专用汽车是服务乡村振兴，支持支撑国民经济建设，保障公共安全的关键装备，在国民经济体系中占据着不可替代的重要地位。近年来，我 国专用汽车行业在产品管理制度、产业结构与市场环境等领域实现了深刻的变革。日前，以"聚力•重塑•共赢"为主题的2025专用汽车产业发展论坛 在武汉落幕，为行业带来了一场思想碰撞的盛宴。 中汽中心中国汽车标准化研究院高级工程师张广秀详细解读了GB7258标准的最新修订内容，涵盖术语规范、安全装置应用、智能网联与新能源汽车 技术规范等，推动行业向更安全、更智能、更统一的方向发展。 工信部装备中心刘永腾则对专用车产品准入审查规范与核心技术要求作出专业分析，为企业产品开发与合规上市提供了明确指引。 当前专用车市场，特别是在中国，呈现出电动化、智能化、国际化三大趋势，整体处于高速发展的 "蓝海窗口期"，新能源环卫车、应急装备、无人 矿卡等细分领域正成为新一轮增长引擎。 数据显示，在电动化上，2024年中国新能源专用车销量超30万辆，渗透率近30%。预计"十五五"末，部分公共领域电动渗透率将超70%，环卫车与冷 藏车将是电动化主力；在智能化上，封闭、低速场景是专用车自动驾驶最佳落地场景，如港口、矿山、 ...

Core Viewpoint - Xidi Zhijia is striving to become the first public company in the field of autonomous driving for mining, demonstrating a unique strategy to overcome challenges in a competitive landscape [3][6]. Company Overview - Founded in 2017, Xidi Zhijia quickly obtained a license for autonomous driving in Changsha, becoming a key player in smart transportation in Hunan [5]. - The company has achieved significant revenue growth, with income rising from 31 million to 410 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 263% [6]. Product Development - The company focuses on heavy commercial vehicles, which have a substantial market potential due to their high operational hours and significant ownership numbers [7]. - Xidi Zhijia successfully implemented the first fully autonomous mining truck project in collaboration with Jiangsu Jurong Tai Ni Cement Mine, achieving operational efficiency 1.04 times that of human-driven vehicles and reducing energy costs by 88% [7]. Industry Context - Changsha has proactively developed the intelligent connected vehicle industry, attracting nearly 400 related enterprises, including Xidi Zhijia [8]. - The city has established a comprehensive testing ground for intelligent systems, which has facilitated the development and testing of autonomous driving technologies [9]. Future Prospects - Xidi Zhijia aims to leverage its technology to create a sustainable innovation model in autonomous driving, focusing on safety as a primary need while enhancing efficiency and comfort [13]. - The company plans to expand its market presence by integrating V2X technology and responding to national policies promoting automation in mining and other sectors [21]. Challenges and Strategies - The company acknowledges three main uncertainties in the autonomous driving sector: technological maturity, regulatory acceptance, and cost acceptance [16]. - Xidi Zhijia emphasizes the importance of focusing on core technologies and maintaining a diverse product matrix to meet market demands effectively [17][19].

Core Insights - The article highlights the impressive advancements in China's manufacturing sector, particularly through the example of XCMG Group's innovative technologies in the mining industry [3]. Company Overview - XCMG Group is showcased as a leader in green and intelligent manufacturing, exemplified by their unmanned mining truck capable of precise operations, which can carry the weight of approximately 20 elephants [3]. - The unmanned mining truck represents a significant shift in mining operations, integrating features such as autonomous driving and solar power, which are redefining industry standards [3]. Industry Trends - The article emphasizes the broader trend of green and intelligent transformation within China's manufacturing industry, positioning it as a global benchmark for innovation [3]. - The introduction of "black technology" in mining operations is noted as a key factor in enhancing efficiency and sustainability in the sector [3].

