Core Insights - The penetration rate of passenger cars equipped with combined driving assistance systems in China reached 62.6% in the first seven months of 2025, an increase of 40 percentage points compared to the same period in 2021, with sales of 7.76 million units [1] - The current market primarily features L2-level systems, which assist with basic driving tasks but do not provide full autonomous driving capabilities, placing the ultimate responsibility on the driver [1] - The development of intelligent driving in China is accelerating due to policy support, with significant initiatives expected to be implemented in 2025, including the introduction of national standards for combined driving assistance systems [1][2] Industry Developments - The introduction of national standards for L2-level driving assistance is anticipated to provide regulatory support and encourage innovation and quality improvement within the intelligent driving industry [2] - Major automotive manufacturers are shifting from fully in-house development of driving assistance technologies to strategic collaborations with solution providers, enhancing the penetration of intelligent driving technologies [2] - The supply chain for intelligent driving components, including lidar, cameras, and radar systems, is strengthening, with domestic suppliers increasing their influence and moving towards integrated hardware and software solutions [2] Company Highlights - Black Sesame (000716) is recognized as a key player in the domestic autonomous driving chip market, benefiting from the commercialization of L2+ technology and advancements towards L3 and L4 scenarios [3] - Horizon Robotics (09660) has achieved significant production milestones with its HSD series chips, establishing partnerships with international clients and positioning itself as a leader in integrated intelligent driving solutions [3] - SUTENG (02498) has successfully mass-produced high-line count lidar products, which are now featured in new models from various automotive brands [3] - Youjia Innovation (02431) has launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle," marking its entry into the L4 autonomous driving sector and showcasing its ongoing commitment to high-level autonomous driving commercialization [4]

Core Insights - The penetration rate of passenger cars equipped with combined driving assistance systems in China reached 62.6% from January to July 2025, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021 [1] - The current market primarily features L2 level systems, which assist with basic driving tasks but do not provide full autonomous driving capabilities, leaving the driver responsible [1] - The development of intelligent driving in China is accelerating due to policy support, with significant regulations and standards being established to enhance safety and performance in the industry [1][2] Industry Developments - The introduction of national standards for L2 level driving assistance is expected to provide regulatory support and drive innovation within the intelligent driving industry, benefiting the entire supply chain [2] - Major automotive manufacturers are shifting from fully self-developed solutions to strategic collaborations with technology providers, enhancing the integration of AI capabilities and increasing the penetration of intelligent driving technologies [2] - Domestic suppliers of components such as lidar, cameras, and radar are strengthening their influence in the industry and moving towards integrated hardware and software solutions [2] Relevant Companies - Black Sesame Intelligence (02533) is positioned to benefit from the commercialization of L2+ technology and advancements in L3 and L4 scenarios, having launched high-performance intelligent driving chips [3] - Horizon Robotics (09660) has achieved significant production milestones with its HSD chip series and is establishing international partnerships, aiming to expand its intelligent driving solutions globally [3] - Suoteng Juchuang (02498) has successfully mass-produced high-line count lidar products, which are now featured in new intelligent SUV models [3] - Youjia Innovation (02431) has entered the unmanned logistics sector with its "Xiaozhu" brand, showcasing its commitment to advancing high-level autonomous driving commercialization [4]

地平线机器人（09660）：公司在高级辅助驾驶解决方案市场中占据主导地位，为少数可以同时供应芯 片+算法的供应商之一。硬件方面，推出J6P及HorizonCell，可提供1120TOPS算力，已站稳国内算力第 一梯队，正加速追赶英伟达中；解决方案方面，推出城区NOA智驾方案，软硬结合可进一步提高解决 方案性能；公司客户资源+量产经验丰富，产品已搭载理想L6Pro、蔚来firefly萤火虫、奇瑞iCARV23等 车型，已进入比亚迪（002594）、奇瑞、博世等客户。 黑芝麻（000716）智能（02533）：在自动驾驶领域，公司华山系列A1000Pro算力达106TOPS，性能优 异，推出A2000进一步丰富产品矩阵，公司已与吉利等众多主要汽车OEM以及Tier1合作，已进入银河 E8、领克07等车型；在跨域计算领域，公司推出业内首个跨域计算芯片武当C1200，一汽红旗有望基于 C1200打造单芯片智能车控平台方案，助力公司营收增长。 近年来，随着技术的跃进式提升，叠加硬件和软件成本的不断下降，智能驾驶辅助功能搭载率不断提 升。乘联分会发布的数据显示，2025年1-6月新能源乘用车L2级及以上的辅助驾驶功能装车 ...

