上海证券：政策、出口、智能化协同共振 机器人重塑行业增长逻辑

Core Insights - The intelligent driving market in China is projected to approach 450 billion yuan by 2025, indicating significant growth potential [1] - The price of intelligent assisted driving solutions has been decreasing since 2025, creating new opportunities for domestic alternatives [1] - The domestic auto parts industry is expected to accelerate its replacement of imports by 2025, aligning more closely with global standards [1] Industry Trends - Cumulative sales of new energy vehicles from January to October 2025 reached 12.91 million units, representing a year-on-year increase of 32.42%, with a penetration rate of 46.70% [1] - New energy vehicle exports grew by 87.57%, outpacing domestic demand growth of 25.71% [1] - The market share of domestic brands in passenger vehicles increased from 38.43% in 2022 to 69.48% in the first ten months of 2025 [1] Export Dynamics - Short-term fluctuations in automobile exports do not alter the long-term trend of international expansion [1] - The slowdown in cumulative export growth in the first ten months of 2025 is attributed to increased export baselines, trade barriers, and global market instability [1] - Domestic automakers are employing various strategies to navigate and mitigate the impact of barriers on international expansion [1]