Core Insights - The collaboration between China Automotive Engineering Research Institute (China Automotive Research) and EU Green NCAP marks the launch of the world's first automotive testing capability benchmarking and recognition project between China and Europe, providing strong technical support for Chinese automotive exports [2] Group 1 - The project focuses on green testing technologies related to vehicle energy consumption, charging, and emissions, aiming to establish mutual trust and recognition in green testing technology between China and Europe [2] - The initiative will enable Chinese laboratories to conduct preliminary tests based on EU Green NCAP protocols, ensuring robust capability support [2] Group 2 - The partnership has evolved since 2020, with China Automotive Research monitoring the developments of EU Green NCAP and deepening understanding through multiple technical exchanges in 2023 [3] - The signing of a memorandum of cooperation in Belgium and the establishment of a regular communication mechanism between the two testing systems signify a substantial advancement in their collaboration [3] - The five-party agreement is expected to enhance the quality of development in China's automotive industry towards green and international standards, positioning Chinese laboratory testing capabilities among the top tier globally [3]

Core Insights - The China Automotive Engineering Research Institute has completed in-depth evaluations of nearly 500 vehicle models across over 60 platforms, indicating significant advancements in automotive technology in China [1] - The safety index testing shows a remarkable increase in occupant safety ratings from 41% in 2019 to 91% in the past five years, reflecting improvements in vehicle safety standards [1] - The testing results for intelligent features reveal that domestic brands have a 90% adoption rate for navigation assistance and 88.8% for memory parking, significantly outperforming non-domestic brands [1] - The health index testing indicates a 25% reduction in formaldehyde concentration limits within vehicles and nearly a 10% decrease in temperature-related range degradation, showcasing advancements in vehicle health standards [1] Industry Developments - The upgrade and deepening of automotive indices are driven by the urgent need to align with national strategies, emphasizing the automotive industry's transition towards intelligence and sustainability [2] - Rapid technological iterations in the automotive sector present unprecedented challenges for evaluation techniques, necessitating continuous innovation in testing methods and expansion of evaluation dimensions to enhance precision [2] - Strengthening consumer rights is a priority, aimed at boosting consumer confidence in the automotive market [2]

Core Viewpoint - The 2026 version of the China Automotive Health Index (C-AHI) framework was released, focusing on consumer concerns such as odor, volatile organic compounds, electromagnetic radiation, and pathogens [1][2]. Group 1: C-AHI Overview - The C-AHI is a third-party evaluation system developed by the China Automotive Engineering Research Institute, aimed at promoting a healthier and better automotive industry through continuous iteration [2]. - The 2026 version framework will undergo drafting and public consultation, with the final version expected to be published in April 2026 [2]. Group 2: New Assessment Indicators - The framework maintains three primary dimensions: "Fresh Air," "Health Protection," and "Green Travel" [2]. - The "Fresh Air" dimension introduces new assessment items including high-risk compounds, air freshness, and air conditioning filter performance [2]. - The "Health Protection" dimension adds assessment items for electromagnetic radiation for vulnerable groups, microbial colonies in vehicles, sun protection performance, and blue light glare protection [2][3]. - The "Green Travel" dimension includes new metrics such as charging compatibility, greenhouse gas emissions, non-exhaust emissions, extreme range (optional), and co-driver range (optional) [3]. - The charging compatibility metric aims to address charging protocol barriers and promote standardized collaboration between automakers and charging facilities [3].

Core Viewpoint - The Tesla concept sector experienced a slight decline of 0.15% with a significant capital outflow of approximately 2.92 billion [1] Group 1: Stock Performance - A total of 84 stocks within the sector saw an increase, while 113 stocks experienced a decline [1] - The top-performing stocks included: - Gongzhi Tui (11.54%) - Kelu Electronics (10.02%) - Haosen Intelligent (7.49%) - Zhongke Sanhuan (5.22%) - Hezhuan Intelligent (5.02%) - Jinli Yongci (4.48%) - China Automotive Research (4.1%) - Jinjing Technology (3.23%) - Southern Precision (3.09%) - Nanbo A (2.49%) - *ST Weier (2.38%) - Nord Shares (2.03%) - Spring and Autumn Electronics (2.02%) - Baolong Technology (1.92%) - Hengdian East Magnet (1.74%) - Galaxy Magnet (1.71%) - Paislin (1.63%) - Shida Shenghua (1.61%) - Bowei Alloy (1.4%) - Delian Group (1.38%) [1] Group 2: Declining Stocks - The stocks with the largest declines included: - Rongtai Co. (-7.53%) - Yamaton (-5.0%) - Shenghong Technology (-4.96%) - Quanfeng Automotive (-4.64%) - Shuanglin Co. (-3.99%) - Xingyuan Zhuomei (-3.36%) - Jintuo Co. (-3.08%) - Keda Li (-3.01%) - Hailian Jinhui (-2.98%) - Huafeng Superfiber (-2.86%) - Chaojie Co. (-2.74%) - Jifeng Co. (-2.66%) - Ningbo Huaxiang (-2.64%) - Changsheng Bearing (-2.54%) - Saiwu Technology (-2.34%) - Fabon Information (-2.25%) - Chaoda Equipment (-2.07%) - Lingyun Co. (-2.06%) - Sikan Technology (-1.94%) - Changhua Group (-1.86%) [1]

