来源：@智通财经APP微博 《科创板日报》12月19日讯 工信部公布首批L3级有条件自动驾驶车型准入许可后，又一家车企宣布获 得L3级路测牌照。 最新报道称，《北京市自动驾驶汽车年度评估报告（2024-2025）》（以下简称"报告"）中的信息显 示，小米汽车已在北京市获得L3级自动驾驶道路测试牌照，并持续开展了常态化L3级道路测试。该测 试牌照主要用于在北京市智能网联汽车高快速路测试路段上进行有条件自动驾驶测试，旨在探索未来更 加安全智能的个人出行服务。《报告》中介绍，截至2025年9月底，小米等23家企业的750辆自动驾驶乘 用车累计运行里程超6027万公里。 L3级自动驾驶准入遵循"试点申报—产品准入试点（测试与安全评估）—公告准入—限定区域通行试 点"的流程。目前，国内获L3级道路测试牌照的公司可以分为两类：已获得官方"准入许可"的企业和已 获得"路测牌照"或开展内测的企业。长安汽车、北汽蓝谷走在L3商业化落地前沿。 长安汽车：其"深蓝SL03"车型获得了在重庆特定拥堵路段运行L3的准入许可； 与"准入许可"不同，"路测牌照"仅允许企业在开放道路进行测试和技术验证，是技术积累阶段，据《科 创板日报》不完 ...

摘要 L3 自动驾驶产业化启动，带来哪些投资机会？ 20251216 目前，L3 自动驾驶技术主要以 TO B（企业对企业）的形式启动，因为其有条 件自动驾驶属性需要在指定道路上进行严格专业控制。由企业运营方进行测试 比直接卖给消费者更适合，因为教育消费者仅能在特定路段使用 L3 代价较高。 本次试运行中，两家运营企业分别在重庆和北京进行测试，涉及 200 多公里的 道路，包括市区高架等复杂路况。 L3 技术对汽车产业链有哪些影响？ L3 技术带来的增量系统主要集中在传感器、控制器、算法以及检测环节。传感 器方面，虽然激光雷达不是必选项，但大部分企业仍倾向于使用激光雷达，这 将推动该产业扩容。控制器方面，对芯片算力要求更高，全栈自研算法成为主 流选择。在制动转向领域，线控转向作为重要赋能件，可以显著改善驾驶体验。 此外，由于 L3 要求比原来 L2 要高很多，每个车型所需测试任务量增加，相应 检测企业也将迎来更多发展机会。 哪些公司可能从 L3 的发展中受益？ L3 自动驾驶试运行获批标志着法规和产业链准备就绪，为大规模商业化 奠定基础，监管层面的放行为进一步推广自动驾驶做好准备。 L3 技术初期主要以 TO ...

Key Points Summary of the Conference Call Company Overview - The company discussed is **Nexteer Automotive**, focusing on its performance and strategic initiatives in the automotive steering systems industry. Core Industry Insights - **Order Target**: Nexteer aims to achieve nearly **$5 billion** in orders by 2025, with a significant increase in order inflow expected in Q4, driven by new steering orders from Chinese customers and global opportunities in steer-by-wire and rear-wheel steering systems [2][4]. - **Impact of Tariffs**: The company has effectively managed the impact of tariffs imposed by Mexico on Chinese imports by passing most of the costs onto downstream customers, achieving a localization procurement rate of nearly **90%** in North America [2][8]. - **Market Outlook for 2026**: Revenue in the European and American markets is expected to remain stable, but profitability is projected to improve. The Asia-Pacific region, particularly with a strong customer base in China, presents significant opportunities for new business and production [2][7]. Financial Performance - **EBITDA Expectations**: The company anticipates maintaining a **17% EBITDA** margin for the year, with further recovery potential in the European and North American markets despite short-term fluctuations due to tariffs and electric vehicle policies [3][13]. - **Profitability Improvement Measures**: Nexteer is optimizing production lines, establishing a localized R&D center in Mexico, and considering leasing or selling some factories to enhance efficiency and profitability in North America [2][14]. Product and Technology Developments - **Steer-by-Wire Systems**: The price range for steer-by-wire systems is approximately **3,000-4,000 RMB**, which represents an improvement over traditional EPS systems. The Chinese market is adopting a bundled procurement model for these systems [2][19]. - **Regulatory Changes**: New regulations regarding steer-by-wire technology in China are expected to be released in early 2026, which will facilitate the commercialization of this technology and support advanced driver-assistance systems (ADAS) and autonomous driving [4][20]. - **EMBA Project**: The EMBA project is projected to secure its first order in 2026 and commence production in 2027, with increased R&D investment planned for 2025 and 2026 to expedite commercialization [4][25]. Market Dynamics - **Global Supply Chain Trends**: Since 2024, there has been a trend towards localizing supply chains, with a significant reduction in trade exposure from China to North America. This shift is expected to continue as tariff policies evolve [8][9]. - **Competitive Landscape**: Nexteer remains a leading player in the EPS market, competing with companies like Bosch and ZF, while also expanding into high-end vehicle markets through partnerships with Chinese manufacturers [10]. Future Prospects - **Growth Opportunities in Europe**: The European market presents new growth opportunities, particularly with major clients like Fiat and PSA, and potential projects involving shared electric platforms expected to launch between 2028 and 2029 [15][16]. - **Tax Rate Expectations**: The effective tax rate is projected to stabilize around **30%** in 2025, with potential adjustments to approximately **20%** in the coming years as the company returns to profitability in the U.S. [17]. Conclusion - Nexteer Automotive is strategically positioned to leverage its strong customer base, innovative technologies, and localized supply chain strategies to navigate market challenges and capitalize on growth opportunities in the automotive industry.

