| 证券代码：000625(200625) | 证券简称：长安汽车（长安 B） | 公告编号：2025-82 | | --- | --- | --- | | 债券代码：148147.SZ | 债券简称：22 长安 K1 | | 重庆长安汽车股份有限公司 2022年面向专业投资者公开发行科技创新公司债券（第一期） 2025年付息公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 特别提示： 重庆长安汽车股份有限公司（以下简称"本公司"、"发行人"）2022 年面向专 业投资者公开发行科技创新公司债券（第一期）（债券简称：22 长安 K1；债券代码： 148147.SZ）（以下简称"本期债券"）将于 2025 年 12 月 22 日（因 2025 年 12 月 20 日为休息日，本次除息日顺延至 2025 年 12 月 22 日，顺延期间付息款项不另计利息） 支付 2024 年 12 月 20 日至 2025 年 12 月 19 日期间（以下简称"本年度"）的利息。 本期债券付息的债权登记日为 2025 年 12 月 19 日，凡在 2025 年 12 月 19 ...

12月15日，工业和信息化部宣布近期许可两款L3级自动驾驶车型产品，将在指定区域内开展上路通行 试点。两款车型分别是长安牌SC7000AAARBEV型纯电动轿车和极狐牌BJ7001A61NBEV型纯电动轿 车。 这不仅是中国自动驾驶发展史上的一个重要节点，也标志着我国智能网联汽车正式从"技术验证"迈 向"量产应用"的新阶段。 在电动化取得领先优势的背景下，智能化正成为全球汽车产业竞争的新焦点。此次试点落地是对技术成 熟度的验证，更是政策、产业与市场协同发力的成果，将推动中国汽车产业在智能化赛道实现质的跨 越。 一是场景扩面要循序渐进。当前北京、重庆的试点路段覆盖了高速、城市快速路等核心场景，但需逐步 扩大试点区域与场景类型，从单一车道向多车道、从晴天工况向复杂天气、从封闭路段向半开放路段延 伸，形成覆盖不同地理环境和交通状况的试点网络。 二是数据积累要规范高效。试点车辆需全面记录系统决策、传感器反馈、驾驶员操作等全流程数据，建 立统一的场景数据库和事故追溯机制。通过百万公里级的真实路况数据训练，持续优化算法对车辆加 塞、行人横穿等交通场景的应对能力，为后续技术迭代和法规调整提供坚实支撑。 三是用户培训要精准到 ...

Group 1 - Xiaopeng Motors has obtained an L3 autonomous driving road test license in Guangzhou and has initiated regular L3 road testing, primarily for conditional autonomous driving on high-speed roads [1] - At the 2025 Technology Day, Xiaopeng Motors will officially launch its second-generation VLA with L4 capabilities, expected to be mass-produced in the first quarter of 2026 [1] - Following the announcement, Xiaopeng Motors' stock price in Hong Kong experienced a brief surge, narrowing its decline to around 1% after previously dropping over 5% [1] Group 2 - Changan Automobile and BAIC Blue Valley Magna Automotive have submitted applications for L3 conditional autonomous driving vehicles to the Ministry of Industry and Information Technology, marking a significant step towards commercial application of L3 autonomous driving in China [3][6] - The approved models include Changan's SC7000AAARBEV, which can operate at speeds up to 50 km/h in congested traffic, and BAIC's Alpha S (L3 version), capable of 80 km/h on designated highways in Beijing [6] - The Ministry of Industry and Information Technology has outlined plans for the approval and testing of intelligent connected vehicles, emphasizing the importance of practical use to advance autonomous driving technology in China [8]

此外，央视新闻日前也发布了极狐阿尔法S6车型上路的体验视频，车辆在试点范围内的道路上运行 时，系统会提示可以开启L3自动驾驶，开启之后驾驶人就能双手完全离开方向盘了，只需要盯紧路况 和驾驶情况。不过需要注意的是，当系统超出它的能力边界的时候，它会提前发出接管，这时驾驶员要 及时把操控权从车辆给接管过来，所以说它还是有条件的自动驾驶。 今日，汽车博主"未来的学习笔记"分享了一段华为智能汽车解决方案BU CEO靳玉志的发言视频，他在 视频中介绍了两款L3级自动驾驶车辆的差异。 靳玉志称，长安深蓝SL03的L3级自动驾驶方案确实有很多限制，它只能在比较低速的50公里速度以 内，而且是只能前面有车，跟车的情况下，不能跟变道。而华为和北汽合作的极狐阿尔法S6可以在高 速上80公里行驶，而且不需要前面有车跟车，可以换道。 凤凰网科技讯 12月16日，昨日，工业和信息化部公布了两款L3级自动驾驶车型产品。分别是长安牌 SC7000AAARBEV型纯电动轿车，二是极狐牌BJ7001A61NBEV型纯电动轿车。查询得知，上述两款车 型分别对应长安深蓝SL03和极狐阿尔法S6。根据定义，L3级是有条件的自动驾驶。驾驶员需随时保持 ...

