Core Viewpoint - The senior vice president of Leap Motor, Cao Li, clarified that the company has never stated that it would not collaborate with Huawei, emphasizing that Leap Motor will not use Huawei's Qian Kun driving system in its future high-level autonomous driving technology [1]. Group 1: Company Positioning - Leap Motor is committed to a strategy of fully self-developed core technologies, which is not in conflict with collaborating with other excellent companies [1]. - The company focuses on technological innovation and aims to provide high-quality, high-configuration products to users [1]. Group 2: Industry Context - Cao Li acknowledged that the current state of China's new energy vehicle industry is a result of collective efforts from all industry participants [2]. - There is a call for a more objective, rational, and healthy public opinion environment to allow Leap Motor to focus on vehicle production [2].

Group 1 - Automotive parts stocks saw significant gains, with Minth Group rising 7.11% to HKD 34.64, Nexperia up 6.16% to HKD 6.89, and Delta Electronics increasing 5.27% to HKD 28.74 [1] - A report from China Merchants Securities highlights a noticeable off-season in the car market for July, attributed to sales overreach in June and temporary subsidy interruptions in some regions. However, a new batch of national subsidies amounting to 68 billion is expected to boost the market towards the end of August [1] - The upcoming World Robot Conference is anticipated to act as a catalyst for the robotics industry and related sectors, with a focus on companies that have significant product deliveries and ongoing order fulfillment [1] Group 2 - According to Minsheng Securities, BYD's entire model lineup will feature advanced driving capabilities, with models priced around 200,000 expected to be a major growth area for advanced driving technology. The year 2025 is projected to be a turning point for equal access to intelligent driving [1] - Tesla's Full Self-Driving (FSD) has surpassed 3 billion miles in cumulative mileage, with version 13 achieving parking-to-parking functionality. The rapid growth of Tesla's AI computing power is providing strong support for model training [1] - There is optimism regarding the growth potential in the intelligent driving domain, cockpit domain control, and steer-by-wire chassis sectors [1]

Group 1 - Automotive parts stocks saw significant gains, with Minth Group rising 7.11% to HKD 34.64, Nexperia up 6.16% to HKD 6.89, and Delta Electronics increasing 5.27% to HKD 28.74 [1] - According to a report from China Merchants Securities Hong Kong, July showed clear signs of a seasonal downturn in the automotive market, influenced by sales overreach in June and temporary subsidy interruptions in some regions [1] - The central government has allocated an additional 68 billion yuan in subsidies, which is expected to help the market recover towards the end of August, transitioning into a peak season [1] Group 2 - Minsheng Securities highlighted that BYD's entire model lineup will feature advanced driving capabilities, with models priced around 200,000 yuan expected to be a major growth area for advanced driving technology [1] - Tesla's Full Self-Driving (FSD) has accumulated over 30 billion miles, with the V13 version achieving parking-to-parking functionality, indicating rapid growth in AI computing power for model training [1] - The potential for growth in domains such as intelligent driving domain control, cockpit domain control, and drive-by-wire chassis is viewed positively [1]

Core Viewpoint - Xiaomi has changed its vehicle ordering page terminology from "Intelligent Driving" to "Assisted Driving" in response to stricter regulatory policies and safety considerations [4][5][6]. Regulatory Changes - The Ministry of Industry and Information Technology (MIIT) held a meeting on April 16, announcing that terms like "Intelligent Driving" and "Autonomous Driving" cannot be used loosely, as they may lead to misunderstandings. Car manufacturers must adopt the terminology "Assisted Driving" or "Intelligent Driving Level + Assisted Driving" [6]. Safety and Responsibility - The previous use of "Intelligent Driving" led to consumer confusion with "Autonomous Driving," resulting in potential misuse. An incident involving the Xiaomi SU7 highlighted the risks associated with vague terminology. The name change aims to clarify functionality and reduce the risk of user errors [7]. - The China Association of Automobile Manufacturers issued a statement urging car manufacturers to adhere to the national standards for advertising and naming driving assistance features, emphasizing the importance of clear and responsible communication to prevent dangerous misuse [7]. Industry-Wide Impact - Xiaomi's renaming is part of a broader trend, with several other car manufacturers also adjusting their terminology. Tesla, BYD, Li Auto, Horizon Robotics, and XPeng have all modified their promotional language to align with the new regulatory standards [8]. - This wave of renaming represents a significant shift in the intelligent driving industry, emphasizing safety and accountability in advertising practices [8].

中国经济网3月31日讯(记者 姜智文)"未来中阶智驾一定不是汽车的灵魂，而是标配，就像今天的安全 带、安全气囊一样。一旦成为标配后，主机厂没必要花费巨大的人力物力财力进行全栈自研，应该交给 供应商去做，座舱才是车企差异化竞争的主战场。"博世智能驾控系统中国区总裁吴永桥，在中国电动 汽车百人会论坛(2025)智能汽车创新技术与产业分论坛上表示。 据吴永桥介绍，今年2月，比亚迪发布了天神之眼标配中阶智驾，算力达到80—150TOPS，拥有高速领 航、城市记忆行车、全自动泊车等功能，并在8万—15万元标配此技术。 "在三年之内，8万—15万元车辆将标配80—150TOPS的中阶智驾，主机厂一定会放弃全栈自研。"吴永 桥预测，三年之后，高阶智驾逐步普及，在15万元以上车型中标配全领域领航，包括高速、城区、全自 动泊车等，以中国汽车"卷"的速度一定会快速实现。 吴永桥指出，中阶智驾的数据闭环和工具链，每年需要投入几个亿甚至数十亿，博世去年在智驾领域投 入接近20亿。中阶智驾成为标配后，以博世、元戎启行、华为和momenta为代表的Tier1供应商可以支持 七八个客户，几十款车型，甚至50—100个车型；主机厂投入100 ...

行业周报 | 汽车 证券研究报告 | 行业评级 | | 推荐（维持） | | | --- | --- | --- | --- | | 报告日期 | 2025 | 02 | 17 | 相关研究 Deepseek -2025.02.11 - 2025.02.10 1 - 2025.02.09 分析师：董晓彬 S0190520080001 dongxiaobin@xyzq.com.cn 分析师：王凯丽 S0190522070001 wangkaili@xyzq.com.cn 分析师：于鹏亮 S0190524030006 yupengliang@xyzq.com.cn 分析师：刘馨遥 S0190524070005 liuxinyao@xyzq.com.cn 研究助理：刘思仪 liusiyi23@xyzq.com.cn 投资要点： 1 | 指数 | 周涨跌幅 | 周成交额（亿元） | 年初至今涨跌幅 | | --- | --- | --- | --- | | 上证综指 | 1.3% | 33299 | 4.2% | | 创业板指 | 1.9% | 25286 | 9.9% | | SW 汽车 | 1.2% | 4806 ...