Core Viewpoint - The emergence of Momenta's self-developed driving chip marks a significant shift in the domestic intelligent driving industry, transitioning from a software-only company to a full-stack supplier, posing new competitive challenges to existing players in the market [1][2][20]. Company Overview - Momenta, established in 2016, focuses on high-performance intelligent driving solutions, targeting both L2 and L4 markets, and has partnerships with major global automakers, including SAIC, BYD, and Toyota [2][3]. - The company holds the largest market share in urban NOA technology at 60.1%, with cumulative sales of 114,000 vehicles equipped with its technology [3][19]. Self-Developed Chip Significance - Momenta's self-developed chip is positioned for the mid-range market, offering cost advantages and compatibility with existing products, which enhances its competitive edge [6][19]. - The strategy of "downward integration" is expected to create stronger competitive barriers and higher value capture capabilities for the company [6][10]. Impact on Competitors - The introduction of Momenta's chip poses significant challenges to NVIDIA and Qualcomm, as it allows automakers to transition smoothly from their solutions, increasing competitive pressure on these established players [8][10]. - Domestic chip manufacturers like Horizon Robotics and Black Sesame are also facing heightened competition, as Momenta's software expertise may overshadow their advantages [10][11]. Implications for Automakers - Automakers are reevaluating the necessity and cost-effectiveness of in-house chip development in light of Momenta's competitive offerings, particularly for resource-constrained new entrants [12][14]. - The shift towards Momenta's integrated solutions may lead to a reassessment of self-research strategies among automakers, balancing differentiation with cost advantages [15][21]. Strategic Challenges Ahead - Momenta faces challenges in achieving large-scale production and meeting stringent automotive safety standards, which are critical for its long-term success [20][21]. - The competitive landscape is expected to intensify as established players like NVIDIA and Qualcomm may respond with price cuts or enhanced technology to counter Momenta's market entry [20][21].

Core Insights - The autonomous vehicle (AV) market is projected to reach a potential size of $1.2 trillion by 2040, covering various sectors including automotive, trucking, logistics, agriculture, and mining [1][7] - Currently, commercial AV deployment is scaling, with 7 cities globally offering commercial robotaxi services and an additional 20 cities set to launch soon [1][7] - The report encompasses companies with a combined market capitalization of approximately $10 trillion, highlighting their strategies in AV technology development and market share competition [1][3] Market Overview - The AV market is expected to grow from $137 billion in 2024 to $1.2 trillion by 2040, with significant compound annual growth rates (CAGR) across various sectors [7] - The automotive sector alone is anticipated to reach $686.89 billion by 2040, with a CAGR of 14.6% from $78.08 billion in 2024 [10] - The trucking sector is projected to grow to $353.52 billion by 2040, with a CAGR of 14.5% [10] Key Companies and Their Roles - Major players in the OEM sector include companies like Caterpillar, Deere, Daimler Truck, and Toyota, all of which are investing in AV technologies and partnerships [4][9] - Chinese companies such as Xiaomi and XPeng are also significant, with Xiaomi focusing on LiDAR technology and XPeng developing the XNGP system for nationwide deployment [8][10] - In the software domain, companies like Google (Waymo) and Baidu (Apollo Go) are leading in AV commercialization, with Waymo planning to provide 250,000 paid rides weekly by 2025 [8][10] Technology and Innovation - The semiconductor sector plays a crucial role in AV development, providing essential capabilities such as AI training and sensor processing [11] - Key semiconductor companies include Nvidia, Qualcomm, and Mobileye, with Nvidia expected to generate $1.7 billion in automotive revenue by 2025 [11] - LiDAR technology is dominated by companies like Hesai and RoboSense, with significant revenue growth projected in the coming years [8][11] Future Projections - By 2030, it is estimated that 10% of Deere's revenue will come from recurring sources related to AV solutions in agriculture and construction [9] - Daimler Truck's Torc system is expected to contribute $1.5 billion in profit by 2035, representing 30% of its adjusted EBIT in 2024 [9] - Horizon Robotics anticipates that 97% of its revenue will come from AV-related solutions by 2024, with significant market share growth expected by 2030 [9][10]

