Key Express | Business Department: The "Cross -border Investment Promotion Platform of the Digital Economy Industry" is being built; the price of battery -grade lithium carbonate is approaching the 500,000 yuan/ton mark again;

The Mid -Autumn Festival holiday is about to end. What is the trend of A shares tomorrow? From the perspective of the trend of funds north last Friday, net inflows in the new year. From the news point of view, Tesla is considering building a lithium smelting factory along the coast of Mexico Gulf in Texas to strengthen the company's battery production efforts. In addition, the price of battery -grade lithium carbonate is approaching the 500,000 yuan/ton mark again.

In terms of digital economy, the Ministry of Commerce is building a "digital economy industry cross -border investment promotion platform". From the perspective of securities firms, Everbright Securities believes that inflation is concerned about the fading, and it will raise future currency easing expectations, and the interest rate reduction window is still there. China -Thailand Securities Research Report pointed out that the layout period of the "warm winter market" in the fourth quarter was grasped.

(1) Tesla considers building a lithium smelter in the United States; the price of battery -grade lithium carbonate is approaching the 500,000 mark again.

NO.1 Ministry of Commerce: In order to promote the foreign investment cooperation of the digital economy, the "Cross -border Investment Promotion Platform of the Digital Economy Industry" is being established to empower Chinese enterprises' innovation and application in the fields of digital infrastructure and cross -border e -commerce.

NO.2 Taxation Administration: June-August this year, about 3.53 million vehicles across the country enjoyed the vehicle purchase tax reduction policy, with a cumulative reduction of 23.04 billion yuan in taxes.

NO.3 Tesla is considering the construction of a lithium smelting plant along the coast of the Gulf of Mexico, the United States, strengthening the company's battery production efforts, and further expanding its business in Texas.

NO.4 The price of battery -level lithium carbonate is approaching the 500,000 yuan/ton mark again, an increase of 1149.50%in two years. High lithium prices drive A -share related industries. In the Shenwan 2nd industry, energy metals and batteries have become the first and second segments of the industry's prosperity, and the industry's prosperity in the future is expected to remain leading. Among the more than 400 listed companies in the new energy vehicle industry chain, most enterprises have achieved dual -year -old orders.

(2) Emotional fermentation of the sector: Ministry of Commerce: Build a "Cross -border Investment Promotion Platform of the Digital Economy Industry", and the digital RMB sector continues

NO.1 Recently, the digital currency sector has been favorable. Fan Yifei, deputy governor of the People's Bank of China, said at the China (Beijing) Digital Financial Forum on September 8th that in order to realize the "money of money and currency" in the digital era Dimensions such as information interaction, business processes, and technical specifications accelerate the standardization of the digital RMB system. Specifically, it is necessary to promote the unity of norms and standards for digital identity, message specifications, QR code systems, Bluetooth and NFC, etc., and realize the interconnection of the digital RMB system and traditional electronic payment tools, so that consumers can "one -size communication one size through the code. Sweeping, and merchants can support various payment tools without increasing costs.

At the Business Forum under the 7th Oriental Economic Forum, Russian Business Representative in China, Dahinovsky, said that Russia and China can create e -commerce platforms, develop transportation and logistics, and support inter -bank cross -border payment mechanisms. Strengthen cooperation. The person in charge of the Investment Promotion Bureau of the Ministry of Commerce said that in order to promote the foreign investment cooperation of the digital economy, the "Cross -border Investment Promotion Platform of the Digital Economy Industry" will continue to gather in large -scale, high -level domestic and overseas digital economy high -quality resources to promote the domestic domestic Precision docking of foreign industrial clusters. Protocolled by this, the concept of cross -border payment (CIPS) has recently heated sharply. The concept stocks include Kelan Software, Rindong Holdings, Changliang Technology, Xin'an Century, Yuxin Technology, etc.;

NO.2 On September 8, the National Medical Insurance Bureau issued the "Notice on the Price Governance of Oral Planting Medical Service Charges and Consumption Price", which clarified that the local medical security departments should focus on the price of a single conventional dental implants, according to " Medical services prices of diagnosis and inspection+implant implantation+crown "(including diagnosis and inspection fees for the entire process of planting, biochemical inspection and video examination fee, implant implant fees, crown crown fees, scanning design and construction Model fees do not include overall regulation of teeth extraction, periodontal cleaning, root canal therapy, bone planting, and soft tissue transplantation). Third -level public medical institutions are imported to the interval of no more than 4,500 yuan per person. The service hierarchical pricing policy decreases accordingly.

