证券研究报告 行业研究｜汽车 2026 年 01 月 06 日 汽车行业深度报告：EMB 线控制动是发展智能底 盘、实现主动安全的关键基础，2026 有望迎来量 产元年 [Table_Author] 刘浩 分析师 Email:liuhao3@lczq.com 证书:S1320523080001 投资要点： EMB 软硬件解耦的系统架构更适配未来智能网联汽车制动的最终解决方 案。EMB 取消了 iBooster、制动主缸、液压管路等零部件，通过电信号控 制分布在轮毂处的执行器直接建立制动力，是真正意义的线控制动，可实 现区域/中央集中控制融合。EMB 具备制动响应快（≤100ms）、效率高、 系统质量轻等优点，满足 ADAS 对快速、精准制动的需求。 2025 年技术标准落地、2026 年法规制约将解除，进一步加速 EMB 上车进 程。2025 年 5 月，《GB 21670-2025 乘用车制动系统技术要求及试验方法》 正式发布，将于 2026 年 1 月 1 日实施，其中首次新增 EMB 相关技术要 求，填补此前"无标可依"的法规空白。2025 年 5 月，《轻型汽车自动紧 急制动系统技术要求及试验方法》完 ...

Core Insights - The China Automotive Engineering Research Institute (China Automotive Research) recently held a conference in Chongqing to release the "2025 Intelligent Chassis Pioneer Plan" testing research results, including the "2025 Intelligent Chassis Testing Research Report" and eight group standards for intelligent chassis testing [1] - The intelligent chassis report presents performance metrics of various vehicle models in scenarios such as emergency obstacle avoidance and slippery road conditions, marking a shift from conceptual understanding to data-driven, performance-comparable evaluations [1] - The release of the eight group standards, developed in collaboration with multiple organizations, addresses dynamic response, safety redundancy, and comfort experience, providing a scientific and standardized reference for key scenario testing of intelligent chassis [1] Industry Standards and Future Planning - The 2026 Testing Technology Planning emphasizes the continuous optimization of the testing framework based on existing systems, closely tracking technological trends and expanding the depth of testing in extreme scenarios and complex conditions [2] - The planning aims to drive the synchronous iteration of testing standards and technological research and development through more forward-looking, detailed, and future-oriented evaluation dimensions [2]

Core Viewpoint - The rapid development and commercialization of L3-level autonomous driving technology have attracted institutional investment towards related concept stocks, particularly Zhejiang Shibao, which has experienced a strong market performance with "5 limit-up in 8 days" [1]. Group 1: Company Performance - Zhejiang Shibao's stock price has shown a significant increase, with four consecutive limit-up days starting from December 16, reaching a closing price of 21.22 yuan per share by December 25 [2]. - In the 2024 annual report, Zhejiang Shibao reported a revenue of 2.693 billion yuan, representing a year-on-year growth of 48.04%, and a net profit attributable to shareholders of 149 million yuan, up 93.15% year-on-year [2]. - The revenue from steering systems and components accounted for 94.18% of the total revenue in 2024, indicating a strong focus on this segment [2]. Group 2: Industry Context - The automotive steering system industry has a relatively high entry barrier, requiring manufacturers to pass multiple standards and trials before becoming qualified suppliers for automakers [2]. - Zhejiang Shibao maintains close relationships with major automakers, with its top five customers, including Chery, Geely, NIO, and Li Auto, contributing a total sales amount of 1.778 billion yuan, which accounts for 66.01% of total sales [2]. - The company is actively advancing its development of steer-by-wire technology, with plans to achieve mass production conditions by the second half of 2026, aligning with the push for higher-level autonomous driving [1]. Group 3: Financial Challenges - Despite its strong performance, Zhejiang Shibao faces challenges such as high accounts receivable, which amounted to 1.181 billion yuan as of September 30 [3].

凤凰网科技讯，12月25日，中国汽车工程研究院股份有限公司（以下简称 "中国汽研（601965）"）12 月23日在重庆成功举办"2025智能底盘先锋计划"测试研究成果发布会。 经过严苛测试与专业评审，最终在不同价位段推选出综合表现突出的标杆车型——仰望 U7、 蔚来ES8 与智界R7，这些车型在湿滑操控、应急稳定、复杂路况等关键测试中，均展现出扎实的技术集成度与 场景适应能力。 据介绍，为充分验证技术实效，中国汽研依据智能底盘测试八项团体标准开展实车测试，构建了多场 景、多维度的实车测试体系，围绕湿滑麋鹿、模拟爆胎、坡道及连续弯道等消费者日常痛点工况，系统 考察底盘在紧急避险、应急响应及整体协调性方面的表现。测试不追求极限数据堆砌，而是关注智能底 盘系统在真实场景中是否能真正服务于安全、平顺与自信的驾驶体验，为消费者购车提供了基于场景验 证的参考依据。 ...

