丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 相关标准相继拟定，车路云一体化建设有望加速 推进 报告要点 [Table_Summary] 日前，国内首个智能网联基础设施国标《城市道路智能网联基础设施技术标准》正式启动编制, 该"国标"填补了我国在该领域国家标准的空白，将为城市道路智能网联基础设施的规划、设 计、建设、验收与运维全流程提供统一的技术规范和权威依据。当前时点，随着高阶驾驶辅助 普及提速，相关试点、示范应用工作的持续推进，我国"车路云一体化"建设有望加速推进， 惠及 相关产业链。建议关注"车路云一体化"全产业链，重点关注车路协同基建厂商。 分析师及联系人 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 [Table_Author] 1 软件与服务 cjzqdt11111 [Table_Title 相关标准相继拟定，车路云一体化建设有望加 2] 速推进 1、政策推进不及预期； 2、技术发展不及预期。 请阅读最后评级 ...

Core Viewpoint - The article highlights the progress of the "Vehicle-Road-Cloud Integration" pilot project in Wuxi, which serves as a model for similar initiatives across the country [1] Group 1: Project Overview - Wuxi is recognized as the "first city of the Internet of Vehicles" in China, showcasing the dynamic data and visuals from the "Vehicle-Road-Cloud Integration" innovation operation center [1] - The city has implemented networked upgrades for over 3,000 traffic signals and more than 26,000 traffic signs, enhancing the connectivity of its transportation infrastructure [1] Group 2: National Implications - As one of the first pilot cities for "Vehicle-Road-Cloud Integration," Wuxi aims to provide a reference model for nationwide implementation and development [1]

人民日报记者 刘新吾 一辆搭载网联自动驾驶系统的新能源汽车正平稳行驶，前方路口突然有行人横穿马路，路侧传感器 精准识别，立即将数据回传云端，云端平台完成计算并下发指令，车辆提前减速避让…… 不同车型、不同驾驶行为……在示范区，不断积累的海量真实数据，正助力系统决策模型持续进 化，推动创新技术从实验室逐步走向更广阔的应用。 重庆理工大学车辆工程学院院长赖晨光表示，示范区破解了封闭场地与真实路况脱节等问题，打破 了"信息孤岛"困境，让测试更贴近实际协同需求。"将单车智能与网联赋能结合起来，帮助车企通过场 景验证技术，降低研发和量产风险，还有助于破解智能辅助驾驶商业化落地瓶颈。"赖晨光说。 数字"练"车场的搭建，也离不开政策支持和体制机制创新。 重庆出台系列政策，推动基于"车路云一体化"的感知、决策、控制等服务在示范区域实现全覆盖。 同时，探索机制创新，为开放测试打通多头管理、上路限制、数据不通等关键堵点：打破部门壁垒，推 动交通、工信、公安等多部门协同管理；创新测试牌照与交通事故保险制度，让道路测试限制更少；建 立统一的数据共享与安全管理平台，促进"车路云"跨系统融合…… 政策精准扶持，路测场景快速成长，释放强劲 ...

Core Insights - The "Car-Road-Cloud Integration" Smart Driving Development Conference aims to accelerate the construction of an integrated industry ecosystem for smart connected vehicles in Wuxi, promoting the city as a model for autonomous driving and smart transportation [1] Group 1: Event Overview - The conference is part of the 2025 World Internet of Things Expo and took place on October 31, 2025, in Wuxi, where several innovative platforms were unveiled [1] - The event facilitated the signing of multiple projects within the vehicle networking industry chain, enhancing the integration of technology and infrastructure [1] Group 2: Infrastructure and Development - "Car-Road-Cloud Integration" is identified as a crucial infrastructure for the development of smart connected vehicles, with Wuxi being a pioneer in this area [1] - Wuxi has leveraged its strengths in IoT, integrated circuits, and automotive industries to drive the digital and intelligent transformation of traditional transportation [1] Group 3: Research and Innovation - New research institutions were established, including the Tianan Weirui Vehicle Networking Technology Research Institute and the Jiangsu University Multi-Modal Perception and Control Key Laboratory [3] - These institutions aim to accelerate the implementation of new technologies, products, and applications in the vehicle networking field [3] Group 4: Industry Growth and Projections - The release of guidelines and recommendations for the "Car-Road-Cloud Integration" is expected to foster innovation and high-quality development in the vehicle networking and smart connected vehicle sectors [5] - Wuxi's vehicle networking industry revenue is projected to exceed 20 billion yuan by 2025, indicating significant growth potential [5] Group 5: Project Collaborations - Several key projects were signed during the conference, including the "Ning-Xi-Su" interconnectivity project and a public data operation project aimed at enhancing urban governance [7] - These collaborations are designed to break geographical barriers and promote resource integration for regional development [7]

