智能驾驶渗透率继续高增（我们预计25年L2++智驾域控出货量有望超过700万套）：在头部厂商如比亚迪等开启大规模上车标配的驱动下，整体渗透率高增；城市NOA渗透率有望超预期：①算法逐渐迭代，让城市NOA体验更佳，逐渐成为中高端消费者重要考量点；②算法逐渐优化，城市NOA成本2025年有望下探至7000元人民币（如高通8650方案），推动15-20万级车增 配或标配。

2025 年 2 月，汽车产销分别完成 210.3 万辆和 212.9 万辆，产量环比下降 14.1%，销量环比下降 12.2%，同比分别增长 39.6%和 34.4%。乘用车产销分别完成 178.5 万辆和 181.5 万辆，产量环比下降 17%，销量环比下降 14.9%，同比分别增长 40.2%和 36.2%。新能源汽车产销分别完成 88.8 万辆和 89.2 万辆，同比分别增长 91.5%和 87.1%，新能源汽车新车销量占汽车新车总销量的 41.9%。

汽车智能化产业趋势三部曲（5-10年维度）：本质是一场出行革命！1）2025-2027年【L3智能化帮助车企卖车】，实现国内电动车渗透率50%-80%+突破，带来国内自主品牌第一轮淘汰赛。2）2027-2030年 【L4Robotaxi实现车企软件收费】，Robotaxi出行渗透率有望实现0-30%突破。3）2030-2035年【自主品牌实现全球崛起】，通过独资或合资海外建厂模式实现智能电动车全球扩散，真正得到海外消费者认可。

日本和美国的消费升级基本都遵循“非耐用品->耐用品->服务”路径。美国消费先后经历“一战”休整期（1930-1945 年）的基础消费阶段、1945 年-1970 年耐用品升级阶段，于 70 年代后实现由以商品消费为主到以服务消费的为主的过渡；日本消费升级基本遵循相同路径，于 90 年代实现服务消费赶超，但伴随人口老龄化不断加深，2010 年以后服务消费未能像美国一样延续持续高涨的趋势。

特朗普拟推出 500 万一张的“金卡”，就算不考虑项目本身的法律挑战，要想用“金卡”项目收入来减轻美国债务压力，可能也是杯水车薪。按照目前门槛更低的投资移民签证 EB-5 的申请数量来推算，其为美国财政带来的年收入只有 200 亿美元左右，大约占 2024 财年美国赤字的 1%。

今年以来，美国三大类资产趋势逆转，债券利率、股指、美元均大幅下行。截至 3 月 10 日，10Y 美债利率累计下行 36bp，由 4.6%降至 4.2%。三大股指——纳斯达克指数、标普 500、道琼斯工业指数累计下跌 9.5%、4.5%、1.5%。美元指数累计下跌 4.2%至 103.9 附近。

Coding bootcamps are immersive training programs that range from a few weeks to a few months. They are helpful to learners from diverse backgrounds to improve their programming skills and enhance their employability prospects.

Confectionery products are packaged food items that are generally rich in sugar and carbohydrates. Currently, sugar-free confections are also gaining popularity due to the rising awareness about their health benefits. Chocolates, sugar confectionery, and gums are the three major product segments of the global confectionery market.

Confectionery products are packaged food items that are generally rich in sugar and carbohydrates. Currently, sugar-free confections are also gaining popularity due to the rising awareness about their health benefits. Chocolates, sugar confectionery, and gums are the three major product segments of the global confectionery market.

Concierge medicine, also known as retainer medicine, is a healthcare model in which patients pay a membership fee or retainer to a primary care physician or practice for enhanced medical services. In this model, patients typically receive longer appointment times, 24/7 access to their physician, preventive care, and personalized attention. Physicians in concierge medicine practices often care for fewer patients, allowing for more individualized care and attention. This personalized approach often includes comprehensive wellness plans, coordination of specialist care, and even home visits.