--- title: "Soochow Securities Co., Ltd.: The new generation of intelligent driving architecture is being implemented, and we remain optimistic about the smart technology main line" description: "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 experienc" type: "news" locale: "en" url: "https://longbridge.com/en/news/255320838.md" published_at: "2025-08-31T01:01:03.000Z" --- # Soochow Securities Co., Ltd.: The new generation of intelligent driving architecture is being implemented, and we remain optimistic about the smart technology main line > 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 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 "Leading Automotive New Car Cycle - Grassroots Research - Hot Model Verification" system, the "L3 intelligence penetration rate" 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. ## The main points of Soochow Securities are as follows: **Why recommend going all-in on automotive intelligence?** 1. Automotive intelligence is essentially a revolution in mobility. "L3 intelligence helps automakers sell cars - L4 Robotaxi realizes software charging for automakers - independent brands achieve global rise" is the three-part series of automotive intelligence. 2. 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 "Leading Automotive New Car Cycle - Grassroots Research - Hot Model Verification" system, the "L3 intelligence penetration rate" will be closely tracked from 10%-50%-80%+ during the 2025-2027 period. 3. 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. **August Intelligence Summary: The keyword may reflect the iteration effect of the new generation underlying architecture** 1. 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. 2. 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. **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 > 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 ### Related Stocks - [LI.US - Li Auto](https://longbridge.com/en/quote/LI.US.md) - [02015.HK - LI AUTO-W](https://longbridge.com/en/quote/02015.HK.md) - [601127.CN - SERES](https://longbridge.com/en/quote/601127.CN.md) - [BYDDY.US - BYD Company](https://longbridge.com/en/quote/BYDDY.US.md) - [BYDDF.US - BYD Company Limited](https://longbridge.com/en/quote/BYDDF.US.md) - [002594.CN - BYD](https://longbridge.com/en/quote/002594.CN.md) - [01211.HK - BYD COMPANY](https://longbridge.com/en/quote/01211.HK.md) - [XPEV.US - XPeng](https://longbridge.com/en/quote/XPEV.US.md) - [09868.HK - XPENG-W](https://longbridge.com/en/quote/09868.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 五角大楼将阿里巴巴和比亚迪列入中国军方名单，但据报道在特朗普与习近平会面前撤回了相关文件 | 五角大楼短暂将阿里巴巴和比亚迪列入与中国军方有 alleged 关系的公司名单，引发了人们对特朗普与习近平四月峰会前美中紧张局势加剧的担忧。更新后的名单中还包括百度， reportedly 在提交后不久便被撤回。尽管被列入名单并不立即带来法 | [Link](https://longbridge.com/en/news/275968276.md) | | Dachser 公司部署比亚迪电动卡车 | Dachser，一家领先的欧洲物流供应商，已在西班牙部署了两辆比亚迪电动卡车，ETM6 型号，用于最后一公里的配送。这标志着他们从以往对欧洲品牌的依赖转变。Dachser 运营着超过 160 辆电动卡车，并在 25 个城市建立了无排放配送区 | [Link](https://longbridge.com/en/news/276060194.md) | | 由比亚迪支持的自动驾驶电动矿用卡车制造商申请在香港上市 | Boonray 是一家总部位于上海的自主电动矿用卡车制造商，得到了比亚迪的支持，已申请在香港上市，正与 Eacon Group 展开竞争。该公司在 IPO 前融资了 1.65 亿美元，旨在利用日益增长的自主矿用卡车市场，预计到 2030 年 | [Link](https://longbridge.com/en/news/275759664.md) | | 丰田在中国销售的纯电动车数量超过了大众 | 丰田在中国的电池电动汽车销售首次超过大众，2025 年销售了 100,000 辆电池电动汽车，而大众则销售了 85,000 辆。尽管如此，两家公司仍落后于比亚迪，后者在 2025 年 12 月单月销售了 190,712 辆电池电动汽车。大众 | [Link](https://longbridge.com/en/news/275756355.md) | | 比亚迪成为曼彻斯特城足球俱乐部的赞助商 | 中国电动车制造商比亚迪已成为曼彻斯特城足球俱乐部的官方汽车合作伙伴，提升了其在欧洲的知名度。赞助内容包括在训练服上的品牌标识以及在伊蒂哈德体育场的展示。比亚迪将提供车辆并在城市足球学院安装充电桩。此次合作契合了两个品牌在卓越和创新方面的价值 | [Link](https://longbridge.com/en/news/275783097.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.