Core Viewpoint - The demand for brake-by-wire systems is expanding due to increasing consumer requirements for vehicle safety and comfort, as well as the rapid growth of the electric vehicle market. The development of autonomous driving technology positions brake-by-wire systems as a key component for achieving high-level autonomous driving functions [1][11]. Group 1: Market Overview - The market for brake-by-wire systems in China is projected to grow significantly, with local brand production expected to reach 5.29 million units in 2024 and 6.55 million units in 2025. The total demand is anticipated to be 13.96 million units in 2024 and 16.19 million units in 2025, leading to a market size of 23.73 billion yuan in 2024 and 24.78 billion yuan in 2025 [1][11]. - The penetration rate of brake-by-wire systems in the Chinese market is expected to increase from 3.29% in 2018 to 50.8% in 2024, with electric vehicles reaching a penetration rate of 90% by 2024 [9][11]. Group 2: Industry Environment - The rapid development of electric vehicles has significantly boosted the demand for brake-by-wire systems. The Chinese government is likely to respond with regulations to support and standardize the development of the brake-by-wire industry [4][11]. - The brake-by-wire industry is part of a broader automotive industry chain, with upstream components including EHB/EMB parts, sensors, and actuators, while downstream includes vehicle manufacturing and aftermarket services [6][11]. Group 3: Competitive Landscape - The brake-by-wire market in China is characterized by competition between domestic and international brands. Bosch is the largest player, followed by Continental, ZF, and Wanli. Domestic suppliers include Tongyu Automotive, Yingchuang Huizhi, and Bertli [13][18]. - Key domestic companies are focusing on advanced technologies and partnerships with major automotive manufacturers to enhance their market presence and product offerings [18][21]. Group 4: Technological Development Trends - Brake-by-wire technology is rapidly replacing traditional hydraulic systems, driven by the trends of electrification and intelligence in the automotive sector. The industry is expected to see continued growth in demand as technology evolves [23].

Core Viewpoint - The A-share automotive sector has shown strong performance, with a weekly increase of 2.40%, driven by the introduction of a mandatory national standard for Automatic Emergency Braking Systems (AEBS) [1][2]. Industry Summary - The new AEBS standard will require all passenger vehicles to be equipped with the system, expanding its applicability from M1 class passenger cars to N1 class light commercial vehicles [1][2]. - Currently, the overall installation rate of AEBS in Chinese passenger cars is 56.5%, with new energy vehicles at 62.9%. Entry-level models priced below 80,000 yuan have an installation rate of less than 3% [2]. - The market size for AEBS is projected to surge from 38 billion yuan in 2024 to 120 billion yuan by 2026 following the implementation of the new regulations [2]. Company Summary - Several listed companies are actively engaged in AEBS-related businesses, such as Wan'an Technology, which has developed AEBS and Electronic Braking System (EBS) solutions, and Ruiming Technology, which has launched AEBS products in domestic and international markets [2][3]. - Chinese companies in the AEBS supply chain are accelerating their global expansion, achieving significant progress in technical standard certification, localized production capacity, and industry chain collaboration [3].