Core Insights - The traditional consumer electronics component suppliers are increasingly entering the automotive industry due to the ongoing wave of new energy [2] - Qualcomm's Snapdragon digital chassis solution is driving the transformation of vehicles from mechanical engineering products to intelligent mobile terminals, focusing on connectivity, computing, and AI [2] - The Snapdragon Ride platform supports various driving assistance and cockpit integration features, which are essential for automotive companies to compete in the future [2] Group 1: Qualcomm's Automotive Solutions - Qualcomm has supported over 210 vehicle models from various Chinese automotive brands in the past two years using the Snapdragon digital chassis [2] - The Snapdragon Ride platform includes specific chips for urban and highway navigation assistance, as well as a unique platform that supports both digital cockpit and ADAS functionalities [2][4] - The Snapdragon Ride Elite version supports over 40 cameras and multimodal sensors for AI-based sensor fusion, enabling precise 360-degree external coverage [4] Group 2: Industry Adoption and Collaboration - More than 20 automotive companies have announced or are developing models with ADAS features based on the Snapdragon Ride platform, including major global and Chinese automakers [5] - The platform's flexible architecture allows automotive manufacturers to run both digital cockpit and driving assistance functions on the same SoC, facilitating integrated electronic and electrical architecture [4] - Generative AI is utilized in the Snapdragon Ride platform to personalize settings based on driver behavior and preferences, enhancing the driving experience [4]

Core Insights - Qualcomm celebrates its 20 years in the automotive business and aims to leverage its "Snapdragon Digital Chassis" to drive industry transformation [3][5] - The company has established close collaborations with nearly all global automakers and numerous Chinese enterprises, witnessing explosive growth in the number of automotive manufacturers in China [3][5] Group 1: Automotive Business Development - Qualcomm has become the leading ecosystem supplier in the connected vehicle and infotainment systems sector, extending its leadership into cockpit and Advanced Driver Assistance Systems (ADAS) [3][5] - The company emphasizes the importance of ecosystem collaboration, partnering with major Chinese automotive manufacturers such as BAIC Group, Changan, and NIO [3][5] Group 2: ADAS and Safety - Qualcomm has focused on ADAS over the past two years, enhancing its competitiveness through superior chip performance, localized software support, and a comprehensive safety architecture [5][6] - The company has partnered with BMW to provide computer vision software and driving strategy stacks for the new generation of BMW models, set to launch in July 2025 [5][6] Group 3: Modular Architecture - Qualcomm is transitioning the automotive industry towards a centralized computing architecture, creating a highly complex, scalable, and modular framework that supports digital cockpit and ADAS functionalities [6][7] - The architecture's scalability allows for a range of vehicle models from entry-level to luxury, addressing market cost sensitivity [7] Group 4: Innovation and Market Impact - At the 2025 Shanghai Auto Show, over 100 vehicle designs or solutions based on Qualcomm's platform were showcased, highlighting the rapid implementation of its technology in China [9] - Qualcomm's strategy focuses on technological innovation and ecosystem collaboration, driving the automotive industry towards a smarter and safer future [9]

Group 1 - Qualcomm showcased its Snapdragon digital chassis solutions at the Automotive Technology and Cooperation Summit, reinforcing its position as a trusted leader in the Chinese automotive industry [1] - The Snapdragon digital chassis includes a comprehensive set of solutions for driving assistance, digital cockpit, automotive intelligence, and vehicle-to-cloud services, with over 350 million vehicles globally adopting these solutions [1] - Since 2023, the Snapdragon digital chassis has supported over 210 smart models from Chinese automakers [1] Group 2 - The Snapdragon Ride platform balances performance, efficiency, and cost, with over 20 global automakers adopting it for their next-generation models [2] - In the Chinese market, more than 30 automotive brands and tier-one suppliers have integrated the Snapdragon Ride platform for Advanced Driver Assistance Systems (ADAS) [2] - The platform features a world-class safety architecture and has been validated in over 60 countries since 2016, continuously enhancing its capabilities through ongoing R&D [4] Group 3 - The integration of digital cockpit and driving assistance functions is becoming a trend with the Snapdragon Ride Flex SoC, which supports mixed critical workloads on a single hardware platform [4] - Major automotive companies like BAIC Group, Chery, and Desay SV have adopted the Snapdragon Ride Flex SoC to develop or plan mass production models, promoting centralized computing and software-defined vehicle architecture [4] - Qualcomm's collaboration with the Chinese automotive industry is significantly advancing the smart transformation of the sector through scalable technology architecture [6]

