Core Viewpoint - The report from China Merchants Securities indicates that the high-level autonomous driving sector in China and the U.S. is advancing simultaneously, suggesting that the autonomous driving segment is expected to break out of its recent downturn [1] Group 1: Industry Developments - China's L3 production access has achieved institutional implementation, with a cautious and orderly pace of commercialization [1] - Tesla's Robotaxi testing without safety drivers is progressing, indicating rapid evolution in autonomous driving technology [1] Group 2: Investment Recommendations - The report recommends the following companies for investment: Xpeng Motors-W (09868) and Tesla (TSLA.US) for complete vehicles [1] - For components, the report suggests Horizon Robotics-W (09660) and Hesai Technology-W (02525) [1] - For Robotaxi operations, the recommendation is for Pony.ai-W (02026) [1]

Group 1 - The smart driving concept stocks experienced a significant rise, with Zhejiang Shibao increasing by 10.02% to HKD 5.6, Pony.ai-W up by 8.26% to HKD 124.6, Youjia Innovation rising by 6.25% to HKD 15.63, and Hesai-W gaining 4% to HKD 182.1 [1] - Major breakthroughs in the smart driving sector have been reported both domestically and internationally, including the Ministry of Industry and Information Technology's announcement of the first batch of L3 conditional autonomous driving vehicle permits on December 15, which includes models from Changan and BAIC [1] - The first L3 autonomous driving dedicated license plate "渝AD0001Z" was issued in Chongqing on December 20, marking the beginning of the L3 autonomous driving era for Changan Automobile [1] Group 2 - According to Dongfang Securities, the L3 autonomous driving industry is expected to accelerate its progress by 2026 due to regulatory support and increasing market demand, benefiting related smart driving hardware and software suppliers [2] - Longcheng Securities noted that leading companies both domestically and internationally are making continuous breakthroughs in smart driving, indicating that the industry is entering a high-speed development phase [2] - As high-level smart driving technology becomes available in vehicles priced between 100,000 to 200,000 yuan, the equity in smart driving technology is expected to gradually be realized, with a positive outlook on investment opportunities in the smart driving industry chain [2]

Core Viewpoint - The smart driving sector is experiencing significant growth, with stocks rising sharply due to recent advancements in autonomous driving technology and regulatory approvals [1][3]. Group 1: Stock Performance - Smart driving concept stocks saw substantial gains, with increases of over 9%, 8%, 3%, and 2% in early trading [1]. - Notable stock performances include: - Xiaoma Zhixing-W (02026) at +9.29% with a trading volume of 23.74 million [2]. - Zhejiang Shibao (01057) at +8.25% with a trading volume of 124 million [2]. - FIT HON TENG (06088) at +5.00% with a trading volume of 45.88 million [2]. - SenseTime-W (00020) at +4.79% with a trading volume of 265 million [2]. Group 2: Industry Developments - The Ministry of Industry and Information Technology (MIIT) has issued the first batch of L3-level conditional autonomous driving vehicle licenses, with Changan Deep Blue SL03 and BAIC Arcfox Alpha S6 among the first approved models [3]. - Noteworthy advancements include the issuance of the first L3-level autonomous driving dedicated license plate "渝AD0001Z" in Chongqing, marking the start of the L3 autonomous driving era for Changan Automobile [3]. - Internationally, Tesla has commenced full autonomous Robotaxi testing in Austin, Texas, without safety supervisors or passengers in the vehicle [3]. Group 3: Market Outlook - Dongfang Securities anticipates that with regulatory support and increasing market demand, the industrialization of L3-level autonomous driving is expected to accelerate by 2026, benefiting related hardware and software suppliers [3]. - Changcheng Securities highlights that leading companies are making continuous breakthroughs in smart driving, indicating that the industry is entering a high-speed development phase [3]. - The gradual reduction of high-level autonomous driving technology to vehicles priced between 100,000 to 200,000 will promote equity in smart driving technology, leading to positive investment opportunities in the smart driving supply chain [3].

