北交所策略专题报告：开源证券我国首批L3级自动驾驶准入获批，关注北证传感器及智慧交通链

Group 1 - The first batch of L3 level autonomous driving vehicle access permits has been approved in China, marking a significant step towards commercial application in the industry. Two models will be tested in designated areas in Beijing and Chongqing, with specific speed capabilities of 50 km/h and 80 km/h respectively [11][12][18]. - There are 31 automotive-related companies listed on the North Exchange, with a total market value of 81.626 billion yuan as of December 19, 2025. Key companies include Aodiwei, Huanxin Technology, and others [18][20]. - Aodiwei has developed a new generation of AKII vehicle-mounted ultrasonic sensors, which have been delivered in bulk to both joint venture and domestic brands. The company reported a revenue of 502 million yuan for the first three quarters of 2025, with a year-on-year growth of 12.31% [25][27]. Group 2 - The five major industries on the North Exchange, including high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology, all experienced average gains in the week of December 15 to December 19, 2025, with consumer services leading at +4.75% [2][33]. - The average price-to-earnings (PE) ratio for the high-end equipment industry rose to 36.9X, while the information technology sector reached 68.6X, indicating a positive trend in investor sentiment [2][35]. - The technology sector, comprising 154 companies, saw a median price increase of 1.61% during the same period, with notable performers including Tianli Composite and Huanxin Technology, which rose by 41.42% and 40.59% respectively [3][46]. Group 3 - The median PE ratio for the electronic industry increased to 48.6X, while the automotive sector's median PE ratio rose to 34.2X, reflecting a growing valuation in these sectors [3][63][66]. - Huanxin Technology, a provider of integrated solutions for smart cities, has signed a cooperation agreement with Huawei for comprehensive collaboration in smart connected vehicles and V2X infrastructure [28][30]. - The total market value of companies in the smart city and smart transportation sectors reached 21.592 billion yuan, with eight companies listed in this category [24].