“AI+”系列报告（汽车篇）：DeepSeek冲击波：AI赋能智能化趋势提速

Investment Rating - The report maintains a "Buy" rating for the automotive industry [2] Core Insights - The introduction of DeepSeek-R1 significantly enhances training efficiency and reduces computational costs while improving model performance, which is expected to accelerate the intelligent transformation of the automotive industry [5][12] - DeepSeek-R1's innovative algorithm architecture allows for a substantial reduction in training costs, making advanced driving technologies more accessible to a broader range of manufacturers [5][30] - The report emphasizes the potential for "intelligent driving equality," where advanced driving features become available across various price segments, particularly benefiting domestic brands [30][35] Summary by Sections Intelligent Driving - DeepSeek-R1's innovative algorithms improve training efficiency and reduce costs, providing a reference for the development of intelligent driving systems [30][39] - The report notes that while DeepSeek-R1 can enhance the capabilities of second-tier manufacturers, the impact on the competitive landscape is limited due to the high safety and stability requirements of intelligent driving systems [39][40] Intelligent Cockpit - The integration of DeepSeek-R1 into intelligent cockpit systems is expected to enhance user experience significantly, with several automakers already adopting the technology [20][30] - The report highlights that the low-cost implementation of intelligent upgrades through DeepSeek-R1 will allow manufacturers to quickly improve user experience and capture market attention [20][30] Investment Recommendations - Recommended stocks include BYD, Seres, Li Auto, and Changan Automobile for complete vehicles, while benefiting stocks include Geely, XPeng, Leap Motor, and Xiaomi Group [5][30] - For components, recommended stocks include Desay SV, Bertel, Coboda, and Suoteng Juchuang, with benefiting stocks including BYD Electronics and Horizon Robotics [5][30]