CICC: Autonomous Driving Sinking While Emphasizing Safety, Paying Attention to Opportunities in LiDAR Industry

CICC released a research report stating that the 2025 Shanghai Motor Show comprehensively showcased the innovation trend of smart cars in the driving and cockpit areas. At this auto show, various car companies placed greater emphasis on driving safety in their promotion of smart driving, focusing on "driving assistance." The Upturn U8L with the standard "Eye of God A" at the auto show has changed its suffix from "High-Level Smart Driving Three Laser Edition" to "Driving Assistance Three Laser Edition." Xiaopeng announced the launch of an AI-assisted driving safety training camp at the auto show. According to Gao Gong's data, the penetration rate of L1Q25 LIDAR reached 6.57%, and with safety moving from backstage to the front stage, the configuration rate of LIDAR is expected to rise. CICC's main points are as follows: Domestic brands sink smart driving, breakthrough in assisted driving technology BYD Company Limited exhibited multiple smart driving models, including the Qin DM-I smart driving version and the Yuan UP smart driving version (subsidized), priced at less than 100,000 yuan. Equipped with the "Eye of God" driving assistance system, the trend of smart driving sinking towards mid-to-low-priced models is clear. In terms of smart driving solutions, cockpit integration and L3 are still important upgrade directions. Horizon exhibited the new HSD advanced driving assistance system; QZ Intelligent Navigation launched an end-to-end city navigation solution based on a single J6M chip. Huizhou Desay SV Automotive deepened its cooperation with Qualcomm in the ADAS field, creating a cockpit integration solution based on the Qualcomm 8775 chip, and successfully realized high-speed, city NOA, and memory parking scenarios with a cockpit integration based on 70 TOPS. Huawei released the Qiankun Smart Driving ADS 4, introducing the WE-WA architecture, with the ADS Ultra flagship version equipped with a high-speed L3 exclusive solution; models such as the Jike 9X and Lynk 900 equipped with the NVIDIA Corporation Thor chip were also exhibited at the auto show, with mass production conditions for L3. According to Gao Gong's data, as of L1Q25, the penetration rate of L2 (including L2+) ADAS exceeded 50%. With the dual drive of technological iteration by incumbent manufacturers and the equal weight of smart driving, the intelligentization of automobiles is expected to accelerate penetration. The importance of driving safety is highlighted, focusing on the opportunities in the LIDAR industry CICC noted that at this auto show, various car companies placed greater emphasis on driving safety in their promotion of smart driving, focusing on "driving assistance." The Upturn U8L at the auto show with the standard "Eye of God A" changed its suffix from "High-Level Smart Driving Three Laser Edition" to "Driving Assistance Three Laser Edition," and Xiaopeng announced the launch of an AI-assisted driving safety training camp at the auto show. Recently released models such as the Zerun B10 and GAC Toyota SUV model Platinum 3X have pushed down the configuration of LIDAR to models below 150,000 yuan. According to Gao Gong's data, the penetration rate of LIDAR in L1Q25 reached 6.57%. With safety moving from backstage to the front stage, the configuration rate of LIDAR is expected to rise. Smart cockpits are upgrading to higher comfort and better intelligent experiences, with AR HUD and acoustic systems upgrading as highlights HUD has become a key support for experience upgrade. Huayang's smart cockpit integration solution achieves cockpit domain control and linking with VPD technology, innovatively equipped with diagonal projection AR-HUD. In addition, innovative products such as SRHUD and 3D HUD provide new possibilities for smart cockpits. Zejing displayed multiple products including LCoSAR HUD; Changan Mazda's EZ-60 AI smart cockpit achieved naked-eye 3D HUD. In-car acoustics are evolving towards scene-based, emotional, and personalized directions. Huayang's acoustic experience cockpit, equipped with 23 speakers, achieves 4 major virtual venues and variable 3D sound effects. Target recommendations It is recommended to pay attention to Huizhou Desay SV Automotive (002920.SZ), Foryou Corporation (002906.SZ), and ArcSoft Corporation (688088.SH). Other companies related to the industry chain include MINIEYE (02431), Horizon Siasun Robot&Automation (09660), BLACK SESAME (02533), ROBOSENSE (02498), Hesai Group Sponsored ADR (HSAI.US), etc. Risk factors The implementation of new smart car technologies may not meet expectations, leading to a deterioration in the competitive landscape of automotive electronics.