Core Viewpoint - The rise of Corporate Venture Capital (CVC) is significantly impacting the investment landscape, focusing on industry empowerment while facing various challenges in execution and strategy [2][5][20]. Group 1: CVC Overview and Development - The annual China Private Equity Annual Conference highlights the growing influence of CVC in the investment ecosystem, with over a thousand participants from various sectors [2]. - CVCs are increasingly recognized as vital players in the investment landscape, with a focus on both financial returns and strategic industry support [5][12]. Group 2: CVC Strategies and Missions - Different CVCs have varying missions; for instance, Huasheng Fund aims for profitability while also supporting its parent company, SANY Group, in strategic transformations [6][8]. - CVCs like Shangqi Capital focus on the automotive industry, emphasizing the importance of collaboration and resource sharing within the supply chain to enhance efficiency and innovation [9][10]. Group 3: Investment Focus and Trends - Investment trends indicate a shift towards hard technology and biomedicine, with CVCs diversifying their portfolios to include emerging sectors like AI and renewable energy [4][10]. - The automotive sector is undergoing significant transformation, with CVCs adapting to the competitive landscape by investing in new technologies and startups that align with industry trends [9][10]. Group 4: Challenges and Solutions - CVCs face challenges in quantifying the value of their empowerment efforts, particularly in sectors like automotive semiconductors, where integration into existing supply chains is complex [20][21]. - The need for CVCs to develop strong internal communication and management skills is emphasized, as they must bridge the gap between innovative startups and established industry players [21][22]. Group 5: Future Directions - The future of CVCs involves a focus on long-term investment strategies, with an emphasis on patience and the ability to navigate the complexities of the manufacturing process [22][23]. - CVCs are expected to adopt more flexible investment decision-making processes to better support early-stage projects, balancing financial returns with strategic industry insights [23][24].

图片来源：视觉中国 智通财经记者 | 陈小同 金秋野 12月17日，一份广泛流传的鸿蒙智行政策调整通知提到，鸿蒙智行决定统一停止"鸿蒙智行大饭店"相关宣传，并清除各个平台历史宣传素材。通告指出， 此次调整旨在优化市场营商环境、降低经销商经营成本。 通知还提到一些具体调整，如禁止免费充电，超充桩、快充桩可采用付费或鸿蒙智行APP积分消费，慢充桩不对外使用；禁止免费洗车与餐饮，仅在用户 到店看车、交车、维修、保养等业务过程中，可依规提供相应服务，门店须做好洗车券、餐饮券的登记与管理；所有免费洗车，充电、餐饮等服务不得作 为差异化销售手段，否则视为违规等。 12月18日，智通财经致电上海吴中路鸿蒙智行用户中心，工作人员表示，免费洗车、餐饮仍提供，但需要先预约，预约二维码即将推出，目前还在调试阶 段。 记者再问预约是否有前置条件，工作人员表示："只要能约得上，都可以进来。"问及为何进行这样的变动，店方称，店内客流量实在太多，导致每天门口 堵车有10来辆，排到下一个红绿灯，把道路堵死了，"既影响到我们来交车的客户，也影响到我们来看车的客户，也影响到了我们售后的客户。" 有分析认为，鸿蒙智行此举在降低成本的同时，也能精准 ...

"实力稳定，让灭火器失业"——这是2024年上汽荣威对外宣传零自燃时的口号，官方还称将"烧一赔一"，即免费更换一台与原车配置相同，或与原车同等 价位的新车。 不过如今，这句"零自燃"的宣传口号遭遇打脸。 近日有荣威车主告诉《次世代车研所》，他购买仅一年的荣威RX5在行驶中突然发生自燃。根据消防部门出具的火灾事故认定书显示，"起火原因不排除 发动机机舱内发动机机械故障引发的火灾"。但荣威官方却仅愿意按照二手车价格赔付，这让他无法接受。 《次世代车研所》栏目就荣威RX5自燃原因以及赔付方案向荣威方面求证，截至发稿前官方暂无回应。 此类事件绝非孤立。据媒体报道，今年5月，一辆疑似荣威Ei5车型在苏州工业园一座充电站充电时起火，并引燃了周边三辆车；今年11月，四川成都一辆 白色荣威电车起火。交警明确表示，排除由交通事故引发的可能性。 车辆自燃，官方推诿？ 张先生向《次世代车研所》栏目爆料称，今年11月，他驾驶的荣威RX5突然发生自燃，但厂家一直推诿责任，未给出满意的解决方案。 据他描述，这款车为荣威RX5第三代1.5T旗舰智驾版，于2024年1月4日正式交付，购车加上保险、上牌等最终落地价格为12万元。今年11月中旬 ...

