Core Insights - The luxury SUV market is witnessing a shift with the emergence of the Zeekr 9X, which has surpassed 8,000 units in sales within two months of its launch, outperforming traditional fuel models like the BMW X5 and Audi Q7, as well as other electric competitors like the AITO M9 [1][15] - The Zeekr 9X has achieved a high average delivery price of 538,000 yuan, indicating a successful penetration into the traditional luxury car segment, and has topped various consumer satisfaction rankings, showcasing the capability of Chinese brands in the high-end electric vehicle market [1][15] - The success of the Zeekr 9X reflects a broader transformation in consumer preferences from brand symbolism to technology and experience, with over 80% of its buyers coming from traditional luxury brands [7][8] Market Dynamics - The competition in the luxury electric vehicle sector has evolved from a focus on individual features to a comprehensive assessment of architectural capabilities, with the Zeekr 9X exemplifying this shift through its innovative design and technology [5][15] - The Zeekr 9X is built on the Haohan-S architecture, which includes advanced technologies such as a super electric hybrid system and AI-driven safety features, positioning it as a leader in performance, control, and safety [4][5] Consumer Behavior - The target demographic for the Zeekr 9X includes high-net-worth individuals, with 52% of buyers having an annual household income exceeding one million yuan, indicating a shift in purchasing criteria towards technology and experience rather than brand prestige [7][8] - The evolving consumer mindset is driving a transition in the luxury car market from brand-oriented to value-oriented purchasing, with consumers seeking superior product experiences without the premium associated with traditional luxury brands [8][10] Brand Strategy - Zeekr's approach to user engagement emphasizes transparency and trust, with initiatives such as early announcements of product updates and user participation in design processes, fostering a strong relationship with customers [10][11] - The brand's commitment to user-centric service and communication has resulted in a positive feedback loop, with nearly 20% of existing Zeekr owners opting to purchase the 9X, reinforcing brand loyalty [10][11] Global Positioning - The success of the Zeekr 9X in international markets, with sales exceeding 600,000 units across over 40 countries, signifies a growing recognition of Chinese luxury vehicles on the global stage [13][14] - The vehicle's appeal in markets like Qatar and Saudi Arabia highlights a shift in the perception of luxury, moving away from traditional materials to a focus on technological innovation and user experience [13][14] Industry Implications - The performance of the Zeekr 9X marks a pivotal moment for Chinese automotive brands, transitioning from participants in the luxury market to leaders in defining new standards for luxury in the electric vehicle era [15] - The advancements made by Zeekr in technology and user experience are setting a precedent for other Chinese brands, indicating a potential shift in the global automotive landscape towards innovation-driven luxury [15]

在"国产 GPU 第一股""国产GPU 第二股"点燃投资市场之后，另一个大热赛道，固态电池的"第一股"，也要来了。 拆解这份底气，你会发现卫蓝的背景硬得惊人： 它脱胎于中科院物理所，由"中国锂电之父"陈立泉院士亲自坐镇，身后站着的投资团更是集齐了华为、小米、吉利、蔚来等一众产业链"顶流"。 它的"拳头产品"，原位固化半固态电池，更是当前半固态电池的第一梯队产品。 什么是"原位固化"，可以用一个通俗的"灌浆"实验来比喻。 12 月 11 日，证监会发布消息，卫蓝新能源与中信建投签署上市辅导协议，正式开启 A 股的 IPO 之旅。 这个消息就像引爆市场热情的沙皇炸弹。毕竟摩尔线程上市首日中一签浮盈接近 30 万、沐曦股份上市首日中一签浮盈更是逼近 40 万元，在这样恐怖的收 益下，没人能忍住不疯狂。 顶着 185 亿的估值，身后站着华为、小米、蔚来等一众大佬，卫蓝新能源就像是自带了"满级装备"入场，让所有人都觉得，只要它上市，"中签=中彩 票"的戏码就会再次上演。 这次冲击固态电池第一股，市场、情绪给的情绪价值是足够了，那最核心的"产品"本身，卫蓝新能源准备好了吗？ "第一股"的底气 既然卫蓝新能源敢冲击"固态电 ...