Industry Overview - The Ministry of Industry and Information Technology has released a draft for mandatory national standards on "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems," aiming to establish a safety baseline for intelligent connected vehicles [1] - The draft emphasizes that systems can only be activated under their designed operating conditions and sets comprehensive safety technical requirements, including human-machine interaction, functional safety, information security, and data recording, creating a "triple safety guarantee" [1] - The standard is expected to drive technological upgrades and accelerate the implementation of advanced intelligent driving, facilitating smoother international expansion for the industry [1][2] Market Trends - The penetration rate of combination driving assistance systems in new passenger cars in China reached 62.58% in the first seven months of this year, with sales of such vehicles amounting to 7.76 million units, a year-on-year increase of 21.31% [2] - By mid-2025, the installation rate of L2-level and above driving assistance functions in new energy passenger vehicles is projected to reach 82.6% [2] - The current period until next year is seen as a critical window for breakthroughs in the maturity of advanced intelligent driving technology, policy regulations, user acceptance, and business models [2] Company Developments - Horizon Robotics is a leading player in the advanced driving assistance solutions market, providing both chips and algorithms, with products like J6P and HorizonCell offering 1120 TOPS computing power [4] - Black Sesame Intelligence has developed the A1000Pro chip with 106 TOPS performance and is collaborating with major automotive OEMs, enhancing its product matrix with the A2000 chip [4] - SUTENG Juchuang has achieved mass production of its high-line count LiDAR products, which are now featured in new models from various automakers [5] - Youjia Innovation has secured multiple contracts in the intelligent driving sector and is investing in high-level driving assistance and L4 autonomous driving solutions [5][6]

Core Viewpoint - Digital lidar has become a "necessity" for advanced driver assistance systems (ADAS) [2][6] Group 1: Policy and Market Opportunities - The Ministry of Industry and Information Technology and other departments issued a notification to promote the growth of the automotive industry, emphasizing the need for intelligent connected vehicles and the approval of L3-level models [2] - The notification includes specific requirements related to ADAS, such as improving traffic safety laws and accelerating breakthroughs in key technologies like automotive chips and artificial intelligence [2][3] Group 2: Technological Advancements - High-line count digital lidar, especially from leading manufacturers like Suoteng Juchuang, is recognized as essential for the deployment of L3 systems [3][4] - Suoteng Juchuang's 520-line digital lidar has been successfully mass-produced and is currently used in models like the IM LS6 and Zeekr 9X, showcasing significant improvements in vertical resolution and object detection capabilities [4][5] Group 3: Product Development and Market Position - Suoteng Juchuang's EM platform includes products that cover both L3 and L4 markets, making it a unique choice in the current market [5] - The company has developed the world's first SPAD-SOC chip, enhancing the performance and integration of lidar systems, allowing for higher pixel counts and improved perception capabilities [5][6] Group 4: Industry Collaborations - At the 2025 IAA Mobility event, Suoteng Juchuang announced its lidar products will integrate with NVIDIA DRIVE AGX platform, facilitating faster development and deployment of autonomous driving technologies [8] - This collaboration with a leading tech company reinforces the clarity and accuracy of Suoteng Juchuang's high-line count and digital technology strategy [8]

Core Viewpoint - The continuous mass production of 520-line digital lidar by Suoteng Juchuang (02498) in high-end models such as the Zhiji LS6 and Geely 9X signifies the company's technological leadership in the high-line lidar sector, validated by market acceptance [1] Group 1 - The 520-line lidar's mass production indicates recognition from SAIC Group (600104) and Geely Group for high-end models, proving the maturity of Suoteng Juchuang's digital lidar in mass production [1] - Multiple models equipped with Suoteng Juchuang's high-line digital lidar are expected to be launched in the second half of this year, showcasing the company's ongoing innovation and industry leadership [1] - Suoteng Juchuang has achieved "first mass production" in its development history, reinforcing its technical strength by being the only company capable of mass-producing 520-line digital lidar [1] Group 2 - Analysts note that as autonomous driving accelerates towards L3 and above levels, the market demand for vehicle-mounted lidar performance will continue to rise, with high-end models generally pursuing 192 lines or higher [1] - Suoteng Juchuang's leading position in 520-line specifications is expected to leverage its technological advantages and mass production capabilities, providing greater development space amid the upcoming industry upgrade wave [1]

Core Insights - The company SUTENG JUCHUANG (02498) has achieved continuous mass production of its 520-line digital lidar in high-end models such as the Zhiji LS6 and Geely 9X, confirming its technological leadership in the high-line count lidar sector [1] - The successful integration of 520-line lidar into vehicles indicates recognition from major automotive groups like SAIC and Geely, showcasing the maturity of SUTENG JUCHUANG's digital lidar for mass production [1] - The company has consistently led the industry with technological innovations and is currently the only one capable of mass-producing 520-line digital lidar, reinforcing its role as an industry innovator [1] Industry Trends - As the automotive industry accelerates towards L3 and higher levels of autonomous driving, the demand for high-performance onboard lidar systems is expected to rise, with high-end models increasingly seeking 192 lines or higher [1] - SUTENG JUCHUANG's leading position in 520-line specifications is anticipated to provide significant growth opportunities due to its technological advantages and production capabilities amid an upcoming industry upgrade wave [1]