Group 1: Event Overview - The "2025 Inclusion·Bund Conference" took place from September 10-13 in Shanghai, attracting significant global attention as a major technology event with 52,000 attendees last year [1] - The conference featured a technology exhibition that was highly anticipated by both the public and industry enthusiasts, showcasing cutting-edge technologies and interactive displays [1] Group 2: Exhibition Highlights - This year's technology exhibition was significantly upgraded, covering 10,000 square meters with participation from nearly 200 companies and over 30 new technology products [3] - The exhibition included various thematic sections such as "Exploring Intelligent Limits," "Deepening Industrial Practices," and "Global Innovation Collaboration," featuring advancements in AI, health, finance, and robotics [3] Group 3: Robotics and AI Innovations - The event showcased a range of robotics innovations, including a bionic robot from Songyan Power that won multiple awards at the World Humanoid Robot Games, capable of interacting with humans through voice and gestures [5] - The "Robot Town" featured 40 renowned companies in embodied intelligence, demonstrating the collaborative future of human-robot interaction [3][5] Group 4: AI Applications in Healthcare - The AQ health manager introduced an "AI skin detection" feature that provides personalized health advice based on skin conditions [9] - Advanced AI diagnostic tools were presented, such as the "Damo Academy" system that can screen for multiple cancers and manage chronic diseases through CT scans [14] Group 5: Agricultural and Financial Technology - The Fudan University Fuxi meteorological model offers precise weather forecasts to support agricultural production, while XAG's smart farming solutions reduce labor dependency and costs [15] - Ant Group unveiled a new enterprise-level financial intelligence platform that leverages AI and blockchain for credit risk assessment and investment optimization [15] Group 6: Human-Robot Interaction - The conference emphasized the theme of human-robot symbiosis, showcasing technologies that enhance rehabilitation and elderly care, such as the Fourier intelligent rehabilitation port and the Fudan Guanghua rehabilitation robot [17][18] - Interactive experiences at the technology market included engaging with humanoid robots and witnessing performances that highlight multi-modal perception technology [18][20]

Core Insights - CATL's "skateboard chassis" business has made progress with the launch of its first external financing round, aiming to raise 2 billion yuan, primarily from large state-owned enterprises [1][2] - The skateboard chassis is seen as a new growth point for CATL, especially as its domestic market share has declined from 52.1% in 2021 to 43.4% in the first half of this year [2][4] - The skateboard chassis, known as CIIC (CATL Integrated Intelligent Chassis), integrates the battery into the chassis design, allowing for a modular approach to vehicle manufacturing [2][4] Financing and Business Development - CATL's subsidiary, Times Intelligent, is opening up equity to external capital for the first time, indicating a strategic shift to attract outside investment [1][2] - The financing round is set to be completed soon, although specific valuation and details have not been disclosed [1] Product Features and Market Potential - The skateboard chassis allows for significant cost savings, with CATL claiming that manufacturers can reduce development costs by 60% to 70% and BOM costs by about 5% [4] - The product is designed to shorten vehicle development cycles from traditional 36 months to 12-18 months, addressing common industry pain points [4][5] - Several automakers, including Neta Auto and Avita, have shown interest in the skateboard chassis, with expected model launches between 2026 and 2027 [5] Industry Context and Challenges - The skateboard chassis concept is not new, having been proposed by General Motors in 2002, and has seen interest from various startups and established companies [6] - There are concerns regarding the reliance on third-party production for core automotive technologies, which may impact manufacturers' autonomy and supply chain dynamics [6][7] - Building trust with manufacturers and overcoming promotional challenges for the skateboard chassis will test CATL's strategic capabilities [7]