The "Notice" also pointed out that the orderly pushing into the oral planting medical services "technical separation". Public medical institutions provide oral planting medical services, mainly using "service projects+special consumables" to separate pricing methods. That is, the price of implant implantation fees and the price of implant consumables are priced separately; this time the dental implants collection policy clearly proposes to separate the price of medical services from the price of consumables, emphasizes the value of medical services, and brings strong policy confidence to the medical service industry as a whole; Standardous charges will continue to promote the increase in the penetration rate of the industry, and the resonance of supply and demand will expand the market size. Concept stocks include Alier Ophthalmology, International Medicine, Kai Medical, Opangshi, He's Ophthalmology, etc.

NO.3 On September 11th, the starting ceremony of the photovoltaic composite project of the Tengger Desert 3GW New Energy Base in the country's largest desert photovoltaic base in the country was held in Ningxia Zhongwei City. The project is located in Yingshuiqiao Town, Shapo Toutou District, Zhongwei City. It is the first national high -pressure transmission channel with the development of desert photovoltaic bases and transporting new energy -the key supporting projects of the "Ning Dian Entering Hunan" project. The total installed capacity of the project was 3 million kilowatts, with a total investment of 15.25 billion yuan, and the total investment of 1 million kilowatt photovoltaic projects in the first phase was about 5.114 billion yuan. After the project is completed, the annual power generation will reach about 5.78 billion kilowatt -hours, realize 1.5 billion yuan in operating income, provide 1,500 employment positions, and save 1.92 million tons of standard coal per year. At the same time, on September 10th, the global photovoltaic component leader crystal energy release of the global photovoltaic component of 180 billion yuan released a major procurement contract announcement. The polycrystalline silicon material is about 382,800 tons. For example, the average domestic single -crystal -to -chili tightly expenditure was announced on August 31, 2022 of the China Nonferrous Metal Industry Association's Silicon Industry Association. The average price of 305,100 yuan/ton was calculated, and the total amount of this contract was about 103.356 billion yuan. According to media reports, this is the largest polysilicon single order in the history of photovoltaic. Concept stocks include Tongwei shares, new scenery, Dongfang Risheng, Zhonglai shares, Emiko shares, Suzhou Guyu, etc.

(3) The latest judgment of top securities firms

Everbright Securities: Inflation is concerned, it will raise future currency easing expectations. The interest rate reduction window is still there during the year.

In August, CPI fell to 2.5%year -on -year, mainly due to the convergence of pig prices, the decline in international oil prices, and the prices of service prices. In August, the PPI fell to 2.3%year -on -year. The core was that the inside and outside demand was weak. Among them, energy prices fell deeper, and black non -colored prices continued to fall. Looking forward, considering that the two major factors of the epidemic and real estate will still restrict the recovery of domestic demand, and the supply constraints such as crude oil and pork will still be eased. It is expected that the probability of breaking through a 3%high in the year -on -year CPI will be less likely. The decline, the center of the year was reduced from 2.2%-2.3%that we had previously expected to be 2%. Considering that the current domestic demand is the main contradiction of the domestic economy, CPI is running for two consecutive months, and the inflation concerns will continue to subscribe. It will raise future currency easing expectations.