Core Viewpoint - The automotive industry in China is undergoing a four-stage evolution, with a significant shift towards smart connected vehicles expected post-2025, leading to a rapid development of new ecosystems and a focus on software, data, and operational services [1][7]. Group 1: Industry Evolution - The automotive industry is predicted to experience a major transformation, with the smart connected vehicle explosion phase starting after 2025, where the value focus will shift towards software, data, and operational services [1][7]. - By 2028, China's automotive market share is expected to reach 45% of the global market [1][7]. - The industry will transition from a linear production relationship to a networked one, with data assets and information technology becoming key production factors [8]. Group 2: Technological Transformation - The future of the automotive industry is closely tied to three revolutions: energy, intelligence, and connectivity, which will drive the transition from energy-consuming tools to energy storage carriers and intelligent terminals [3]. - By 2025, the penetration rate of new energy vehicles is expected to reach 50%, with sales around 16.5 million units [3]. - The automotive technology will improve across six layers: mechanical structure, energy supply, electrical architecture, operating system, software application, and cloud data [3][4]. Group 3: Software and Data Ecosystem - The software application layer is becoming a key area of innovation, with the software value in vehicles currently accounting for 10%-30%, projected to rise to 60% in the future [5]. - The automotive industry has entered a data-defined era since 2022, where computing power and data will be the core of competition in intelligent driving [6]. - The software system ecosystem will act as the "brain" of smart connected vehicles, integrating with smart traffic and smart cities to gather vast amounts of data [10]. Group 4: Energy and Digital Operation Ecosystem - The energy system ecosystem is expected to give rise to industry giants, with a new energy system scale projected to reach several trillion yuan by 2030 [9][10]. - The digital operation ecosystem will enhance new productive forces, supporting data from "people, vehicles, and roads" in various sectors including smart automotive manufacturing and smart cities [11]. - A collaborative model will emerge, involving hardware integration, software system supply, energy system supply, and transportation service enterprises to drive the global expansion of China's smart connected new energy vehicle industry [11].

Core Viewpoint - The development of intelligent driving technology has become a significant indicator of automotive companies' capabilities, but it has also led to industry chaos and safety incidents, prompting regulatory bodies to enhance safety standards [2][3] Group 1: Industry Challenges - The industry faces three main bottlenecks: technical issues, testing and inspection challenges, and ecosystem deficiencies [3] - Technical challenges include the ongoing debate between vision-based and LiDAR-based solutions, which distracts companies and affects performance in complex scenarios [3] - The lack of clear standards for assisted driving levels leads to marketing exaggerations, causing misuse by consumers [3] - Testing resources are fragmented, with companies duplicating efforts in building testing facilities, leading to inefficiencies [4] - The traditional testing methods are inadequate for the needs of intelligent connected vehicles, necessitating the development of new technologies [4] Group 2: Regional Development and Investment - The East China region, as a major automotive cluster, accounts for over 35% of the national automotive industry, with cities like Shanghai and Suzhou at its core [5] - China Automotive Research Institute (CARI) is investing over 2.3 billion yuan to establish a headquarters in Suzhou, aiming to support the automotive industry's high-end, intelligent, and green upgrades [5][6] - The headquarters will feature over 1,000 advanced R&D and testing facilities, providing comprehensive support across the automotive supply chain [6] Group 3: Collaborative Ecosystem - CARI's headquarters aims to create a collaborative ecosystem involving local governments, testing institutions, and enterprises to enhance the automotive industry's development [7][8] - The establishment of the "Suzhou New Energy Vehicle Public Service Platform" will provide integrated testing and certification services, promoting high-quality development in the intelligent connected vehicle sector [8] - Collaboration with universities and technology companies is emphasized to accelerate research and innovation in key areas such as vehicle-grade chips and intelligent driving systems [9][10]

Summary of Key Points Core Viewpoint - China Automotive Research (601965) has seen a stock price increase of 5.51% this week, closing at 18.75 yuan as of July 4, 2025, with a total market capitalization of 18.807 billion yuan [1]. Company Announcements - The company announced a cash dividend of 0.24 yuan per share (before tax), with the record date set for July 8, 2025, and the payment date on July 9, 2025 [1]. - The profit distribution plan was approved at the annual shareholders' meeting on May 16, 2025, and the total amount for distribution has been adjusted to 240,733,172.88 yuan (before tax) due to the repurchase and cancellation of 230,800 restricted shares [1]. - Different tax rates apply for various shareholders, with QFII shareholders receiving a net dividend of 0.216 yuan per share after a 10% withholding tax [1].

