行 业 研 究 汽车行业：L3 商用加速落地，有望 推动智能底盘批量应用 | 行业基本资料 | | 占比% | | --- | --- | --- | | 股票家数 | 232 | 5.15% | | 行业市值(亿元) | 46540.79 | 4.12% | | 流通市值(亿元) | 36782.9 | 3.92% | | 行业平均市盈率 | 31.78 | / | 资料来源：恒生聚源、东兴证券研究所 行业指数走势图 近期，工信部官方公众号发布文章，重庆长安汽车股份有限公司和北汽蓝谷麦 格纳汽车有限公司两家汽车企业向工业和信息化部提交了搭载 L3 级有条件自 动驾驶功能的智能网联汽车产品准入申请，根据《道路机动车辆生产企业及产 品准入管理办法》等有关规定，经受理、审查、公示等程序，工业和信息化部 于第 401 批《公告》附条件许可了相关产品。对此，我们点评如下： L3 商用有望加速落地。L3 级自动驾驶对应为有条件的自动驾驶，在智驾系统 运行时，由系统实现持续的车辆横向和纵向的运动控制，并且由系统实现对目 标、事件进行探测，并作出适当的响应。其运行范围是有限制的，当超出其运 行范围时，驾驶员需要及时接管。但 ...

2025年12月10日，重庆阿维塔数智工厂内，一辆阿维塔12四激光版缓缓驶下生产线，标志着中国长安正 式达成第3000万辆中国品牌汽车下线的历史性成就。现场，中国长安汽车（000625）党委书记、董事长 朱华荣表示："今日之长安，是广大用户厚爱，合作伙伴、社会各界长期支持，以及一代代长安人无私 奉献的结果。向全球所有长安的用户致敬，对所有关心、支持长安的每位朋友、社会各界表示衷心的感 谢。" 中国长安汽车三个1000万辆分别用时30年、7年、4.5年，40余年的时间，中国长安汽车搭乘了发展的加 速度，成为最快达成中国品牌3000万辆的汽车企业。 业内普遍认为，在"十四五"收官与"十五五"启幕的关键转折期，在中国长安汽车3000万辆加速度达成的 背后，是中国汽车产业从规模追赶向质量引领的历史性跨越，更是新长安以体系化能力重构行业竞争规 则、引领全球汽车产业变革的生动实践。 体系筑基 从长安速度到产业范式的能力跃迁 3000万辆绝非单纯的销量数字堆砌，而是中国长安汽车全价值链体系优势的集中爆发，其背后折射的行 业逻辑，为中国汽车品牌高质量发展提供了可复制的实践范本。 自主创新的长期主义是破局关键。中国长安汽车多年 ...

ESG Development - Changan Automobile has established a dedicated department for ESG, aiming to enhance its global ESG strategy and has been recognized as one of the "Top 100 ESG Listed Companies in China," ranking 41st [1] - The company received dual certifications for compliance management systems (ISO 37301:2021 and GB/T 35770-2022) from the British Standards Institution, becoming the first state-owned car enterprise to achieve this [1] - In 2025, Changan will implement comprehensive ESG strategies, including human rights and anti-corruption policies, and has integrated over 700 first-tier suppliers into its product quality planning system [1][2] Robotics Business - Changan's robotics strategy is based on a "1+N+X" framework, focusing on smart automotive robotics technology and human-like robots [2] - The current humanoid robot, named "Xiao An," stands 169 cm tall, weighs 69 kg, and has a speed of 0.8 m/s, featuring 40 degrees of freedom and a battery life exceeding 2 hours [2] Emerging Fields - In the flying car sector, Changan aims to launch its first manned flying car by 2026 and achieve mass production by 2028, targeting applications in low-altitude tourism, road rescue, and energy operations [3] - The company is exploring unmanned commercial vehicles, including cleaning robots and agricultural machinery, and has signed a strategic cooperation agreement with JD Logistics to develop smart logistics vehicles [4] New Product Launch - The Changan Q05, a global urban premium electric SUV, was launched at the Guangzhou Auto Show with a starting price of 79,900 yuan [5] - Key features include a spacious interior (4435*1855*1600 mm), advanced comfort features like seat massage and noise reduction, and a maximum range of 506 km [5][6] Intelligent Safety System - Changan has introduced the "Tianshu Intelligent" brand, expanding its safety concept to include driving, health, psychological, and privacy safety [7] - The intelligent driving assistance system has simulated over 3.3 million kilometers, enhancing its predictive capabilities for risk avoidance [7] - The Tianshu intelligent cockpit has responded to 72.5 million voice commands in the first ten months of the year, integrating AI for seamless user interaction [7]