The supply constraints such as crude oil and pork are gradually repairing, and the subsequent driving of CPI is weaker than market expectations. In terms of crude oil, Russia and Ukraine have limited impact on Russian crude oil exports. Russia ’s air -defense measures on Europe have indirectly restricted the embargo on Russian crude oil; although the US -Ichigraphy agreement has not yet been reached, whether it can be achieved depends on the wishes of the United States. If the United States returns to the Iran nuclear agreement, Iran's maritime petroleum floating warehouse will be quickly released, and the output will continue to be repaired; the OPEC+conference in September decided to slowly increase production from the early stage to a slightly increasing production reduction, pointing to its concerns about the slowdown in global oil demand, as Europe and the United States The economic growth rate has slowed down, the demand decline is expected to be fulfilled, and the center of oil prices will be moved downward.

In terms of pork, although the new round of pig cycle has been opened, from the perspective of the leading of the capable sowing area, the upsurge will continue to February next year. In the fourth quarter of this year, the pig price is expected to continue to rise with the peak demand season. However, considering the early intervention of policy regulation of the policy, the subsequent pig price increase will be restricted. In early September, the National Development and Reform Commission began to organize freezing pork reserves to stabilize the price of pigs. On September 9, the National Development and Reform Commission held a special conference on the stable price of pig market guarantees, and proposed that "the current price of pig food is in a reasonable range. It is not conducive to the long -term healthy development of the industry; second, the epidemic and real estate are still the two major factors to restrict the recovery of domestic demand. It will limit the subsequent CPI upward height. Considering that the epidemic will still suppress consumer demand in the short term, the real estate market will recover slowly. Foreign demand decline drives the growth rate of exports to move down step by step, pointing to continuous pressure on the short term.

Zhongtai Securities: Grasp the layout of the "warm winter market" in the fourth quarter

First, in the Fed's tightening cycle, "this disappears" may continue. 1) The logic of liquidity is unchanged, and "this disappears" may continue. In the Fed's tightening cycle, the characteristics of "this will disappear" in the Sino -US rights market will continue; 2) crude oil prices will return to downward, and the expected adjustment of interest rate hikes will be adjusted or supports US stocks rebound. Although the Fed's interest rate hike is still tough, the crude oil prices return to the downward channel to drive inflation and fall, which may still support the rebound of US stocks. As far as the core factor of driving the US stock market this year, the downward migration center of US stocks caused by the liquidity compression caused by interest rate hikes is undoubtedly the most important factor. In fact, this year from the significant negative correlation between US stocks and US Treasury yields this year The relationship can be clearly seen. Therefore, we believe that the rate hikes driven by crude oil prices are expected to cool down or will support US stocks to rebound.

Second, stabilize growth to help economic restoration, and support the market or welcome style switching. 1) Under the continuous development of the steady growth policy, the macroeconomic represented by PMI data is slowly restored. However, the impact of extreme weather and other impacts still drag down the macroeconomic. 2) Manufacturing PMI overall recovery, the structure is differentiated. Behind the slow repairs of the overall economy, the differentiation of the industry and styles in actual performance may also affect the key to the second half of the year. 3) In the fourth quarter, the domestic stable growth policy was relayed, and the inner pine was tight or further strengthened. The stable growth momentum is expected to be stronger. In the case of limited support for exports, the policy tone at the end of the year is expected to reiterate the stable growth again, and then it will be favorable for the macroeconomic market and A shares. Since this year, although the overseas economic speed has been reduced, China has always maintained toughness to export exports with its output. However, under continuous inflation and interest rate hikes, the decline in total overseas demand is unavoidable. Therefore, the core of exploring the stable economic growth in the second half of the year or the domestic active policy of active policies that still have space has been launched on August 24th. It is clear that it is expected to continue the stable growth policy in the future. 3. Investment suggestions, as far as the A -share warm winter quotes are concerned, we recommend paying attention to the following main lines: main line 1: Pan -energy field, there are opportunities for new and old energy sources. New energy attaches great importance to subdivision, followed by differentiation or further intensification. Main line 2: core city real estate and post -cycle, high -end consumption, etc.

