Core Viewpoint - The report from Zheshang Securities highlights the promising prospects of unmanned vehicles (Robo-X) across various applications, particularly in closed and specialized scenarios such as warehousing, mining, and military use, driven by technological advancements and supportive policies [1][3]. Group 1: Unmanned Vehicle Applications - Unmanned vehicles (Robo-X) have significant potential in multiple scenarios, including passenger transport (Robotaxi), material handling (unmanned forklifts), sanitation (Robosweeper), mining (unmanned mining trucks), military (unmanned combat platforms), and agriculture (unmanned tractors) [2][3]. - The commercial viability of unmanned logistics vehicles (Robovan) is paving the way for broader applications of unmanned vehicles in various sectors [2]. Group 2: Industry Outlook - The essence of unmanned vehicles (Robo-X) lies in the application of autonomous driving technology in specific scenarios, with advancements in algorithms, LiDAR, and domain control chips facilitating faster commercialization [3]. - Three key conditions for the rapid deployment of unmanned vehicles are identified: successful technology implementation, policy support, and sound commercial logic [3]. Group 3: Unmanned Forklift Market Potential - The global market for automated warehousing solutions is projected to exceed 2 trillion RMB, with unmanned forklifts playing a crucial role in enhancing warehouse efficiency and reducing costs [4]. - Traditional warehousing faces challenges such as low space utilization (with rental and operational costs accounting for 8%-12% of total costs) and inefficient labor practices, which unmanned forklifts can address by creating intelligent warehousing systems [4]. - The global market for automated warehousing solutions is expected to grow from approximately 471.1 billion RMB in 2024 to 804 billion RMB by 2029, with a compound annual growth rate (CAGR) of 12% from 2020 to 2024 and 11.3% from 2024 to 2029 [4]. Group 4: AMR Solutions Growth - The global market for Autonomous Mobile Robot (AMR) solutions is anticipated to reach approximately 38.7 billion RMB in 2024, with a CAGR of 30.6% from 2020 to 2024, and is projected to grow to 162.1 billion RMB by 2029, with a CAGR of 33.1% from 2024 to 2029 [5]. - The penetration rate of AMR solutions in the overall automated warehousing sector is expected to increase from 4.4% in 2020 to 20.2% by 2029 [5]. Group 5: Investment Recommendations - Recommended companies include Hangcha Group (leading domestic forklift manufacturer), Zhongli Group (global electric forklift leader), Anhui Heli (state-owned forklift leader), SANY Heavy Industry (leading Chinese construction machinery company), XCMG (emerging global construction machinery leader), Shantui (bulldozer manufacturer), Taotao Vehicle (North American leisure vehicle leader), YTO Group (large tractor leader), Beifang Group (Chinese mining vehicle leader), and Inner Mongolia First Machinery Group (military equipment leader) [6]. - Companies to watch include Zhongyou Technology and Noli Shares [7].

Core Viewpoint - The establishment of a mandatory national standard for intelligent connected vehicles' combined driving assistance systems aims to clarify safety requirements and enhance product safety performance in the rapidly developing intelligent driving industry [1][3]. Group 1: National Standard Development - The Ministry of Industry and Information Technology proposed the national standard project for "Safety Requirements of Intelligent Connected Vehicles' Combined Driving Assistance Systems," with a project duration of 22 months [1]. - The standard will apply to M and N category vehicles equipped with combined driving assistance systems, covering general technical requirements such as motion control capability, driver state monitoring, system detection capabilities, and safety requirements [1][3]. Group 2: Industry Concerns and Safety Risks - There is a widespread belief that L3 level is a critical transition from assistance to automation in the autonomous driving industry, while most current intelligent driving features are at L2 level [2]. - Some industry insiders express concerns that marketing strategies by car manufacturers may mislead users into over-relying on L2 systems, equating them with full automation, which poses safety risks [2][5]. Group 3: Regulatory Impact and Industry Response - The new regulations are intended to ensure that technology is implemented safely, rather than restricting technological advancement [5]. - Major cities like Beijing and Shanghai are accelerating the establishment of high-level autonomous driving demonstration zones, with several automakers pushing for L3 level technology deployment [5]. Group 4: Commercialization and Market Trends - Robotaxi services are seen as a promising commercial application, with significant growth in order volumes, indicating accelerated commercialization in the sector [5]. - Companies like Tesla are planning to launch Robotaxi operations, which may lead to significant technological changes in the industry [5].

Group 1 - The national standard for "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems" aims to establish clearer safety benchmarks for the rapidly developing intelligent driving assistance industry [1][3] - The project, proposed by the Ministry of Industry and Information Technology, has a duration of 22 months and involves key organizations such as the China Automotive Technology and Research Center, Dongfeng Motor Group, and Huawei [1] - The standard will apply to M and N category vehicles equipped with combination driving assistance systems, outlining general technical requirements including motion control, driver state monitoring, system detection capabilities, and safety requirements [1][2] Group 2 - The introduction of mandatory national standards is expected to enhance product safety performance and reduce accidents caused by performance defects, thereby improving overall road safety in China [3] - Industry experts believe that the new regulations are not intended to hinder technological advancement but to ensure safer implementation of technology [4] - Companies like XPeng, Chery, and Changan are accelerating the development of L3 autonomous driving technology, with plans for commercial deployment in the coming years [4]