Group 1 - The smart driving concept stocks experienced a significant rise in early trading [1] - Zhejiang Shibao (01057.HK) increased by 10.02%, reaching HKD 5.6 [1] - Pony.ai-W (02026.HK) rose by 8.26%, trading at HKD 124.6 [1] - Youjia Innovation (02431.HK) saw a gain of 6.25%, priced at HKD 15.63 [1] - Hesai Technology-W (02525.HK) climbed by 4%, with a price of HKD 182.1 [1]

Group 1 - The smart driving concept stocks experienced a significant rise, with Zhejiang Shibao increasing by 10.02% to HKD 5.6, Xiaoma Zhixing-W up by 8.26% to HKD 124.6, Youjia Innovation rising by 6.25% to HKD 15.63, and Hesai-W increasing by 4% to HKD 182.1 [1] - The Ministry of Industry and Information Technology officially announced the first batch of L3-level conditional autonomous driving vehicle permits on December 15, with Changan Deep Blue SL03 and BAIC Arcfox Alpha S6 among the first approved models [1] - The first L3-level autonomous driving dedicated license plate "Yu AD0001Z" was issued in Chongqing on December 20, marking the beginning of the L3 autonomous driving era for Changan Automobile [1] Group 2 - According to Dongfang Securities, the L3-level autonomous driving industry is expected to accelerate its progress by 2026, driven by regulatory support and increasing market demand, benefiting related smart driving hardware and software suppliers [2] - Longcheng Securities noted that leading companies both domestically and internationally are making continuous breakthroughs in smart driving, indicating that the industry is entering a period of rapid development [2] - As high-level smart driving technology gradually becomes available in vehicles priced between RMB 100,000 to 200,000, the equity in smart driving technology is expected to be realized, with a positive outlook on investment opportunities in the smart driving industry chain [2]

消息面上，近期，海内外智能驾驶领域均迎来重大突破。12月15日，工信部正式公布首批L3级有条件 自动驾驶车型准入许可，首批获准车型为长安深蓝SL03和北汽极狐阿尔法S6，随后比亚迪 （002594）、鸿蒙智行等多家品牌也宣布获得L3级自动驾驶路测牌照并启动内测。值得关注的是，12 月20日，首块L3级自动驾驶专用正式号牌"渝AD0001Z"在重庆诞生，标志着长安汽车开启L3级自动驾 驶时代。海外方面，马斯克此前表示特斯拉正式在奥斯汀启动全无人驾驶Robotaxi测试，车内无安全监 督员及乘客。 东方证券认为，在法规政策支持、市场需求提升的驱动下，预计2026年L3级自动驾驶产业化进展有望 持续加速，相关智驾硬件及软件供应商有望受益。长城证券（002939）表示，海内外龙头厂商持续在智 驾方面取得突破行业进入高速发展期。伴随高阶智驾逐步下探至10-20万车型，智驾平权亦将逐步实 现，该行持续看好智能驾驶产业链投资机会。 智驾概念股早盘走高，截至发稿，浙江世宝（002703）(01057)涨10.02%，报5.6港元；小马智行- W(02026)涨8.26%，报124.6港元；佑驾创新(02431)涨6.25%， ...

每经AI快讯，12月22日，港股智能驾驶概念股盘初走强，小马智行-W涨超6%，浙江世宝、禾赛-W、小 鹏汽车、佑驾创新等个股跟涨。 （文章来源：每日经济新闻） ...

Core Insights - The company, Xiaoma Zhixing, has achieved single-vehicle profitability in Guangzhou, with daily revenue per vehicle reaching 299 yuan, and aims to expand its fleet to 1,000 vehicles by the end of 2025 and 3,000 by 2026 [2][3] - The company is leveraging a light-asset cooperation model to accelerate the commercialization of autonomous driving, moving from "technology validation" to "scale profitability" [2][4] - The seventh-generation Robotaxi has seen a 70% reduction in autonomous driving kit costs compared to the previous generation, supporting the company's profitability goals [3][6] Financial Performance - Daily average revenue per vehicle in Guangzhou is 299 yuan, with an average order volume of 23 orders per vehicle [3] - The company plans to achieve a fleet size of 10,000 vehicles by 2030, targeting a market share of 5%-10% in the domestic ride-hailing market [7][8] Technological Advancements - The seventh-generation Robotaxi features significant technological breakthroughs and cost optimizations, including a unified autonomous driving kit shared across multiple models [3][4] - The company employs a reinforcement learning framework to enhance the safety of its AI drivers, distinguishing itself from competitors relying on imitation learning [6][7] Market Strategy - Xiaoma Zhixing has become the first company in China to obtain autonomous demonstration operation licenses in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen [4] - The light-asset cooperation model allows the company to share capital expenditures with partners, accelerating fleet expansion without bearing the full cost [5] Future Outlook - The company aims for a dual strategy of scale expansion and continuous cost optimization, with a projected 20% further reduction in autonomous driving kit costs by 2026 [7] - The focus will be on deepening market presence in first-tier cities while gradually penetrating second and third-tier cities through the light-asset model [7][8]

