作者：周源/华尔街见闻 仍然深陷困境，处于艰难重整业务进程中的英特尔，终于再次出手，这次是出售旗下Mobileye股份。 7月8日美股收盘后，Mobileye宣布英特尔将出售价值9亿美元的公司股票，计划出售4500万股； Mobileye还将直接从英特尔回购价值1亿美元的股票，若交易顺利完成，英特尔的总收益可能达到10亿 美元；此后英特尔在Mobileye的持股比例将降至不足80%。 陈立武接替基辛格掌舵英特尔之后，迅速展开战略调整：摒弃基辛格过于激进的扩张计划，转而聚焦企 业财务健康与资源高效配置。 这一举措不仅关乎英特尔与Mobileye自身的发展战略，也在一定程度上折射了整个自动驾驶及半导体行 业的发展态势。 英特尔自火线换将之后，能不能走出像尼采说的那样——那些杀不死我的，会让我更强大——的微笑曲 线？ 目前还没有人知道确切答案。 当英特尔宣布出售Mobileye股份时，市场看到的或许只是一笔普通的资本交易，但在自动驾驶与半导体 产业的深层肌理中，这一决策正悄然撬动着行业的底层逻辑。 这场交易的影响远不止于两家企业的股权变动，它像一柄手术刀，剖开了产业转型期的诸多矛盾：博弈 技术路线、重构商业模式、切 ...

Core Viewpoint - The renewal of Berndt's contract for three more years indicates Volkswagen Group's commitment to its strategic restructuring in China and emphasizes support for localized development in the Chinese market [1][4]. Group 1: Leadership and Management - Berndt has been with Volkswagen Group since 1993 and has held various management positions, including CEO of Volkswagen brand and Group representative [1]. - Since August 1, 2022, Berndt has served as Chairman and CEO of Volkswagen Group (China), overseeing all operations and brands within the region [1]. Group 2: Strategic Developments - The restructuring of management in China aims to grant greater autonomy to the region, reinforcing Volkswagen's leadership in the dynamic Chinese automotive market [1]. - The new management structure, led by Berndt, focuses on integrating brand technologies and accelerating innovation tailored for the Chinese market [1]. Group 3: Product and Technology Innovations - At the Shanghai Auto Show, Volkswagen unveiled three concept models specifically designed for Chinese customers, showcasing a new design language and innovative technology [3]. - The launch of an advanced driver assistance system, developed by CARIAD and CARIZON, highlights Volkswagen's technological capabilities in the competitive Chinese market [3]. Group 4: Sales Performance and Future Plans - In the first half of 2025, Volkswagen Group delivered 1.31 million vehicles in China, with a notable monthly delivery of 247,000 units in June, reflecting a 9% year-on-year increase [4]. - Starting from the second half of 2025, the group plans to deliver a new generation of smart connected vehicles, including over 20 new models by 2026 and approximately 50 models by 2030, with a focus on electric vehicles [4].

Core Insights - The report by AlixPartners predicts that by 2030, only 15 out of 129 current electric vehicle brands in China will remain financially viable, representing 11.6% of the brands but accounting for approximately 75% of the market share [1][3] - The Chinese electric vehicle market is expected to undergo significant consolidation, with only the most competitive brands likely to succeed in the coming years [1][3] - The average annual sales per brand are projected to be 1.02 million units [1] Industry Dynamics - The Chinese electric vehicle market is characterized by intense competition, price wars, rapid innovation, and evolving industry standards, which have led to significant technological and cost efficiencies but have made sustainable profitability challenging for many companies [3][5] - As of last year, only BYD, Li Auto, and Seres among listed Chinese EV companies achieved full-year profitability [3] - Regulatory bodies in China have begun urging manufacturers to cease price wars, although price competition may continue through non-price incentives such as cost advantages and subsidies [3][5] Market Expansion - By 2030, Chinese automakers are expected to double their market share in Europe to 10%, with an annual production increase of 800,000 units, while European manufacturers may close the equivalent of 1.5 factories (approximately 400,000 units) [4] - European suppliers are planning to dispose of over $18 billion (approximately 129 billion RMB) in assets due to these market shifts [4] Cost and Supply Chain Considerations - A new round of U.S. tariffs is projected to result in costs of around $30 billion (approximately 215 billion RMB) by 2026, prompting many U.S. companies to consider relocating their supply chains out of China [5] - Chinese electric vehicle companies are advised to focus on building strong brands, investing in advanced technologies like autonomous driving, and localizing operations in key international markets to navigate domestic and global challenges [5] Technological Advancements - The report emphasizes the importance of understanding opportunities from mobility upgrades, particularly in advanced driver-assistance systems (ADAS), where China currently leads in both cost and innovation [6] - The global ADAS market is expected to reach $50 billion by 2030, with China's market share projected to increase to 45% [6] - Utilizing AI-driven solutions can enhance operational efficiency for manufacturers and suppliers, potentially reducing traditional R&D cycles and validation costs by 20% [6] Export Trends - The export of Chinese manufacturers has slowed due to tariffs and geopolitical uncertainties, but the new operational model driven by partnerships and joint ventures is gaining attention [7] - This model allows manufacturers to double the speed of vehicle launches, reduce investments by 40-50%, and lower costs by 30% [7]

