Hong Kong stock concept tracking | The penetration rate of passenger car new car market for combination driving assistance system exceeds 60%, and the industry chain welcomes opportunities under the drive of policies and market (with concept stocks)

According to the latest data released by the Ministry of Industry and Information Technology, from January to July 2025, the sales of new passenger cars in China equipped with combination driving assistance systems reached 7.76 million units, with a penetration rate of 62.6%, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021. The combination driving assistance system has become a highlight of the market for new car models and an important consideration for consumers. Currently, the car models on the market mainly belong to the L2 level category, which means the combination driving assistance system can only handle some basic driving tasks, such as controlling vehicle speed and lane keeping. The so-called "smart driving" does not have the function of "automatic driving", and the driver is still ultimately responsible. The development of intelligent driving in recent years has been accelerated in China due to policy support. 2025 has become a period of intensive policy implementation. In July, the State Council issued the "Artificial Intelligence+" Action Plan, emphasizing the integration of AI and automobiles; in August, eight departments jointly issued the "Automobile Industry Growth Stabilization Plan" to promote the application pilot of "car-road-cloud integration" and to support the conditional approval of L3-level autonomous driving access, paving the way for advanced intelligent driving. At the same time, the State Administration for Market Regulation issued a document to regulate the promotion of car companies, preventing exaggeration of driving assistance functions. On September 17, the Ministry of Industry and Information Technology publicly solicited opinions on the mandatory national standard "Safety Requirements for Intelligent Networked Automobile Combination Driving Assistance Systems" (referred to as the "Standard"). The main contents involve enhancing product performance capabilities, strengthening safety requirements, and regulating system usage. Changjiang released a research report stating that the establishment of the national standard for L2-level assisted driving is expected, which may accelerate the development of the intelligent driving industry. The promulgation of the "Standard" is expected to not only provide strong technical support for regulatory authorities but also guide the smart driving industry chain to focus on technological innovation and product quality improvement, thereby accelerating industry development and benefiting the entire industry chain. Recommendations include focusing on: 1) intelligent driving algorithm providers; 2) intelligent driving-related hardware providers; 3) Robotaxi operating platforms. Sealand's research report maintains a "recommended" rating for the assisted driving industry. The solutions provided by leading companies in the assisted driving industry are gradually improving. With the trend of accumulating AI capabilities, significant research and development investment in large-scale computing chips and models is ongoing. In terms of operational effectiveness, car companies are no longer mandating full-stack self-development of assisted driving but are engaging in strategic partnerships to further popularize intelligence penetration. The supply chain layout is manifesting, with domestic suppliers of lidar, cameras, mmWave radar, domain controllers, assisted driving chips, etc., further strengthening their industry influence during the development process and moving towards integrated software and hardware solutions to enhance cross-domain comprehensive capabilities. Related concept stocks: BLACK SESAME (02533): As one of the earliest domestic automatic driving chip companies dedicated to promoting "equalized assisted driving," BLACK SESAME benefits from the commercial outbreak of L2+ level technology and breakthroughs in L3 and L4 level technology scenarios. As early as June 2020, BLACK SESAME released the automotive-grade high-performance intelligent driving chip Huashan A1000 and A1000L, becoming the first domestic chip to support L2+ assisted driving. HORIZONROBOT-W (09660): Huachuang Securities released a research report stating that the Horizon Drive series chip has surpassed 10 million units in production, and the company expects the future HSD production target to reach 10 million in the next 3-5 years. HSD (Horizon SuperDrive) is an end-to-end urban assisted driving system based on the high-performance journey 6P (560TOPS) developed by Horizon, leading the way in software and hardware integrated intelligent driving solutions after Huawei. The company has established its European headquarters in Munich, established deep connections with international customers such as Bosch, Continental, and Volkswagen, and is expected to lead Chinese smart driving solutions into the global market. ROBOSENSE (02498): The high-line digitized lidar products of Sujuchuang have been the first to achieve mass production onboard. Not long ago, the new generation super large five-seat intelligent SUV "Zhi Ji LS6" launched by Zhiji and the ultra-luxury SUV "Jike 9X" launched by Jike both use ROBOSENSE's 520-line digitized lidar. MINIEYE (02431): MINIEYE officially launched its unmanned logistics brand "Little Bamboo Autonomous Vehicle" and introduced two first models, T5 and T8, officially entering the unmanned logistics track. This marks another layout by MINIEYE in the L4-level autonomous driving field after the RoboBus, demonstrating its continuous progress in the commercialization of advanced autonomous driving. MINIEYE started with pre-installed mass-produced driving assistance and, after more than a decade of technological accumulation, has formed a complete product matrix covering L1 to L4.