智通财经记者 | 特约记者 白帆 就在物流无人车行业加速融资、跑马圈地、拓展生态建设之际，试图稳住行业头把交椅的九识智能马不停蹄地开启了新一轮战略举措。这一次，阿里巴巴旗 下的菜鸟集团据传将入股九识智能，二者也会展开一系列的业务合作。 市场传闻显示，此次合作是以菜鸟入股九识智能为主轴，双方正就深度整合进行洽谈，未来或通过重组的方式加强其在核心市场的主导地位。从这一描述来 看，菜鸟的入股应该不是"小打小闹"或表面上的"站队"，而是有着更深层次的战略布局，是行业成熟阶段的资源优化。不过，事件的双方目前都未对这一传 闻进行正面回应。 菜鸟或入股九识？ 物流无人车市场消息频频，各家都在使出浑身解数抢占市占率、拓展更多潜力市场，此时市场又传出重磅消息——国内物流巨头菜鸟正与L4级无人驾驶头 部企业九识智能洽谈深度合作，菜鸟或入股九识智能，拟通过业务重组打造联合体。虽然这一消息迟迟未有官方现身回应，但其对行业的影响不可小觑。 据多方信源，九识智能与菜鸟合作核心在于整合技术与生态资源，强化城市配送市场主导地位，加强技术、运营和生态等综合能力的建设，开拓全球化无人 驾驶货运市场。 从合作路径看，此次合作不只是一次资本联动，更 ...

作者 | 李众力 编辑 | 自动驾驶之心 原文链接： https://www.zhihu.com/question/552466858/answer/1973504909879030493 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近30个 方向 学习 路线 >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 本文只做学术分享，如有侵权，联系删文 2025 年年底了，我也来回答一下。 先说结论： 据我能接触到的一圈国内玩家，大家嘴里的"数据闭环"，绝大多数还是各个算法团队内部的"小闭环"，离当年 PPT 里畅想的那种"数据直接解决问题"的 大闭环，还有好几层台阶。 先简单说下我自己的背景（方便大家判断我是不是在瞎说） 我从事自动驾驶行业大概 7 年多了，从最早那种"开完车工程师拎着硬盘，从工控机上拔下来，抱着去机房拷数据"的年代一路干到现在。 这几年主要在一家 互联网大厂的物流无人车项目 里，从封闭园区到高速公路再到城市公开道路，从载人到拉货都有涉及，负责整车的数据体系和质量体系搭建，带 团队做的事情大致包括： 日常工作基本就是跟各种 log、Trigger、标注平台、仿真平台 ...

Summary of Conference Call Records Industry Overview - The conference call discusses advancements in the autonomous driving industry, particularly focusing on L3 and L4 levels of automation. The expectation is that 2026 will mark a significant year for autonomous driving technology adoption [1][2]. Key Points on Autonomous Driving Technology - **L3 and L4 Levels**: L3 automation allows for hands-free driving under specific conditions, while L4 represents fully autonomous driving capabilities. The transition from L3 to L4 will involve a gradual shift from human-operated to fully autonomous systems [3][4]. - **Market Expectations**: The market is optimistic about L3 technology, with several domestic and international automakers, including Mercedes and various Chinese companies, actively pursuing development and testing [2][5]. - **Key Hardware Requirements**: High-level autonomous driving relies on essential hardware such as cameras, LiDAR, high-speed connectors, and advanced driving chips, with processing capabilities starting from 500 TOPS [6]. Commercial Applications - **Robotaxi Development**: Robotaxi services, based on L4 technology, are being piloted in several cities and are seen as a crucial component of future smart mobility solutions [8]. - **Logistics and Mining Applications**: L4 technology is primarily applied in logistics and mining sectors, with expectations for significant market growth. The logistics autonomous vehicle market is projected to reach a penetration rate of 20% by 2030, with a market potential of 60 billion RMB [9][11]. Company Insights - **Key Players**: Major companies in the logistics autonomous vehicle sector include Jiushi Intelligent, New Stone, and White Rhino, with Jiushi Intelligent leading in operational scale and market share [13]. - **Financial Performance**: Jiushi Intelligent reported operating over 14,000 vehicles with significant delivery volumes, while other companies like Yikong Zhijia and Xidi Zhijia are also notable players in the mining autonomous vehicle market, though they have yet to achieve profitability [26][27]. Market Dynamics - **Investment Trends**: There is a growing investment interest in logistics autonomous vehicles, with significant funding rounds reported for companies like Jiushi Intelligent and New Stone [10]. - **Pricing Strategies**: Companies are adjusting pricing models to cover costs and improve profit margins, with examples of new pricing strategies being implemented by Jiushi Intelligent [17]. Future Outlook - **Market Growth Potential**: The logistics autonomous vehicle market is expected to grow rapidly, with a projected market space of 600 billion RMB by 2030. The demand for autonomous vehicles is driven by reduced operational costs and increased efficiency [11][12]. - **Challenges and Regulations**: The lack of unified regulations at the national level poses challenges for the widespread adoption of L4 technology, necessitating local government coordination [11]. Conclusion - The autonomous driving industry is on the cusp of significant advancements, with L3 and L4 technologies poised for broader adoption. Key players are actively developing solutions, and the market is expected to see substantial growth in the coming years, particularly in logistics and mining applications.

