Changjiang Securities said that L3 autonomous driving was approved, and as a result, China became the second country to release L3 in the true sense of the word after Germany. Since the two released cars have already been released, it also means that China will become the first country in the world to release L3 on a large scale. Changjiang Securities believes that the first batch of L3 class models has obtained entry permits, which means that China's intelligent connected vehicles have entered a new stage of mass production and application. As the pilot work progresses gradually, it is expected that the intelligent connected vehicle product entry management and regulatory standard system will continue to be improved, thereby accelerating the large-scale and commercial application of autonomous driving technology, thereby benefiting the entire industry chain. Recommended attention: 1. Intelligent driving algorithm providers; 2. Intelligent driving-related hardware providers; 3. Robotaxi operation platform. Huatai Securities pointed out that the first batch of L3 models will be approved to launch pilot projects, marking the shift of domestic L3 from a “pilot declaration and test evaluation” to a “pilot product entry and road access pilot.” L3 entry and implementation will accelerate the restructuring of the smart driving industry chain. Smart driving is expected to become an important direction for AI applications in 2026. It is recommended to focus on investment opportunities in core areas such as smart vehicles, wire-controlled chassis, domain control chips, and lidar.

Changjiang Securities said that L3 autonomous driving was approved, and as a result, China became the second country to release L3 in the true sense of the word after Germany. Since the two released cars have already been released, it also means that China will become the first country in the world to release L3 on a large scale. Changjiang Securities believes that the first batch of L3 class models has obtained entry permits, which means that China's intelligent connected vehicles have entered a new stage of mass production and application. As the pilot work progresses gradually, it is expected that the intelligent connected vehicle product entry management and regulatory standard system will continue to be improved, thereby accelerating the large-scale and commercial application of autonomous driving technology, thereby benefiting the entire industry chain. Recommended attention: 1. Intelligent driving algorithm providers; 2. Intelligent driving-related hardware providers; 3. Robotaxi operation platform. Huatai Securities pointed out that the first batch of L3 models will be approved to launch pilot projects, marking the shift of domestic L3 from a “pilot declaration and test evaluation” to a “pilot product entry and road access pilot.” L3 entry and implementation will accelerate the restructuring of the smart driving industry chain. Smart driving is expected to become an important direction for AI applications in 2026. It is recommended to focus on investment opportunities in core areas such as smart vehicles, wire-controlled chassis, domain control chips, and lidar.