Guohai Securities·2025-09-28 14:01Investment Rating - The report maintains a "Recommended" rating for the automotive auxiliary driving industry [1]. Core Insights - The report analyzes the recent policies aimed at stabilizing growth and enhancing safety in the automotive industry, particularly focusing on the transition from L2 to L3 autonomous driving standards [4][5]. - The automotive industry is entering a new phase characterized by strong regulatory measures and a focus on safety and growth, with specific targets set for vehicle sales and the promotion of intelligent connected vehicles [10][12]. - The implementation of the "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems" standard marks a significant step towards the standardization and regulation of L2/L2+ auxiliary driving systems [16][18]. Summary by Sections 1. Automotive Industry New Policies - The "Automotive Industry Stabilization and Growth Work Plan (2025-2026)" aims to address complex economic conditions and set targets for 2025, including approximately 32.3 million total vehicle sales and 15.5 million new energy vehicle sales, reflecting a growth of about 3% and 20% respectively [10][12]. - The plan emphasizes expanding domestic consumption, improving supply quality, optimizing the industry environment, and enhancing international cooperation [15][16]. 2. Smart Driving Policy Overview - National policies focus on guiding and regulating the development of intelligent driving, establishing a comprehensive regulatory framework that includes safety standards and ethical guidelines [27][28]. - Local policies emphasize pilot projects and differentiated exploration, with cities like Guangzhou and Beijing implementing unique strategies to promote smart driving technologies [31][32]. 3. Accelerating Standardization in the Industry - The report outlines a three-phase path for the implementation of standards, with the formal approval of L3 autonomous driving expected post-2026 [5][42]. - Investment opportunities are identified in compliance-driven market demands and technological upgrades, particularly in areas such as driver monitoring systems, data recording systems, and core components like domain controllers and automotive-grade chips [5][42]. 4. Investment Opportunities - The report suggests focusing on companies with strong R&D capabilities and compliance with safety requirements, including leading automotive manufacturers and intelligent driving solution providers [5][46]. - The implementation of the new standards is expected to create a clear safety baseline and enhance market confidence in higher-level autonomous driving systems [44][49].