Analysis of the Impact of Shanghai's 15th Five-Year Plan on Investment in the Intelligent Connected New Energy Vehicle Industry Chain

Based on the above research data, I now provide you with a systematic and comprehensive analysis report.

According to the “Proposal of the CPC Shanghai Municipal Committee on Formulating the 15th Five-Year Plan for Shanghai’s National Economic and Social Development”, Shanghai clearly proposes to focus on building six emerging pillar industrial clusters, among which intelligent connected new energy vehicles are listed as a key development area[1]. The plan emphasizes accelerating the development of intelligent connected new energy vehicles through a “software-hardware collaboration, digital-intelligence driven” approach, which clarifies the technological path and model innovation direction for industrial development[2].

Meanwhile, the General Office of the Shanghai Municipal People’s Government has issued the “Three-Year Action Plan for Supporting the Transformation and Upgrading of Advanced Manufacturing in Shanghai (2026-2028)”, which clearly stipulates the vigorous development of industries such as intelligent connected new energy vehicles[3]. In January 2026, the Ministry of Industry and Information Technology also emphasized that 2026 is the first year of the 15th Five-Year Plan, and the intelligent connected new energy vehicle industry is in an important period of opportunity for development[4].

According to the “Action Plan for Collaborative Building of the Intelligent Connected New Energy Vehicle Industrial Agglomeration Zone (2025-2030)”, Shanghai has set clear development goals[5]:

Indicator	Target Value	Time Node
Industrial Scale	Exceed RMB 350 billion	2030
Number of Related Enterprises	Reach 1,000	2030

, a spatial pattern will be formed with the Anting Automobile Manufacturing Base as the core, and five functional sections including the Automobile City Manufacturing Zone, Automobile City Parts Park, New Energy Base, Waigang Industrial Park, and North Zone of Jiading Industrial Zone. The “Three Ports and Two Parks” (Innovation Port, New Energy Port, Hydrogen Energy Port, Shanghai Intelligent Automobile Software Park, Shanghai Automobile Chip Valley) will serve as key carrying areas[5].

Shanghai’s 15th Five-Year Plan clarifies the following core technology R&D fields[5]:

• Intelligent Driving Systems
  : L3-level test application and product access
• Automotive Chips
  : Independent and controllable automotive-grade chips
• Large Model Applications
  : Autonomous driving AI algorithms
• All-Solid-State Batteries
  : Next-generation power battery technology
• Drive-by-Wire Chassis
  : Intelligent execution systems
• Fuel Cells
  : Hydrogen energy vehicle technical route
• Methanol Power
  : New clean energy technology

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The intelligent connected new energy vehicle industry chain can be divided into three major segments: upstream, midstream, and downstream:

:

• Battery materials: Key minerals such as lithium, cobalt, and nickel
• Core components: Power batteries, drive motors, electronic control systems (the “three-electric” system)
• Intelligent hardware: Sensors, chips, domain controllers

:

• New energy passenger vehicles: Pure electric, plug-in hybrid, fuel cell vehicles
• New energy commercial vehicles: Logistics vehicles, buses, engineering vehicles

:

• Charging and battery swap services
• Intelligent transportation and smart cities
• Aftermarket services and automotive finance

According to industrial policy planning, by 2030, the scale of the intelligent connected new energy vehicle industry in Jiading District alone will exceed RMB 350 billion, representing significant growth potential compared to the current scale[5]. Considering Shanghai’s leading position in the national automotive industry (the number of listed companies and market value of Shanghai’s automotive industry account for nearly 10% of the national total), this policy will generate a significant investment-driven effect[6].

Based on policy orientation, the following areas will receive key investment:

Investment Area	Policy Support Intensity	Benefiting Segments
Intelligent Driving Systems	★★★★★	Components, Vehicle Manufacturing
Automotive Chips	★★★★★	Upstream Chip Enterprises
All-Solid-State Batteries	★★★★☆	Battery Enterprises
Drive-by-Wire Chassis	★★★★☆	Chassis System Suppliers
Hydrogen Fuel Cells	★★★☆☆	Fuel Cell Enterprises
Intelligent Cockpits	★★★★☆	Cockpit System Suppliers

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: As Shanghai’s largest automotive enterprise and a national leader in vehicle manufacturing, SAIC Motor is the core carrier for the development of intelligent connected new energy vehicles under Shanghai’s 15th Five-Year Plan.

