Investment Rating - The report maintains a "Buy" recommendation for the automotive sector, suggesting that the sector is expected to bottom out and presents a good opportunity for early investment in the upcoming year [3]. Core Insights - Traditional vehicle stocks continue to show weak performance, which is anticipated as the market awaits clarity on 1Q policies and retail trends. The report suggests that the current moment is a favorable time for positioning [3]. - The report highlights significant interest in the intelligent driving sector, particularly with L3 level autonomous driving vehicles, which are expected to gain traction in 2026 due to potential policy and standard implementations [3]. - The report emphasizes the importance of monitoring the automotive sector's recovery, particularly focusing on companies like Geely and JAC, which are expected to benefit from high-end product strategies and international expansion [5]. Data Tracking - In early December, the discount rate for vehicles decreased slightly, with an average discount amount of 22,156 yuan, down 1,238 yuan from the previous month. The discount rate was reported at 9.7%, a decrease of 0.4 percentage points month-on-month [5]. - In October, wholesale vehicle sales reached 2.96 million units, a year-on-year increase of 7.5% and a month-on-month increase of 3.6%. However, retail sales fell to 2.09 million units, down 9.2% year-on-year and 6.4% month-on-month [5]. - In November, BYD's delivery volume was 480,186 units, showing a significant month-on-month increase of 8.7%, while traditional automaker Geely's sales reached 310,000 units, up 24.0% year-on-year [6][26]. Industry News - On December 15, the Ministry of Industry and Information Technology approved two L3 level autonomous driving vehicle models from Changan Automobile and BAIC Blue Valley [9][32]. - The report notes that the automotive sector's performance index increased by 0.09% this week, ranking 9th out of 29 sectors [10]. - The report mentions that the retail market for narrow passenger vehicles is expected to reach approximately 2.3 million units in December, reflecting a month-on-month growth of 3.4% but a year-on-year decline of 12.7% [34].

Group 1: Government Initiatives - The State Council, led by Premier Li Qiang, emphasized the need for all departments to align their actions with the central government's economic strategies for the upcoming year, enhancing responsibility and urgency in task execution [2] - Departments are encouraged to collaborate closely and develop specific implementation plans to ensure effective execution of economic policies [2] Group 2: Market Regulation - The National Internet Information Office and the China Securities Regulatory Commission have cracked down on accounts spreading rumors and illegal stock recommendations, highlighting the importance of maintaining market stability [3] - The authorities have urged the public to adopt correct investment philosophies and enhance their ability to discern financial information [3] Group 3: Major Corporate Transactions - China Shenhua announced a significant acquisition involving the purchase of 100% equity in multiple companies, with a total transaction value of 133.598 billion yuan, marking it as the largest acquisition in A-share market history [4][5] - The acquisition will enhance China Shenhua's coal reserves and production capacity significantly, with coal reserves increasing by 64.72% to 6.849 billion tons and production capacity rising by 56.57% to 512 million tons [5] Group 4: Technological Advancements - Researchers at Shanghai Jiao Tong University have achieved a breakthrough in optical computing, developing a chip that supports large-scale semantic media generation, which is crucial for AI and data processing [6] - Moore Threads unveiled a new GPU architecture that improves computing density by 50% and energy efficiency by ten times, indicating advancements in AI computing capabilities [7] Group 5: Regulatory Developments - The National Development and Reform Commission has released the "Internet Platform Pricing Behavior Rules" to regulate pricing practices on online platforms, ensuring fair competition and consumer protection [9] - The rules prohibit platforms from imposing unreasonable restrictions on sellers' pricing autonomy, promoting a healthier e-commerce environment [9] Group 6: Market Movements - Major U.S. stock indices saw gains, with significant increases in tech stocks, indicating a positive market sentiment [11] - The Chinese stock market is set to experience a substantial unlock of restricted shares, with a total of 210.32 billion shares worth approximately 1879.88 billion yuan becoming tradable [14][15]

