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].

Core Conclusions - The report advocates for a strong investment in automotive intelligence, highlighting that automotive intelligence represents a revolution in transportation. The three key aspects are: L3 intelligence aiding car manufacturers in sales, Robotaxi enabling software monetization for manufacturers, and the rise of domestic brands on a global scale [2][4]. - The year 2025 is projected to be a pivotal year for automotive intelligence, with urban NOA (the core experience of L3 intelligence) becoming a top consideration for consumers when purchasing vehicles. The report anticipates a significant increase in L3 intelligence penetration rates from 10% in 2025 to over 80% by 2027 [2][4]. - The automotive intelligence sector is characterized by a competitive elimination model, where companies will be categorized 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][4]. Market Overview - In June, the urban NOA penetration rate reached 22.3%, a month-on-month increase of 0.3 percentage points, indicating a stable level of adoption. The overall urban NOA penetration rate for the Li Auto 2025 model reached 61.5%, with a month-on-month increase of 6.6 percentage points, marking a significant growth trend [3][19]. - The report notes that the new generation of underlying architectures is being gradually implemented, with several key models launching with advanced driving architectures and AI capabilities [3][4]. Investment Recommendations - The report continues to favor investments in intelligent vehicles, emphasizing that intelligence is the core of the new vehicle cycle, with monthly sales tracking being crucial. The report suggests focusing on Hong Kong-listed companies such as Xpeng Motors, Li Auto, and Xiaomi Group, as well as A-share companies like BYD and SAIC Motor [2][4]. - There is a positive outlook for intelligent incremental components, including AI chips, domain controllers, and automotive electronics, with specific companies highlighted for their potential in these areas [2][4]. Consumer Willingness - The report explores whether consumers are willing to pay for intelligent features, indicating a growing acceptance and demand for advanced driving capabilities among consumers, as evidenced by the increasing penetration rates of urban NOA across various brands [9][19]. Supply Chain Tracking - The report provides a detailed analysis of the automotive intelligence supply chain, categorizing key hardware and software companies involved in the development of intelligent vehicles, including perception, decision-making, and execution components [6][8].

Group 1 - The development of urban NOA (Navigation on Autopilot) is expected to reach a penetration rate of 15%, while highway NOA is projected to exceed 60% [4][5] - The vehicle camera market is experiencing simultaneous growth in both quantity and price, with accelerated domestic substitution [5][6] - Domestic manufacturers are emerging and restructuring the market landscape due to intensified competition within the industry [6] Group 2 - High temperatures are driving a new peak in electricity load, enhancing the value of flexible resources like thermal power [9] - The second quarter performance of thermal and hydropower sectors is anticipated to exceed expectations [10] - The energy structure transformation, coupled with deepening electricity reforms, is presenting clear opportunities for transition [11]

Core Viewpoint - The article emphasizes the importance of automotive intelligence as a revolutionary shift in transportation, predicting that 2025 will be a pivotal year for the industry, with significant increases in L3 automation penetration rates and a competitive landscape that favors strong players [2][4]. Group 1: Automotive Intelligence Revolution - Automotive intelligence is described as a transportation revolution, with three key components: L3 automation aiding car sales, L4 Robotaxi enabling software monetization, and the global rise of domestic brands [2][4]. - The penetration rate of L3 automation is projected to increase from 10% in 2025 to over 80% by 2027, driven by consumer demand and new vehicle cycles [2][4]. Group 2: June Summary of Intelligence - In June, the penetration rate of urban NOA (L3 automation) reached 22.0%, marking the first time it surpassed 20% [3][9]. - The overall urban NOA penetration rate for the Li Auto 2025 model reached 54.9%, a month-on-month increase of 10.6 percentage points, indicating a significant shift in consumer demand [3][9]. Group 3: Key New Models - The Xiaopeng G7 Ultra was launched with the industry's first L3-level computing platform, featuring three Turing AI chips with an effective computing power of over 2200 TOPS [3][9]. - The Xiaomi YU7 model includes the NVIDIA AGX Thor chip, enhancing its performance with a threefold increase in clip count compared to the previous version [3][9]. Group 4: Investment Recommendations for 2025 - The article recommends focusing on intelligent vehicles as the core investment theme, with a preference for Hong Kong stocks over A-shares, highlighting companies like Xiaopeng Motors, Li Auto, and Xiaomi Group [4][8]. - It also suggests investing in incremental components related to AI chips and domain controllers, naming companies such as Horizon Robotics and Desay SV [4][8]. Group 5: Market Outlook and Trends - The automotive intelligence market is expected to see a significant increase in the penetration of new energy vehicles, with projections indicating a rise to 50%-80% by 2027 [18]. - The article outlines a two-phase consumer willingness to pay for intelligence, with the first phase focusing on hardware sales and the second phase aiming for software monetization [18].