Core Insights - The report by AlixPartners highlights that Chinese leading new energy vehicle (NEV) companies have not only withstood unprecedented challenges but have also become a driving force in transforming the global automotive industry through a "new operating model" [1][3]. Industry Trends - The "new operating model" of Chinese NEV companies has halved the time to market for new vehicle launches, reduced investment by 40%-50%, and provided a 30% cost advantage [3][7]. - By 2025, it is projected that Chinese brands will capture 67% of the domestic market share, while foreign brands will see a continuous decline [3]. - By 2030, the market share of Chinese manufacturers in Europe is expected to double to 10%, with an annual production increase of 800,000 vehicles, while European manufacturers may close the equivalent of 1.5 factories (approximately 400,000 units) [3]. Competitive Landscape - The intense competition in China's NEV market is driving significant technological and cost efficiencies, but many companies struggle to achieve sustainable profitability [4]. - As the market matures, consolidation is anticipated, with only the most competitive brands expected to thrive, potentially leading to 15 brands maintaining financial viability by 2030, capturing 75% of the NEV market [4]. Opportunities and Innovations - The report emphasizes the importance of understanding and seizing opportunities from the upgrade in mobility, particularly in advanced driver-assistance systems (ADAS), with the global ADAS market projected to reach $50 billion by 2030, and China's share expected to rise to 45% [5]. - AI-enabled solutions are expected to reduce traditional development cycles and validation costs by 20%, marking a significant shift in the automotive industry towards AI-driven processes [6]. Export Dynamics - Despite a slowdown in exports due to tariffs and geopolitical uncertainties, the "new operating model" driven by partnerships and joint ventures is gaining attention, enhancing the speed of vehicle launches and reducing costs [7].

美银证券在报告中指出，特斯拉、Waymo 和小马智行正在让 Robotaxi 成为现实。6 月 25 日，特斯拉 （TSLA）在奥斯汀启动了 Robotaxi 服务，其基础是 "纯视觉" 自动驾驶解决方案。Waymo 的 Robotaxi 车队规模已超过 1500 辆，预计到 2026 年底将达到 3500 辆。在中国，小马智行计划在 2025 年第三季度 推出第七代 Robotaxi，将车辆和自动驾驶套件（ADK）成本降低 60%，至每辆车 4 万美元。该公司预 计到 2026 年底将车队规模扩大到 2000 辆。 美银证券认为，在科技巨头的支持下，到 2030 年底，Robotaxi 将从概念验证阶段转向强劲扩张阶段。 在中国，预计 Robotaxi 销量将从 2025 年的 2500 辆到 2030 年达到 40 万辆，复合年增长率为 176%。 美银指出，智能汽车供应链主要由智能驾驶系统和智能座舱系统组成。自动驾驶功能依赖于传感、处理 和控制的集成系统，而智能座舱系统包括座舱域控制器、车载信息娱乐系统、抬头显示器（HUD）、 流媒体后视镜等。 美银证券估计，入门级 / 高端车型每辆车的智能汽车零部件价 ...

编号：2025-002 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关 | 媒体采访 业绩说明会  | | 系活动类 | 新闻发布会 路演活动 | | 别 | 现场参观 | | | 其他 | | 参与单位 | 线上参加"提质增效强信心 稳中求进促发展"——湖北辖区上市公司 | | 名称及人 员姓名 | 2025 年投资者集体接待日活动暨 2024 年度业绩说明会的投资者。 | | 时间 | 2025 年 6 月 12 日 14:30-16:40 | | 地点 | 全景路演网络 | | 上市公司 | 王军德先生 董事、总经理 | | 接待人员 | 副总经理、财务总监 葛坤先生 | | | 副总经理、董事会秘书 朱敦禹先生 | | | 公司经营管理层与投资者进行互动交流，详细内容如下： | | | 1、公司上市至今，直低于发行价，请问贵司领导是否对公司发展 | | | 有信心，是否能让参与的股东有信心？有回报？谢谢！ | | | 尊敬的投资者，感谢您的关注。二级市场股价波动受多方面因素 | | 投资者关 | 影响，包括宏观环境、行业政策、投资者风险偏好等。公司目前整 ...

