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 ...

瑞银发布最新研报认为，中国车企正进入全球化战略的2.0阶段。凭借电动车技术优势、日益完善 的分销网络和不断提升的品牌知名度，中国车企有望在2030年占据全球汽车市场三分之一的份额。 报道还提到，标普全球评级公司中国汽车业务董事蔡晓莺表示："（中国制造商）的产品即使在高 端领域也更具竞争力且更实惠。这就是这些外国品牌逐渐失去势头的原因。" 另据中国汽车工业协会的数据，而德国品牌占12%，日本品牌占约10%，美国品牌占近6%。 NDTV也发文提出，中国品牌车型的份额已在今年前11个月中攀升至近70%，中国购车者转向更实 惠的国产车型，对外国豪华汽车需求减弱；中国品牌汽车凭借技术创新和竞争力占据市场；比亚迪近年 来已超过大众，成为中国最大汽车销售商。 ...

Core Viewpoint - BYD has initiated comprehensive internal testing for L3-level autonomous driving in Shenzhen, having completed over 150,000 kilometers of real-world validation [1] Group 1: Testing and Validation - The testing covers various scenarios including high-speed roads, rainy conditions, nighttime, and construction sites [1] - BYD is one of the nine companies selected for the first batch of L3-level autonomous driving access and road trial by four national departments in 2024 [1]

12月17日，比亚迪已联合深圳市交通局等部门，在深圳开启面向量产的L3级自动驾驶全面内测，目前 已完成超过15万公里的L3级自动驾驶实际道路验证。本次测试覆盖深圳开放的高快速路，兼顾雨天、 夜间、施工等场景工况。比亚迪于2024年成为国家四部门首批L3级自动驾驶准入及上路通行试点的9家 企业之一。（第一财经） ...

（文章来源：第一财经） 12月17日，第一财经获悉，比亚迪已联合深圳市交通局等部门，在深圳开启面向量产的L3级自动驾驶 全面内测，目前已完成超过15万公里的L3级自动驾驶实际道路验证。本次测试覆盖深圳开放的高快速 路，兼顾雨天、夜间、施工等场景工况。 比亚迪于2024年成为国家四部门首批L3级自动驾驶准入及上路通行试点的9家企业之一。 ...

本报（chinatimes.net.cn）记者刘凯 北京报道 近年来，我国汽车行业竞争日趋白热化，尤其是新能源汽车领域，为争夺市场份额，"内卷式"竞争此起 彼伏。在此背景下，国家市场监督管理总局于近日研究起草了《汽车行业价格行为合规指南（征求意见 稿）》（下称《指南》），直指近年来汽车行业愈演愈烈的"价格战"乱象，试图为这一持续数年、各方 疲惫的恶性循环画上休止符。这份共五章28条的指南，从生产、销售到内部管理，系统构建了覆盖汽车 全产业链的价格行为规范体系，堪称给汽车销售戴上的"紧箍咒"。 业界认为，《指南》的发布恰逢其时，被视为从制度层面构建公平竞争环境、推动汽车产业高质量发展 的重要举措。中国汽车流通协会相关人士指出，严重的价格倒挂可能导致服务缩水、售后减配等问题， 最终损害消费者权益。市场监管总局此次出手，可以通过明晰的规则引导企业回归竞争本质，将资源更 多投入技术研发、品质提升与服务优化，以差异化优势构建核心竞争力，推动行业从"价格战"迈向价值 竞争。 终结价格战 过去三年，中国汽车市场经历了四轮大规模价格战，从"油电同价"到"电比油低"，从"豪车打对 折"到"限时一口价"，促销手段层出不穷。今年上 ...

陈君宇透露，目前首批合作伙伴已加入CarloT生态，包括比亚迪、广汽丰田、长城、郑州日产等。首款 适配小米生态接口的车型比亚迪方程豹钛7已经上市；首家国际汽车大厂广汽丰田接入小米生态，铂智7 率先搭载。（新浪科技） 【#比亚迪等已加入小米CarloT生态##小米CarloT生态首批合作伙伴加入#】在今日2025小米人车家全生 态合作伙伴大会上，小米汽车部人车家智能化产品总监陈君宇发表《CarloT生态开放，全行业共享共建 生态变革》主题演讲。#卢伟冰回应小米自研大模型开源上线# 此前，卢伟冰宣布，小米CarloT生态30余种品类全面开放。陈君宇进一步公布了CarloT生态开放时间节 奏：2024年布置物理接口&供电CarloT生态件产品；2025年米家开放-家控车，智能互联生态联盟；2026 年米家开放-车控家；2027年车载中枢网关。 ...

