广发证券：看好海外车企智能化0-1 中国智能化链条迎全球化新机遇

Group 1 - The core viewpoint is that the decline in market share of overseas automakers is forcing them to accelerate the smart technology development to enhance product competitiveness [1][4] - In the Chinese market, the market share of domestic brands has increased from 35.5% in 2020 to 64.9% in the first nine months of 2025, indicating a significant shift [1] - Globally, the overseas automakers' market share has also been rising, with Chinese brands' overseas weighted market share increasing from 2.1% in January 2021 to 9.9% in July 2025 [1] Group 2 - The lack of a smart technology supply chain in regions like Europe, Japan, and South Korea presents a global opportunity for China's smart technology supply chain [2] - Companies with global technological competitive advantages and strong customer resources are expected to stand out in the current trend of overseas automakers' smart technology development [2] - The ranking of sectors benefiting from the smart technology development includes integrated hardware and software driving domain control, cockpit electronics, driving chips, laser radar, algorithms, and chassis electronics [2] Group 3 - The smart technology development in China began around 2020 and has progressed over 3-4 years, moving from the introduction phase to the growth phase, fostering a robust supply chain with global competitiveness in chips, algorithms, laser radar, and automotive electronics [3] - The feasibility of China's smart technology path has been validated, and there is a mature supply chain available for selection, leading to increased consumer acceptance [4] - The driving force for stock prices during the initial phase of overseas automakers' smart technology development is expected to be driven by orders and new products [4] Group 4 - Investment recommendations include focusing on companies involved in driving domain control such as Kobot (科博达), cockpit electronics like Tianyouwei (天有为), driving AI chip manufacturers, laser radar firms like Hesai Technology (禾赛科技), and algorithm developers [4]