CHANGAN AUTOMOBILE-B(SZ:000625) Zhong Guo Chan Ye Jing Ji Xin Xi Wang·2025-05-15 22:33Core Viewpoint - The Chinese automotive industry is undergoing a comprehensive transformation towards low-carbon, electrification, and intelligent development, driven by high-level technological innovation and regulatory changes [1][2]. Low-Carbon Integration - Under the "dual carbon" goals, China is accelerating the low-carbon transformation of the automotive industry, with the Ministry of Industry and Information Technology planning to revise fuel consumption standards, aiming for an average fuel consumption of 3.3L/100km by 2030 [2]. - The average fuel consumption of new passenger cars in China has steadily decreased, with NEDC standards showing a reduction to 5.61L/100km in 2020 and WLTC standards dropping to 3.78L/100km in 2023 [2]. - The carbon emission intensity of China's automotive manufacturing industry has continuously declined, recorded at 0.4-0.6 tons per 10,000 yuan in 2022 [2]. - Key technological breakthroughs in low-carbon internal combustion engines and energy management systems are essential for the industry's low-carbon development [2]. Acceleration of Electrification - Global sales of new energy vehicles are projected to exceed 16 million units in 2024, with China alone expected to reach 12.866 million units, leading the global market [4]. - Significant advancements in electric vehicle technology have been made, including battery energy density reaching 300Wh/kg and fast charging capabilities exceeding 4C [5]. - Solid-state batteries, with energy densities of 400-500Wh/kg, are anticipated to enter small-scale production by 2030, enhancing the safety and efficiency of electric vehicles [5]. Intelligent Evolution - The automotive industry in China is experiencing a profound transformation, with a consensus that electrification represents the first phase and intelligent development the second [6]. - New generation artificial intelligence technologies, such as large models, are crucial for enhancing intelligent driving capabilities and ecosystem interactions [7]. - Companies are investing heavily in intelligent technologies, with Chang'an Automobile planning to invest 250 billion yuan in advancing intelligent driving solutions and robotics [8].