Core Insights - Intelligent assisted driving has become a focal point in the automotive industry, with a significant push towards "equal rights" in technology access and safety standards [1][3][5] - The recent "Xiaomi incident" has raised safety concerns, prompting the introduction of mandatory national standards for L2 level assisted driving systems [1][5] - The rapid increase in the penetration rate of urban NOA (Navigation on Autopilot) reflects a shift in market dynamics, with prices for such technologies decreasing significantly [2][3] Industry Trends - The penetration rate of urban NOA in vehicles priced between 200,000 to 250,000 yuan rose from 2.1% in January 2024 to 24.7% by October 2024, driven by decreasing prices [2] - As of December 2023, vehicles equipped with urban NOA are increasingly found in the 200,000 to 300,000 yuan price range, while high-speed NOA is penetrating the 150,000 to 200,000 yuan segment [2] - The industry anticipates that 2025 will be a pivotal year for urban NOA, with expectations for it to enter the mainstream market segment priced between 150,000 to 200,000 yuan [2] Safety and Technology Concerns - There is a growing consensus that achieving "equal rights" in intelligent driving must prioritize safety, with significant disparities in safety capabilities among vehicles in the same price range [3][5] - The current configuration differences in vehicles at the same price point can lead to substantial safety performance variations, with some models having up to six times the computing power and eight more sensors than others [5] - The push for widespread adoption of advanced driving technologies must not compromise safety, as highlighted by industry experts [4][5] Market Dynamics - The competition in the intelligent driving chip sector is intensifying, with established players like NVIDIA dominating the market, making it challenging for new entrants [8][9] - The industry is witnessing a shift where intelligent driving chip manufacturers and solution providers are becoming central players, potentially overshadowing traditional Tier 1 suppliers [7][8] - The trend towards "equal rights" in intelligent driving is expected to lead to standardization, which will benefit chip manufacturers by increasing shipment volumes and enhancing cost competitiveness [8][9] Future Outlook - Industry leaders predict that within 2 to 3 years, intelligent assisted driving features will become standard in vehicles priced above 100,000 yuan, with aspirations to extend this to lower-priced models [7] - The automotive industry is expected to see a consolidation of suppliers, with a few strong players emerging as leaders while maintaining a diverse market landscape [9] - The challenge for automakers will be to differentiate their brands in a market increasingly focused on standardized intelligent driving technologies [9]

未经许可，不得转载或者引用。 投资要点 为何我们建议All in汽车智能化？ 1）汽车智能化本质是一场出行革命。 【L3智能化帮助车企卖车】-【 L4Robotaxi实现车企软件 收费】-【自主品牌实现全球崛起】是汽车智能化三部曲。 2）2025年汽车智能化或是拐点之 年！ 城市NOA（L3智能化核心体验）普及是推动智能化成为消费者购车前三考虑因素的力 量。目前我们根据【引领车企新车周期—终端草根调研—爆款车型验证】体系将紧密跟踪【L3 智能化渗透率】2025-2027年从10%-50%-80%+的变化过程。 3）汽车智能化是淘汰赛模式，强 者恒强。 整车未来或分为三类公司： B端Robotaxi运营+ C端个性化品牌+整车高端制造。零部 件或分为两类公司：模块化供应商+单一品类供应商。 5月智能化总结：关键词或是价格战开启。 1）关于价格战：比亚迪经过4-5月份市场检验其智驾版本车型需求不及预期且非智驾版本库存 去化节奏较慢，5月23日比亚迪开启海洋网5月26日开启王朝网的降价宣传，以及吉利也采取了 跟进措施。2）关于智驾OTA：5月小鹏在mona03max上市同步开启天玑5.7.0升级。3）重要新 车：理 ...

Group 1: Financial Performance - In Q1 2025, Leap Motor reported revenue of 10.02 billion, a year-on-year increase of 187% [1] - The net profit for Q1 2025 was -130 million, showing a significant reduction in losses compared to the previous year [1] - The overall gross margin reached a historical high of 14.9%, a substantial improvement from -1.4% in Q1 2024, driven by increased sales, cost management, and product optimization [1] Group 2: Research and Development - Leap Motor achieved a high-efficiency self-research model, developing an auxiliary driving solution based on Qualcomm 8650 within six months [1] - The company’s self-developed end-to-end auxiliary driving system, combined with Qualcomm 8650 chips and Hesai LiDAR, will support upcoming features like urban memory commuting and urban NOA [1] Group 3: Market Expansion - From January to April 2025, Leap Motor exported 13,632 units, making it the leading new car manufacturer in terms of export volume [2] - As of March 2025, Leap Motor has established over 500 sales and after-sales service points overseas, with more than 450 in Europe and nearly 50 in the Asia-Pacific region [2] - The Malaysian factory is expected to start local assembly of the C10 model by the end of 2025, while the European factory aims for local production in 2026 [2] Group 4: Product Planning and Outlook - The B10 model was launched on April 10, 2025, with over 10,000 units delivered; additional models B01 and B05 are set to be released in the second half of the year [2] - For 2025, the company anticipates total deliveries of 500,000 to 600,000 vehicles, with a gross margin of 10-12%, aiming for breakeven [2] - Revenue projections for 2025-2027 are 59.6 billion, 83.1 billion, and 101.6 billion respectively, with year-on-year growth rates of 85%, 40%, and 22% [2]

