日前，又有一辆使用智能驾驶系统的车辆出现严重车祸，车辆着火，司机身亡。今年7月，某著名 媒体对于智能驾驶系统的安全性进行过一次规模比较大的测试。之后， 我和李克强教授就这些方面的 问题进行了深入探讨，现将我们的一致看法，补充一些新的建议，发表如下： 整体而言，虽然饱受测试要求不统一等非议，但那次公开测试在一定程度上暴露出了市面上汽车智能驾 驶系统产品在部分典型场景下存在的缺陷，同时反映了目前行业存在的一些问题。 一、看法观点 （1）公开测试的对象其实是具有L3相关功能的系统，并非真正意义上的L2 级系统 按照 GB/T 40429-2021《汽车驾驶自动化分级》的标准要求，当前主机厂量产的高速 NOA 和城市 NOA 等功能不是严格意义上的同时进行横向和纵向控制的L2 组合辅助驾驶功能（PA），而是具有限定条件 下自动驾驶能力的 L3 功能（CA），但又尚未达到 L3 级可靠性的要求。本次公开测试的对象系统其实 是当前市面不合格的 L3 自动驾驶功能系统，不是组合式辅助驾驶（L2 级）系统。当前行业存在着对 L2/L3 驾驶自动化分级理解不准确的问题。尽管 GB/T40429-2021 标准已经对汽车自动驾驶 ...

Core Viewpoint - The automotive parts giant Berteli is expanding into embodied intelligence and low-altitude economy, which has attracted significant investor interest, with suggestions to accelerate the layout of the robotics industry chain [2] Financial Performance - In the first half of the year, Berteli achieved revenue of 5.164 billion, a year-on-year increase of 30.0%, and a net profit attributable to shareholders of 522 million, up 14.2% [3] - However, the second quarter saw a decline in growth, with revenue of 2.526 billion, a quarter-on-quarter decrease of 4.2%, and a net profit of 252 million, down 6.8% [3] - The gross profit margin for the first half of the year was 18.56%, down from 22.14% in the same period over the past three years [3] Future Growth and Margin Outlook - The company expects continued growth in project orders, which will positively impact gross margins as fixed costs decrease with revenue scale [4] - New projects and product expansions are anticipated to improve profitability, with 282 new designated projects expected to generate an annualized revenue of 4.18 billion by mid-2025 [4] Technological Advancements - The automotive industry is transitioning from electrification to intelligence, with a focus on high-level autonomous driving requiring multiple redundancies in key execution links [6] - Berteli is focusing on the development of Electronic Mechanical Braking (EMB) systems, which are seen as a future direction for line control braking [6][7] Investment and Market Position - Berteli has established a fund for investing in humanoid robots and low-altitude economy sectors, with the fund already registered with the China Securities Investment Fund Association [7] - Despite recent stock performance concerns, the company believes its value is underestimated, with a closing stock price of 51 yuan and a market capitalization of 30.93 billion [8]

Group 1 - Bertli (603596) will have 213,500 restricted shares unlocked on August 6, accounting for 0.04% of the total share capital [1] - In the past year, a total of 1,079,400 shares have been unlocked, representing 0.18% of the total share capital [1] - After this unlocking, the company will have no restricted shares remaining [1] Group 2 - The unlocking involves specific shareholders, including Wang Xiaojie with 14,000 shares valued at 660,000 yuan, and core employees with 199,500 shares valued at 9,404,400 yuan, both under a 61-month lock-up period [2] Group 3 - In Q1 2025, Bertli reported a main revenue of 2.638 billion yuan, an increase of 41.83% year-on-year [3] - The net profit attributable to the parent company was 270 million yuan, up 28.79% year-on-year, while the net profit after deducting non-recurring gains and losses was 266 million yuan, an increase of 38.61% year-on-year [3] - The company's debt ratio stands at 43.44%, with investment income of -5.8961 million yuan and financial expenses of -11.7727 million yuan, while the gross profit margin is 17.97% [3] - Bertli's main business includes automotive brake systems, intelligent driving systems, and steering systems, with capabilities in the independent development of mechanical brake systems, mechanical steering systems, and intelligent electronic control systems [3]