炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券市场周刊市场号 文 | 尚扬 据Wind数据统计，12月以来，全A市场共有471家公司被机构投资者公开调研，从调研热度来看，23家 公司接待调研机构家数超50家，9家公司接待调研机构家数超过了百家（见表1）。 | | 表I: 接待调研机构家数超过 | | | | --- | --- | --- | --- | | | EFFICAL | | | | 证券代码 | 证券简称 | 被调研总次数 | 合计 | | 603019.SH | 中科曙光 | 3 | 365 | | 688041.SH | 海光信息 | 3 | રૂદર | | 000625.SZ 13 1 长安汽车 | | 2 | 227 | | 002353.SZ | 杰瑞股份 | 9 | 221 | | 301468.SZ | 博盈特焊 | | 139 | | 300723.SZ | 品红 | | 119 | | 688698.SH | 伟创电气 | | 112 | | 300900.SZ | 广联航空 | 3 | 102 | | 605196.SH | 花瘦线碟 | ...

Core Insights - The article emphasizes the potential of the Chinese economy, highlighting its stability, advantages, resilience, and significant potential for growth [1] - The recent milestones in the automotive industry, referred to as the "three 30 million," illustrate the rapid development and innovation within this sector [1] Automotive Industry Highlights - FAW-Volkswagen celebrated the production of its 30 millionth vehicle at the end of October, showcasing its transition to high-end manufacturing and the potential of the Chinese market [1] - Changan Automobile produced its 30 millionth Chinese brand vehicle on December 10, achieving the third 10 million milestone in just 4.5 years, reflecting significant advancements in quality, efficiency, and innovation [1] - Data from the China Association of Automobile Manufacturers indicates that in the first 11 months of this year, China's automobile production and sales exceeded 31 million units, with the country leading global vehicle exports and over half of new car sales being electric vehicles [1]

Group 1 - The State Council emphasizes the need for all departments to align their actions with the central government's economic work requirements for the upcoming year, enhancing responsibility and urgency in implementing tasks [1] - The Ministry of Commerce highlights the importance of high-quality business development and international trade coordination, aiming to boost domestic and international economic cycles [2] - Researchers at Shanghai Jiao Tong University have achieved a breakthrough in all-optical computing chips, which could significantly enhance computational efficiency for AI and large-scale data processing [3] Group 2 - The National Internet Information Office and the China Securities Regulatory Commission have taken action against 17 accounts spreading rumors and illegal stock recommendations, emphasizing the need for accurate financial information dissemination [4] - Fujian Province has introduced a comprehensive financial support plan for technology innovation, aiming for a 10% annual growth in loans to technology-related industries by 2025-2027 [5] - The world's first commercial supercritical carbon dioxide power generation unit has successfully commenced operations, marking a significant advancement in energy technology [6] Group 3 - Moore Threads has launched a new GPU architecture, "Huagang," which boasts a 50% increase in computing density and a tenfold improvement in energy efficiency [7][8] - The first L3-level autonomous driving license has been issued to Changan Automobile, marking a significant milestone in the development of autonomous driving technology [9] - Nine U.S. pharmaceutical companies have reached agreements with the government to lower drug prices, indicating a shift towards more affordable healthcare solutions [10] Group 4 - The market has shown signs of recovery with a three-day rebound, although caution is advised as the overall trend has not yet confirmed a sustained upward movement [11] - Samsung has unveiled the world's first 2nm smartphone chip, which is expected to enhance performance significantly, indicating advancements in semiconductor technology [12]

Group 1 - The core viewpoint emphasizes the potential of the Chinese economy, highlighting its stability, advantages, resilience, and long-term positive trends as stated by General Secretary Xi Jinping [2] - The recent milestones in the automotive industry, specifically the production of the 30 millionth vehicle by FAW-Volkswagen and Changan Automobile, showcase the rapid growth and innovation within China's manufacturing sector [2] - The automotive industry in China has seen significant growth, with production and sales exceeding 31 million units in the first 11 months of the year, reflecting the advantages of a large-scale market and a complete industrial system [3] Group 2 - The automotive sector's achievements, such as the rapid production milestones, indicate a strong push towards quality, efficiency, and innovation, demonstrating the strength of Chinese brands [2] - The transition to a new phase in the automotive industry, characterized by the dominance of new energy vehicles, highlights China's strategic advantages in the global market [3] - The confidence in China's ability to navigate risks and challenges is rooted in its unique institutional advantages, large market scale, complete industrial system, and rich talent resources [3]