Huatai Securities: The market rebounds short -term, and continues to pay attention to the low section

Last week, A -shares rebounded slightly, and most industries recorded positive income. Among them, the upstream plates and real estate increased in the cycles relatively large. The growth of the growth sector with a large increase in the previous period was relatively small, and the consumer industry continued to fall slightly. We rolled the correlation coefficients of each sector yield two weeks before and after. The results showed that since April 26, the probability of negative coefficients is 70%, indicating that the market has a fast rotation and weak continuity. The industry is facing a large risk of callback. Therefore, it is recommended to configure a low -level section with a small rebound and strong defense in the near future to cope with recent fluctuations, such as financial real estate and consumption. From the perspective of style, the defensiveness and upward space of the market and value style are higher than the small disk and the growth style of the growth style.

A-share mid-term perspective: Domestic growth factor has not yet bottomed out, the risk of overseas markets is released, and A shares will still be under pressure. According to the latest modeling results of Huatai Gold-Macro factor index, domestic economic growth factor is still in the downlink cycle. Or turn around on Q4, and it will still be suppressed by the pricing molecular end of domestic equity assets. In terms of overseas markets, the current three -cycle of the U.S. stock index is in the resonance downward stage, and the risks are concentrated. Referring to the three -cycle status similar to 2000, the Nasdaq index Kiqin cyclical filtering is pushed. The decline reached 71.8%, and the S & P 500 index declined by 36.7%. During the three -cycle resonance period, the largest decline in the Nasi index was 33.4%, and the S & P 500 was 23.5%. If compared with 2000, the callback may not be in place. U.S. stocks may continue to be at the stage of risk release. It may have a certain degree of negative effects.

Industry prosperity tracking: agricultural, forestry, animal husbandry and fishing, upstream resources, electricity and other industries have high prosperity. Industry capital+crowded follow -up: Real estate, upstream resources and other industries have increased attention. In terms of funds, north -directional funds are added to the value -style industries such as upstream resources and home appliances, real estate, and insurance. Financing funds are added in transportation, business retail, and media industries. In terms of crowded, there is currently no industry in a high crowded state, but the real estate industry is currently relatively crowded.

Guolian Securities: The initial results of the expansion of the credit, and the policy blessings are required in the future

The currency is loose and continuous, and the growth rate of M2 has risen. In August, the SHIBOR interest rate and DR007 interest rate maintained low, with the average interest rates of 1.42%and 1.49%, respectively. The year -on -year rose. We believe that in the future, the capital will remain abundant and support the repair of the real economy. At present, the difference between M2 and M1 scissors has been expanded again, and the convergence trend since June has been changed. On the one hand, due to tax cuts and fiscal expenditure, it has continued to increase M2 and continues to rise year -on -year. On the other hand, due to the high tendency of corporate deposits and the continuous drag of real estate, M1 growth is weak.

The steady growth policy helps credit, and the credit structure has risen well. In addition to the low base of residents' short loans in August, in addition to being affected by the low base, it also reflects the improvement of demand in August, and the economic vitality has rebounded. , But the year -on -year perspective has continued to become a drag, and it is still affected by the downturn of real estate consumption. In August, the enterprise's medium and long -term loans performed brightly, stronger than the seasonality, and were mainly blessed by the stable growth policy. With the implementation of 300 billion policy financial instruments, the sharp decline in long -term LPR, and the support of large state -owned banks, the enterprise has obtained policy blessings for medium -term financing, and the repair of corporate credit demand is obvious. In addition, with the continuous efforts of infrastructure investment, medium- and long -term loans of infrastructure -related investment and financing projects have also generated driving force. The year -on -year growth rate of social merging inventory fell slightly, and policies also needed to expand credit. In August, social integration increased by 10.5%year -on -year, 0.2 percentage points from 10.7%in July. From the perspective of sub -items, real estate in new RMB loans continued to drag residents' medium and long -term loans, while policy and infrastructure investment helped enterprises with long -term financing performance. Rong; corporate bond financing is significantly lower than the same period last year; under the blessing of off -balance -sheet financing, strong infrastructure -related financing demand has driven out -of -table financing. The current steady growth policy continues to increase, and it is expected to drive the September economic recovery and credit improvement. Stabilizing real estate is still an important part of stabilizing the economic market, and continues to pay attention to the effect of the increase in the increase in the increase in real estate increase in both ends of supply and demand. For monetary policy, we believe that the current monetary credit transmission mechanism is still not smooth, and the economic downward pressure is large. It is expected that in the future, it is expected that the currency will continue to relax in the future. The central bank will continue to stimulate financing demand at the cost of liabilities on the bank's liabilities, reduce the interest rate of loan, and the probability of continuously decline in LPR. Because the amount of MLF expired in September to December was pressured on the capital surface, it was not ruled out that the possibility of redeeming MLF funds in the fourth quarter was not ruled out. Monetary policy is still based on reducing financing costs as the main economic line.

