Group 1 - The core viewpoint is that the penetration rate of new energy vehicles in China reached a record 44.3% in the first half of 2025, indicating a strong position in the domestic automotive market [1] - Monthly penetration rates for new energy vehicles have shown a consistent upward trend, with rates exceeding 50% for four consecutive months from January to June 2025, and further increasing to 54.6% in July [1] - The retail sales volume of narrow passenger vehicles reached 1.85 million units in July 2025, representing a year-on-year increase of 7.6% [1] Group 2 - The 2025 World Artificial Intelligence Conference saw the issuance of new operating licenses for intelligent connected vehicles, with eight companies, including Xiaoma Zhixing, being granted approval [2] - There is an expectation that the commercialization scale of Robotaxi may reach a turning point, particularly for companies with advantages in technology, ecosystem, and operational qualifications [2] - The CSI Internet of Vehicles Theme Index includes various related companies, with the top ten weighted stocks accounting for 49.41% of the index as of July 31, 2025 [2]

近日，记者从广州市政府答复省政协委员王维红的复函中获悉，近年来广州智能网联汽车产业发展取得 显著成效，17家企业累计自动驾驶技术测试总时长超130万小时、总里程达2441万公里；与此同时，广 州市正编制无人驾驶装备工作指引，将从全市全域层面推动多种类型、多种场景无人驾驶装备的应用。 （广州日报） ...

行动方案提出，突出重点管理，围绕我省"1650"产业体系，组织原材料、装备消费品、电子信息等行业 重点企业开展自主定级、定级核查，梳理形成防护重点企业清单，提升企业网络安全防护水平。围绕我 省"筑峰强链"重点企业,省工信厅、省通信管理局组织专业机构定期开展网络和数据安全风险排查、远 程检测、现场诊断等工作，优化工业领域网络安全服务。聚焦省内石化化工、有色、智能网联汽车等行 业重点企业，持续开展"数安护航"专项行动，加强工业领域重大数据安全风险防范。加强数据安全分类 分级管理，遴选掌握关键核心技术、代表行业发展水平、关系产业链安全稳定的企业，更新工业领域数 据安全风险防控重点企业名录；指导行业重点企业建立健全数据分类分级保护等安全管理制度，梳理识 别重要数据和核心数据，形成目录并及时报备。 本报讯(记者付奇)日前，省工信厅和省通信管理局联合部署开展2025年江苏省护航新型工业化网络和数 据安全专项行动，并制定印发专项行动方案。方案提出到2025年底,建立网络安全防护重点企业清单， 深入实施工业互联网安全分类分级管理，不少于300家企业开展自主定级与核查工作，不少于50家企业 开展网络安全贯标达标试点，不少于5家 ...

Core Viewpoint - The Shandong Provincial Department of Housing and Urban-Rural Development has issued implementation opinions to promote the construction of new urban infrastructure, focusing on developing resilient cities through smart city infrastructure and intelligent connected vehicles [1] Group 1: Smart City Infrastructure - The initiative aims to promote the coordinated development of smart city infrastructure and intelligent connected vehicles [1] - There will be a gradual and prudent promotion of driver assistance applications and the implementation of "demonstration application" actions for autonomous driving [1] - The plan includes accelerating the installation of intelligent sensing devices on urban roads to enhance vehicle-road collaboration [1] Group 2: Intelligent Parking and Delivery Systems - The construction and renovation of intelligent parking facilities will be expedited [1] - There is a focus on planning, constructing, and renovating urban delivery facilities to create a compact, efficient, and smart green delivery system [1] Group 3: Emergency Infrastructure - The plan emphasizes the construction of public infrastructure that can be used for both regular and emergency purposes, ensuring a reasonable layout of urban emergency material transfer facilities [1] - This aims to enhance the rapid guarantee capability of urban emergency materials [1] Group 4: Pilot Projects - The initiative promotes the integration of "vehicle-road-cloud" in Jinan as a national pilot for intelligent connected vehicles, accelerating the expansion of pilot demonstration application scenarios [1] - It includes comprehensive urban end-point unmanned delivery, full-scenario unmanned driving in Yantai, and the "vehicle-road-cloud" integration pilot in Jinan and Qingdao [1]

Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong has made stablecoins a hot topic, while Real World Assets (RWA) are attracting participation from various industries [1] Group 1: RWA and Blockchain Technology - RWA refers to the tokenization of real-world assets using blockchain technology, enabling trading and circulation on the blockchain [1] - RWA addresses pain points in the traditional financial system, such as liquidity issues, financing efficiency, trust in data, and cross-border investment barriers [1][3] - RWA connects the crypto market with actual underlying asset markets, providing diverse investment and financing tools, thus enhancing asset ownership transfer and transaction efficiency [6] Group 2: Automotive Industry and Data Monetization - The automotive industry generates vast amounts of data, but there has been no consensus on how to monetize this data [3] - RWA serves as a bridge for commercializing automotive data assets, ensuring data authenticity and facilitating investment processes beyond traditional banking and equity financing [3] - The data generated by smart connected vehicles is categorized into three types: environmental perception data, in-vehicle perception data, and data from vehicle-to-cloud and vehicle-to-vehicle interactions [7][8] Group 3: Market Potential and Future Outlook - The global on-chain RWA asset value is projected to exceed $23.3 billion by June 2025, with expectations of exponential market expansion [7] - BlackRock predicts that the RWA tokenization market could reach $16 trillion by 2030, representing 1% to 10% of the global asset management scale [7] - The automotive data commercialization process is divided into three stages: data on-chain, asset RWA tokenization, and international operations based on stablecoins [8] Group 4: Strategic Transformation and Revenue Generation - The company plans to transition from an "automotive data asset operator" to an "RWA digital financial service provider," leveraging RWA services to transform smart connected vehicles from consumer goods to investment tools [8][10] - By promoting the sharing of idle private cars for rental and operational scenarios, the company aims to enhance owner revenue and reduce fixed asset purchases for rental companies, generating substantial excess returns [10]

Core Insights - The Jinan Start-up Zone is advancing the integration of smart cities and intelligent connected vehicles through a pilot project focused on "Vehicle-Road-Cloud Integration" [1][2] Group 1: Project Overview - The Start-up Zone aims to open a fully intelligent road network in the Daqiao and Cuizhai areas by the end of the year, leveraging its new infrastructure and low traffic density for autonomous driving tests [1] - The project is supported by a comprehensive implementation plan that outlines 28 tasks across seven key areas, addressing challenges related to functional autonomous vehicles [1][2] Group 2: Technological Developments - A "Vehicle-Road-Cloud Integration" intelligent platform has been established for real-time monitoring and millisecond-level data interaction of test vehicles, enhancing traffic management and law enforcement [2] - The introduction of a "L0 to L3 Intelligent Intersection" system allows for the deployment of roadside equipment as needed, facilitating the development of an autonomous driving test environment [2] Group 3: Application Scenarios - The Start-up Zone is launching the first L4 level intelligent connected bus line in the city, enabling features such as traffic signal recognition and autonomous overtaking, with safety drivers onboard [2] - Twelve unmanned logistics vehicles have received licenses for testing operations, aiming to reduce last-mile delivery costs by over 30% and achieve "hourly delivery" for logistics services [3]

