679 lines
38 KiB
HTML
679 lines
38 KiB
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<!DOCTYPE html>
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<title>小马智行 - Robotaxi商业化拐点分析</title>
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font-family: 'Inter', sans-serif;
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</style>
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</head>
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<body class="bg-gray-50">
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<div id="particles-js" class="fixed inset-0 z-0"></div>
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<div class="relative z-10 container mx-auto px-4 py-8">
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<!-- 标题部分 -->
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<div class="text-center mb-12">
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<h1 class="text-4xl md:text-5xl font-bold text-gray-800 mb-4">小马智行</h1>
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<p class="text-xl text-gray-600 max-w-3xl mx-auto">Robotaxi商业化拐点分析 - 从"烧钱验证技术"到"成本下降+政策牌照+订单放量"的三重共振</p>
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</div>
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<!-- 概念事件时间轴 -->
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<div class="bg-white rounded-xl card-shadow p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 mr-2 text-blue-500" fill="none" viewBox="0 0 24 24" stroke="currentColor">
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<path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M12 8v4l3 3m6-3a9 9 0 11-18 0 9 9 0 0118 0z" />
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</svg>
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概念事件时间轴 (2024Q4-2025Q2)
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</h2>
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<div class="space-y-4">
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<div class="timeline-item">
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<div class="font-semibold text-gray-800">2024-11-27</div>
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<div class="text-gray-600">纳斯达克上市，募资4.52亿美元，成为"Robotaxi第一股"</div>
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</div>
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<div class="timeline-item">
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<div class="font-semibold text-gray-800">2024-12</div>
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<div class="text-gray-600">与广汽埃安成立合资公司，规划<strong>千台铂智4X Robotaxi</strong> 2025年投放</div>
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</div>
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<div class="timeline-item">
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<div class="font-semibold text-gray-800">2025-02-11</div>
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<div class="text-gray-600">华泰路演确认"2025年单车unit economics转正、2028年公司整体break-even"</div>
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</div>
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<div class="timeline-item">
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<div class="font-semibold text-gray-800">2025-04-23</div>
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<div class="text-gray-600">上海车展发布<strong>第七代Robotaxi</strong>，套件成本<strong>下降70%</strong>（激光雷达-68%、整体BOM-70%）</div>
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</div>
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<div class="timeline-item">
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<div class="font-semibold text-gray-800">2025-05-21</div>
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<div class="text-gray-600">Q1业绩会披露Robotaxi收入<strong>同比+800%</strong>，车队年底扩至<strong>1000台</strong></div>
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</div>
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<div class="timeline-item">
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<div class="font-semibold text-gray-800">2025-06</div>
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<div class="text-gray-600">纳入纳斯达克中国金龙指数，ETF被动资金开始配置</div>
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</div>
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</div>
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<div class="mt-6 p-4 bg-blue-50 rounded-lg">
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<p class="text-blue-800 font-medium">催化事件 = "成本拐点 + 政策牌照 + 订单放量"三线共振</p>
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</div>
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</div>
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<!-- 核心观点摘要 -->
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<div class="bg-white rounded-xl card-shadow p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 mr-2 text-blue-500" fill="none" viewBox="0 0 24 24" stroke="currentColor">
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<path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 12h6m-6 4h6m2 5H7a2 2 0 01-2-2V5a2 2 0 012-2h5.586a1 1 0 01.707.293l5.414 5.414a1 1 0 01.293.707V19a2 2 0 01-2 2z" />
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</svg>
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核心观点摘要
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</h2>
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<div class="space-y-4">