[0]:

• Market value: RMB 172.31 billion
• Current share price: RMB 14.99
• Price-to-earnings ratio (TTM): 59.88x
• ROE: 0.98%
• Net profit margin: 0.43%
• Most recent quarter’s revenue exceeded expectations (+6.91%)

:

• Core enterprise of Shanghai International Automobile City, benefiting from Jiading District’s industrial cluster policy
• Complete layout of high-end intelligent electric brands such as IM Motors
• Complete supply chain system with industry chain integration advantages

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NIO Inc. (NIO), Li Auto Inc. (02015.HK), and others with R&D centers or production bases in Shanghai will benefit from:

• Policy promotion of L3-level autonomous driving testing and application
• Expansion of demonstration application scenarios for intelligent connected vehicles
• Improvement of charging infrastructure and intelligent transportation

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: A leading Chinese intelligent automotive component supplier, whose products cover intelligent cockpits, intelligent driving, electronic control for new energy vehicles, etc.

[0]:

• Market value: RMB 43.24 billion
• Current share price: RMB 30.98
• Price-to-earnings ratio (TTM): 37.61x
• ROE: 8.21%
• Net profit margin: 1.88%
• 6-month increase: 74.24%
• 1-year increase: 82.67%
• Q3 performance exceeded expectations by 42.05%

:

• Core supplier of intelligent cockpits and intelligent driving domain controllers
• Business covers international brands such as Tesla, Volkswagen, and BMW
• Deeply benefits from the intelligent connected trend, with strong stock price performance[0]

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: A domestic leader in intelligent cockpit domain controllers, focusing on R&D and manufacturing of automotive electronic products.

[0]:

• Market value: RMB 81.09 billion
• Current share price: RMB 135.87
• Price-to-earnings ratio (TTM): 31.55x
• ROE: 21.62% (outstanding performance)
• Net profit margin: 7.70%
• 1-month increase: 16.25%
• 6-month increase: 31.40%

:

• Domestic leader in intelligent driving domain controllers with leading market share
• High R&D investment maintains technological advantages
• Profitability ranks among the top component enterprises[0]

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: Focusing on automotive brake systems, it is a leading domestic enterprise in the drive-by-wire brake field.

[0]:

• Market value: RMB 34.45 billion
• Current share price: RMB 56.80
• Price-to-earnings ratio (TTM): 26.05x
• ROE: 18.98%
• Net profit margin: 11.29% (relatively high)
• 1-month increase: 18.80%
• 3-month increase: 21.29%
• 5-year increase: 107.68%

:

• Leading drive-by-wire brake (WCBS) technology, benefiting from the demand for drive-by-wire systems in intelligent driving
• Customers cover mainstream automakers such as Geely, Changan, and BYD
• Excellent financial indicators and outstanding profitability[0]

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: A Shanghai-based automotive component enterprise, mainly engaged in valve stems, exhaust pipe parts, balance weights, etc., and later expanded into the intelligent driving sensor field.

[0]:

• Market value: RMB 8.13 billion
• Current share price: RMB 38.50
• Price-to-earnings ratio (TTM): 32.26x
• ROE: 7.63%

:

• Shanghai-based enterprise with obvious geographical advantages
• Layout of intelligent products such as air suspension and sensors
• Benefits from Shanghai’s intelligent connected vehicle industrial agglomeration[0]

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: A component platform under SAIC Motor, and the largest comprehensive automotive component supplier in China.

[0]:

• Market value: RMB 64.03 billion
• Current share price: RMB 20.31
• Price-to-earnings ratio (TTM): 9.27x (low valuation)
• ROE: 10.92%
• Net profit margin: 3.83%
• 1-year increase: 23.09%

:

• Core supplier to SAIC Motor with stable orders
• Low valuation provides a margin of safety
• Continuous promotion of intelligent transformation[0]

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According to industry research, the following enterprises hold important positions in the intelligent connected new energy vehicle industry chain[6][7]:

Enterprise Type	Representative Enterprises	Beneficiary Logic
Drive-by-Wire Brakes	Tongyu Automotive, Nason Technology, Globle	Essential execution system for intelligent driving
Drive-by-Wire Steering	Lianchuang Automotive Electronics, Zhejiang Shibao	Core component for intelligent upgrading
Intelligent Chips	Silergy Automotive, Xinqing Technology	Domestic replacement for automotive “chip shortage”
Power Batteries	CATL, Sunwoda	Leading enterprises with advanced technology
Charging and Battery Swap	Keda Intelligent, Kehua Hengsheng	Benefit from infrastructure development

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Based on the policy orientation of Shanghai’s 15th Five-Year Plan, it is recommended to focus on the following investment main lines:

