【主编观市】 美国和世界各国关税在月底尘埃落定，直接打乱全球供应链。上周恒指跌破了25000点。 没想到美国非农数据暴雷，7月份新增就业仅有7.3万人，远低于市场预期的10万人。更糟糕的是前两个 月的新增就业雪崩，大幅下修了25.8万人，引发新一轮衰退担忧，直接导致导致10年美债从4.4%一度跌 到4.2%，美元指数跳水、三大股指下跌，同时黄金大涨，资本市场上看，对于9月份降息的预期快速上 升，从37.7%飙升到了接近85%。 美国衰退风险对全球股市都会带来压力，上月底的重磅会议对上半年经济看法偏乐观，因此对接下来的 刺激紧迫性不高。周末，两部门：8月8日起对新发行的国债等利息收入恢复征收增值税。目的是挤出部 分无风险资金。中美摩擦处于持续当中：人民日报发表评论：英伟达，让我怎么相信你?整体看，在利 空之下，恒指24000点面临考验。 军工类热度较高，继歼-10CE后，中国直-10ME列装巴基斯坦军队。央视新闻官微发布无人机"蜂群"、 机器"狼群"协同作战演习，福建舰入列进入最后的攻坚时刻。 世界机器人大会8月8日在京开幕，百余款首发新品将亮相。全球首个机器人消费节启动 ，企业买机器 人最高可享25万元补贴。 ...

Core Viewpoint - The company is optimistic about the breakthrough opportunities for leading third-party intelligent driving suppliers, driven by the demand for equal access to intelligent driving and the performance catch-up and mass production validation [2][8]. Group 1: Market Opportunities - Leading third-party intelligent driving suppliers are expected to become the optimal solution for second- and third-tier automakers seeking equal access to intelligent driving, with a potential market share of around 50% of total new car sales [2][8]. - The current trend of intelligent driving is accelerating towards equal access, with a focus on cost reduction in systems, as automakers balance performance and cost in their strategies [2][8]. Group 2: Domestic Chip Comparison - NVIDIA's Orin series chips currently dominate the high-end intelligent driving market, but domestic chip suppliers have made significant progress in performance, mass production validation, and customer acquisition over the past five years [3][39]. - The domestic chip leader, Horizon Robotics, is entering a new cycle of product iteration and business model elevation, leading in the rollout of mid- to high-end intelligent driving chips and algorithms [11][39]. Group 3: Core Value of Third-Party Chip Suppliers - The importance of being a first mover is highlighted, as intelligent driving chips typically require over three years of R&D and manufacturing cycles, necessitating continuous iteration capabilities for cost-performance balance [4][54]. - The design and manufacturing cost perspective indicates that a 7nm intelligent driving chip can achieve cost parity with mature chip procurement at a production volume of 1.5 million units, emphasizing the need for high output and rapid iteration capabilities for self-developed chips [4][57]. Group 4: Algorithm Insights - The "BEV + Transformer" algorithm approach, focusing on "heavy perception, light mapping," has been validated and widely applied, reducing risks for Tier 1 suppliers and allowing them to keep pace with cutting-edge technologies [4][62]. - Horizon Robotics' latest intelligent driving algorithm, HSD, is positioned as a "showcase," balancing performance and efficiency while addressing the challenges of scaling up and out in intelligent driving systems [62][63]. Group 5: Industry Trends - The intelligent driving landscape is expected to see a significant shift towards equal access by 2026, with many domestic automakers planning to adopt domestic chips as their mainstream solution [28][43]. - The competitive landscape among automakers is intensifying, with a focus on high-level intelligent driving capabilities and the need for cost-effective solutions [2][8].