Xin Lang Cai Jing·2025-12-21 02:31Core Viewpoint - The approval of L3 autonomous driving in China marks it as the second country after Germany to officially allow L3 vehicles on the road, positioning China to become the first country to scale L3 deployment globally [1] Group 1: Industry Implications - The first batch of L3 vehicles receiving approval signifies a new phase in the mass production and application of intelligent connected vehicles in China [1] - The gradual advancement of pilot projects is expected to enhance the management of product approvals and regulatory standards for intelligent connected vehicles, accelerating the commercialization of autonomous driving technology [1] Group 2: Investment Opportunities - Longzhong Securities suggests focusing on investment opportunities in the following areas: 1. Intelligent driving algorithm providers 2. Intelligent driving-related hardware suppliers 3. Robotaxi operation platforms [1] - Huatai Securities indicates that the approval of the first L3 models will initiate road trial pilots, transitioning from "pilot application and testing evaluation" to "product approval and road trial" [1] - The implementation of L3 approval is anticipated to accelerate the value reconstruction of the intelligent driving industry chain, with significant investment opportunities in core areas such as intelligent vehicles, drive-by-wire chassis, domain control chips, and lidar technology by 2026 [1]