汽车：比亚迪：从批量爆款到全面智能

Investment Rating - The industry rating is "Buy," indicating an expected increase of over 15% in stock performance relative to the CSI 300 index within the next six months [8]. Core Viewpoints - The report maintains a positive outlook on BYD, highlighting the launch of its advanced intelligent driving assistance system "Tianshen Eye," which has recently enabled the "No Map City Navigation" (CNOA) feature nationwide [10]. - BYD's intelligent driving models have surpassed 4 million units, making it the leader in China with the largest vehicle cloud database [10]. - The report emphasizes BYD's industry-leading capabilities in end-to-end large models and strong iteration abilities, which enhance the vehicle's perception capabilities across various scenarios and conditions [10]. - The "Tianshen Eye" system has introduced innovative parking features, including over 300 parking scenarios, significantly advancing intelligent parking technology [10]. - The report notes significant OTA upgrades for the Yangwang U8 luxury version and the Tengshi N7, enhancing user experience with new functionalities and optimizations [10]. - The Fangcheng Leopard 8 is highlighted as the first SUV globally to feature Huawei's Qian Kun intelligent driving system, offering unique advantages in intelligent driving and safety [10]. Summary by Sections Industry Overview - The report discusses the overall positive sentiment towards the automotive industry, projecting returns above the CSI 300 index by more than 5% over the next six months [11]. Company Analysis - BYD's advancements in intelligent driving technology and its extensive deployment of smart features are key factors driving its competitive edge in the market [10].