Group 1 - The core focus of the 2025 Munich Auto Show is on intelligent assisted driving, showcasing the rapid evolution of this technology from concept to implementation, and from local to global markets [1] - Chinese companies are presenting mature mass production solutions and advanced technologies, demonstrating breakthroughs and collaborative advantages across the intelligent assisted driving industry chain [2] - Companies like Zhi Yu Technology and FAW-Volkswagen are launching intelligent assisted driving systems in models such as the Sagitar L and Tayron L, achieving A-SPICE CL2 certification, indicating maturity in international market processes and quality systems [2] Group 2 - European traditional automakers are facing transformation challenges, with many falling behind in the electric vehicle market due to slow product launches and technological reserves [3] - Collaboration with Chinese companies is seen as a way to accelerate the implementation of intelligent assisted driving technologies [3] - Chinese enterprises are establishing a presence in Europe, including setting up headquarters or R&D centers, and forming local teams to enhance collaboration with international automakers and suppliers [3] Group 3 - Safety is paramount for the future of intelligent assisted driving, with companies emphasizing the need for mass production verification and process certification to ensure technology reliability [4] - A survey by the German Association for Information Technology, Telecommunications and New Media highlights ongoing concerns regarding safety, accident liability, and data privacy in intelligent assisted driving [4] - Companies are encouraged to regularly disclose metrics such as disengagement rates and incident rates to build trust in their technologies [4] Group 4 - Chinese companies are adapting to overseas markets through collaboration and technological innovation, with companies like Lingzhou Zhihang partnering with Qualcomm to launch intelligent assisted driving products in Europe, the US, Japan, and South Korea by 2026 [5] - The focus on a unified architecture and cross-platform compatibility is seen as crucial for successful overseas deployment in the next three years [5]

Core Viewpoint - The article highlights the rapid advancement of Chinese intelligent assisted driving solutions entering the international market, particularly showcased at the 2025 Munich Auto Show, emphasizing the transition from concept to implementation and from local to global [1]. Group 1: Chinese Solutions Implementation - The Munich Auto Show has evolved into a platform for showcasing software, chips, and mobility solutions, with Chinese companies presenting mature mass production solutions and advanced technologies [2]. - Zhuoyue Technology and FAW-Volkswagen have launched an intelligent assisted driving system, set to be available on models like the Sagitar L and Tayron L, achieving A-SPICE CL2 certification, indicating maturity in international market processes and quality systems [2]. - Qingzhou Zhihang has demonstrated its intelligent assisted driving solutions, which have been widely applied in China, with an automatic emergency braking system false trigger rate lower than the industry average, approaching a million units in mass production [2]. - Horizon Robotics showcased its automotive-grade AI chip, the Journey 6 series, which is being used by Bosch in developing the fourth-generation multifunctional camera, expected to start mass production in 2026 [2]. - Some Chinese automakers are exploring comprehensive self-research paths, with Leap Motor proposing a "full-domain self-research" approach covering electric drive, batteries, cabins, and intelligent assisted driving [2]. Group 2: Accelerated Sino-European Cooperation - European traditional automakers are facing transformation challenges, with product launches and technology reserves lagging, leading to a competitive disadvantage in the electric vehicle market [3]. - Collaboration with Chinese companies is seen as a way to accelerate the implementation of intelligent assisted driving technologies [3]. - Chinese enterprises are increasingly establishing a presence in Europe, including setting up headquarters or R&D centers and forming local teams, such as Horizon Robotics and Qingzhou Zhihang establishing European headquarters in Munich [3]. Group 3: Safety, Compliance, and Innovation - The future of intelligent assisted driving must be built on safety, with companies emphasizing the need for mass production validation and process certification to ensure technology reliability [4]. - A survey by the German Association for Information Technology, Telecommunications, and New Media indicates that safety, accident liability, and data privacy are critical concerns among respondents [4]. - Industry experts suggest that companies need to regularly disclose metrics such as disengagement rates, incident rates, and false trigger rates of automatic emergency braking systems to build trust [4]. Group 4: Market Expansion through Collaboration and Innovation - To expand into overseas markets, Chinese companies are adjusting and adapting through collaboration and technological innovation, with Qingzhou Zhihang announcing a partnership with Qualcomm to launch intelligent assisted driving products in Europe, the US, Japan, and South Korea by 2026 [5]. - The unified architecture and cross-platform adaptability are seen as key to overseas deployment in the next three years [5].