证券代码：300969 证券简称：恒帅股份 宁波恒帅股份有限公司 投资者关系活动记录表 编号：2025-014 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他（电话会议） | | 参与单位名称及人 | 财通证券：李浩时；博时基金：高晖；金鹰基金：陈颖；赵仲 | | 员姓名 | 鹏；光大证券：倪昱婧、邢萍；华夏基金：柯若凡；国盛证券： 江莹 | | 时间 | 2025 年 06 月 12 日 | | 地点 | 公司会议室 | | 上市公司接待人员 | 董事会秘书：廖维明 | | 姓名 | 证代：蒋瑜 | | | 一、与调研人员就以下几方面内容进行了讨论与沟通： | | | 问题一：简要介绍下公司的主要业务？ | | | 答：目前公司业务可划分为四大业务单元：在电机技术领 | | | 域,有电机业务、电动模块业务；在流体技术领域，有驾驶视 | | 投资者关系活动主 | 觉清洗系统、热管理系统业务。 | | 要内容介绍 | 在电机技术领域,电机业务单元主要包 ...

让各种功率器件、闪存、显示驱动器和电子控制单元达到汽车级质量水平（缺陷率低于百万分之 一，DPPM）是一项艰巨的任务。这需要测试设计和测试团队的大量创新。 proteanTecs业务发展高级总监 Nir Sever 表示："最大的挑战是源于安全标准的质量要求，这意味 着要追求'零 DPPM' 。没有其他行业对如此复杂的设备规模化生产有如此高的质量要求。此外， 对更长使用寿命的要求远超其他商用设备，这要求更高的裕度，这再次对测试方法提出了挑战。" 除了零DPPM目标外，芯片制造商还面临着持续的压力，需要保持较低的测试成本，以确保足够的 毛利率。在制造领先节点的芯片、模块和系统时，质量/测试覆盖率与成本之间的微妙平衡变得越 来越难以把握。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 semiengineering 。 汽车行业生产的汽车具有越来越高的实时决策水平，这得益于数千个集成电路、传感器和多芯片 封装，但确保这些系统在预期使用寿命内完美运行正是一项日益严峻的挑战。 传统上，汽车芯片的开发周期通常为五到七年，采用成熟的工艺节点，但过去五年发生了很大变 化。机械系统已被高级驾驶辅助系统 ( A ...

编 译 / 钱亚光 设 计 / 赵昊然 来 源 / w w w. a u t o e x p r e ss. c o . u k B y C h r is R o s a m o n d 欧洲新车安全评鉴协会（Euro NCAP）最近在其网站上正式发布了2026年安全评级规程，为汽车安 全和创新设定了新的基准。 Euro NCAP安全评级体系自1996年建立以来，一直被视为衡量汽车安全性能的金标准。该体系通过 简明的五星级评价系统，清晰展示了车辆在防撞性能和防碰撞技术方面的表现。 2026年1月，Euro NCAP将把其现有的许多测试标准，重新调整归为"安全驾驶、避免碰撞、碰撞保 护以及碰撞后安全"四个新的类别，也会有新的测试标准，尤其是在高级驾驶辅助系统（ADAS） 的评级方面。 在Euro NCAP在HORIBA MIRA赛道进行测试期间，来自Auto EXPRESS的记者采访了Euro NCAP高 级驾驶辅助系统/自动驾驶（ADAS/AD）技术经理阿德里亚诺·帕劳（Adriano Palao），他说明了做 出这些改变的原因。 帕劳说："我们在评估过程中非常谨慎，只引入那些在现实生活中有可能发生的情景。但 ...

智通财经APP获悉，高盛近日发布研报称，将其对Mobileye Global(MBLY.US)的股票评级从"买入"下调 至"中性"，以更好地反映该公司当前面临的竞争格局、以及该股估值偏高。与此同时，该行维持对该股 的12个月目标价为17美元不变。 尽管Mobileye在其2024年第二季度财报电话会议中表示，预计在2024年年底前将有更多SuperVision和 Chauffeur(分别为L2++和L3产品)的设计合约，并在2024年12月的投资者日中透露有5家车企正在进行尽 调和决策阶段，但这两款产品的最后一次中标公布仍停留在2024年1月与大众汽车的合作上。 高盛指出，自该行于2022年11月予Mobileye"买入"评级以来，该股股价下跌了38%，而同期标普500指 数上涨了52%。该行认为，Mobileye股价表现不佳的原因在于其市场份额下滑、设计合约数量低于预 期、以及汽车行业整体状况疲弱（部分原因是关税）。 尽管高盛仍然认为，Mobileye拥有强大的视觉识别与自动驾驶技术能力，但目前计划在未来的高级驾驶 辅助系统(ADAS)/自动驾驶技术(AV)项目中采用Mobileye技术的企业数量(无论是在 ...