自动驾驶是最具落地潜力的物理 AI（Physical AI）应用之一，正加速从实验室走向现实。我们认为，尽管全面普及仍面临诸多挑战，但在传感器、高性能算力平台与算法加速融合的推动下，行业发展提速。本报告旨在剖析决定这场竞赛胜负的核心要素，包括技术路径、监管演进与竞争格局等。同时，我们梳理出当前投资者的关键争议焦点，帮助把握产业变革带来的机遇，解答行业中关注度及争议性最高的十个问题。首先，我们强调，对于迎接自动驾驶的到来，我们毋庸置疑，已做好准备！

客车这轮大周期驱动因素是什么？一句话总结：客车代表中国汽车制造业将成为【技术输出】的世界龙头。这不是梦想而是会真真切切反应到报表层面。海外市场业绩贡献对客车行业在3-5年会至少再造一个中国市场。

2025Q1汽车行业延续增长趋势。汽车行业2025Q1实现营业收入8979.62亿元，同比增长5.75%；实现归母净利润390.69亿元，同比增长9.70%；实现扣非归母净利润330.58亿元，同比增长17.33%。

Automotive refinish coatings are specialized paints and protective layers applied to vehicles after their original manufacturing, typically during repairs, repainting, or customization. These coatings restore the vehicles appearance, protect the surface from corrosion and environmental damage, and ensure color matching and aesthetic consistency with the original factory finish.

Automotive wrap films offer car styling and personalization through full or partial wrapping. Vehicles with such wraps are used as moving billboards for business advertisements.

Automotive sealants are specialized materials used to fill gaps, joints, and seams in vehicles to prevent the entry of water, dust, air, and other contaminants. They enhance vehicle durability by providing protection against corrosion, vibration, and environmental damage. These sealants are critical in various automotive applications, including body sealing, window glazing, chassis assembly, and battery protection in electric vehicles.

Automotive floor carpets are used to cover the floor of the passenger compartment in light commercial vehicles, passenger cars, and heavy commercial vehicles. Floor carpets prevent transferring heat, noise, and vibration from beneath the vehicles floor to the passenger cabin, which is manufactured of non-woven and tufted materials.

Automotive window power sunshade is categorized under automotive accessories. The technological advancements in automotive window power systems have resulted in window power sunshades. An automotive window power sunshade operates electronically to regulate the amount of sunlight entering the vehicles cabin. Power sunshades are found on the rear windows, side windows, and sunroofs of vehicles

Automotive camera-based side mirrors, also known as digital side mirrors or virtual mirrors, replace traditional side mirrors with cameras and displays. These systems use high-resolution cameras mounted on the exterior of the vehicle to capture real-time video footage of the surrounding area. The video feed is then displayed on screens located inside the car, typically on the A-pillars or dashboard. This technology enhances visibility by reducing blind spots and providing a wider field of view, especially in low-light conditions or adverse weather