Core Insights - Xidi Intelligent Driving has submitted its prospectus to the Hong Kong Stock Exchange for the third time, indicating resilience in the intelligent driving sector [2] - In the first half of 2025, the company reported revenue of 402 million RMB, a 56% increase year-on-year, but its net loss expanded to 455 million RMB, nearly four times the loss of 122 million RMB in the same period of 2024 [2][4] - The company has delivered 304 autonomous mining trucks and has received over 600 equipment order intentions, ranking sixth in China's intelligent driving commercial vehicle market with a 5.2% market share [4] Financial Performance - Revenue for 2025 is projected at 408 million RMB, with a significant increase in sales costs leading to a gross loss of 69.7 million RMB [3] - Research and development expenses accounted for over 37.1% of total expenditures in the first half of 2025, while general and administrative expenses reached 200 million RMB, consuming nearly 48.9% of the company's revenue [6][7] - The company has faced a cash flow crisis, with the last financing round occurring in February 2024, raising 24 million RMB, and a significant gap since then raises concerns about liquidity [4][7] Market Position and Challenges - Xidi Intelligent Driving operates primarily in closed environments, such as mining and ports, which limits market capacity and is dominated by state-owned enterprises, leading to slow project cycles and payment processes [5] - The company's strategy of focusing on closed environments was initially seen as a way to avoid competition in the passenger vehicle sector, but this approach is now revealing limitations as market growth slows [6] - The company’s comprehensive product offerings in intelligent transportation systems may dilute focus during the commercialization phase, posing a challenge for sustainable growth [7]

Core Viewpoint - The Chinese engineering machinery industry is experiencing a resurgence in growth driven by high-end equipment manufacturing upgrades and a global infrastructure demand recovery, yet it struggles to shed the label of being "constrained by industry cycles" in the capital market [1][3]. Group 1: Global Expansion - The industry needs to build new competitive advantages globally through "going abroad" to reduce "domestic reliance." Leading Chinese engineering machinery companies are already establishing new growth areas globally. For instance, in the first half of 2025, SANY Heavy Industry Co., Ltd. achieved overseas sales revenue of 26.302 billion yuan, accounting for 60.26% of its main business revenue. Zoomlion Heavy Industry Science and Technology Co., Ltd. reported that overseas revenue accounted for 57.36% of total revenue in the first three quarters, with a fully covered product range from overseas manufacturing bases and an initial European localized supply chain [1][2]. Group 2: Technological Innovation - The industry should leverage smart innovation to reshape the industrial value chain and address the traditional "efficiency bottleneck." For example, XCMG Construction Machinery Co., Ltd.'s unmanned mining trucks can achieve operational efficiency of up to 120%, enabling safe, efficient, and reliable production in complex mining conditions 24/7. Guangxi Liugong Machinery Co., Ltd. has successfully operated intelligent factories for loaders and excavators, with a 30% increase in automation rates, a 7% reduction in manufacturing costs, a 30% improvement in product reliability, and a manufacturing cycle shortened by over 50% [2]. Group 3: Deep Earth Economy - The industry must seize opportunities in the deep earth economy to expand growth in "scene extension." As the deep earth economy becomes a national strategy, engineering machinery companies should actively engage with deep earth resource development needs. For instance, China Railway Construction Heavy Industry Co., Ltd. developed the world's first 1,000-meter vertical hard rock full-face tunneling machine, capable of tunneling at depths exceeding 1,000 meters. Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd.'s dual-arm computer-controlled rock drilling rig is a powerful tool for tackling large-section tunneling challenges. These developments provide essential equipment support for resource extraction from deep within the Earth, opening a new blue ocean for the engineering machinery industry [2]. Group 4: Future Outlook - The transformation logic of the engineering machinery industry is clear, from expanding overseas markets to enhancing efficiency through technological innovation and forward-looking deep earth scene layouts. In the future, the Chinese engineering machinery industry is expected to break free from the constraints of industry cycles and completely shed the label of being "constrained by industry cycles" in the capital market [3].

