Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the mid-to-high-end and used car markets, as well as the impact of new subsidies [2]. Core Insights - The upcoming subsidies are expected to alleviate previous concerns regarding the total market volume for 2026, with a focus on companies like BYD and Geely, which cater primarily to mid-to-low-end demand [2]. - The report highlights the potential for significant performance improvement in parts manufacturers in the first half of 2026 due to subsidy support, recommending companies with strong fundamentals and low valuations [2]. - The report identifies new energy vehicle companies such as XPeng, NIO, and Li Auto, which have advantages in AI and robotics, as potential investment opportunities [2]. - The report notes a positive trend in the used car market and overall dealer profitability, recommending companies like Uxin [2]. - The report emphasizes the importance of state-owned enterprise reforms, particularly for SAIC and Dongfeng, as a key area to watch [2]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of December reached 77,000 units, a year-on-year decrease of 11% but a month-on-month increase of 9% [2]. - The automotive industry recorded a total transaction value of 582.81 billion yuan for the week, with an industry index increase of 2.74%, outperforming the Shanghai Composite Index [6]. - The report indicates that 172 automotive stocks rose while 94 fell, with the largest gainers being Chaojie Co., Longi Machinery, and Zhejiang Sebao [11]. Market Conditions - The report notes that traditional and new energy raw material price indices have risen recently, with traditional vehicle raw materials increasing by 1.3% week-on-week and 1.0% month-on-month, while new energy vehicle raw materials rose by 5.6% week-on-week and 6.8% month-on-month [62]. - The automotive industry’s price-to-earnings ratio stands at 29.17, ranking 19th among all sectors, indicating a moderate valuation compared to the Shanghai Composite Index's 14.15 [8][10]. Key Events - The report highlights the optimization of toll road policies and the improvement of autonomous driving regulations as significant developments that will enhance the operational efficiency of the transportation system [3][4]. - The report mentions the launch of the first L3 autonomous driving license plate in China, awarded to Changan Automobile, marking a milestone in the industry [24][44].

12月29日，港股多只新能源汽车概念股表现活跃。截至13时10分，小鹏汽车-W涨5.98%，蔚来-SW涨5.83%，比亚迪股份涨5.77%，零跑汽车涨2.42%。 上证报中国证券网讯（记者 孔令仪）12月29日，港股多只新能源汽车概念股表现活跃。截至13时10分，小鹏汽车-W涨5.98%，蔚来-SW涨5.83%，比亚迪股 份涨5.77%，零跑汽车涨2.42%。 消息面上，12月28日，小鹏汽车官方微信公众号宣布，由小鹏汽车和北京大学计算机学院多媒体信息处理全国重点实验室联合完成的论文，近日入选人工智 能领域国际顶级会议AAAI 2026。小鹏汽车表示，未来，公司将继续以L4为目标，在AI大模型领域加大投入，加速物理AI大模型上车，让更安全、高效、舒 适的智驾体验惠及全球用户。 另据零跑汽车官方微信公众号显示，12月28日，中国一汽与零跑汽车举行签约仪式，中国一汽全资子公司一汽股权和旗新动力，分别与零跑汽车签署投资协 议和合作协议。根据协议，一汽股权将以内资股增发方式入股零跑汽车，成为其战略股东，通过资本融合的方式促进两大汽车集团的战略协同；旗新动力将 与零跑汽车进一步共享资源，共同推动插电混动、增程等动力总成 ...

| મ્દ્રન્ત | 名称 | 最新价 | 涨跌额 | ж跌幅> | | --- | --- | --- | --- | --- | | 02252 | 微创机器人-B | 26.180 | +4.980 | 23.49% | | 09880 | 优必选 | 119.900 | +10.400 | 9.50% | | 02432 | 越雷 | 33.960 | +2.340 | 7.40% | | 09868 | 小鹏汽车-W | 79.750 | +3.650 | 4.80% | | 00370 | 港仔机器人 | 0.970 | +0.040 | 4.30% | | 02590 | 极智嘉-W | 22.420 | +0.560 | 2.56% | | 02238 | 广汽集团 | 4.100 | +0.100 | 2.50% | | 02050 | 三化智控 | 34.160 | +0.700 | 2.09% | | 01347 | 华虹半导体 | 72.650 | +1.200 | 1.68% | | 06680 | 金力永磁 | 18.640 | +0.140 | 0.76% | | 02670 ...

深圳新闻网2025年12月28日讯（记者 林玟珊 王斯涵）1825家重点用人单位、超6.5万个优质岗位……12 月27日-28日，"百万英才汇南粤"秋季大型综合招聘会在深圳举行，众多港澳高校毕业生前来求职。港 资企业CEO何耀威结合自身在深创业超30年的经验建议，内地产业发展成熟，且各行业均有其明确的 规则与体系，鼓励港澳青年通过实际入职工作，亲身积累经验，这对个人长远发展将大有助益。 "在这边工作，其实可以带来一个跨区域的工作经验，这个工作经验写在履历上面，大家都记住了。" 港资企业——舒糖讯息科技有限公司CEO何耀威表示。谈起选择深圳创业的原因，何耀威表示，核心在 于深圳拥有与其团队技术研究方向相契合且成熟完善的产业链，这为创业提供了关键支撑。他给港澳青 年建议，如果想来深圳等城市发展，首先需要了解这边的文化；对于如何准备面试，他提出了一个核心 问题，即在了解公司背景的基础上，必须想清楚公司的发展需要求职者带来什么，而求职者又希望从这 里获得什么。"这是一个互相的过程，不是单方面的。" 本次招聘会首创"链主企业专区"，华为、腾讯、比亚迪、小鹏等8家知名链主带领超80家上下游企业 以"产业组团"方式招聘形成 ...