【环球网科技综合报报道 记者 心月】2025年6月26日-27日，"2025高通汽车技术与合作峰会"在苏州召开。峰会以"我们一起，行稳智远"为主题，聚焦智能 汽车产业未来发展新热点、新趋势和新机遇。高通中国区董事长孟樸在主论坛致辞中强调，高通将依托"连接+计算+AI"核心优势，通过骁龙数字底盘解决 方案，推动汽车从"机械工程产品"向"智能移动终端"跃迁，加速推动驾驶辅助、舱驾融合等关键技术普惠。 骁龙数字底盘推动行业智能化变革 孟樸在致辞中多次提及"我们在一起"的合作理念，强调高通将以苏州峰会为新起点，与中国汽车产业伙伴并肩探索智能出行未来，携手中国汽车产业伙伴， 打造更加稳健、紧密的生态网络，在中国这片创新热土上书写智能出行的新篇章。 以下为孟樸发言实录： 尊敬的各位领导、各位嘉宾、合作伙伴，媒体和分析师朋友们，大家上午好！ 很高兴与各位再次相聚苏州，共同开启今年的"高通汽车技术与合作峰会"。我谨代表高通公司，对各位的到来，致以最热烈的欢迎和最诚挚的感谢！同时， 也特别感谢苏州市及相城区有关部门和领导对本次峰会的鼎力支持，让我们得以在这座充满活力的城市，共绘智能出行的未来蓝图。 本次峰会的主题是 "我们一起 ...

Investment Rating - The report maintains an investment rating of "Outperform" [7] Core Insights - DDR4 prices have surged, with spot prices increasing over 12% in just two days, driven by major manufacturers exiting DDR4 production and strong buying momentum in the market [2] - Qualcomm's Snapdragon Ride platform aims to accelerate the adoption of Advanced Driver Assistance Systems (ADAS) among Chinese automakers, having already been implemented in over 60 countries with significant testing mileage [3] - Meta has launched a new smart glasses model, Oakley Meta HSTN, priced at $399, featuring advanced functionalities for athletes [4] Industry Performance - The electronic sector has shown a relative return of 0.4% over the past month, while absolute returns have decreased by 0.9% [9] - The electronic industry index has outperformed the broader market, with a 0.95% increase during the week of June 16-20, 2025, while major indices like the Shanghai Composite Index fell [31] Market Trends - The semiconductor industry saw a 6% quarter-over-quarter revenue increase among the top ten IC design firms in Q1 2025, reaching a record high of $77.4 billion [19] - The global smartphone market experienced a slight decline in production, with Q1 2025 figures showing a total of 289 million units, a year-on-year decrease of approximately 3% [25] - The domestic electric vehicle market has shown rapid growth, with production and sales reaching 5.7 million and 5.6 million units respectively from January to May 2025, marking a year-on-year increase of 45.2% and 44% [20] Investment Recommendations - The report suggests focusing on companies within the computing power supply chain such as Shenghong Technology, Hushen Electric, and Shengyi Electronics, as well as storage companies like Zhaoyi Innovation and Bawei Storage [12]