(4) Nuggets of the brokerage industry sector

Haitong Securities: Digital currency heavy new products launched

The launch of digital currency heavy heavy products has taken the lead in the Beijing teaching and training scene. On September 8th, the People's Bank of China Digital Currency Research Institute officially released the digital RMB smart contract prepayment fund management product- "Yuan Butler" at the 2nd China (Beijing) Digital Financial Forum, which can be misappropriated by the prepaid consumer service scenarios. Fund and protect user rights. Digital RMB smart contract refers to computer programs that control the digital RMB based on the predetermined event triggered and automatically executed. To put it simply, it is to write a contract with a computer program, and automatically complete the digital RMB payment to fulfill the contract obligations according to the agreed conditions. At present, "Yuan Butler" has taken the lead in the Beijing teaching and training scene. As a platform for prepayment fund management, Beijing Business Center District Xinlin Technology Co., Ltd. launched the "Digital RMB fund management model" under the guidance of the Institute of Digital Research. This model transforms prepaid consumption into instant consumption, further clarifying the ownership of the prepaid funds belongs to consumers, and ensure that the pre -stored funds are not misappropriated.

Users can use digital RMB on the above platform to purchase related products. Beijing Chaoyang District Houhai Training School is the first batch of merchants participating in digital RMB smart contract prepaid consumer service projects. As the digital RMB intelligent contracts are put into use, parents can enjoy more assured services. Training institutions use digital platforms to help solve the problem of fund management and parental trust. Once the trust relationship is established, there is no source of customers. We believe that the launch of the "steward" and the official implementation of the teaching scene in Beijing represent the important stage of digital RMB into an important stage of formal commercial use, and it is expected to enter a high -speed development period in the future.

The demand for the digital RMB market is urgent, and the overall industry space is broad. Multi -dimensional promoting the later ecological construction, and the development of digital RMB is becoming more and more formal. The operating institution will also continue to make efforts in the field of digital RMB smart contracts. For example, the Bank of Communications will follow the open and open source of the digital RMB smart contract ecological service platform. Cooperative cooperation agencies will jointly enrich the smart contract templates, build a smart contract ecosystem, expand in the expansion of the expansion The application of public fields such as finance and people's livelihood realizes the full -link monitoring of public funds and enhances the effectiveness of government funds. We believe that at present government departments and financial operations agencies are promoting the ecological construction of digital renminbi in multiple dimensions, which has played a greater positive role in the healthy development of the industry, and has laid a solid foundation for the long -term sustainable development of the industry. It is recommended to pay attention to Yuxin Technology, North Beijing, New Software, Chu Tianlong, Desheng Technology, Radio and Television Express, and New World.

