蔚来汽车（下称"蔚来"）的芯片公司迎来了首轮融资。 2月26日，蔚来公告，其芯片子公司安徽神玑技术有限公司（下称"神玑公司"）已完成首轮股权融资协 议签署，融资金额超22亿元，投后估值接近百亿元。 本轮投资方既有合肥国投、合肥海恒等地方国有资本，也有IDG资本、中芯聚源、元禾璞华等半导体产 业资本及市场化头部机构。蔚来称，所募资金将主要用于高端车规级芯片的研发与推广，支撑蔚来在自 动驾驶、具身智能等领域的长远布局。 作为蔚来自研芯片体系的核心承载主体，神玑公司成立于2025年6月，主营高性能车规级芯片研发与应 用推广。其核心产品神玑NX9031芯片是蔚来投入大量资金和人力研发而成。据李斌透露，神玑NX9031 的研发成本差不多相当于建设1500座换电站。若按照一座换电站200万至300万元计算，其芯片研发成本 在30亿至45亿元。 李斌还透露，神玑"大约可为每辆车带来1万元的成本优势"，若按蔚来主品牌去年17.9万辆销量测算， 在不计后续研发费用、且不对外供货的情况下，前期投入需两至三年才能收回。 目前，该芯片搭载与蔚来品牌的全系车型上，自2024年投产以来累计出货已超15万套。 据蔚来此次公告，交易完成后， ...

Core Insights - The company emphasizes the importance of effective computing power, which refers to the actual performance achieved when running the VLA large model, highlighting its higher utilization and lower power consumption compared to traditional GPUs [1][2] - The Mach 100 chip is identified as the first step in the company's strategy to enter a phase of "self-developed algorithms + self-developed computing power" by 2025 [1] Group 1 - The Mach 100 dual-chip configuration in the new L9 model achieves a total computing power of 2560 TOPS [2] - The effective computing power of a single Mach 100 chip is three times that of NVIDIA's Thor U, while the dual Mach 100 chips in the L9 provide an effective computing power of five to six times that of Thor U [2]

Core Viewpoint - The article discusses the advancements in chip technology, specifically the Maher 100 dual-chip system used in the new L9 model, highlighting its superior effective computing power compared to Nvidia's Thor U chip. Group 1: Chip Performance - The Maher 100 chip has a total computing power of 2560 TOPS, with each chip providing an effective computing power of 1280 TOPS, which is three times that of Nvidia's Thor U chip [1] - The effective computing power is defined as the actual performance achieved when running VLA large models, emphasizing the high utilization and low power consumption of the data flow architecture [1] - The new L9 model's dual Maher 100 chips provide an effective computing power that is 5-6 times greater than that of Thor U [1] Group 2: Industry Trends - The company anticipates that by 2025, the industry will enter an era of integrated self-developed algorithms and computing power, with the Maher 100 being the first step in this direction [1] - The article references a July 2025 report indicating that Nvidia's originally advertised 700 TOPS for the Thor chip is realistically closer to 500 TOPS after adjustments [1][2] Group 3: Precision and Performance - Higher TOPS leads to increased model throughput, which reduces inference latency and speeds up response times [2] - Fast response times require the use of low-precision inference models, which demand significant engineering capabilities [2] - The current VLA model from the company uses a mixed precision of INT8 and FP8 for inference, allowing the Thor U chip to achieve 700 TOPS [2][3] Group 4: Chip Specifications - The Thor platform supports various precision formats, with the following TOPS values: 700 TOPS for Thor U and 1000 TOPS for Thor X at FP8 precision, and 1400 TOPS for Thor U at FP4 precision [4][6] - The company plans to optimize towards FP4 precision in the future to achieve 1400 TOPS with the VLA model [6]

Core Viewpoint - The article emphasizes the transition from 2D Vision Transformers (ViT) to 3D ViT, highlighting the advantages of processing continuous video streams for better understanding of the physical world and improved response times in autonomous vehicles [1][2]. Group 1: Transition to 3D ViT - The traditional 2D ViT processes images in a sliced manner, limiting the information captured from each frame, while 3D ViT processes video clips, integrating spatial and temporal data for enhanced feature extraction [1][2]. - The shift to 3D ViT is not merely a conversion from 2D to 3D in terms of perspective but involves a fundamental change in feature extraction dimensions, focusing on height, width, and time [2]. Group 2: Technical Advancements - The new chip architecture, referred to as a data flow architecture, allows for direct connections between layers on the silicon chip, minimizing the need for external memory reads and writes, thus optimizing latency [2]. - The self-developed chip by the company is designed to be data-driven rather than instruction-driven, achieving higher parallelism and integrating hardware and software design from the outset [4]. Group 3: Implications for Autonomous Vehicles - The advancements in chip technology necessitate corresponding improvements in vehicle control systems, leading to the development of a fully controlled chassis for the L9 model to match the enhanced processing capabilities [3].

