线控底盘：解锁高阶智驾，迈入放量周期 20260302 摘要 线控底盘行业正经历从"技术导入"到"放量落地"的关键阶段，预计 市场规模将从百亿级增长至千亿级，渗透率持续提升，主要增长点集中 在线控制动与线控转向。 线控底盘通过电子电气架构升级，实现多系统电控互联与协同，响应速 度显著提升至毫秒级，更适配高阶智驾对系统响应能力、协同控制与安 全冗余的需求。 政策层面，2020 年以来陆续出台政策鼓励线控系统开发，2025 年制动 与转向相关新国标发布，为线控关键部件上车提供明确规范与依据，并 明确 L3 及以上自动驾驶定义。 市场空间方面，预计 2025 年线控底盘相关市场规模约为 400 多亿，到 2030 年有望达到接近 1,200 亿水平，行业处于高速生长期，渗透率持 续提升。 线控制动主要分为 EHB 与 EMB/EMV 两种技术路线，当前主流为 EHB，其中 One Box 方案因集成度高、成本相对较低且能量回收能力 强而占据主导地位，市场集中度较高。 Q&A 为什么在 2026 年这个时点发布线控底盘行业深度报告，核心产业判断是什么？ 2026 年预计将成为智能驾驶显著加速的关键年份，产业端有望从 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨伯特利（603596.SH） [Table_Title] 伯特利点评：控股豫北转向，迈向全球智能底盘 平台型企业 报告要点 [Table_Summary] 公司公告称拟收购豫北转向 50.9727%的股份，成为其控股股东。本次收购落地后，公司在线 控底盘布局将更加完整。展望未来，随着下游客户销量增长，公司业绩有望回升，同时底盘电 子轻量化多管齐下，海外进展顺利，看好公司成为全球智能底盘平台型企业。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 伯特利（603596.SH） cjzqdt11111 [Table_Title 伯特利点评：控股豫北转向，迈向全球智能底盘 2] 平台型企业 [Table_Summary2] 事件描述 公司公告称，拟收购豫北转向 50.9727%的股份，成为其控股股东。 ...

智通财经APP获悉，华金证券发布研报称，根据亿欧智库预计，2025年中国乘用车智能底盘市场规模将 达到466亿元，2030年将达到1171亿元，2025-2030CAGR为20.24%，呈现快速渗透态势。2025年，国标 添加制动新规，EMB上车有法可依，量产进程开始加速。多家企业已完成产线建设，规划量产时间集 中在2025年底到2026年上半年。展望2026年，线控底盘迈入产业化关键阶段，目前行业渗透率还较低， 在智驾催化下，线控底盘将加速渗透，市场规模将进一步扩张，相关企业有望受益。 华金证券主要观点如下： 线控底盘是实现高阶智驾的必备技术之一，在智驾加速渗透中放量在即 在线控底盘的五大系统中，线控制动、转向、悬架开发难度高，外资占据主导地位。从市场渗透率看， 线控驱动已经接近标配水平，线控转向、线控悬架渗透率尚处起步阶段，线控制动、线控换挡正处于大 规模商业化前夜。从技术开发难度看，线控驱动、线控换挡技术相对成熟；线控制动、线控转向技术门 槛最高，内外资企业基本处于同一起跑线，国内供应商潜力巨大。 投资建议 2026年线控底盘迈入产业化关键阶段，目前行业渗透率还较低，在智驾催化下，线控底盘将加速渗透， ...

本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 请仔细阅读在本报告尾部的重要法律声明 2 证券研究报告 汽车/行业深度报告 领先大市（维持） 线控底盘：解锁高阶智驾，迈入放量周期 智能驾驶专题系列（一） 分析师：黄程保 SAC执业证书编号：S0910525040002 2026年2月27日 u 线控底盘是实现高阶智驾的必备技术之一，在智驾加速渗透中放量在即。线控底盘成为智能电动汽车实现差异化体验与 技术迭代的关键，推动汽车从机械向线控驱动变革，其核心价值在于突破传统机械底盘的性能边界，借助传感器实时感 知、算法动态决策与执行机构精准响应，为高阶智能驾驶提供精准可靠的执行能力。根据亿欧智库预计，2025年中国乘 用车智能底盘市场规模将达到466亿元，2030年将达到1171亿元，2025-2030CAGR为20.24%，呈现快速渗透态势。 u 在线控底盘中，重点关注线控制动/转向。在线控底盘的五大系统中，线控制动、转向、悬架开发难度高，外资占据主导 地位。从市场渗透率看，线控驱动已经接近标配水平，线控转向、线控悬架渗透率尚处起步阶段，线控制动、线控换挡 正处于大规模商业 ...

