Core Viewpoint - The automatic driving industry is undergoing a significant technological shift towards "end-to-end" solutions, driven by Tesla's leadership and advancements in large model technologies. This shift is prompting domestic automakers to increase investments and adjust their structures, making "end-to-end" a mainstream production solution by 2024 [1]. Group 1: Key Figures in Automatic Driving - The article highlights key figures in China's automatic driving sector, focusing on those who directly influence technology routes and team growth [1]. - Notable leaders include: - **Lang Xianpeng** from Li Auto, who has led advancements in assisted driving technology, including the launch of full-scene NOA and the no-map NOA feature [5]. - **Ye Hangjun** from Xiaomi, who has been pivotal in the development of Xiaomi's end-to-end driving system and has overseen multiple cutting-edge projects [7][9]. - **Ren Shaoqing** from NIO, who has significantly contributed to the development of urban NOA and emphasizes the importance of data in smart driving [11]. - **Li Liyun** from XPeng, who has taken over leadership in smart driving and focuses on a pure vision solution [14][15]. - **Yang Dongsheng** from BYD, who has led the development of the DM-i hybrid system and is pushing for the integration of advanced driving systems across all BYD models [17][20]. - **Su Jing** from Horizon Robotics, who is leading the development of end-to-end HSD solutions [21][22]. - **Cao Xudong** from Momenta, who has developed a data-driven strategy for autonomous driving and is focusing on end-to-end large models [25][26]. Group 2: Technological Trends and Innovations - The article discusses the technological evolution in the automatic driving sector, emphasizing the transition to end-to-end architectures and the emergence of large models, world models, and VLM solutions [1][53]. - Companies are adopting various strategies: - Li Auto is focusing on E2E and VLA systems [5]. - Xiaomi is heavily investing in end-to-end technology with significant output [9]. - NIO is pursuing a world behavior model approach [11]. - XPeng is committed to a pure vision strategy [15]. - BYD is integrating advanced driving systems across its entire lineup [20]. - Momenta is leveraging a dual strategy of L2 and L4 development to enhance its market position [26]. Group 3: Future Outlook - The article concludes that the leaders in the automatic driving industry are crucial in shaping the future of smart driving in China, with a shared goal of creating systems that are safe, reliable, and tailored to local conditions [51][53]. - The ongoing competition and collaboration among these leaders will drive the industry towards more intelligent and user-friendly solutions [51].

Core Viewpoint - The article emphasizes the importance of ensuring the safety of intelligent driving vehicles and calls for companies to avoid misleading advertising while taking responsibility for educating consumers about intelligent driving principles [3][5][6]. Group 1: Industry Concerns - The recent tragic accident involving a Xiaomi vehicle in NOA mode has raised serious concerns about the safety of intelligent driving systems, highlighting the gap between marketing claims and actual capabilities [5][6]. - Many car manufacturers have exaggerated the capabilities of their L2-level driving assistance systems, misleading consumers into believing they offer near L3-level autonomous driving [6][7]. - The penetration rate of NOA in China's passenger vehicles is less than 20%, indicating that the market is still in its early stages and that excessive competition has led to misleading marketing practices [7][14]. Group 2: Shift in Marketing Strategy - Following the accident and subsequent regulatory scrutiny, many companies have begun to downgrade their marketing language from "intelligent driving" to "assisted driving," reflecting a shift towards a more cautious approach [14][30]. - The Ministry of Industry and Information Technology has mandated stricter regulations on advertising for intelligent driving systems, prohibiting exaggerated claims and emphasizing the need for companies to take responsibility for safety [14][30]. - The initial excitement around "全民智驾" (Universal Intelligent Driving) has quickly faded, with companies now focusing on safety as a core selling point rather than just technological advancements [12][14]. Group 3: Safety as a Priority - The article highlights a growing consensus in the industry that safety must be prioritized, with many companies now integrating safety into their brand identity and product offerings [24][30]. - Prominent figures in the automotive industry have reiterated that safety is the ultimate luxury in vehicle design, emphasizing the need for a new safety perspective in the era of intelligent electric vehicles [19][20]. - The shift towards prioritizing safety is seen as a necessary response to increasing consumer awareness and regulatory pressure, marking a return to the fundamental values of the automotive industry [25][30].