Core Insights - The 2025 World Intelligent Connected Vehicle Conference is being held in Beijing, showcasing the expansion of intelligent connected applications such as smart buses and unmanned delivery vehicles, indicating that China's intelligent connected vehicles have entered a new stage of multi-scenario applications [1][6] Group 1: Industry Developments - The annual delivery volume of unmanned delivery vehicles has exceeded 10,000 units, achieving precise last-mile delivery in residential areas and industrial parks [3] - In Xinjiang, over 140 unmanned mining trucks are operating autonomously in complex weather conditions, supported by 5G and intelligent cloud control platforms, highlighting the importance of industrial intelligence [5] - A bus route in Guangzhou equipped with L4 level highly automated driving has accumulated over 2.1 million kilometers, demonstrating the integration of intelligent connected vehicles into daily life [5] Group 2: International Cooperation - The Ministry of Industry and Information Technology (MIIT) encourages and supports deep cooperation between Chinese and foreign enterprises in the field of intelligent connected vehicles [6][10] - Industry insiders at the conference noted that China has achieved multi-faceted technological innovation in the intelligent connected vehicle industry, with a trend towards sharing innovation outcomes globally [6] - A technology company in Suzhou has collaborated with international automakers such as BMW, General Motors, and Mercedes-Benz to develop new intelligent driving system solutions, indicating growing interest from multinational companies in partnerships with China [8] Group 3: Policy and Strategic Goals - MIIT emphasizes the importance of sharing opportunities and benefits globally, aiming for open markets, technological collaboration, and ecological co-construction to involve global partners in China's industrial upgrade process [10] - The Chinese government aims to promote the cross-border flow of knowledge, technology, and talent in the intelligent connected vehicle industry, integrating Chinese experiences into international development plans [11]

Core Insights - The 2025 World Intelligent Connected Vehicle Conference is being held in Beijing, showcasing the expansion of intelligent connected applications such as smart buses and unmanned delivery vehicles, indicating a new phase of multi-scenario applications in China's intelligent connected vehicle sector [1][9] Industry Developments - In Chongqing, a technology company's intelligent assisted driving has been tested in increasingly complex scenarios, including steep curves and crowded areas [3] - In Guangzhou, a Level 4 autonomous bus line has accumulated over 2.1 million kilometers of travel, demonstrating the integration of intelligent connected vehicles into daily life [5] - In Xinjiang, over 140 unmanned mining trucks are operating in challenging weather conditions, utilizing 5G and intelligent cloud control platforms, marking a significant step in industrial automation [7][9] Safety and Security Measures - The concept of "safety redundancy" is gaining attention, with many companies focusing on multi-layered backup designs to enhance vehicle safety [11] - A technology company is implementing algorithmic, software, and hardware redundancies to ensure product safety, conducting comprehensive testing in various challenging conditions [13] - Didi's autonomous driving CEO highlighted the importance of an independent module for collision detection, emphasizing safety as a non-negotiable priority for companies [15][17] Global Perspectives - The conference attracted representatives from multiple countries, with international experts expressing optimism about China's intelligent connected vehicle development and its potential to influence the global industry [19][21] - Companies like BMW are establishing significant R&D bases in China, aiming to leverage local technological advancements for mutual growth [23] - Countries such as Germany are investing heavily in digitalization and infrastructure, with plans to collaborate with China on various technological fronts [24][26]

Group 1 - The A-share market showed mixed performance on September 12, with the Shanghai Composite Index up by 0.01%, while the Shenzhen Component Index and the ChiNext Index fell by 0.30% and 0.97% respectively. Industrial metals and cloud services sectors led the gains [1] Group 2 - Galaxy Securities predicts that 2026 may be a key year for the recovery of the foldable screen market, driven by anticipated products from Apple, which could stimulate market demand through new software interactions and hardware designs. Additionally, new wearable devices launched this year are expected to further boost market recovery [2] - The AI-driven growth in the electronics sector is expected to continue, with a strong recovery in consumer electronics and semiconductors in the first half of the year. The revenue of 467 companies in the electronics sector reached 1,857.8 billion yuan, a year-on-year increase of 19.2%, while net profit rose by 29.0% to 85.9 billion yuan. The upcoming peak season for consumer electronics and the release of AI-related products are likely to enhance the industry's fundamentals [3] - Huatai Securities forecasts that by 2026, the proportion of intelligent coal mines will reach 30%, with the penetration rate of unmanned mining trucks exceeding 30%. The combination of policy support, technological advancements, and capital investment is driving the increase in coal mining automation, with significant market potential expected by 2030 [4]

