Core Viewpoint - The Ministry of Industry and Information Technology of China has officially granted the first batch of L3 conditional autonomous driving vehicle permits, marking a significant transition from closed testing to commercial application in the autonomous driving sector [2][15]. Group 1: Approval and Implementation - Changan Automobile and BAIC Jihe have received approval to conduct road trials in designated areas of Chongqing and Beijing [2][15]. - Changan's vehicle can achieve autonomous driving in congested traffic conditions on highways and urban expressways at speeds up to 50 km/h, limited to specific routes in Chongqing [15][21]. - This approval positions Chongqing among the leading cities in China for autonomous driving applications, contributing to the development of standards, technology iteration, and industrial application [15][19]. Group 2: Market Growth and Industry Dynamics - The autonomous driving market in China is rapidly expanding, with projections estimating it will approach 450 billion yuan by 2025, driven by technological advancements and cost reductions [5][16]. - Numerous domestic automakers are accelerating their investments in the autonomous driving sector, with Changan leveraging its "Tianshu Intelligent" self-developed technology system for L3-level autonomous driving [5][16]. - The competitive landscape among automakers is fostering technological advancements, with hardware costs decreasing and software algorithms maturing, leading to more affordable smart configurations in vehicles [18][21]. Group 3: Infrastructure and Ecosystem Development - The transition of L3 autonomous driving from closed environments to open roads tests not only the technical capabilities of automakers but also the comprehensive capabilities of cities in terms of smart network ecosystems, regulatory innovation, and infrastructure [19][22]. - Chongqing has established 17 trial routes for intelligent connected vehicles, facilitating the testing of L3 and L4 autonomous driving capabilities [22]. - The successful implementation of autonomous vehicles will necessitate the development of new infrastructure, including roadside perception devices and traffic information systems, thereby stimulating related industries [18][22].

首批搭载L3级自动驾驶的车辆确定了。 12月15日，工信部等四部门联合发布了首批获得L3级"有条件自动驾驶"准入许可的车型名单，重庆长安汽车股份有限公司和北汽蓝谷麦格纳汽车有限公司 两家汽车企业的两款车型成为首批获得国家级"准生证"的量产车。 长安与北汽率先获批 中国汽车工业协会常务副会长付炳锋指出，此次L3级车型准入许可的发放，是我国汽车产业从"技术验证"迈向"量产应用"的重要标志。 值得注意的是，两款车型均为纯电动轿车，试点区域与功能场景呈现鲜明的地域适配性。 长安汽车获批的"长安牌SC7000AAARBEV型"轿车，是目前市场上的深蓝SL03，核心功能聚焦交通拥堵环境下的自动驾驶需求，可在高速公路和城市快 速路单车道内自主完成驾驶任务，最高行驶速度限定为50km/h。 其试点范围明确划定为重庆市内环快速路、新内环快速路（高滩岩立交—赖家桥立交）及渝都大道（人和立交—机场立交）等路段，后续将由重庆长安车 联科技有限公司作为使用主体开展上路通行试点。 吴迪/摄 北汽蓝谷麦格纳申报的"极狐牌BJ7001A61NBEV型"轿车则更适配高速畅通场景，可在高速公路和城市快速路单车道内实现最高80km/h的自动驾驶， ...

Core Insights - The Ministry of Industry and Information Technology has officially announced the first batch of L3 conditional autonomous driving vehicle permits in China, marking a significant step from testing to commercial application for L3 autonomous driving [2] Group 1: Vehicle Details - Two models have been approved: a Changan brand electric sedan and a Jihe brand electric sedan, both capable of autonomous driving in congested traffic and on highways, but limited to specific routes in Beijing and Chongqing [3] Group 2: Technology Differentiation - The core difference between L2 assisted driving and L3 conditional autonomous driving lies in the role and responsibility division between the system and the driver, with L3 offering a leap from "assisted driving" to "system-led" experience [4] Group 3: Safety and Regulation - China emphasizes safety as a prerequisite for innovative applications, establishing a systematic approach that covers key technology research, testing evaluation, policy regulations, and scenario validation [5] - The Ministry of Industry and Information Technology plans to collaborate with relevant departments and local authorities to enhance vehicle operation monitoring and safety assurance, continuously improving the management and regulatory framework for intelligent connected vehicles [6]

