商、乘用车相继强制搭载，AEBS市场格局如何变化？

Investment Rating - The report assigns an investment rating of "Positive" for the automotive industry, indicating an expectation of overall sector returns exceeding the benchmark index by more than 10% [5]. Core Insights - The mandatory implementation of Automatic Emergency Braking Systems (AEBS) in light vehicles is expected to significantly increase the market penetration of these systems, with a projected annual increase of approximately 7.3 million units in the Chinese market [2][3]. - The cost of front-view integrated camera solutions has decreased to around 500 RMB, making it a viable option for mass adoption in vehicles, particularly in the cost-sensitive segment [2]. - The commercial vehicle market is anticipated to experience substantial growth in AEBS adoption, with a potential tenfold increase in penetration rates, as only about 10% of new commercial vehicles are expected to be equipped with AEBS in the near term [3]. - The evolution of industry regulations is expected to drive a surge in testing demands for new vehicle models, creating opportunities for companies that invest in testing facilities [4]. Summary by Sections Regulatory Changes - New national standards mandating AEBS in light vehicles are set to take effect in January 2028, with commercial vehicles following in July 2026 [1]. Market Dynamics - The report highlights that the front-view integrated camera solution is likely to dominate the incremental market for AEBS, benefiting suppliers of integrated chips and complete systems [2]. - The commercial vehicle sector's growth in AEBS is expected to attract competition from passenger vehicle companies, enhancing the overall maturity of the industry and facilitating entry into developed markets [3]. Testing and Development - The increasing complexity of testing requirements due to evolving standards will lead to a significant rise in testing needs, benefiting companies that proactively establish testing capabilities [4].