Core Viewpoint - The new generation of Li Auto L9 is positioned as the industry's first embodied intelligent vehicle, integrating a complete AI technology stack to evolve from a passive tool to an intelligent agent capable of executing complex tasks [2][11]. Group 1: Product Overview - The new Li Auto L9 will enter the product announcement phase and is expected to be priced below 600,000 yuan, with special editions starting above 550,000 yuan [4]. - The L9 features the self-developed "Mach 100" chip, achieving a computing power of nearly 1280 TOPS per chip, totaling 2560 TOPS for the entire vehicle, which is three times the output capability of NVIDIA's Thor [3]. - The L9 combines an 800V fully active suspension system and a "complete" fully steerable chassis, allowing for real-time perception and control, thus creating a closed-loop system between the vehicle's decision-making and physical actions [3][14]. Group 2: AI and Technology Integration - Li Auto has transitioned to a fully self-developed AI model, with a focus on integrating various systems such as assisted driving, cabin interaction, and vehicle control into a unified architecture [12][13]. - The 800V fully active suspension system allows for independent wheel response and real-time adjustments, enhancing both stability and comfort [14]. - The "complete" fully steerable chassis is described as the vehicle's "nervous system," enabling intuitive responses and improving performance in L3 and above autonomous driving scenarios [14][15]. Group 3: Organizational Changes - Li Auto has undergone a significant organizational restructuring to align with its AI-driven strategy, emphasizing the importance of AI across all levels of the company [17][22]. - The company has shifted from a sales-focused management model to one that prioritizes user experience and AI capabilities, reflecting a commitment to becoming a leading AI company [22][23]. - The restructuring has led to the establishment of cross-functional teams focused on various aspects of AI technology, ensuring that technical capabilities are directly reflected in product development [23]. Group 4: Market Positioning - The L9 aims to regain market advantages with its unique configurations, such as the 800V fully active suspension and fully steerable chassis, which are not yet adopted by competitors [15]. - The vehicle's launch marks a significant step in Li Auto's strategy to position itself as a leader in embodied intelligence within the automotive industry [24].

Core Insights - The company is set to launch a new version of the Li Auto L9, named the L9 Livis, priced at 559,800 yuan [1] Group 1: Product Features - The new Li Auto L9 Livis version is equipped with two self-developed "Mach 100" chips, boasting the world's strongest computing power of 2560 TOPS [3] - It features the world's first 800V fully active suspension system within a price range of 600,000 yuan [3] - The vehicle incorporates the first "complete" fully steerable chassis, integrating key technologies such as steer-by-wire, four-wheel steering, and fully electric mechanical braking (EMB) [3] Group 2: Technological Advancements - The "Mach 100" chip is a core technology developed by Li Auto since 2022, which, along with the company's self-developed large model and operating system, significantly enhances the intelligence level of the new Li Auto L9 [3]

蓝筹股表现 智通财经APP获悉，港股三大指数全天水下震荡，午后跌幅均有所收窄。截至收盘，恒生指数跌1.21% 或325.29点，报26559.95点，全日成交额为2478.65亿港元；恒生国企指数跌0.68%，报9031.38点；恒生 科技指数跌1.11%，报5346.2点。全周来看，恒指累跌3.02%，国指累跌3.07%，恒科指数累跌6.51%。 理想汽车-W(02015)领升蓝筹。截至收盘，涨3.61%，报71.7港元，成交额21.05亿港元，贡献恒指5.63 点。理想汽车董事长兼CEO李想表示，将推出全新一代理想L9 Livis版，售价55.98万元。该车款将搭载 2颗理想汽车全自研的"马赫100"芯片，是理想汽车自2022年起自研的核心技术，配合理想汽车自研大模 型和自研操作系统，全新一代理想L9的智能化程度将大幅提升。 浦银国际认为，短期市场预计将维持震荡态势，风格和投资主线或将出现轮动。春节前增量资金流入可 能放缓，南向资金受港股通休市影响，而地缘政治风险和特朗普政策的不确定性将影响外部流动性，需 重点观察主动型外资转为净流入是否能持续。当前港股的估值扩张空间有限，预计盈利端的表现将更可 能决定市 ...