Core Viewpoint - The issuance of China's first L3 level autonomous driving license "渝AD0001Z" marks the beginning of a new phase for compliant commercial use of autonomous driving technology in China, officially entering the L3 era [1] Group 1: L3 Autonomous Driving License - The L3 level autonomous driving license was granted to Changan Automobile for use on specific road segments in Chongqing, including major traffic routes with complex conditions [2] - L3 level autonomous driving allows drivers to "take their eyes off the road" under certain conditions, distinguishing it from L2 level driving where continuous attention is required [2][3] Group 2: Technical Capabilities - The L3 autonomous driving system can handle various complex scenarios such as traffic lights, sudden stops, and emergency lane changes, functioning like an experienced driver [3] - The system is designed to alert the driver to take control in exceptional situations, ensuring safety by taking over if no action is taken [3] - Changan's L3 system has undergone over 5 million kilometers of real-world testing in challenging conditions, with a significant number of tested scenarios exceeding national standards [4] Group 3: Consumer Access and Future Implications - Currently, consumers cannot purchase L3 autonomous vehicles directly; they can only experience rides as the vehicles are designated for operational use [5][6] - The trial is a crucial step for the industry, paving the way for future large-scale consumer adoption and contributing to the development of standards and regulations for autonomous driving [6]

*免责声明：文章内容仅供参考，不构成投资建议 | | 经纬恒润 | 12 | | --- | --- | --- | | | 长安汽车 | 12 | | | 品红 | 12 | | | 走瘦线缆 | 12 | | | 中粮科技 | 12 | | | 中科曙光 | 1こ | | | 海米信息 | 12 | | 嘉实基金 | | | | 中瓷电子 | 12 | | --- | --- | | 永鼎股份 | 12 | | 本钢板材 | 12 | | 中信出版 | 12 | | 好莱客 | 12 | | 英威腾 | 12 | 知名机构近一周 上周共计21家公司获知名机构调研 随其后；个股上，长安汽车获最多 式号牌在长安汽车启用，其后分别 | 机构名称 | 股票名称 | 道 | | --- | --- | --- | | | 长安汽车 | 12 | | | 品红 | 12 | | | == | 1 | | 高毅资产 | 京嘉償 | _ ﮮ | | --- | --- | --- | | | 冰轮环境 | 12 | | | 杰瑞股份 | 12 | | | 睿创微纳 | 12 | | | 中信出版 | | | | 潍柴动力 ...

Market Performance - On December 22, A-shares saw a collective increase in the three major indices, with the Shanghai Composite Index rising by 0.69% to 3917.36 points, the Shenzhen Component Index increasing by 1.47% to 13332.73 points, and the ChiNext Index climbing by 2.23% to 3191.98 points [1] Fund Manager Changes - From December 20 to December 22, a total of 58 fund managers experienced changes in their positions, with 652 fund products having manager changes in the past 30 days [3] - The reasons for the changes included 23 fund managers leaving due to job changes, 5 due to product expiration, and 1 for personal reasons [3] - During the same period, 88 fund products announced new fund manager appointments involving 30 fund managers [5] Fund Manager Performance - Zhang Xiaonan, a fund manager at Invesco Great Wall, currently manages assets totaling 30.607 billion yuan, with the highest return product being the Invesco Great Wall Nasdaq Technology ETF, which achieved a return of 134.72% over 2 years and 316 days [4] - Zhang Dazheng, a fund manager at Yingda Fund, manages assets of 12.372 billion yuan, with the highest return product being Yingda Strategy Preferred A, which gained 77.05% over 5 years and 352 days [6] Fund Research Activity - In the past month (November 22 to December 22), Bosera Fund conducted the most company research, engaging with 39 listed companies, followed by Southern Fund, Huaxia Fund, and Huitianfu Fund, which researched 36, 32, and 31 companies respectively [8] - The most researched industry was specialized equipment, with 167 instances, followed by the semiconductor industry with 121 instances [8] Individual Stock Research - The most focused stock by public funds in the last month was Zhongke Shuguang, with 117 fund management companies participating in its research, followed by Haiguang Information and Changan Automobile, each with 117 and 82 participating fund managers respectively [9] - In the last week (December 15 to December 22), Changan Automobile was the most researched company, with 68 fund institutions involved [9]

