Analysis of A-share Investment Opportunities Under the Transportation Data Opening Policy

The Ministry of Transport recently issued the “Implementation Opinions on Accelerating the Development and Utilization of Transportation Public Data Resources”, which clearly proposes to promote

, focusing on serving the development of emerging and future industries such as [2].

• Promote the integration of transportation public data and enterprise data through data opening, authorized operation, etc.
• Build typical demonstration scenarios in areas such as public travel, traffic guarantee, logistics cost reduction and efficiency improvement, and multimodal transport
• Support the development of emerging industries such as artificial intelligence, intelligent driving, low-altitude economy, and new-generation information technology

According to the latest data, the penetration rate of intelligent driving passenger vehicles in China has exceeded

, the mileage of open test roads for autonomous driving nationwide has exceeded , and the procurement volume of logistics unmanned vehicles in 2025 has exceeded (only about 6,000 units in the same period last year), showing explosive growth [1].

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• The most benefited component supplier for L3 intelligence; cockpit business driven by sales growth of Li Auto, Chery, Geely, etc.
• Intelligent driving business maintains high growth; major customers include Li Auto, Great Wall Motor, Zeekr, GAC Group, etc.
• 2025E revenue forecast: 28.51 billion yuan, YoY growth of 30%; net profit forecast: 3.75 billion yuan, YoY growth of 64%

[0]:

• Current share price: 120.30 yuan (-1.51%)
• Market cap: 66.6 billion yuan, P/E ratio: 28.04x
• 52-week range: 91.00-154.17 yuan

• Deeply benefited from the high-end upgrade of independent brands; intelligent cockpit products continue to penetrate
• 2025E net profit growth rate of 45.1%, with high possibility of exceeding earnings expectations
• Complete layout of domain controllers, HUD and other product lines

[0]:

• Current share price:30.58 yuan (-1.16%)
• Market cap:16.05 billion yuan, P/E ratio:21.54x
• 52-week range:25.71-37.88 yuan

• Leading market share in intelligent automotive operating systems; deeply bound to chip giants such as Qualcomm and NVIDIA
• Significant advantages in cockpit and ADAS algorithms; benefited from the trend of software-defined vehicles

[0]:

• Current share price:67.50 yuan (+1.06%)
• Market cap:31.08 billion yuan, P/E ratio:64.29x
• 52-week range:45.41-82.29 yuan

• Leader in high-precision maps and intelligent connected cloud service platforms
• Direct beneficiary of transportation data opening policy
• Dual-drive from Xincui Information (navigation chips) and Jafa Technology (automotive MCU)

[0]:

• Current share price:9.01 yuan (+1.35%)
• Market cap:21.01 billion yuan
• 52-week range:7.40-10.41 yuan

The company is currently in a loss state with EPS of -0.57 yuan; need to pay attention to the progress of turning losses into profits

• Core initiator and standard setter of China’s V2X technical route
• Deeply involved in national-level V2X demonstration projects and built a complete technical product system
• Possesses full-stack capabilities of “vehicle-road-cloud integration” and deep cooperation with more than 30 provincial transportation investment groups nationwide
• Independently developed 6 categories and over 900 AI algorithms, as well as “Wutong” AIoT large model and “Kunchao” transportation large model [5]

[0]:

• Current share price:11.77 yuan (flat)
• Market cap:18.6 billion yuan
• 52-week range:7.51-12.50 yuan

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• Leading domestic general aviation operation enterprise with leading helicopter operation services
• Deeply布局eVTOL (electric vertical takeoff and landing aircraft) operation track
• Net profit of 245 million yuan in the first three quarters of 2025, down 25.53% YoY (mainly due to high base in the same period last year)
• Accelerated reform of low-altitude airspace management; the company is expected to benefit first

[0]:

• Current share price:20.75 yuan (+1.22%)
• Market cap:16.1 billion yuan, P/E ratio:46.11x
• 52-week range:18.90-29.88 yuan

• Leader in magnesium-aluminum alloy parts; actively expanding aviation component business
• Under the favorable policy of low-altitude economy, aviation component business is expected to grow rapidly

[0]:

• Current share price:16.01 yuan (+0.38%)
• Market cap:33.37 billion yuan, P/E ratio:41.05x
• 52-week range:13.07-21.65 yuan

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• Domestic supercomputing leader; core supplier of AI computing infrastructure
• Transportation data opening will spawn massive computing power demand
• Data center and cloud computing businesses benefit from the development of data element market

[0]:

