券商晨会精华 | L3准入落地将加速智驾产业链价值重构 2026年智驾有望成为AI应用的重要方向

Market Overview - The market experienced a collective rebound yesterday, with the Shanghai and Shenzhen stock exchanges recording a transaction volume of 1.81 trillion yuan, an increase of 87 billion yuan compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index rose by 1.19%, the Shenzhen Component Index increased by 2.4%, and the ChiNext Index surged by 3.39% [1] Express Delivery Sector - CITIC Securities highlighted that the structural opportunity in the express delivery sector remains focused on "full-chain cost reduction" as the market's anti-involution expectations gradually materialize [2] - The strong regulatory push for price anti-involution may seem to delay market clearing in the short term, but it emphasizes the investment value of leading companies undergoing end transformation [2] - Leading companies such as ZTO Express and YTO Express are currently in a profit release phase after surpassing capacity peaks, possessing above-average single-ticket profitability and potential financing capabilities [2] Food and Beverage Industry - CICC stated that the food and beverage industry has entered a new normal since the beginning of the year, with the overall consumption environment remaining weak and a focus on high-quality growth [3] - The demand for the liquor industry continues to show weak prosperity, compounded by new regulations leading to significant adjustments on both supply and demand sides [3] - Looking ahead to next year, CICC anticipates a continuation of weak recovery and strong differentiation in the industry, with growth increasingly reliant on product innovation, fragmented channel layouts, and expanding consumer demographics [3] Autonomous Driving Sector - Huatai Securities reported that the recent approval of L3 vehicle models by the Ministry of Industry and Information Technology marks a significant step towards the practical application of autonomous driving in China [4] - This approval indicates a transition from "pilot application and testing" to "product approval and on-road trial," which is expected to accelerate the value reconstruction of the autonomous driving industry chain [4] - By 2026, autonomous driving is anticipated to become a significant direction for AI applications, with investment opportunities in key areas such as smart vehicles, control chassis, domain control chips, and lidar [4]