汽车零部件 汽车智能驾驶专题（一） 领先大市-A(维持) 汽车零部件板块近一年市场表现 资料来源：最闻 相关报告： （一） 2025.7.25 新】eCall 专题报告 2025.6.11 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 邮箱：jiaguochen@sxzq.com 智驾已是"必答题"，低阶配置平权与高阶功能落地共振 2025 年 10 月 21 日 行业研究/行业深度分析 投资要点： 近年来，智能已经是各家汽车企业的"必答题"，无论新能源、燃油车 智能功能渗透率正在快速提升。特别是智驾平权趋势下，行业有望迎来加速 增长。全球智能汽车销量快速增长，中国市场一马当先，2023 年中国智能汽 车渗透率达到 57.1%，预计到 2030 年提升至 99.7%，市场规模超万亿。L2 级智能驾驶解决方案已成为市场主流，2023 年装配量同比增长 37%，未来 L3 及以上高阶智驾渗透率将显著提升，中国市场增速跑超全球市场。2025 年 Q1，比亚迪发布"天神之眼"、吉利发布"千里浩瀚"等智驾方案，全 面推动智驾功能向 10 万及以下级别车型配置，行业有望 ...

Group 1: AI Trading Competition - A trading competition was launched by the AI research lab nof1.ai, featuring six top AI models each trading with $10,000 in real cryptocurrency, ensuring a fair environment with identical prompts and market conditions [1] - The six AI models participating are GPT-5, Claude Sonnet 4.5, DeepSeek Chat V3.1, Gemini 2.5 Pro, Grok 4, and Qwen3 Max, showcasing their trading capabilities [1] - As of the latest update, DeepSeek is leading the competition with a total portfolio value close to $14,000 and a return of approximately 40%, having peaked at nearly $15,000 [4] Group 2: Semiconductor Industry - The Netherlands is seeking to resolve the deadlock surrounding ASML Semiconductor, which has implications for China-Netherlands economic relations and the global automotive chip supply chain [5] - The Dutch Minister of Economic Affairs indicated that the intervention in ASML's affairs was aimed at preventing the transfer of business and intellectual property out of Europe, emphasizing the need for cooperation with China [5] - The deadlock originated from the U.S. "penetration rules" announced on September 29, leading to direct Dutch government intervention in ASML's internal matters [5] Group 3: AI Developments by Alibaba - Alibaba's Quark is secretly advancing a project known as "C Plan," which focuses on conversational AI applications, with expectations for a new product launch soon [6] - The project has been in development for a significant period and is anticipated to require long-term investment and technological breakthroughs [6] - Speculations about the name "C Plan" suggest it may relate to "Chat" or be a competitive move against ByteDance's Doubao [6] Group 4: Financial Performance of Companies - iFlytek reported a net profit of 172 million yuan for the third quarter, marking a year-on-year increase of 202.4%, with total revenue of 6.078 billion yuan, up 10.02% [9] - Apple achieved a historic market capitalization of $3.89 trillion, making it the second-largest company in the U.S. by market value, following Nvidia [8] Group 5: Innovations in Medical Technology - Science Corporation, founded by the former president of Neuralink, has developed a retinal microchip implant that restores vision for blind patients, allowing them to read and engage in activities like crossword puzzles [10] - The implant works by bypassing damaged photoreceptors in the retina, utilizing signals from a camera mounted on glasses to stimulate the retina [10]