2025年的中国新能源车市，一场静默的变革正在发生。热闹的五一过后，多家车企门店内，"智能驾 驶"这一曾让消费者趋之若鹜的卖点，正悄然从宣传话术中消失。 理想、小米、蔚来、小鹏等品牌纷纷将"智驾"更名为"辅助驾驶"，销售人员转而强调空间、座舱等传统 配置。这一转变看似是营销策略的调整，实则折射出政策收紧、责任界定模糊与市场竞争升级的三重压 力。 2025年，新能源汽车渗透率预计将达到60%，智能化竞争已进入深水区，而车企的"改口"恰恰是行业从 野蛮生长转向理性发展的关键注脚。 政策收紧与市场倒逼，车企为何集体"改口"？ 近来，工信部、公安部等监管部门接连发文，要求车企禁用"自动驾驶""高阶智驾"等模糊表述，建议使 用"辅助驾驶"表述，并明确L2级系统的责任边界。 这一政策直接导致车企宣传口径的全面转向。 先是术语规范。5月5日当天，小米调整SU7新车定购页面中的措辞，将"智驾"更名为"辅助驾驶"。其中 小米SU7标准版搭载的XiaomiPilotPro由"小米智驾Pro"更名为"小米辅助驾驶Pro"；小米SU7Pro、小米 SU7Max搭载的XiaomiHAD由"小米智驾Max"更名为"小米端到端辅助驾驶"。 ...

Group 1 - The 2025 Shanghai International Automobile Exhibition reflects the hot automotive consumption in China, showcasing new technologies and products while highlighting new consumer characteristics such as a shift from "price wars" to "technology wars" [2] - McKinsey's report indicates that consumers are increasingly favoring hybrid and range-extended vehicles due to their convenience and ability to alleviate range anxiety, marking a significant trend in automotive consumption [7][9] - The exhibition emphasizes the importance of "scene-based" applications in creating differentiated products, driven by the rising wave of "technology equality" among consumers [5][11] Group 2 - The theme of the exhibition is centered around intelligent driving, with numerous brands showcasing advanced autonomous driving systems, including BYD's "Heavenly Eye" and NIO's third-generation NAD system [3][4] - Major automotive brands like Volkswagen and Mercedes-Benz presented their latest intelligent connected vehicles, with Volkswagen showcasing over 50 models, including 7 global debuts [3] - The collaboration between Huawei and automakers, such as the launch of the "SAIC尚界" brand, highlights the integration of technology and automotive sectors, aiming for significant market impact [18] Group 3 - The exhibition features a variety of new energy vehicles, with companies like Buick and Chery presenting plug-in hybrid models that combine electric and fuel efficiency [7][12] - Innovations in charging technology were prominent, with BYD's "Megawatt Flash Charge" and Huawei's 1.5MW solution demonstrating significant advancements in charging speed and efficiency [14][15] - The introduction of hydrogen fuel cell vehicles by various manufacturers indicates a growing interest in alternative energy solutions for long-distance travel [15] Group 4 - The event showcased a diverse range of products catering to various consumer needs, from family-oriented vehicles to high-performance luxury cars, reflecting the industry's response to evolving consumer preferences [11][12] - The presence of numerous technology companies at the exhibition underscores the critical role of tech in the automotive ecosystem, with firms like Bosch and Intel highlighting their contributions to automotive intelligence [17][19] - The collaboration between automotive manufacturers and tech companies is seen as a key strategy to meet rapidly changing consumer demands and to lead the automotive market [19]