Core Insights - The logistics unmanned vehicle market is transitioning from early-stage applications in express delivery to a broader urban delivery market, including fast-moving consumer goods, cross-regional e-commerce, and local fresh produce, successfully overcoming the scale delivery threshold [1][3] - The commercial model for single vehicles has been validated, leading the industry into a phase of scale expansion, with a focus on channel operation capabilities to develop customer and scenario outreach, as well as market capacity and road rights [1][5] Group 1 - Unmanned delivery vehicles are expected to achieve commercial viability first in cargo and low-speed scenarios, with Robovan logistics unmanned vehicles being one of the fastest progressing applications in the unmanned driving sector [2] - The urban delivery market has a vehicle ownership of 14.59 million units, indicating that logistics unmanned vehicles can replace existing vehicles such as vans and light trucks, suggesting a market size significantly larger than just express delivery [3][4] - The characteristics of urban delivery scenarios, such as fixed routes, low-speed driving, and short-haul transport, enhance the feasibility of unmanned driving, with the market for logistics unmanned vehicles projected to reach 65.75 billion yuan by 2030 [4] Group 2 - The cost of logistics unmanned vehicles has decreased significantly from over one million yuan to below 100,000 yuan due to technological optimization and reduced prices of key components, laying the foundation for large-scale deployment [4] - The replacement of micro vans with logistics unmanned vehicles can reduce costs per delivery by over 50%, with profitability expected when cumulative sales reach 40,000 units [5] - The competitive landscape includes three types of participants: specialized unmanned driving companies, logistics platform companies with ecological advantages, and traditional passenger vehicle manufacturers entering the logistics unmanned vehicle market by 2025 [5]

Group 1 - The 19th China (Shenzhen) International Logistics and Supply Chain Expo has commenced, attracting over 2,200 exhibitors from more than 60 countries and regions, highlighting the global interest in China's logistics market [1][2] - The expo covers an area of nearly 130,000 square meters, with over 20% of exhibitors being international, indicating a strong global engagement in logistics and supply chain opportunities [2] - The participation of companies from countries like Uzbekistan, Georgia, Romania, and Azerbaijan marks a new trend, driven by the continuous upgrade of the China-Europe transport routes, enhancing supply chain resilience for Chinese enterprises [2] Group 2 - In the first half of the year, Shenzhen's transportation, warehousing, and postal industries saw a value-added growth of 9.0% and a revenue increase of 12.3%, contributing significantly to economic growth [3] - Shenzhen Port achieved a container throughput of 17.23 million TEUs, a year-on-year increase of 10.8%, while Shenzhen Airport handled 983,000 tons of cargo, growing by 14.0% [3] - The China-Europe Railway Express (Shenzhen) operated 87 trains with a cargo value of $348 million and a weight exceeding 40,000 tons, showcasing the robust logistics capabilities of the region [3] Group 3 - The expo serves as a platform for showcasing new technologies and models in logistics, with a focus on digitalization and sustainability [4] - SF Express presented its "SF Super Brain," an AI-driven decision-making platform that optimizes logistics operations, potentially generating over $1 billion in economic benefits and reducing carbon emissions by hundreds of thousands of tons [4] - Lingniu Technology showcased a hydrogen-powered heavy truck, which offers a range of 450-500 kilometers and a competitive operating cost, indicating a promising future for hydrogen energy in commercial vehicles [4]

Core Insights - The "China Express" booth at the 2025 Service Trade Fair showcased advanced logistics technologies, including drones and unmanned vehicles, highlighting the industry's shift towards automation and smart logistics solutions [1][3][5]. Group 1: Technology Showcase - Various logistics companies presented their innovations, such as unmanned delivery vehicles, intelligent sorting robots, and blockchain traceability platforms [1]. - The exhibition demonstrated a fully automated "warehouse-distribution" process through the collaboration of drones and Automated Guided Vehicles (AGVs) [1]. Group 2: Industry Future Exploration - The event not only showcased the latest technological breakthroughs in smart transportation and logistics but also explored the limitless possibilities for the future of the industry [1].