Industry Information - The Ministry of Transport reports that the coverage rate of charging piles in highway service areas has reached 98.4%, with an average daily traffic of new energy vehicles accounting for about 20% [7] - Hunan province has made significant progress in building high-power charging facilities, with 4,693 public fast charging piles constructed in the first half of the year, achieving 93.8% of the annual target [7] - Toyota's subsidiary plans to invest 3.7 billion yuan to build a factory in Dalian, which will produce batteries for pure electric vehicles [8] - Honeycomb Energy plans to trial production of semi-solid batteries in Q4 of this year, with mass supply expected by 2027 [8] - The automotive industry is seeing a rise in electric vehicle exports, with Guangzhou exporting 90,000 vehicles in the first half of the year, a year-on-year increase of 28.4% [15] - In Norway, electric vehicles account for 97% of new car sales, with Chinese brands holding a market share of 12.3% [15] - The first international standard in the field of photovoltaic direct current has been released, which will guide the development of distributed photovoltaic systems [36] Policy Information - The Ministry of Transport has implemented measures to enhance the management of "smart driving" systems, emphasizing that they are not fully autonomous and will strengthen regulations to prevent false advertising by car manufacturers [13][14] - The Ministry of Science and Technology has published ethical guidelines for the research and development of automated driving technologies to mitigate ethical risks [35] - Guangdong and Anhui provinces are implementing measures to promote healthy competition in the automotive industry, encouraging companies to focus on quality and innovation rather than price wars [34] Company Information - BYD has produced its 13 millionth new energy vehicle, with the model being the Yangwang U7 [6] - NIO has announced the completion of its 10000th delivery of its pure electric vehicle, the Firefly [6] - Xpeng Motors has launched its first overseas manufacturing base, with the first locally produced X9 delivered in Indonesia [6] - Tesla has delivered over 8 million electric vehicles globally, with its Shanghai Gigafactory supporting market expansion [6] - Xiaomi is developing a home DC charging pile with a power output exceeding 7kW [6] - Li Auto has achieved cumulative deliveries of over 300,000 units for its L6 model [6]

Group 1 - The issuance of new operational licenses for intelligent connected vehicles in Shanghai marks a new phase of normalization and scaling in the demonstration operations of smart vehicles, covering both smart taxi and smart freight sectors [1][3] - The first batch of approximately 20 operational vehicles equipped with L4-level autonomous driving capabilities has been deployed, with remote safety personnel on board to ensure operational safety [3] - The 2025 World Artificial Intelligence Conference showcased the deep integration of artificial intelligence with the automotive and transportation sectors, highlighting the potential for future mobility [1][5] Group 2 - AI technologies are being applied in the automotive after-sales service sector, such as AI "cloud diagnostics" that can monitor vehicle systems in real-time and provide alerts for potential faults [7] - The penetration rate of new passenger cars with combined driving assistance features reached approximately 61% from January to May 2025, indicating a steady advancement in intelligent connected vehicle trials [9] - The application of AI across the entire automotive industry chain is deepening, with a focus on safety as a primary standard for AI applications [9]

行业研究丨点评报告丨软件与服务 [Table_Title] 上海发放智能网联汽车示范运营牌照，Robotaxi 产业落地持续推进 丨证券研究报告丨 报告要点 [Table_Summary] 7 月 26 日，在第八届世界人工智能大会（WAIC）上，上海智能网联汽车示范运营牌照发放， 百度智行科技（上海）有限公司、大众交通（集团）股份有限公司、上海赛可出行科技服务有 限公司、上海强生出租汽车有限公司、赛可智能科技（上海）有限公司、小马易行科技（上海） 有限公司、上海锦江出租汽车服务有限公司、上海友道智途科技有限公司等 8 家公司成为首批 获准企业。建议关注 Robotaxi 运营平台及供应链相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 上海发放智能网联汽车示范运营牌照， 2] Robotaxi 产业落地持续推进 [Table_Sum ...

Group 1 - The national childcare subsidy scheme will provide an annual subsidy of 3,600 yuan per child until the age of three, starting from January 1, 2025 [1] - Families with children born before January 1, 2025, who are under three years old, will also be eligible for the subsidy, calculated based on the number of months [1] - The policy aims to reduce the financial burden of raising children and is expected to benefit over 20 million families annually [1][3] Group 2 - The increase in birth rates in 2024 is attributed to accumulated fertility intentions, the implementation of local support policies, and cultural preferences related to the zodiac [3] - Over 20 provinces have already begun exploring childcare subsidies, with some regions like Yunnan and Ningxia implementing provincial-level policies [3] - The example of Panzhihua City in Sichuan, which introduced a childcare subsidy policy in 2021, shows a positive impact on population growth [3][4] Group 3 - The long-term trend indicates a decrease in the number of women of childbearing age, which may continue to affect birth rates [4] - The comprehensive implementation of the childcare subsidy system reflects a significant investment in human capital, with a broader coverage and stronger support [4] - Experts suggest that merely providing subsidies is insufficient to fundamentally address low birth rates; a holistic approach is needed to create a family-friendly society [4]