2024年10月，地平线赴港上市，成为港股市场最大科技IPO。地平线2024年实现营收23.84亿元，同比增 长53.6%。截至目前，地平线征程6系列已正式由比亚迪天神之眼C率先搭载量产，进入交付周期。2025 年征程家族累计出货量将突破1000万套。 编辑 王进雨 校对 吴兴发 在2025"智驾普及元年"，余凯认为，智能驾驶已经迎来价值拐点，将于3年实现脱手开（hands off）、5 年实现闭眼开（eyes off）、10年实现随心开（minds off）。对消费者而言，将是在产品体验上的一日 千里、突飞猛进，将拥有更加便捷、安全的智慧出行体验。而对行业内的各大厂商而言，意味着需要更 快的研发效率、更饱和的资源投入。 整个智驾行业也即将迎来快速收敛的全新阶段：每年数十亿的资金投入、千人以上的高端人才团队需求 以及更快的研发、技术迭代节奏，无论是对车企还是智驾创新企业都提出更高的要求。因此，余凯认 为，"自研+第三方"并行，是智能化拐点来临、行业快速变革期最安全选择。由于只有极少数车企在资 金、人才、技术和数据具备"全栈自研"能力，开放合作将成为未来主流，"20%自研与80%合作将成为智 驾赛道的稳态与终局 ...

Investment Rating - The industry investment rating is "Recommended" [3][27] Core Insights - In January, retail sales of passenger vehicles reached 1.794 million units, a year-on-year decrease of 12.1% and a month-on-month decrease of 31.9%. The weak performance was primarily driven by policy-induced market overextension and the impact of the Spring Festival [4][12] - Leading companies in the new energy sector, such as CATL and BYD, are making significant moves at the start of the year. CATL is preparing for its Hong Kong listing to raise funds for international expansion, while BYD is launching 21 models equipped with its advanced driving technology, enhancing its competitive edge in smart vehicles [6][4] Industry Updates - CATL has officially submitted its application for a Hong Kong listing, with funds raised aimed at overseas capacity expansion and international business development [6] - BYD's "Tianshen Eye" strategy includes three technology solutions for high-level autonomous driving, with models priced between 70,000 to 200,000 yuan [6] - The continuation and expansion of subsidy policies in 2025 are expected to positively impact industry sales, benefiting leading manufacturers like BYD, Li Auto, and Tesla [6] Investment Opportunities - Investment opportunities in the automotive industry are concentrated in electrification and intelligence. Key recommendations include: 1. Companies with significant new energy and intelligent features, such as BYD and Seres [7] 2. Leading players in the electric and intelligent sectors, including CATL, EVE Energy, and Ganfeng Lithium [7] Industry Performance Analysis - The automotive sector saw a 1.19% increase last week, with strong performances from companies like BYD and CATL. However, some companies like Seres and Jianghuai Auto showed weaker results [8] - Traditional automakers are enhancing their smart capabilities through collaborations, narrowing the competitive gap with leaders like Huawei and Tesla [8]