2026 AWE展会如期而至，在这场全球消费电子领域的顶级盛会上，华为全场景战略落地成果逐一 展现，鸿蒙智行携问界、智界、享界、尊界、尚界五界车型全系亮相华为核心展台，俨然成为本届展 会的焦点。 华为常务董事、产品投资评审委员会主任、终端 BG董事长余承东与央视主持人尼格买提的直播对 谈，将鸿蒙智行的关注度推向高峰。余承东表示："华为全场景生态正式进入全链生态时代，全链生 态不是设备堆砌，而是围绕人的生活轨迹，提供全域算力支撑的无感服务。基于一个系统、一个大 脑、一个生态，打造人车家智慧全生态。" 在本届 AWE的华为展台，鸿蒙智行打破了传统的产品陈列模式，以沉浸式、互动式的体验场景，让 体验者能直观感受到华为全流程主导的技术赋能成果。从产品设计、核心技术研发，到渠道零售、质 量管控，再到全生命周期的升级与维护，鸿蒙智行在每一个环节都深度贯彻华为标准，真正实现 了"含华量"拉满。 五界虽定位各有差异、面向不同的高端消费群体，但均基于华为坚实的技术底座打造，在智能座舱、 智能辅助驾驶等核心领域共享华为核心技术成果，为高端智能出行赛道提供了多样化、差异化的高品 质选择。逛华为展台，看鸿蒙智行的车，能清晰感受到鸿蒙 ...

Core Viewpoint - Huawei QianKun aims to establish a new cooperation model in the automotive industry through its partnership with GAC, exemplified by the launch of the new brand "Qijing" and its first model GT7, which integrates advanced intelligent technologies and aims to redefine the market for intelligent vehicles [2][4][5]. Group 1: Product Development and Features - The Qijing GT7 is positioned as a "new generation intelligent shooting brake," featuring advanced technologies such as the world's highest specification 896-line dual optical path image-level lidar and L3-level hardware architecture [2][10]. - The vehicle is designed to meet "million-level" standards in terms of intelligence, driving control, and aesthetics, aiming to create a unique market presence in the competitive automotive landscape [9][10]. - The GT7 will officially debut on March 17 and is scheduled for market launch in June, with a successful channel recruitment plan already in place [3]. Group 2: Strategic Collaboration - Huawei QianKun's strategy involves deep collaboration with automotive manufacturers, moving from a traditional supplier role to a full-chain empowerment partner, thereby enhancing product co-creation and sales processes [16]. - The partnership with GAC has led to the establishment of a new independent company for Qijing, with hundreds of Huawei employees embedded within the Qijing team to facilitate joint decision-making and product development [5][7]. - A collaborative mechanism has been developed to streamline processes, allowing both parties to leverage their strengths in defining scenarios, setting goals, and executing technical developments [7]. Group 3: Market Positioning and Innovation - The choice of a shooting brake for the first model reflects a bold strategy to tap into a niche market, differentiating Qijing from competitors who focus on larger SUVs [8][9]. - Extensive user demand research was conducted across over 300 cities, revealing a high demand for well-designed shooting brake models, which Qijing aims to fulfill with superior technology and features [9]. - The GT7 is positioned as a "7-sided warrior," emphasizing its advanced technology and comprehensive performance across various aspects, including safety and user experience [9][15].