Core Viewpoint - Changan Automobile has introduced a new safety value system and the "Tianshu Intelligent" brand at the Guangzhou International Auto Show, emphasizing the transition of automotive safety from passive to active measures in response to the evolving electric and intelligent vehicle landscape [1] Group 1: New Safety Value System - The new safety paradigm is described as a non-negotiable baseline for automotive companies, highlighting the importance of safety in the context of industry transformation [1] - Changan's General Manager Zhao Fei stated that safety is not the greatest luxury but a fundamental requirement for car manufacturers [1] Group 2: Technological Advancements - The "Tianshu Intelligent" system demonstrated advanced capabilities during a 3000-kilometer test drive, showcasing its ability to recognize sudden lane changes, predict vehicle trajectories, and identify construction zones even in low-light conditions [1] - The system is built on a comprehensive protection framework that includes driving assistance, cabin, and chassis technologies, with a data-driven approach that allows for continuous evolution [1] Group 3: Market Impact - The launch of the new Q05 model, equipped with laser radar technology, marks a significant step in making intelligent driving assistance more accessible in the under 100,000 yuan electric SUV market [1][2] - Changan has established a global R&D network and possesses a unique national key laboratory for intelligent automotive safety technology, indicating strong technical capabilities and systemic strength [2]

Core Viewpoint - The automotive industry is undergoing a transformation towards intelligent safety, with China Changan Automobile leading the way by redefining safety standards from passive protection to proactive intelligent safety through its Tian Shu Intelligent brand [1][2]. Group 1: Transition from Passive to Active Safety - Traditional automotive safety focused on post-accident protection, but user safety needs have evolved to include complex road conditions, driver fatigue alleviation, data privacy protection, and system reliability [2]. - China Changan Automobile has established a "pan-safety" system that encompasses driving safety, health safety, psychological safety, and privacy safety, extending safety measures throughout the entire journey [2][5]. Group 2: Key Scenarios for Driving Safety - The "pan-safety" system emphasizes driving safety as a foundation, with Tian Shu Intelligent driving assistance addressing three critical scenarios: - "Not Afraid of Others" - anticipatory capabilities to safely navigate around other vehicles using high-precision visual and laser radar integration [3]. - "Fearless of Ramps" - centimeter-level positioning technology that ensures vehicles remain centered in complex ramp situations, achieving a 98% success rate for autonomous ramp navigation [3]. - "Facing Darkness" - advanced perception capabilities that allow for detection of static obstacles up to 200 meters away at speeds of 100 km/h, even in complete darkness [3]. Group 3: Technological Backbone - The confidence in redefining intelligent travel safety standards stems from China Changan Automobile's robust self-research and verification system, supported by a global research and development network and a national key laboratory for intelligent automotive safety technology [4]. - The Tian Shu Intelligent Experimental Center features globally leading testing facilities, including a remote simulation testing cluster and a unique visual safety laboratory capable of replicating extreme lighting conditions for comprehensive safety assessments [4]. Group 4: Market Application and Future Outlook - The introduction of the new Q05 model, priced between 79,900 and 109,900 yuan, marks the first electric SUV in its price range to feature laser radar, indicating the rapid adoption of the "new safety" concept [5]. - The competition in intelligent travel will ultimately focus on the essence of safety, with China Changan Automobile's Tian Shu Intelligent setting new industry benchmarks and establishing a leading position for future developments [5].