Core Insights - GAC Group collaborates with 14 domestic and international automotive and autonomous driving companies to participate in a demonstration event for "Vehicle-Road-Cloud Integration" organized by the National Intelligent Connected Vehicle Innovation Center [1] - The event showcased two key application scenarios: "Cloud-Supported Automatic Emergency Braking" and "Cloud-Supported Green Wave Speed Guidance" [1] - The "Vehicle-Road-Cloud Integration" initiative is expected to significantly support the commercialization of smart public transport and unmanned delivery systems, with a projected industry scale exceeding 300 billion yuan by 2030 [1] Industry Overview - "Vehicle-Road-Cloud Integration" utilizes advanced information and communication technologies to create a cyber-physical system that integrates people, vehicles, roads, and clouds, enhancing traffic safety, energy efficiency, comfort, and operational efficiency [2] - This system allows vehicles to interact with roadside devices and cloud servers, improving safety through real-time risk information sharing and decision-making support [2] - The initiative represents an upgrade from the previous "Vehicle-Road Collaboration" concept, focusing on a holistic design for better synergy between smart vehicles and traffic systems [2] Technological Development - Various regions are actively promoting "Vehicle-Road-Cloud Integration" technology, with significant investments such as Beijing's 9.9 billion yuan project for smart road upgrades [3] - There is ongoing debate in the industry regarding the merits of "Single Vehicle Intelligence" versus "Vehicle-Road-Cloud Integration," with some companies advocating for the former due to lower costs and shorter implementation times [3][4] - GAC Group emphasizes that "Vehicle-Road-Cloud Integration" is a new phase in smart vehicle development, enhancing existing single-vehicle systems with digital infrastructure to overcome perception limitations [3] Market Challenges - Despite policy support and expanding pilot cities, "Vehicle-Road-Cloud Integration" lags behind single-vehicle intelligence in terms of industry enthusiasm, market acceptance, and technological maturity [5] - High costs and long infrastructure development cycles pose significant challenges, leading some companies to pivot towards more popular AI technologies [5][6] - The reliance on government investment for infrastructure and the current inadequacy of roadside technology to meet autonomous driving needs are critical barriers to progress [5][6] Future Directions - Experts suggest a phased approach to promoting "Vehicle-Road-Cloud Integration," starting with closed environments to refine technology before broader implementation [6] - Vehicles must possess standalone intelligent driving capabilities to ensure effective integration with roadside systems, creating a commercial ecosystem that enhances traffic safety [6]