Core Insights - The "China Chip" automotive chip supply and demand matching conference was successfully held in Beijing, attracting representatives from various sectors including vehicle manufacturers, private enterprises, chip companies, and industry organizations [2] - The conference was organized by the China Automotive Chip Industry Innovation Strategic Alliance, with support from Shanghai International Automotive City Group and Shanghai Intelligent Automotive Software Park, aiming to promote collaborative development in the automotive chip industry [2] - The event highlighted significant achievements in China's automotive industry, particularly in electrification and intelligent networking, showcasing strong competitiveness both domestically and internationally [2] Industry Developments - The China Automotive Chip Industry Innovation Strategic Alliance Secretary General provided insights into the progress and practices in building the automotive chip industry ecosystem, noting the continuous expansion of the industry scale with thousands of companies entering the field [3] - Key challenges identified include insufficient high added value, reliance on core technologies from abroad, and severe product homogeneity [3] - Future work priorities include addressing common industry issues, focusing on breakthroughs in new technologies such as open-source architecture and advanced packaging, and promoting collaborative innovation among upstream and downstream enterprises [3] Platform and Collaboration - The conference featured the launch of the 4.0 version of the automotive chip online supply and demand matching platform, which has been iteratively developed since its initial launch in February 2022, now including information on 100 products from the 2025 China Automotive Semiconductor Motivation Handbook [3] - The platform enhances user experience by allowing easy registration, bulk parameter uploads for product comparison, and demand information publication, significantly facilitating communication and cooperation between supply and demand sides [3] - Various thematic forums and exhibition areas were set up during the conference for in-depth discussions on technological innovation, market applications, and standard formulation related to automotive chips [4] Conclusion - The conference fostered consensus among participants and clarified development directions, injecting new momentum into the high-quality development of the automotive chip industry [5] - The successful hosting of the China Automotive Chip Industry Innovation Development Conference not only showcased the latest achievements and development potential of the industry but also provided an important platform for communication and collaboration among industry stakeholders [5]

Core Viewpoint - The automotive chip market is experiencing a significant downturn, with prices continuing to be inverted and many businesses moving away from this sector due to reduced demand and excess inventory [3][10]. Group 1: Current Market Conditions - Automotive chip prices remain inverted, leading to a decline in business activity, with many companies reporting minimal engagement in this market [5][9]. - The market has seen a drastic drop in prices for various automotive chips, with examples showing reductions from hundreds or thousands of yuan to single-digit prices [6][8]. - The current market is characterized by an oversupply of automotive chips, resulting in a buyer's market where prices are being pressured downwards [9]. Group 2: Performance of Major Manufacturers - Major automotive chip manufacturers are facing challenges with declining demand and excess inventory, leading to slowed revenue growth and even declines in some cases [12][13]. - Financial reports from leading manufacturers indicate that while some regions show stability, overall market visibility remains low, and caution is advised for the remainder of the year [14][15]. - Despite some signs of recovery, the automotive chip market is still in a downward cycle, with expectations for gradual improvement in 2025 [16]. Group 3: Future Outlook - The automotive chip market is gradually stabilizing, with some signs of reduced inventory and less intense price inversion, although the market remains cautious [18][19]. - The shift from a previously booming market to a more rational and stable environment indicates a return to normalcy in the supply chain, with less emphasis on speculative trading [18]. - Ongoing developments in the industry, such as recent events involving major companies, may still impact the stability of the automotive chip market [19].

Core Viewpoint - The automotive semiconductor market is projected to grow from $68 billion in 2024 to $132 billion by 2030, with a compound annual growth rate (CAGR) of 10%, significantly outpacing the automotive market's growth rate of 2% during the same period [2][6]. Group 1: Market Dynamics - The top five companies control half of the automotive semiconductor market, with Infineon expected to exceed $8 billion in automotive revenue in 2024, followed by NXP and STMicroelectronics [2]. - U.S. companies dominate advanced computing, analog, and storage sectors, holding a 36% market share [2]. - Chinese suppliers are rapidly advancing in cockpit, ADAS, and power SiC sectors, supported by national policies [2]. Group 2: Industry Trends - Original Equipment Manufacturers (OEMs) like Tesla, BYD, and NIO are vertically integrating, disrupting traditional supply chains [2][6]. - TSMC and Samsung maintain control over automotive nodes below 16nm and will fully allocate capacity by 2027 [2]. - The shift towards software-defined electronic platforms in vehicles is accelerating, as evidenced by the disparity in growth rates between the automotive and automotive chip markets [2]. Group 3: Competitive Landscape - The global competitive landscape is shifting, with U.S. and European firms leveraging scale, intellectual property depth, and established OEM relationships to maintain leadership [6]. - Chinese companies are actively building capabilities to ensure a self-sufficient semiconductor ecosystem, driven by national support [6]. - Challenges such as geopolitical risks, AI-driven computing demands, and the transition to centralized vehicle platform architectures will test supply chain resilience [6].