【"2025智能底盘先锋计划"测试研究成果发布】12月23日，中国汽车工程研究院（以下简称"中国汽 研"）于重庆举办"2025智能底盘先锋计划"测试研究成果发布会。 此外，面对技术快速演进与出行场景持续拓展的趋势，中国汽研底盘研究中心主任唐俊在发布会上发布 了《2026先锋计划测试技术创新与规划》。相应新规划强调，在现有体系基础上，将持续进化测试框 架，紧密追踪技术趋势，进一步拓展极限场景与复合工况的测试深度，以"更前瞻、更精细、更贴近未 来出行"的评价维度，驱动测试标准与技术研发的同频迭代。中经记者 庄灵辉 重庆报道 随着汽车智能化进程的持续加速，智能底盘已成为衡量整车智能化水平的核心标尺之一。然而，产业如 何规划？技术如何立项？消费者如何感知和判断智能底盘的真实性能？这些一直是行业亟待解答的关键 问题。 本次发布会首度公开的《2025年智能底盘测试研究成果报告》，对这一系列核心关切的问题进行了系统 性回应。 据悉，该报告呈现了各车型在紧急避障、湿滑路面等场景下的性能表现，同时剖析了当前智能底盘技术 的能力边界与发展挑战。与会专家表示，本次成果发布向全行业昭示了优秀智能底盘应具备的技术特质 与性能水准，起到 ...

Core Viewpoint - The recent approval of L3-level conditional autonomous driving vehicles by the Ministry of Industry and Information Technology (MIIT) marks a significant step towards the commercialization of advanced autonomous driving technology in China [2][5]. Group 1: L3 Autonomous Driving Approval - Changan Automobile and BAIC BluePark Magna Automotive have submitted applications for L3-level conditional autonomous driving vehicles, which have been approved by MIIT in the 401st batch of announcements [2][3]. - L3 autonomous driving allows for conditional self-driving within a limited operational range, differing fundamentally from L2 assistance systems [2][3]. Group 2: Impact on Intelligent Chassis - The approved vehicles include Changan's Deep Blue product and BAIC's Arcfox Alpha S (L3 version), which features a high-performance redundant sensor system with 34 sensors, including three LiDARs [3][4]. - The commercialization of L3 is expected to accelerate the application of intelligent chassis technologies, such as active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [3][4]. Group 3: Investment Strategy - The approval of L3 vehicles provides policy support for the popularization of high-level autonomous driving, benefiting companies actively engaged in this sector [5]. - Key investment areas include vehicle application, where leading companies are establishing advantages in training data and smart driving ecosystems, and the intelligent chassis sector, which is expected to see rapid mass application by 2026 [5].

Core Viewpoint - The approval of L3-level autonomous driving vehicles by the Ministry of Industry and Information Technology (MIIT) marks a significant step towards the commercialization of L3 autonomous driving in China, which is expected to accelerate the adoption of smart chassis technologies [1][2][3]. Group 1: Event Summary - The MIIT has granted conditional approval for Changan Automobile and BAIC BluePark Magna Automotive to produce L3-level autonomous vehicles, following the submission of their applications [2]. - The approval is part of the 401st batch of announcements by the MIIT, indicating a regulatory framework supporting the introduction of L3 autonomous driving products in the market [2][3]. Group 2: L3 Commercialization Impact - L3 autonomous driving allows for conditional self-driving capabilities, where the system controls vehicle movement and responds to environmental stimuli within a limited operational range, requiring driver intervention outside this range [3]. - The vehicles approved include Changan's Deep Blue model and BAIC's Arcfox Alpha S (L3 version), which features a high-performance sensor system with 34 sensors, including three LiDARs, ensuring comprehensive safety and redundancy [4]. Group 3: Smart Chassis Development - The commercialization of L3 driving is expected to drive the mass application of smart chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [4][5]. - Active suspension systems will integrate air springs and variable damping to enhance vehicle handling and comfort, while EMB represents the future direction of braking systems, supported by mandatory national standards set to take effect in 2026 [4][5]. Group 4: Investment Strategy - The approval of L3 vehicles provides policy support for the widespread adoption of advanced autonomous driving technologies, benefiting companies that are actively investing in this sector [6]. - Key investment opportunities include automakers collaborating with Huawei, such as Seres, JAC Motors, BAIC BluePark, SAIC Group, and Changan, as well as companies in the smart chassis supply chain like Baolong Technology and Top Group [6].

