证券研究报告 | 2025年09月28日 汽车智能化月报系列（二十八） 优于大市 地平线合作哈啰加速 Robotaxi 商业化落地，禾赛科技于香港交易所上市 行业新闻：1）工信部拟出台强制性国家标准，为自动驾驶技术设定安全 门槛；2）科博达收购参股公司智能科技 60%股权；3）小鹏汽车携多款 热门新车进入欧洲五国市场；4）地平线与哈啰达成战略合作，加速 Robotaxi 商业化落地；5）禾赛科技登陆香港交易所主板；6）小马智行 获得迪拜 Robotaxi 路测许可，首批车辆已开跑；7）新加坡首批 Robotaxi 上路，文远知行助力 Grab 推出 Ai.R 自动驾驶出行项目；8）华阳集团 助力全新问界 M7 打造超凡体验。 高频核心数据更新：1）800 万像素摄像头占比持续提升。2025 年 7 月， 乘用车前视摄像头渗透率 66.7%，同比+6pct，环比-1pct，其中 800 万 像素占比 41.7%，同比+23pct，环比+2pct。；2）英伟达驾驶芯片占比 提升。2025 年 7 月，乘用车驾驶域控渗透率 30.2%，其中 mobileye、TI、 地平线、英伟达、特斯拉 FSD、华为芯片占比分别 ...

Core Insights - The penetration rate of passenger car driving domain controllers is projected to reach 31% by June 2025, with Nvidia's chip share increasing to 53.5%, marking a year-on-year growth of 25.4% [1][3] - The overall market for L2 and above autonomous driving features in passenger vehicles has increased by 13 percentage points year-on-year, reaching a penetration rate of 29.7% by June 2025 [4] Industry News - Waymo has received the first autonomous vehicle testing license in New York City [2] - The Shangjie H5 has launched with the HUAWEI ADS4 driver assistance system [2] - Horizon Robotics has upgraded its HSD, with the first model being the Chery Xingtu E05 [2] - Pony.ai has officially launched autonomous driving services in Shanghai's Pudong district [2] - WeRide has released an end-to-end driver assistance solution expected to be mass-produced by 2025 [2] - Hesai Technology has secured a contract for laser radar with a brand under Toyota, with mass production starting in 2026 [2] - The new generation of the IM LS6 will feature the Supcon Juchuang 520-line laser radar [2] High-Frequency Data Updates - The penetration rate of 8-megapixel cameras in passenger vehicles has reached 39.7%, a year-on-year increase of 22 percentage points [3] - The market share of laser radar in passenger vehicles has risen to 10%, with Huawei leading at 47% market share [3] Sensor and Control Unit Penetration - By June 2025, the penetration rates for front-view cameras, millimeter-wave radars, and laser radars are 67.6%, 57.4%, and 9.7% respectively, with year-on-year increases of 4, 5, and 2 percentage points [4] - The penetration rate of autonomous driving domain controllers in passenger vehicles is 30.9%, reflecting a year-on-year increase of 13.1 percentage points [4] Smart Cabin and Connectivity - The penetration rates for 10-inch and above central screens, 10-inch and above LCD instrument panels, HUDs, and smart cabin domain controllers are 85.2%, 50%, 19.4%, and 40.8% respectively, with varying year-on-year changes [4] - The penetration rates for OTA and T-BOX technologies are 76.8% and 69.0%, with year-on-year changes of +2 and -7 percentage points [4] Investment Recommendations - Recommended companies for complete vehicles include XPeng Motors, Leap Motor, and Geely [5] - For L4 autonomous driving, recommended companies are Pony.ai and WeRide [5] - Component recommendations include Supcon Juchuang and Hesai Technology for data acquisition, Hu Guang Co. for data transmission, and Horizon Robotics, Black Sesame, Kobot, Huayang Group, and Junsheng Electronics for data processing [5]