Core Insights - Changan Qiyuan's new Q05 model was officially launched at the Guangzhou Auto Show on November 21, featuring laser radar and two battery options with ranges of 405 km and 506 km, priced between 79,900 yuan and 109,900 yuan [2] Group 1: Product Features - The Q05 is equipped with a driving motor that has a maximum power of 120 kW, paired with battery capacities of 40.29 kWh and 51.91 kWh, achieving ranges of 405 km and 506 km under CLTC conditions [4] - The vehicle supports 3C fast charging, allowing for a range of 100 km with just 5 minutes of charging and reaching 80% charge from 30% in 15 minutes [4] Group 2: Market Position and Strategy - Changan Qiyuan has surpassed 400,000 users, with 2023 being a significant year for the brand, launching three models: Q07, new Q05, and A06 [4] - The company plans to introduce over 50 new energy vehicle models by 2030, with all models featuring the Tian Shu intelligent system and aiming for over 30% of sales to come from overseas markets [4] Group 3: Safety and Innovation - Changan's vehicles, including the Q05, successfully completed a 3,000 km intelligent driving challenge with zero accidents, showcasing advanced safety features [4] - The company is expanding its safety philosophy to encompass a comprehensive "pan-safety" system, addressing driving, health, psychological, and privacy safety [4]

Core Insights - The article emphasizes the importance of intelligent technology in the automotive industry, particularly at the Guangzhou Auto Show, where companies are competing to win user trust through safety and practicality [1][9] - Changan Automobile's intelligent brand "Tianshu Intelligent" shifts the safety paradigm from "passive safety" to "active intelligent safety," expanding the concept of safety to include driving safety, health safety, psychological safety, and privacy safety [1][9] Group 1: Intelligent Driving Solutions - The Tianshu Intelligent Driving Assistance Laser Version utilizes multi-dimensional dynamic safety control technology to instantly recognize risks such as sudden lane changes and adjust speed to avoid collisions [3] - The system employs centimeter-level positioning technology and optimal path planning algorithms to ensure a 98% success rate in navigating complex highway ramps [5] - Tianshu's multi-source sensor fusion technology allows for enhanced perception in low-light conditions, enabling the vehicle to identify obstacles and risks up to 200 meters ahead while driving at high speeds [7] Group 2: Safety Performance Validation - Changan Automobile conducted an extreme long-distance test titled "Tianshu Intelligent 3000 Miles, Full Protection of True Safety," where vehicles equipped with Tianshu technology completed a 3000-mile journey without accidents or scratches, demonstrating the system's reliability in real-world scenarios [9] - The focus on safety is reiterated as the company aims to address both new and old safety risks through intelligent technology, highlighting that the application of such technology is not merely for show but for practical safety solutions [9]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on November 21, 2025, at the Guangzhou Auto Show, featuring a demonstration of the humanoid robot "Xiao An" [1] - Participants included various investment firms such as Guoxin Investment, E Fund, and Morgan Stanley [1] Group 2: Humanoid Robot "Xiao An" - "Xiao An" stands 169 cm tall, weighs 69 kg, and has a speed of 0.8 m/s, with over 40 degrees of freedom and a battery life exceeding 2 hours [2] - The robot can communicate with people, perform martial arts demonstrations, and assist in work tasks, with additional features under development [2] Group 3: Changan Q05 Electric SUV Highlights - The Changan Q05 was launched at the Guangzhou Auto Show, priced starting at 79,900 CNY, and features a spacious design with dimensions of 4435*1855*1600 mm and a wheelbase of 2735 mm [3] - It offers a maximum range of 506 km (CLTC) and includes fast charging capabilities, achieving 30%-80% SOC in just 15 minutes [3] - The vehicle is equipped with advanced safety features, including a unique laser radar system and a comprehensive smart driving assistance solution [3] Group 4: Recent Product Launches - The Changan A06 was launched on November 9, 2025, featuring advanced driving assistance and a spacious design, with over 10,000 pre-orders within 24 hours [5] - The Deep Blue L06 was released on November 18, 2025, achieving over 20,000 orders within the first hour, showcasing cutting-edge technology such as a 3nm automotive-grade chip and a magnetic suspension system [5] Group 5: Tian Shu Intelligent Safety System - The Tian Shu Intelligent system aims to enhance safety by addressing various aspects, including driving, health, psychological, and privacy safety [5] - The system has successfully completed a 3000 km driving challenge with zero accidents, demonstrating its reliability [6] - The intelligent cockpit has responded to 72.5 million voice commands in the past year, showcasing its advanced AI capabilities [6]