Core Viewpoint - The issuance of the first L3-level autonomous driving license plate "渝AD0001Z" in Chongqing marks a significant step towards compliant commercial use of autonomous driving in China [3]. Group 1: Autonomous Driving License and Testing - The L3-level autonomous driving license plate will be installed on the Deep Blue SL03 from Changan Automobile, with operations permitted on specific busy roads in Chongqing [3]. - The testing environment includes complex traffic conditions, which will provide practical training for the L3 autonomous driving system, having already accumulated over 5 million kilometers of real-world testing [3]. Group 2: Traffic Jam Pilot System - The Deep Blue SL03 has received approval for its L3-level autonomous driving capabilities, allowing for automatic driving in congested traffic conditions at speeds up to 50 km/h [4]. - The Traffic Jam Pilot (TJP) system is designed for speeds ranging from 0 to 60 km/h, with a safety margin of 10 km/h, focusing on user needs and urban congestion [5]. Group 3: Future Plans and Market Strategy - The primary goal for the initial pilot is to complete safety validation and promote industry standards rather than pushing technological limits [5]. - Following the implementation of relevant national regulations, Changan Automobile plans to introduce products to end consumers, with future models expected from brands like Avita and Deep Blue, potentially reaching lower price segments [5].

Core Insights - The issuance of the first L3 autonomous driving license plate "渝AD0001Z" in Chongqing marks a significant milestone for Changan Automobile, indicating the transition from technology validation to mass production application in China's autonomous driving sector [2][3][4] Group 1: License Plate and Its Significance - The license plate "渝AD0001Z" is the first official L3 autonomous driving license plate in China, awarded to Changan Automobile by the Chongqing Traffic Management Bureau [3][4] - This license plate will be installed on the Deep Blue SL03 model, symbolizing the entry of China's autonomous driving technology into the L3 era [3][5] Group 2: Testing and Implementation - Changan's L3 autonomous driving technology has received approval for testing on major urban roads in Chongqing, including the inner ring expressway and other busy routes, which are characterized by heavy traffic and complex conditions [4][6] - The testing environment will provide valuable real-world data for the reliability and practicality of the L3 autonomous driving system, enhancing its development through practical application [4][5] Group 3: Technological Development and Industry Context - Changan has developed its L3 autonomous driving technology in-house, ensuring controlled technological advancement, with a history of seven generations of technology iterations since 2009 [4][5] - The approval of L3 autonomous driving models by the Ministry of Industry and Information Technology signifies a critical transition in the industry, moving from Level 2 assistance to Level 3 and Level 4 autonomy [6]

长安汽车官方消息称，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，由重庆市公安局交通管理总队正式授予长安汽车，标志着 长安汽车开启L3级自动驾驶时代。 ...

Core Viewpoint - The issuance of the first L3 autonomous driving license plate "渝AD0001Z" in Chongqing marks a significant step towards compliant commercial use of autonomous driving in China [1] Group 1: Autonomous Driving License and Testing - The L3 autonomous driving license plate was awarded to Changan Automobile for its Deep Blue SL03 model, allowing it to operate on designated roads in Chongqing [1] - The testing routes include major traffic areas known for congestion and accidents, providing a challenging environment for the L3 autonomous driving system [1] - Changan's L3 autonomous driving system has already completed over 5 million kilometers of real-world testing in complex terrains [1] Group 2: Traffic Jam Pilot System - Changan's Traffic Jam Pilot (TJP) system is designed for speeds of 0-60 km/h, with an operational speed range of 0-50 km/h to ensure safety in urban traffic conditions [2] - The initial focus of the TJP system is on user needs and urban congestion, rather than maximizing technological capabilities [2] - Future models from Changan, including Avita, Deep Blue, and Qiyuan, are planned to be introduced as part of the L3 expansion strategy, potentially reaching lower price segments [2]

