人民财讯12月16日电，恒指低开0.32%，恒生科技指数跌0.56%。紫金矿业（601899）、百度集团、阿 里巴巴跌逾1%，蔚来涨近2%。 ...

责编:徐小雪 电话:(010)67139791 传真:(010)67139791 E-mail:dfxcb@vip.sina.com 嘉定多维度发力绿色创新 作为上海市生态治理的先行实践者,嘉定区近年来以系统性思维 布局绿色创新,从生态环境损害赔偿机制改革、助企惠企政策精准推 送,到减污降碳协同推进、智慧执法效能提升,再到"无废城市"全民共 建,每项举措均锚定"消除痛点、惠及民生",构建起多维度绿色发展 体系。 生态环境损害赔偿:资金"活"用消除治理痛点 针对生态环境损害赔偿金使用 管理制度不健全、资金使用效率不 高,生态环境修复效果公众感知弱 等问题,嘉定区生态环境局2024年 创新推出"赔偿资金定向项目化"模 式,结合损害性质与地域生态特点, 建成4个"生态损害赔偿基地",让 赔偿金真正转化为生态修复实效。 安亭"公益之桥"探索基地是首 个衔接生态环境公益诉讼与赔偿金 落地的实验性基地。基地构建"案 件一赔偿一执行一修复一监督"闭 环链条,建立起与区检察院快速会 商通道。华亭"碧水之源"共治基地 赔偿金用于污染河道水体净化、水 生态重建和水环境维护,旨在让造 成水生态环境损害的企业积极履行 社会责任。 马 ...

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 ...

Core Viewpoint - The automotive market is experiencing a tug-of-war between the increase in rigid expenses due to the reduction of purchase tax exemptions and the continuation of national subsidy policies like "trade-in" programs, although details remain uncertain [1][14]. Group 1: Tax Policy Changes - Starting January 1, 2026, the purchase tax for new energy vehicles will shift from full exemption to a 50% reduction, with the current tax rate of 10% effectively becoming 5%, and the exemption cap dropping from 30,000 yuan to 15,000 yuan [2][15]. - For a new energy vehicle priced at 300,000 yuan, the purchase tax will be 15,000 yuan, while for a vehicle priced at 500,000 yuan, the tax will be 35,000 yuan after applying the maximum exemption [2][15]. Group 2: Market Reactions and Sales Trends - Despite the proactive measures by over 20 automakers to introduce "tax coverage" policies, the industry remains cautious about the fourth-quarter market outlook, with expectations of no significant "tail effect" as seen in previous years [2][6]. - In December 2023, the retail sales of passenger vehicles dropped to 297,000 units, a year-on-year decrease of 32% and a month-on-month decrease of 8% [3][16]. - The anticipated "tail effect" has turned into a "flat tail," with November retail sales of 2.225 million units showing a year-on-year decline of 8.1% and a month-on-month decline of 1.1% [8][22]. Group 3: Consumer Behavior and Market Dynamics - The uncertainty surrounding the continuation of national and local subsidies has led consumers to adopt a wait-and-see approach, impacting immediate purchasing decisions [7][21]. - The introduction of "tax coverage" policies by automakers has inadvertently altered consumer buying patterns, leading to a decrease in immediate demand for vehicle purchases [6][20]. Group 4: Battery Supply and Demand - The demand for batteries is intensifying, with automakers scrambling to secure supplies due to production constraints caused by battery shortages [9][23]. - The cumulative installed capacity of domestic power batteries reached 578.0 GWh from January to October, reflecting a year-on-year growth of 42.4% [9][23]. - The battery supply is facing pressure from both the automotive sector and the rapidly growing energy storage market, which is diverting production capacity [10][24]. Group 5: Future Market Outlook - The automotive industry is expected to see a growth rate of approximately 3% to 5% for the year, with a cautious consensus forming around the potential for a 3% growth in 2026 as policies gradually phase out [12][26]. - Future opportunities are anticipated to arise from structural adjustments and value exploration, particularly in lower-tier markets and service consumption [13][27].

12月15日，据工业和信息化部官方公众号消息，我国首批L3级有条件自动驾驶车型准入许可公布，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，意味着我国L3级自动 驾驶从测试阶段向商业化应用迈出了关键一步。 两款L3级自动驾驶产品获准 强车辆运行监测和安全保障，及时总结经验，不断健全智能网联汽车准入管理和标准法规体系，推动我 国智能网联新能源汽车产业高质量发展。 明年或是L3正式准入节点，关注这两大方向 此次公布获准的两款车型，一是长安汽车旗下的长安牌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。 据了 ...