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<div class="p-4 bg-blue-50 rounded-lg">
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<p class="text-gray-700">小马智行已从"烧钱验证技术"进入"成本下降+政策牌照+订单放量"驱动的<strong>商业化拐点阶段</strong>。</p>
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</div>
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<div class="p-4 bg-green-50 rounded-lg">
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<p class="text-gray-700"><strong>2025年是Robotaxi量产元年</strong>：单车成本降至<strong>27-30万元</strong>（vs 早期100万+），北京/广州/深圳已发放<strong>全无人收费牌照</strong>，公司独占三地牌照优势。</p>
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</div>
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<div class="p-4 bg-purple-50 rounded-lg">
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<p class="text-gray-700"><strong>盈利路径清晰</strong>：2025E单车打平、2028E公司整体盈利，2030E毛利率>50%，净利率≈30%。</p>
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</div>
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</div>
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</div>
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<!-- 核心逻辑与市场认知分析 -->
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<div class="bg-white rounded-xl card-shadow p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 mr-2 text-blue-500" fill="none" viewBox="0 0 24 24" stroke="currentColor">
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<path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 19v-6a2 2 0 00-2-2H5a2 2 0 00-2 2v6a2 2 0 002 2h2a2 2 0 002-2zm0 0V9a2 2 0 012-2h2a2 2 0 012 2v10m-6 0a2 2 0 002 2h2a2 2 0 002-2m0 0V5a2 2 0 012-2h2a2 2 0 012 2v14a2 2 0 01-2 2h-2a2 2 0 01-2-2z" />
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</svg>
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核心逻辑与市场认知分析
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</h2>
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<h3 class="text-xl font-semibold text-gray-800 mb-4">核心驱动力</h3>
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<div class="overflow-x-auto mb-6">
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<table class="min-w-full divide-y divide-gray-200">
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<thead class="bg-gray-50">
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<tr>
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<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">维度</th>
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<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">数据/事实</th>
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<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">逻辑推导</th>
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</tr>
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</thead>
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<tbody class="bg-white divide-y divide-gray-200">
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<tr>
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<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">技术</td>
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<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">第七代套件成本<strong>下降70%</strong>；激光雷达单价<1000元</td>
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<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">硬件降本使Robotaxi全生命周期IRR>网约车司机成本</td>
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</tr>
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<tr>
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<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">政策</td>
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<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">北京示范区4.0扩至<strong>3000 km²</strong>；广州允许40%出租车替换</td>
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<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">牌照稀缺性→先发放者获得区域垄断红利</td>
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</tr>
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<tr>
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<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">需求</td>
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<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">北上广深占全球网约车<strong>20%</strong>市场；司机缺口>30万人</td>
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<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">人口老龄化+夜班需求→24h无人车填补供给</td>
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</tr>
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</tbody>
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</table>
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</div>
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<h3 class="text-xl font-semibold text-gray-800 mb-4">市场热度与情绪</h3>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-4 mb-6">
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<div class="bg-yellow-50 p-4 rounded-lg">
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<h4 class="font-semibold text-gray-800 mb-2">新闻热度</h4>
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<p class="text-gray-700">2025-04-23至04-25，股价<strong>5日涨幅>60%</strong>，成交量放大5倍</p>
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</div>
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<div class="bg-green-50 p-4 rounded-lg">
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<h4 class="font-semibold text-gray-800 mb-2">研报密集度</h4>