Core Insights - The automotive chip is considered the "heart" of the intelligent connected new energy vehicle industry, and its localization process is crucial for the security of the supply chain [2][3] - The event held on September 22 aimed to promote collaborative innovation in automotive chips and build an ecosystem for the industry, attracting nearly 200 representatives from various sectors [2][3] Industry Overview - The shift towards electrification and intelligence in vehicles has significantly increased the number of chips used in smart connected new energy vehicles, making chips a new core of the industry [3] - The localization rate of automotive chips in China has risen from less than 3% five years ago to over 20% currently [3] Regional Development - Anhui Province has become a leader in automotive and new energy vehicle production, with outputs of 2.06 million and 1.02 million vehicles respectively from January to August this year [3] - The province aims to accelerate the construction of a "strong intelligent vehicle province" by incorporating smart automotive chip technology into its automotive industry planning [3] Event Highlights - The event facilitated over a hundred negotiations and established several cooperation intentions among automotive chip companies, Tier 1 suppliers, and financial institutions [2][14] - The collaborative model emphasized the role of Jianghuai Automobile Group in leading the supply chain and connecting nearly 40 quality chip companies for precise negotiations [5][10] Technological Trends - The automotive chip industry in China is entering a rapid development phase, with a focus on collaborative innovation to enhance the quality of the automotive industry [5][15] - Future trends in automotive chips include the rise of RISC-V architecture and a shift towards integrated development between chip design and vehicle development [15][17] Strategic Initiatives - The Anhui Provincial Automotive Innovation Center is tasked with matching supply and demand for chips, accelerating the application of cutting-edge technologies, and addressing common challenges in the industry [14][17] - The center aims to build a deep integration mechanism among government, industry, academia, finance, and services to strengthen the automotive chip ecosystem in Anhui [17]

Group 1 - Horizon is set to release a new integrated cockpit and driving chip in 2026, which is expected to be the most complex chip designed by the company to date [3] - The new chip development is led by Horizon's VP and Chief Architect Su Qing, focusing on defining computing power based on software algorithm requirements, which is becoming a mainstream development model in the autonomous driving chip sector [3][4] - The integrated cockpit and driving chip aims to reduce data transmission latency and simplify vehicle hardware design, offering a cost advantage over separate chips for mid-to-low-end autonomous driving and cockpit systems [5] Group 2 - Qualcomm is a major player in the integrated chip market, with its Snapdragon 8775 chip offering AI computing power of 72 Tops, and an upgraded version, the SA8797, providing 320 Tops, which is set to be used by companies like Li Auto and Leap Motor [4][5] - Horizon's lower-tier chips (J2/J3) still account for a significant portion of its shipments, with an expected shipment volume of around 4 million units in 2025, split evenly between low-tier and mid-to-high-tier solutions [5][6] - BYD is actively integrating its cockpit and driving teams to develop its own integrated chip products, with plans to launch a One-Board solution that combines cockpit and driving functions on a single PCB [6][7] Group 3 - BYD's "Heavenly Eye" driving assistance system is categorized into three platforms based on computing power and configuration, with plans to mass-produce the B platform by 2025, potentially offering advanced driving features at lower price points [7][8] - BYD aims to maintain its scale through smart technology, planning to introduce high-level driving assistance features at competitive prices as it faces increasing competition in the electric vehicle market [8]

Group 1: Market Trends and Performance - China's exports grew by 6.9% in the first eight months of the year, with August's export growth reaching 4.8%, driven by non-U.S. exports and private enterprises [1] - The global economic pressure is expected to lead to a gradual decline in export growth in the fourth quarter, with a focus on the impact of external demand on production [2] - Despite challenges, Chinese electronic consumer goods maintain strong competitiveness, with approximately 764 Chinese companies participating in the 2025 IFA, accounting for nearly 40% of exhibitors [2][3] Group 2: Brand Strategy and Innovation - Chinese brands are increasingly integrating AI technology and showcasing craftsmanship and technological innovation, enhancing their competitiveness in high-end markets [3] - The shift from product export to brand export is evident, with companies leveraging long-term R&D and industry cluster advantages to expand globally [3] - Chinese brands are transitioning from relying solely on supply chain advantages to establishing brand value and recognition in overseas markets [7] Group 3: Diversification and Market Expansion - Chinese brands have initiated diversification strategies in response to increased tariffs from the U.S., with exports to the EU and Japan growing by 10.4% and 6.7% respectively in August [4] - The trade transfer effect is strengthening, allowing for continued growth in non-U.S. exports, which is crucial for mitigating external economic fluctuations [5] - Companies are now more confident in exploring multiple markets simultaneously, moving away from a single-market focus [6] Group 4: Consumer Behavior and Brand Perception - There is a noticeable shift in consumer behavior towards more rational purchasing decisions, with many planning to complete their holiday shopping earlier [2] - Chinese brands are increasingly recognized for their value and ideology, which is essential for gaining trust and acceptance in overseas markets [7][8] - The perception of Chinese fast-moving consumer goods and cultural brands still lags behind international brands, indicating a need for greater efforts in brand recognition and cultural understanding [8]