证券代码：601965 证券简称：中国汽研 公告编号：临 2025-035 中国汽车工程研究院股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经中国汽车工程研究院股份有限公司（以下简称"公司"） 2025 年 5 月 16 日的2024年年度股东大会审议通过。 二、 分配方案 重要内容提示： 每股分配比例 A 股每股现金红利0.24元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/8 | － | 2025/7/9 | 2025/7/9 | 差异化分红送转：否 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公 司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 公司于 2 ...

Core Viewpoint - The article discusses the role of China Automotive Technology and Research Center (CATARC) in promoting the healthy development of intelligent connected vehicles through testing and standard-setting efforts [1]. Group 1: Unique Testing Methods - CATARC employs a unique verification method that combines physical testing with virtual simulation to accelerate product development cycles by simulating various real and extreme road conditions [1]. - The testing environment at Yangcheng Lake can replicate diverse weather and road conditions, enhancing testing efficiency while reducing risks and costs associated with real-world testing [1]. Group 2: Standard Setting Initiatives - CATARC follows national standards as a basic requirement for product launch, which is considered a passing mark [1]. - The organization has developed higher-level group standards that exceed national standards, covering areas such as passive safety, in-vehicle air quality, and intelligent driving, which are utilized by ambitious companies during the R&D phase [1]. - CATARC has also established advanced standards, such as the Super series, which includes Super Care, Super Crash, and Super AI, aimed at pushing technological advancements in the industry [1]. Group 3: Industry Technology Advancement - CATARC plays a crucial role in identifying product issues through testing and validation, providing improvement suggestions to companies [2]. - The organization collaborates with various enterprises, including Geely, Chery, and Changan, to establish joint research laboratories to tackle technical challenges [2]. Group 4: Successful Case Studies - A notable case involved optimizing an intelligent driving assistance system for a company, where CATARC identified issues during extreme scenario testing and provided recommendations, leading to significant performance improvements and positive market feedback [3]. Group 5: Strategic Location Choice - CATARC chose Suzhou as its East China headquarters due to the city's strong automotive industry chain, which reduces material and transportation costs while attracting high-level technical talent [4]. - The support from the Suzhou municipal government has also contributed to a favorable development environment for CATARC [4]. Group 6: Future Plans and Outlook - CATARC aims to continue enhancing its testing technologies and standards in the intelligent connected vehicle sector while strengthening collaborations with manufacturers and tech companies [5]. - The organization plans to actively participate in the formulation of international standards to contribute to the global presence of the Chinese automotive industry [5].

Core Viewpoint - The development of intelligent connected vehicles in China is facing significant challenges in safety assessment and standard formulation, particularly due to the black-box nature of AI models and the safety issues related to edge cases [1][2]. Group 1: Challenges in Intelligent Driving Assessment - The primary challenge in intelligent driving assessment is the black-box characteristic of AI models and the safety long-tail problem associated with edge scenarios [1]. - Traditional testing methods are insufficient for the complex dynamic processes involved in driving, especially for rare edge cases that could lead to system failures [1]. Group 2: Recommendations for Improvement - There is a need to innovate testing and evaluation methods, combining road tests, experimental tests, and simulation tests to enhance efficiency and accuracy [2]. - Accelerating the formulation of national and industry standards, particularly for AI products, is essential for guiding healthy industry development [2]. Group 3: Current Deficiencies and Future Improvements - The rapid development of intelligent driving products has outpaced the establishment of relevant standards and testing methods [2]. - Future improvements should focus on accelerating the development of standards, innovating testing methods for edge scenarios, establishing comprehensive testing scenario libraries, and enhancing international cooperation [2]. Group 4: Successful Cases and Industry Insights - The China Automotive Engineering Research Institute has developed the iVISTA intelligent vehicle index evaluation system, which assesses intelligent vehicles across multiple dimensions [3]. - This system has gained industry recognition and supports the establishment of intelligent driving standards and certifications [3]. Group 5: Impact of Testing Technology on Development - Testing technology plays a crucial role in the research and application of intelligent driving functions, ensuring safety and enhancing user experience [4]. - Effective testing methods can help identify product issues and provide improvement suggestions, fostering continuous product optimization [4]. Group 6: Additional Considerations in Assessment - Beyond technical aspects, safety, ethics, and user experience are critical factors in the assessment of intelligent driving systems [6]. - A qualified intelligent vehicle must meet standards in safety, user experience, and ethical considerations to avoid disrupting traffic order and causing dissatisfaction among other road users [6].