Group 1 - The core viewpoint of the articles highlights the significant advancements in the autonomous driving sector, particularly with the introduction of L3-level conditional autonomous driving vehicles in China, marking a shift from technology demonstration to regulatory compliance and operational deployment [1][2] - Several autonomous driving concept stocks experienced notable increases, with Zhejiang Shibao rising by 7.94% to 4.35 HKD, and others like Nexperia and Hesai also showing gains, indicating positive market sentiment towards the sector [1] - The Ministry of Industry and Information Technology in China officially released the first batch of L3-level conditional autonomous vehicle approval lists, with Chang'an Automobile and BAIC Jihe being the first companies to receive approval for their models [1] Group 2 - Haitong International suggests that the ongoing validation of Tesla's Robotaxi and the institutionalization of L3 vehicles in China are accelerating a pivotal moment in the high-level autonomous driving industry, which will significantly impact vehicle valuation systems and competitive dynamics [2] - Ping An Securities emphasizes that the technology behind L3-level conditional autonomous driving relies on mature and reliable environmental perception capabilities, necessitating the integration of various sensors such as cameras, millimeter-wave radar, and LiDAR for accurate perception in extreme weather and complex road conditions [2]

客户端 智驾概念股早盘部分高开，截至发稿，浙江世宝（01057）上涨13.15%，报4.56港元；佑驾创新 （02431）上涨3.47%，报10.37港元；禾赛-W（02525）上涨3.07%，报163.40港元；耐世特（01316）上 涨0.99%，报6.10港元；黑芝麻智能（02533）上涨0.05%，报19.74港元。 责任编辑：卢昱君 智驾概念股早盘部分高开，截至发稿，浙江世宝（01057）上涨13.15%，报4.56港元；佑驾创新 （02431）上涨3.47%，报10.37港元；禾赛-W（02525）上涨3.07%，报163.40港元；耐世特（01316）上 涨0.99%，报6.10港元；黑芝麻智能（02533）上涨0.05%，报19.74港元。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Group 1 - The core viewpoint of the news is that the approval of China's first batch of L3 conditional autonomous driving vehicles marks a significant regulatory milestone, transitioning high-level autonomous driving from mere technology demonstration to a stage of regulatory compliance and operational deployment [1][2] - The stocks of several autonomous driving concept companies experienced significant gains, with Zhejiang Shibao rising by 7.94% to 4.35 HKD, and others like Nexperia and Yujia Innovation also showing notable increases [1] - The Ministry of Industry and Information Technology officially announced the first batch of L3-level conditional autonomous driving vehicle approvals, with Chang'an Automobile and BAIC Jihe being the first companies to receive licenses for trial operations in designated areas [1] Group 2 - Haitong International believes that the ongoing validation of Tesla's Robotaxi and the institutionalization of L3 vehicles in China are accelerating an industrial inflection point that will profoundly impact vehicle valuation systems and competitive landscapes [2] - Ping An Securities emphasizes that the technology behind L3 conditional autonomous driving relies on mature and reliable environmental perception capabilities, necessitating the integration of various sensors such as cameras, millimeter-wave radar, and LiDAR for accurate perception in extreme weather and complex road conditions [2]