Core Viewpoint - The article discusses the rapid advancements in the automotive intelligence sector, highlighting the commercialization of autonomous driving technologies and the issuance of operational licenses for smart connected vehicles in Shanghai, which marks a significant step towards the integration of autonomous vehicles into everyday life [2][19][21]. Group 1: Key Developments in Autonomous Driving - Tesla's intelligent driving plan is set to further localize in China within the year, with the launch of Robotaxi services in various regions [17][18]. - Shanghai has issued a new batch of operational licenses for smart connected vehicles, allowing companies like Pony.ai and Baidu to commence autonomous driving services [19][21]. - Pony.ai's Robotaxi has received approval for demonstration operations in central Shanghai, expanding its autonomous driving network across major cities [21][22]. Group 2: Industry Data and Trends - As of May 2025, the penetration rate of L2 and above functions in passenger vehicles reached 28.1%, showing a year-on-year increase of 13 percentage points [6][7]. - The penetration rate of 800 million pixel cameras in passenger vehicles increased to 66.7%, with an annual growth of 23 percentage points [4][5]. - The market share of lidar in passenger vehicles reached 10%, reflecting a year-on-year increase of 4 percentage points [5]. Group 3: Technological Innovations - Pony.ai's seventh-generation Robotaxi has completed over 2 million kilometers of road testing, marking a significant milestone in the mass production of L4 autonomous driving technology [23]. - WeRide has launched a high-performance computing platform based on NVIDIA's latest DRIVE Thor X chip, enhancing the capabilities of its Robotaxi [25]. - 行深智能 has introduced an L4 autonomous driving solution based on Horizon's computing platform, expanding its application to urban logistics [26]. Group 4: Collaborations and Partnerships - Uber has partnered with Lucid and Nuro to launch an autonomous taxi fleet by 2026, integrating Nuro's technology into Lucid vehicles [30]. - Baidu and Uber have announced a strategic partnership to deploy autonomous taxi services in various markets outside the US and mainland China [32]. - GAC Group plans to deepen its strategic cooperation with Huawei to promote high-quality development in the automotive industry [36].

Core Viewpoint - The evolution of automotive intelligence is centered around data flow, which encompasses acquisition, storage, transmission, computation, and application to achieve smart driving and human interaction through sensory modalities [3]. Industry News - Tesla plans to launch autonomous taxi services in Austin, Texas, in June, starting with about 10 Model Y vehicles, monitored remotely for safety [14][15]. - Xiaomi officially launched the YU7 SUV, featuring standard laser radar, Thor computing platform, and panoramic display, set to hit the market in July [16]. - A new mandatory national standard for light vehicle automatic emergency braking systems is in the public consultation phase, expanding its applicability [15]. - RoboSense and Mammotion announced a strategic partnership to develop high-end robotic lawnmowers equipped with solid-state laser radar, aiming for 1.2 million units over three years [25]. - The 2026 Leap C10 model was launched, featuring Hesai ATX laser radar and a price range starting at 132,800 yuan [26]. High-Frequency Core Data Updates - As of March 2025, the penetration rate of 8MP cameras in passenger vehicles reached 23.8%, up 11 percentage points year-on-year [7]. - The penetration rate of L2 and above autonomous driving functions in passenger vehicles was 18.4% in March 2025, an increase of 4.3 percentage points year-on-year [9]. - The penetration rate of laser radar in passenger vehicles was 6.1% in March 2025, reflecting a year-on-year increase of 1 percentage point [8]. - The penetration rates for various sensors in March 2025 were 59.8% for front-view cameras, 47.2% for forward millimeter-wave radar, and 6.1% for laser radar [9]. - The penetration rate of OTA (Over-The-Air) updates in passenger vehicles was 74.5% in March 2025, showing a year-on-year increase of 3 percentage points [10]. Investment Suggestions - The automotive intelligence sector is witnessing significant advancements, with companies like Tesla, Xiaomi, and others leading the charge in smart driving technologies and features [2][4].