智驾月报：补贴政策见效，网联化推进

Group 1: Market Performance - In September, the retail sales of narrow-sense passenger cars reached 2.109 million units, a year-on-year increase of 4.5% and a month-on-month increase of 10.6%[2] - The cumulative retail sales for the year reached 15.574 million units, reflecting a year-on-year growth of 2.2%[2] - The penetration rate of new energy vehicles (NEVs) in September was 53.3%, marking a significant increase of 16.8 percentage points compared to September 2023[8] Group 2: Policy Impact - The government allocated 150 billion yuan in long-term special bonds to support the "old-for-new" vehicle replacement policy, which has positively impacted the market[2] - The subsidy for purchasing new energy passenger vehicles is 20,000 yuan, while for 2.0L and below fuel vehicles, it is 15,000 yuan[2] Group 3: Industry Developments - Tesla announced the launch of Cybercab, with plans for mass production by 2027, and will initially roll out unsupervised Full Self-Driving (FSD) technology in Texas and California next year[15] - Horizon Robotics plans to go public on October 24, 2024, with a pre-IPO valuation of 6 billion USD and aims to raise up to 800 million USD[19] Group 4: Investment Recommendations - Companies such as Ruiming Technology, Huace Navigation, Desay SV, and others are recommended for their leading positions in automotive intelligence and software capabilities[19] Group 5: Risks - Risks include slower-than-expected penetration rates of automotive intelligence, insufficient policy support, shortages of chips and raw materials, and macroeconomic uncertainties[20][21]