Core Viewpoint - China Changan Automobile has introduced a new safety value system, transitioning from "passive safety" to "active intelligent safety," emphasizing a comprehensive safety approach that includes driving safety, health safety, psychological safety, and privacy safety [2] Group 1: New Safety Value System - The new safety philosophy aims to provide users with an ultimate safe intelligent travel solution, expanding the traditional concept of physical protection to a broader "pan-safety" system [2] - The "Tianshu Intelligent Driving Assistance" system can instantly recognize sudden lane changes and smoothly decelerate to maintain safe distances [2] Group 2: Advanced Technology Features - Tianshu Intelligent utilizes multi-source sensor fusion technology for centimeter-level positioning, achieving a 98% success rate in autonomous highway ramp navigation [4] - The system can identify obstacles and risks up to 200 meters ahead, even in low visibility conditions, ensuring safe responses [5] Group 3: Continuous Improvement and Data-Driven Evolution - The driving assistance system undergoes continuous evolution through data-driven methods, simulating over 3.3 million kilometers to enhance safety and intelligence [5] - The intelligent cockpit integrates AI models and agent technology, allowing for seamless execution of user commands, such as booking cinema tickets through voice commands [5] Group 4: Global Expansion and Future Plans - Changan Automobile is accelerating the product's global rollout, with plans to launch over 50 new energy models by 2030, all equipped with Tianshu Intelligent technology [6] - The company has established a global R&D network with over 200 laboratories and aims for overseas sales to exceed 30% of total sales [6]

Core Insights - The article discusses the challenges and advancements in intelligent driving assistance, highlighting the need for technological innovation to enhance user experience and safety [1][2] - Changan Automobile has introduced the "Tianshu Intelligent" brand and the "Pan-Safety" system to address these challenges, focusing on a comprehensive approach to safety that includes physical, health, psychological, and privacy aspects [2][3] Technological Challenges - Current industry challenges include perception limitations, scenario blind spots, inefficient decision algorithms, and slow execution response times, which directly impact vehicle safety and user confidence [1] - The shift from hardware risks to software system risks is evident, with over 40% of vehicle recalls in the first half of 2025 attributed to software defects [2] Pan-Safety System - The "Pan-Safety" system proposed by Changan encompasses a broader definition of safety, integrating traditional physical protection with health, psychological, and privacy safety [2] - This system aims to transition from passive safety measures to proactive intelligent safety, focusing on preemptive risk management [2] Tianshu Intelligent Solutions - "Tianshu Intelligent" represents a significant advancement in the "Pan-Safety" system, providing comprehensive safety solutions across driving, health, and psychological dimensions [3] - The system utilizes a unique "Central + Regional" electronic architecture (SDA Tianshu) that offers high bandwidth and low latency, ensuring efficient and reliable operation [4] Advanced Driving Assistance - The end-to-end interactive navigation assistance developed by Changan leverages a multimodal large model technology, enabling real-time risk assessment and adaptive responses to dynamic driving conditions [5][6] - Innovations include features that enhance safety in various scenarios, such as advanced night vision capabilities and proactive collision avoidance systems [6][7] Cabin Safety and User Experience - Changan's focus extends to the cabin environment, integrating AI technology to enhance user interaction and emotional well-being [8] - The Tianshu intelligent cabin includes features like a three-dimensional sound system, health monitoring, and personalized user experiences, creating a safer and more comfortable driving environment [9] Industry Impact - Changan's initiatives are seen as a benchmark for the industry, promoting a shift from mere configuration competition to a focus on essential safety [8][9] - The comprehensive nature of the "Pan-Safety" system has garnered recognition within the industry, setting a new standard for intelligent driving assistance technologies [9]