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Investment Rating - The report maintains an "Outperform" rating for the automotive industry [4][6]. Core Insights - The penetration rate of NOA (Navigation on Autopilot) in urban areas reached 16% in September, with significant advancements in autonomous driving technologies from companies like Xiaopeng and others [1][16]. - The report highlights a continuous increase in the adoption of high-resolution cameras, with 800 million pixel cameras accounting for 46.7% of the market by September 2025, reflecting a year-on-year increase of 28 percentage points [2]. - The market share of lidar technology is also on the rise, with a penetration rate of 12.2% for passenger vehicles by September 2025, up 5.3 percentage points year-on-year [2]. Summary by Sections Industry News - Xiaopeng launched its second-generation VLA, Robotaxi, and the new generation IRON, marking a significant step in the integration of AI in transportation [1][16]. - Other notable developments include the mass production plans for autonomous trucks by Xiaoma Zhixing and the acquisition of a pure unmanned license by WeRide in Switzerland [1]. High-Frequency Core Data Updates - The penetration rate of front-view cameras in passenger vehicles reached 67.8% by September 2025, with a notable increase in the adoption of 800 million pixel cameras [2]. - The share of Nvidia chips in the driving domain increased to 57.6%, reflecting a year-on-year growth of 25.9% [2]. Smart Driving - The penetration rate of passenger vehicles equipped with L2-level or higher functions reached 34.8% by September, with significant growth in both highway and urban NOA functionalities [3]. - The report indicates that the penetration rates for various sensors, including front-view cameras and lidar, have shown consistent growth [3]. Investment Recommendations - The report recommends investing in companies such as Xiaopeng Motors, Leap Motor, and Geely for complete vehicles, while suggesting Xiaoma Zhixing and WeRide for L4 technologies [4]. - For components, it recommends companies like Hesai Technology for data acquisition and Horizon Robotics for data processing [4].

汽车行业周报 ❑ 个股行情回顾 汽车板块个股：本周，汽车板块个股下跌居多。其中，涨幅居前的个股有天 普股份（+14.7%）、路畅科技（+8.1%）和浙江荣泰（+7.6%）；跌幅居前 的个股有富临精工（-20.3%）、新朋股份（-18.1%）和立中集团（-17.2%）。 重点覆盖个股：本周，已覆盖个股周度下跌居多。其中，涨幅居前的个股为 康隆达（+8.3%）、华纬科技（+4.3%）和江淮汽车（+0.8%）；跌幅居前的 个股有道氏技术（-15.5%）、星源卓镁（-14.7%）和神驰机电（-11.7%）。 华为连发"两境"新品牌，特斯拉开放 Robotaxi 服务 中游制造/汽车 ❑ 风险提示：生产不及预期；消费不及预期；盈利不及预期。 11 月 16 日至 11 月 23 日，汽车行业整体下跌 5.1%。11 月 20 日，东风与华为 乾崑深度合作的 DH 项目中文品牌定名"奕境"，首款车型将于明年 4 月的北 京车展发布，后续每年至少有一款全新车型上市。同日，启境品牌将在华为乾 崑生态大会上正式发布，明年启境计划推出两款车型，首款车型将于明年 6 月 上市交付。 证券研究报告|行业定期报告 2025 年 11 ...

Group 1: Xiaomi and Automotive Technology - Xiaomi officially launched the enhanced version of Xiaomi HAD at the Guangzhou Auto Show, which will be pushed to users through OTA updates in the winter [1] - Xiaomi emphasized that driver assistance is still a supplementary feature and cannot replace human drivers, urging users to remain focused while driving [1] Group 2: Competitors' Developments - Huawei announced the launch of its ADS 4 Pro enhanced version, featuring advanced technologies like Limera and CAS 4.0, set to be available in over 20 models by Q1 2026 [1] - Xpeng Motors celebrated the production of its one-millionth vehicle, the X9 Super Range Extender, achieving this milestone in just 14 months [1] Group 3: BYD and Charging Technology - BYD applied for a patent related to a multi-gun charging method and system, enhancing vehicle compatibility with different charging modes without changing the communication harness design [3] Group 4: Mergers and Acquisitions - Zeekr Technology and Geely's merger is expected to be completed by December 29, 2025, with both parties working to meet the merger's prerequisites [3] - Shareholders of Zeekr Technology must select their preferred merger consideration by specific deadlines in December 2025 [4] Group 5: Auto Show Highlights - The 23rd Guangzhou International Auto Show featured new models from various manufacturers, including the U9 Xtreme and U8L from Yangwang, which have achieved significant performance records [5] - GAC Group and Magna announced a collaboration for vehicle assembly to enhance local production of electric vehicles in Europe [5] - GAC Toyota plans to produce over 800,000 vehicles annually by 2026, aiming for a 10% sales growth by 2027 [5] Group 6: New Model Launches - Dongfeng Nissan launched the fuel model of the Tianlai Hongmeng cabin, featuring advanced technology and a starting price of 139,900 yuan [6] - Audi unveiled its E SUV concept at the auto show, with a production model expected next year [6] - VinFast reported delivering 38,195 electric vehicles in Q3 2025, marking a 7% quarter-over-quarter increase and a 74% year-over-year increase [6]