每经记者｜段思瑶 每经编辑｜余婷婷 与此同时，部分企业在宣传中滥用"高阶智驾""零接管"等概念，刻意模糊"驾驶辅助"与"自动驾驶"界限，淡化系统局限，致使个别驾驶员放松警觉，出现长 时间脱手、分心等危险行为，酿成伤亡事故。 | | | L3级智能驾驶车即将"入市"，监管部门对已规模化量产搭载的组合驾驶辅助（即L2级智能驾驶）再次划定安全基线。 9月17日，工业和信息化部对《智能网联汽车组合驾驶辅助系统安全要求》强制性国家标准公开征求意见（以下简称《标准》），主要内容涉及提升产品能 力表现、强化安全保障要求、规范系统使用方式三个维度。 《标准》填补了我国组合驾驶辅助系统产品安全基线空白，为行业准入、质量监督和事后追溯提供关键技术依据。公开数据显示，今年1至7月，我国具备组 合驾驶辅助系统的乘用车新车销量为775.99万辆，同比增长21.31%，渗透率为62.58%，较上一年增加了6.5个百分点。 "组合驾驶辅助系统虽规模化应用，但仍存在产品性能缺乏统一基线、营销与使用环节风险外溢的问题。"《标准》中提到，受感知方案、控制策略及交互逻 辑差异影响，不同车企产品组合驾驶辅助系统在混合交通、占道施工等复杂场景下的可靠 ...

Group 1 - The company Best (300580) announced on September 18 that its wholly-owned subsidiary Yuhua Precision Machinery is fully laying out the linear motion components sector [1] - The product offerings include high-precision ball screw assemblies, high-precision linear guide assemblies, planetary roller screw assemblies, micro screws, and linear actuators [1] - The company aims to vigorously expand into mid-to-high-end equipment manufacturing, automation, humanoid robotics, and intelligent connected vehicles industries [1]

9 月 17 日，工业和信息化部就《智能网联汽车 组合驾驶辅助系统安全要求》强制性国 家标准公开征求意见，该标准填补了我国组合驾驶辅助系统产品安全基线空白，将为行业准 入、质量监督和事后追溯提供关键技术依据，有助于全面提升产品安全水平，切实保障人民 群众生命财产安全。 一、标准制定背景 当前，全球汽车产业加速向电动化、网联化、智能化转型，智能网联汽车作为未来汽车产 业发展的战略制高点，已成为培育新质生产力的重要载体和推动产业升级的核心引擎。 组合 驾驶辅助系统是指在其设计运行条件下持续地执行动态驾驶任务中的车辆横向和纵向运动控 制，且具备与所执行的车辆横向和纵向运动控制相适应的部分目标和事件探测与响应能力的 硬件和软件所共同组成的系统，能够 有效减轻驾驶负担、提升驾驶舒适性，已成为市场新车 型的亮点和消费者选购的重要考量。 今年 1 — 7 月，我国具备组合驾驶辅助系统的乘用车 新车销量为 775.99 万辆，同比增长 21.31% ，渗透率为 62.58% ，较上一年增加了 6.5 个百分点。 组合驾驶辅助系统的规模化应用为产业发展注入了新动能 ，但也同步带来了新的问题和 挑战： 一是产品性能缺乏统一基线。 ...

Group 1 - The core viewpoint of the news highlights the positive market response to Hezhima's stock, which saw a rise of over 6% due to recent developments in the intelligent driving sector in China [1] - The Ministry of Industry and Information Technology has released a draft for mandatory national standards on intelligent connected vehicles, establishing safety baselines for these products [1] - The government is promoting the industrial application of intelligent connected technology and has proposed conditional approval for L3 level vehicle production [1] Group 2 - According to Puyin International, the A1000 high-speed NOA solution is set to enter mass production in passenger vehicles starting in 2023, with extensive validation already completed [2] - Hezhima has deepened cooperation with core existing customers, expanding from driver assistance to cabin and driving integration, which is expected to significantly boost shipment volume and revenue by 2025 [2] - The company anticipates shipping over 300,000 A1000 units and is exploring potential growth opportunities through overseas projects and collaborations based on the C1200 series [2]

