Core Insights - The new "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" aims for over 80% penetration of new energy vehicles in China's market by 2040, positioning the country among the world's leading automotive powers [1][3] - The roadmap emphasizes sustainable development of energy-saving vehicles, iterative upgrades of new energy vehicles, and the evolution of intelligent connected vehicles, structured into a comprehensive framework of one main report, five technology groups, and 26 specialized topics [1][5] Group 1: Key Developments - The roadmap focuses on the electrification, intelligence, and low-carbon transformation of the automotive industry, highlighting the dual emphasis on product technology and manufacturing technology as key drivers [3] - Significant technological milestones have been identified, such as the anticipated small-scale application of all-solid-state batteries by 2030 and large-scale global promotion by 2035, aligning battery performance, cost, and environmental adaptability with consumer needs [3] - In the commercial vehicle sector, fuel cells are projected to be a critical solution for achieving low carbon emissions, with an estimated production of one million new products and a vehicle ownership scale of approximately 4 to 5 million by 2040 [3] Group 2: Historical Context - The "Energy-saving and New Energy Vehicle Technology Roadmap" has been updated from its previous versions released in 2016 and 2020, with the 3.0 version prioritizing foresight and leadership while considering China's diverse innovation scenarios, open market environment, and improving policy support systems [5]

Core Insights - The 2025 World Intelligent Connected Vehicle Conference highlighted the integration of "vehicle-road-cloud" as a key development path for smart connected vehicles, emphasizing the transformation of vehicles from mere transportation tools to intelligent terminals [4][5][8] - The Chinese government is actively promoting the development of smart connected vehicles through policy frameworks, standardization, and infrastructure initiatives, aiming for high-quality industry growth [5][10] Policy Initiatives - Smart connected vehicles are recognized as a crucial breakthrough for the automotive industry's transformation, integrating with AI, new energy, and next-generation information technologies [5][10] - The Ministry of Industry and Information Technology (MIIT) announced plans to develop a "14th Five-Year" plan for the smart connected vehicle industry, focusing on high-quality development and systematic guidance for future upgrades [5][10] - MIIT has released 88 national and industry standards, including nearly 10 international standards for autonomous driving systems, to ensure product safety and reliability [6][7] Technological Advancements - The "vehicle-road-cloud" integration is described as a distributed supercomputer that enhances vehicle perception and decision-making through real-time data sharing and processing [8][9] - The deployment of intelligent roadside units (RSUs) in 20 cities has enabled real-time communication of critical information, supporting advanced autonomous driving capabilities [8][9] - The system allows for improved traffic management and coordination, shifting from isolated vehicle decisions to a more holistic, system-wide optimization approach [9][10] Application Development - The smart connected vehicle industry is transitioning from pilot projects to large-scale commercial applications, driven by technological breakthroughs and supportive policies [10][11] - As of October 2025, over 35,000 kilometers of testing roads have been established, with more than 11,000 RSUs deployed and over 10,000 test licenses issued [10][11] - Major cities like Beijing and Guangzhou are leading the way in developing advanced autonomous driving demonstration zones and regulatory frameworks to support the "vehicle-road-cloud" integration [11][12] Opportunities and Challenges - The rise of smart connected vehicles presents significant opportunities for the information and communication industry, particularly in enhancing network connectivity and data utilization [13] - However, challenges such as fragmented infrastructure, immature business models, and incomplete legal frameworks pose risks to the industry's healthy development [13][14] - The need for standardized protocols and unified commercial strategies is critical to overcoming barriers and ensuring seamless integration across regions [14]