"付了现炒，没拿到现炒"被吵上了热搜。 罗永浩和西贝，一个是炒话题的网红明星，一个是炒菜的网红店，因为怎么才是好的"炒作"争得不可开 交。为啥？ 西贝那句"闭着眼睛点，道道都好吃"，搭配明厨亮灶、儿童友好的宣传，让消费者默认吃的是现炒菜； 结果罗永浩一扒，不少菜是预制菜；媒体报道称，有的菜年龄来就餐的孩子还大——这不是钱的事，是 预期被违背，愤怒由此而生。 乍看之下，这些车都符合国家标准，就像预制菜也能通过卫生评级，但"符合标准"和"消费者想要的安 心"，从来不是一回事。 小米SU7把消费级骁龙8Gen3塞进智能座舱，靠着手机芯片的成熟生态把成本压到极致，可这颗芯片在 极特殊环境下能否经受住考验？更早之前，特斯拉干过类似的事儿，也因此引发过车辆召回。 也难怪一汽奥迪的高管会当着所有媒体的面不客气地说，"绝不拿消费者当小白鼠"，坚持全系标配车规 级，即便是每辆车要多花一些硬件成本。 当汽车芯片行业高歌猛进，背后的泡沫、选择的两难、未来的方向都藏在细节里——如何瞅准哪家能 赢，如何穿透数据水分看清真相，需要的是"不被热闹带偏"的清醒：毕竟不是所有海量出货都算真业 绩，也不是所有国产芯片都能扛住替代大旗。 汽车芯片 ...

ESG Policies - The Shanghai and Shenzhen Stock Exchanges are soliciting opinions on the revised "Guidelines for the Preparation of Sustainable Development Reports" to enhance environmental responsibility among listed companies, focusing on pollution emissions, energy utilization, and water resource management [1] - The introduction of these guidelines aims to improve ESG disclosure quality and promote a low-carbon sustainable market ecosystem [1] Industrial Green Transformation - The Ministry of Ecology and Environment, along with other departments, has released the "Nitrous Oxide Emission Control Action Plan," aiming for improved emission control policies and technology innovation by 2030 [2] - This plan marks a shift towards detailed management of greenhouse gases in the industrial sector, emphasizing nitrous oxide, which is often overlooked [2] Investment Cooperation - The Shanghai Cooperation Organization's recent summit resulted in a declaration to enhance investment cooperation in sustainable development among member states [3] - This declaration aims to transition sustainable development from a conceptual framework to practical investment collaboration, facilitating projects in clean energy and ecological infrastructure [3] Carbon Trading Innovations - Yunfeng Financial and the Macau International Carbon Exchange have launched the "Carbon Trading Blockchain" initiative, which aims to enhance the transparency and credibility of carbon credit asset transactions [4] - This initiative is expected to drive significant changes in the green finance sector by leveraging blockchain technology [4] Renewable Energy Projects - The first cross-border renewable energy project in Asia, the 600 MW wind power project in Laos, has successfully connected to the grid and entered commercial operation [5] - This project supports Laos' energy structure optimization and demonstrates China's capability in international green infrastructure development [5] Automotive Industry Developments - The Chongqing Intelligent Connected New Energy Vehicle Chip Industry Alliance has been established, comprising 66 member organizations, including major automotive and technology companies [6] - This alliance aims to address the challenges in automotive chip supply and enhance the application of domestic chips in the new energy vehicle sector [6] ESG Ratings Improvement - China Ping An has received upgraded ESG ratings, achieving an A rating from Hang Seng Index and the highest AAA rating from WindESG, reflecting its strong performance in sustainable development [7] - These ratings indicate a growing recognition of China Ping An's governance, social responsibility, and environmental risk management practices [7]