Group 1 - The stock of Hezhima Intelligent (02533) rose over 6% recently, with a current price of 20.26 HKD and a trading volume of 664 million HKD [1] - The Ministry of Industry and Information Technology of China has released a draft for mandatory national standards on intelligent connected vehicles, establishing a safety baseline for these products [1] - The draft requires that systems can only be activated under their designed operating conditions, indicating a regulatory push towards safer intelligent driving technologies [1] Group 2 - According to Puyin International, the high-speed NOA solution based on Huashan A1000 will begin mass production in passenger vehicles starting in 2023, having undergone thorough validation [2] - Hezhima Intelligent has deepened cooperation with core existing customers this year, expanding from driver assistance to cabin and driving integration [2] - The company is expected to benefit from the trend of domestic automakers accelerating the deployment of vehicles equipped with NOA features, with projected shipments of A1000 exceeding 300,000 units by 2025 [2]

Group 1 - SUTENG JUCHUANG (02498) saw a significant stock price increase, rising over 8% in early trading and currently up 6.47% at HKD 45.42, with a trading volume of HKD 824 million [1] - The company officially commenced mass delivery of its digital laser radar benchmark product EMX to multiple automotive clients on September 9, marking the full-scale production phase of its new generation vehicle-mounted digital laser radar platform EM [1] - SUTENG JUCHUANG has secured contracts with 8 leading global automakers for 45 vehicle models, bringing the total number of contracted models to 133 [1] - The company is the only laser radar enterprise globally to integrate with NVIDIA's three major ecosystems: Jetson (robotics), Drive (autonomous driving), and Omniverse (simulation physics AI) [1] - The Ministry of Industry and Information Technology has solicited public opinions on mandatory national standards for "Safety Requirements for Intelligent Connected Vehicles' Combined Driving Assistance Systems," which officially includes laser radar in the standard system, providing clear guidance for automakers in selecting perception architectures [1]

Core Viewpoint - SUTENG JUCHUANG (02498) has seen a significant stock price increase following the mass delivery of its digital lidar product EMX to multiple automotive clients, marking a milestone in its production capabilities [1] Group 1: Company Developments - SUTENG JUCHUANG's EMX product officially commenced mass delivery on September 9, indicating the full-scale production of its new generation vehicle-mounted digital lidar platform, the EM platform [1] - The EM platform has secured contracts with 8 leading automotive manufacturers for a total of 45 vehicle models, bringing the cumulative number of contracted models to 133 [1] - The company is the only lidar manufacturer globally to integrate with NVIDIA's three major ecosystems: Jetson (robotics), Drive (autonomous driving), and Omniverse (simulation and physics AI) [1] Group 2: Industry Context - The Ministry of Industry and Information Technology (MIIT) in China has solicited public opinions on mandatory national standards for "Intelligent Connected Vehicles' Combined Driving Assistance System Safety Requirements," which now formally includes lidar technology [1] - The newly proposed standards provide clear guidance for automotive manufacturers in selecting perception architectures, highlighting the unique value of lidar in specific scenarios [1]

Domestic News - The Ministry of Industry and Information Technology is soliciting public opinions on the mandatory national standard for "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems," which aims to strengthen safety in the intelligent connected vehicle industry [2] - The Ministry of Industry and Information Technology released a development roadmap for new energy storage technologies, targeting over 180 million kilowatts of installed capacity by 2027, over 240 million kilowatts by 2030, and exceeding 300 million kilowatts by 2035 [3] - The Ministry of Commerce announced the establishment of five industry standardization technical committees, including those for the automotive circulation, resource recovery, service outsourcing, pharmaceutical circulation, and petroleum circulation industries [4] - The Chief Executive of Hong Kong, John Lee, announced support for the development of battery-swapping electric vehicles and automated battery-swapping station technologies, along with a plan to provide 3 billion HKD for high-speed charging stations by the end of 2028 [5] International News - The U.S. Department of Commerce is considering requests to impose tariffs on more imported automotive parts based on national security reasons, allowing domestic manufacturers and industry associations to request additional tariffs [6] - Japan's exports to the U.S. fell by 13.8% year-on-year in August, marking five consecutive months of decline, primarily due to decreased exports of automobiles and machinery [7] Company News - Chery Automobile plans to issue 297.4 million H-shares, with a pricing range of 27.75 to 30.75 HKD per share, and aims to complete pricing by September 23 [11] - GAC Group and Huawei have announced a new brand named "Qijing," which will focus on high-end intelligent new energy vehicles and will be officially launched soon [12] - Lantu Automotive has completed a name change to "Lantu Automotive Technology Co., Ltd." as a key step towards listing on the Hong Kong Stock Exchange [13] - Hello's Robotaxi business received strategic investment from Alibaba Group, indicating a deepening collaboration in autonomous driving and related technologies [14] - MOGOX and Tencent Cloud have formed a strategic partnership to enhance the capabilities of the MogoMind model and develop a city-level AI network [15] - EVE Energy has made technological advancements in solid-state batteries and plans to achieve breakthroughs in production processes by 2026, focusing on high-power and safe solid-state batteries for hybrid applications [16]

