有分析师对《证券日报》记者表示，地平线通过HSD方案有效压缩了高阶智驾的硬件与算法成本，为车 企提供了兼具性能与性价比的技术路径，进而推动智能驾驶从"可选"向"标配"演进，加速智能驾驶普 惠。 AI能力向物理世界延伸 在推动智能驾驶普及的同时，地平线也在夯实其AI计算的技术底座。会上，地平线正式发布第四代BPU 架构"黎曼"，并同步推出编译器"天工开物4.0"及智能驾驶大模型，构建起以BPU、编译器和基础模型为 核心的三大技术支柱。 12月8日，在2025地平线技术生态大会上，地平线创始人兼CEO余凯回顾了过去两年地平线在高阶辅助 驾驶领域持续发力的成果。 "从2021年起，地平线持续推动高阶驾驶向高而行，2024年4月24日征程6家族重磅发布、2025年4月18日 征程6P与HSD（地平线城区辅助驾驶系统）发布。2025年11月18日起，地平线智驾HSD正式首发量 产，降低了高阶智驾门槛。首搭HSD量产落地的星途ET5和深蓝L06上市仅两周，HSD激活量超12000 辆，市场反响热烈，展现出地平线在高阶辅助驾驶领域的强大实力与广阔前景。"余凯表示。 技术底座持续迭代 "传统的两段式端到端、一段式端到端+规则 ...

Summary of Key Points from the Conference Call Industry Overview - The conference focuses on the **smart driving industry**, highlighting its anticipated growth and technological advancements in 2025, which is considered the year of smart driving's emergence [1][3][19]. Core Insights and Arguments - **Market Penetration**: In the first half of 2025, the penetration rate of L2 passenger vehicles reached **62.1%**, with a significant growth of **102%** in NOA (Navigation on Autopilot) models, indicating high market acceptance of smart driving technologies [4]. - **Hardware Advancements**: The mass production of **LiDAR** has improved perception accuracy, with **57.8%** of vehicles equipped with millimeter-wave radar and **7.9%** with LiDAR. Camera technology has also advanced to **8 million pixels** with dual-lens systems [5]. - **Policy Impact**: The Ministry of Industry and Information Technology (MIIT) has approved pilot L3 vehicle trials for select companies, but the lack of public disclosure may hinder industry momentum. The expected release of the L3 national standard by the end of 2027 is anticipated to accelerate development [9][10]. - **Chip Development**: There is an increasing demand for computing power in vehicles, with full-scene NOA requiring **700-1,000 TOPS**. Companies like NIO, Xpeng, and Li Auto are actively developing their own chips to enhance efficiency and reduce dependency on external suppliers [12]. Additional Important Content - **Shift in Self-Driving Systems**: The transition from a two-stage to a one-stage heating system has improved performance and speed, with a trend towards centralized electronic architecture for more efficient data processing [7]. - **High-Precision Mapping**: The influence of high-precision map providers like Gaode has diminished due to high costs and challenges in maintaining data freshness. Companies are now favoring local modeling through cloud interactions [17]. - **Future Development Focus**: The smart driving industry is expected to see significant growth in L2 and L3 penetration rates over the next 3-5 years, supported by national policies. The smart connected vehicle industry now contributes over **10%** to national GDP, surpassing the real estate sector [19]. - **Cost Reduction in LiDAR**: The cost of 128-line LiDAR has decreased to around **3,000 RMB**, with potential further reductions of **20-30%** expected in the coming years due to increased competition and production scale [16]. This summary encapsulates the key points discussed in the conference call, providing insights into the smart driving industry's current state and future trajectory.

Group 1 - The central bank's third-quarter meeting emphasized maintaining ample liquidity and reducing social financing costs, indicating a stable policy environment for long-term investors [3] - Industrial enterprises reported a 20.4% increase in profits for August, with cumulative profits turning positive, signaling a genuine economic recovery supported by improved structures across various sectors [3] - Several industries received favorable policies, including high-end rare earth materials, AI-driven transportation, and digital economy support for quality enterprise financing, highlighting a shift towards high-end manufacturing and technological innovation [4] Group 2 - The approval of "China's version of Nvidia," Timor Thread, within 88 days reflects the growing support for hard technology in the Sci-Tech Innovation Board, indicating a vibrant domestic GPU market [4] - Upcoming economic indicators, such as the PMI on September 30, are crucial for confirming economic recovery, while external factors like U.S. government stability and non-farm payroll data will influence global capital flows [5] - The recent news suggests a clear direction: macroeconomic stability, economic recovery, and a policy focus on technology and high-end manufacturing, encouraging long-term investors to concentrate on quality sectors with policy support and improving profitability [5]

