Industry Information - During the "May Day" holiday, over 80 cities in China hosted nearly 100 auto shows, with smart and new energy vehicles becoming the main drivers of consumption, as sales of new energy vehicles exceeded 60% in many locations [9][10] - Continental Group and Horizon's joint venture, Zhijia Continental, launched the Astra and Luna driver assistance systems, securing multiple mass production orders from leading automakers [9][10] - NVIDIA is developing a new AI chip compliant with U.S. export regulations to maintain its market share in China, with samples expected for testing by June [11] - Uber partnered with Momenta to deploy autonomous taxis in Europe by early 2026 [11] - The U.S. imposed a 25% tariff on key automotive parts, which Japan strongly opposes [12] - Waymo announced its autonomous taxi fleet has surpassed 1,500 vehicles, with plans to produce 2,000 more in Arizona [12][13] - Pony.ai and Uber will integrate their Robotaxi services on the Uber platform in the Middle East, expanding to 15 cities internationally [13][14] - The European Parliament approved relaxed carbon emission rules for automakers, allowing more time for compliance [14] - CATL launched a 9MWh super-capacity energy storage system, TENER Stack, which improves energy density and reduces construction costs [19][20] - The automotive import and export total for March increased by 32.1% month-on-month, with exports growing by 38.9% [19] Policy Information - Jiangsu Province announced a new pricing structure for industrial electricity to promote renewable energy consumption and reduce costs for businesses [3][32] - Guangdong's Nanao County issued interim measures for managing new energy vehicle charging and swapping infrastructure [4][33] - Beijing set standards for electric vehicle battery swapping times, with passenger vehicles limited to 4 minutes and commercial vehicles to 5 minutes [34] - Sichuan Province will implement regulations for the recycling and utilization of used power batteries starting June 1 [36] - The Ministry of Industry and Information Technology is proposing new safety standards for electric vehicle door handles [40] Company Information - Avita's global R&D center has been inaugurated, facilitating collaboration with Huawei on new product development [43] - Xiaomi has renamed its "smart driving" features to "assisted driving" in response to national standards [45] - NIO delivered its 700,000th vehicle at its Wuhan research facility [6]

Investment Rating - The report maintains a positive outlook on the automotive sector, emphasizing the potential in AI robotics, smart technology, and favorable market conditions for 2025 [3][5]. Core Insights - In the first week of May, the total number of compulsory insurance for passenger vehicles was 416,000 units, reflecting a week-on-week decrease of 5.9% but a month-on-month increase of 26.5% [2][49]. - The SW automotive index increased by 0.5%, with the best-performing segments being motorcycles and other vehicles (+2.7%) and automotive parts (+2.4%) [2][15]. - Key developments include the launch of the 2025 model of the Li Auto L series, which features upgrades in intelligence and battery technology, while the official pricing remains unchanged [2][3]. Weekly Market Review - The automotive sector ranked 14th in A-shares and 7th in Hong Kong stocks this week, with the motorcycle segment showing the best performance [7][14]. - The report highlights that the automotive parts sector's valuation has increased, while the valuations for SW automotive and passenger vehicles have decreased [33][42]. Industry Changes - Significant changes in the industry include Li Auto's release of upgraded models, Geely's plan to acquire all issued shares of Zeekr, and a new client acquisition for a subsidiary of Wencan [2][3][61]. - The report predicts a total retail sales volume of 23.83 million units for 2025, representing a year-on-year growth of 4.7% [50][51]. Company Tracking - The report tracks several key companies, including Tesla, Li Auto, and Geely, noting specific developments such as the launch of new models and strategic acquisitions [62][63]. - The report emphasizes the importance of companies like Horizon Robotics and Black Sesame Technology in the context of smart driving technology advancements [63].

Core Viewpoint - The launch of the refreshed Li Auto L series models aims to enhance driving assistance features and improve overall user experience, with a focus on value rather than just adding functionalities [1][6]. Pricing and Model Details - The prices for the new Li Auto L series models are as follows: L6 priced between 249,800 to 279,800 yuan; L7 between 301,800 to 359,800 yuan; L8 between 321,800 to 379,800 yuan; and L9 between 409,800 to 439,800 yuan [1]. Upgrades and Features - The L series models feature significant upgrades in driving assistance, with the AD Pro system now utilizing the Horizon Journey 6M chip and the AD Max system upgraded to the new NVIDIA Thor-U chip [2]. - All models in the L series are equipped with ATL all-weather LiDAR, enhancing the active safety capabilities of both AD Pro and AD Max systems [4]. - The AI assistant "Li Xiang Classmate" has been upgraded to include memory capabilities and can assist with tasks such as ordering food and booking tickets [5]. Market Position and Sales Outlook - Li Auto's sales from January to April reached 127,000 units, marking a 19.4% year-on-year increase, but still lagging behind competitors like Xpeng Motors [9]. - Analysts believe the launch of the refreshed L series could mark a turning point for sales, especially as the company has a clear product strategy and is expanding its direct sales channels [9].