Core Insights - Audi has officially launched its first mass-produced model, the Audi E5 Sportback, with a price range of 235,900 to 319,900 yuan, produced at the SAIC Audi manufacturing base [1][4] - The introduction of the AUDI brand reflects a strategic shift to better align with the evolving demands of the Chinese market, as luxury car retail sales have seen a decline [2][5] - The Audi E5 Sportback features advanced technology, including the new AUDI OS operating system and a collaboration with Momenta for enhanced driving assistance capabilities [3][4] Group 1: Market Context - In August, luxury car retail sales in China dropped by 5% year-on-year, with luxury brand market share decreasing by 1.1 percentage points [2] - Traditional domestic brands and new energy vehicle manufacturers are increasingly competing in the luxury segment, prompting established brands like Audi to adapt [2][5] - The Audi E5 Sportback is positioned as a key model to meet the specific needs of the Chinese market, emphasizing a blend of German engineering and local digital innovation [2][3] Group 2: Product Features - The Audi E5 Sportback is equipped with the Qualcomm Snapdragon 8295 digital cockpit chip and features a highly interactive smart cockpit [3] - The vehicle includes a customized Audi assistant powered by a large language model, enhancing user interaction and control [3] - Audi has partnered with several Chinese suppliers, which strengthens its supply chain and allows for competitive pricing in the Chinese market [4][5] Group 3: Competitive Landscape - The official pricing of the Audi E5 Sportback positions it within the competitive 220,000 to 300,000 yuan range, where many domestic models are also vying for market share [4] - The market for new energy vehicles in China is highly competitive, with models like the Xiaomi SU7 and Tesla Model 3 actively competing in the same price bracket [4][5] - The Audi E5 Sportback received over 10,000 orders within 30 minutes of its launch, indicating strong market interest [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In September, the market entered a high-level consolidation phase after continuous upward movement. Due to increased hedging demand of some funds at high levels, there was a certain divergence between long and short forces, leading to significant fluctuations in stock index. However, from a long - term perspective, China's capital market is just at the beginning of the strategic allocation period. The CSI 500 and CSI 1000 indices, which are mostly composed of technology - growth stocks, are more offensive with larger fluctuations but may bring higher returns. The SSE 50 and CSI 300 indices, which are mostly composed of dividend blue - chip stocks, are more defensive with smaller fluctuations but relatively weaker price elasticity [2] Summary by Directory 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts for the current month, next month, next quarter, and the quarter after next were 4553.20, 4541.80, 4518.20, and 4492.80 respectively, with increases of 36.20, 34.80, 31.60, and 30.20. The trading volumes were 72782.00, 20655.00, 57612.00, and 11450.00 respectively, and the positions were 61553.00, 33842.00, 133521.00, and 44996.00 respectively. The position changes were - 17674.00, 7608.00, 6720.00, and 666.00 respectively [1] - **IH Contracts**: The previous day's closing prices of IH contracts for the current month, next month, next quarter, and the quarter after next were 2956.20, 2955.60, 2955.80, and 2958.40 respectively, with increases of 5.80, 6.20, 5.00, and 3.80. The trading volumes were 29648.00, 8442.00, 23042.00, and 3627.00 respectively, and the positions were 28332.00, 12791.00, 52206.00, and 11442.00 respectively. The position changes were - 4903.00, 3127.00, 5476.00, and 321.00 respectively [1] - **IC Contracts**: The previous day's closing prices of IC contracts for the current month, next month, next quarter, and the quarter after next were 7252.40, 7197.00, 7081.00, and 6916.00 respectively, with increases of 90.40, 93.40, 86.80, and 79.80. The trading volumes were 67086.00, 24005.00, 56441.00, and 16292.00 respectively, and the positions were 56442.00, 40143.00, 111083.00, and 44403.00 respectively. The position changes were - 20158.00, 6496.00, 1443.00, and 1399.00 respectively [1] - **IM Contracts**: The previous day's closing prices of IM contracts for the current month, next month, next quarter, and the quarter after next were 7547.00, 7480.20, 7331.60, and 7126.20 respectively, with increases of 93.00, 96.00, 99.40, and 99.40. The trading