智能汽车产业研究系列（七）：智能汽车：未来汽车最佳赛道

Industry Investment Rating - The report rates the smart car industry as Overweight, indicating a strong positive outlook for the sector [59] Core Viewpoints - The smart car industry is positioned as the best future automotive sector, driven by the integration of new technologies and new products [1] - The market is highly focused on new technologies and new products, which are expected to create significant growth opportunities [3][5] - The industry is undergoing a transformation fueled by technological advancements and product innovations, leading to the creation of new market spaces [3][5] Industry Insights - The market is most concerned with new technologies and new products, which are seen as the primary drivers of growth and innovation [3][5] - New technologies are catalyzing intelligent transformations in the automotive sector, with a focus on enhancing user experience through safety, comfort, and convenience [7][8] - New products are pushing the automotive industry towards a new era, with smart cars becoming more than just vehicles but intelligent mobile spaces [21][23] Technological Advancements - User experience is at the core of new technologies, with advancements in system layers, hardware layers, and data processing capabilities [9] - City NOA (Navigate on Autopilot) is a game-changer, offering consumers a transformative experience in urban commuting scenarios [10] - L3 autonomy marks a critical threshold between assisted driving and intelligent driving, with higher levels of autonomy (L4 and L5) expected to dominate future markets [12][13] - Regulatory support is accelerating the development of high-level autonomous driving solutions, with over 20,000 kilometers of test roads opened nationwide by August 2023 [16] Product Innovations - Smart car products are redefining the automotive landscape, with features like LKA (Lane Keeping Assist), ACC (Adaptive Cruise Control), and AEB (Autonomous Emergency Braking) becoming standard in mid-to-high-end vehicles [22] - The differentiation in product competitiveness is becoming more pronounced, with brands like Tesla, Xiaopeng, and NIO leading the charge in intelligent driving capabilities [25] - New product launches are creating hard barriers for competition, with continuous innovation being essential for survival in the highly competitive market [27] Market Space and Cost Reduction - Cost reduction in both traditional and intelligent components is creating space for the integration of advanced technologies, with prices for components like lidar and domain controllers expected to drop significantly by 2028 [33][36] - The penetration rate of intelligent components is still low (less than 5%), but rapid adoption is expected in the next 2-3 years, making it the only segment with positive marginal growth acceleration [38] - Technological iterations are driving continuous growth, with L2+ and higher-level intelligent components expected to see significant adoption, contributing to both alpha and beta growth [41] Competitive Landscape - Differentiation is key in the competitive landscape, with brands focusing on operational efficiency, technological innovation, and product development to establish hard barriers [27] - Companies like Xiaomi are entering the market with a full-industry-chain approach, investing in areas like autonomous driving, lidar, and smart cabins to compete with established players [48][49] - New product launches from companies like Tesla, Xiaopeng, and NIO are setting new benchmarks in the industry, with features like FSD (Full Self-Driving) and city NOA becoming key differentiators [25][28]