Core Viewpoint - The article emphasizes the accelerated transformation of the automotive industry driven by technological advancements, particularly in intelligent driving and humanoid robots, which are seen as key factors for economic growth and domestic demand stimulation in China [4]. Group 1: Industry Trends - The automotive industry is undergoing a significant reshaping due to technological changes, particularly in intelligent driving and humanoid robotics, aligning with the national policy focus on "industrial technology + boosting domestic demand" [4]. - The retail sales of domestic passenger vehicles increased by 9.2% year-on-year to 17.01 million units from January to September 2025, with new energy vehicle (NEV) sales rising by 24.4% to 8.87 million units, achieving a penetration rate of 52% [5]. - The application for the vehicle trade-in subsidy exceeded 10 million by October 22, 2025, with NEVs accounting for 57.2% of the total applications [5]. Group 2: Future Projections - The trade-in policy is expected to significantly boost NEV sales, with projections indicating that total NEV retail sales could reach 13 million units by the end of 2025, supported by year-end effects and tax incentives in 2026 [5]. - The intelligent driving sector is anticipated to enter a "strong standard" era by 2026, benefiting the domestic L2+ industry chain, particularly for models priced below 200,000 yuan [6]. - The mass production of humanoid robots is expected to create new growth opportunities within the automotive supply chain, as these technologies are highly synergistic with smart vehicles [6]. Group 3: Policy and Standards - The Ministry of Industry and Information Technology is working on the "14th Five-Year" plan for the intelligent connected new energy vehicle industry, aiming to accelerate the establishment of standards for driving assistance and autonomous driving [6].
【汽车】科技变革加速汽车产业格局重塑，关注消费政策延续+科技主题——二十届四中全会精神学习汽车篇（倪昱婧/邢萍）
光大证券研究·2025-10-27 23:04