Core Viewpoint - The recent trend of "free intelligent driving" services among various automotive companies has sparked significant discussion and competition in the industry, with companies like Leap Motor leading the charge by offering free intelligent driving software and refunds for previous payments [2][3][4]. Group 1: Company Initiatives - Leap Motor announced that from April 10, all intelligent driving software in its models will be free, including the high-speed intelligent navigation assistance (NAP) feature, and will refund fees to users who previously paid for NAP [3][4]. - BYD has also adopted a similar strategy, offering its high-level intelligent driving system, "Tianshen Eye," as standard across all models [3]. - Chery announced that its intelligent driving system, "Falcon Intelligent Driving," will be standard across all its brands starting in 2025 [3]. Group 2: Cost Dynamics - The cost of intelligent driving technology has decreased significantly, with the hardware cost for high-speed NAP now below 1,000 yuan, allowing companies to offer these features without additional charges [5]. - According to reports, the hardware cost for BYD's Tianshen Eye system has fallen to below 4,000 yuan [5]. Group 3: Market Reactions - Despite the push for free intelligent driving features, some companies like NIO and Tesla continue to charge for their services, with Tesla's enhanced autopilot priced at 32,000 yuan and subscription options available [6][7]. - NIO offers varying durations of free intelligent driving services with vehicle purchases, indicating a mixed approach in the market [7]. Group 4: Consumer Perspectives - A significant portion of consumers (90%) are willing to pay extra for advanced intelligent driving services, with 30% willing to pay over 10,000 yuan [10]. - However, consumer sentiment indicates that the usability and effectiveness of intelligent driving systems are more critical than whether they are free, with some expressing concerns over the reliability of these features [9][10].

Investment Rating - The report maintains an "Overweight" rating for the passenger car sector [4] Core Insights - The passenger car sector is experiencing an upward trend in profitability, particularly among leading companies, driven by policies such as the vehicle replacement subsidy and the introduction of advanced driving systems [1][2][3] - The industry is expected to continue its upward trajectory due to a low base in Q2 2024 and the launch of new models from major manufacturers [2][3] Summary by Sections 1. Q4 2024 & Q1 2025 Review - The transition to vehicle replacement policies has been smooth, with significant benefits from the introduction of advanced driving systems in Q1 2025 [1][9] - The total number of vehicles scrapped and replaced in 2024 is projected to exceed 2.9 million and 3.7 million respectively, significantly boosting the sector's stock performance [12] 2. 2024 & Q1 2025 Financial Summary - The financial performance of leading companies has shown significant recovery, with a marked divergence in results among different manufacturers [2][22] - BYD, Geely, and Xiaomi have seen substantial sales growth and improved profitability, while joint venture brands face pressure on both sales and profits [22][24] 3. Investment Recommendations - The report suggests focusing on strong models from companies like Geely, Xiaopeng, BYD, and Changan, as well as Huawei-affiliated brands like Seres and SAIC [3][22] - Short-term attention should be given to the implementation of vehicle replacement policies and the delivery schedules of key new models [3] 4. Market Trends - The passenger car sector has seen a surge in new model launches, covering various price segments, which has intensified competition [16][18] - The industry discount rates have remained high but are expected to stabilize as consumer demand is released through replacement policies [18] 5. Export Outlook - Passenger car exports are projected to maintain levels between 370,000 and 410,000 units in Q1 2025, with a favorable outlook for overseas demand [19][23]

Investment Rating - The report maintains a "Buy" rating for BYD (002594) with a target price based on the last closing price of 355.00 [1][4]. Core Insights - BYD's Q1 2025 revenue reached 170.36 billion yuan, a year-on-year increase of 36.35%, with net profit attributable to shareholders at 9.155 billion yuan, up 100.38% year-on-year [4][5]. - The gross margin for Q1 2025 significantly improved to 20.1%, an increase of 3.1 percentage points from the previous quarter, indicating a positive trend in unit profitability [4][5]. - The company is focusing on high-end market penetration and international expansion, with Q1 2025 sales of new energy vehicles reaching 1,000,800 units, a 59.8% increase year-on-year, and overseas sales growing by 110% [5][6]. Financial Performance - The report forecasts BYD's revenue for 2025-2027 to be 932.68 billion yuan, 1,089.46 billion yuan, and 1,280.35 billion yuan, respectively, with growth rates of 20.02%, 16.81%, and 17.52% [6][8]. - The net profit for the same period is projected to be 53 billion yuan, 64 billion yuan, and 80 billion yuan, with year-on-year growth rates of 32%, 21%, and 26% [6][8]. - The report highlights a strong commitment to R&D, with Q1 2025 R&D expenses at 14.223 billion yuan, a 34% increase year-on-year, and total R&D investment exceeding 190 billion yuan [6][8]. Market Position and Strategy - BYD is enhancing its global presence with the launch of new factories in Uzbekistan and Thailand, and plans for additional facilities in Brazil and Hungary [5][6]. - The company is also expanding its high-end brand matrix, with significant sales growth in its premium brands [5][6]. - The introduction of the "BYD SHENZHEN" specialized vehicle transport ship marks a significant milestone in BYD's international logistics capabilities [5][6].

