汽车及汽车零部件行业研究：智能驾驶专题（一）-端到端智驾加速整车出清，全栈自研有望突围

Investment Rating - The report indicates a positive investment outlook for the high-level intelligent driving industry, particularly focusing on the acceleration of urban NOA penetration and the transition from "usable" to "user-friendly" by 2025 [3]. Core Insights - The core competitive elements of high-level intelligent driving are shifting from algorithms to data and computing power, with urban NOA expected to fully roll out in 2024, marking the beginning of an accelerated expansion phase [1][3]. - High-level intelligent driving is anticipated to facilitate the clearing of the 200,000 to 400,000 RMB vehicle market segment, where consumer acceptance of new technologies is strongest [1][3]. - The competitive strength of automakers is deemed superior to third-party suppliers, with a focus on five key elements: data, computing power, talent, funding, and internal collaboration [2][3]. Summary by Sections Section 1: High-Level Intelligent Driving as Core Competitiveness - The large-scale implementation of high-level intelligent driving requires a combination of technology, policy, and cost factors [12]. - The transition to end-to-end systems emphasizes data and computing power as the new competitive focus, moving away from traditional algorithm-centric approaches [1][12]. Section 2: Market Dynamics in the 200,000 to 400,000 RMB Segment - The competitive landscape in the mid-range vehicle market is chaotic, with a clear "smile curve" indicating better conditions at both ends of the price spectrum [45]. - The report predicts that the market will see a significant clearing process, particularly in the 200,000 to 400,000 RMB segment, where no single company has yet established a dominant competitive advantage [1][45]. Section 3: Automaker Competitiveness vs. Third-Party Suppliers - Automakers are positioned to outperform third-party suppliers due to their comprehensive capabilities in data and computing power [2][3]. - Companies like Huawei and Li Auto are highlighted as key players with strong competitive advantages in the high-level intelligent driving space [2][3]. Section 4: Investment Recommendations - The report recommends focusing on companies like Huawei and Li Auto, which are well-positioned to maintain leadership in the intelligent driving sector due to their data accumulation and technological advancements [3].