Core Viewpoint - CATL is accelerating its skateboard chassis business, focusing on commercial vehicles and specific scenarios like Robotaxi, aiming for breakthroughs in the mid-to-low-end passenger car market [1][15]. Financing and Business Development - CATL's subsidiary, Times Intelligent, is in the process of raising 2 billion yuan in its first external financing round, with a pre-financing valuation of approximately 9 billion yuan [2]. - Times Intelligent, established in 2021, specializes in battery-centric skateboard chassis products and services, and is now opening up equity to external capital for the first time [2][3]. - The financing is driven by the need to alleviate financial pressure due to limited group funding and underperformance in expected sales from partnerships, particularly with Nezha Auto [5]. Technological Advancements - The skateboard chassis, known as CIIC, integrates battery and electric drive systems, allowing for a decoupled design that can adapt to various vehicle bodies [3]. - Recent collaborations with automakers like BAIC, JAC, and Changan Mazda are expected to yield new models by 2026-2027 [7]. Strategic Considerations - CATL's entry into the skateboard chassis market is motivated by the need to bundle its battery business and counteract declining growth rates in its core battery segment [7]. - The company's gross margin has decreased from 43.7% in 2016 to 24.4% in 2024, with market share dropping from 52.1% in 2021 to 43.4% in the first half of 2023 [7]. Market Challenges and Opportunities - The skateboard chassis concept, while historically facing challenges, is now seen as having potential due to its ability to shorten development cycles and reduce costs for electric vehicles [12][13]. - However, third-party chassis companies face challenges in gaining acceptance from traditional automakers, who may prefer to develop their own chassis for differentiation [14]. Future Prospects - CATL is targeting commercial vehicles, specific scenarios like Robotaxi, and cost-effective mid-to-low-end passenger cars as key areas for growth [15]. - A strategic partnership with T3 Mobility aims to advance the development of Robotaxi based on CATL's skateboard chassis platform [15].

宁德时代正加速推进其滑板底盘业务。7月28日，有市场消息传出，宁德时代旗下时代智能开启首轮外部融资，融资规模为20亿元，投前估值约90亿元。据 悉，此轮融资未完全公开，而是采用定向邀请方式，要求"1亿起投，目前参与的多为大国资"。 经济观察报向宁德时代内部人士求证，对方确认时代智能融资事宜正在推进，首轮融资即将完成。其表示，本轮融资由知名市场化投资机构领投，新能源产 业资本和国有资本共同参与。不过，对于具体的估值和融资细节，该内部人士表示暂不便对外透露。 时代智能全称为"宁德时代（上海）智能科技有限公司"，成立于2021年，注册资本2.5亿元，专注于提供以电池为核心的滑板底盘相关产品和技术服务。此 前，时代智能长期作为宁德时代的全资子公司运营，2023年11月虽引入新投资主体，但均为宁德时代关联公司。此次融资是时代智能首次向宁德时代体系外 资本开放股权。 滑板底盘又称CIIC（CATL Integrated Intelligent Chassis），是以电池/电驱为核心，通过CTC（Cell to Chassis）技术实现高度集成的电动底盘。它将电池、电 动传动系统、悬架、刹车等部件提前整合在底盘上，通过预留 ...

Core Viewpoint - CATL is entering the "prefabricated vehicle" market through its subsidiary, CATL (Shanghai) Intelligent Technology Co., Ltd., which has recently initiated its first round of external financing with a scale of 2 billion yuan, leading to a post-investment valuation exceeding 10 billion yuan [2]. Group 1: Company Overview and Technology - CATL Intelligent was established in 2021, focusing on battery-centered skateboard chassis products and technology services, with the skateboard chassis seen as the best platform for small-batch, scenario-based vehicle manufacturing [3][6]. - The skateboard chassis integrates core modules such as battery, motor, electronic control, steering, braking, and suspension, adopting a battery-to-chassis integration approach [4]. - CATL proposes the CIIC (CATL Integrated Intelligent Chassis) solution, featuring a decoupled design that allows automakers to quickly develop various models on a unified chassis architecture, significantly reducing R&D cycles and initial costs [3][7]. Group 2: Market Strategy and Collaborations - CATL aims to develop both large (CIIC-L) and small (CIIC-S) platform vehicles, planning to introduce one new platform each year for B, C, D, and A-class vehicles [7]. - Collaborations with partners such as BAIC Group and JAC Motors are underway to advance the CIIC skateboard chassis project, with BAIC being one of the earliest companies to explore skateboard chassis technology [7]. - CATL's partnership extends to joint ventures with both domestic and international automakers, including a collaboration with Changan Mazda to develop new energy vehicles based on the skateboard chassis [7]. Group 3: Future Directions and Challenges - The company is exploring the integration of skateboard chassis with battery swapping, range extension, and vehicle-to-grid (V2G) technologies, collaborating with smart driving companies to enhance the safety and reliability of Robotaxi services [8]. - Despite maintaining a leading market share in power battery installations at 43.05%, CATL's share has slightly decreased by 3.33% compared to the same period last year, prompting the company to strengthen ties with automakers [8]. - The Rock Solid chassis has passed rigorous safety tests, demonstrating resilience under extreme conditions, but challenges remain in advancing technologies necessary for high-level autonomous driving [10][11].