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<p class="text-gray-700">2025-04-28后，<strong>6家券商</strong>在两周内发布深度报告，一致预期"2025年商业化元年"</p>
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</div>
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</div>
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<h3 class="text-xl font-semibold text-gray-800 mb-4">预期差</h3>
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<div class="overflow-x-auto">
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<table class="min-w-full divide-y divide-gray-200">
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<thead class="bg-gray-50">
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<tr>
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<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">市场共识</th>
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<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">路演/数据验证</th>
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<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">预期差</th>
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</tr>
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</thead>
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<tbody class="bg-white divide-y divide-gray-200">
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<tr>
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<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">"Robotaxi需10年才能盈利"</td>
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<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">华泰模型：1000台车×20单/日×16元×30天≈960万元/月收入即可盈亏平衡</td>
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<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-blue-600"><strong>盈利时点提前2-3年</strong></td>
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</tr>
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<tr>
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<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">"激光雷达成本难降"</td>
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<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">第七代固态LiDAR单价<1000元，总BOM<30万元</td>
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<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-blue-600"><strong>成本曲线被低估</strong></td>
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</tr>
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</tbody>
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</table>
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</div>
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</div>
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<!-- 关键催化剂与未来发展路径 -->
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<div class="bg-white rounded-xl card-shadow p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 mr-2 text-blue-500" fill="none" viewBox="0 0 24 24" stroke="currentColor">
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<path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 10V3L4 14h7v7l9-11h-7z" />
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</svg>
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关键催化剂与未来发展路径
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</h2>
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<h3 class="text-xl font-semibold text-gray-800 mb-4">近期催化剂（3-6个月）</h3>
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<div class="space-y-3 mb-6">
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<div class="flex items-start">
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<div class="flex-shrink-0 h-6 w-6 rounded-full bg-blue-500 flex items-center justify-center text-white text-xs mr-3">1</div>
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<p class="text-gray-700"><strong>2025-06</strong>：特斯拉德州Robotaxi试运营→催化全球板块估值</p>
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</div>
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<div class="flex items-start">
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<div class="flex-shrink-0 h-6 w-6 rounded-full bg-blue-500 flex items-center justify-center text-white text-xs mr-3">2</div>
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<p class="text-gray-700"><strong>2025-07</strong>：小马与Uber中东合作上线（迪拜/利雅得），验证出海模型</p>
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</div>
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<div class="flex items-start">
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<div class="flex-shrink-0 h-6 w-6 rounded-full bg-blue-500 flex items-center justify-center text-white text-xs mr-3">3</div>
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<p class="text-gray-700"><strong>2025-08</strong>：北京发放<strong>全市域无人收费牌照</strong>（当前仅限亦庄）</p>
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</div>
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</div>
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<h3 class="text-xl font-semibold text-gray-800 mb-4">长期里程碑</h3>
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<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-4 gap-4">
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<div class="bg-blue-50 p-4 rounded-lg">
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<div class="text-2xl font-bold text-blue-700 mb-2">2025E</div>
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<p class="text-gray-700">千台车队+单车盈利</p>