Core Viewpoint - Changan Automobile has received approval for its L3 level conditional autonomous driving vehicle, marking a significant step in the commercialization of advanced driving technology in China [1] Group 1: Company Developments - Changan Automobile conducted a survey with 214 institutions this week, following the announcement by the Ministry of Industry and Information Technology on December 15 regarding the issuance of the first batch of L3 level autonomous driving vehicle product approvals in China [1] - The approved model from Changan is the Deep Blue SL03, which will be tested in designated areas of Beijing and Chongqing [1] Group 2: Technology and Safety - The L3 level autonomous driving vehicle is equipped with industry-leading 4D imaging millimeter-wave radar, which can replace LiDAR within the operational design conditions (ODC) [1] - The vehicle's performance is noted to be the best in the industry across five categories and 17 extreme scenarios, including situations like obstructed pedestrians crossing, sudden braking by the vehicle in front, and adverse weather conditions [1] Group 3: Future Plans - Changan Automobile plans to initiate road testing applications in the first quarter of 2026 in collaboration with Changan Car Union Technology [1] - The company will begin product approvals and market launches aimed at end consumers once relevant national regulations and policies are officially implemented [1]

"L2级只是辅助，L3级对应的是有条件自动驾驶，这意味着车辆在特定场景下，可由系统自动驾驶，但 当系统发出介入请求时，需要驾驶员及时接管车辆。"长安科技人工智能基础与应用副总经理梁锋华 说，L3级自动驾驶在特定条件下人能"脱手脱眼"，系统可以独立完成动态驾驶任务。 试点车辆由试点主体组织开展上路通行试点，目前不能直接面向消费者销售。"当前阶段只允许试点主 体在限定路段、限定车型上开展，普通消费者不能使用。但普通消费者可以通过小程序预约打车，体验 自动驾驶功能。"梁锋华说。 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，两款车型将在北 京、重庆指定区域上路试点，标志着我国L3级自动驾驶向商业化应用迈出关键一步。昨天，国内首块 L3级自动驾驶专用正式号牌"渝AD0001Z"在重庆诞生，由重庆市公安局交通管理总队正式授予长安汽 车，标志着长安汽车在国内率先开启L3级自动驾驶时代。 "根据国家标准化管理委员会发布的《汽车驾驶自动化分级》标准，自动驾驶分为L0至L5六个等级，其 中L2级为组合驾驶辅助，L3级为有条件自动驾驶。市场上主要是L2级车型，用于高速和城市辅助驾 驶。"重庆大学智 ...

长安汽车官方消息称，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， 由重庆市公安局交通管理总队正式授予长安汽 车，标志着长安汽车开启L3级自动驾驶时代。 7x24h电报 头条新闻 VIP资讯 实时盯盘 下载财联社APP获取更多资讯 准确 快速 权威 专业 ...

Core Viewpoint - The approval of L3 autonomous driving vehicles in China marks a significant step towards the commercialization of intelligent connected vehicles, with Longan Automobile leading the way in this new era [4][8]. Group 1: L3 Autonomous Driving Milestones - The first L3 autonomous driving dedicated license plate "渝AD0001Z" was issued to Longan Automobile in Chongqing, indicating the start of L3 autonomous driving in China [4][3]. - The Ministry of Industry and Information Technology (MIIT) announced the first batch of L3 autonomous vehicle approvals, allowing Longan Deep Blue SL03 and Arcfox Alpha S6 to conduct pilot tests in designated areas [5][8]. - Longan Automobile has conducted over 5 million kilometers of testing on its L3 autonomous driving system in complex environments [4][6]. Group 2: Market Reactions and Stock Performance - On December 19, stocks related to autonomous driving surged, with over ten companies, including Zhejiang Shibao and Luochang Technology, experiencing significant gains [2]. - Analysts suggest that the approval of L3 vehicles will accelerate the restructuring of the intelligent driving industry and create investment opportunities in key areas such as intelligent vehicles and control systems [8][9]. Group 3: Future Outlook and Industry Implications - Longan Automobile plans to begin pilot applications with its L3 vehicles in early 2026, targeting both B-end and C-end users as regulations evolve [6][9]. - The approval process for L3 vehicles involves strict safety requirements, which may lead to a gradual expansion of L3 autonomous driving across more cities and vehicle models [9]. - The development of L3 autonomous driving is expected to drive demand for new components and technologies, benefiting various segments of the automotive supply chain [9].