观点网讯：2月4日，浙江千顾汽车科技有限公司官宣完成7亿元人民币C轮融资。 根据公开资料整理，本轮融资由蓝湖资本、嘉兴长三投、容亿投资、浙商资本、鑫翼东湖、可可资本、 成都交子中赢基金、颐道汇智、成都科创九家机构联合注资。募集资金将聚焦线控制动核心技术迭代、 产品量产落地及产能扩建。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

Summary of Conference Call Records Industry Overview - The records pertain to the automotive industry, specifically focusing on heavy trucks, motorcycles, and automotive components. Key Companies and Insights 1. **博俊科技 (BoJun Technology)** - Location: Suzhou Kunshan - Date: January 20 - Core Insight: Focus on stamping parts, with strong performance and low valuation, leading to steady market capitalization growth [1] 2. **伯特利 (Bertley)** - Location: Wuhu - Date: January 20 - Core Insight: Domestic leader in line control braking, with EMB set to lead in production this year and extensive layout in robotics [1] 3. **春风动力 (Chunfeng Power)** - Format: Online meeting via Tencent - Date: January 20 - Core Insight: Anticipation of a significant year for all-terrain vehicles with new product launches; recovery in motorcycle exports and domestic business; continuous growth in extreme core products [1] 4. **瑞鹄模具 (Ruihu Mould)** - Location: Wuhu - Date: January 21 - Core Insight: Domestic equipment business leader, high-quality supplier, successful shipment of collaborative robots [1] 5. **海安集团 (Hai'an Group)** - Location: Fujian Putian - Date: January 22 - Core Insight: Deep ties with major clients like Zijin and Jiangxi Copper, with a gross margin exceeding 45% and a return on equity (ROE) of over 22% [1] 6. **中国重汽A (China National Heavy Duty Truck Group A)** - Format: Online available - Date: January 28 - Core Insight: Focus on international expansion, elimination of National IV standards, and progress in new energy initiatives [1] 7. **中国重汽H (China National Heavy Duty Truck Group H)** - Format: Online available - Date: January 28 - Core Insight: Emphasis on international expansion and high dividends, alongside the elimination of National IV standards and advancements in new energy [2] 8. **潍柴动力 (Weichai Power)** - Location: Weifang - Date: January 29 - Core Insight: Core player in the heavy truck supply chain, benefiting from domestic demand and international expansion; steady revenue and gross margin growth in forklift and supply chain sectors; large displacement engines and SOFC expected to benefit from AI data center demand [2] Additional Important Insights - The records highlight a trend of companies in the automotive sector focusing on international markets and new energy solutions, indicating a shift towards sustainability and global competitiveness. - The emphasis on strong financial metrics such as gross margins and ROE suggests a focus on profitability and operational efficiency within the industry.