Core Viewpoint - The report from浦银国际 highlights the growing importance of intelligent driving chips in the automotive industry, particularly as the sector transitions into a new phase of development, with a focus on smart assisted driving as a core feature [1] Industry Summary - The intelligent driving chip industry is positioned as a high-value segment within the automotive supply chain, driven by advancements in smart driving technologies [1] - By 2025, Chinese automakers are expected to push for "intelligent driving equality," leading to a decrease in the price range of models equipped with high-speed NOA [1] - Leading new energy vehicle companies are advancing algorithm evolution based on end-to-end architecture, which will promote both volume and price increases for intelligent driving chips [1] Company Summary - The report initiates coverage on Horizon Robotics (09660) and Hezhima (000716), both receiving "Buy" ratings with target prices set at HKD 12 and HKD 21.4 respectively [1] - Local intelligent driving chip suppliers are expected to gain market share due to their cost-effective products and production experience, benefiting from the trend of domestic substitution [1] Market Data - According to Frost & Sullivan, the global automotive-grade SoC market reached RMB 57.9 billion in 2023 and is projected to grow to RMB 205.3 billion by 2028, with a compound annual growth rate (CAGR) of 29% [1] - In China, the automotive-grade SoC market size was RMB 26.7 billion in 2023, expected to increase to RMB 102 billion by 2028, capturing 50% of the global market share [1]

Core Viewpoint - The report from浦银国际 highlights the growing importance of intelligent driving chips in the automotive industry, particularly as the sector transitions into the second half of the new energy vehicle (NEV) development phase [1] Industry Summary - The intelligent driving chip industry is receiving an "overweight" rating, indicating strong growth potential as it becomes a core component of intelligent driving functions in vehicles [1] - The global automotive-grade SoC market is projected to grow from 57.9 billion RMB in 2023 to 205.3 billion RMB by 2028, with a compound annual growth rate (CAGR) of 29% [1] - China's automotive-grade SoC market is expected to increase from 26.7 billion RMB in 2023 to 102 billion RMB by 2028, capturing 50% of the global market share [1] Company Summary - The report initiates coverage on Horizon Robotics (09660) and Black Sesame Technologies (02533), both receiving "buy" ratings with target prices set at 12 HKD and 21.4 HKD respectively [1] - Domestic intelligent driving chip suppliers are anticipated to expand their market share rapidly, benefiting from competitive pricing and production experience, alongside the trend of domestic substitution [1] - The report emphasizes that both independent Chinese automakers and leading NEV companies are driving advancements in intelligent driving technology, which will enhance the demand for intelligent driving chips [1]

Core Viewpoint - The report from浦银国际 indicates that as the electric vehicle (EV) industry enters its second phase, intelligent assisted driving has become a core function of automotive intelligence, with smart driving chips emerging as a key component in the value chain [1] Industry Summary - The development of intelligent driving chips is expected to see a rise in both volume and price by 2025, driven by domestic automakers pushing for equal access to intelligent driving features and leading EV companies advancing algorithm evolution [1] - Local smart driving chip suppliers are gaining prominence, leveraging cost-effective chip products and production experience to expand their customer base, benefiting from the trend of domestic substitution [1] Company Summary - The report initiates coverage of the smart driving chip industry with an "overweight" rating and also covers companies Horizon Robotics and Black Sesame Technologies, assigning "buy" ratings with target prices of HKD 12 and HKD 21.4 respectively [1]

Investment Rating - The report gives an "Overweight" rating for the intelligent driving chip industry and a "Buy" rating for Horizon Robotics-W (9660.HK) and Black Sesame Intelligence (2533.HK) [3][7][9]. Core Insights - The intelligent driving chip market is expected to expand significantly, with the global ADAS SoC market projected to reach RMB 92.5 billion by 2028 [7]. - The penetration rate of ADAS functions in China's new energy passenger vehicles reached 82.6% in the first half of 2025, indicating a strong demand for intelligent driving capabilities [8][55]. - Domestic intelligent driving chip suppliers are gaining market share due to their cost-effective products and production experience, benefiting from the trend of domestic substitution [9]. Summary by Sections Industry Background - The automotive electronic architecture is evolving, with SoC becoming the mainstream choice for control chips in intelligent electric vehicles [13][14]. - The intelligent driving chip is a core component for achieving advanced driver-assistance systems (ADAS) and autonomous driving functions [19]. Current Industry Status - The intelligent driving process is still in its early stages, with high-level ADAS function penetration remaining low [39]. - The global electric vehicle market is expected to exceed 20 million units in 2025, with a penetration rate of over 25% [39]. Development Trends - The intelligent driving chip market is rapidly expanding, driven by the increasing complexity of software and hardware requirements for ADAS functions [7][19]. - The market for automotive-grade SoC is projected to grow from RMB 57.9 billion in 2023 to RMB 205.3 billion by 2028, with a compound annual growth rate of 29% [19]. Competitive Landscape - Domestic manufacturers are expected to capture a larger market share as they improve their production capabilities and experience [9]. - The competition in the intelligent driving chip market is intensifying, with various players entering the field [9]. Investment Value - The report is optimistic about the upgrade of ADAS capabilities and the domestic substitution trend, indicating potential long-term growth in the robotics sector [9][10]. - The intelligent driving chip market is expected to see a simultaneous increase in both volume and price due to advancements in algorithms and hardware requirements [9]. Company Coverage - Horizon Robotics-W (9660.HK) is positioned as a leading player in the domestic intelligent driving chip market, with a target price of HKD 12.0, representing a potential upside of 22% [11]. - Black Sesame Intelligence (2533.HK) is also highlighted as a key player, with a target price of HKD 21.4, indicating a potential upside of 16% [11].

