Guoyuan Securities: Brand power drives hot orders, smart cars continue to use AI

The Zhitong Finance App learned that Guoyuan Securities released a research report saying that new cars from several leading brands have recently been released, and brand strength is driving the popularity of order data. With the progressive improvement of technology, the cost of superimposed hardware and software continues to decline, and the installation rate of intelligent driving assistance functions continues to increase. Focus on the increasing competitiveness of leading car companies in their differentiated markets and the snowballing effects of continuing to accumulate brand reputation. Focus on future opportunities for the integrated development of smart cars and AI.

Guoyuan Securities's main views are as follows:

The gap between wholesale and retail sales widened during the off-season in August, waiting for gold, nine, silver, and ten

Passenger cars: From August 1 to 24, the national passenger car market retailed 1.285,000 units, up 3% from the same period in August last year, up 3% from the same period last month. The cumulative retail sales volume since this year was 14.031 million units, up 10% year on year; from August 1 to 24, passenger car manufacturers sold 1.341 million vehicles, up 12% from August last year, up 5% from the same period last month, and a total of 16.866 million vehicles have been sold since this year, up 13% year on year.

New energy: From August 1 to 24, the national passenger car new energy market retailed 727,000 vehicles, up 6% from the same period last month, up 7% from the same period last month. The national passenger car new energy retail penetration rate was 56.6%, with cumulative retail sales of 7.182 million units since this year, up 27% year on year; from August 1 to 24, passenger car manufacturers nationwide wholesale 711,000 new energy vehicles, up 11% from the same period last year, and 3% over the same period last month. The total wholesale penetration rate of new energy passenger vehicle manufacturers across the country was 53%, with a cumulative total of 8.345 million vehicles. .

Hongmeng Zhixing and several leading brands have released multiple models. Brand strength drives the popularity of order data

Recently, new cars from Hongmeng Zhixing and several leading brands have been released, and the data is very popular. On August 24, Geely Auto announced that its flagship six-seater SUV, the Geely Galaxy M9, will officially open pre-sale, breaking 40,000 in 24 hours. On August 25, the Shangjie H5, the first Hongmeng Zhixing “Fifth Realm” car between Huawei and SAIC Motor, officially began pre-sale, breaking 25,000 units within one hour of pre-sale. On August 27, the new Xiaopeng P7 was officially launched, and orders for the new car exceeded 10,000 units within 7 minutes of the launch. The market response for new models from leading brands was overwhelming.

The penetration rate of intelligent driving above L2 level is high, and the trend of integration between the automotive industry and AI is remarkable

The Passenger Transport Federation released the Automotive Intelligent Connectivity Insight Report for June 2025: From January to June 2025, the loading rate of new energy passenger vehicles with L2 class and above assisted driving functions reached 82.6%, and the loading rate of smart driving in the market below 160,000 yuan increased further. With the progressive improvement of technology, the cost of superimposed hardware and software continues to decline, and the installation rate of intelligent driving assistance functions continues to increase. At the same time, smart cars are accelerating the development of integrated AI. The State Council issued “Opinions on Further Implementing the “Artificial Intelligence +” Action, which proposes to promote the “Internet of Everything” smart terminals, cultivate a smart product ecosystem, and vigorously develop next-generation smart terminals such as intelligent connected vehicles. Huawei points out that in choosing routes for assisted driving technology, Huawei favors WA (World Behavior Model) over VLA (Perceived Language Behavior Model), and believes WA is the ultimate solution to achieve true autonomous driving. Huawei has launched the WEWA model based on the WA architecture and will be deployed in ADS4.0.

Risk warning: Economic recovery falls short of expected risks, policy support falls short of anticipated risks, industry competition intensifies risks exceeding expectations, and the development and implementation of emerging technologies falls short of expectations, etc.