Zhi Tong Cai Jing·2025-12-19 03:40Core Insights - The Chinese autonomous driving industry is experiencing a historic breakthrough, with the country poised to become the first to implement L3 level autonomous driving on a large scale [6] - The Ministry of Industry and Information Technology (MIIT) has officially granted the first batch of L3 conditional autonomous driving vehicle permits, marking a significant transition from pilot testing to product approval and road trials [6] - Analysts believe that the approval of L3 vehicles will accelerate the restructuring of the autonomous driving industry chain, with significant investment opportunities in smart vehicles, control chassis, domain control chips, and lidar technology [6] Group 1 - The MIIT's vehicle permit signifies the formal entry of China into the L3 autonomous driving era [6] - Guotai Junan Securities highlights that L3 approval will reshape the value chain of the intelligent driving industry, with expectations for AI applications to become a key focus by 2026 [6] - Analysts note that unlike the traditional linear development model of L2 to L3 to L4, Youjia Innovation has achieved commercial deployment of L4 level autonomous minibuses and logistics scenarios, laying a solid foundation for the widespread rollout of L3 technology [6] Group 2 - Dongwu Securities reports that Youjia Innovation holds over one-third of the commercial vehicle ADAS market and has successfully expanded into passenger vehicles and joint venture brands [7] - The company's iPilot series (L2+ and above) products are entering a harvest phase, while its L4 autonomous driving business (iRobo) has achieved commercial breakthroughs [7] - Zhejiang Shibao has indicated long-term partnerships with various domestic traditional and new car manufacturers, with its intelligent steering and control products suitable for L3 and above autonomous driving [7]