Core Viewpoint - The automotive industry is on the brink of a significant reshuffle due to the introduction of the "Automotive Industry Pricing Behavior Compliance Guidelines," which aims to end the ongoing price war and establish clearer pricing regulations [5][10]. Group 1: Compliance Guidelines - The guidelines prohibit car manufacturers from selling vehicles below production costs and require clear pricing and delivery terms [8][16]. - Multiple car manufacturers, including BYD, Xpeng, and Changan, have expressed support for the guidelines, emphasizing the need to eliminate price fraud and unfair competition [11][13]. - The guidelines detail nine prohibited behaviors, including disguised price reductions and excessive discounts, which could lead to legal risks [16][18]. Group 2: Market Impact - The price war has severely impacted the industry's profit margins, with the overall profit rate for the automotive industry dropping to a historical low of 4.4% in 2025 [26][28]. - The average gross profit per vehicle in the automotive supply chain is only 14,000 yuan, and over 52.6% of automotive dealers are experiencing losses [28][29]. - The ongoing price war has led to a decline in consumer confidence, with a significant increase in the number of potential buyers delaying their purchases due to price fluctuations [32][34]. Group 3: Consumer Behavior - Consumers are increasingly associating vehicle prices with quality and features, with the percentage of buyers believing "you get what you pay for" rising from 13% in 2023 to 34% in 2025 [34]. - The expectation of continuous price reductions has led consumers to postpone purchases, as they believe waiting will yield better deals [35][36]. - The end of the price war is expected to lead to more rational competition in the automotive market, improving product safety and quality [36].

长安汽车在调研中表示，预计2026年一季度与使用主体长安车联科技进行L3级自动驾驶上路通行试点 应用；在国家相关法规及政策正式发布实施后，长安汽车将开始面向C端用户的产品准入和市场投放。 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [18]. Core Insights - The approval of L3 level conditional autonomous driving vehicles marks a significant milestone in China's intelligent connected vehicle industry, allowing two models from Changan and Jidu to conduct road trials in designated areas of Beijing and Chongqing [2][7]. - The core feature of L3 autonomous driving is that the system can perform all dynamic driving tasks under specific conditions without the driver needing to monitor continuously, which may shift accident liability from drivers to manufacturers [7]. - The intelligent driving industry is transitioning from a dual-driven model of policy and technology to a four-dimensional resonance involving policy, infrastructure, commerce, and globalization, with L3 level autonomous driving signaling strong commercial opportunities [7]. Industry Overview - The computer industry consists of 338 listed companies with a total market capitalization of 57,020.82 billion and a circulating market capitalization of 51,679.82 billion [4]. - The absolute performance of the industry over the past 1 month, 6 months, and 12 months is -3.6%, 19.5%, and 12.7%, respectively, while the relative performance is -1.9%, 1.7%, and -3.0% [5]. Investment Recommendations - Suggested companies to focus on include Horizon Robotics, Hesai Technology, Suton Juchuang, Pony.ai, WeRide, Desay SV, Zhongke Chuangda, Jingwei Hengrun, Siwei Map, Hezhima Intelligent, Qianfang Technology, Wanjie Technology, Neusoft Group, Ruiming Technology, Guangting Information, and Jinli Technology [7].

Core Viewpoint - Changan Automobile has received approval for its Deep Blue automotive products to feature L3-level autonomous driving capabilities, allowing for automated driving in congested traffic conditions at speeds up to 50 km/h [1] Group 1: L3 Autonomous Driving Approval - The approval for L3-level autonomous driving was granted on December 15 [1] - The technology enables automated driving in single lanes on highways and urban expressways under traffic congestion [1] Group 2: Future Plans and Market Strategy - Changan plans to conduct pilot applications for road use in the first quarter of 2026 in collaboration with Changan Car Union Technology [1] - The company will begin product approvals and market launches for end-users once relevant national regulations and policies are officially implemented [1] - A comprehensive L3 planning strategy is in place, with subsequent models from Avita, Deep Blue, and Qiyuan expected to be introduced [1] Group 3: Market Expansion Potential - The scale of L3 technology is anticipated to expand, potentially reaching models priced around 150,000 yuan [1]