Core Insights - Edge AI is leading a technological paradigm shift, reshaping the new landscape of the smart terminal industry by enabling local execution of AI models, resulting in low latency, high energy efficiency, and privacy protection [4][9][10] - The development of Edge AI is driven by innovations in AI computing architecture, multimodal perception and interaction, and system-level AI integration, transitioning smart devices from mere "computing nodes" to "local reasoning and autonomous decision-making" [4][6][10] Application Ecosystem - Multiscenario integration is accelerating the growth of the Edge AI terminal market, with AI PCs expected to achieve a penetration rate of 64% by 2028, and AI smartphones projected to exceed 900 million units in shipments by the same year [5][6] - AI wearables are anticipated to reach a market size of $153.8 billion by 2030, while AI smart homes are expected to grow to $537.2 billion, highlighting Edge AI as the core growth engine of smart hardware [5][6] Upstream Ecosystem - Breakthroughs in advanced process technology and Chiplet architecture are driving significant performance improvements in Edge AI, with NPU computing power increasing to 50-100 TOPS to meet local model operation demands [6][10] - The global Edge AI processor market is projected to grow from $31 billion in 2022 to $60.2 billion by 2028, with major players like Qualcomm, Apple, and NVIDIA dominating the high-end market [6][10] Business Recommendations - Companies should prioritize Edge AI as a key strategic focus, developing differentiated strategies around terminals, supply chains, and application scenarios to capitalize on this emerging trend [6]

2025年，AI眼镜成了科技圈的"显学"。 Meta的Ray-Ban智能眼镜在2025年2月销量突破200万副，全年预计冲刺出货量400-500 万副；海外巨头谷歌携手三星重启AI眼镜项目，苹果敲定AI眼镜发 布时间表。 国内企业也闻风而动。华为、小米、阿里、字节等国内大厂纷纷高调亮出相关布局，其中阿里夸克的AI眼镜S1目前在天猫旗舰店的预售期达到了45天， 一"镜"难求；国内AR独角兽企业Rokid（乐奇）、雷鸟创新等专业玩家也在持续迭代AI眼镜新品。 AI眼镜催化时间线，图/东吴证券 表面看，这是一场由大模型技术驱动的新硬件浪潮，但大厂无一例外地都选择了押注AI眼镜，各怀心事。 人工智能竞赛中，不进则退。此前，在大厂尚未将AI大模型列为战略重心的窗口期，部分创业公司率先突围，譬如月之暗面推出的Kimi就凭借长文本等 差异化优势，迅速俘获了海量用户。 即便是腾讯这样的科技巨头，也曾在赛道初期出现战略误判，对 To C 端大模型布局相对保守，旗下产品元宝的面市滞后于同业。 大模型竞赛中曾"吃亏"的公司，绝不愿在下一代终端入口上再次掉队，硬件成为争夺用户注意力和数据闭环的新一道防线。 而当前被寄予厚望的，正是A ...

证券日报网讯12月18日，常山北明（000158）在互动平台回答投资者提问时表示，针对华为鸿蒙应用开 发，公司组建了华为鸿蒙开发团队，团队成员全员通过了HarmonyOS应用开发者高级认证。公司技术 研发团队中，高层由首席科学家、云计算、大数据、人工智能等技术带头人领军，形成业界领先的技术 优势；中层由各行业领域专家带队，形成从咨询到运维服务的行业解决方案团队；基层按照行业和技术 领域，形成专业化的实施团队。 ...

Group 1 - In 2025, global investors experienced a significant market rally, with global stock markets rising approximately 30% and the US stock market rebounding over 50% since April [1] - Gold prices surged over 60% in 2025, marking the second-highest annual increase since 1979, driven by heightened demand for safe-haven assets amid high global debt and shifting monetary policies [1] - The strong performance of global assets in 2025 is attributed to the dual drivers of AI and renewable energy, which have become core growth engines in capital markets [1] Group 2 - A report from BCA Research indicates that the biggest threat to the US economy in 2026 may stem from the financial markets themselves, rather than an economic recession [5] - The report highlights that approximately two-thirds of global stock market capitalization is concentrated in US stocks, with 40% of that in just ten stocks, all heavily reliant on the success of the generative AI narrative [5][6] - Recent market trends show a divergence among leading tech stocks, suggesting that not all tech stocks are viewed as a single entity, allowing for value investors to validate certain companies [5][6] Group 3 - Morgan Stanley's chief economist in China suggests a new asset allocation strategy of 60% stocks, 20% gold, and 20% bonds, reflecting a reassessment of strategic asset values amid declining fiat currency credibility [9] - Analysts predict that gold prices could reach $4,500 by mid-2026, driven by structural demand from central banks, which currently account for 20% of the annual gold production of 5,000 tons [13] - The report emphasizes that the performance of gold is closely tied to the depreciation of the US dollar, with approximately 70% of gold's price increase attributed to changes in the dollar's value [10] Group 4 - The AI sector is identified as a key driver of the stock market's rise in 2025, with significant trends emerging in AI, electricity, and longevity economics [12] - The expectation of further interest rate cuts by the Federal Reserve in 2026 is anticipated to exert downward pressure on the US dollar, with predictions of the dollar to RMB exchange rate reaching around 6.9 by mid-2026 [12] - The shift towards AI-driven productivity is expected to transform business operations, moving from traditional models to agile teams that leverage digital agents for task execution [16]

