2025年上海车展前瞻：技术创新推动智能化提速，大型SUV成新战场

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, including BYD (1211 HK), XPeng Motors (9868 HK), and others, indicating a positive outlook for their stock performance in the next 12 months [18]. Core Insights - The automotive industry is experiencing a significant shift towards intelligent and electric vehicles, with a notable increase in the number of new energy vehicles (NEVs) showcased at the 2025 Shanghai Auto Show, where 67 out of 97 models are NEVs [3][4]. - Domestic brands continue to dominate the market, accounting for approximately 60% of the passenger vehicle market share in mainland China, with a strong emphasis on technological advancements in smart driving and intelligent cockpit systems [3][4]. - The competition in the SUV segment is intensifying, particularly in the large and mid-large SUV categories, which are projected to see substantial growth in sales [3][4]. Summary by Sections Auto Show Overview - The 2025 Shanghai Auto Show will feature 97 models, with 41 new models, 30 traditional fuel models, and 67 new energy models [3][4]. - Domestic brands will showcase 45 models, representing 46% of the total, while German brands will present 32 models, accounting for 34% [3][4]. SUV Market Dynamics - The SUV segment will see a significant presence at the auto show, with 53% of the showcased models being SUVs, including 6 A-SUVs, 16 B-SUVs, 15 C-SUVs, and 13 D-SUVs [3][4]. - The retail sales of large and mid-large SUVs in mainland China are expected to reach 1.646 million units in 2024, marking a 52.5% year-on-year increase, with NEVs making up about 80% of this segment [3][4]. Technological Innovations - The report highlights advancements in smart driving technologies, with models like the Lynk & Co 900 being the first to feature NVIDIA's Thor chip, and Leap Motor introducing lidar technology in more affordable models [3][4]. - The integration of high-performance chips, such as Qualcomm's Snapdragon 8295P, is becoming common in various models, enhancing the capabilities of intelligent cockpits [3][4]. Investment Recommendations - The report suggests focusing on newly launched models such as the Leap L90, Zeekr 9X, and the XPeng G7, as well as the Audi A5L and Cadillac LYRIQ-V, which represent significant advancements in smart technology [3][4]. - Specific stocks recommended for investment include BYD (1211 HK) and XPeng Motors (9868 HK), both of which are expected to benefit from the ongoing trends in smart driving and export growth [3][4].