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [3][19]. Core Insights - The commercial application of L3 level conditional autonomous driving is expected to accelerate, with more vehicles equipped with L3 features likely to receive regulatory approval in the future [1][2]. - The introduction of L3 systems is anticipated to drive the mass application of intelligent chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems, which are crucial for higher levels of autonomous driving [2][9]. - The report highlights the significant advancements in hardware and software for automotive intelligence, suggesting a robust growth trajectory for companies involved in these technologies [2][9]. Summary by Sections Industry Overview - The automotive industry consists of 232 listed companies, with a total market capitalization of approximately 46,540.79 billion and a circulating market value of about 36,782.9 billion [4]. - The average price-to-earnings ratio for the industry stands at 31.78 [4]. Key Developments - The report notes that the recent approval of L3 autonomous vehicles by the Ministry of Industry and Information Technology marks a significant step towards the commercialization of advanced driving technologies in China [1][2]. - The intelligent chassis is seen as the final piece in the puzzle for L3 and higher-level autonomous driving, with a focus on the upcoming mass production of active suspension, EMB, and SBW systems [2][9]. Investment Strategy - The report suggests focusing on two main areas for investment: the complete vehicle application sector, where leading companies are establishing advantages in training data and ecosystems, and the intelligent chassis sector, which is poised for rapid growth due to regulatory support and technological advancements [2][9].

线控制动/转向对于改善驾驶体验&保障智驾安全都有重要意义，可能阶段性复刻激光雷达的定位—— 不只是高阶智驾车型需要，还是重要安全件；二者对于AEB/泊车等功能的促进也可能是车企宣传亮 点，价格带下沉的速度可能超市场预期。 关于线控制动：法规允许EMB26年1月开始正式上车 制动系统可划分为控制/供能/传动/制动装置，升级过程就是各结构件的电子化过程；线控制动根据动力 传输系统是否依赖液压系统划分为EHB(电子液压)/EMB。 关于EHB：可以细分为泵驱EHB和电机直驱EHB两类，后者主流；电机直驱EHB中的one-box性价比突 出；对于L3及以上级别，基于one-box实现，刚需独立制动单元(RBU)。EMB执行机构完全依赖电机， 无需液压，较之EHB有多方面优势(如制动时间缩短/部件轻量化&灵活部署/各车轮可独立精确控制)，但 也存在安全冗余、电压、散热等多方面上车难题，门槛不低。25年受益法规松绑，EMB国内量产/出海 或已无障碍；今年年底到明年初可以期待搭载EMB车型批量发布。 开源证券发布研报称，制动系统可划分为控制/供能/传动/制动装置，升级过程基于各结构件的电子化过 程；线控制动根据动力传输系统 ...

长江商报消息 汽车零部件公司宁波华翔（002048.SZ）继续加码新能源零部件布局。 12月10日晚间，宁波华翔发布公告称，公司董事会会议审议通过议案，同意公司与实控人控制的企业宁 波峰梅控股有限公司（简称"峰梅控股"）共同以现金出资的方式购买上汽大众持有的上海峰梅动力系统 有限公司（简称"峰梅动力"）100%股权。其中公司出资2.12亿元，持股占比40%。 宁波华翔表示，本次收购旨在推动公司新能源动力领域转型升级，借助峰梅动力的业务基础拓展新能源 零部件产品。对于由关联方收购峰梅动力控股权，宁波华翔表示，这样既能依托上汽大众的产业资源快 速布局，又通过股权结构设计控制投资风险。 长江商报记者注意到，2025年以来，宁波华翔主营业务向好，前三季度扣非净利润达10.71亿元，同比 增加63.72%；经营活动现金净流量为16.79亿元，同比增长58.66%。 2025年，宁波华翔剥离了欧洲业务，并将北美业务作为海外发展的重心。根据三季报，公司顺利出售欧 洲子公司，包括德国、罗马尼亚和英国等6家公司，减少了亏损拖累。公司同时表示，公司坚持把北美 业务作为海外发展的重心，当前首要任务是加强运营能力，稳定生产环境，从而 ...