CITIC Construction: The autonomous driving industry in mining areas is expected to enter an S-shaped acceleration phase.

CITIC Construction Investment Securities' research report suggests that autonomous driving in mining areas differs from Robotaxis; the closed environment, rigid labor demands, and clear cost-reduction and efficiency-increasing values make its commercialization path clearer. After the penetration rate surpasses 10%, the industry is expected to enter an S-curve acceleration phase. The nearly 100,000 existing mining trucks in the country provide continuous transformation opportunities. The expansion of large coal mine fleets, replication of metal mining projects, and the downward push into small and medium-sized mines will support domestic market growth; in overseas markets such as Australia with high labor costs, the service value per vehicle is significantly higher than that in the domestic market, which is expected to open up a second growth curve.