Market Analysis - Global market overview shows that China leads with 291,000 units sold, accounting for 60.9% of total sales, followed by North America with 92,000 units (19.2%) and Europe with 53,000 units (11.1%) [1][2] - In terms of technology routes, plug-in hybrid electric vehicles (PHEV) dominate with a 48% market share and a year-on-year growth of 186%, while range-extended electric vehicles (REEV) and battery electric vehicles (BEV) hold 24% and 28% shares with growth rates of 217% and 78% respectively [1] China Market Characteristics - The penetration rate of new energy pickups is expected to rise from 0.9% in 2022 to 11.2% by 2025 [2] - Price distribution indicates that commercial models (15-250,000 RMB) make up 68% of the market, with users focusing on load capacity (>1.5 tons) and cargo volume (>1.8 m³), while passenger models (250,000-400,000 RMB) account for 32%, with a preference for smart cockpit features [2] Technology Route Competition - Average range for PHEV is 82 km, REEV is 156 km, and BEV is 312 km, with charging times of 25, 35, and 45 minutes respectively. PHEV is preferred by commercial vehicle owners due to its balance of range and charging efficiency [3] - The cost of lithium iron phosphate (LFP) battery packs has decreased from $138/kWh in 2020 to $62/kWh by 2025, while energy density is expected to improve with the mass production of CATL's new battery [4] Regional Market Differences - In China, policy incentives include the lifting of pickup bans in 90% of prefecture-level cities by 2025, exemption from purchase tax (saving 12,000 RMB per vehicle), and alignment of toll fees with passenger vehicles (saving $1,500 per vehicle annually) [4] - User demographics show that commercial customers (62%) prioritize total cost of ownership (TCO), while private customers (38%) are willing to pay a premium for smart features [5] User Demand Analysis - Economic factors drive 43% of purchasing decisions, with a total lifecycle cost savings of $28,000 compared to fuel vehicles over five years and 500,000 km [7] - 62% of users express range anxiety regarding pure electric pickups, and only 31% of commercial charging infrastructure is covered, significantly lower than the 58% for passenger vehicles [8] Future Trend Predictions - By 2030, multi-modal power systems will integrate hydrogen fuel cells into plug-in hybrid models, allowing seamless transitions between electric, hybrid, and hydrogen power [9] - Short-term projections (2025-2028) indicate that plug-in technology will dominate the commercial market with a penetration rate exceeding 25% [10] Competitive Landscape Evolution - Chinese brands like BYD and Great Wall are targeting Southeast Asia with a goal of achieving a 30% market share by 2030 through high cost-performance and localized production [11] - In North America, Tesla and Rivian are establishing competitive advantages through software subscriptions and innovative battery leasing models [11] Policy Recommendations and Corporate Strategies - Recommendations for policy optimization include establishing a global standard for new energy pickup charging interfaces and mandating integrated charging stations in logistics hubs by 2030 [12] - Corporate strategies suggest product segmentation into economical models (<200,000 RMB) for commercial markets and high-end models (>400,000 RMB) with smart features to compete with Tesla's Cybertruck [13] Conclusion - The new energy pickup market is at a critical turning point characterized by technological breakthroughs, scale effects, and ecological restructuring, with a projected global penetration rate of 35% and a market size exceeding $150 billion by 2030 [14]

Industry Overview - In November, domestic power and other battery production reached 176.3 GWh, representing a year-on-year increase of 49.2% and a month-on-month increase of 3.3%. The production of ternary and lithium iron phosphate batteries was 36.4 GWh and 139.6 GWh, accounting for 20.7% and 79.2% respectively [1] - The domestic power battery installation volume in November was 93.5 GWh, showing a year-on-year increase of 39.2% and a month-on-month increase of 11.2%. The installation volume for ternary and lithium iron phosphate batteries was 18.2 GWh and 75.3 GWh, making up 19.4% and 80.5% respectively [2] Market Leaders - The top three domestic power battery installations in November were: CATL with 40.87 GWh (43.7% market share), BYD with 19.04 GWh (20.4% market share), and Zhongxin Innovation with 5.96 GWh (6.4% market share) [3] - From January to November, the cumulative domestic power and other battery production reached 1468.8 GWh, a year-on-year increase of 51.1%. The cumulative production of ternary and lithium iron phosphate batteries was 306.0 GWh and 1160.9 GWh, accounting for 20.8% and 79.0% respectively [3] Cumulative Data - The cumulative domestic power battery installation volume from January to November was 671.5 GWh, reflecting a year-on-year increase of 42.0%. The cumulative installation volume for ternary and lithium iron phosphate batteries was 107.7 GWh and 470.2 GWh, representing 18.8% and 81.2% respectively [4] - The top three cumulative domestic power battery installations from January to November were: CATL with 287.68 GWh (42.8% market share), BYD with 148.15 GWh (22.1% market share), and Zhongxin Innovation with 46.62 GWh (6.9% market share) [5] Global Overview - In October, the global power battery installation volume was 121.8 GWh, showing a year-on-year increase of 38.9% and a month-on-month increase of 1.2% [6] - The top three global power battery installations in October were: CATL with 58.0 GWh (47.6% market share), BYD with 12.9 GWh (10.6% market share), and Guoxuan High-Tech with 9.0 GWh (7.4% market share) [7] - From January to October, the cumulative global power battery installation volume reached 933.5 GWh, a year-on-year increase of 35.2% [8] - The top three cumulative global power battery installations from January to October were: CATL with 355.2 GWh (38.1% market share), BYD with 157.9 GWh (16.9% market share), and LG with 86.5 GWh (9.3% market share) [9]

临近年底，车企11月销量陆续公布。基于前11个月的累计销量表现，大体上已能预判各家车企能否完成 设定的2025年度销量目标。 盖世汽车整理了超16家主流车企2025年前11月销量及目标完成情况（结合多方消息整理，仅供参考）。 由此发现，车企年度销量目标之和已超过整体车市的预测总量。中汽协预测，2025年车市整体销量或为 3400万辆。这意味着，在市场竞争加速、价格体系持续波动的大环境下，必然会有车企无法达成年初设 定的目标。 那16家车企中，谁已提前撞线、谁仍在稳健冲刺，而谁又可能面临目标失守。 | | | | 2025年车企整体销量目标完成情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | (车企公开散驱、激世汽车产业方 | | | | | 走 | 11月 (万辆) | 同比 | 1-11月 (万辆) | 同比 | 销量目标 (万辆) | 完成度 | | 小鹏汽车 | 3.67 | 19% | 39.19 | 156% | 35 | 111.98% | | 零跑汽车 | 7.03 | 75% | 53.61 | 113.43% | 5 ...