周二，小马智行(PONY.US)涨近4%，报14.12美元。消息面上，12月15日，我国首批L3级有条件自动驾 驶车型准入许可正式公布，分别为长安牌SC7000AAARBEV型纯电动轿车、极狐牌BJ7001A61NBEV型 纯电动轿车。两款车型将在北京、重庆开展上路试点，标志着L3级自动驾驶从测试阶段迈入商业化应 用。 今年前三季度，小马智行累计营收达到6087.6万美元，同比增长54.1%。其中，自动驾驶出行服务(即 Robotaxi)实现收入995.0万美元，同比增长111.7%；技术授权与应用业务实现收入2344.3万美元，同比 大涨216.8%；自动驾驶卡车服务收入保持稳健，2748.3万美元的收入规模与上年同期基本持平。基于 Robotaxi车队规模在2030年突破10万辆的愿景，小马智行管理层预期，公司或将在2030年以前实现盈亏 平衡。 ...

今年前三季度，小马智行累计营收达到6087.6万美元，同比增长54.1%。其中，自动驾驶出行服务(即 Robotaxi)实现收入995.0万美元，同比增长111.7%；技术授权与应用业务实现收入2344.3万美元，同比 大涨216.8%；自动驾驶卡车服务收入保持稳健，2748.3万美元的收入规模与上年同期基本持平。基于 Robotaxi车队规模在2030年突破10万辆的愿景，小马智行管理层预期，公司或将在2030年以前实现盈亏 平衡。 智通财经APP获悉，周二，小马智行(PONY.US)涨近4%，报14.12美元。 消息面上，12月15日，我国首 批L3级有条件自动驾驶车型准入许可正式公布，分别为长安牌SC7000AAARBEV型纯电动轿车、极狐 牌BJ7001A61NBEV型纯电动轿车。两款车型将在北京、重庆开展上路试点，标志着L3级自动驾驶从测 试阶段迈入商业化应用。 ...

Group 1 - Susquehanna initiated coverage of Fabrinet (FN) with a Positive rating and a price target of $550, highlighting its benefits from the inflection of transceivers in data centers and opportunities in optical networking and AI server contract manufacturing [1] - Evercore ISI initiated coverage of Rockwell Automation (ROK) with an In Line rating and a price target of $440, noting that multi-industrials provide leverage to strong underlying cycles, with expectations of outperformance in 2026 [1] - Macquarie initiated coverage of Pony AI (PONY) with an Outperform rating and a price target of $29, stating that Pony is at the forefront of robotaxi commercialization in China [1] Group 2 - Goldman Sachs initiated coverage of SiTime (SITM) with a Buy rating and a price target of $420, recognizing it as the leading provider of silicon-based precision timing solutions and the only scaled pure-play MEMS timing company benefiting from the shift away from quartz [1] - William Blair initiated coverage of RealReal (REAL) with an Outperform rating, viewing the resale market as a significant emerging trend in retail [1] - Evercore also started coverage of Honeywell (HON) and GE Vernova (GEV) with Outperform ratings, indicating positive outlooks for these companies [1]

全球自动驾驶领军企业小马智行(PONY.US)美股盘前涨2.4%。消息上，2025年对小马智行来说是比较兴 奋的一年，完成了港股上市，第7代Robotaxi落地，且在广州实现了城市级单车盈利转正。据小马智行 测算，到2030年左右，公司应该达到约10万辆的规模。 本文源自：格隆汇 国信证券发布研报称，随着L2/L2+级自动驾驶汽车渗透率持续增长，带动智能驾驶相关的零部件成本 下降，而L4和L2/L2+的零部件存在共通性，L4级自动驾驶硬件的成本进一步降低，Robo-X预计在2026 年迎元年时刻。 市场空间方面，2030年，参考文远知行招股说明书，全球L4市场空间上万亿，国内出租车和网约车年 化市场规模2360亿元，2025年Robotaxi在共享出行里面占比0.6%。竞争格局方面，建议关注Robotaxi、 Robovan、Robotruck、Robobus以及Robosweeper入局玩家。 ...

