中信证券认为，2025年是智能驾驶行业加速渗透的一年，随着龙头企业开启"智驾平权"的战略，测算中 国乘用车行业高速NOA(导航辅助驾驶)和城市NOA渗透率分别达到16%和14%，销量约为363万辆、333 万辆。2026年，预测高速NOA、城市NOA渗透率将分别达到21%和22%。自动驾驶加速渗透带来头部智 驾公司、上游产业链、L4公司的投资机会。 我国自动驾驶产业迎来历史时刻。12月15日，工业和信息化部宣布，我国首批L3级有条件自动驾驶车 型获得产品准入许可。极狐汽车与长安汽车（000625）的两款纯电动轿车分别获得资质，将在北京、重 庆指定区域开展上路试点。 平安证券认为，1)自动驾驶技术走向量产应用。2)当前获批的L3车型的运行条件还存在诸多限制。3)智 能驾驶的商业化进程有望在2026年加速。尽管目前L3车型的运行条件还存在诸多限制，但此次L3车型 的准入获批意味着智驾在技术、政策端的进步，为后续智驾的商业化进程奠定基础。2026年智能驾驶的 商业闭环有望进一步打通。 ...

自动驾驶驶入"有证时代"，中国颁发首批L3级（有条件自动驾驶）上路许可。 12月15日，工信部官网发布消息称，在其发布的第401批《道路机动车辆生产企业及产品公告》中，附条件许可了两款L3级自动驾驶汽车产品，分别来自 长安和极狐。 这意味着，我国更高级别自动驾驶车型，正式从技术研发和道路测试，迈向了获得官方准入、可在特定条件下上路行驶的新阶段。 根据许可，两款车型的功能开启场景和区域被进行了严格的限定。 从工信部透露的消息来看，此次获得许可的两款产品，分别来自重庆长安汽车和北汽蓝谷麦格纳。 这两款车型搭载了不同技术路线的自动驾驶方案。 根据长安汽车透露，长安牌SC7000AAARBEV型纯电动轿车采用了自主研发的L3级系统；而极狐牌BJ7001A61NBEV型纯电动轿车为极狐阿尔法S6新车 型，该车于2025年4月上市，高配版搭载华为乾崑智驾ADS3.3系统。 限定场景、专业运营，长安与极狐成"先锋" 这也体现了L3级"有条件自动驾驶"的特点：系统在特定环境下执行驾驶任务，驾驶员仍需准备在必要时接管车辆控制权。 运营模式则采用与出行公司合作的方式。长安车型由重庆长安车联科技有限公司运营；极狐车型由北京出行汽车 ...

12月15日，工业和信息化部附条件许可了长安牌和极狐牌两款L3级自动驾驶车型产品，我国自动驾驶 汽车产业正式从"技术验证"迈向"量产应用"新阶段。 对自动驾驶而言，安全性是最核心的考量。此次获批上路的两家企业已按要求完成并通过了一系列产品 测试与安全评估。 孙航透露，相关安全评估并非单纯验证某项功能，而是对自动驾驶产品的安全性进行系统性、全流程考 核：一方面，考察企业在自动驾驶产品设计、开发、测试全过程中的安全保障能力；另一方面，通过第 三方实验机构测试、行业专家评审等，对具体车型的安全性能进行验证。 L3级自动驾驶的落地，是涵盖整车、零部件、软件算法、通信、数据服务等多主体协同的系统性工 程。业内人士表示，此次获批是在社会广泛关注和高度期待下，主管部门作出的重要安排，将带动新出 行、新保险等衍生业态发展。 何为L3级自动驾驶？即将开展的上路试点意味着什么？科技日报记者就此采访了有关专家。 第一问：何为L3级有条件自动驾驶？ 目前，我国将驾驶自动化分为0级到5级共6个级别。根据《汽车驾驶自动化分级》标准，L0代表完全由 人类驾驶，L1—L2属于驾驶辅助阶段，L3—L5则逐步过渡到有条件自动驾驶、高度自动驾驶， ...