Market Overview - The market showed strong performance yesterday, with major indices rebounding significantly, and both the ChiNext Index and Shenzhen Component Index reaching new highs for the year [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.44 trillion yuan, an increase of 459.6 billion yuan compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index rose by 1.65%, the Shenzhen Component Index increased by 3.36%, and the ChiNext Index surged by 5.15% [1] Industry Insights Foldable Screen Market - Galaxy Securities predicts that 2026 may be a pivotal year for the recovery of the foldable screen market, driven by anticipated new products from Apple that could stimulate market demand [2] - The introduction of new wearable devices this year is also expected to contribute to market revitalization [2] - AR glasses manufacturers are working to transition AR glasses from niche products to mainstream smart devices, with AI and AR technology advancements expected to play a significant role [2] Electronics Industry - CITIC Construction Investment reports that the consumer electronics and semiconductor sectors have shown continuous recovery in the first half of the year, entering a new phase of dual prosperity driven by AI computing power [3] - In the first half of 2025, 467 companies in the electronics sector reported a total revenue of 1,857.8 billion yuan, a year-on-year increase of 19.2%, with net profit rising by 29.0% to 85.9 billion yuan [3] - The upcoming consumer electronics peak season and the release of AI-related products are expected to positively impact the industry's fundamentals, indicating a sustained upward cycle [3] Intelligent Mining - Huatai Securities forecasts that by 2026, the proportion of intelligent coal mines will reach 30%, with the penetration rate of unmanned mining trucks also exceeding 30% [4] - The increase in intelligent mining is driven by policy support, technological advancements, and capital investment in the industry [4] - The operational maturity and economic feasibility of unmanned mining truck projects are leading to a phase of large-scale deployment, with a potential global market of nearly 60 billion expected by 2030 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is positioned for high growth through dual drivers of new energy and unmanned mining trucks, supported by technological empowerment and an overseas expansion strategy [3] - In H1 2025, the company achieved revenue of 3.169 billion yuan, a year-on-year increase of 12.69%, and a net profit attributable to the parent company of 321 million yuan, up 8.25% year-on-year [3][4] - The company is actively investing in the unmanned mining truck sector, which is expected to enhance its profitability due to high-margin products [4] Financial Performance Summary - In H1 2025, the company's gross margin was 19.78%, an increase of 1.23 percentage points year-on-year [3] - The company’s revenue projections for 2025-2027 are 8.58 billion yuan, 9.80 billion yuan, and 10.77 billion yuan respectively, with corresponding EPS of 1.86 yuan, 2.12 yuan, and 2.33 yuan [3] - The projected P/E ratios for 2025-2027 are 12.3, 10.7, and 9.8 times respectively [3] Product Penetration and Profitability - The penetration rate of unmanned mining trucks is accelerating, with a projected compound annual growth rate of 106.78% from 2023 to 2026 [4] - The gross margin for the company's wide-body dump trucks increased by 1.42 percentage points year-on-year in H1 2025, with margins for electric and unmanned vehicles around 20%, higher than traditional fuel vehicles [4] Strategic Partnerships - The company has partnered with several unmanned driving technology firms, including Yikong Zhijia, to enhance its technology supply chain for unmanned mining trucks [5] - The company invested 30 million yuan in Yikong Zhijia, acquiring a 0.62% stake, which strengthens its competitive position in the unmanned mining truck market [5]