Core Insights - XPENG, in collaboration with Peking University, has developed FastDriveVLA, a novel visual token pruning framework for autonomous driving AI, which has been accepted at AAAI 2026, a prestigious AI conference with an acceptance rate of 17.6% [1][10]. Technology Development - FastDriveVLA focuses on efficient visual token pruning, allowing AI to prioritize essential visual information while filtering out irrelevant data, thereby enabling autonomous driving systems to "drive like a human" [2][4]. - The framework employs an adversarial foreground-background reconstruction strategy to enhance the model's ability to retain valuable tokens, achieving a significant reduction in computational load [5]. Performance Metrics - On the nuScenes autonomous driving benchmark, FastDriveVLA demonstrated state-of-the-art performance, achieving a nearly 7.5x reduction in computational load when visual tokens were reduced from 3,249 to 812, while maintaining high planning accuracy [5]. Industry Recognition - This marks the second recognition for XPENG at a top-tier global AI conference in 2025, following its participation in CVPR WAD, where it presented advancements in autonomous driving foundation models [6]. - XPENG's commitment to achieving L4 level autonomous driving is underscored by its full-stack in-house capabilities, which encompass model architecture design, training, and vehicle deployment [7]. Company Overview - XPENG is positioned as a leader in future mobility transformation, with R&D centers across China and a global strategy for research, development, and sales, including a presence in the United States and Europe [8][9].

点击蓝字，关注我们 今日上午港股 5 . 小鹏汽车-W(09868)涨近6% 。消息面上，据小鹏汽车官微消息，近期，小鹏汽车于卡塔尔多哈隆 重举行品牌上市发布会，标志着其正式进军这一中东高端市场。 6. 易生活控股(00223)自2024年12月2日停牌逾一年，今早复牌一度升1.61倍，随后股价回落。截至发 稿，涨68.81% 。消息面上，易生活控股公布，公司已符合复牌指引，主要包括刊发所有尚未公布的 财务业绩并处理任何审计修改；就2024年中期有关若干经营附属的问题进行独立调查，评估对公司业 务营运及财务状况的影响，公布调查结果，并采取适当补救行动；证明公司遵守上市规则第13.24 条，即有足够的业务运作或拥有相当价值的有形资产或无形资产；及向市场通报所有重大资料等。 7 . 部分光伏股走高， 协鑫新能源(00451)涨6.76%，新特能源(01799)涨4.81%，协鑫科技(03800)涨 1.83%，信义光能(00968)涨0.99% 。 消息面上，市场监管总局近日在安徽合肥对光伏行业开展价格竞 争秩序合规指导。市场监管总局将通过加大产品质量监督力度、加强价格和反不正当竞争执法等手 段，严厉查处违法违规 ...

| 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 09866 | 蔚来-SW | 0 | 6.71% | 41.020 | 1010.8亿 | 17.87% | | 09868 | 小鹏汽车-W | | 6.44% | 81.000 | 1548.42 Z | 73.63% | | 01211 | 比亚迪股份 | | 6.14% | 99.350 | 9057.947 | 13.65% | | 00175 | 吉利汽车 | | 5.20% | 17.800 | 1911.53亿 | 22.84% | | 02015 | 理想汽车-W | | 4.23% | 67.800 | 1368.64 Z | -27.83% | | 09863 | 零跑汽车 | | 3.92% | 51.900 | 737.92 Z | 59.45% | | 02333 | 长城汽车 | | 3.34% | 14.860 | 1271.7亿 | 12.85% | | 02238 | 广汽集团 | | 3.00% ...

港股机器人概念股走强，优必选涨超10%，微创机器人-B涨超10%、小鹏汽车-W涨超5%。 港股机器人概念股走强，优必选涨超10%，微创机器人-B涨超10%、小鹏汽车-W涨超5%。 ...

每经AI快讯，小鹏汽车-W(09868.HK)涨超5%，截至发稿，涨5.72%，报80.45港元，成交额8.6亿港元。 每经AI快讯，小鹏汽车-W(09868.HK)涨超5%，截至发稿，涨5.72%，报80.45港元，成交额8.6亿港元。 ...

12月29日，小鹏汽车宣布，新款P7+应用了全球化统一的生产和安全标准，将在全球36国同步发布。据 介绍，2026款小鹏P7+增程版本综合续航里程将达到1550公里，纯电版本续航里程达到725公里。 12月29日，小鹏汽车宣布，新款P7+应用了全球化统一的生产和安全标准，将在全球36国同步发布。据 介绍，2026款小鹏P7+增程版本综合续航里程将达到1550公里，纯电版本续航里程达到725公里。 ...