海通国际认为，随着特斯拉Robotaxi的持续放量验证，以及中国L3车型的制度化落地，高阶自动驾驶的 产业拐点正在加速到来，并将深刻影响整车估值体系与竞争格局。平安证券指出，L3级有条件自动驾 驶的技术原理离不开成熟可靠的行驶环境感知能力，因此需装备多种传感器，如摄像头、毫米波雷达、 激光雷达等，以实现多传感器融合模式下极端天气、复杂路况等环境精准感知能力。 消息面上，工业和信息化部12月15日正式公布了我国首批L3级有条件自动驾驶车型准入许可名单。长 安汽车与北汽极狐成为首批入围车企，其获批车型将分别在重庆指定拥堵路段和北京指定高速路段开展 上路试点。这意味着高阶智驾不再仅停留于技术展示，而是进入了按法规要求交付、运营并接受监管的 新阶段。值得一提的是，海外方面，美国奥斯汀街头出现运行Unsupervised FSD的特斯拉Model YRobotaxi。 智通财经APP获悉，部分智驾概念股高开，截至发稿，浙江世宝(01057)涨7.94%，报4.35港元；耐世特 (01316)涨3.64%，报6.26港元；佑驾创新(02431)涨2.99%，报10.32港元；禾赛-W(02525)涨2.9%，报 163. ...

丁峰涛感谢苏州长期以来对集团发展的大力支持。他说，苏州作为工业大市、制造强市，是全球汽 车产业新高地，集团始终看好苏州。未来将依托苏州的产业与人才优势，深化战略合作，扩大业务布 局，更深层次融入本地的创新生态，更好助力苏州汽车产业智能化、高端化与绿色化发展。 美国耐世特集团为转向系统及相关技术的全球一级汽车零部件供应商，现隶属于中国航空汽车系统 控股有限公司。2007年耐世特在苏州工业园区设立工厂，上个月，总投资10亿元的亚太智能制造总部项 目开工。 会见中，吴庆文代表苏州市委、市政府对客人一行的到访表示欢迎，对耐世特集团一直以来给予苏 州发展的关心和支持表示感谢。吴庆文说，当前苏州正紧扣高质量发展这一首要任务，大力推进开放创 新，加快培育新质生产力，全力打造具有全球领先地位的"智造之城"。耐世特是转向系统及相关技术的 全球领导企业，集团与苏州合作空间广阔、正当其时。衷心期待耐世特持续关注苏州、投资苏州，将更 多高能级总部职能、先进技术和优质项目布局在苏州。我们将持续优化营商环境，全力保障项目早日投 产见效，助力企业做优做强。 昨天（12月9日），市委副书记、市长吴庆文会见了中国航空汽车系统控股有限公司总经理 ...

智通财经获悉，耐世特(01316)涨超7%，截至发稿，涨7.14%，报6.45港元，成交额5587.72万港元。 消息面上，根据中国标准化公众号，近日，GB17675-2025《汽车转向系基本要求》国家认证标准发 布，2026年7月1日起代替"GB17675-2021"标准，其中删除了相关机械连接的强制要求，重点规范线控 转向（SBW）、电动助力转向（EPS）等新型技术的安全性、失效应对及功能安全验证。据悉，该标准 由多个相关车企单位牵头起草。 本文源自：智通财经网 国泰海通证券认为，相关国家认证标准的发布，是线控转向走向量产的一个重要前置节点；线控转向的 优势包括：更好地释放座舱空间、赋能L3及以上自动驾驶、可变转向比以及更好的转向舒适性；在标 准的规范下，线控转向有望顺利量产。推荐转向系统头部企业耐世特。 ...

Core Viewpoint - Nexperia (01316.HK) has seen a significant increase in its stock price, rising over 7% to reach 6.45 HKD with a trading volume of 55.88 million HKD [2] Summary by Category - **Stock Performance** - Nexperia's stock price increased by 7.14% [2] - Current stock price is 6.45 HKD [2] - Trading volume reached 55.88 million HKD [2]