Core Insights - The automotive industry is rapidly evolving towards electrification and intelligence, with AI technology driving the transformation of vehicles into "super intelligent entities" since 2025 [1] - The automotive MCU chip market is experiencing significant growth, with industry participants promoting healthy development through open-source collaboration and ecosystem building [1] Industry Development - The Ministry of Industry and Information Technology (MIIT) emphasizes the need for improved support policies for high-end automotive chips and the importance of core technology breakthroughs to drive high-quality industry development [2] - Automotive chips are categorized into ten types, covering various application scenarios, and have stricter requirements for environmental adaptability, reliability, and safety compared to consumer and industrial chips [2] - The global MCU market is projected to grow from $30.9 billion in 2023 to $33.8 billion in 2024, reaching $37 billion by 2025, driven by demand from the automotive and industrial AIoT sectors [2] Company Performance - Semiconductor companies like Zhaoyi Innovation and Zhongwei Semiconductor reported significant revenue and profit growth, with automotive chip business being a key driver [3] - Zhaoyi Innovation's revenue for the first half of 2025 was 4.15 billion yuan, a 15% increase year-on-year, while its net profit rose by 11.3% to 575 million yuan [3] - Zhongwei Semiconductor's automotive chip revenue reached 17.35 million yuan, up 89.4% year-on-year, with several products entering the supply chains of major automotive manufacturers [3] - Guoxin Technology also reported strong performance in automotive chip revenue, achieving 49.15 million yuan, a 63.81% increase [3] Market Potential - China, as a major automotive and new energy vehicle market, has significant demand potential for automotive-grade chips, with expectations of a 10% annual growth rate from 2025 to 2030 [4] Ecosystem Collaboration - Industry experts advocate for multi-party cooperation to promote collaborative innovation in the automotive chip industry [5] - The automotive industry is leveraging intelligent transformation to create competitive advantages, with an initial ecosystem forming around autonomous compilers and debugging tools [5] - The development of a unified platform and open-source collaboration models is seen as essential for overcoming current challenges in the automotive chip sector [6]

● 本报记者 王婧涵 当前，新能源汽车产业持续向电动化、智能化发展，2025年以来AI技术的不断突破驱动汽车进一步从 代步工具向"超级智能体"转变。在此背景下，车规级MCU芯片市场规模快速增长，相关企业汽车电子 芯片业务发展迅速，行业参与者通过开源共建、建立生态协同等方式，促进产业健康发展。 促进产业高质量发展 在近日举行的"高质量完成'十四五'规划"系列主题新闻发布会上，工信部副部长辛国斌表示，进一步完 善对高端制程车用大算力芯片的支持政策，加强关键核心技术突破，规范产业竞争秩序，持续推动产业 高质量发展。 汽车芯片是汽车电子系统的核心元器件，是汽车产业实现转型升级的重要基础。工信部发布的《国家汽 车芯片标准体系建设指南》将汽车芯片分为控制、计算、传感、通信、存储、安全、功率、驱动、电源 管理和其他共10类，涵盖了动力系统、底盘系统、车身系统、座舱系统和智驾系统5个应用场景。 与消费类及工业类芯片相比，汽车芯片的应用场景更为特殊，对环境适应性、可靠性和安全性的要求更 为严苛。 中商产业研究院发布的《2025-2030年中国MCU芯片市场现状研究分析与发展前景预测报告》显示，受 汽车、工业AIoT需求影响，2 ...

Core Viewpoint - Minsheng Securities report indicates that Siwei Tuxin plans to invest in Jianzhih Robot, which is expected to lead to a comprehensive upgrade in its intelligent driving business [1] Company Summary - Jianzhih is a large-scale software algorithm company focused on mid-to-high level intelligent driving, providing advanced driving products based on Horizon's platform [1] - Jianzhih Robot's PhiGo assisted driving system has secured multiple mass production orders from leading OEMs and Tier-1 suppliers, with high-speed assisted driving solutions set for mass production soon and urban assisted driving solutions expected to scale by 2026 [1] - Siwei Tuxin continues to deepen its efforts in the integrated field of intelligent networking and vehicle-road-cloud, benefiting from the accelerated penetration of automotive intelligence and the trend of domestic MCU chip production [1] - The company's automotive-grade MCU chip business under Jiefa Technology is rapidly expanding, with growth potential gradually being released [1] - Siwei Tuxin has achieved a full-stack technology layout in intelligent driving, intelligent cockpit, intelligent chip, and intelligent cloud, with its ecological advantages becoming increasingly prominent [1] - The investment in Jianzhih Robot is expected to accelerate the development of its intelligent driving business, further solidifying its industry position [1]

事件概述：2025 年8 月21 日公司发布2025 年半年报，实现营业总收入17.61 亿元，同比增长5.62%，归 母净利润-3.11 亿，亏损同比缩小。 投资建议：四维图新在智能网联与车路云一体化领域持续深耕，受益于汽车智能化渗透加速及车规级 MCU 芯片国产化趋势，旗下杰发科技车规级MCU 芯片业务快速拓展，成长潜力逐步释放。公司在智 驾、智舱、智芯、智云等领域实现全栈式技术布局，生态优势日益凸显，预计将持续夯实行业地位，并 推动盈利能力稳步提升。我们预计公司2025-2027 年营业收入分别为46.79/61.38/78.94亿元，对应PS 分 别为5 倍、4 倍、3 倍，维持"推荐"评级。 新型 Tier1 聚焦智能化赛道，全栈式解决方案助力公司转型。作为新型Tier1，聚焦汽车智能化核心赛 道，构建"底层地图数据-车载芯片-中高阶辅助驾驶-智能座舱应用"完整技术生态，形成以地图为底座、 覆盖"智云、智驾、智舱、智芯"的全栈式解决方案，实现从单一产品提供商向综合解决方案提供商转 型。 风险提示：行业竞争加剧；成果转化不及预期；政策落地不及预期。 通过降本增效，2025 年第一、二季度均实现营收增长 ...