Core Viewpoint - The implementation of artificial intelligence in the transportation sector is crucial for China's strategic development, aiming for large-scale innovation and application by 2027 and deep integration by 2030 [1][2]. Group 1: Implementation Goals - The "Artificial Intelligence + Transportation" initiative aims for widespread application of AI in typical transportation scenarios by 2027, with a comprehensive transportation model established [2]. - By 2030, the goal is to achieve deep integration of AI in the transportation sector, promoting a smart comprehensive transportation network and ensuring key technologies are independently controllable [2]. Group 2: Specific Applications - In road transportation, the focus will be on breakthroughs in intelligent driving technology, enhancing the role of smart assistance for drivers and improving highway traffic management [3]. - Rail transport will see the introduction of intelligent trains capable of self-thinking, with advanced scheduling systems and smart upgrades to enhance operational efficiency [3]. - The maritime sector will benefit from smart shipping initiatives, improving port operations and logistics efficiency through intelligent systems [4]. Group 3: Infrastructure and Support - The initiative emphasizes the need for robust foundational support, including optimized computing power, high-quality data set construction, and the development of ubiquitous network facilities [5]. - A comprehensive data resource system will be established to support AI applications in transportation, ensuring high-speed, reliable, and secure data transmission [5]. Group 4: Future Actions - The next steps involve accelerating the construction of a comprehensive transportation model and implementing innovative actions to fully empower AI in the sector, aiming for a seamless flow of people and goods [5].

Core Viewpoint - The Ministry of Transport and six other departments released implementation opinions on "Artificial Intelligence + Transportation," emphasizing the development of intelligent driving technologies and their application in various regions [1] Group 1: Policy Initiatives - The implementation opinions highlight the combination of assisted driving technologies and the promotion of intelligent driving large models and comprehensive evaluation technologies [1] - There is a focus on expanding service scenarios and supporting innovation resource aggregation in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area, and Chengdu-Chongqing area [1] Group 2: Technological Development - The initiative aims to promote technical testing innovations specifically for intelligent driving scenarios related to freight transport on major corridors [1] - Existing infrastructure like highway ETC gantries will be utilized to explore multi-pole integration and multi-sensing integration models, enhancing vehicle-road-cloud collaborative perception and control systems [1] Group 3: Public Experience Improvement - The overall goal is to improve public travel experiences through the scientific layout of collaborative perception and control devices and systems [1]

Core Viewpoint - The Ministry of Transport and six other departments jointly released the implementation opinions on "Artificial Intelligence + Transportation," focusing on enhancing intelligent driving technologies and expanding service scenarios [1] Group 1: Intelligent Driving Development - The initiative includes actions to improve intelligent driving large models and comprehensive evaluation technologies [1] - It aims to support innovation resource aggregation in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area, and Chengdu-Chongqing area [1] - The plan emphasizes the cautious promotion of intelligent assisted driving technology demonstration applications in compliance with laws and regulations [1] Group 2: Technical Testing and Infrastructure - The focus is on implementing technical testing innovations for intelligent driving scenarios, particularly for freight trucks on major corridors [1] - Existing infrastructure like highway ETC gantries will be utilized to explore multi-pole integration and multi-sensing approaches [1] - The initiative aims to scientifically layout vehicle-road-cloud collaborative perception and control devices and systems to enhance public travel experiences [1]

Core Viewpoint - The implementation opinions on "Artificial Intelligence + Transportation" have been released by multiple Chinese government agencies, aiming to enhance intelligent driving technologies and improve public transportation experiences [1] Group 1: Policy Initiatives - The document outlines actions to develop large models for intelligent driving and improve comprehensive evaluation technologies [1] - It emphasizes the importance of expanding service scenarios for intelligent driving applications [1] Group 2: Regional Focus - The policy supports the aggregation of innovative resources in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu-Chongqing area [1] - It encourages the cautious advancement of intelligent auxiliary driving technology demonstrations in these regions [1] Group 3: Technological Development - The initiative promotes the implementation of technical testing innovations specifically for intelligent driving scenarios involving freight trucks [1] - It suggests utilizing existing highway ETC gantries to explore multi-pole integration and multi-sensing integration models [1] - The goal is to scientifically layout vehicle-road-cloud collaborative perception and control devices and systems to enhance public travel experiences [1]