Summary of Key Points from the Conference Call Records Industry Overview - The express delivery industry has maintained nearly 20% growth from January to July 2025, driven primarily by live e-commerce, interest e-commerce, and instant retail, indicating significant internal growth potential [1][2] - The revenue distribution in the franchise express network is complex, involving collection commissions, transfer fees, and waybill fees, which directly affects operational efficiency and market competitiveness [1][2][5] Core Insights and Arguments - ZTO Express has implemented a shoulder-sharing mechanism and end-point delivery chain to protect the rights of couriers, enhancing its soft power and culture while leading in automation and vehicle ratios, thus maintaining cost advantages [1][7] - Logistics unmanned vehicles are seen as key to transforming the express delivery business model and operational costs, with 2025 being regarded as the year of application, although the distribution of benefits remains a critical challenge [1][10] - Price increases in the express delivery industry aim to address arbitrage issues, promote high-quality development, and achieve high profitability for express companies [1][11] Company Performance - In the first half of the year, SF Express experienced the fastest business volume growth at 32%, followed by YTO Express at 22%. However, excluding non-recurring net profits, all companies except SF Express saw declines, with YTO experiencing the smallest drop [1][16][17] - SF Express reported a 3.5% growth in non-recurring net profit in Q2, with international business losses narrowing and free cash flow improving, indicating medium to long-term investment value [1][18][20][22] Strategic Developments - YTO Express began building its airline in 2015 to enhance product timeliness and promote product upgrades and international business development, but this early investment has affected its scale efficiency [1][6] - The express delivery industry is transitioning towards a layered service model, where leading companies will shift from a focus on volume and profit to promoting high-end product structures [1][14] Future Trends and Considerations - The express delivery industry is expected to see a shift towards differentiated service layers, with leading companies targeting high-value customers while less competitive firms handle lower-value business [1][13][14] - Attention should be paid to Shentong and YTO in the short term, with Shentong expected to double its profit after price increases, while YTO is narrowing the gap with ZTO in terms of market share growth and net profit [1][15] Additional Important Insights - The price war in the express delivery industry has a policy bottom line, with significant price increases implemented in 2021 leading to improved profitability across companies [1][9][12] - SF Express's free cash flow increased by 6.1% year-on-year, and the company has initiated a mid-term dividend policy with a payout ratio of 40%, reflecting a commitment to returning value to shareholders [1][21]

Core Insights - The 19th China (Shenzhen) International Logistics and Supply Chain Expo will take place from September 24-26, featuring over 2200 exhibitors from more than 60 countries and regions, and is expected to attract over 300,000 professional visitors [1][4] - This year's expo marks the 20th anniversary of the event, which has been instrumental in facilitating international cooperation and is referred to as the "Olympics of the global logistics and supply chain sector" [4] - The expo will cover a total exhibition area of over 130,000 square meters, with ten core exhibition zones addressing various aspects of logistics and supply chain, including comprehensive services, port shipping, air freight, and cross-border e-commerce [4][5] Exhibition Features - The expo will introduce five vertical fields for resource matching, including Europe and the United States, Southeast Asia/Japan and South Korea, overseas warehouses/cross-border e-commerce, emerging markets, and special transportation [5] - Over 70 high-end business activities will be organized to create a deep dialogue platform within the global logistics and supply chain sector [5] - Two thematic sub-exhibitions will be held concurrently: the World Unmanned Vehicle Economy Expo and the Enterprise Going Abroad Exhibition, focusing on unmanned vehicle technology and cross-border e-commerce [8][10] Industry Trends - The World Unmanned Vehicle Economy Expo will showcase the Shenzhen automatic delivery system and emphasize the integration of unmanned logistics into the global supply chain [8] - The Enterprise Going Abroad Exhibition aims to provide a high-quality platform for cross-border e-commerce, facilitating connections between international e-commerce platforms and logistics solutions [10]