| PONY 小马智行 | | | | --- | --- | --- | | 13 600 1 -0.720 -5.03% | | 收盘价 12/15 16:00 美东 | | 13.930 + 0.330 +2.43% | | 盘前价 12/16 04:09 美东 | | 三四号号号 二十一 | | ● 快捷交易 | | 最高价 14.165 | 开盘价 14.165 | 成交量 429.07万 | | 最低价 13.500 | 昨收价 14.320 | 成交额 5871.6万 | | 平均价 13.684 | 市盈率ITM 亏损 | 总市值 58.96亿 (1) | | 振 幅 4.64% | 市盈率(静) 亏损 | 总股本 4.34亿 | | 换手率 1.52% | 市净率 7.359 | 流通值 38.28亿 | | 52周最高 24.920 | 委 比 98.02% | 流通股 2.81亿 | | 52周最低 4.110 | 量 比 1.34 | 包 手 1股 | | 历史最高 24.920 | 股息TTM -- | 换股比率 1.00 | | 历史最低 4.110 | 股息率ITM -- | | ...

Core Viewpoint - The article highlights a general decline in popular Chinese concept stocks, with the Nasdaq China Golden Dragon Index dropping by 1.18% [1]. Group 1: Stock Performance - Pony.ai (PONY) experienced a decline of 4.75% [1] - Beike (BEKE) fell by 3.62% [1] - Baidu (BIDU) decreased by 3.41% [1] - Kingsoft Cloud (KC) dropped by 2.56% [1] - Alibaba (BABA) saw a decline of 2.55% [1] - ZTO Express (ZTO) fell by 2.43% [1] - TAL Education (TAL) decreased by 2.26% [1]

Core Insights - Susquehanna initiated coverage of Fabrinet (FN) with a Positive rating and a price target of $550, highlighting its benefits from the transceiver market in data centers and opportunities in optical networking and AI server contract manufacturing [1] - Evercore ISI initiated coverage of Rockwell Automation (ROK) with an In Line rating and a price target of $440, emphasizing the multi-industrials' leverage to strong underlying cycles and expected market outperformance in 2026 [1] - Macquarie initiated coverage of Pony AI (PONY) with an Outperform rating and a price target of $29, noting its leadership in robotaxi commercialization in China [1] - Goldman Sachs initiated coverage of SiTime (SITM) with a Buy rating and a price target of $420, recognizing it as a leading provider of silicon-based precision timing solutions [1] Company Summaries - **Fabrinet (FN)**: Positive rating with a $550 price target; benefits from data center transceivers and optical networking opportunities [1] - **Rockwell Automation (ROK)**: In Line rating with a $440 price target; multi-industrials expected to outperform in 2026 [1] - **Pony AI (PONY)**: Outperform rating with a $29 price target; forefront of robotaxi commercialization in China [1] - **SiTime (SITM)**: Buy rating with a $420 price target; leading provider of silicon-based precision timing solutions [1] - **Macom (MTSI)**: Neutral rating initiated [1] - **Honeywell (HON)** and **GE Vernova (GEV)**: Outperform ratings initiated [1] - **RealReal (REAL)**: Outperform rating initiated; resale market viewed as a significant emerging trend in retail [1]

Market Performance - The three major U.S. stock indices closed lower, with the Dow Jones down 0.51% at 48,458.05 points, the S&P 500 down 1.07% at 6,827.41 points, and the Nasdaq down 1.69% at 23,195.17 points [1] - Most large-cap tech stocks declined, with Nvidia down over 3%, Amazon down nearly 2%, and Google, Microsoft, and Facebook down over 1%. In contrast, Tesla rose nearly 3% and Apple increased by 0.09% [1] - Chinese concept stocks mostly fell, with Canadian Solar down over 10%, Daqo New Energy down over 6%, and Pony.ai down over 5%. However, TAL Education rose over 3%, and New Oriental and NetEase both increased by over 2% [1] European Market - European stock indices closed slightly lower, with Germany's DAX down 0.41% at 24,196.16 points, France's CAC40 down 0.21% at 8,068.62 points, and the UK's FTSE 100 down 0.56% at 9,649.03 points [1] Commodity Prices - COMEX gold futures rose 0.39% to $4,329.80 per ounce, with a weekly increase of 2.05%. In contrast, COMEX silver futures fell 3.88% to $62.09 per ounce, but saw a weekly increase of 5.13% [1] - U.S. oil futures closed down 0.12% at $57.53 per barrel, with a weekly decline of 4.24%. Brent crude oil futures fell 0.11% to $61.21 per barrel, with a weekly drop of 3.98% [1] Metal Prices - London base metals closed lower, with LME copper down 2.69% at $11,552.50 per ton, and a weekly decline of 0.59%. LME zinc fell 2.01% to $3,139.00 per ton, but had a weekly increase of 1.32% [1] Bond Yields - U.S. Treasury yields were mixed, with the 2-year yield down 1.20 basis points at 3.522%, while the 10-year yield rose 3.14 basis points to 4.184% [1] - European bond yields collectively increased, with the UK 10-year yield up 3.3 basis points at 4.515% and France's 10-year yield up 2.3 basis points at 3.575% [1]