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</div>
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<div class="bg-green-50 p-4 rounded-lg">
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<div class="text-2xl font-bold text-green-700 mb-2">2026E</div>
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<p class="text-gray-700">北上深广全面开放+轻资产模式</p>
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</div>
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<div class="bg-purple-50 p-4 rounded-lg">
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<div class="text-2xl font-bold text-purple-700 mb-2">2028E</div>
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<p class="text-gray-700">公司整体盈利，车队规模<strong>2万台</strong></p>
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</div>
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<div class="bg-yellow-50 p-4 rounded-lg">
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<div class="text-2xl font-bold text-yellow-700 mb-2">2030E</div>
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<p class="text-gray-700">中国Robotaxi渗透率10%，小马市占率30%→收入<strong>>50亿美元</strong></p>
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</div>
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</div>
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</div>
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<!-- 产业链与核心公司深度剖析 -->
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<div class="bg-white rounded-xl card-shadow p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 mr-2 text-blue-500" fill="none" viewBox="0 0 24 24" stroke="currentColor">
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<path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M17 20h5v-2a3 3 0 00-5.356-1.857M17 20H7m10 0v-2c0-.656-.126-1.283-.356-1.857M7 20H2v-2a3 3 0 015.356-1.857M7 20v-2c0-.656.126-1.283.356-1.857m0 0a5.002 5.002 0 019.288 0M15 7a3 3 0 11-6 0 3 3 0 016 0zm6 3a2 2 0 11-4 0 2 2 0 014 0zM7 10a2 2 0 11-4 0 2 2 0 014 0z" />
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</svg>
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产业链与核心公司深度剖析
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</h2>
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<h3 class="text-xl font-semibold text-gray-800 mb-4">产业链图谱</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4 mb-6">
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<div class="bg-blue-50 p-4 rounded-lg">
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<h4 class="font-semibold text-gray-800 mb-2">上游</h4>
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<p class="text-gray-700">激光雷达（禾赛、速腾）、芯片（英伟达Orin、地平线）、高精地图（四维图新）</p>
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</div>
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<div class="bg-green-50 p-4 rounded-lg">
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<h4 class="font-semibold text-gray-800 mb-2">中游</h4>
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<p class="text-gray-700">整车代工（广汽埃安、北汽极狐）、域控制器（德赛西威）</p>
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</div>
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<div class="bg-purple-50 p-4 rounded-lg">
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<h4 class="font-semibold text-gray-800 mb-2">下游</h4>
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<p class="text-gray-700">出行平台（Uber、高德、如祺出行）、政府牌照</p>
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</div>
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</div>
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<h3 class="text-xl font-semibold text-gray-800 mb-4">核心玩家对比</h3>
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<div class="overflow-x-auto mb-6">
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<table class="min-w-full divide-y divide-gray-200">
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<thead class="bg-gray-50">
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<tr>
|
||
<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">公司</th>
|
||
<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">车队规模</th>
|
||
<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">牌照城市</th>
|
||
<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">单车成本</th>
|
||
<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">2025E盈利时点</th>
|
||
<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">逻辑纯度</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="bg-white divide-y divide-gray-200">
|
||
<tr class="bg-blue-50">
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-bold text-blue-700">小马智行</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">270台→1000台</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">北上深广</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-bold text-gray-900"><strong>27万元</strong></td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">2025E单车打平</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">★★★★★</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">文远知行</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">200台</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">广州/武汉</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">30万元</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">2026E</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">★★★☆</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">百度Apollo</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">400台</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">11城</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">35万元</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">2027E</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">★★★（广告业务稀释）</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">Waymo</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">1500台</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">凤凰城/旧金山</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">10万美元</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">已盈利（区域）</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">★★★（美国市场）</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