Group 1 - The Ministry of Industry and Information Technology has officially granted conditional approval for the first batch of L3-level autonomous driving vehicles, marking a significant step towards commercial application in China [1] - Two models, from Changan and Arcfox, will be tested in designated areas in Beijing and Chongqing, indicating a shift from technology validation to mass production application in the autonomous vehicle industry [1] - The approval reflects the government's support for innovation and the industry's readiness for a commercial rollout, with L3-level autonomous driving requiring collaboration across multiple sectors including hardware, software, and data services [1] Group 2 - The approval of L3 vehicles was anticipated, as the Ministry of Industry and Information Technology had previously emphasized the importance of advancing intelligent connected vehicle regulations [2] - Major cities are actively promoting L3 autonomous driving, with designated testing roads established in areas like Shanghai and Beijing, indicating a growing infrastructure for autonomous vehicles [2] - Industry experts predict that the demand for intelligent mobility will surge by 2025, driven by policy implementation, technological breakthroughs, and increased market demand [2] Group 3 - Horizon Robotics is a leading player in the advanced driver assistance systems market, providing both chips and algorithms, and has established a strong presence in the domestic market [3] - Black Sesame Intelligence has developed high-performance computing solutions for autonomous driving and has partnered with major automotive OEMs, enhancing its product offerings [4] - RoboSense has achieved significant market leadership in the global automotive lidar market, indicating strong competitive positioning in the autonomous driving technology sector [4] Group 4 - Youjia Innovation has successfully secured contracts in the intelligent driving sector and is investing in both mid-to-high level assistance and L4 autonomous driving solutions, showcasing its growth potential [5]

与此同时，以主机厂为代表的汽车产业链开始"摩拳擦掌"。目前已公布L3规模上车、内部测试进展的主 机厂还包括广汽、华为、长安汽车、智己、岚图、小鹏汽车、一汽-大众等。 在长安汽车相关研发负责人看来，2025年作为智驾普惠化关键节点，用户对智能出行需求全面爆 发。"随着政策深入落地、技术突破周期缩短、市场需求大幅提升三重驱动下，预计城区L3、L4将分别 于明年和2030年落地。" 国海证券称，随着组合辅助驾驶功能进入规范化发展新阶段，相关政策标准正稳步推进落地进程， 2025-2027年将形成清晰的"标准制定-过渡实施-全面生效"三阶段路径，这一进程将为L3级自动驾驶准入 奠定制度基础，该机构判断L3正式准入节点有望在2026年后到来，当前正处于产业链布局关键窗口 期。从投资视角来看，当前应重点关注两大方向： 智通财经APP获悉，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，标志着我国L3级自 动驾驶从测试阶段迈入商业化应用的关键一步。 "工业和信息化部正式附条件许可了长安牌和极狐牌两款L3自动驾驶车型产品， ...

Group 1 - The Ministry of Industry and Information Technology has officially granted the first batch of L3 conditional autonomous driving vehicle permits in China, marking a significant step towards commercial application from the testing phase [1] - Two models from Changan Automobile and BAIC Jihe have been approved for pilot testing in designated areas of Beijing and Chongqing, indicating a transition from technology demonstration to regulatory compliance and operational oversight [1] - The next steps involve monitoring vehicle operations and enhancing safety guarantees, while also developing a comprehensive management and regulatory framework for intelligent connected vehicles to promote high-quality development in the industry [1] Group 2 - From an investment perspective, two key areas to focus on are policy-driven market demand, including driver monitoring systems, data recording systems, and testing platforms, which will benefit from the implementation of new standards [2] - The second area is technology upgrades leading to industrial opportunities, with core components such as intelligent driving domain controllers, automotive-grade chips, and drive-by-wire actuators expected to benefit from technological iterations [2] - Guotai Junan predicts that the number of laser radars per L3 vehicle will increase to between 3 and 6, with the main radar upgrading to high-end models, potentially raising the single vehicle value to approximately $500 to $1000, thus expanding market space and strengthening leading companies' advantages [2]

les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 记者12月15日从 工业和信息化部 获悉，根据有关规定，经受理、审查、公示等程序， 工业 和信息化部 附条件许可了两家汽车企业提交的搭载L3级有条件自动驾驶功能的智能网联汽车 产品准入申请。 据悉，两款产品分别是长安牌SC7000AAARBEV型纯电动轿车，可以实现在交通拥堵环境下 高速公路和城市快速路单车道内的自动驾驶功能，目前该功能仅限在重庆市内环快速路、新 内环快速路（高滩岩立交—赖家桥立交）及渝都大道（人和立交—机场立交）等路段开启； 极狐牌BJ7001A61NBEV型纯电动轿车，可以实现高速公路和城市快速路单车道内的自动驾 ...

据工业和信息化部12月15日消息，根据有关规定，经受理、审查、公示等程序，工业和信息化部附条件 许可了两家汽车企业提交的搭载L3级有条件自动驾驶功能的智能网联汽车产品准入申请。 两家汽车企业分别为重庆长安汽车股份有限公司和北汽蓝谷麦格纳汽车有限公司。 从获得准入许可的两款L3级自动驾驶车型产品来看，一是长安牌SC7000AAARBEV型纯电动轿车，可 以实现在交通拥堵环境下高速公路和城市快速路单车道内的自动驾驶功能（最高车速50km/h），目前 该功能仅限在重庆市内环快速路、新内环快速路（高滩岩立交—赖家桥立交）及渝都大道（人和立交— 机场立交）等路段开启。 二是极狐牌BJ7001A61NBEV型纯电动轿车，可以实现高速公路和城市快速路单车道内的自动驾驶功能 （最高车速80km/h），目前该功能仅限在北京市京台高速（大兴区旧宫新桥—机场北线高速）、机场 北线高速（大渠南桥—大兴机场高速）及大兴机场高速（南六环—机场北线高速）等路段开启。 纪雪洪表示，从今天的消息来看，目前的获得许可的L3车型主要应用于城市快速路和高速公路，车辆 限速50km/h或者80km/h，主要限定在相对简单的路况下行驶，"自动驾驶相关技 ...

