汽车行业周报：政策新规下AEBS强制安装要求对汽车行业的影响-20250519

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [2][7]. Core Insights - The new mandatory installation of AEBS (Automatic Emergency Braking System) is expected to drive the development of the related industrial chain [4][6]. - The implementation of the new standard will enhance R&D efforts among automotive companies, leading to increased resource allocation for innovation and improvement, thus fostering collaborative growth across the supply chain [6][7]. - The market penetration of AEBS is projected to rise significantly, benefiting component suppliers in the short term, while automotive electronics and smart driving system integrators will gain from market expansion in the medium term [7][23]. Summary by Sections Industry Performance - Over the past week (May 12 - May 16), the automotive industry index rose by 2.40%, outperforming the CSI 300 index by 1.29 percentage points [9]. - Since the beginning of 2025, the automotive industry index has increased by 11.83%, again surpassing the CSI 300 index by 13.0 percentage points [9]. Market Trends - The overall installation rate of AEBS in passenger vehicles was 56.5% in early 2025, showing a year-on-year increase of 3.3 percentage points [5]. - High-end models priced above 320,000 yuan have an installation rate exceeding 93%, while entry-level models priced below 80,000 yuan have a much lower rate of 2.6% [5]. Investment Recommendations - The report suggests that the automotive industry will benefit from the new regulations, with short-term gains for AEBS component suppliers, medium-term benefits for automotive electronics and smart driving system integrators, and long-term advantages for autonomous driving technology providers and vehicle manufacturers [7][23].