Core Insights - The global autonomous driving industry is undergoing a paradigm shift, transitioning from experimental phases to tangible financial performance, with companies like Baidu and Pony.ai achieving operational profitability [2][4][11] - The competitive landscape for Robotaxi has evolved, focusing on profitability and operational efficiency as hardware costs decrease and AI reshapes operational rules [3][11] Commercialization Progress - Pony.ai's Robotaxi achieved unit economic model (UE) profitability in Guangzhou, indicating a successful transition from R&D to commercial viability [4][5] - The average daily revenue for Pony.ai's seventh-generation Robotaxi is approximately 299 RMB, with a target of 24 rides per day to ensure positive cash flow [4][5] - The company aims to scale its fleet to 1,000 vehicles by 2025, 3,000 by 2026, and 100,000 by 2030, integrating Robotaxi into daily life [2][11] Cost Management and Operational Efficiency - Significant cost reductions have been achieved, with the BOM cost of the seventh-generation vehicle dropping by 70% compared to the sixth generation [5][6] - The use of mass-produced components and optimized algorithms has enhanced operational efficiency, allowing for better performance with lower costs [5][6] - Insurance costs for Robotaxi are 50% lower than traditional taxis, reflecting the safety record of AI drivers [6] Industry Competition - The Robotaxi market is becoming increasingly competitive, with major players like Waymo and Tesla entering the fray, each adopting different strategies [8][10] - Waymo's recent funding round has pushed its valuation to nearly $100 billion, while Tesla is focusing on a low-cost, vision-based approach [8][10] - New entrants like XPeng and Hello are also planning to launch their own Robotaxi services, intensifying competition [9][10] Market Potential and Future Outlook - The Robotaxi market could reach $80 billion in major Chinese cities by 2030, with potential global market size reaching $3.94 trillion when including overseas markets [12] - As hardware costs decline, operational expenses will become a larger portion of the cost structure, emphasizing the importance of operational efficiency [12] - The industry is shifting from a focus on technology to one centered on operational capabilities and market presence [11][12] Strategic Shifts - Pony.ai is transitioning to a "light asset" model, partnering with vehicle manufacturers and service platforms to reduce capital expenditure [7][14] - The company is focusing on creating a value chain where it provides AI technology while others handle vehicle production and service distribution [7][14] - The emphasis is on building partnerships and leveraging local resources in international markets, particularly in the Middle East [6][18]

记者丨江佩佩 见习记者张嘉钰 编辑丨谭婷 当地时间12月19日，美国三大股指全线收涨，道指涨0.38%，标普500指数涨0.88%，纳指涨1.31%。 耐克股价暴跌11%，此前公司表示预计销售将出现下滑。 中概股多数上涨，纳斯达克中国金龙指数涨0.86%。个股方面，小马智行涨近12%，禾赛科技涨超7%， 小鹏汽车涨近7%，理想汽车涨逾5%，拼多多涨超3%，百度、知乎涨超2%，爱奇艺跌超1%。 贵金属集体走高，现货黄金涨0.2%，报4341美元/盎司。COMEX黄金期货涨0.1%。现货白银涨2.44%， 报67.049美元/盎司，盘中一度刷新历史高位至67.4595美元。COMEX白银期货涨3.34%，盘中涨至 67.680美元创历史新高。COMEX铜期货涨0.90%，现货铂金涨2.60%；现货钯金涨1.30%，走势与铂金 一致。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 48134.89 | 23307.62 | 6834.50 | | +183.04 +0.38% +301.26 +1.31% +59.74 +0.88% | | | ...