• Current share price:85.64 yuan (+0.29%)
• Market cap:125.07 billion yuan, P/E ratio:59.47x
• 52-week range:58.70-128.12 yuan

• Leading 5G network and computing power network infrastructure
• Extensive layout in transportation data communication, Internet of Vehicles (IoV) and other businesses
• Cooperated with Alibaba Cloud to build “Intelligent Transportation Cloud Platform” and other projects [7]

[0]:

• Current share price:5.11 yuan (+0.39%)
• Market cap:155.75 billion yuan, P/E ratio:16.48x
• 52-week range:4.70-6.93 yuan

Relatively low valuation, high dividend yield, with defensive allocation value

• Technology platform under COSCO Shipping Group; leader in shipping informatization
• Leading port and shipping digital solutions
• Benefited from the trend of shipping digitalization and green transformation

[0]:

• Current share price:15.93 yuan (+0.44%)
• Market cap:5.92 billion yuan, P/E ratio:227.57x
• 52-week range:13.20-23.25 yuan

High valuation and relatively small performance elasticity

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1. Data Element Value Release:
   Transportation data opening will form a
   trillion-yuan data element market
   , spawning new business models and profit growth points

2. Accelerated Technology Integration:
   Integration of transportation data with data from multiple industries such as AI, satellite remote sensing, and meteorology will promote explosive growth of industries like
   intelligent driving, low-altitude economy, and new-generation information technology

3. Continuous Policy Support:
   Since 2025, national-level policy documents have been frequently issued, pointing out the direction and providing institutional guarantees for the development of related industries [1]

4. Accelerated Commercialization Process:
   The official implementation of L3 autonomous driving access permission marks an important step from the testing phase to
   commercial application
   [3]

Investment Dimension	Core Indicators	Preferred Targets
Performance Certainty	Order backlog level, revenue growth rate	Desay SV, Huayang Group
Technical Barrier	R&D investment ratio, number of patents	Thundersoft, NavInfo
Market Cap Elasticity	Market cap size, floating share	Qianfang Technology, COSCO Shipping Technology
Valuation Safety	PE/PB relative to industry level	China Unicom, Huayang Group

1. Technology Iteration Risk:
   The technical routes for intelligent driving and low-altitude economy are not yet clear, so there is a risk of technology iteration

2. Policy Implementation Pace:
   There are uncertainties in the specific implementation rules and pace of the data opening policy

3. Intensified Market Competition:
   There are many participants in each track, and price wars may compress profit margins

4. Valuation Risk:
   Some targets have high valuations (e.g., Sugon with PE 59.47x, Thundersoft with PE64.29x), so need to be alert to correction risks

5. Earnings Realization Risk:
   Some companies are still in loss (e.g., NavInfo, Qianfang Technology), so need to closely track the progress of turning losses into profits

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• Desay SV (002920) + Huayang Group (002906) + China Unicom (600050)

• Thundersoft (300496) + Qianfang Technology (002373) + CITIC Offshore Helicopter (000099)

• Intelligent Driving Dual Leaders: Desay SV + Huayang Group
• Low-Altitude Economy Pioneers: CITIC Offshore Helicopter + Wanfeng Aowei
• Data Element Infrastructure: Sugon + China Unicom

The transportation data opening policy will bring

to related industrial chains. It is recommended that investors make balanced allocations in the three directions of according to their own risk preferences, and focus on leading enterprises with core technical barriers and earnings realization capabilities.

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[0] Jinling API Data - Real-time market, financial data, market data

[1] Economic Reference News - “Intelligent Driving Penetration Rate Exceeds 68%: Transportation Moves Toward Intelligence” (2025-12-30)

[2] Sina Finance - “Ministry of Transport: Promote Integration of Transportation Public Data and Enterprise Data” (2026-01-04)

[3] CNBRadio Finance - “2025 Autonomous Driving Industry Observation: Commercialization Path Gradually Clears” (2025-12-31)

[4] China Economic News Service - “Policy Dividends Accelerate Release: AVIC Zhixing Leads Explosive Development of Low-Altitude Economy” (2025-12-29)

[5] Beijing Qianfang Technology Co., Ltd. Announcement - “Announcement on Changing the Use of Part of Raised Funds” (2025-12-27)

[6] Ministry of Transport Official Website - “Focus on Digital, Intelligent and Green Transformation to Promote the Upgrade of Shanghai International Shipping Center” (2025-12-23)

[7] Alibaba Cloud Official Website - “China Unicom and Alibaba Cloud Sign Strategic Cooperation Agreement”