（文章来源：证券日报） 证券日报网讯 12月18日，常山北明在互动平台回答投资者提问时表示，2025年公司与华为的合作正常 进行，与去年相比开拓了更多的业务场景。 ...

（文章来源：证券日报） 证券日报网讯 12月18日，荣联科技在互动平台回答投资者提问时表示，华为是公司的长期合作伙伴。 ...

南都讯 12月10日至11日，中央经济工作会议在北京举行。会议明确提出，坚持创新驱动，加紧培育壮 大新动能。并提出建设北京（京津冀）、上海（长三角）、粤港澳大湾区三大国际科技创新中心。业内 专家认为，粤港澳大湾区国际科技创新中心再被重点部署，既是科技创新作为国家立足全球核心竞争力 的必然，更是源于大湾区自身积淀的领先基础与独特优势，这份双重加持，让大湾区肩负起引领国家科 创突围的时代重任。 对大湾区期待清晰明确 "本次中央经济工作会议把'坚持内需主导，建设强大国内市场'作为第一大任务，这是基于当前严峻的 国际贸易竞争格局以及国内消费尚待大力拉升的紧迫形势而提出的。但立足长远，尤其是即将开启 的'十五五'周期，科技创新的战略价值引发各界更高关注和深度探讨。"国家高端智库CDI资深研究员宋 丁表示，从全球竞争格局来看，"坚持创新驱动，加紧培育壮大新动能"是中国持续巩固优势、站稳国际 舞台的核心关键。"因为创新驱动是中国唯一能够在全球经济竞争和发展中取得优势和主动权的可依赖 的途径。" 本次会议再次将粤港澳大湾区纳入三大国际科技创新中心建设布局，其背后蕴含着深刻的国家战略考 量。宋丁认为，在国家层面已将粤港澳大湾区 ...

Core Viewpoint - The first batch of L3 conditional autonomous driving vehicle permits in China has been officially announced, marking a significant step towards high-level intelligent driving, with ongoing breakthroughs from leading domestic and international manufacturers [1][2]. Industry Developments - The L3 level autonomous driving permits have been granted to Changan's SC7000AAARBEV and Arcfox's BJ7001A61NBEV electric vehicles, with specific operational conditions in designated cities [2]. - The L3 level is still experimental, limited to specific routes in cities like Chongqing and Beijing, with restrictions on speed and lane changes [3]. - Companies like Huawei and XPeng are actively testing L3 capabilities in multiple cities, indicating a growing trend in the industry [3]. Policy Initiatives - The Ministry of Industry and Information Technology (MIIT) and other departments have issued guidelines for the trial and subsequent rollout of L3 and L4 autonomous vehicles, with a focus on regulatory frameworks [4]. - A list of nine companies, including Changan and BYD, has been approved for L3 vehicle trials, reflecting a structured approach to policy implementation [4]. - The MIIT's 2025-2026 growth plan emphasizes conditional approvals for L3 vehicle production and the acceleration of relevant legal frameworks [5]. Market Potential - IDC forecasts that the global connected vehicle market will reach 78.3 million units by 2025, with a compound annual growth rate (CAGR) of 11.5%, while the autonomous vehicle market is expected to grow to 89.3 million units by 2026, with a CAGR of 14.8% [6]. - The industry is entering a high-growth phase, with hardware components like lidar becoming essential for software-driven intelligent solutions, presenting investment opportunities in these areas [6]. - The trend towards more affordable high-level autonomous vehicles (priced between 100,000 to 200,000 yuan) is expected to democratize access to intelligent driving technology [6].