Core Viewpoint - GAC Group collaborates with 14 domestic and international automotive and autonomous driving companies to participate in a demonstration event for "Vehicle-Road-Cloud Integration," showcasing applications like "Cloud-Supported Automatic Emergency Braking" and "Cloud-Supported Green Wave Speed Guidance" [1] Group 1: Industry Development - The "Vehicle-Road-Cloud Integration" initiative has gained traction due to multiple factors including policy support, technological advancements, and market demand, with major players like FAW Group, Geely, and Dongfeng also making strategic moves in this area [1] - By 2030, the smart transportation industry in China is expected to exceed 300 billion yuan, with the economic value generated by "Vehicle-Road-Cloud Integration" projected to reach 25,825 billion yuan by 2030 [1] Group 2: Technical Insights - "Vehicle-Road-Cloud Integration" utilizes advanced information and communication technologies to create a cohesive system that enhances traffic safety, energy efficiency, and comfort by integrating vehicles with roadside devices and cloud servers [2] - The system allows for real-time communication of critical risk information beyond the driver's line of sight, significantly improving safety in complex driving scenarios [4] Group 3: Challenges and Controversies - There is ongoing debate in the industry regarding the reliance on "Single Vehicle Intelligence" versus "Vehicle-Road-Cloud Integration," with some companies emphasizing the high costs and long timelines associated with smart road construction [5] - The current state of "Vehicle-Road-Cloud Integration" is hindered by its dependence on government infrastructure investment and the need for improved roadside technology to meet autonomous driving requirements [8][9] - The integration faces challenges such as high costs for smart road upgrades and low connectivity rates for public transport vehicles, which may hinder the formation of a commercial closed loop [8][9]

Core Viewpoint - GAC Group collaborates with 14 domestic and international automotive and autonomous driving companies to participate in a demonstration event for "Vehicle-Road-Cloud Integration," showcasing key applications like "Cloud-Supported Automatic Emergency Braking" and "Cloud-Supported Green Wave Speed Guidance" [1] Group 1: Industry Developments - The "Vehicle-Road-Cloud Integration" initiative aims to unify people, vehicles, roads, and cloud systems using advanced information and communication technologies, enhancing traffic safety and efficiency [2] - The initiative has gained traction due to supportive policies, technological advancements, and market demand, with major players like FAW Group, Geely, and Dongfeng also making strategic moves [1] - By 2030, the smart transportation industry in China is projected to exceed 300 billion yuan, with the economic value of "Vehicle-Road-Cloud Integration" expected to reach 25,825 billion yuan [1] Group 2: Application Scenarios - GAC Group's "Cloud-Supported Automatic Emergency Braking" can provide real-time risk information and decision-making support to enhance driving safety in complex scenarios [3] - "Vehicle-Road-Cloud Integration" is an upgraded version of the previously discussed "Vehicle-Road Collaboration," focusing on a holistic design for better synergy between smart vehicles and traffic systems [3] Group 3: Challenges and Controversies - There is ongoing debate in the industry regarding the reliance on "Single Vehicle Intelligence" versus "Vehicle-Road-Cloud Integration," with some companies emphasizing the high costs and long timelines associated with smart road construction [4] - The current state of "Vehicle-Road-Cloud Integration" is hindered by its dependence on government infrastructure investment and the need for improved roadside technology to meet autonomous driving requirements [7][6] - The high costs associated with implementing "Vehicle-Road-Cloud Integration" may deter consumer adoption, as potential increases in vehicle prices could lead to a lack of commercial viability [7][6] Group 4: Future Directions - Experts suggest a phased approach to promoting "Vehicle-Road-Cloud Integration," starting with closed environments to refine technology before broader implementation [8] - Achieving a balance between "Single Vehicle Intelligence" and "Vehicle-Road-Cloud Integration" is essential for developing a comprehensive and effective transportation system [4]

