证券研究报告 | 2025年08月27日 汽车智能化月报系列（二十七） 优于大市 尚界 H5 搭载 HUAWEI ADS 4 辅助驾驶系统，地平线 HSD 首搭奇瑞星途 E05 行业新闻：1）Waymo 获美国纽约市首个自动驾驶汽车测试许可；2）尚界 H5 上市即搭载 HUAWEI ADS4 辅助驾驶系统；3）地平线 HSD 迎来升级， 首搭车型锁定奇瑞星途 E05；4）小马智行正式启动上海浦东自动驾驶出 行服务；5）文远知行发布一段式端到端辅助驾驶解决方案，预计 2025 年内量产上车；6）禾赛获得丰田汽车旗下品牌激光雷达定点，2026 年 开启量产；7）新一代智己 LS6 搭载速腾聚创 520 线超级激光雷达。 高频核心数据更新：1）800 万像素摄像头占比持续提升。2025 年 6 月， 乘用车前视摄像头渗透率 67.6%，其中 800 万像素占比 39.7%，同比 +22pct，环比+0.5pct；2）英伟达驾驶芯片占比提升。2025 年 6 月，乘 用车驾驶域控渗透率 31%，其中地平线、英伟达、特斯拉 FSD、华为芯 片占比分别为 10.4%、53.5%、9.4%、11.6%，同比分别-2.4、+ ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the advancements in embodied intelligence models, particularly in the context of humanoid robots and their operational frameworks [1][2][4]. Core Insights and Arguments 1. **Types of Embodied Intelligence Models**: - Three main architectures are identified: - **Fully End-to-End Large Models**: Examples include Tesla's FSD, Google's RT, and NVIDIA's Grok01. These models require vast amounts of data (trillions of data points) and high computational power [1][4][8]. - **Multimodal Fusion Large Models**: These integrate text, images, and action information, enhancing the model's ability to process diverse data types [4][8]. - **Data Fusion Models with Tactile Sensors**: The latest trend incorporates tactile sensor data into multimodal models, allowing for more precise operations [4][5]. 2. **Importance of Data**: - Data is crucial for the knowledge base and scene generalization capabilities of robots. The need for multimodal data, including physical action and tactile information, is emphasized [5][17]. - Companies face challenges due to high data requirements, algorithm complexity, and the need for seamless system integration [5][6]. 3. **Challenges in Adopting Humanoid Robot Models**: - Major challenges include the vast data requirements, high algorithm complexity, and issues with system connectivity and decoupling [5][6][19]. 4. **Layered End-to-End Models**: - Layered end-to-end models, such as Finger AI's Helix, are gaining traction by separating perception, decision-making, and motion control into distinct layers, improving task execution efficiency [1][7][10]. 5. **Hybrid Model Architectures**: - Hybrid architectures, like Pi Company's Pi 0.5, combine the advantages of layered and fully end-to-end models, enhancing communication and efficiency while requiring less computational power [10]. 6. **Advancements in Motion Control Algorithms**: - Companies like Yushun and Xiaopeng are utilizing reinforcement learning and simulation platforms to enhance motion control algorithms, achieving significant performance improvements [15][13]. 7. **Data Collection Strategies**: - Tesla has shifted its data collection strategy for its humanoid robot Optimus from first-person remote control to third-person video learning, significantly improving data accumulation efficiency [18][19]. 8. **Global Development Status**: - The global landscape shows that overseas companies, particularly Google, NVIDIA, and Tesla, are leading in embodied intelligence, while domestic companies are still catching up [21]. 9. **Future Development Factors**: - The successful deployment of humanoid robots will depend on the synchronization of hardware advancements with the development of intelligent systems, emphasizing the need for robust supply chains [22]. Other Important but Overlooked Content - The call highlights the importance of continuous data collection and model training, with many domestic companies establishing data collection sites to enhance their data sources [20]. - The discussion on the evolution of dual-hand operation models in humanoid robots indicates a shift from imitation learning to incorporating reinforcement learning and simulation-to-real-world transfer techniques [16]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future directions of the humanoid robotics industry and embodied intelligence models.

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, indicating a positive outlook for the sector [4]. Core Insights - The automotive industry experienced an overall decline of 0.6% from July 6 to July 12, 2025, with a notable increase in the dealer inventory warning index to 56.6%, reflecting a year-on-year decrease of 5.7 percentage points and a month-on-month increase of 3.9 percentage points [1][2]. - New vehicle launches include the Li Auto i8, set to debut on July 29 with a starting price of 350,000 yuan, and the Leap Motor B01, which will be launched in late July with a price range of 105,800 to 135,800 yuan [1][32]. Market Performance Overview - The automotive sector's performance was negative, with the CS Automotive index down by 0.6%, while the Shanghai A index rose by 1.1% and the Shenzhen A index increased by 2.0% during the same period [2][8]. - Among the automotive sub-sectors, the automotive services sector saw a weekly increase of 3.1%, while both passenger and commercial vehicle segments experienced declines of 1.4% and 1.0%, respectively [10][2]. Individual Stock Performance - Notable stock performances included Changchun Yitong (+17.4%), Jiuling Technology (+14.5%), and Fosa Technology (+13.7%), while Qin'an Co. (-10.0%), Quan Feng Automotive (-9.0%), and Ningbo Fangzheng (-8.0%) faced significant declines [14][18]. - Among covered stocks, Yunyi Electric (+6.6%), Huawei Technology (+6.1%), and Zhongrong Electric (+5.8%) showed positive movements, while Qin'an Co. (-10.0%), Xinquan Co. (-6.7%), and Rongtai Co. (-5.6%) experienced losses [18][14]. Recent Industry Developments - BYD has achieved L4-level smart parking capabilities, promising full liability coverage for accidents caused by its smart parking system [25]. - Chery Automobile plans to launch two new SUV models in the UK market, enhancing its competitive presence in Europe [24]. - The report highlights strategic partnerships, including a collaboration between CATL and Geely to deepen cooperation in battery technology and supply chain management [29].