Group 1: Automotive Industry - The Ministry of Industry and Information Technology has officially granted the first batch of L3-level conditional autonomous driving vehicle permits in China, marking a significant step towards commercial application of L3 autonomous driving [1] - Two electric vehicle models have been approved for pilot testing in designated areas of Beijing and Chongqing, with one model capable of autonomous driving at speeds up to 50 km/h and the other up to 80 km/h [1] Group 2: Aviation Industry - China Eastern Airlines reported a 6.51% year-on-year increase in passenger capacity input for November, with passenger turnover rising by 10.35% and a seat occupancy rate of 87.37%, up by 3.04 percentage points [7] - China Southern Airlines also saw an 8.68% increase in passenger capacity input for November, with a 10.42% rise in passenger turnover and a seat occupancy rate of 86.29%, up by 1.36 percentage points [8] Group 3: Coal and Mining Industry - China Shenhua reported coal sales of 389.5 million tons for the first 11 months, a decrease of 7.7% year-on-year, with November sales at 37 million tons, down by 3.6% [6] Group 4: Construction and Engineering Industry - China Metallurgical Group signed new contracts worth RMB 958.13 billion in the first 11 months, a decrease of 8.6% year-on-year, while overseas contracts amounted to RMB 75 billion, an increase of 0.4% [6] Group 5: Insurance Industry - Xinhua Insurance reported a cumulative original insurance premium income of RMB 188.85 billion for the first 11 months, reflecting a year-on-year growth of 16% [9] Group 6: Real Estate Industry - Hopson Development Group reported a total contract sales amount of approximately RMB 14.27 billion for the first 11 months, a decrease of 8.91% year-on-year [10] - Agile Group's pre-sale amount for November was RMB 511 million, down by 21.4% year-on-year [11]

Market Performance - The Dow Jones index closed down 0.09% at 48,416.56 points, the S&P 500 index fell 0.16% to 6,816.51 points, and the Nasdaq index decreased by 0.59% to 23,057.41 points, influenced by declines in AI-related stocks such as Broadcom and Oracle, which dropped over 5% and 2% respectively [2] - Investors shifted focus to economically sensitive sectors like consumer discretionary and industrials, while heavily buying healthcare stocks [2] Analyst Insights - Aptus Capital Advisors' stock chief David Wagner noted a prevailing sentiment of aversion towards AI trades, but believes that the market will continue to be dominated by leading companies, referred to as the "Seven Giants," due to their underestimated operational leverage [3] - Wagner expressed that as long as revenue maintains growth, these companies will continue to expand profit margins and become high-return beneficiaries in the coming year [3] Economic Data and Market Outlook - Wagner is not overly concerned about the current market performance, describing the pullback as "healthy" and "normal," suggesting that there is still potential for upward movement despite the partial realization of the "Santa Claus rally" [4] - Upcoming economic data, including November non-farm payrolls and October retail sales, is expected to set the market tone, having been delayed due to the U.S. government shutdown [4] Stock Performance - Major tech stocks mostly declined, with Nvidia up 0.73%, Apple down 1.50%, Microsoft down 0.78%, Google down 0.35%, Amazon down 1.61%, Meta up 0.59%, and Tesla up 3.52% [5] - Chinese concept stocks saw a widespread decline, with the Nasdaq Golden Dragon China Index down 2.17%, Alibaba down 3.59%, JD down 2.00%, and Pinduoduo down 1.39% [5] Company News - Nasdaq has submitted a proposal to the SEC to extend trading hours from 16 hours to 23 hours on weekdays, aiming to implement a "23/5" trading model [6][7] - Nvidia announced the release of the Nemotron 3 series open-source models, which include Nano, Super, and Ultra versions featuring a hybrid Mamba-Transformer architecture [8] - Elon Musk's net worth surged to $677 billion, primarily due to the increased valuation of SpaceX, which reportedly reached $800 billion, doubling from $400 billion in August [9] - Strategy, a major Bitcoin holder, purchased 10,645 Bitcoins for $9.8 billion, raising its total holdings to 671,268 Bitcoins with an average purchase price of $74,972 [10] - Sanofi has expanded its collaboration with Dren Bio to jointly develop next-generation B-cell depletion therapies for various autoimmune diseases, with Dren Bio receiving an upfront payment of $100 million and potential future payments of up to $1.7 billion [11]

