北京商报讯（记者 蔺雨葳）9月29日，华为常务董事、终端BG董事长余承东在微博发文透露，问界M8 累计交付量突破10万台，本月底问界M8还完成了包括ADS 4、超级隐私模式以及智慧大灯互动游戏等 升级。 ...

Core Insights - The AITO M9 has captured 70% of the market share for new energy vehicles priced above 500,000 yuan in China, significantly impacting the sales of traditional luxury brands like BMW, Mercedes-Benz, and Audi, which have all seen declines of over 10% in sales [1][3] - The decline in profit margins for these luxury brands, such as BMW's net profit margin dropping by 26% year-on-year in Q1, is attributed to weakened product competitiveness and increased pressure from the AITO M9's advanced features [1][3] - The AITO M9 is not only dominating sales but is also reshaping consumer perceptions of luxury vehicles, positioning itself as the default choice for consumers in the high-end market [3][7] Market Dynamics - In 2022, traditional luxury brands held a 93.5% market share in the luxury car segment, but the launch of the AITO M9 marked a turning point, challenging the status quo and redefining consumer expectations [3][7] - The AITO M9's success is driven by its advanced technology, such as the HarmonyOS cockpit and intelligent driving features, which appeal to consumers seeking a modern luxury experience [12][13] - The vehicle's strong performance in resale value and customer recommendation ratings further solidifies its position in the market, indicating a shift in brand perception towards AITO [7][15] Brand Strategy - The recent launch of the new "Silver Purple" exterior color aims to attract younger consumers, enhancing the AITO M9's appeal as a symbol of individuality and taste [10][12] - The AITO M9 continues to innovate with over 50 new features introduced, reinforcing its status as a technology flagship and expanding its competitive edge in the luxury vehicle market [12][13] - The brand's strategy focuses on creating a closed-loop logic of sustained sales and continuous evolution, which not only benefits the AITO M9 but also enhances the overall brand equity of AITO [13][15]

策划 何强 丛刚 "以前只能出现在科幻电影里的自动驾驶车辆，现在真要商业化落地了。"上海车主黄先 生十分开心。每周末都要长途开车的他，一直有"轻松开车"的驾驶诉求，随着新政策的出台，黄先生的 这一需求或许很快将被满足。 一批"L3车型"蓄势待发，用户能放心开吗？ 想入手一辆"能自己开"的L3级自动驾驶车，已不用等太久。眼下，汽车行业内关于L3级自动驾驶的竞 速赛已经展开，消费者或将在今年四季度就能陆续购买到L3级自动驾驶车辆。 今年2月，小鹏汽车董事长何小鹏曾宣布，年底推出L3级别自动驾驶软件，这要求车辆硬件在芯片算力 和存储方面实现数倍提升。 3月，广汽集团宣布将在今年第四季度量产并上市销售首款L3级自动驾驶乘用车，明年则会推出更多的 L3级自动驾驶产品。 "尤其在高速上，车子可以自己跟车、避障、变道，不用我一直盯着路况，遇到堵车还能歇口气。"每天 要开车通勤一个小时的陈小姐同样很期待上述政策的落地。 在技术层面，多数车企已透露可以基本实现L3级自动驾驶技术，其难以落地的原因更多聚焦在基础设 施建设、政策法规、权责界定等问题之上。 "市场上L3级自动驾驶的车辆什么时候可以真正上市？L3级自动驾驶的技术安全性 ...

阅读原文：华为最新辅助驾驶首测：ADS 4还遥遥领先吗？_虎嗅网 文章标题：华为最新辅助驾驶首测：ADS 4还遥遥领先吗？ 文章链接：https://www.huxiu.com/article/4747894.html 从年初的尊界S800开始，搭载华为乾崑产品的新车都用了ADS 4的硬件。如今，最强华为辅助驾驶软件 即将推送，在上海闹市区体验究竟如何？ ...

Core Insights - Huawei's autonomous driving solution, QianKun Intelligent Driving (ADS), has achieved significant milestones, including 1 million units of delivery and 40 billion kilometers of assisted driving mileage [1][5][9] Group 1: ADS Development and Features - The ADS has undergone three commercial iterations, with ADS 1 launched in 2022 for urban NCA, ADS 2 in 2023 enabling nationwide driving without high-precision maps, and ADS 3 offering end-to-end and parking functionalities [3][5] - The recently released ADS 4 has upgraded its technical architecture and user experience, providing comprehensive support for various driving scenarios, including parking and emergency braking [5][6] - As of July 2023, Huawei's ADS system has over 700,000 active users, with an average assisted driving mileage of nearly 700 kilometers per user in July alone [5][6] Group 2: Future Plans and Market Position - Huawei aims to accelerate the development of L3 and L4 autonomous driving technologies, targeting L3 commercial deployment on highways by 2026 and L4 pilot projects in urban areas by the same year [6] - The company has invested over 10 years in the automotive sector, with R&D expenditures exceeding 10 billion yuan in 2024 and a workforce of 8,000 dedicated to smart vehicle solutions [9] - Huawei's collaboration with automotive manufacturers focuses on empowering state-owned enterprises, enhancing their capabilities in electric and intelligent vehicle transitions [9]