Tianfeng Securities: The Ministry of Industry and Information Technology issued a 5G full -connected factory guide, the industrial Internet accelerated development

The Ministry of Industry and Information Technology issued the "5G Full Connection Factory Construction Guidelines" on September 6 to encourage and support the development of 5G+Industrial Internet. The goal of the manufacturing industries such as raw materials, equipment, consumer goods, electronics and other manufacturing industries during the "14th Five -Year Plan" period In the fields of key industries, tens of thousands of enterprises have carried out the construction of 5G full -connected factories, built 1,000 classification and hierarchical factories, built 100 benchmark factories, and promoted the development of 5G+Industrial Internet. Specific related industrial chain links include: network infrastructure: construction of 5G special networks, virtual products, hybrid products, etc., speed up the construction of core network elements such as 5G UPF, deploy edge computing nodes on the spot, and comprehensively use 5G, TSN, SDN and other networks Technology accelerates IT -OT fusion. On -site equipment network transformation, enhance the real -time collection capacity of industrial data, actively use chips, modules, sensors, etc. with 5G functions for transformation, accelerate the integration of industrial control such as 5G and PLC, DCS In -depth analysis application; key link applications: 1) interactive applications of 5G, VR/AR and other technologies in research, development, design, production and other fields; 2) 5G+Industrial Internet realizes flexible production and agile delivery; 3) 5G+machine vision detection and monitoring ; 4) 5G+positioning identification to realize smart warehousing logistics; 5) 5G+Industrial Internet identification platform operation management. Suggestions of key related areas: main equipment (ZTE), industrial gateway (Dongtu Technology, Yinghantong), the Internet of Things (moving far communications, Guanghe Tong, Meiger Intelligent, Migration to Communication), sensor (Sifang Optoelectronics, Case, Hanwei Technology, Bichuang Technology), VR/AR (Skyworth Digital, Pingzhi Information), Positioning (Hua Test Navigation, Hagrid Communication), etc.

Southwest Securities: Medical service policy is expected to ease the margin, and it is recommended to gradually optimize the allocation

Oral planting services are rationally adjusted, and the policy is expected to ease. On September 8, 2022, the National Medical Insurance Administration issued the "Notice on Carrying Oral Planting Medical Service Charges and Special Governance of Consumption Price" and its policy interpretation. 1) Establish a "separation of power consumption" pricing methods to promote the cost of dental implants. 2) The service price is flexible and rational. The price of high -quality oral planting service can float to 6,300 yuan/piece. 3) Adhering to the autonomous pricing of private institutions, in line with the laws of market economy. We believe that policy supports private medical services, and the adjustment of the medical service price system is worth looking forward to. It is expected that the price of medical services in the future will rise and fall. Generally speaking, the price level of private medical services in the future is expected to be improved by using differentiated services. It is recommended to pay attention to the targets related to dental medical services such as Tongce Medical and Ryl Group; other targets related to medical services such as Alle Ophthalmology, Purieo Eye Department, He's Ophthalmology, Haijia Medical, Jinxin Reproductive, etc.

Structural differentiation is more obvious, and the performance performance of Chinese medicine consumer goods, CXO, medical device and other 2022 interim reports performed well. In the first half of 2022, the income of the five Chinese medicine consumer goods revenue of 16 billion yuan (+10.6%); the net profit of the mother was 2.84 billion yuan (+26.2%); the net profit of the deduction was 2.74 billion yuan (+26.9%). The marginal of industry policy is good, showing strong toughness in the impact of the epidemic. Both the CXO and the medical device sector have achieved high -speed growth, mainly due to the performance increase brought by the new crown orders. In contrast, medical services, pharmacies, distribution and other businesses are affected by different degrees of epidemic, waiting for the recovery of sections in the second half of the year; life scientific products and services, pharmaceutical equipment and consumables are affected by the epidemic in the first half of the year, the growth rate of performance has slowed down, and the growth rate of performance has slowed down. In the future, domestic alternatives are available. Elastic combinations this week: Shouxian Valley, Zeri Pharmaceutical, Hymeko, Jingxin Pharmaceutical, Tai Chi Group, Furui, Dong'e Ejiao, Xiangsheng Medical, Chutian Technology, and Jianke's information. This week's steady combination: El Ophthalmology, Mai Rui Medical, Lianying Medical, Pharmaceutical Kangde, Martial Arts, Yunnan Baiyao, Tongrentang, Zhifei Biology, Hengrui Medicine, and Tongmei Medical.

