Soochow Securities·2025-05-05 14:31Investment Rating - The report does not explicitly provide an investment rating for the automotive industry Core Insights - The 2025 Shanghai Auto Show highlighted robots as the main attraction, with a focus on smart technology and globalization as strategic priorities, while electrification has reached maturity [2] - The competition in the large six-seat SUV segment is intensifying, with many new models launched, but some popular models were absent from the show [3] - The report emphasizes the increasing homogeneity of new electric vehicles, indicating a highly competitive market landscape [5] Summary by Sections Vehicle Launch Summary - Numerous flagship SUV models were showcased, including Zeekr 9X, BYD Dynasty-D, and GAC Trumpchi S9, focusing on comfort, multi-screen intelligence, and advanced driver assistance [3][10] - Key new models include the P7+ from Xiaopeng, which features a 5C supercharging battery and AI chassis, priced between 186,800 to 208,800 yuan [23][25] - The report notes that several significant models, such as Xiaomi YU7 and Li Auto i8, did not appear at the show, limiting new vehicle information [3][10] Intelligent Component Launch Summary - Third-party autonomous driving suppliers are actively launching new solutions, with Huawei announcing the commercialization of L3 scenarios and new technology routes [5][6] - The report highlights the emergence of various players in the domain controller and chassis sectors, with collaborations among major Tier 1 suppliers [6] - The report mentions the introduction of new intelligent driving solutions tailored to different automaker needs, indicating a growing ecosystem of partnerships [6] Company-Specific Highlights - Huawei: Launched the ADS 4.0 system with significant upgrades, including a new architecture and enhanced safety features [20][21] - Xiaopeng: Achieved strong global market performance with a Q1 delivery of 94,000 units, leading among new force brands [23] - Li Auto: Introduced the L6 with significant upgrades in appearance and intelligent driving capabilities [31] - NIO: Emphasized the importance of smart driving chips and operating systems in enhancing user experience and safety [32] - BYD: Showcased new concept cars and advanced technologies, including the cloud-riding system [38][42] - Great Wall: Focused on global expansion and technological advancements in smart driving systems [43][45] - Changan: Committed to advancing electric and intelligent technologies while expanding globally [46][47] - Geely: Integrated battery businesses and launched the Zeekr 9X with advanced intelligent driving features [50][51] - SAIC: Implemented a "Glocal" strategy to enhance its global presence while maintaining local relevance [54][56] - GAC: Introduced the first mass-produced L4 autonomous vehicle, showcasing advanced sensor technology [61][67]