Investment Rating - The report assigns a "Buy" rating to BYD Company Limited (1211 HK) with a target price of HKD 503.25, indicating a potential upside of 26.8% from the current closing price of HKD 397.00 [1][10]. Core Insights - BYD's Q1 2025 performance was significantly boosted by strong export growth, with revenue reaching RMB 70.4 billion, a year-on-year increase of 36% [2]. - The company's net profit for Q1 2025 doubled year-on-year to RMB 9.2 billion, with a notable increase in vehicle sales, achieving 1 million units sold, a 60% increase year-on-year [2][7]. - The report highlights BYD's competitive advantage through vertical integration in its supply chain, which has helped maintain a gross margin of 24% despite being in a traditionally weaker sales season [2][7]. Financial Overview - Revenue projections for BYD are as follows: RMB 602.3 billion in 2023, RMB 777.1 billion in 2024, and RMB 977.2 billion in 2025, reflecting a year-on-year growth rate of 42.0%, 29.0%, and 25.8% respectively [6]. - Net profit is expected to grow from RMB 30.0 billion in 2023 to RMB 52.5 billion in 2025, with earnings per share projected to increase from RMB 13.33 to RMB 23.28 over the same period [6]. - The report anticipates that BYD's vehicle sales will reach 5.23 million units in 2025, representing a 23% year-on-year increase, driven by strong export performance and advancements in intelligent driving technology [7]. Market Position and Strategy - BYD is actively expanding its overseas presence, with plans to achieve 800,000 units in overseas sales by 2025, effectively doubling its export volume [7]. - The company is focusing on making advanced driving technology more accessible across its vehicle range, aiming for over 60% of its models to feature high-level autonomous driving systems by 2025 [7]. - The report emphasizes that BYD's strong export growth is expected to enhance its average selling price and gross margin, while its efforts in intelligent driving will solidify its market position in China [7].

站在这一历史节点上回看，上海车展自1985年的应时而生，始终伴随着中国汽车工业的发展。如今，上 海车展更是成为了全球车企与科技巨头云集成为汽车新品首发地和首秀场。 历经近四十载发展，上海车展已经成为全球汽车产业的重要"风向标"之一。 4月23日，第二十一届上海国际汽车工业展览会（以下简称：2025上海车展）正式开展，本届展会于2025 年4月23日至5月2日在国家会展中心（上海）举行。2025上海车展共邀请到来自26个国家和地区的近1000 家中外知名企业参展，展出总面积超过36万平方米，参展国别范围更广，规模再创新高。 市场热度更高的新能源品牌中，蔚来、小鹏、理想、零跑、阿维塔等品牌均亮相本届上海车展。 还有一汽红旗，东风汽车，长安汽车，广汽集团，比亚迪等汽车品牌，以及保时捷、宾利等豪华车及豪 华品牌参展。 除整车企业外，今年的汽车科技及供应链展区同样亮点十足。展出面积约10万平方米，参展企业规模和 数量较上届呈显著增长，包括博世、采埃孚、麦格纳、电装、法雷奥、安波福、宁德时代、华为、三 星、科大讯飞、小马智行、芯驰科技等零部件供应商。 截屏2025-04-24 下午4.18.00 摄图：财经网汽车 从车展 ...