汽车行业周报：为什么我们一直强调智能汽车的β机会？

Investment Rating - The automotive industry is rated as "Recommended" [3][14][39]. Core Viewpoints - The report emphasizes the significant beta opportunity in smart vehicles, driven by the integration of vehicle, road, and cloud technologies, which is expected to accelerate the application of autonomous driving [3][14]. - The "Vehicle-Road-Cloud Integration" pilot cities have been announced, marking a substantial step in the industrialization of smart connected vehicles, with 20 cities identified for this initiative [7][12]. - The report highlights the upcoming launch of Huawei's ADS 3.0 and Tesla's AI initiatives, which are anticipated to reshape the landscape of autonomous driving technology [3][14]. Summary by Sections Industry Investment Rating - The automotive industry is rated as "Recommended," indicating an expectation of returns exceeding 5% above the CSI 300 index over the next six months [39]. Recent Industry Developments - The Ministry of Industry and Information Technology, along with other departments, has released a list of 20 pilot cities for the "Vehicle-Road-Cloud Integration" initiative, which aims to enhance the infrastructure for smart connected vehicles [7][12]. - The report notes that there are currently 17 national-level testing zones for smart connected vehicles, with over 32,000 kilometers of open testing roads and more than 7,700 testing licenses issued [12][14]. Key Companies and Recommendations - Key companies recommended include: - Huawei and its automotive supply chain: Sairus, Changan Automobile, Xingyu Co., Wencan Co., Bojun Technology, Huguang Co., Huayang Group, and Shansheng Electronics [3]. - New forces and smart vehicles: Desay SV, Coboda, Bertley, Baolong Technology, Li Auto, and Xpeng Motors [3]. - Automotive exports: BYD, Great Wall Motors, Yutong Bus, Daimay Co., Yinlun Co., New Spring Co., Aikedi, and Xusheng Group [3]. Market Performance Overview - The report indicates that the automotive sector has underperformed compared to the broader market, with the automotive index down 2.46% in the past week [15][19]. - The current valuation of the automotive sector is at a low point, with a PE ratio of 18.8, below the median level of 21.9 [21]. Recent Policy and Regulatory Updates - The "Beijing Autonomous Driving Vehicle Regulations (Draft for Comments)" signifies the rapid advancement of autonomous driving technology towards practical application, providing a legal framework for innovation and safety [10][14]. - Various cities are accelerating the construction of "Vehicle-Road-Cloud Integration" infrastructure, with significant investments being made in cities like Beijing and Wuhan [8][9]. Company Announcements - Li Auto announced the launch of its new autonomous driving technology architecture, which includes features like "No Map NOA" and enhanced safety functions [14]. - Tesla has introduced a 5-year interest-free financing policy for its vehicles, aimed at boosting sales in the Chinese market [27].