Core Insights - Xiaomi's YU7 SUV is positioned as a direct competitor to Tesla's Model Y, with a starting price of 253,500 RMB, only 10,000 RMB cheaper than Model Y [4][16] - The initial demand for YU7 is significant, with over 200,000 pre-orders within three minutes and 240,000 within 18 hours, indicating a strong market entry [4][14] - Tesla is facing challenges in maintaining its market dominance due to increasing competition from Chinese manufacturers like Xiaomi, especially in key markets such as China and Europe [16][17] Company Analysis - Xiaomi's YU7 launch has generated considerable attention, with comparisons to Tesla's Model Y and discussions about its potential impact on Tesla's market share [3][5] - The company aims to deliver 350,000 vehicles this year, with the YU7 being a crucial part of this strategy [8][14] - Xiaomi's future plans include expanding into international markets by 2027, which could further challenge Tesla's position [15][17] Industry Trends - The automotive industry is witnessing a shift with increased competition from Chinese manufacturers, leading to a decline in Tesla's sales in Europe and China [16] - Tesla's sales in Europe dropped by 27.9% in May, highlighting the impact of competition from companies like BYD and SAIC [16] - The introduction of lower-priced models by Tesla, such as the potential Model Y "Youth Edition," is seen as a necessary response to the competitive pressure from Xiaomi and other Chinese automakers [18]

Group 1: Market Overview - The A-share market experienced a broad-based rally led by technology, with the Shanghai Composite Index rising by 1.55%, the Sci-Tech 50 up by 2.67%, the Shenzhen Component increasing by 2.19%, and the ChiNext Index gaining 1.61% during the week [1][9] - Daily trading volume reached a new high of 1.70 trillion yuan, indicating strong market activity concentrated in high-growth sectors such as AI, smart driving, and robotics [1][9] Group 2: Technology Sector Insights - The technology sector is driven by dual forces of AI computing power and data elements, with storage chips entering a price increase cycle, benefiting companies like Jiangbolong, which is positioned as a leader in the storage industry [2][21][22] - The connector market is also poised for growth, with companies like Hongrida benefiting from the demand for AIoT upgrades and increased orders from smart terminals [3][24] Group 3: High-end Manufacturing - The smart driving industry in China is rapidly developing, supported by policy initiatives and technological advancements, with expectations that by 2025, the penetration rate of high-level autonomous vehicles will exceed 70% [4][25] - The industry is witnessing a shift towards domestic chip production and the formation of a cloud-integrated ecosystem, with companies like BYD pushing advanced smart driving technology to more affordable models [4][25] Group 4: Mechanical and Industrial Automation - Increased infrastructure investment and domestic demand recovery are driving growth in the mechanical and industrial automation sectors, with a focus on intelligent and electric technologies reshaping the industry landscape [6][26] Group 5: Innovative Pharmaceuticals - The innovative drug sector is highlighted for its investment value, with Chinese pharmaceutical companies leveraging low-cost production and efficient R&D to enhance their global market share [7][27] - The sector is experiencing a shift towards original drug development, supported by policy reforms that accelerate the growth of biotech companies [7][27]

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - Tesla's Full Self-Driving (FSD) technology has been introduced in China, enhancing its competitive edge in the smart driving sector and potentially leading to a "catalyst effect" in the market [3][13] - Xiaomi's SU7 Ultra has been launched with a price range of 529,900 to 814,900 CNY, featuring impressive specifications such as a maximum power of 1,138 kW (1,548 horsepower) and acceleration from 0-100 km/h in just 1.98 seconds, indicating a strong market entry [4][14] - The automotive sector experienced a decline of 2.7% from February 24 to February 28, underperforming the CSI 300 index by 0.5 percentage points, but has shown a year-to-date increase of 10.1%, ranking third among 31 sectors [16][18] Market Performance - From February 24 to February 28, the automotive sector declined by 2.7%, while the CSI 300 index fell by 2.2%, indicating a relative underperformance of the automotive sector [16][18] - Year-to-date, the automotive sector has increased by 10.1%, ranking third among 31 sectors [18] Sales Data - From February 1 to 23, retail sales of passenger vehicles reached 924,000 units, a year-on-year increase of 18%, but a month-on-month decrease of 30% [32] - New energy passenger vehicle retail sales were 445,000 units, showing a year-on-year growth of 77% but a month-on-month decline of 16% [32] - Passenger vehicle wholesale sales totaled 993,000 units, a year-on-year increase of 60%, with new energy passenger vehicle wholesale sales at 517,000 units, reflecting a year-on-year growth of 128% [32][34] Key New Vehicles - The Xiaomi SU7 Ultra is highlighted as a significant new entry in the market, with advanced features and a strong initial order volume exceeding 10,000 units [4][14][58]