Group 1 - Shenzhen Municipal Financial Management Bureau and other departments issued the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)", aiming for a total market value of listed companies to exceed 20 trillion yuan by the end of 2027 and to cultivate 20 companies with a market value of 100 billion yuan [4] - In the first three quarters of 2023, Shanghai's GDP reached 40,721.17 billion yuan, with a year-on-year growth of 5.5%. The manufacturing output of the three leading industries grew by 8.5%, with AI manufacturing up by 12.8%, integrated circuits by 11.3%, and biomedicine by 3.6% [4] Group 2 - Honor and BYD signed a strategic cooperation agreement to integrate Honor's vehicle networking solutions with BYD's DiLink smart ecosystem, aiming to enhance user experience in smart travel [11] - Sinopharm and Takeda Pharmaceutical reached a global strategic cooperation deal worth up to 114 billion USD, marking a significant milestone for Chinese innovative drugs in the global market [12] Group 3 - The release of HarmonyOS 6 marks a significant advancement in Huawei's AI capabilities, with over 80 applications now available, covering various sectors such as education, healthcare, and entertainment [6] - The issuance of the 2025 discount treasury bonds totaled 551.5 billion yuan, with an annual yield of 1.26%, set to start interest accrual on October 23, 2025 [6] Group 4 - The "Energy-Saving and New Energy Vehicle Technology Roadmap 3.0" was released, outlining goals for the automotive industry by 2040, including the full popularization of L4-level intelligent connected vehicles [8][9] - The automotive sales data for the first nine months of 2025 shows that the top ten companies accounted for 83.9% of total sales, with Dongfeng and GAC experiencing declines while others saw growth [5]

Core Insights - The 2025 World Intelligent Connected Vehicle Conference concluded on October 18 in Beijing, showcasing new technologies, products, models, and ecosystems in the intelligent connected vehicle sector [1] - The conference highlighted the rapid development of China's intelligent connected vehicle industry, which has entered a new phase of multi-scenario applications [1] Group 1: Autonomous Driving Applications - In park shuttle scenarios, driverless minibuses have achieved "no safety operator" operation, with companies like WeRide deploying Robobus for conference attendees [1] - WeRide's driverless minibuses are operational in multiple countries, including Singapore and the UAE, marking significant milestones in commercial applications [1] - Didi Autonomous Driving showcased a new generation of autonomous vehicles equipped with 33 sensors, capable of 360-degree perception in various complex scenarios [2] Group 2: Logistics and Delivery Innovations - The X3 container truck from New Stone Age demonstrated automated loading and unloading capabilities, completing the process in just 28 seconds, enhancing efficiency in logistics [3] - The X3 truck can carry 400-500 packages per trip, catering to urban last-mile delivery needs within a 15-kilometer radius [3] - The conference also introduced ten functional scenarios for the "vehicle-road-cloud integration" pilot, supporting commercial applications in smart public transport, autonomous delivery, and urban logistics [3] Group 3: Industry Development and Future Plans - The Ministry of Industry and Information Technology reported significant progress in building a complete industrial system for intelligent connected vehicles, including smart cockpits and autonomous driving [4] - Future plans include the development of the "14th Five-Year" plan for the intelligent connected new energy vehicle industry, aimed at promoting high-quality industry development [4]

Group 1: Regulatory Changes - The Ministry of Industry and Information Technology is soliciting opinions on the revision of the mandatory national standard for the Vehicle Factory Certificate, highlighting the need for updates to meet new demands such as battery traceability for electric vehicles [1] - The revised certificate will include key information on advanced driving assistance systems and energy storage devices, aiming to enhance supervision and management of smart connected vehicles and new energy vehicles [1] - The updates are expected to improve information transparency and bolster consumer confidence in product safety, while providing technical standards for companies to promote healthy industry development [1] Group 2: Automotive Sales Data - In the first nine months of 2025, the top ten automotive companies sold a total of 20.431 million vehicles, accounting for 83.9% of total automotive sales [2] - Among these companies, Dongfeng Motor and GAC Group experienced varying degrees of sales decline compared to the same period last year, while other companies saw sales growth [2] - This data indicates a significant transformation within the automotive industry, suggesting a need for deeper market analysis [2] Group 3: Company Developments - Leap Motor has established an international import and export company in Jinhua, indicating a key advancement in its market expansion and globalization efforts in the new energy vehicle sector [3] - The new company will engage in various activities, including the sale of new energy vehicles and related components, which is expected to enhance Leap Motor's sales channels in overseas markets [3] - This move may attract investor interest in the company's international growth potential and contribute to the competitiveness of the new energy vehicle industry globally [3] Group 4: Strategic Partnerships - BYD and Honor have announced a strategic partnership to integrate mobile and automotive ecosystems, exploring possibilities for smart travel [4] - The collaboration will leverage Honor's vehicle networking solutions and BYD's DiLink smart ecosystem to create a high-end, intelligent travel experience for users [4] - This partnership signifies a deeper integration in the smart travel sector, potentially stimulating market interest and investment in smart travel solutions [4]