Core Insights - The establishment of the "Shanghai Jiao Tong University - Jiushi Intelligent Autonomous Driving Technology Joint Laboratory" marks a significant step for Jiushi Intelligent in integrating industry, academia, and research in the autonomous driving sector [1][2] - The collaboration aims to leverage the research strengths of Shanghai Jiao Tong University and the practical experience of Jiushi Intelligent to advance cutting-edge autonomous driving technologies and cultivate high-end talent [1][2] Group 1: Collaboration and Academic Support - Jiushi Intelligent's core team includes several members who graduated from Shanghai Jiao Tong University, indicating a strong historical connection and mutual trust [2] - The university's strong ranking in computer science (11th in US News, 27th in QS, and 3rd in CS Ranking) highlights its global reputation, particularly in visual models [2] - The joint laboratory is expected to provide a practical platform for students, enabling them to explore cutting-edge technologies while addressing real-world challenges [2] Group 2: Technological Advancements and Market Position - Jiushi Intelligent has deployed its L4-level autonomous logistics vehicles in over 300 cities across China, achieving an average operational cost reduction of 66% for clients [3] - The collaboration with Shanghai Jiao Tong University is anticipated to enhance model training and validation, crucial for breakthroughs in autonomous driving technology [3][6] - Jiushi Intelligent has become the first global company to achieve high-level autonomous driving without relying on high-precision maps, indicating a significant technological advancement [5][6] Group 3: Global Expansion and Regulatory Challenges - Jiushi Intelligent has made notable progress in international markets, including obtaining Singapore's first unmanned logistics vehicle license and participating in the revision of the TR-68 autonomous driving standards [4] - The establishment of the joint laboratory is expected to provide academic credibility that will assist Jiushi Intelligent in overcoming regulatory barriers in overseas markets [4] - The company's strategy focuses on creating real value in collaboration with local markets rather than engaging in price wars, aiming to enhance local production and logistics efficiency [4] Group 4: Future Outlook and Strategic Focus - Jiushi Intelligent plans to focus on logistics delivery as its core market, leveraging large-scale vehicle operations to continuously collect data for technological iteration [5] - The company aims to achieve profitability across the industry within the next two years, driving the upgrade of urban logistics towards intelligence and efficiency [6] - The long-term vision includes promoting autonomous driving capabilities across society, laying the groundwork for future developments in passenger services and other commercial sectors [6]

Core Insights - The report emphasizes the importance of discovering investment opportunities with a proactive attitude rather than merely relaying information [1] Macro News Summary - The Central Financial Committee has issued opinions to support the accelerated construction of Shanghai as an international financial center [4] - The China Securities Regulatory Commission (CSRC) is working to build a capital market ecosystem that is more conducive to comprehensive innovation [4] - The CSRC has released opinions on establishing a growth tier in the Sci-Tech Innovation Board to enhance institutional inclusiveness and adaptability [4] Industry Updates - The China International Solid-State Battery Technology Conference is set to accelerate the industrialization of solid-state batteries, with related stocks including Putailai (603659) and Liyuanheng (688499) [5] - Cainiao's new unmanned vehicle has started pre-sales, indicating rapid growth in the commercial use of logistics unmanned vehicles, with related stocks including Xingwang Yuda (002829) and Xiangyou Technology (600476) [5] - Significant breakthroughs have been achieved in key systems of China's fusion reactor, marking an acceleration in nuclear fusion technology development, with related stocks including Xuguang Electronics (600353) and Nanfeng Co., Ltd. (300004) [5] Company Focus - Huayi Group (600623) has signed a strategic cooperation framework agreement with Zhenhua Heavy Industries [6] - Chongqing Department Store (600729) has seen a continuous increase in related deposits, with consumer finance yields significantly exceeding peers [6] - Kewei Medical (301087) has reached strategic cooperation with Zhihuiyan and Laolai Health to build a new ecosystem in healthcare [6] - Bank of China (601988) emphasizes the role of finance in supporting new productive forces, particularly in technology finance [6] Market Review and Outlook - On June 19, the market opened lower and continued to decline, with the ChiNext Index leading the drop. The total trading volume in the Shanghai and Shenzhen markets was 1.25 trillion, an increase of 596 billion from the previous trading day [7] - The report notes that the macro economy is expected to maintain a mild recovery, with policies emphasizing stability and activity in the capital market providing support [7] - Different sectors such as technology, consumption, and finance are highlighted for their respective advantages and development prospects, indicating potential for structural differentiation in the market [7] - The mid-term trend suggests that the market center may rise in Q4 2025, with potential for a bull market from 2025 to 2027 [7] - The report indicates that a phase of bottoming in the A-share market may have occurred, with attention needed on structural and rhythm changes in the second half of the year [7]