According to the Zhitong Finance APP, Soochow Securities has released a research report stating that 2025 may be a turning point for automotive intelligence. The popularization of urban NOA (L3 intelligent core experience) is a driving force that makes intelligence one of the top three considerations for consumers when purchasing cars. Currently, based on the &#34;Leading Automotive New Car Cycle - Grassroots Research - Hot Model Verification&#34; system, the &#34;L3 intelligence penetration rate&#34; will be closely tracked from 10%-50%-80%+ during the 2025-2027 period. In the future, automotive companies may be divided into three categories: B-end Robotaxi operations + C-end personalized brands + high-end manufacturing of complete vehicles. It is recommended to pay attention to VLA/next-generation intelligent driving architecture and its penetration rate and willingness to pay.
<h2>The main points of Soochow Securities are as follows:</h2>
Why recommend going all-in on automotive intelligence?
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Automotive intelligence is essentially a revolution in mobility. &#34;L3 intelligence helps automakers sell cars - L4 Robotaxi realizes software charging for automakers - independent brands achieve global rise&#34; is the three-part series of automotive intelligence.
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2025 may be a turning point for automotive intelligence! The popularization of urban NOA (L3 intelligent core experience) is a driving force that makes intelligence one of the top three considerations for consumers when purchasing cars. Currently, based on the &#34;Leading Automotive New Car Cycle - Grassroots Research - Hot Model Verification&#34; system, the &#34;L3 intelligence penetration rate&#34; will be closely tracked from 10%-50%-80%+ during the 2025-2027 period.
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Automotive intelligence operates in an elimination mode, where the strong become stronger. In the future, automotive companies may be divided into three categories: B-end Robotaxi operations + C-end personalized brands + high-end manufacturing of complete vehicles. Component suppliers may be divided into two categories: modular suppliers + single-category suppliers.
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August Intelligence Summary: The keyword may reflect the iteration effect of the new generation underlying architecture
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Regarding VLA/next-generation intelligent driving architecture: On August 20, the new generation intelligent driving architecture of Li Auto VLA was delivered simultaneously with the i8, with the initial push being the VLA Preview version, capable of chain thinking and having three-point turning ability; on August 27, XPeng launched the all-new P7, with the entire Ultra version achieving VLA+VLM intelligent driving, equipped with three self-developed Turing chips, with effective computing power of 2250 TOPS; Yuanrong Qixing took the lead in launching third-party intelligent driving supplier VLA solutions, which may extend to models priced at 100,000 yuan.
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Regarding penetration rate and willingness to pay: In July, the penetration rate of urban NOA intelligence reached 23.2%, a month-on-month increase of 0.9 percentage points, maintaining a good level. Aito M8 is equipped with urban NCA as standard across the entire series, with continuous delivery; XPeng MONA M03 Max promotes the acceleration of supply-side intelligent driving, with XPeng's intelligence penetration rate exceeding 70%; Li Auto's overall urban NOA intelligent driving penetration rate is 59.4%, a month-on-month decrease of 2.2 percentage points, showing a slight decline.
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2025 Automotive Intelligence Main Line Stock Selection
Continue to be optimistic about intelligent complete vehicles! Intelligence is the core, the new car cycle/monthly sales are the tracking metrics, and the robot layout is the icing on the cake! Hong Kong stocks &gt; A-shares. Hong Kong stocks (XPeng-W (09868) + Li Auto-W (02015) + Xiaomi Group-W (01810), etc.) / A-shares (BYD (002594.SZ) + SAIC Motor (600104.SH) + SERES (601127.SH), etc.)
Optimistic about intelligent incremental components: AI chips (Horizon Robotics-W (09660) + Black Sesame Intelligence (02533)), domain controllers (Desay SV (002920.SZ) + Huayang Group (002906.SZ) + Joyson Electronics (600699.SH) + Zhixing Technology (01274) etc.). Steer-by-wire chassis (Bertley (603596.SH) + Nexperia (01316)), automotive electronics (Baolong Technology (603197.SH) + Jingwei Hengrun (688326.SH) etc.).
Risk Warning
The price war for passenger cars exceeds expectations; terminal demand recovery is lower than expected; the pace of L3 level autonomous driving policy rollout is slower than expected

02015

601127

BYDDY

BYDDF

002594

01211

XPEV

09868

Dongxing Securities Co., Ltd. released a research report pointing out that 2025 will be a turning point for automotive intelligence, with the popularization of urban NOA (L3 intelligent core experience) becoming an important consideration for consumers when purchasing vehicles. It is expected that the penetration rate of L3 intelligence will increase from 10% to over 80% between 2025 and 2027. In the future, the vehicle market will be divided into B-end Robotaxi operations, C-end personalized brands, and high-end manufacturing. It is recommended to pay attention to the penetration rate of VLA/next-generation intelligent driving architecture and consumers' purchasing willingness

- Dongwu Securities reports that 2025 may be a pivotal year for automotive intelligence, with urban NOA (L3 intelligence) becoming a key factor in consumer purchasing decisions.  
- The report forecasts L3 intelligence penetration rates to rise from 10% in 2025 to over 80% by 2027, categorizing future companies into three types: B-end Robotaxi operations, C-end personalized brands, and high-end manufacturing.  
- Key developments include the launch of next-generation driving architectures and a notable increase in urban NOA penetration, with risks including unexpected price wars and slower-than-expected policy developments for L3 autonomous driving.

Zhitong

Li Auto

LI AUTO-W

SERES

BYD Company

BYD Company Limited

BYD COMPANY

XPeng

XPENG-W

Soochow Securities Co., Ltd.: The new generation of intelligent driving architecture is being implemented, and we remain optimistic about the smart technology main line