Core Insights - The new generation of Li Auto L9 is set to be released in the second quarter of this year, with CEO Li Xiang emphasizing its role as a pioneering product in the realm of embodied intelligent robots [1][11] Group 1: Product Features - The top version of the new Li Auto L9, named "Li Auto L9 Livis," is expected to be priced at 559,800 yuan [3] - The vehicle features an 800V fully active suspension system, a first in its price range, which actively controls the vehicle's posture and enhances comfort and handling [3][5] - The L9 is equipped with a fully steer-by-wire chassis, including steer-by-wire, four-wheel steering, and fully electric mechanical brakes, with the latter being a world first [5] - The L9 Livis will utilize two self-developed 5nm "Mach 100" chips, achieving a computing power of 2560 TOPS, which is three times that of NVIDIA's Thor-U [5][9] - The vehicle includes four laser radars for 360-degree coverage, suggesting potential for future Level 3 autonomous driving capabilities [7] Group 2: Strategic Focus and Market Position - Li Auto is focusing on transforming vehicles into embodied intelligent products, with self-developed chips playing a crucial role in enhancing user experience and addressing comfort issues in autonomous driving [9][11] - Despite challenges such as the MEGA recall and low sales in the L series, Li Auto aims to regain leadership in the mid-to-large SUV market with upcoming product upgrades and a focus on delivering value to users [12]

Core Viewpoint - The new generation of Li Auto L9 focuses on creating a significant experiential difference rather than merely upgrading parameters, aiming to build a vehicle that truly understands its users and possesses vitality [1]. Group 1: Product Features - The Li Auto L9 Livis, priced at 559,800 yuan, represents a flagship SUV that embodies the company's vision for the era of embodied intelligence, achieving three groundbreaking advancements [1]. - It features the world's first 800V fully active suspension system under 600,000 yuan, providing over 10,000 N of lift per wheel, eliminating the need for anti-roll bars, and achieving millisecond-level response for an "anti-physical" vehicle posture [1]. - The L9 Livis includes the world's first "complete" all-line control chassis, which integrates steer-by-wire, four-wheel steering, and the first fully electric mechanical brake (EMB), offering intuitive responses akin to a nervous system and evolving from "human-driven" to "human-machine co-driven" [1][2]. Group 2: Technological Advancements - The vehicle is equipped with a powerful brain featuring 2560 TOPS of computing power, utilizing two self-developed 5nm Mach 100 chips, which provide three times the effective computing power of Nvidia Thor-U, along with 360-degree coverage of laser radar [2]. - The new generation of Li Auto L9 will offer a custom dual-tone body with a unique three-layer painting and seamless manual polishing process, merging extreme technology with aesthetic excellence [2]. Group 3: Market Positioning - The all-new Li Auto L9 is set to be released in the second quarter of this year, making it a worthwhile consideration for consumers looking to purchase a full-size flagship SUV [3].

理想汽车-W（02015）早盘股价上涨3.47%，现报71.60港元，成交额6.01亿港元。 2月5日，理想汽车CEO李想在微博发文称，对全新理想L9进行预热。李想表示，all in AI并非不关注汽 车，具身智能必须长在一台好车上，才能真正为用户创造价值。全新理想L9将成为"智能体"，眼睛、大 脑、心脏、神经、手脚——完整的技术栈让车从被动工具变成主动伙伴。李想还表示，全新理想L9不 仅是一台好车，更是具身智能机器人的开山之作。 据悉，理想汽车将推出全新一代理想L9 Livis版，售价55.98万元。全新一代理想L9 Livis版搭载2颗理想 汽车全自研的"马赫100"芯片，拥有全球最强的2560 TOPS算力。其中，"马赫100"芯片是理想汽车自 2022年起自研的核心技术，配合理想汽车自研大模型和自研操作系统，全新一代理想L9的智能化程度 将大幅提升。 2月5日，理想汽车CEO李想在微博发文称，对全新理想L9进行预热。李想表示，all in AI并非不关注汽 车，具身智能必须长在一台好车上，才能真正为用户创造价值。全新理想L9将成为"智能体"，眼睛、大 脑、心脏、神经、手脚——完整的技术栈让车从被动工具 ...