Market Overview - The three major U.S. stock indices closed lower, with the Dow Jones down 0.51%, the Nasdaq down 1.69%, and the S&P 500 down 1.07% [1] - Popular tech stocks experienced declines, with Broadcom falling over 11%, Nvidia down over 3%, and Google, Microsoft, Meta, and Amazon all dropping over 1%. Tesla, however, saw an increase of over 2% [1] Sector Performance - The storage sector, cryptocurrency mining companies, and semiconductor stocks faced significant declines, with Corning down nearly 8%, Quantum down over 7%, and Micron Technology, Dell Technologies, and Logitech all dropping over 6%. AMD fell nearly 5%, Intel was down over 4%, and HP dropped over 2% [1] - The automotive manufacturing sector saw gains, with Polestar rising over 19%, Rivian up over 12%, and Toyota increasing by over 2% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.30%. Among popular Chinese stocks, Pony.ai dropped 5.6%, WeRide fell 3.2%, and Baidu and NIO both declined over 2%. XPeng was down 1.1%, Alibaba fell 0.9%, and Pinduoduo remained flat. However, Li Auto rose 0.3%, Yum China increased by 1.8%, and New Oriental and NetEase both gained 2.1% [1]

Core Viewpoint - In Q3 2025, the company achieved revenue of $25.44 million, representing a year-on-year growth of 72% [2][3][7]. Revenue Breakdown - The company's revenue from Robotaxi services in Q3 2025 was $6.7 million, up 89.5% year-on-year, with passenger fare revenue increasing by over 200% [3][8]. - Robotruck service revenue reached $10.2 million, reflecting an 8.7% year-on-year growth, aided by a 70% reduction in BOM costs for the fourth-generation Robotruck [3][8]. - Revenue from licensing and applications surged to $8.6 million, a significant increase of 354.6%, driven by rising demand for autonomous driving domain controllers (ADC) and delivery services [3][8]. Profitability Metrics - The company's gross margin in Q3 2025 was 18.4%, an increase of 9.1 percentage points year-on-year, while the net margin was -242.0%, improving by 42.8 percentage points year-on-year [5][13]. - The overall expense ratio was 292.2%, up 7.7 percentage points year-on-year but down 9.5 percentage points quarter-on-quarter [4][17]. Operational Expansion - The company is advancing its Robotaxi operations with a fleet of 961 vehicles, including 667 of the seventh-generation model, aiming to exceed 1,000 vehicles by year-end and 3,000 by the end of 2026 [6][22]. - The seventh-generation Robotaxi has achieved profitability on a per-vehicle basis in urban areas, validating the business model [6][22]. - Strategic partnerships have expanded the Robotaxi business into eight countries, including collaborations with Mowasalat in Qatar and various ride-hailing platforms [26][27]. Market Development - The company has launched full autonomous Robotaxi services in major Chinese cities, including Shanghai and Shenzhen, significantly increasing the number of pick-up and drop-off points [25]. - The seventh-generation Robotaxi has received positive user feedback, with a notable increase in new registrations since its launch [23]. Technological Advancements - The fourth-generation Robotruck has been introduced, designed for mass production, with a significant reduction in BOM costs by approximately 70% compared to the previous generation [28][30]. - The company is leveraging AI algorithms and fleet management expertise to enhance the efficiency and safety of its autonomous vehicles [22][30]. Strategic Partnerships - The company has formed a strategic alliance with Sunshine Travel to develop a large-scale autonomous vehicle fleet, enhancing operational capabilities in major cities [26]. - Collaborations with Stellantis and other global partners are aimed at accelerating the deployment of Robotaxi services in Europe and the Middle East [32][33].