Investment Highlights - The smart car index decreased by 2.0%, while the index excluding Tesla increased by 1.6%, and the index excluding complete vehicles fell by 5.8% [4][9] - As of March 6, 2026, the smart car index PS (TTM) is 14.0x, placing it in the 93rd percentile since the beginning of 2023; the index excluding Tesla is 5.3x, in the 73rd percentile; and the index excluding complete vehicles is 8.9x, in the 70th percentile [4][16] Industry Core Changes - Xpeng announced the full rollout of its second-generation VLA this month [5][9] - Hongmeng Zhixing launched a new generation of 896-line dual-light path image-level lidar, with the new versions of the Zun Jie S800 and Wen Jie M9 debuting [5][9] - WeRide's Robotaxi service in Dubai will resume this week [5][9] - Ideal Auto's internal robot team, codenamed "Nexus," has reportedly been in development for nearly a year, currently planning two types of products: dual-wheel and bipedal [5][9] - Horizon Robotics announced it has entered the stage of large-scale production, covering 10 automotive brands and securing over 20 model designations [5][9] Current Investment Recommendations - The smart car sector is recommended for continued investment, particularly focusing on the L4 RoboX main line by 2026 [6][9] - Preference for B-end software stocks over C-end hardware stocks [6][9] - Recommended H-shares include Xpeng Motors, Horizon Robotics, Xiaoma Zhixing, WeRide, Cao Cao Mobility, and Black Sesame Intelligence; A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6][9] Downstream Application Perspectives - For Robotaxi: 1. Integrated model: Tesla/Xpeng Motors 2. Technology providers + operational sharing model: Horizon/Baidu/Xiaoma Zhixing/WeRide/Qianli Technology 3. Transformation of ride-hailing/taxi services: Didi/Cao Cao Mobility/Ruqi Mobility/Volkswagen Transportation/Jinjiang Online [6][9] - For Robovan: Desay SV + Jiushi Intelligent/New Stone Technology [6][9] - Other autonomous vehicle perspectives include mining trucks (Xidi Zhijia, etc.), ports (Jingwei Hengrun, etc.), sanitation vehicles (Yingfeng Environment, etc.), and buses (WeRide, etc.) [6][9] Upstream Supply Chain Perspectives - B-end autonomous vehicle OEMs: BAIC Blue Valley, GAC Group, Jiangling Motors, and Tongli Co. [6][9] - Key upstream suppliers include testing services (China Automotive Research, etc.), chips (Horizon Robotics, Black Sesame Intelligence), domain controllers (Desay SV, Jingwei Hengrun, etc.), sensors (Sunny Optical Technology, Hesai, etc.), steer-by-wire chassis (Bertley, Nexperia, etc.), lights (Xingyu Co.), and glass (Fuyao Glass) [6][9]

Core Viewpoint - The article discusses the competitive landscape of the automotive industry, particularly focusing on the advancements in laser radar technology, with Huawei's 896-line laser radar leading the charge in terms of production capabilities and perception accuracy [3][4]. Group 1: Laser Radar Technology Advancements - Huawei has launched the world's highest production line laser radar with 896 lines, which enhances perception capabilities from point cloud to image level, achieving a fourfold increase in resolution compared to the commonly used 192-line laser radars [3]. - The 896-line laser radar can detect small objects as low as 14 cm in height and has a stable recognition distance of 120 meters, with a 77% improvement in recognizing irregular obstacles and a 190% increase for low-reflectivity targets [3][4]. - The industry is witnessing a "race" in increasing the number of lines in laser radars, with competitors like Hesai and Suoteng claiming capabilities of 800 and over 1000 lines, respectively [4]. Group 2: Market Dynamics and Cost Considerations - Prior to Huawei's 896-line radar, the highest production line was Suoteng's EM4 with 520 lines, indicating a growing consensus among automakers on the importance of high-line-count laser radars for enhanced consumer experiences [5]. - It is noted that simply increasing the line count does not significantly enhance consumer experience unless it is aligned with driving assistance or autonomous driving functions [5]. - The cost of higher line-count laser radars is significantly higher, with 192-line radars costing over twice that of 64-line radars, influenced by rising prices of upstream precious metals and supply chain imbalances [5]. Group 3: Vehicle Integration and Pricing - The first models to feature Huawei's 896-line laser radar include the Aito S800 and the Aito M9 flagship versions, along with several other models like the Haobo A800 and the new Avita 12 [6]. - The pricing for the Aito S800 and M9 with 896-line laser radar is expected to increase by 20,000 and 10,000 yuan, respectively, compared to their 192-line counterparts, which start at 708,000 yuan and 469,800 yuan [6].