Group 1 - BMW Group announced a partnership with Momenta to develop next-generation intelligent driving assistance solutions specifically for the Chinese market, focusing on AI-based software for driving assistance functions [2] - The new driving assistance system will support full-scenario, point-to-point navigation assistance, enabling cross-city travel from parking to destination [2] - Currently, BMW's existing models only support basic driving assistance features, with advanced functionalities like highway ramp access and traffic light navigation not yet available [2] Group 2 - At the Shanghai International Auto Show, several multinational car manufacturers, including Buick and Toyota, announced strategic partnerships with Momenta, highlighting the company's prominence in intelligent driving solutions [3] - Buick's L2 urban driving assistance technology will utilize a data-driven approach without relying on high-precision maps, showcasing the integration of advanced AI models [3] - The collaboration between multinational car manufacturers and local tech firms like Huawei is indicative of a trend where foreign brands are increasingly adopting local innovations in smart driving technology [3][4] Group 3 - The penetration rate of L2-level intelligent driving assistance vehicles in China reached 55.7% in the first half of last year, reflecting a growing consumer demand for smart features in vehicles [5] - The rising consumer expectations for intelligent cabins and personalized configurations are reshaping global automotive technology innovation [5] - The validation of local suppliers' capabilities is attracting more multinational car manufacturers to collaborate with Chinese tech firms [5]

2025年6月20日，乌兹别克斯坦共和国数字技术部部长、国家首席信息官（CIO）谢尔马托夫·谢尔佐德 带领国家代表团莅临访问岩山科技（002195），上海岩山科技股份有限公司董事、常务副总经理陈代千 代表公司热情接待。 在人工智能、数字经济深刻重塑全球格局的背景下，此次访问紧密贴合我国提出的"数字丝绸之路"倡议 及乌兹别克斯坦共和国数字化转型战略目标，不仅彰显了乌方对我国科技企业的高度重视，更见证了岩 山科技硬核技术实力的稳步增长。 访问期间，代表团成员参观了岩山科技展厅前沿科技创新成果展陈，重点观摩了岩思类脑人工智能研究 院在非侵入式脑机接口技术上的重大突破，该技术已成功应用于操控《黑神话悟空》游戏，实现连续、 精准、全指令集的游戏操控，其部分人机交互性能已超越侵入式脑机接口。代表团还与岩山科技展厅陈 列的智能机器人展开了深度互动，此机器人搭载了RockAI最新研发的Yan1.3多模态通用大模型，该模型 可高效处理图文及语音等多模态信息，并能广泛适配于机器人、PC、手机等各类终端设备。此外，岩 山科技旗下智能驾驶公司Nullmax全栈自研的MaxDrive 辅助驾驶解决方案也引发了代表团的热切关注， 该方案 ...

编者按：在从电动化向智能化跃迁的浪潮中，中国新能源汽车产业正以独特的竞争优势重构全球竞争格 局。中国电动汽车百人会是产业的观察者、推动者，也是跨界融合的"搭桥人"。新华财经与百人会共同 打造"百人会百人谈"栏目，邀请行业权威专家、企业高管、投资人士畅谈中国电动汽车发展的新技术、 新趋势、新动能，为产业发展献计献策。 新华财经北京6月13日电（记者王鹤王钊）博世集团是全球汽车供应链的重量级存在。在中国，博世 2024年销售额达到1427亿元，同比增长2.7%。博世将中国视为全球创新引擎，正从"根植本土、服务本 土"迈向"立足中国，服务全球"。 在中国电动汽车百人会论坛（2025）期间，新华财经与博世中国总裁徐大全进行了深度对话，当AI给 汽车智能化装上加速器，博世看到什么机会？激烈的行业竞争下，供应商如何平衡价格和利润？当跨国 车企纷纷开启在华发展的2.0阶段，博世如何应变？ 新华财经：AI给汽车行业按上了"加速器"，主流车企近期密集发布了智能辅助驾驶战略，博世看到了 什么机会？什么挑战？有什么样的担忧？ 徐大全：2025年是辅助驾驶普及的元年。前几年，各家主机厂和创新公司都在开发辅助驾驶技术，从高 速辅助驾驶 ...

