THERMAL MANAGEMENT SYSTEM AND VEHICLE HAVING SAME

A thermal management system and a vehicle are provided. The thermal management system includes a heat pump module, a battery waterway, a heat exchange waterway, a heat dissipator waterway, an electric assembly waterway, a first heat exchanger, and a control valve group. A first heat exchange path of the first heat exchanger is connected to the heat pump module, and a second heat exchange path of the first heat exchanger is connected to the heat exchange waterway. The electric assembly waterway may be connected to the heat dissipator waterway or the heat exchange waterway in series, the battery waterway may be connected to the heat dissipator waterway or the heat exchange waterway in series, and the battery waterway, the heat exchange waterway, the heat dissipator waterway, and the electric assembly waterway may be connected in series.