中国自动驾驶技术正式进入L3时代。 12月20日，重庆市公安局交通管理总队将首块L3级自动驾驶专用正式号牌"渝AD0001Z"授予长安汽车（000625），标志着长安汽车率先开启L3级自动驾驶 时代。作为长安汽车天枢智能技术的先锋落地者，深蓝汽车将率先使用该号牌。 此次获颁首块L3级自动驾驶专用正式号牌，不仅是长安汽车在自动驾驶领域从"技术验证"迈向"量产应用"的重要里程碑，也标志着中国自动驾驶即将迈 向"合规商用"新阶段。 自动驾驶技术的迭代升级，始终绕不开"安全"与"合规"两大核心命题，长安汽车能够率先摘得首块L3号牌，是四十余年造车底蕴与智能化转型成果的集中体 现，诠释长安汽车对安全底线的坚守。 自2009年组建智能化研发团队以来，长安汽车历经七代技术迭代，以安全为本色，依托自研能力构建起天枢智能技术体系。同时，长安汽车于2014年开始构 建驾驶辅助研发能力，2017年开启L3级自动驾驶研发，2021年在深蓝汽车应用，2024年6月成为首批L3级自动驾驶准入和上路通行试点车企，2025年2月成 为首个完成产品测试与安全评估的企业，并于今年12月15日正式取得L3级自动驾驶车型产品准入许可，为本次获颁首块 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on companies with advantages in smart technology and the second-hand car market [1][3]. Core Insights - The recent approval of L3 autonomous driving models by the Ministry of Industry and Information Technology marks a significant step towards commercialization, with companies like Xiaopeng, Li Auto, and others expected to benefit [4][6]. - The report highlights the potential for recovery in the second-hand car market and improved profitability for dealers due to the current industry pricing cycle [1][3]. - Companies with strong performance support and relatively low valuations are recommended for attention, including Yinlun, Shuanghuan, Jifeng, and others [1][3]. Summary by Sections Industry Update - The average daily retail sales of passenger cars in China for the second week of December were 67,000 units, a year-on-year decrease of 17% but a month-on-month increase of 9% [3]. - The automotive industry transaction volume reached 491.613 billion yuan, with a week-on-week increase of 4.82% [3][10]. - The automotive industry index closed at 7654.14 points, down 0.10% for the week, which is a smaller decline compared to the Shanghai and Shenzhen 300 index [10][12]. Market Situation - The report notes that 164 automotive stocks rose while 105 fell, with Zhejiang Shibao and Haoen Qidian showing the largest gains of 44.1% and 28.4%, respectively [15]. - The report emphasizes the importance of the L3 autonomous driving models' approval for future market developments [4][29]. Investment Recommendations - Companies with a relative advantage in smart technology, such as Xiaopeng, NIO, and others, are highlighted as key investment opportunities [1][3]. - The report suggests focusing on second-hand car companies like Uxin for potential profitability recovery [1][3]. - It also recommends companies with strong earnings support and low valuations, such as Yinlun and Shuanghuan, for potential growth [1][3]. Important Events - The approval of L3 autonomous driving models is seen as a pivotal moment for the industry, with specific models from Changan and BAIC being highlighted [4][24]. - The report discusses the strategic cooperation between Dong'an Power and BAIC Manufacturing, indicating ongoing innovation in the sector [25].

Core Viewpoint - The issuance of the first L3-level autonomous driving license plate in China marks a significant milestone for Changan Automobile, indicating the start of the L3 autonomous driving era in the country and accelerating the development of intelligent connected vehicles nationwide [1][3]. Group 1: L3 Autonomous Driving License - The first L3-level autonomous driving license plate "渝AD0001Z" was awarded to Changan Automobile by the Chongqing Public Security Bureau on December 20 [1][3]. - L3 autonomous driving is defined as "conditional" automation, where the system takes over driving tasks in specific scenarios, requiring the driver to respond promptly when requested [3]. Group 2: Commercialization and Market Impact - The Ministry of Industry and Information Technology (MIIT) approved the first batch of L3 autonomous driving models, including Changan's Deep Blue SL03 and Arcfox Alpha S6, marking a transition from testing to commercial application [3]. - The license plate will be first installed on Deep Blue vehicles, with operational trials permitted on specific roads in Chongqing [3]. Group 3: Market Reaction - Following the announcement, several stocks in the intelligent driving sector, such as Gaode Infrared and Keda Control, experienced significant price increases, with multiple stocks hitting the daily limit [3][7]. - Analysts from Changjiang Securities and Huatai Securities suggest that the approval of L3 models will lead to a new phase in the mass production of intelligent connected vehicles, highlighting investment opportunities in areas such as intelligent driving algorithms, hardware, and Robotaxi platforms [7].