Group 1 - The 2025 IAA Mobility exhibition in Munich showcased AiChip's first demonstration of its advanced driver assistance solution developed in collaboration with STRADVISION, featuring a front-view perception integration based on AiChip's M57 [1] - The solution supports various functions such as static object detection, vehicle/pedestrian detection, lane/road boundary detection, traffic sign/light recognition, and free space detection, enabling L2 level ADAS functionalities like AEB, ACC, and LCC [1] - The solution is optimized for ultra-low power consumption, making it highly competitive in the global driver assistance market, and is fully compliant with the upcoming AEB regulations in China [1] Group 2 - AiChip's important perception partner, Nulmax, also showcased its perception solution at the exhibition, which is focused on intelligent driving applications and has been validated across multiple vehicle models [2] - Nulmax's forward perception algorithm, based on M57 and its self-developed BEV-Transformer platform, features long perception distances and over 20 frames per second, enhancing 3D object detection and lane line recognition accuracy [2] - AiChip aims to expand its market beyond domestic boundaries, providing intelligent computing solutions for both domestic and international automotive manufacturers [2]

Core Insights - The 2025 IAA MOBILITY in Munich showcased Horizon Robotics' latest global collaborations, particularly with Bosch, marking significant progress in their partnership [1] - Bosch's upgraded driving assistance system, based on Horizon's Journey 6 series, has achieved project designations from multiple major automakers, indicating a shift to large-scale production [3] Group 1: Partnership Developments - Horizon and Bosch's collaboration has led to the development of an upgraded driving assistance system with computing power reaching 80TOPS or 128TOPS, successfully securing project designations from five automakers for over ten vehicle models [3] - The fourth-generation multifunction camera developed by Bosch, based on Horizon's Journey 6B, has also received multiple project designations and is expected to begin deliveries in June 2026 [3] Group 2: Market Position and Achievements - Horizon's Journey family of chips has surpassed 10 million units in production, making it the first domestic autonomous driving technology company to achieve this milestone [4] - The company supports partners like Bosch in efficiently completing the entire process from chip adaptation to system integration, facilitating rapid large-scale production and delivery of advanced driving technologies [4] Group 3: Strategic Vision - Horizon aims to continue its open collaboration strategy to promote the large-scale implementation of intelligent driving technology globally, emphasizing its commitment to creating safer, smarter, and more comfortable travel experiences for users [5]

Core Insights - The 2025 Qilu Autumn Auto Show serves as an important window to observe the Chinese automotive market, showcasing significant advancements in luxury attributes, intelligence levels, and core technology configurations of domestic brands [1][5] - Domestic brands, such as Hongqi and BYD, are proving their capabilities in both luxury and performance segments, marking a shift from following foreign brands to leading in high-end markets [2][3] Group 1: Domestic Brand Highlights - Hongqi's L5 model attracted significant attention, showcasing a blend of traditional Chinese aesthetics and modern technology, emphasizing its high-end positioning as a symbol of domestic luxury [1][2] - BYD's Yangwang U9 demonstrated key breakthroughs in the supercar segment with advanced features like independent four-motor drive technology, highlighting the brand's performance capabilities [2][3] Group 2: Exhibition Scale and Brand Strategy - The exhibition layout revealed a strong presence of domestic brands, with BYD occupying over 3,000 square meters, showcasing its five sub-brands and innovative outdoor experience areas [3] - Chery and Changan also demonstrated significant exhibition areas, emphasizing their technological advancements and brand integration strategies [3] Group 3: Intelligent Features - The integration of intelligent driving features has become a standard across various price segments, with brands like Chery and Geely offering advanced driver assistance systems in their mainstream models [4] - The trend of localizing intelligent driving technologies is evident, with joint venture brands like GAC Toyota introducing advanced systems at competitive price points [4]

Core Insights - The 2025 Qilu Autumn Auto Show was held from September 4 to 8 at the Shandong International Convention and Exhibition Center, featuring various awards including the Annual Glory Brand Award and Best Partner Award [1] Group 1: Event Highlights - The Qilu Auto Show recognized the Lynk & Co 900 as the Most Attention-Grabbing Model Award [2] - Lynk & Co 900 is positioned as a "smart and versatile flagship six-seat SUV" targeting the 300,000 to 400,000 RMB market, emphasizing "space, intelligence, performance, and safety" [4] - The vehicle has received strong market response since its launch in April, with over 30,000 units delivered [4] Group 2: Technological Features - Lynk & Co 900 is built on the SPA Evo architecture, incorporating 864 cutting-edge technologies for enhanced safety, space, performance, and intelligence [4] - The vehicle features the LYNK Flyme Auto intelligent cockpit system powered by Qualcomm Snapdragon 8295 chips, establishing a leading computational capability in the industry [4] - It includes a comprehensive intelligent safety assistance system with features like city NOA and highway NOA, supported by advanced sensors and NVIDIA DRIVE AGX chips [4] Group 3: Brand Engagement - Lynk & Co's exhibition space at the auto show was 600 square meters, designed to resonate with younger consumers and strengthen emotional connections with the brand [5]