Zhejiang Business Securities: The catalysis of the satellite communication industry is frequent, and China's "star chain" is ready to go

Giants such as Huawei and Apple have launched new models that support satellite communications. The attention of the satellite communications industry has increased. Huawei released the Mate50 mobile phone to support Beidou SMS messages and detonate the market's attention to the satellite communication industry. Subsequently, Apple released the iPhone14Plus, which supports satellite SOS transmission functions, which once again triggered a warm discussion in the satellite communication industry. We believe that satellite communication is of great significance, and it is urgent and necessary to develop China's "star chain".

The layout of foreign low -orbit communication satellites was earlier. China's "Star Chain" was in the early stage of outbreak. The low -orbit satellite communication network has become a must -have place for commercial aerospace technology, major space and military strategy games. Although my country's low -orbit satellite constellation plan started late, it was strong after development. The "GW" broadband constellation plans to launch 13,000 satellites. Starnet Group has recently invested frequently, and China's "Star Chain" is in the early stage of the outbreak. The communications satellite manufacturing market is huge, and the value of phase control arrays T/R chips is high. In the early days of China's "Star Chain", the satellite manufacturing/ground equipment industry benefited first, and satellite manufacturing will usher in the 100 billion market. The phase control array T/R chip accounts for about 10-20%of satellite costs, which is the core component with the highest value in satellite with a broad market prospect.

Investment suggestions focus on recommendation: Laichang Technology, Guobo Electronics, Holvo; focus on: Fudan Microelectronics, China Satellite, Zhenbi Technology, Obit, Haygen Communications, China Weitong, Wantong Development Huaxi Securities: Frequent policies in various places: Frequent policies frequently Out, the intelligent driving industry enters the fast lane

On September 5, Shanghai printed and issued the "Implementation Plan for the Innovation and Development of Smart Connected Automobiles in Shanghai", with the target of 2025, the industrial scale reached 500 billion yuan, and L2 and L3 cars accounted for more than 70%of the production of new vehicles. The "Plan" has deployed key tasks from the seven major directions, and the entire industry chain is promoted. Focusing car -level chips, artificial intelligence algorithms, lidar, vehicle operating systems, intelligent computing platforms, line control execution systems and other key areas, and promote the construction of new infrastructure facilities such as car route collaboration. We believe that the "Implementation Plan" in Shanghai provides a guidance for the development of the smart automobile industry. In 2025 or a key node, in the next three years, with the leading cities as the center, the entire industry chain of domestic automobile autonomy will be Continuous development. By 2025, the overall product experience and services of unmanned driving will break through, and the overall smart automobile industry will enter the next stage.

Policy promotion+product iteration, the intelligent driving industry is on the fast track, and the accelerated inflection point of the intelligent driving industry has arrived. Policies, Shenzhen Regulations provide standards and models for my country's L3 access and legislation. Shanghai, Guangzhou, Beijing, Chongqing, Wuhan and other cities have stepped up. In the next three years or the competitive window period for smart driving for various cities, the smart driving car market will be further activated. The development policy of smart car industry clusters in different cities will still be quickly released and landed. Driving for normal toll operations and multiple scenarios will be the focus of the focus of cities in the field of autonomous driving in the next few years. Product surface, smart cars have opened the second half of the competition -intelligent competition.

Smart hardware is equipped with a rapid increase in quantity, the intelligent functions in the cockpit are more diverse, and the experience is more friendly. The smart driving level L3 is getting close. New forces and other car companies have done a good job of the city's NOA layout. Related models are ready to go. We expect the industry to complete a leap from L2+to L3 and L4 within 2-3 years. Investment suggestions, the intelligent driving industry accelerates, related vehicle road collaboration/software construction/driver domain control/lidar/high -precision map/data compliance and other industrial chain companies are expected to benefit. , Leader Saiyway, a self -driving region controller. Other beneficiaries include Jingwei Hengrun, Guangting Information, Rainbow Soft Technology, Dongsoft Group, Daotong Technology, Qianfang Technology, etc.

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