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Core Viewpoint - The article discusses the development and commercialization of unmanned logistics vehicles, highlighting their technological advancements, market applications, and the evolving investment landscape in this sector [6][10][12]. Industry Definition - Unmanned logistics vehicles utilize autonomous driving technology for automated delivery processes, aiming to enhance efficiency and reduce labor costs across various logistics stages [6][7]. Application Scenarios - These vehicles are utilized in last-mile delivery, short-distance transport in closed environments, and mixed delivery models, showcasing their adaptability in diverse logistics contexts [9][12]. Technological Pathways - Different sensing systems are employed, including vision-based and multi-sensor fusion approaches, to ensure reliable perception and obstacle avoidance in complex environments [9][11]. Industry Chain - The unmanned logistics vehicle industry is segmented into upstream (sensors and technology suppliers), midstream (vehicle manufacturers), and downstream (operational service providers) [10][11]. Upstream Developments - Key components like LiDAR and AI chips have seen significant cost reductions, facilitating the scalability of unmanned logistics vehicles [11]. Midstream Innovations - Companies like Jiushi Intelligent and Baixiniu are integrating technologies to manufacture unmanned logistics vehicles, significantly lowering production costs [11][12]. Downstream Applications - Major logistics firms are driving the adoption of unmanned vehicles in urban delivery and retail sectors, transitioning from pilot projects to large-scale applications [12][19]. Investment Trends - The financing activities in the unmanned logistics vehicle sector have shown a cyclical pattern, with a peak in 2021 followed by a decline, indicating a shift in capital strategies towards focused investments [12][18]. Key Companies - New Stone Technology focuses on L4-level unmanned vehicles and has established a significant presence in the market with over 3,000 units delivered globally [15][16]. - Baixiniu has developed a range of unmanned vehicles for various logistics applications, achieving significant operational scale [19][20]. - Sijian Intelligent has successfully implemented unmanned driving solutions in complex industrial environments, demonstrating strong market growth [23][24]. Recent Developments - The launch of new unmanned vehicle models by companies like Jiushi and Youjia Innovation indicates ongoing innovation and competition in the logistics sector [29][30]. - Government initiatives aim to foster the development of smart supply chains, further supporting the growth of unmanned logistics vehicles [31][32].