Main points of investment
The algorithm capability of urban NO An overlay software has been upgraded, and the power of intelligent car products has been improved rapidly.
Looking forward to 23H2, XPeng Inc., Huawei, ideal, NIO Inc., Great Wall and other domestic mainframe factories are expected to launch NOA-related functions on urban roads, compared with the previous only high-speed NOA, will greatly enhance the scope of use and practical value of high-order intelligent driving, and the progress of high-order intelligent driving is expected to exceed expectations. At the same time, with the iterative upgrade of software algorithm ability and the decline in the hardware cost of high-level smart cars, high-level smart drivers are expected to infiltrate to lower-priced models, and the penetration rate of high-level smart drivers is expected to further accelerate in the future.
2023H2 city NOA is expected to start large-scale promotion, the scope of use and practical value are greatly improved. In the second half of 2023, many car companies, including Huawei, XPeng Inc., NIO Inc., Zhiji and other car companies, released plans for the launch of NOA (Intelligent driving system City Navigation Assistance) in related cities. Compared with the high-speed NOA, urban NOA will greatly enhance the scope of use and practical value of high-level intelligent driving, and bring a significant upgrade to the intelligent driving experience.
The ability of software algorithm is upgraded rapidly, and the cost of intelligent driving hardware is expected to be reduced. At present, head car companies continue to improve their research and development capabilities of software algorithms, data volume and supply chain management capabilities, self-research or domestic chip replacement and domain control architecture optimization have become an important intelligent cost reduction path, follow-up is expected to "algorithm upgrade → hardware cost reduction → performance lower price products", high-end smart driving program continues to optimize, high-cost hardware reduction brings intelligent driving comprehensive cost down.
Experience upgrade superimposed cost down, high-level intelligent driver penetration is expected to usher in a rapid increase. The follow-up large-scale promotion of urban NOA will improve the scope and practical value of smart driving, and the consumer smart driving experience will be further upgraded. Iteration of software algorithms and continuous optimization of follow-up programs drive hardware costs downwards, comprehensive cost reduction of smart cars and prices of matching models look down, NIO Inc. high-level smart driving penetration is expected to increase rapidly, and related industry chain companies are expected to usher in an industry explosion period.
The CSI Smart vehicle theme Index (930721.CSI), released on August 5, 2015, aims to reflect the overall performance of smart car industry companies.
Index performance: long-term performance is excellent, income risk is relatively high. The cumulative income of the CSI smart car theme index since the base date has exceeded the Shanghai and Shenzhen 300, CSI 500 and other mainstream wide-base indexes.
Market capitalization distribution: small and medium-sized stocks have distinct characteristics.
Industry distribution: focus on related industries of intelligent automobile industry chain.
Distribution of individual stocks: covering the subdivision leader of the industrial chain, the top ten weights of the index account for 46.33%.
Valuation level: the price-to-book ratio is at the middle and low level in the past three years, with a certain allocation performance-to-price ratio.
Index characteristics: the overall profitability of constituent stocks is excellent. The ROA of index constituent stocks is significantly higher than the mainstream wide-base indexes such as Shanghai 50, CSI 300 and CSI 500.
Smart car ETF (159888), which tracks the CSI Smart vehicle theme Index, was established on May 13, 2021, providing investors with an investment tool for the layout of the smart car industry.
Product performance: closely track the target index, tracking error is small.
Fund manager: Mr. Sifan, master of Renmin University of China, joined Huaxia Fund in 2011. He has served as a quantitative strategy researcher, investment manager, and is responsible for the investment of many quantitative special accounts. As of October 16, 2023, Sifan has managed 16 funds with a total size of 3.36 billion yuan.
Risk hint: the performance of the sector does not meet the expected risk; the fund is a stock fund with a high level of expected risk and return; the index and the historical performance of the fund do not represent the future.