汽车行业点评报告：限定场景L4热潮起，自动驾驶逻辑持续演绎

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The commercial closure of the autonomous logistics sector is forming, with policies continuously promoting the industry. Level 4 (L4) autonomous vehicles are on the verge of large-scale deployment in logistics scenarios. As of May 27, Jiushi Intelligent has launched its E-series autonomous logistics vehicle platform, with the first model priced at 19,800 yuan and a subscription service for full self-driving (FSD) at 1,800 yuan per month. Jiushi has delivered over 3,000 units and aims for a total of 10,000 units by the end of the year [3][4] - Cost reductions are aiding the formation of a commercial closure, as autonomous logistics meets the need for cost reduction at the terminal. In 2024, China's express delivery volume is expected to reach 174.5 billion packages, with revenue of 1.4 trillion yuan, reflecting year-on-year growth of 21% and 13%, respectively. The high cost of delivery personnel and low safety in delivery are significant issues. Currently, 80%-90% of autonomous logistics scenarios are concentrated between express delivery points and service stations, covering round-trip distances of approximately 10-30 kilometers, effectively supplementing delivery capacity and reducing overall costs. New Stone's X6 autonomous logistics vehicle can reduce the cost per delivery by 50% [4] - Central and local policies are driving the industry forward, with legislative measures being implemented to standardize development. In June 2024, thirteen ministries jointly issued a document supporting the large-scale application of new energy autonomous delivery vehicles. The Ministry of Transport's "Implementation Opinions on Artificial Intelligence + Transportation" has completed the consultation process and will be expedited for release. Additionally, the number of cities with road rights licenses has increased from 30 in 2023 to 93 in 2024 [4] Summary by Sections Autonomous Driving in Passenger Vehicles - The impact of autonomous driving in passenger vehicles is expanding, with a high feasibility for commercializing L4 in limited scenarios. According to NE Era New Energy data, the penetration rate of Level 2 (L2) and above autonomous driving exceeded 60% from January to March 2025, while L2++ and above reached 16.8%. The maturity of the supply chain and scale effects are leading to cost reductions in core components such as LiDAR and domain controllers [5] - The rapid iteration of autonomous driving algorithms and their validation in real-world scenarios are facilitating the application of these technologies in other commercial fields, particularly in limited areas such as ports, industrial parks, and express delivery branches. The feasibility of technology in these scenarios reduces labor costs and promotes commercialization [5] - Various players can benefit from L4 in limited scenarios, with technology providers being a core segment. Many players are already involved, and component manufacturers are expected to share in the industry benefits, achieving both performance and valuation improvements. Specific operational players in unique scenarios can leverage their understanding to enhance efficiency and reduce costs, securing a position in the market. Recommended companies include XPeng Motors, Changan Automobile, BYD, Great Wall Motors, Desay SV, and others [5]