Huatai Securities: The landing of L3 access will accelerate the value restructuring of the intelligent driving industry chain. In 2026, intelligent driving is expected to become an important direction of AI applications.

Huatai Securities research report stated that recently, the Ministry of Industry and Information Technology issued the 401st batch of "Announcement of Road Motor Vehicle Production Enterprises and Products," granting conditional approval to one model each from Changan and Beiqi Blue Valley equipped with L3 functions, and clearly stating that designated users will conduct on-road trials in restricted areas and scenarios in the future. This approval marks a significant step from the framework clarification in the 2023 pilot notification and the selection of the first 9 consortiums in June 2024, signaling the transition of domestic L3 from "pilot application and testing evaluation" to "product approval and on-road trials." Huatai Securities believes that the landing of L3 approval will accelerate the value restructuring of the intelligent driving industry chain, with intelligent driving expected to become an important direction for AI applications in 2026. It is suggested to pay attention to investment opportunities in core areas such as intelligent vehicles, line-controlled chassis, domain-controlled chips, and LiDAR.