Core Insights - The Ministry of Industry and Information Technology and other departments have announced 20 cities as the first batch of pilot cities for the "Vehicle-Road-Cloud Integration" application, raising questions about the effectiveness of these trials and the timeline for large-scale commercialization [1] Group 1: Smart Platform Development - The "Vehicle-Road-Cloud Integration" concept combines intelligent vehicles, smart roads, and powerful cloud computing to achieve collaborative decision-making through dual data perception [2] - A new traffic information aggregation platform in Shenzhen has been launched, enabling real-time updates on critical information for autonomous vehicles, enhancing their decision-making capabilities [2] - In Zhejiang, a digital twin platform monitors urban traffic in real-time, improving traffic management efficiency through AI algorithms that adjust traffic signal timings based on real-time data [2] Group 2: Infrastructure Enhancement - Pilot cities are proactively developing intelligent road infrastructure to facilitate the integration of smart vehicles with urban infrastructure and intelligent traffic systems [4] - In Guangzhou, a new smart city project has been established, covering 3.5 square kilometers and focusing on dynamic planning and optimization of transportation routes using AI [4] - Shenzhen's Pingshan District is implementing comprehensive upgrades to traffic infrastructure, enhancing project effectiveness through digital platforms [4] Group 3: Traffic Management and Safety - Wuxi has established a collaborative vehicle networking cloud platform, connecting 1,723 traffic lights and deploying various sensing and edge computing devices [3] - Shenzhen has built a regulatory platform for intelligent connected vehicles, enabling dynamic risk assessment and real-time monitoring of vehicle operations [3] Group 4: Expanding Application Scenarios - The application of "Vehicle-Road-Cloud Integration" is expanding beyond passenger transport to include sanitation, security patrols, and logistics delivery in Wuxi [8] - In Shenzhen, autonomous parking has been enhanced with a new version of the parking application, improving efficiency and safety through advanced modeling and monitoring capabilities [9] - Pingshan District in Shenzhen is developing 60 demonstration application scenarios, including quality public transport and low-speed unmanned logistics [9]

Core Insights - The 2025 World Intelligent Connected Vehicle Conference will be held in Beijing from October 16 to 18, focusing on global industry, technology, and cooperation [1] - The theme of the conference is "Gathering Wisdom and Energy, Connecting Unlimited" and will highlight innovations in the automotive industry related to AI, communication, data utilization, and chips [1] - The conference aims to share the latest technological breakthroughs and industry trends in China's intelligent connected vehicle sector with global experts and government officials [1] Industry Developments - The conference will release multiple reports on key areas such as "integrated vehicle-road-cloud construction" and "AI + automotive" [1] - It will showcase new technologies, products, models, and ecosystems in the automotive sector [1] - The event is recognized as China's first national-level professional conference on intelligent connected vehicles, having successfully held seven sessions since 2018 [1] Strategic Goals - The Ministry of Industry and Information Technology emphasizes collaboration with countries worldwide to address challenges and share development opportunities in the intelligent connected vehicle sector [1]

Core Viewpoint - The "Vehicle-Road-Cloud Integration" initiative has made significant progress in pilot cities over the past year, focusing on collaborative development, urban construction, enterprise participation, and scenario exploration [2][3][4]. Group 1: Work Achievements - The pilot cities have implemented relevant policies, regulations, and standards, with 20 pilot cities constructing over 3,000 kilometers of smart roads and more than 3,500 smart intersections [3][4]. - Various stakeholders, including standardization organizations, universities, and enterprises, have collaborated to create guidelines and standards to support the integration and application of "Vehicle-Road-Cloud" systems [3][4]. - The automotive industry has recognized the safety benefits of "Vehicle-Road-Cloud Integration," leading to active participation in technology research and validation [4][5]. Group 2: Scenario Exploration - There has been beneficial exploration in both large-scale scenarios and urban-level demonstrations, with applications such as smart taxis, autonomous parking, and logistics being expanded [5][6]. - Cities are focusing on innovative scenarios based on local industry characteristics and traffic needs, leading to unique explorations in areas like autonomous driving and traffic signal data standardization [6][7]. Group 3: Standardization and Collaboration - The establishment of a unified standard system is crucial for ensuring data interoperability and mutual business operations among cities [7][8]. - The "Recommended Standard List" has gained attention and is actively being adopted in pilot projects, facilitating cross-city standardization [8][9]. Group 4: Future Trends and Development - The integration of "Vehicle-Road-Cloud" is expected to accelerate as cities leverage their industrial advantages to explore functional scenarios and applications [10][11]. - The industry is focusing on demand-driven development, emphasizing the need for unified architecture and standards to ensure interoperability [11].