Group 1: Lithium Iron Phosphate - The lithium iron phosphate (LFP) industry is experiencing a price increase, with major manufacturers negotiating price hikes of 2000-3000 yuan per ton, expected to continue until Q4 2026 [1] - Current orders for LFP products are booked until Q1 2026, with some companies halting new orders due to tight supply of high-end products [1] - The supply side is constrained by the slow release of new capacity and the accelerated exit of low-end production, leading to a clear upward trend in processing fees [1] Group 2: Carbon Fiber - Toray Industries announced a price increase of 10% to 20% for its carbon fiber products starting January 2026, indicating a recovery phase in the global carbon fiber market [2] - The carbon fiber industry is recovering from a previous downturn, with demand in wind power and aerospace sectors showing strong growth [2] Group 3: Autonomous Driving - China has approved its first L3-level conditional autonomous driving vehicles for commercial testing in designated areas, marking a significant step towards commercialization [3] - Major companies are accelerating the commercialization of high-level autonomous driving technologies, supported by favorable policies in major cities [3] Group 4: Manganese - The domestic electrolytic manganese market has seen significant price increases, with prices rising by 300 yuan per ton recently, and a cumulative increase of 1800 yuan per ton over the past month [4] - The market is characterized by a supply-demand imbalance, with strong support for price increases due to rising raw material costs and seasonal demand [4] Group 5: Brain-Computer Interface - China's brain-computer interface industry is making significant progress, with advancements in core technologies and applications expected to support large-scale development by 2025 [5] - Breakthroughs in core components and decoding algorithms are enhancing the technology's stability and precision, paving the way for broader applications [5] Group 6: Outsourcing Services - The Ministry of Commerce and other departments have issued an action plan to promote high-quality development in the outsourcing services sector, aiming to cultivate competitive enterprises by 2030 [6] - The integration of emerging technologies like AI and cloud computing is expected to drive the transformation of the outsourcing industry towards digitalization and high-end services [6] Group 7: Elderly Care - A new action plan aims to enhance elderly care services in China by 2027, focusing on expanding resources and improving service quality [7] - The aging population is driving growth in the elderly care industry, with predictions indicating a market size exceeding 19.5 trillion yuan by 2029 [7]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China has officially granted the first batch of L3 conditional autonomous driving vehicle permits, allowing Changan Automobile and BAIC's Arcfox models to conduct road trials in designated areas of Chongqing and Beijing, respectively [1][4]. Group 1: Policy and Regulatory Developments - The MIIT has approved L3 autonomous driving vehicles under specific conditions, marking a significant step towards the commercialization of autonomous driving technology in China [4][9]. - The approval process involved thorough assessments and compliance with regulations, ensuring that the vehicles meet safety and operational standards [3][4]. Group 2: Vehicle Specifications and Capabilities - Changan's model can achieve autonomous driving at speeds up to 50 km/h in congested traffic conditions on designated roads in Chongqing [3][4]. - BAIC's Arcfox model can operate at speeds up to 80 km/h on specific highways in Beijing, showcasing the capabilities of L3 autonomous driving technology [3][4]. Group 3: Industry Trends and Competitive Landscape - The autonomous driving industry is entering a competitive phase, with multiple automakers racing to develop and deploy L3 technology [6][9]. - Companies like GAC and BYD are also advancing their L3 capabilities, with GAC's model receiving a license for high-speed testing and BYD integrating L3 systems into urban driving scenarios [7][9]. Group 4: Technological Advancements and Partnerships - The successful deployment of L3 technology relies on advanced sensor systems, with BAIC's Arcfox equipped with 34 high-performance sensors for comprehensive environmental perception [7][8]. - Partnerships with technology firms are crucial, as seen with Horizon Robotics and Huawei, which are providing the necessary technological foundation for L3 commercialization [8][10]. Group 5: Market Outlook and Future Projections - The autonomous driving market in China is projected to approach 450 billion yuan by 2025, driven by technological advancements and increasing adoption rates [9]. - The focus on safety, regulatory compliance, and user experience will shape the competitive landscape, with companies needing to balance innovation with responsible marketing practices [9][10].