在谈及与 Uber 的合作时，韩旭表示:"接入Uber，为我们开拓海外市场提供了一条捷径，能让我们的服 务更容易被推荐给更多用户，这对双方都是有利的合作。" 双方自2024年9月建立战略合作后，迅速取得显著成果。12月，文远知行就在阿联酋首都阿布扎比落地 了中东最大的商业运营 Robotaxi车队，这也是迄今中美市场以外最大的公开运营的 Robotaxi车队。今年 4月，合作进一步拓展到迪拜，打开中东第二城。5月6日，双方宣布升级合作，计划未来5年在欧洲、中 东等区域新增15座国际城市部署 Robotaxi业务，Uber还承诺在现有投资基础上，向文远知行追加1亿美 元股权投资，这是Uber迄今在自动驾驶领域的最大笔投资。 谈及资本市场，韩旭坦言更聚焦企业长期价值:"市值只是衡量标准之一，拥有独一无二、造福人类的技 术，才是企业的立身之本。"正如韩旭所言:"过往成绩已成序章，未来我们需以更开放的姿态学习，在 激烈竞争中驶向无人驾驶的新蓝海。"展望前路，文远知行正以坚实的步伐，向着无人驾驶时代全速迈 进，也期待着它能继续以卓越的技术和创新的理念，为全球自动驾驶行业的发展注入新动能，书写更多 精彩篇章。 近年来，文 ...

Group 1 - The company received a development notification from a leading domestic brand, confirming its selection as a supplier for a certain model's combined driving assistance solution, utilizing Horizon Journey® 6M chip [2] - This selection signifies the deepening of the partnership and further enhances the company's market competitiveness [2] - As of the end of 2024, the company has completed orders for 32 models in its self-developed autonomous driving product series and has delivered 22 models in mass production [2] Group 2 - In 2024, the company became the first globally to achieve mass production delivery of a BEV model on a relatively low computing power TI TDA4 chip, accelerating the adoption of autonomous driving in the passenger vehicle industry [3] - The company has deployed a fully automated production line for IFC intelligent front-view integration machine and iDC parking integration domain controller, ensuring high-quality and large-scale product delivery while reducing production costs [3] - The company is continuously optimizing its supply chain system to diversify chip suppliers, enhancing its bargaining power and providing industry-leading cost-performance products to customers [3]

Core Insights - Bosch Group reported a sales revenue of €90.3 billion for the fiscal year 2024, a decline of 1.4% year-on-year, with an adjusted decline of 0.5% after currency effects [1][4] - The company aims to become one of the top three suppliers in its core markets within the next five years, emphasizing the importance of the Chinese market, which is its largest market outside Germany [1][6] - Bosch's sales in China reached ¥142.7 billion in 2024, reflecting a year-on-year growth of 2.7%, with over ¥60 billion invested in China in 2024 alone [1][9] Financial Performance - The EBIT (Earnings Before Interest and Taxes) for Bosch was €3.1 billion, down from €4.8 billion in 2023, resulting in an EBIT margin of 3.5% [1][4] - Sales in Europe decreased by 4.9%, while sales in the Americas and Asia-Pacific regions grew by 4.8% and 0.7%, respectively [5] - Bosch's intelligent mobility business generated sales of €55.8 billion, while industrial technology sales fell by 13% to €6.4 billion due to adverse market conditions [5] Market Dynamics - Global automotive production is projected to decline from 94 million units in 2023 to 93 million units in 2024, with a 6.7% decrease in the EU and UK [2][4] - The adoption rates of future technologies such as electric mobility and fuel cells are slower than industry expectations, impacting Bosch's core business sectors [4][6] - The competitive landscape in China is described as "overheated," prompting market adjustments and consolidation trends in the automotive sector [6][8] Strategic Focus - Bosch's 2030 strategy aims for an average annual sales growth of at least 6% and a profit margin of at least 7% [6] - The company is investing heavily in future technologies, with nearly €13 billion allocated for forward-looking investments in 2024, including €5.1 billion for capital expenditures and €7.8 billion for R&D [8] - Bosch is focusing on artificial intelligence and software integration in its operations, particularly in the intelligent mobility sector [8][9]