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The automotive market is entering a sales peak season, with significant growth in production and sales figures. In September, production reached 3.276 million units and sales reached 3.226 million units, marking a month-on-month increase of 16.4% and 12.9%, respectively, and a year-on-year increase of 17.1% and 14.9% [3][14] - The market for new energy vehicles (NEVs) continues to show strong growth, with sales reaching 1.604 million units in September, a year-on-year increase of 24.6%, and accounting for 49.7% of total new car sales [15][44] - Chinese brands are expanding their market share, with domestic brands selling 2.007 million passenger vehicles in September, capturing 70.2% of the market, a 2.5 percentage point increase year-on-year [15] Summary by Sections Market Overview - The automotive sector experienced a decline of 6% from October 13 to October 17, underperforming the CSI 300 index by 3.8 percentage points. Year-to-date, the automotive sector has increased by 19.2%, ranking 10th among 31 sectors [21][26] Key Data - Retail sales of passenger vehicles from October 1 to 12 were 686,000 units, a year-on-year decrease of 8% but a month-on-month increase of 12%. NEV retail sales were 367,000 units, down 1% year-on-year but up 1% month-on-month [36][37] - In September, total automotive sales reached 3.226 million units, with a year-on-year increase of 14.9%. Cumulative sales from January to September were 24.363 million units, also reflecting a 12.9% year-on-year growth [43] Industry Developments - The 2025 World Intelligent Connected Vehicle Conference was held, focusing on policy, technology, safety, and data, and promoting collaborative innovation across the industry [16][17] - The conference announced significant achievements in standardization and technological roadmaps for intelligent connected vehicles, aiming to enhance data quality and service capabilities [17][20] Stock Performance - The automotive sector's stock performance showed declines across various sub-sectors, including passenger vehicles and automotive parts, with specific declines of 3.5% and 7.5%, respectively [26][34]

Core Insights - The 32nd China Society of Automotive Engineers Annual Conference and Exhibition was held, where the "Energy-saving and New Energy Vehicle Roadmap 3.0" was officially released [1] - By 2040, the global competitiveness of Chinese brands is expected to significantly improve, with key component manufacturers deeply integrated into the global industrial system, positioning China among the world's automotive powerhouses [1] - The penetration rate of new energy vehicles is projected to exceed 80% by 2040, accelerating the comprehensive electrification of the automotive industry [1] - By 2040, autonomous driving systems are anticipated to surpass professional drivers in safety, adaptability, efficiency, and cognitive understanding [1] - Level 4 autonomous vehicles are expected to be fully popularized in new intelligent connected vehicles by 2040, with Level 5 vehicles beginning to enter the market [1]