作者 | 周智宇 编辑 | 张晓玲 在新能源汽车产业的滚滚浪潮中，一场深刻的变革正在酝酿。 百亿，对于已经成长为万亿"宁王"的宁德时代而言，或许只是一个数字。但对于整个汽车行业，这个数 字背后所承载的信号却不容小觑。它意味着，资本市场不仅在为一项新技术投票，更是在为一种可能颠 覆现有汽车制造体系的"新范式"下注。 滑板底盘承诺为车企带来前所未有的研发效率、更极致的安全性能和更低的制造成本，让造车如同"搭 乐高"一样成为可能。 当传统汽车巨头们引以为傲的平台化壁垒遭遇降维打击，一个属于汽车的"安卓时代"是否真的即将到 来？时代智能"这只百亿独角兽的出现，不仅搅动了产业链的池水，更向整个行业抛出了一个关乎未来 的严肃命题。 资本加注 此次融资是时代智能自2021年7月成立以来，首次向宁德时代体系外的资本开放股权。 华尔街见闻了解到，本轮融资由国内顶尖的市场化投资机构领投，并成功吸引了重量级新能源产业资本 与实力雄厚的国有资本联合加持。从工商信息的变更中可以看到，已有部分外部机构完成了股权交割。 7月14日，宁波梅山保税港区宁创致远创业投资合伙企业（有限合伙）已受让时代智能9.99%的股权。 外部市场化投资机构的入 ...

Core Insights - The automotive industry is increasingly focusing on intelligent chassis systems, driven by trends in electrification, software-defined vehicles, and autonomous driving [2][3][4] - The integration of chassis technology is seen as a strategic move, transitioning from a collection of components to a central intelligent system [4][5] Group 1: Intelligent Chassis Development - Xiaopeng Motors has unveiled the Taiji AI chassis, which features capabilities such as AI recognition of speed bumps and road conditions, aiming to enhance driving comfort [3][4] - Major automotive companies are prioritizing intelligent chassis in their new vehicle launches, with Xiaomi's SU7 and Huawei's XMC digital chassis engine being notable examples [3][4] - The integration of chassis technology is expected to improve vehicle performance, safety, and user experience, with a focus on multi-axis coordination [7][10] Group 2: Market Trends and Future Outlook - The intelligent chassis market in China is projected to exceed 100 billion yuan by 2027, with significant growth potential as technology matures [13][14] - The shift towards integrated chassis systems is prompting a reconfiguration of supply chains and collaboration models between automakers and suppliers [15] - The future of intelligent chassis will likely involve a "chassis as a service" model, allowing automakers to customize chassis solutions based on specific needs [13][14] Group 3: Technical Challenges and Innovations - Key technical challenges in the development of integrated chassis systems include the maturity of drive-by-wire technologies and the need for robust multi-system coordination [8][11] - The integration of mechanical structures, electronic controls, and software algorithms is essential for the success of intelligent chassis [9][10] - Continuous innovation in algorithms and cost reduction are critical for the widespread adoption of intelligent chassis technology across various vehicle segments [14][15]

Core Viewpoint - Tesla's robotaxi service has officially launched in the U.S., marking a significant step towards achieving full autonomy in driving [1][6][7]. Group 1: Tesla's Robotaxi Launch - Tesla's robotaxi service began operations with several Model Y vehicles offering rides at a fare of $4.2 per trip [1]. - On June 28, Tesla showcased its technology by delivering a Model Y to a user autonomously from its Texas factory, achieving a 30-minute delivery time [3]. - The launch of robotaxi services indicates that Tesla is closer to its goal of fully autonomous driving [6]. Group 2: New Entrant - Zhaofu Technology - Zhaofu Technology, established on June 23, coincided with Tesla's robotaxi launch, indicating a new player entering the market [12][13]. - The company is backed by major stakeholders including Ant Group, Hello, and CATL, with a total initial investment exceeding 3 billion RMB [17]. - Zhaofu Technology aims to focus on L4 autonomous driving technology and its commercial application [15][16]. Group 3: Hello's Expansion into Robotaxi - Hello, known for its bike-sharing services, is expanding into the robotaxi sector through Zhaofu Technology [16][25]. - The company has diversified its offerings over the years, including various transportation services and is now integrating robotaxi into its business model [20][22]. - Hello's entry into the robotaxi market is seen as a strategic move to seek new growth opportunities amid previous financial losses [56][57]. Group 4: Market Dynamics and Competition - The robotaxi market is expected to grow significantly, with estimates suggesting it could reach trillions in scale, prompting companies like Hello to invest heavily [65]. - The competitive landscape includes established players like Didi and Uber, all vying for a share of the emerging robotaxi market [55][56]. - Recent developments indicate a sense of urgency among traditional ride-hailing platforms to adapt to the advancements in autonomous driving technology [68][69].

