民生证券：大模型重塑战局 智能驾驶商业化奇点已至

Core Insights - The development of intelligent driving technology is transitioning from a technical highlight to a crucial factor for product differentiation among automakers and a key support for the commercialization of mobility services [1] - The reliability and maturity of intelligent driving technology are approaching Level 3 (L3) standards, with expectations for significant advancements in technology validation following mass production [1] - The trend of "intelligent driving equality" is establishing, allowing high-level intelligent driving features to penetrate lower price segments, which is expected to drive structural sales growth in intelligent driving vehicles [1] Industry Trends - The competition landscape is being reshaped by large models and cloud-vehicle collaborative computing, with the deployment of large language models (VLA) enhancing decision-making capabilities and scene generalization [2] - The race for cloud-vehicle collaborative computing is intensifying, requiring significant upgrades in vehicle chip computing power and achieving millisecond-level data interaction between vehicles and the cloud [2] Market Development - The commercialization process of L3 intelligent driving is accelerating, driven by regional pilot programs and favorable policies, with a focus on reliability and safety [3] - The market for Robotaxi is projected to begin large-scale commercialization around 2026, with significant potential for growth, potentially reaching several hundred billion by 2030 [3] Company Recommendations - Companies with full-stack self-research capabilities recommended include Li Auto (W) [4], XPeng Motors (W) [4], and Xiaomi Group (W) [4] - Companies with self-research and third-party collaborations to watch include BYD [4], Geely [4], Great Wall Motors [4], and Changan Automobile [4]