Core Insights - The "Roadmap 3.0" anticipates that Level 5 (L5) intelligent connected vehicles will begin to enter the market by 2040 [1][2] - The roadmap sets a target for the Chinese automotive industry to peak carbon emissions around 2028 and reduce total emissions by over 60% from peak levels by 2040 [1] - By 2040, the penetration rate of new energy vehicles (NEVs) is expected to exceed 80%, with specific targets of 85% for passenger NEVs and approximately 75% for commercial NEVs [1][2] Industry Projections - In the next 5 to 15 years, NEVs are projected to become the mainstream product in the automotive market [1] - Fuel cell vehicles are expected to increase from tens of thousands to over 1 million units, achieving a total scale of over 4 million units by 2040 [1] - L2 and above intelligent connected passenger vehicles are expected to be fully popularized in new cars by 2030, with L3/L4 functionalities reaching over 70% by 2035 [2] Technological Development - The roadmap indicates that L4 level intelligent connected vehicles will be fully popularized by 2040, with L5 vehicles starting to enter the market [2] - The "Roadmap 3.0" was developed over a year and a half by more than 2,000 industry experts, following two previous versions released in 2016 and 2020 [2]

Core Viewpoint - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" has been officially released, outlining six major goals for the development of China's automotive industry by 2040 [1] Group 1: Carbon Emission Goals - The total carbon emissions of the automotive industry will peak ahead of the national carbon reduction commitment by 2028, with a reduction of over 60% from the peak by 2040 [1] Group 2: Intelligent and Connected Transportation - A transportation system dominated by intelligent connected new energy vehicles will evolve towards "zero accidents, zero casualties, and high efficiency" [1] Group 3: New Energy Vehicle Penetration - The penetration rate of new energy vehicles is expected to exceed 80%, accelerating the comprehensive electrification process of the automotive industry [1] Group 4: Infrastructure Development - A mature and comprehensive ecosystem for intelligent connected vehicles, integrating vehicle, road, and cloud technologies, will be established, enabling large-scale application of high-level autonomous driving products [1] Group 5: Innovation and Talent Development - Automotive technology innovation will achieve collaborative development in education, technology, and talent, positioning China as a global source of original automotive technology innovation [1] Group 6: Modern Automotive Industry Cluster - A modern automotive industry cluster characterized by innovation-driven, data-driven, collaborative efficiency, resilience, safety, and low-carbon sustainability will be built, achieving high-end, intelligent, and green development [1] Group 7: Global Competitiveness - The global competitiveness of Chinese brands will significantly improve, with key component enterprises deeply integrated into the global industrial system, positioning China among the world's leading automotive powers [1]

Core Insights - The "Intelligent Connected Vehicle Network Technology Roadmap (2025-2030)" has been officially released, aiming to establish a comprehensive network system by 2030 that supports various vehicle connectivity needs [1] - The roadmap emphasizes the deep integration of computing power resources and network transmission capabilities, allowing vehicles to access and match network computing resources on demand [1] Group 1: Connectivity Capabilities - The roadmap aims to enhance the advanced communication capability of vehicles and strengthen vehicle access capabilities [2] - It seeks to improve network coverage for vehicle driving environments through seamless integration of terrestrial and satellite communications, ensuring stable and reliable network connections [2] - The goal is to achieve differentiated services from various networks based on network characteristics and service scene requirements, ensuring efficient and reliable data transmission [2] Group 2: Computing Resource Infrastructure - A tiered deployment and collaborative computing infrastructure system ("end-edge-cloud") is needed to enhance service capabilities in terms of device reliability, intelligent computing capability matching, and long-term operational sustainability [2] - The integration of computing resources with network transmission capabilities is crucial for providing on-demand and precise computing services for vehicles [2] Group 3: Security Measures - A comprehensive defense system covering "end-pipe-cloud" is required to address complex external threats, enhancing network security protection and situational awareness [2] - Establishing trusted identities and utilizing cryptographic technology will ensure confidentiality, integrity, and non-repudiation for core data transmission and storage, thereby systematically improving overall security levels [2] Group 4: Future Development - The future direction will focus on "intelligentization and networking," promoting cross-industry collaboration and integrated development to drive technological innovation and application expansion in the automotive sector [3] - The initiative aims to transform automotive products deeply and enhance the image of China's intelligent connected vehicle brand [3]