汽车行业周报：零跑B10上市，关注智驾硬件普及

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2]. Core Viewpoints - The official launch of the Leapmotor B10, an all-electric SUV, on April 10, 2025, highlights the focus on the proliferation of intelligent driving hardware. The model features a price point starting at 119,800 yuan and includes advanced driving assistance capabilities [5][15]. - The report emphasizes the increasing consumer demand for safety in intelligent driving systems, particularly in light of recent accidents. The use of LiDAR technology is expected to enhance detection accuracy and reduce the impact of environmental factors [5][15]. - The report anticipates a rapid increase in the penetration rate of LiDAR technology, driven by both heightened safety requirements and declining costs, with projections indicating prices could fall below 200 USD by 2025 [5][15]. Industry Dynamics - Notable industry developments include a strategic partnership between Great Wall Motors and Yushun Technology to advance robotics in the automotive sector [16]. - The second-generation full-stack line control chassis from SAIC is expected to be launched by 2027, indicating ongoing innovation in vehicle technology [18]. - The report tracks the performance of the automotive sector, noting that the automotive index underperformed the CSI 300 index by 2.64 percentage points during the week of April 7 to April 11, 2025 [5][34]. Data Tracking - In March 2025, retail sales of passenger vehicles reached 1.94 million units, reflecting a year-on-year increase of 14.80% and a month-on-month increase of 40.18% [60]. - The penetration rate of new energy vehicles reached 51.1% in March 2025, with retail sales of 991,000 units, marking a year-on-year increase of 38.75% [60]. - The report notes that the inventory level for automotive dealers in March 2025 was reasonable, with a comprehensive inventory coefficient of 1.56, indicating stable market conditions [69].