汽车行业定期报告：自动驾驶商业化落地加速

Investment Rating - The industry is rated as "Outperform the Market" [3][59]. Core Insights - The commercialization of autonomous driving is accelerating, with significant breakthroughs expected due to advancements in computing power, big data, and large models. The intelligent connected vehicle sector is entering a new development phase [2][7]. - The Ministry of Industry and Information Technology (MIIT) is conducting pilot work for the access and road testing of intelligent connected vehicles, with nine joint pilot groups already established [7][8]. - A series of national mandatory and recommended standards for intelligent connected vehicles will be released from 2024 to 2026, supporting high-level autonomous driving and multi-scenario applications by 2025 [7][8]. - Recent IPO announcements from key players in the autonomous driving sector, such as Horizon Robotics and Pony.ai, indicate growing interest from capital markets [2][7][8]. - The industry is poised for a growth explosion after several years of development and accumulation [8]. Market Performance - From October 14 to 18, the automotive sector increased by 1.2%, outperforming the CSI 300 index by 0.2 percentage points. Year-to-date, the automotive sector has risen by 8.1%, ranking 8th among 31 sectors [3][8]. - The retail sales of passenger vehicles from October 1 to 13 reached 823,000 units, a year-on-year increase of 20%, while new energy passenger vehicle sales grew by 64% [21][22]. - The wholesale sales of passenger vehicles during the same period were 713,000 units, also reflecting a 20% year-on-year increase [21][22]. Key Industry Data - In September, total automotive sales were 2.809 million units, with a month-on-month increase of 14.5% but a year-on-year decrease of 1.7%. Cumulatively, from January to September, sales reached 21.571 million units, a 2.4% year-on-year increase [24][25]. - The inventory level of automotive dealers was at a warning level, with a comprehensive inventory coefficient of 1.29 in September, reflecting an 11.2% month-on-month increase [25]. - Exports in September reached 539,000 units, marking a 21.4% year-on-year increase [25]. Industry News - The 2024 Paris Auto Show featured a strong presence of Chinese automotive brands, showcasing new models and innovations [43]. - The upcoming launch of the Avita 12, a high-end range-extended electric vehicle, is set for the fourth quarter [44]. - Huawei announced plans for its ADS 4.0 system, aiming for commercial use of L3 autonomous driving by 2025 [48].