Core Insights - Huawei's intelligent driving solution, ADS 4, is expected to achieve pilot commercial capabilities for high-speed L3 level and urban L4 level testing by the end of this year, with hopes for full capabilities in 2024 [1] - By July 2025, over 1 million vehicles equipped with Huawei's intelligent driving system are projected, alongside the delivery of over 1 million laser radars [1] - The system has accumulated 4 billion kilometers of assisted driving mileage, successfully avoiding 2.54 million potential collision events [1] Usage Statistics - The parking assistance feature has been used over 10 million times [1] - In July alone, users averaged nearly 700 kilometers of assisted driving and 37 instances of assisted parking per person [1] - The voice assistant "Xiao Yi" has been invoked 2.4 billion times, with seamless transfer functionality used 140 million times [1] Implementation and Future Plans - Since the launch of ADS 4 in April, it has been first implemented in the Zun Jie S800 model, with more vehicle upgrades expected to start in September [1] - Huawei aims to achieve pilot projects for unmanned logistics by 2027 and scale commercial operations for urban L4 by 2028, promoting rapid development of L3 and L4 autonomous driving technology [1]

Core Insights - Huawei's QianKun intelligent driving system has surpassed 1 million vehicles equipped with its technology [1] - The majority of domestic automakers have chosen to collaborate with Huawei's QianKun, with over 22 brands covering 80% of the domestic market [1] - The QianKun system includes more than 22 mass-produced models, with price ranges from 150,000 to 1 million yuan, covering sedans, SUVs, MPVs, and off-road vehicles [1] Product Development - The QianKun intelligent driving ADS has undergone three generations of commercial development [1] - The ADS 1, released in 2022, achieved commercial deployment of urban intelligent driving assistance NCA [1] - The ADS 2, launched in 2023, introduced the industry's first "omnidirectional active safety" feature [1] - The ADS 3, set to release in 2024, will feature the industry's first parking-to-parking capability [1] - The latest generation, QianKun ADS 4, will see comprehensive upgrades in both technical architecture and user experience, with user rollouts starting in September [1]

Investment Rating - The report initiates a "Buy" rating for the company with a target price of RMB 180.5, indicating a potential upside of 38.4% from the current price of RMB 130.40 [4][17]. Core Insights - The company is experiencing a significant transformation towards high-end electric vehicles, with its brand "Wenjie" establishing a strong presence in the luxury market, particularly against traditional luxury brands [5][10]. - The collaboration with Huawei is enhancing the company's technological capabilities and brand perception, driving profitability and market competitiveness [10][15]. - The expected launch of the updated M7 model is anticipated to strengthen the company's position in the competitive 250,000 to 350,000 RMB SUV market [5][14]. Financial Overview - Revenue projections show substantial growth, with expected revenues of RMB 35,842 million in 2023, increasing to RMB 175,174 million by 2025, reflecting a year-on-year growth of 305% [9]. - Net profit is projected to turn positive in 2024, reaching RMB 5,946 million, with earnings per share expected to rise to RMB 3.94 [9]. - The company’s gross margin is expected to reach 27.1% by 2025, significantly higher than industry peers, driven by the high-end product mix [10][17]. Market Positioning - The high-end electric vehicle market in China is projected to grow, with sales expected to reach 2.6 million units by 2024, capturing over 23% of the total electric vehicle market [10][19]. - The company's Wenjie M9 model is leading sales in the 450,000 to 600,000 RMB segment, indicating a successful penetration into the luxury SUV market [10][33]. - The Wenjie brand is expected to capture over 50% of the company's total sales by 2025, with the M8 and M9 models driving this growth [17][39]. Competitive Landscape - The report highlights the competitive dynamics in the high-end SUV market, where the Wenjie M9 is positioned against traditional luxury brands like BMW and Mercedes-Benz, offering superior technology and value [10][34]. - The company is leveraging its partnership with Huawei to enhance its product offerings, particularly in smart driving and intelligent cockpit features, setting it apart from competitors [15][32]. - The report notes a shift in consumer preferences towards high-tech and electric vehicles, benefiting domestic brands like Wenjie, which are rapidly gaining market share [19][25].

Group 1: Capital Expenditure Cycle and Industry Comparison - The capital expenditure cycle is a key driver of industry cycles in China, with capital expenditure and PB, ROE changes being interrelated. The cycle is divided into three stages: oversupply leading to performance decline, capital expenditure downtrend improving free cash flow, and supply-side clearing leading to performance recovery [7][8]. - The PB-ROE model indicates significant investment value in the second stage, where PB is low and ROE is expected to improve, and in the third stage, where PB is reasonable and ROE can steadily rise [7][8]. - Recent trends show a contraction in capital expenditure across secondary industries excluding finance and real estate, with an increase in the proportion of industries with positive free cash flow [8][9]. Group 2: Industry Opportunities and Recommendations - The report identifies 26 industries with potential investment opportunities based on supply-side improvements, focusing on consumption, cyclical, advanced manufacturing, technology, and healthcare sectors [8][9]. - A quantitative industry rotation strategy based on free cash flow has been constructed, yielding annualized returns of 11.1% and 13% for the consumption and advanced manufacturing sectors, respectively, outperforming benchmarks by 5.1 and 3.1 percentage points [9]. - Recommended companies include DeYee Co., which has a strong position in emerging markets, and AiRuo Energy, which is expected to benefit from overseas industrial storage [10][13]. Group 3: Energy Equipment and New Energy Sector - The first quarter saw a recovery in the performance of household storage inverter companies, particularly in emerging markets like India and Southeast Asia, where demand is growing [10][12]. - The report highlights the potential for rapid growth in the commercial storage market in Europe, despite a weaker overall demand in the region [10][12]. - Key players such as DeYee Co. and JinLang Technology are recommended for their strong market positions and growth potential in emerging markets [10][13]. Group 4: Automotive Industry Insights - The automotive industry's high-end strategy is categorized into two types: companies focusing on their strengths and expanding their lead, and those adopting benchmarking strategies [14][15]. - Recommended companies include Li Auto, Great Wall Motors, and Xiaomi for their distinctive brand advantages and ongoing development [15][16]. - The report notes that stricter regulations on intelligent driving are leading to increased focus on safety and compliance among automotive companies [15][16].