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **automotive industry** and its investment strategies for **2026**. The discussion includes various segments such as passenger vehicles, commercial vehicles, and motorcycles, along with the impact of macroeconomic factors and technological advancements. Core Insights and Arguments - **Passenger Vehicle Market**: The domestic demand for passenger vehicles is expected to decline by **2.5%** in 2026 due to policy exhaustion and the reduction of purchase tax. However, the penetration rate of new energy vehicles (NEVs) is anticipated to partially offset this decline, leading to a slight increase in registration numbers for NEVs [3][4]. - **Export Growth**: The export growth rate for the automotive sector is projected to remain above **15%** due to domestic manufacturers' overseas expansion and the competitive pricing of NEVs [5][9]. The expected export volume for NEVs in 2026 is close to **2.4 million units**, representing a year-on-year increase of **100%** [9]. - **Heavy-Duty Trucks**: The heavy-duty truck market is expected to benefit from the "old-for-new" policy, with sales projected at **1.06 million units** in 2026. However, the growth momentum may weaken as the policy's effects diminish [6][15]. - **Commercial Vehicles**: The bus market is expected to grow by approximately **5%** in 2026, primarily driven by the increasing penetration of NEVs in overseas markets [6]. - **Motorcycle Market**: The motorcycle export market is projected to maintain a high growth rate of around **15%**, with domestic brands like Longxin and Chunfeng capitalizing on overseas channel expansions [7]. - **Investment Opportunities**: Key investment themes for the automotive sector include expanding overseas markets, high-end passenger vehicle segments, the domestic replacement of components, and embracing AI technologies for transformation [2][20]. Additional Important Insights - **AI and Technology**: The development of AI technologies is expected to significantly impact the automotive sector, particularly in areas such as autonomous driving and robotics. The liquid cooling market is projected to reach over **150 billion** in 2026, indicating exponential growth [4][18]. - **Domestic Component Replacement**: The domestic replacement rate for components in the heavy-duty truck segment has reached **40%** for vehicles priced above **200,000**. This trend is expected to accelerate with new models from brands like Geely and Huawei [13]. - **Global Market Potential**: There remains a substantial potential market of over **30 million** vehicles outside of major markets like the US, Japan, and Europe, indicating significant opportunities for domestic brands [8]. - **Challenges and Risks**: The automotive sector faces challenges such as policy changes affecting domestic demand and potential trade tensions impacting component exports. However, the established advantages of Chinese automotive parts manufacturers in terms of cost and technology position them well for growth in international markets [10]. - **Future Outlook**: The overall outlook for the automotive sector in 2026 is cautiously optimistic, with opportunities arising from high-end domestic replacements, overseas expansions, and the integration of AI technologies across various segments [20].

Summary of Key Points from Conference Call Records Industry Overview - The records discuss the advancements in the autonomous driving industry, particularly focusing on Level 3 (L3) autonomous driving and Robotaxi developments in China and Tesla's initiatives abroad [1][2][4]. Core Insights and Arguments - **L3 Autonomous Driving License Issuance**: China has issued L3 autonomous driving licenses for the first time, allowing preliminary commercial testing, indicating strong governmental support for the autonomous driving industry. Previously, only Germany permitted L3 testing under specific conditions [1][2]. - **Tesla's Robotaxi Testing**: Tesla has advanced its Robotaxi testing overseas, demonstrating instances of fully autonomous driving, suggesting that its technology is reaching a mature evaluation stage, which may accelerate the commercialization process of Robotaxi [1][2][6]. - **Human-Machine Collaboration**: L3 represents a critical phase of human-machine collaboration, where vehicles handle issues and alert drivers, who must take over if not done within a specified time (usually 8 seconds). This makes L3 more suitable for consumer users, especially in stable driving conditions [3][4]. - **Market Potential for L3 Development**: The development of L3 will enhance algorithms and computing power. Key systems like steer-by-wire are crucial for freeing up driver time, indicating a broad market potential. Additional redundancy in actuators, such as brake-by-wire, is also necessary [5]. Industry Beneficiaries - **Nexteer Automotive**: As a leading domestic player, Nexteer is expected to benefit from the steer-by-wire trend and has already secured numerous customer orders [5]. - **China Automotive Technology & Research Center (CATARC)**: As a top enterprise, CATARC is poised to gain from the increased testing business volume and value brought by the upgrade in autonomous driving technologies [5]. Additional Important Insights - **CyberCab Hardware**: Tesla's CyberCab, designed specifically for Robotaxi, is a significant development, and related hardware manufacturers are worth monitoring from an investment perspective [6][7]. - **Supply Chain Opportunities**: The supply chain associated with CyberCab and applications in steer-by-wire technology are highlighted as important areas for investment consideration [7]. This summary encapsulates the key developments and insights from the conference call records, focusing on the advancements in L3 autonomous driving and the implications for the industry and potential investment opportunities.