Core Viewpoint - The autonomous driving industry is experiencing strong regulatory oversight, yet companies are actively developing and promoting high-level autonomous vehicles, indicating a commitment to innovation and safety [2][3][4]. Regulatory Environment - The Ministry of Industry and Information Technology has mandated that automotive manufacturers conduct comprehensive testing for driving assistance systems, ensuring clear definitions of system capabilities and safety measures [2]. - Strong regulations are seen as beneficial for the healthy development of the autonomous driving industry, promoting market order and enhancing consumer trust in product safety [5]. Market Dynamics - The demand for high-level autonomous driving is driven by market competition, with companies needing to innovate to stay relevant [4]. - The shift from B2B to B2C markets is anticipated, with increasing acceptance of autonomous driving technology among consumers [4][6]. Technological Advancements - Significant advancements in AI, sensors, and communication technologies are providing a solid foundation for the development of high-level autonomous vehicles [5]. - Companies like Huawei are leveraging their expertise in communication and AI to enhance autonomous driving solutions [5]. Consumer Sentiment - Consumers show high interest in L4 autonomous vehicles, particularly in China and India, with younger generations expressing a strong desire for advanced driving technologies [9][10]. - Despite enthusiasm, safety concerns remain paramount, with over 70% of consumers citing safety and stability as potential barriers to adoption [10]. Commercialization Challenges - The B2B market for high-level autonomous driving is beginning to open, particularly in sectors like mining and logistics, where the technology can significantly enhance efficiency [12][13]. - Cost reduction and improved value propositions are critical for the profitability of high-level autonomous vehicles, with companies focusing on optimizing production and supply chain management [13][20]. Company Accountability - Companies like GAC have committed to taking responsibility for the safety of their L4 autonomous vehicles, which is expected to boost consumer confidence [18]. - The commitment to accountability may drive companies to enhance their technological capabilities and safety measures [19]. Future Outlook - The industry is expected to see a gradual shift towards more comprehensive regulations and insurance frameworks to support the deployment of high-level autonomous vehicles [20]. - The integration of autonomous driving technology into everyday scenarios is anticipated to evolve, with a focus on enhancing operational efficiency and user experience [17].

Core Viewpoint - The global automotive market is entering a highly uncertain era, driven by electrification and intelligence trends, while facing significant pressure from changing international political situations and trade barriers [1][3] Group 1: Impact of Tariffs and Trade Policies - Bosch is currently unable to estimate the impact of additional tariffs imposed by the U.S. on its business before the end of the year [1] - Bosch's operations in China are minimally affected by tariff policies, with only about 2 billion RMB of product business impacted, accounting for 1.4% of Bosch China's total sales last year [1] - The recent export controls on certain rare earths by the Chinese government may have a short-term impact on Bosch globally [1] Group 2: Financial Performance and Projections - Bosch anticipates a slight global economic growth of only 2.25% to 2.75% due to increasing trade barriers, with a sales growth target of 1% to 3% for the year [3] - In FY2024, Bosch's sales are projected to be 90.3 billion euros, a decline of 1.4% from the previous fiscal year, with an EBIT margin dropping from 5.3% to 3.5% [3] - Bosch's global workforce decreased by 2.7% to approximately 417,900 employees, with further job reductions expected, particularly in Germany and Europe [3] Group 3: Market Dynamics and Competition - The global automotive production fell by 1 million units last year, with the EU and UK experiencing a 6.7% decline [4] - Bosch's smart mobility business in China grew by 4% to 116.6 billion RMB, outpacing the overall growth rate of Bosch China [4] - The Chinese automotive market is expected to maintain a growth rate of 3% to 4% in 2025, although Bosch's outlook for 2026 is cautious due to potential declines in domestic demand [4] Group 4: Strategic Investments and Future Directions - Bosch is investing in a new 250 million euro fund focused on energy efficiency and artificial intelligence [5] - The company faces challenges in balancing financial profitability with forward-looking investments in electrification and intelligence, as the transition period for electric vehicles remains uncertain [5][6] - Bosch aims to assist Chinese automotive companies in expanding internationally by leveraging its global R&D centers and overseas factories [8]

4月23日，第二十一届上海国际汽车工业展览会(2025上海车展)盛大开幕。自主品牌上汽集团 （600104）、东风汽车、比亚迪（002594）等将智电技术作为核心竞争力高调亮相，发布多项新技术和 战略。合资品牌大众汽车、上汽通用等也强调本土化经营，展示智能网联汽车和新能源汽车。供应链提 供商如博世、芯驰科技等也推出辅助驾驶解决方案和芯片产品。2025上海车展成为行业发展的风向标， 折射出汽车业最残酷的生存法则，即电动化是入场券，智能化是生死线。(每日经济新闻) ...

伐谋-中小盘信息更新 德赛西威（002920.SZ） Q1 业绩靓丽，首发全栈辅助驾驶解决方案 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 103.40 | | 一年最高最低(元) | 144.50/82.87 | | 总市值(亿元) | 573.82 | | 流通市值(亿元) | 570.26 | | 总股本(亿股) | 5.55 | | 流通股本(亿股) | 5.52 | | 近 3 个月换手率(%) | 74.87 | 中小盘研究团队 zhaoxuyang@kysec.cn 赵旭杨（分析师） 王镇涛（联系人） wangzhentao@kysec.cn 证书编号：S0790124070021 2025Q1 业绩稳健增长，发布智驾解决方案拓展成长空间 公司发布 2025 年一季报，2025Q1 实现营业收入 67.92 亿元，同比+20.26%；实 现归母净利润 5.82 亿元，同比+51.32%；实现扣非净利润 4.97 亿元，同比+34.08%， 2025Q1 非经常性损益为 0.85 亿，主要由于处 ...