南财投研通数据显示，12月17日，券商给予上市公司目标价共10次，按最新收盘价计算，目标价涨幅排名居前的 公司有鸿路钢构、九洲药业、华锐精密，目标价涨幅分别为56.76%、48.99%、36.02%，分别属于专业工程、医疗 服务、通用设备行业。 | | | 9家最新被首次覆盖的公司 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 行业 | | 600104 | 上汽集团 | 爱建证券 | 买人 | 乘用车 | | 002245 | 劇監理心 | 爱建证券 | 买人 | 电池 | | 603456 | 九洲药业 | 华创证券 | 推荐 | 医疗服务 | | 300496 | 中科创达 | 东北证券 | 北 | IT服务 | | 301611 | 珂玛科技 | 东北证券 | 増持 | 半島体 | | 688031 | 星环科技 | 东吴证券 | 深入 | 软件开发 | | 688630 | 芯基微装 | 中原证券 | 买人 | 专用设备 | | 688627 | 精智达 | 东北亚券 | 增持 | 通用设备 | | 688072 ...

首次覆盖方面，12月17日券商共给出了9次首次覆盖，其中上汽集团（600104）、蔚蓝锂芯（002245）均获得爱建 证券给予"买入"评级，九洲药业获得华创证券给予"推荐"评级，中科创达（300496）、珂玛科技（301611）获得 东北证券分别给予"买入""增持"评级。 | | | 9家最新被首次覆盖的公司 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 行业 | | 600104 | 上汽集团 | 爱建证券 | 买人 | 乘用车 | | 002245 | 劇監理心 | 爱建证券 | 买人 | 电池 | | 603456 | 九洲药业 | 华创证券 | 推荐 | 医疗服务 | | 300496 | 中科创达 | 东北证券 | 北 | IT服务 | | 301611 | 珂玛科技 | 乐 训练 | 増持 | 半导体 | | 688031 | 星环科技 | 东吴证券 | 深入 | 软件开发 | | 688630 | 芯碁微装 | 中原证券 | 买人 | 专用设备 | | 688627 | 精智达 | 东北证券 | 增持 | 通用 ...

不过如今，这句"零自燃"的宣传口号遭遇打脸。 近日有荣威车主告诉《次世代车研所》，他购买仅一年的荣威RX5在行驶中突然发生自燃。根据消防部 门出具的火灾事故认定书显示，"起火原因不排除发动机机舱内发动机机械故障引发的火灾"。但荣威官 方却仅愿意按照二手车价格赔付，这让他无法接受。 《次世代车研所》栏目就荣威RX5自燃原因以及赔付方案向荣威方面求证，截至发稿前官方暂无回应。 此类事件绝非孤立。据媒体报道，今年5月，一辆疑似荣威Ei5车型在苏州工业园一座充电站充电时起 火，并引燃了周边三辆车；今年11月，四川成都一辆白色荣威电车起火。交警明确表示，排除由交通事 故引发的可能性。 车辆自燃，官方推诿？ 张先生向《次世代车研所》栏目爆料称，今年11月，他驾驶的荣威RX5突然发生自燃，但厂家一直推诿 责任，未给出满意的解决方案。 据他描述，这款车为荣威RX5第三代1.5T旗舰智驾版，于2024年1月4日正式交付，购车加上保险、上牌 等最终落地价格为12万元。今年11月中旬，他驾驶车辆排队进入郑州一家商场停车场时，车辆突然冒烟 起火，情急中他赶紧下车。最终火被扑灭，没有造成人员伤亡。 文 | 《次世代车研所》栏目 张俊 ...

Core Insights - UBS predicts that Chinese automakers are expected to capture one-third of the global automotive market by 2030, up from one-fourth this year, driven by advantages in electric vehicle technology, an improving distribution network, and increasing brand recognition [1][2] Market Share Projections - By 2030, Chinese automakers' global market share is projected to rise from below 20% in 2022 and 25% this year to over 33% [2] - In Western Europe, the market share of Chinese automakers is expected to grow from approximately 5% to 15% [2] - Chinese automakers are anticipated to achieve a 25% market share in other global markets [2] Globalization Strategy 2.0 - Chinese automakers are entering a "Globalization Strategy 2.0" phase, focusing on enhancing brand recognition and expanding localized manufacturing [4] - The overseas sales currently account for 20% of the total sales in the Chinese automotive industry, contributing 40%-50% of revenue for some companies [4] Competitive Landscape - Chinese electric vehicle manufacturers are increasingly comparable to typical Western brands, with significant growth in market share despite rising protectionism in developed markets [6] - The retail price of Chinese electric vehicles in overseas markets has reached around $30,000, aligning with mid-range brands [6] Future Outlook - By 2030, the market share of Chinese domestic brands in the local market is expected to rise from approximately 50% in 2022 to 85% [6] - The report emphasizes the need for Chinese automakers to build brand trust, expand sales channels, and accelerate local production overseas to navigate market volatility and competition [6]

