Guoxin Securities·2025-09-28 14:25Investment Rating - The report maintains an "Outperform" rating for the automotive industry [4][5][6]. Core Insights - The automotive industry is experiencing significant advancements in smart driving technologies, with a notable increase in the penetration rates of L2 and above functionalities in passenger vehicles, reaching 30.4% as of July 2025, up 15 percentage points year-on-year [3]. - The report highlights the strategic partnerships and market entries of key players, such as Horizon's collaboration with Hello to accelerate Robotaxi commercialization and Hesai Technology's listing on the Hong Kong Stock Exchange [1][4]. - The report emphasizes the growing importance of high-resolution cameras and advanced driving chips, with 800 million pixel cameras expected to reach a penetration rate of 66.7% by July 2025, and NVIDIA's driving chip market share increasing to 57.5% [2][3]. Summary by Sections Industry News - The Ministry of Industry and Information Technology plans to introduce mandatory national standards to set safety thresholds for autonomous driving technologies [1]. - Key developments include Xiaopeng Motors entering five European markets with new models and the successful road testing of Robotaxis in Dubai and Singapore [1][15][16]. High-Frequency Core Data Updates - By July 2025, the penetration rate of 800 million pixel front-view cameras in passenger vehicles is projected to be 66.7%, with a year-on-year increase of 6 percentage points [2]. - The market share of LiDAR in passenger vehicles is expected to rise to 10.7%, reflecting a year-on-year increase of 3.3 percentage points [2]. Smart Driving - The penetration rate of L2 and above smart driving functionalities in passenger vehicles has increased by 15 percentage points year-on-year, reaching 30.4% as of July 2025 [3]. - The report notes that the penetration rates for various sensors, including front-view cameras and LiDAR, have shown consistent growth [3]. Investment Recommendations - The report recommends investing in companies such as Xiaopeng Motors, Leap Motor, and Geely for complete vehicles, and companies like Hesai Technology and Horizon Robotics for components [4][5].