Core Viewpoint - The company CheLink Tianxia is preparing for an IPO on the Hong Kong Stock Exchange, showcasing explosive growth in the smart cockpit domain, but faces significant challenges due to high losses and dependency on a limited customer and supplier base [1][3][10]. Financial Performance - CheLink Tianxia's revenue surged from 369 million RMB in 2022 to 2.656 billion RMB in 2024, marking an increase of over six times in three years [6][8]. - Despite the revenue growth, the company reported net losses of 514 million RMB, 201 million RMB, and 253 million RMB over the past three years, totaling nearly 1 billion RMB in losses [8]. - In the first half of 2023, net losses expanded to 262 million RMB, a 234% increase compared to the same period last year [8]. - The company's asset-liability ratio reached 198.3% by June 2025, indicating financial strain [8]. Business Model and Risks - CheLink Tianxia's customer concentration is high, with the top five customers accounting for over 95% of revenue, and 99.5% in 2023 [11][13]. - The largest customer contributed nearly 60% of revenue in 2023 and 2024, making the company vulnerable to fluctuations in their business [13]. - The company relies heavily on a single supplier for about 80% of its procurement, posing risks to cost control and supply chain stability [13][14]. - The product line is concentrated, with 100% of revenue coming from vehicle computing solutions until 2025, limiting diversification [14]. Market Potential - The global smart cockpit domain controller market is expected to grow at a compound annual growth rate of 49.9%, reaching 248 billion RMB by 2029 [16]. - Increased competition from major automotive manufacturers and technology giants poses a threat, as many are developing their own smart cockpit solutions [17]. IPO and Future Outlook - The IPO is seen as a crucial step for CheLink Tianxia to ensure sustainable development amid rising competition and scrutiny from regulatory bodies [18].

记者丨林典驰 编辑丨孙超逸 近期，固态电池独角兽北京卫蓝新能源科技股份有限公司（简称卫蓝新能源）正式启动上市辅导，若此次成功登陆资本市场，卫蓝新能源有望 成为"固态电池第一股"。 卫蓝新能源专注研发、生产固态电池，是中国科学院物理研究所固态电池产学研孵化企业，由俞会根、陈立泉、李泓共同创立。 今年6月26日，《2025全球独角兽榜》发布，卫蓝新能源以185亿元的估值位列榜单第455位。 目前，公司已在北京房山、江苏溧阳、浙江湖州布局生产基地，并计划在山东淄博、广东珠海拓展新产能。产品线覆盖高能量密度动力电芯、 储能电芯等专用电芯，目前相关产品已向多家整车厂商、储能企业和海外客户实现交付。 在"中国锂电之父"陈立泉院士的引领下，成立不足十年的卫蓝新能源迅速崛起为固态电池赛道的有力竞争者。背靠中科院物理所深厚科研底蕴， 并吸引蔚来、华为、小米等48家重量级股东加持，这家独角兽企业正加速推动固态电池实现规模化落地。 团队由"中国锂电之父"领衔 卫蓝新能源成立至今不到10年，但公司技术背景浓厚，有着"中国锂电之父"之称的中国工程院院士陈立泉从中发挥着重要作用，陈立泉持有公司 2.81%的股份。 资料显示，陈立泉现年8 ...

Core Viewpoint - The article discusses the recent Pre-A round financing of Fangqing Technology, a developer of AI chips and system architecture, highlighting the strategic importance of its innovative technology and the high-profile investors involved [6][9]. Financing and Investment - Fangqing Technology has completed its Pre-A round financing, with participation from industry investors such as a major internet company, Xianlian Capital, and Yima Capital, a fund under Hengsheng Electronics. Financial investors include Guangfa Xinde and a leading VC firm, with existing shareholders also increasing their stakes. The total financing amount has exceeded 500 million RMB in recent rounds [6]. - The company has rapidly attracted a prestigious group of shareholders, including internet giants, hardware leaders, automotive companies, and top VCs, indicating strong market confidence in its potential [10]. Technology and Innovation - Fangqing Technology proposes a new technology direction with a "context-aware" and "context-free" decoupled distributed computing architecture, separating feed-forward neural networks and attention mechanisms to enhance overall computational efficiency [7][9]. - The company aims to redefine AI hardware design by prioritizing scalable system design over single-chip performance, potentially leading to new market opportunities and innovative system forms [10][19]. Leadership and Vision - CEO Liang Jun, with extensive experience in the chip industry, emphasizes the need for a shift in chip design priorities towards scalable systems, which could liberate computing capabilities from traditional SoC constraints [10][18]. - The article highlights Liang's unique background and vision as a valuable asset in the current investment landscape, where capital is increasingly looking for breakthroughs in computational efficiency beyond traditional architectures [9][11]. Market Context - The article notes that 2025 is anticipated to be a pivotal year for AI applications, with significant investments from major players like ByteDance, Tencent, and Alibaba in AI infrastructure, intensifying the competition for computational resources [9]. - The shift in capital logic from seeking alternatives to Nvidia towards finding new species capable of overcoming Transformer architecture efficiency bottlenecks is discussed, positioning Fangqing Technology's approach as a timely innovation [9][10]. Future Outlook - Fangqing Technology's separation architecture is seen as a potential game-changer, allowing various devices like smartphones, smart glasses, and headphones to function as independent processing units, thus redefining their roles in the AI ecosystem [20][22]. - The company aims to accelerate innovation and define new forms of computing systems, rather than merely replacing existing ones, which could lead to significant market transformations [22].