Core Insights - The Chinese automotive industry is entering a new era with the approval of the first L3 conditional autonomous driving models by the Ministry of Industry and Information Technology, specifically the Changan Deep Blue and BAIC Arcfox electric sedans [1][4] - This marks a significant transition from "driver assistance" to "autonomous driving," allowing vehicles to operate on designated roads under certain conditions [4][20] - The introduction of L3 technology signifies a shift in the automotive landscape, where the roles of the driver and the system are reversed, with the system taking primary control [12][21] Group 1: Importance of L3 Level - The approval of L3 vehicles is a milestone, as it represents a new classification in autonomous driving, fundamentally different from previous levels [6][20] - L3 and higher levels (L4, L5) indicate a significant advancement in technology, where the system can make driving decisions independently, reducing the driver's role to that of a safety monitor [12][21] - The transition to L3 is crucial as it implies that the driver is no longer the absolute authority in driving, allowing for greater freedom in activities while the vehicle is in operation [21][30] Group 2: Technical Requirements for L3 - Achieving L3 autonomy requires advanced technology, including powerful chips and various sensors to process environmental data and make real-time decisions [23][24] - The computational power needed for L3 starts at 30 TOPS, significantly higher than the 10 TOPS required for L2, indicating a substantial increase in data processing capabilities [23][27] - The L3 approval is not just beneficial for automotive brands but also for chip manufacturers and sensor suppliers, highlighting the interconnected nature of the industry [29] Group 3: Challenges Ahead - Despite the progress, there are significant hurdles to overcome before L3 can be widely adopted, including legal frameworks that currently center around human drivers [31][32] - Social acceptance and trust in L3 technology remain critical issues, as the public must adapt to the new dynamics of autonomous driving [31][32] - Infrastructure compatibility is another challenge, as existing road designs and traffic behaviors are primarily based on human drivers, which may not align with L3 system capabilities [32]

Group 1 - The ride-hailing concept sector declined by 0.90%, ranking among the top declines in concept sectors, with Longzhou Co. hitting the limit down, and Haima Automobile, Hainan Airlines, and Tianmai Technology experiencing significant declines [1] - Among the ride-hailing sector, 11 stocks saw price increases, with Changbai Mountain, Yunnan Tourism, and Dahua Co. leading the gains at 3.83%, 3.02%, and 1.98% respectively [1] - The ride-hailing sector experienced a net outflow of 1.236 billion yuan from main funds, with 19 stocks seeing net outflows, and 7 stocks having outflows exceeding 30 million yuan [2] Group 2 - The top net outflow stock was Beiqi Blue Valley, with a net outflow of 619 million yuan, followed by Haima Automobile and Changan Automobile with net outflows of 228 million yuan and 209 million yuan respectively [2] - The stocks with the highest net inflow included Changbai Mountain, Shenkangjia A, and Dahua Co., with net inflows of 56.36 million yuan, 15.70 million yuan, and 14.38 million yuan respectively [2] - The ride-hailing sector's outflow list included stocks like Beiqi Blue Valley, Haima Automobile, and Changan Automobile, with respective declines of 0.85%, 6.76%, and 2.24% [3]

明确L3级自动驾驶使用场景，自动驾驶商业化迈出重要一步 国联民生（601456）证券发布研报称，2025年12月15日，工业和信息化部正式公布我国首批L3级有条 件自动驾驶车型准入许可，两款分别适配城市拥堵、高速路段的车型将在北京、重庆指定区域开展上路 试点。国内首批L3级有条件自动驾驶车型准入许可落地，标志着我国L3级自动驾驶从测试阶段迈入商 业化应用关键一步，对推动整个自动驾驶行业发展具有重要意义。 国联民生证券主要观点如下： 多家车企发力L3，产业有望迎来加速发展的拐点 国内已有多家企业在L3级自动驾驶领域取得实质性进展，长安、比亚迪（002594）、广汽、东风、上 汽、吉利、小鹏、理想等车企的多款车型已经获得上路测试许可。华为乾崑智驾ADS高速L3解决方案 多城多车型已开启内测，并同步建设未来全场景服务生态;广汽昊铂A800已拿下广州市L3级特定场景自 动驾驶路测牌照，成为全国首批可在120公里时速下开展L3测试的量产车。四维图新（002405）以及旗 下鉴智机器人共同发力，将于2026年实现量产的PhiGo Max，是"新鉴智"面向"L3级智能驾驶"高阶市场 的方案，基于征程6P芯片打造，已获得头部 ...