东吴汽车黄细里团队·2025-05-28 13:50Core Viewpoint - The article emphasizes the importance of investing in automotive intelligence, highlighting it as a revolution in transportation, with significant growth expected by 2025, particularly in L3 automation and Robotaxi services [2][11]. Group 1: Automotive Intelligence Revolution - Automotive intelligence is described as a transformative movement in transportation, with three key phases: enhancing vehicle sales through intelligence, enabling software monetization via Robotaxi, and fostering the global rise of domestic brands [2][11]. - The year 2025 is projected as a pivotal point for automotive intelligence, with urban NOA (L3 automation) becoming a top consideration for consumers when purchasing vehicles [2][11]. - The industry is characterized as a survival of the fittest, with future vehicle manufacturers likely to fall into three categories: B-end Robotaxi operators, C-end personalized brands, and high-end vehicle manufacturers [2][11]. Group 2: May Summary and Price War - May 2023 saw the initiation of a price war, with BYD reducing prices for its non-intelligent driving models due to slower inventory turnover and lower-than-expected demand for its intelligent driving versions [3][4][11]. - Significant new vehicle launches included the Li Auto L series, equipped with advanced hardware for next-generation intelligent capabilities, and the Xiaomi Yu7, which features laser radar and urban NOA capabilities [3][4][11]. - The introduction of the Xiaopeng Mona 03 Max marked the beginning of a new era in intelligent driving priced at 150,000 yuan, showcasing human-machine co-driving features [3][4][11]. Group 3: Investment Recommendations for 2025 - The article recommends focusing on intelligent vehicle manufacturers, particularly those listed in Hong Kong, such as Xiaopeng Motors, Li Auto, and Xiaomi, as well as A-share companies like BYD and SAIC [4][11]. - There is a positive outlook on incremental components related to automotive intelligence, including AI chips, domain controllers, and automotive electronics, with specific companies highlighted for investment [4][11]. Group 4: Regulatory Environment and Future Outlook - The regulatory landscape is tightening, with increased scrutiny on L2 intelligent driving regulations and the potential for L3 commercial applications to emerge [5][12]. - The article anticipates that the effectiveness of the price war will be evaluated in June, particularly regarding consumer willingness to pay for intelligent driving features [7][12].