Group 1: L3 Autonomous Driving Approval - Changan Automobile's Deep Blue product received L3 autonomous driving approval on December 15, 2025, enabling automatic driving in congested traffic at speeds up to 50 km/h [2][3] - The approval reflects Changan's 40 years of automotive manufacturing experience and its achievements in intelligent transformation [2][3] Group 2: Technical Features and Safety - The L3 system employs a seven-layer redundancy architecture, integrating braking, steering, power, communication, perception, control, and interaction [4][6] - The perception system utilizes high-resolution 4D imaging radar, vision, and ultrasonic sensors, enhancing performance in adverse weather and complex scenarios [4][6] - Over 5 million kilometers of testing have been conducted, with no accidents or violations reported during the activation period of over 150,000 kilometers [6][7] Group 3: User-Centric Design and Market Strategy - The speed limit of 0-50 km/h is based on user needs in congested driving scenarios, addressing the most significant pain points for drivers [3][5] - Changan plans to initiate road trials with its L3 technology in Q1 2026, targeting C-end users after regulatory approvals [7][8] - Future L3 models will be introduced gradually, with pricing potentially reaching the 150,000 RMB level as the technology scales [7][8] Group 4: Safety and Quality Assurance - Changan prioritizes safety and quality, establishing a comprehensive safety system that integrates functional safety, network security, and data security [8] - The company has developed a quality management system that ensures safety and reliability can be replicated and scaled [8]

每经评论员裴健如 如果试点成功，这将不单是两家企业的事，其核心价值在于积累可复制的经验，推动技术与市场深度融 合。要实现试点效果最大化，需聚焦三个关键方向。 一是场景扩面要循序渐进。当前北京、重庆的试点路段覆盖了高速、城市快速路等核心场景，但需逐步 扩大试点区域与场景类型，从单一车道向多车道、从晴天工况向复杂天气、从封闭路段向半开放路段延 伸，形成覆盖不同地理环境和交通状况的试点网络。 二是数据积累要规范高效。试点车辆需全面记录系统决策、传感器反馈、驾驶员操作等全流程数据，建 立统一的场景数据库和事故追溯机制。通过百万公里级的真实路况数据训练，持续优化算法对车辆加 塞、行人横穿等交通场景的应对能力，为后续技术迭代和法规调整提供坚实支撑。 12月15日，工信部宣布近期许可两款L3级自动驾驶车型产品，将在指定区域内开展上路通行试点。两 款车型分别是长安牌SC7000AAARBEV型纯电动轿车和极狐牌BJ7001A61NBEV型纯电动轿车。 这不仅是中国自动驾驶发展史上的一个重要节点，也标志着我国智能网联汽车正式从"技术验证"迈 向"量产应用"的新阶段。 在我国汽车产业已在电动化领域确立领先优势的背景下，智能化正成 ...

21世纪经济报道记者赵云帆 报道 近日，工业和信息化部正式公布我国首批L3级有条件自动驾驶车型准 入许可：长安汽车旗下深蓝SL03、北汽旗下极狐阿尔法S两款车型，将分别对应重庆地区的城市拥堵路 况，以及北京地区的高速路段，展开L3自动驾驶试点。 12月16日，受上述消息影响，智能驾驶概念股全天强势，万集科技（300552）、浙江世宝（002703）、 北汽蓝谷（600733）、路畅科技（002813）等多股涨停。 北京、重庆获"先发" 2021年8月，工信部正式发布实施标准化文件《汽车驾驶自动化分级》，确立了自动驾驶分级这一"舶来 品"的国内分级标准。 按上述标准，L3级自动驾驶，即"3级驾驶自动化(有条件自动驾驶,conditionally automated driving)"。系 统在其设计运行条件下执行全部动态驾驶任务。具体技术要求包括"仅允许在其设计运行条件下激 活"，"在激活后在其设计运行条件下执行全部动态驾驶任务"，"识别是否即将不满足设计运行范围"， 以及相应介入时机，主动接管功能等。 工信部表示，两家汽车企业已按要求完成并通过了产品测试与安全评估。下一步，两款车型将分别由两 家使用主体，在上 ...