volumes were 122397.00, 36291.00, 101376.00, and 25839.00 respectively, and the positions were 89169.00, 57923.00, 158963.00, and 73293.00 respectively. The position changes were - 23457.00, 11171.00, 9900.00, and 1807.00 respectively [1] - **Inter - month Spreads**: The current values of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month were - 11.40, - 0.60, - 55.40, and - 66.80 respectively, compared with previous values of - 9.40, 0.80, - 57.80, and - 70.00 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous day's closing prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 were 4551.02, 2952.78, 7260.04, and 7554.81 respectively, with increases of 0.61, 0.17, 0.96, and 0.95. The trading volumes (in billions of lots) were 235.72, 56.67, 258.26, and 301.71 respectively, and the total trading amounts (in billions of yuan) were 6084.54, 1550.34, 4455.49, and 4932.96 respectively [1] - **Industry Indexes**: Among different industries, the energy, industrial, optional consumption, and information technology industries had increases of 1.06%, 2.13%, 1.72%, and 0.76% respectively. The raw materials, main consumption, real - estate finance industries had decreases of - 0.13%, - 0.58%, and - 0.10% respectively [1] 3. Futures - Spot Basis - **IF Contracts and Underlying Index**: The previous day's basis values of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF quarter after next - CSI 300 were 2.18, - 9.22, - 32.82, and - 58.22 respectively [1] - **IH Contracts and Underlying Index**: The previous day's basis values of IH current month - SSE 50, IH next month - SSE 50, IH next quarter - SSE 50, and IH quarter after next - SSE 50 were 3.42, 2.82, 3.02, and 5.62 respectively [1] - **IC Contracts and Underlying Index**: The previous day's basis values of IC current month - CSI 500, IC next month - CSI 500, IC next quarter - CSI 500, and IC quarter after next - CSI 500 were - 7.64, - 63.04, - 179.04, and - 344.04 respectively [1] - **IM Contracts and Underlying Index**: The previous day's basis values of IM current month - CSI 1000, IM next month - CSI 1000, IM next quarter - CSI 1000, and IM quarter after next - CSI 1000 were - 7.81, - 74.61, - 223.21, and - 428.61 respectively [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's closing prices of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - Sized Board Index, and ChiNext Index were 3876.34, 13215.46, 8042.44, and 3147.35 respectively, with increases of 0.37%, 1.16%, 0.99%, and 1.95% respectively [1] - **Overseas Indexes**: The previous day's closing prices of the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were 26908.39, 44790.38, 6600.35, and 23359.18 respectively, with increases of 1.78%, - 0.25%, - 0.10%, and 0.13% respectively [1] 5. Macroeconomic Information - **US Federal Reserve**: The Fed cut interest rates by 25 basis points as expected, lowering the federal funds rate to 4.00% - 4.25%. After the FOMC statement, the market expected a more than 90% probability of another rate cut in October [2] - **China's Policies**: China will select about 50 pilot cities for new consumption formats, models, and scenarios, introduce a series of policy documents, promote the application of AI in service consumption, and use structural monetary policy tools to increase capital supply in the consumption field. During the consumption month, there will be over 25,000 cultural and tourism consumption activities and over 330 million yuan in consumption subsidies [2] - **China - ASEAN Relations**: Vice - President Han Zheng put forward four suggestions at the 22nd China - ASEAN Expo to strengthen cooperation between China and ASEAN [2] 6. Industry Information - **Cybersecurity**: The deputy director of the National Cyberspace Administration of China called on leading enterprises to take on the responsibility of tackling "neck - stuck" technologies in key areas such as chips [2] - **Pig Industry**: A symposium on pig production capacity regulation was held to control the sow production capacity and regulate the pig supply for next year [2] - **Intelligent Connected Vehicles**: The Ministry of Industry and Information Technology solicited public opinions on mandatory national standards for combined driving assistance of intelligent connected vehicles [2] - **Energy Storage**: The Ministry of Industry and Information Technology released a ten - year development roadmap for new energy storage technologies, aiming for an installed capacity of over 180 million kilowatts by 2027, over 240 million kilowatts by 2030, and over 300 million kilowatts by 2035 [2]