汽车行业：L3商用加速落地，有望推动智能底盘批量应用

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [3][19]. Core Insights - The commercial application of L3 level conditional autonomous driving is expected to accelerate, with more vehicles equipped with L3 features likely to receive regulatory approval in the future [1][2]. - The introduction of L3 systems is anticipated to drive the mass application of intelligent chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems, which are crucial for higher levels of autonomous driving [2][9]. - The report highlights the significant advancements in hardware and software for automotive intelligence, suggesting a robust growth trajectory for companies involved in these technologies [2][9]. Summary by Sections Industry Overview - The automotive industry consists of 232 listed companies, with a total market capitalization of approximately 46,540.79 billion and a circulating market value of about 36,782.9 billion [4]. - The average price-to-earnings ratio for the industry stands at 31.78 [4]. Key Developments - The report notes that the recent approval of L3 autonomous vehicles by the Ministry of Industry and Information Technology marks a significant step towards the commercialization of advanced driving technologies in China [1][2]. - The intelligent chassis is seen as the final piece in the puzzle for L3 and higher-level autonomous driving, with a focus on the upcoming mass production of active suspension, EMB, and SBW systems [2][9]. Investment Strategy - The report suggests focusing on two main areas for investment: the complete vehicle application sector, where leading companies are establishing advantages in training data and ecosystems, and the intelligent chassis sector, which is poised for rapid growth due to regulatory support and technological advancements [2][9].