CHANGAN AUTOMOBILE-B(SZ:000625) Zheng Quan Shi Bao Wang·2025-12-16 01:00Core Viewpoint - China's autonomous driving industry is reaching a historic moment with the approval of the first batch of L3 conditional autonomous vehicles by the Ministry of Industry and Information Technology on December 15 [1] Group 1: Industry Developments - The first L3-level conditional autonomous vehicles from companies like Arcfox and Changan have received product access licenses and will conduct road trials in designated areas of Beijing and Chongqing [1] - The approval of L3 vehicles signifies progress in both technology and policy, laying the groundwork for future commercialization of intelligent driving [1] Group 2: Market Projections - Ping An Securities anticipates that the commercialization of intelligent driving will accelerate by 2026, despite current operational limitations on L3 models [1] - CITIC Securities predicts that 2025 will be a pivotal year for the intelligent driving industry, estimating that the penetration rates for high-speed NOA (Navigation Assisted Driving) and urban NOA will reach 16% and 14% respectively, translating to sales of approximately 3.63 million and 3.33 million vehicles [1] - By 2026, the forecasted penetration rates for high-speed NOA and urban NOA are expected to rise to 21% and 22% [1]