|
||
<h3 class="text-xl font-semibold text-gray-800 mb-4">验证与证伪</h3>
|
||
<div class="space-y-3">
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 h-6 w-6 rounded-full bg-green-500 flex items-center justify-center text-white text-xs mr-3">✓</div>
|
||
<p class="text-gray-700"><strong>订单验证</strong>：2025Q1 Robotaxi收入<strong>173万美元</strong>（+200%），与路演"年底千台"一致</p>
|
||
</div>
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 h-6 w-6 rounded-full bg-green-500 flex items-center justify-center text-white text-xs mr-3">✓</div>
|
||
<p class="text-gray-700"><strong>成本验证</strong>：第七代BOM成本<strong>下降70%</strong>（路演），与供应链反馈"固态LiDAR单价<1000元"吻合</p>
|
||
</div>
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 h-6 w-6 rounded-full bg-yellow-500 flex items-center justify-center text-white text-xs mr-3">!</div>
|
||
<p class="text-gray-700"><strong>风险点</strong>：Robotruck收入占比73%但毛利率仅10%，需观察Robotaxi放量后结构改善</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 潜在风险与挑战 -->
|
||
<div class="bg-white rounded-xl card-shadow p-6 mb-8">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 mr-2 text-blue-500" fill="none" viewBox="0 0 24 24" stroke="currentColor">
|
||
<path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M12 9v2m0 4h.01m-6.938 4h13.856c1.54 0 2.502-1.667 1.732-3L13.732 4c-.77-1.333-2.694-1.333-3.464 0L3.34 16c-.77 1.333.192 3 1.732 3z" />
|
||
</svg>
|
||
潜在风险与挑战
|
||
</h2>
|
||
|
||
<h3 class="text-xl font-semibold text-gray-800 mb-4">技术风险</h3>
|
||
<div class="bg-red-50 p-4 rounded-lg mb-6">
|
||
<p class="text-gray-700">强化学习模型在极端天气（暴雨/大雪）下MPC（碰撞里程）可能恶化，需持续仿真迭代</p>
|
||
</div>
|
||
|
||
<h3 class="text-xl font-semibold text-gray-800 mb-4">商业化风险</h3>
|
||
<div class="bg-red-50 p-4 rounded-lg mb-6">
|
||
<p class="text-gray-700"><strong>人车比优化</strong>：当前1:3→目标1:10，若远程安全员无法降本，盈利模型失效</p>
|
||
</div>
|
||
|
||
<h3 class="text-xl font-semibold text-gray-800 mb-4">政策与竞争</h3>
|
||
<div class="space-y-3 mb-6">
|
||
<div class="bg-red-50 p-4 rounded-lg">
|
||
<p class="text-gray-700">上海牌照发放慢于预期（仅嘉定开放），可能拖累全国扩张节奏</p>
|
||
</div>
|
||
<div class="bg-red-50 p-4 rounded-lg">
|
||
<p class="text-gray-700">特斯拉Cybercab 2026年量产，纯视觉方案若验证成功，或冲击多传感器路线估值</p>
|
||
</div>
|
||
</div>
|
||
|
||
<h3 class="text-xl font-semibold text-gray-800 mb-4">信息矛盾</h3>
|
||
<div class="bg-yellow-50 p-4 rounded-lg">
|
||
<p class="text-gray-700">华泰路演称"2025年单车盈利"，但2025Q1财报仍亏损5600万美元→<strong>差异在于规模化时点</strong>，需跟踪Q3车队扩张速度</p>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 综合结论与投资启示 -->
|
||
<div class="bg-white rounded-xl card-shadow p-6 mb-8">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 mr-2 text-blue-500" fill="none" viewBox="0 0 24 24" stroke="currentColor">
|
||
<path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 12l2 2 4-4m6 2a9 9 0 11-18 0 9 9 0 0118 0z" />
|
||
</svg>
|
||
综合结论与投资启示
|
||
</h2>
|
||
|
||
<div class="bg-blue-50 p-4 rounded-lg mb-6">
|
||
<p class="text-gray-700"><strong>阶段判断</strong>：已从主题炒作进入<strong>基本面驱动早期</strong>，核心变量是"车队规模×单车盈利"</p>
|
||
</div>
|
||
|
||
<h3 class="text-xl font-semibold text-gray-800 mb-4">最具价值环节</h3>
|
||
<div class="space-y-3 mb-6">
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 h-6 w-6 rounded-full bg-blue-500 flex items-center justify-center text-white text-xs mr-3">1</div>
|
||
<p class="text-gray-700"><strong>运营商</strong>：小马智行（牌照+成本双领先）</p>
|
||
</div>
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 h-6 w-6 rounded-full bg-blue-500 flex items-center justify-center text-white text-xs mr-3">2</div>
|
||
<p class="text-gray-700"><strong>上游激光雷达</strong>：禾赛科技（已切入第七代车型）</p>
|
||
</div>
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 h-6 w-6 rounded-full bg-blue-500 flex items-center justify-center text-white text-xs mr-3">3</div>
|
||
<p class="text-gray-700"><strong>高精地图</strong>：四维图新（北京示范区独家数据）</p>
|
||
</div>
|
||
</div>
|
||
|
||
<h3 class="text-xl font-semibold text-gray-800 mb-4">关键跟踪指标</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-4 mb-6">
|
||
<div class="bg-green-50 p-4 rounded-lg">
|
||
<h4 class="font-semibold text-gray-800 mb-2">月度车队净增数</h4>
|
||
<p class="text-gray-700">目标2025年底1000台</p>
|
||
</div>
|
||
<div class="bg-green-50 p-4 rounded-lg">
|
||
<h4 class="font-semibold text-gray-800 mb-2">单车日均订单</h4>
|
||
<p class="text-gray-700">当前15单→盈亏平衡需20单</p>
|
||
</div>
|
||
<div class="bg-green-50 p-4 rounded-lg">
|
||
<h4 class="font-semibold text-gray-800 mb-2">政策牌照新增城市</h4>
|
||
<p class="text-gray-700">上海/杭州开放时点</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="gradient-bg p-6 rounded-lg text-white">
|
||
<p class="text-lg font-medium">一句话总结：<strong>小马智行正处于"成本拐点+政策窗口+订单放量"的三重共振期，2025年车队破千台将是验证商业化闭环的临界点。</strong></p>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 关联股票数据 -->
|
||