Core Viewpoint - The automotive industry is expected to benefit from the acceleration of automotive intelligence and the development of the robotics industry, with the auto parts sector outperforming the vehicle manufacturing sector in 2025 [1][2]. Group 1: Market Performance - From January 1 to December 12, 2025, the CITIC passenger car index decreased by 0.40%, while the CITIC auto parts index increased by 34.76%, indicating a significant outperformance of the auto parts sector compared to the vehicle manufacturing sector [1]. - The vehicle manufacturing sector has shown weakening performance due to intensified price wars and fierce market competition, while the auto parts sector has benefited from opportunities arising from the rapid development of AI and related industries [1]. Group 2: Revenue and Profitability - The passenger car sector experienced revenue growth in the first three quarters of 2025, driven by the "old-for-new" policy, but faced a decline in short-term profitability due to increased competition [1]. - The auto parts sector, on the other hand, has seen continuous performance improvement driven by economies of scale and demand from emerging industries [1]. Group 3: 2026 Outlook - The automotive market in 2026 is expected to see a decline in policies such as the "old-for-new" program, which may affect car purchase demand, while the export of new energy vehicles is projected to grow rapidly, showcasing strong competitiveness in China's new energy vehicle industry [2]. - The penetration rate of new energy vehicles continues to rise, with intelligent and high-end features becoming new growth drivers [2]. Group 4: Technological Advancements - The intelligentization of chassis systems is a key area of focus to ensure the reliability of high-level autonomous driving, with domestic companies actively promoting the implementation of intelligent technologies in suspension, steering, and braking systems [3][4]. - The development of intelligent suspension systems is advancing, with active suspension becoming a necessary choice for intelligent driving vehicles, and domestic parts manufacturers are becoming major players in this field [3]. Group 5: Investment Strategy - The automotive market in 2026 will be influenced by various factors, with the rise in new energy vehicle penetration, exports, and intelligent high-end features expected to be structural highlights [4]. - Companies that continue to focus on automotive intelligence and are positioned to benefit from the mass application of intelligent driving technologies, particularly those involved in active suspension and line control systems, are recommended for investment [5].

Investment Summary - The automotive industry is benefiting from the acceleration of smart technology and the development of the robotics industry, with the parts sector outperforming the vehicle sector. From January 1 to December 12, 2025, the CITIC passenger car index fell by 0.40%, while the CITIC automotive parts index rose by 34.76%, indicating a significant difference in performance between the two sectors [4][18][25]. Group 1: 2025 Market Performance and Earnings Review - The automotive parts sector achieved a revenue of 7,541.60 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.75%, and a net profit of 460.10 billion yuan, up 19.60% year-on-year [49]. - The passenger vehicle sector's revenue reached 15,203.16 billion yuan, growing by 8.68% year-on-year, while the net profit decreased by 15.72% to 391.90 billion yuan [31][49]. - The performance of passenger vehicle companies varied, with most showing revenue growth, but some, like BYD and Great Wall Motors, experienced profit declines [39][42]. Group 2: Outlook for 2026 - The automotive market in 2026 is expected to see a decline in policies, while exports and new energy vehicles (NEVs) will continue to rise. The "old-for-new" policy is anticipated to drive high growth in vehicle sales in 2025, but its absence in 2026 may lead to a demand shortfall [5][62][66]. - The penetration rate of NEVs is expected to continue increasing, with smart and high-end vehicles becoming new growth drivers. By 2025, the penetration rate of NEVs reached 46.7% [72][73]. - The L3 commercial application is expected to reach a critical point in 2026, with smart chassis technology anticipated to be applied in large quantities [5][6]. Group 3: Investment Strategy - The investment strategy focuses on the smart automotive sector, particularly as the industry transitions from L2 to L3 autonomous driving. Companies that continue to invest in this area are expected to benefit significantly [6][8]. - Recommended companies in the vehicle sector include SAIC Motor, Jianghuai Automobile, and Chery Automobile, which are positioned to leverage advancements in smart driving technology [6][8]. - In the parts sector, companies like Baolong Technology and Top Group are highlighted for their potential to benefit from the implementation of line control steering and braking systems, which are set to enter mass application in 2026 [8][49].