大和：明年中国乘用车L3级渗透率约1% 销量对应25.7万辆

Core Viewpoint - The approval of L3 autonomous driving models by China's Ministry of Industry and Information Technology marks a significant step towards the commercialization of L3 autonomous driving in the passenger vehicle market in China [1] Group 1: Industry Developments - The Ministry of Industry and Information Technology has granted the first batch of L3 autonomous driving product licenses to Changan Automobile and BAIC Blue Valley, indicating the beginning of L3 autonomous driving implementation in the passenger vehicle sector [1] - The report highlights the release of the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" by the Ministry, which aims to promote integrated trials of intelligent connected vehicles and conditionally approve L3 autonomous driving licenses [1] Group 2: Market Projections - The firm anticipates that by 2026, more L3 models will receive approval, with an estimated penetration rate of L3 features in the Chinese passenger vehicle market at approximately 1%, translating to about 257,000 units sold [1] Group 3: Beneficiary Companies - Companies such as Horizon Robotics (09660), Hesai Technology (02525), and Suda Technology (02498) are expected to directly benefit from the gradual penetration of L3 autonomous driving in the passenger vehicle market [1]