<div class="bg-white rounded-xl card-shadow p-6">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<svg xmlns="http://www.w3.org/2000/svg" class="h-6 w-6 mr-2 text-blue-500" fill="none" viewBox="0 0 24 24" stroke="currentColor">
|
||
<path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 19v-6a2 2 0 00-2-2H5a2 2 0 00-2 2v6a2 2 0 002 2h2a2 2 0 002-2zm0 0V9a2 2 0 012-2h2a2 2 0 012 2v10m-6 0a2 2 0 002 2h2a2 2 0 002-2m0 0V5a2 2 0 012-2h2a2 2 0 012 2v14a2 2 0 01-2 2h-2a2 2 0 01-2-2z" />
|
||
</svg>
|
||
关联股票数据
|
||
</h2>
|
||
<div class="table-container">
|
||
<table class="min-w-full divide-y divide-gray-200">
|
||
<thead class="bg-gray-50">
|
||
<tr>
|
||
<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">股票名称</th>
|
||
<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">关系类型</th>
|
||
<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">公司名称</th>
|
||
<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">合作/投资内容</th>
|
||
<th class="px-6 py-3 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="bg-white divide-y divide-gray-200">
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">项目</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">青骓物流合资</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">中国外运与小马智行合资成立青骓物流，2022年4月1日全面运营</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司调研</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">项目</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">Robotaxi商业化</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">合作方：广汽丰田、丰田汽车；计划2023年内成立Robotaxi合资公司，推进L4级自动驾驶商业化</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">项目</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">无人出租示范运营</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">合作方：锦江在线；在上海指定区域开展无人驾驶出租车示范运营</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">参股公司</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">昆仑万维</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">投资金额：5000万美元；持股比例：3%</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">参股公司</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">广汽集团</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">投资金额：2700万美元；合作内容：广汽资本通过《议案》投资小马智行</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">参股公司</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">招商轮船</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">参与小马智行A+轮融资</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公开资料</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">参股公司</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">四川双马</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">投资方：智慧出行基金；合作内容：投资小马智行项目</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">产品供应</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">飞荣达</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">产品类型：电磁屏蔽材料及器件、导热材料及器件</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">产品供应</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">华阳集团</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">产品类型：车载摄像头产品；合作内容：产品交流</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">产品供应</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">恒帅股份</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">产品类型：车规级终端适配产品</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">产品供应</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">祥鑫科技</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">产品类型：车顶框架及检测塔相关产品</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">整车研发</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">北汽蓝谷</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">合作内容：联合研发无人Robotaxi车型，计划2025年推向市场</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">地图数据</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">四维图新</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">合作内容：2022年开始战略合作，提供地图数据支持</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">路试服务</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">中国电研</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">服务内容：智能网联汽车远程驾驶路试服务商</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">合作方</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">中科创达</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">合作内容：合作小马智行</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">合作项目</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">招商公路</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">合作内容：通港达园项目协同机制包含小马智行</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm font-medium text-gray-900">小马智行(250528)</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">合作方</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">香江控股</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">合作内容：旗下孵化平台引入小马智行</td>
|
||
<td class="px-6 py-4 whitespace-nowrap text-sm text-gray-500">公司公告</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
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</div>
|
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</div>
|
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</div>
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<script src="https://cdn.jsdelivr.net/npm/tsparticles@3/tsparticles.bundle.min.js"></script>
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<script>
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// 初始化粒子背景
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tsParticles.load("particles-js", {
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``` |