Benz plans to deliver models tailored to Chinese customer needs, equipped with cutting-edge intelligent technology and industry-leading safety features in both gasoline and electric vehicles [4] - Momenta's CEO emphasized the partnership's role in merging German and Chinese advantages to create a benchmark for safe and efficient intelligent driving systems, showcasing a win-win collaboration [5]