Core Insights - Qualcomm emphasizes the importance of "technology inclusiveness" and "ecosystem win-win" in its automotive strategy, focusing on three strategic pillars: full-stack layout for automotive business, balancing innovation with safety, and deepening collaboration in the Chinese market [1][2][5] Full-Stack Layout - Qualcomm has been in the automotive industry for over 20 years, evolving from early solutions to the Snapdragon Digital Chassis, which includes platforms for smart cockpit, advanced driver assistance systems (ADAS), and vehicle connectivity [2][3] - The company aims to adapt its focus dynamically based on industry needs, with smart cockpit and driving assistance becoming new growth engines [3][4] Technology and Safety Balance - AI is reshaping automotive interaction and decision-making, with Qualcomm focusing on terminal-side large models and multi-modal model integration to enhance user experience [5][6] - Safety is a core prerequisite for smart driving technologies, with Qualcomm maintaining a defect rate (DPPM) of just a few parts per million to ensure reliability [5][6] Chinese Market Focus - The Chinese automotive market is seen as a core engine for Qualcomm's global strategy, with a high acceptance of new technologies and rapid regulatory responses [6][7] - Qualcomm has established deep integration with Chinese automotive companies, enabling faster application deployment and innovation [7][9] Competitive Advantage - Qualcomm's competitive edge lies in its commitment to forward-looking technology investments and deep ecosystem collaboration, with 20% of its revenue allocated to R&D [8][9] - The company maintains a flexible cooperation model to meet the diverse needs of both new entrants and traditional automakers in the rapidly evolving market [9]

随着先进驾驶辅助系统(ADAS)技术不断成熟，消费者对高速和城市通勤场景下驾驶辅助体验的期待提升，L2级高速NOA与城市NOA加 速渗透，带动域控方案对前视一体机方案的替代，并推高中高算力SoC需求。Canalys(现并入Omdia)预计，2025年中国市场L2级及以上功 能渗透率将达62%，较2024年显著提升，高速NOA与城市NOA分别达到10.8%和9.9%。 Canalys预计2027–2028年，城市NOA增速将反超高速NOA，市场结构快速演变，将重塑SoC竞争格局。基于当前表现与节奏判断，高通 凭借Snapdragon Ride平台(包括骁龙8650、8620和8775等SoC)在产品性能与市场落地的表现，已连续两年位列Canalys中国ADAS SoC领导 力矩阵的"冠军阵营"。 驾驶辅助普及加速：市场倾向于平台化、性能和成本最优平衡SoC厂商 这一策略对SoC产品的平台化能力、算法复用效率以及端到端的交付能力提出了更高要求。同时，主机厂产品迭代节奏明显加快，小改 款车型频繁推出以应对市场竞争，这使得主机厂对SoC厂商的工具链完整度、FAE(现场应用工程师)服务响应能力和算法支持强度提出了 更加 ...

随着先进驾驶辅助系统（ADAS）技术不断成熟，消费者对高速和城市通勤场景下驾驶辅助体验的期待提升， L2级高速NOA与城市NOA加速渗透，带动域控⽅案对前视一体机⽅案的替代，并推高中高算力SoC需求。 Canalys（现并入Omdia）预计，2025年中国市场L2级及以上功能渗透率将达62%，较2024年显著提升，高速 NOA 与城市NOA 分别达到10.8%和9.9%。预计2027–2028年，城市NOA增速将反超高速NOA ，市场结构快 速演变，将重塑SoC竞争格局。基于当前表现与节奏判断，高通凭借Snapdragon Ride平台（包括骁龙8650、 8620和8775等SoC）在产品性能与市场落地的表现，已连续两年位列Canalys中国ADAS SoC领导力矩阵的 "冠 军阵营"。 当前， 驾驶 辅助 普及加速 ： 市场倾向于平台化、性能和成本最优平衡 SoC厂商 越来越多主机厂 在推进 驾驶辅助普及 进程中，选择 。 将中高阶ADAS功能下放⾄10-20万元主力⻋型 为抢占先机 ，以 ⽐亚迪、 吉利 奇瑞 和 红旗 为代表的主流主机厂 、 采取 跨平台 的 驾驶 辅助 ⽅案 排布策略 ，系统性地推出 ...