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【汽车智能化8月投资策略】6月城市NOA渗透率环比+0.3pct,继续看好智能化主线!
东吴汽车黄细里团队·2025-07-28 12:56

Core Viewpoint - The article suggests an "All in" approach to automotive intelligence, highlighting it as a revolution in transportation, with L3 intelligence aiding car sales, L4 Robotaxi enabling software monetization, and domestic brands achieving global prominence [2][7]. Group 1: Automotive Intelligence Overview - Automotive intelligence is characterized as a transformative movement in transportation, with three key phases: L3 intelligence facilitating vehicle sales, L4 Robotaxi enabling software revenue, and the rise of domestic brands on the global stage [2][7]. - The year 2025 is projected as a pivotal point for automotive intelligence, with urban NOA (L3 intelligence core experience) becoming a top consideration for consumers when purchasing vehicles. The penetration rate of L3 intelligence is expected to rise from 10% in 2025 to over 80% by 2027 [2][7]. - The automotive intelligence landscape is described as a competitive elimination process, categorizing future vehicle manufacturers into three types: B-end Robotaxi operators, C-end personalized brands, and high-end vehicle manufacturers. Component suppliers will be divided into modular suppliers and single-category suppliers [2][7]. Group 2: July Intelligence Summary - In July, the focus was on the iteration of the next-generation underlying architecture, with several new models being launched, including Li Auto's i8 and the ADS 4.0 system in the ZunJie S800 [3][8]. - The penetration rate for urban NOA intelligence reached 22.3% in June, showing a month-on-month increase of 0.3 percentage points, indicating a stable level of adoption. Li Auto's overall urban NOA penetration rate was reported at 61.5%, with a significant month-on-month increase of 6.6 percentage points [3][8]. Group 3: Investment Recommendations for 2025 - The article maintains a positive outlook on intelligent vehicles, emphasizing that intelligence is the core, with new vehicle cycles and monthly sales being critical for tracking. The preference for Hong Kong stocks over A-shares is noted, with specific companies highlighted for investment [4][7]. - Key components for intelligent vehicles are identified, including AI chips, domain controllers, steer-by-wire systems, and automotive electronics, with specific companies recommended for each category [4][7]. Group 4: Market Trends and Projections - The article outlines a two-phase consumer willingness to pay for intelligence, with the first phase focusing on hardware sales and the second phase on software monetization, which is expected to be challenging in the domestic market [18]. - The forecast for 2025-2027 emphasizes the goal of achieving a 50%-80% penetration rate for new energy vehicles, with intelligence playing a crucial role in driving sales [18].