Core Viewpoint - The emergence of "pre-made dishes" in the automotive industry, exemplified by CATL's "Rock Solid Chassis," signifies a shift towards platform-based vehicle manufacturing, enhancing safety, efficiency, and design flexibility [4][73]. Group 1: Pre-made Dishes Concept - The concept of "pre-made dishes" has gained traction in various industries, including food and automotive, with companies like Hema and Dingdong Maicai launching their own pre-made meal products [2][3]. - CATL's introduction of the "Rock Solid Chassis" represents a new approach in vehicle manufacturing, akin to pre-made dishes, allowing automakers to focus on design and innovation while relying on a standardized platform [4][73]. Group 2: Safety Features - The "Rock Solid Chassis" has undergone rigorous safety testing, including a high-speed collision test at 120 km/h, demonstrating its ability to protect occupants and prevent battery fires [9][12]. - The chassis employs a "biomimetic turtle shell structure" to distribute collision forces, enhancing safety during impacts [19]. - High-strength materials, such as 2000 MPa submarine-grade steel and 600 MPa aerospace-grade aluminum, contribute to the chassis's durability and safety [20]. Group 3: Design and Development Efficiency - The "Rock Solid Chassis" allows for significant design flexibility, enabling automakers to create various vehicle types using the same platform, thus reducing development time and costs [42][46]. - The integration of over 400 standardized interfaces facilitates communication between the chassis and various vehicle systems, streamlining the development process [44]. - The development cycle for new models can be reduced from three years to 12-18 months, with an estimated 5% reduction in overall vehicle costs [46][47]. Group 4: Technological Integration - The chassis incorporates advanced technologies, such as a high degree of integration for battery systems, allowing for improved energy density and extended vehicle range [67]. - The "Rock Solid Chassis" supports rapid charging capabilities, achieving charging rates of over 5C [68]. - The use of drive-by-wire systems enhances vehicle responsiveness and allows for customizable driving experiences [70]. Group 5: Industry Implications - The introduction of the "Rock Solid Chassis" reflects a broader trend in the automotive industry towards platform-based manufacturing, which is essential for adapting to the fast-paced evolution of smart vehicles [72][76]. - This shift indicates a changing relationship between automakers and component suppliers, with suppliers taking a more prominent role in driving technological advancements [81].

Core Insights - The 2025 Shanghai Auto Show serves as a significant platform for the automotive supply chain, showcasing a transformation from "supporting players" to "leading players" in the industry [1][16] - The exhibition area for auto parts spans 100,000 square meters, hosting over 1,500 suppliers from 28 countries, marking it as the largest auto parts display in history [2][4] - The event highlights the shift towards smart and electric vehicles, with a notable presence of both traditional suppliers and new tech companies [2][3] Industry Transformation - The automotive supply chain is evolving with technology companies entering the market, changing the competitive landscape from hardware manufacturing to a software-hardware integrated ecosystem [3] - The collaboration between component suppliers and vehicle manufacturers is shifting from "supplying" to "joint development," as seen in partnerships like Huawei with Jianghuai Auto and CATL with SAIC [3][5] Scale and Competition - More than half of the world's top 100 auto parts suppliers participated in the show, showcasing their advanced technologies and products [4][5] - Domestic companies like CATL and Huawei are demonstrating significant growth and technological advancements, indicating a shift in industry power dynamics [5][11] Technological Innovations - The event showcased breakthroughs in battery technology, including CATL's sodium-ion battery and BYD's all-solid-state battery, which address safety and performance concerns [7][8] - Major Tier 1 suppliers are accelerating local R&D efforts, with Bosch and Continental introducing advanced driver assistance systems that leverage local technology [9][10] Local Market Dynamics - Chinese auto parts companies are rapidly gaining ground, with over 1,200 domestic automotive chips displayed, reflecting a shift from being a backup option to a primary choice for automakers [11] - Companies like Huawei and CATL are setting benchmarks in technology and ecosystem development, with innovative solutions like rapid battery swapping and smart vehicle systems [12][13] Global Strategy and Localization - Multinational companies are deepening their local strategies in China, with significant investments and a focus on integrating into the local automotive ecosystem [13][14] - The trend of localization is becoming essential for global suppliers, as they adapt to the unique demands of the Chinese market while also aiming for global outreach [15][16]