Group 1 - The core viewpoint is that urban NOA (Navigation on Autopilot) is becoming a key battleground for the popularization of assisted driving technology, with intelligent driving maps as a crucial underlying capability [1] - According to the "High-tech Automotive Research Institute," by 2024, over 700,000 sets of urban NOA equipped with intelligent driving maps will be deployed in the Chinese market for new energy passenger vehicles, with Tencent Maps and Amap holding market shares of 49.01% and 47.90% respectively [1] Group 2 - Industry analysis indicates that as automakers like BYD and Geely push urban NOA into the 100,000 yuan market, the intelligent driving map industry is undergoing a technological transformation [2] - High-precision maps were once deemed essential for advanced intelligent driving and autonomous driving systems, but challenges such as high collection costs and slow updates have led the industry to shift towards a "perception-heavy, map-light" approach [2] - The need for high-quality map data remains in complex scenarios like intersections and lane changes, indicating that a more agile and quickly updated map is necessary for the intelligent driving industry [2] Group 3 - Several mapping companies are actively seeking transformation by launching lightweight high-precision maps with fewer semantic elements, resulting in lower production costs and faster updates [3] - Tencent has introduced a "multi-map integration" model that combines standard navigation maps, lightweight high-precision data, and high-precision maps, ensuring data freshness while reducing costs [3] - Amap launched Amap HQ Live MAP in 2023, simplifying unnecessary map elements in urban road scenarios to lower production and deployment costs [4] Group 4 - The lightweight map solutions, which balance cost and performance, can reduce the computational power required for vehicle autonomous driving chips, facilitating the large-scale production of urban NOA [4] - Automakers are promoting deep cooperation with partners for data sharing and co-construction, exemplified by Tencent's strategic partnership with Changan Automobile [4] - Tencent Maps is currently providing intelligent driving map services for several automotive brands, including NIO, Lada, Zeekr, and Weipai [4] Group 5 - Map data can also participate in algorithm model training as "ground truth" data, enhancing the understanding of road topology for intelligent driving [5] - There is a prevailing view that for higher-level L4 and L5 autonomous driving, maps will play a crucial role, complementing perception systems in real-time traffic information collection and path planning [5] - The trend towards more open, flexible, and dynamic map data services is expected to capture a larger market share [5]

Group 1 - Canalys' latest report predicts that the penetration rate of L2 and above functions in the Chinese market will reach 62% by 2025, significantly increasing compared to 2024 [1] - High-speed NOA and urban NOA are expected to reach 10.8% and 9.9% respectively [1] - It is anticipated that from 2027 to 2028, the growth rate of urban NOA will surpass that of high-speed NOA, leading to a rapid evolution of market structure and reshaping the SoC competitive landscape [1]

做性价比方案，服务 10 万- 25 万元车型。 文丨张家豪 编辑丨程曼祺 智驾市场持续洗牌，随着产品方案、订单和交付量拉开差距，高阶智驾供应商数量减少，公司生存 状态分化。 我们独家获悉，智能驾驶公司鉴智机器人近日完成了 3000 万美元的 Pre-B 轮融资，由北京经开区 产业升级基金及北京智能网联汽车产业基金联合领投，二者都是亦庄国投管理的投资基金；此轮跟 投的鉴智老股东中，则有智能驾驶计算平台公司地平线。 这是鉴智 2021 年成立以来完成的第 6 轮融资，历史投资方有 Atypical Ventures、 渶策资本、五源 资本、襄禾资本、地平线、深创投和金沙江创投等。目前鉴智有超 300 名员工，分布在北京、上 海、杭州、苏州和广州。 2022 年底的 A+ 轮融资之际，前深鉴科技联合创始人兼 CTO、AMD 前全球副总裁单羿加入鉴智，以 联合创始人身份担任 CEO。他和鉴智联合创始人、CTO 都大龙先后在百度深度学习研究院和地平线共 事，在智驾领域曾有共同创业经验。 鉴智是目前中国市场仅有的两家可基于双目摄像头做纯视觉方案的智驾供应商，另一家是大疆。双目 摄像头可通过 2 个有位置差异的摄像头获得 ...