• Domain controllers: Desay SV, Joyson Electronics
• Drive-by-wire brakes: Bethel Automotive, Asia-Pacific Automotive Systems
• Drive-by-wire steering: Zhejiang Shibao, Lianchuang Automotive Electronics

• Vehicle manufacturing: SAIC Motor
• Components: Huayu Automotive Systems, Baolong Technology

• All-solid-state batteries: CATL (Shanghai Base)
• Intelligent chips: Relevant domestic replacement enterprises

Risk Type	Risk Description	Response Recommendations
Policy Risk	Subsidy reduction, consumption policy adjustments	Focus on enterprises with market competitiveness
Technology Risk	Changes in technical routes, R&D failures	Diversify investments and avoid single technical routes
Market Risk	Intensified industry price wars	Focus on enterprises with stable profitability
Supply Chain Risk	Chip shortages, raw material price increases	Focus on enterprises with strong vertical integration capabilities

Company	Price-to-Earnings Ratio (TTM)	ROE	6-Month Increase	Investment Rating Recommendation
SAIC Motor	59.88x	0.98%	-16.07%	Hold (wait for performance improvement)
Joyson Electronics	37.61x	8.21%	+74.24%	Overweight (performance exceeded expectations)
Desay SV	31.55x	21.62%	+31.40%	Buy (technologically leading)
Bethel Automotive	26.05x	18.98%	+11.72%	Buy (strong profitability)
Huayu Automotive Systems	9.27x	10.92%	+10.80%	Buy (low valuation)
Baolong Technology	32.26x	7.63%	-3.53%	Watch (geographical advantages)

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Shanghai’s 15th Five-Year Plan has a significant positive impact on the intelligent connected new energy vehicle industry chain:

1. Strong Policy Support
   : As one of the six emerging pillar industrial clusters, policy support is unprecedented
2. Huge Investment Space
   : The target of RMB 350 billion in industrial scale by 2030 provides considerable annual growth potential
3. Clear Technological Direction
   : “Software-hardware collaboration, digital-intelligence driven” clarifies the development path
4. Industrial Cluster Effect
   : The well-established “Three Ports and Two Parks” layout in Jiading District provides complete industry chain supporting facilities

:

• Desay SV (002920.SZ)
  : Leader in intelligent driving domain controllers, technologically leading, with outstanding profitability
• Bethel Automotive (603596.SS)
  : Drive-by-wire brake expert with excellent financial indicators
• Joyson Electronics (600699.SH)
  : Dual-driven by intelligent cockpits and intelligent driving, with performance exceeding expectations
• Huayu Automotive Systems (600741.SS)
  : Low valuation provides a margin of safety, core supplier to SAIC Motor system

It is recommended that investors focus on intelligent driving incremental component suppliers and Shanghai’s local advantage enterprises to seize investment opportunities in the first year of the 15th Five-Year Plan.

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[1] Securities Times - “Promoting the Accelerated Development of Intelligent Connected New Energy Vehicles through Software-Hardware Collaboration and Digital-Intelligence Drive” (https://www.stcn.com/article/detail/3598962.html)

[2] East Money - “Shanghai’s 15th Five-Year Plan Proposal: Promoting the Accelerated Development of Intelligent Connected New Energy Vehicles through Software-Hardware Collaboration and Digital-Intelligence Drive” (https://wap.eastmoney.com/a/202601193622746692.html)

[3] 10jqka - “China’s Auto Production and Sales Rank First in the World for 17 Consecutive Years, New Energy Vehicle ETF Rises 0.31% in Half a Day” (https://m.10jqka.com.cn/20260116/c674068039.shtml)

[4] Xinhua News Agency - “Ministry of Industry and Information Technology: Accelerate Breakthroughs in High-Level Autonomous Driving Technology” (http://www.news.cn/tech/20260115/43e58bf7449a4faa983d4f7442a32149/c.html)

[5] Shanghai Municipal People’s Government - “Action Plan for Collaborative Building of the Intelligent Connected New Energy Vehicle Industrial Agglomeration Zone (2025-2030)” (https://www.shanghai.gov.cn/zh-gqwj11/20251106/e02a12107b06453b8e0eb337c3c3affc.html)

[6] Qianzhan.com - “2022 Panoramic Map of Shanghai’s New Energy Vehicle Industry Chain” (https://finance.sina.com.cn/roll/2022-09-21/doc-imqqsmrn9909647.shtml)

[7] Shenzhen Enterprise Investment Industry Research Institute - “Research Report on the Intelligent Connected Vehicle Component Industry” (https://file.jgvogel.cn/125/upload/resources/file/574925.pdf)

[8] Jinling AI - Listed Company Financial Data API [0]