Market Overview - The Shanghai Composite Index has formed a double-top structure and is facing a risk of breaking down, while the Hang Seng Tech Index has fallen below the 250-day moving average, entering a technical bear market with a maximum intraday drawdown of nearly 20% [1] - The A-share and Hong Kong stock markets experienced significant declines, with the Shanghai Index defending the 3800-point level and the ChiNext Index dropping over 2% [4] Economic Indicators - Recent economic data, including the November social financing figures, indicate weak domestic demand, leading to lowered expectations from foreign investors [3] - The M2 and M1 growth rates have continued to decline, suggesting that monetary and fiscal policies in the coming year may not be as strong as in the current year [3] Sector Performance - The A-share market saw a broad decline, with only the retail, beauty care, and social services sectors showing gains, while sectors such as telecommunications, comprehensive, non-ferrous metals, and power equipment faced significant losses [13] - The Hang Seng Tech Index saw a sudden increase in its decline, with major tech companies like Alibaba, Tencent, JD.com, and Meituan experiencing larger drops [8] Policy and Regulatory Developments - The Ministry of Commerce announced the imposition of anti-dumping duties on imported pork and pork products from the European Union [10] - Two automotive companies, Changan Automobile and BAIC Blue Valley Magna, have submitted applications for L3-level conditional autonomous driving vehicles to the Ministry of Industry and Information Technology [7]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping 1.54% to close at 25,235.41 points, and a total trading volume of HKD 201.5 billion [1] - The decline is attributed to factors such as the return of southbound funds to A-shares due to new public fund regulations, concerns over IPO financing, and a peak in lock-up expirations [1] Blue-Chip Performance - Lenovo Group (00992) saw a rise of 1.05%, closing at HKD 9.66, contributing 1.18 points to the Hang Seng Index [2] - Other blue-chip stocks like China Resources Beer (00291) and Shenzhou International (02313) also posted gains, while Zijin Mining (02899) and Cheung Kong Infrastructure (01038) faced significant declines [2] Sector Highlights - The technology sector faced downward pressure, with Alibaba and Tencent both experiencing declines of nearly 3% and over 1%, respectively [3][7] - The L3 autonomous driving sector showed strength, with Zhejiang Shibao (01057) surging nearly 13% following the announcement of L3-level autonomous driving vehicle approvals in China [4] - Airline stocks rose against the market trend, with China Eastern Airlines (00670) and China Southern Airlines (01055) both reporting increases in passenger load factors for November [5] Gold and Commodities - Gold stocks suffered significant losses, with Tongguan Gold (00340) dropping 6.92% and Zijin Mining (02899) falling 4.41% [5] - The price of spot gold fell below USD 4,300, with market attention focused on the upcoming U.S. non-farm payroll report [6][7] IPO and New Listings - Guoxia Technology (02655) saw a remarkable debut, soaring 117.91% to close at HKD 43.8, following a highly oversubscribed IPO [8] - Yihua Tong (02402) faced pressure, declining 6.6% after announcing plans to place new H-shares at a discount to raise funds primarily for debt repayment [9]

Core Insights - Xiaopeng Motors has become the third domestic company to obtain an L3 autonomous driving road test license in China, marking a significant step towards commercial application of L3 autonomous driving technology [2][3] Group 1: License Acquisition and Testing - On December 16, Xiaopeng Motors announced it has received an L3 autonomous driving road test license in Guangzhou, enabling regular L3 road testing on designated high-speed roads [2][3] - The L3 license allows vehicles to operate independently in specific environments, contrasting with L2, which requires constant driver supervision [3] - Xiaopeng Motors is now positioned alongside Changan and BYD, who have also received similar testing qualifications [3] Group 2: Technological Advancements - Xiaopeng Motors aims for L4 level autonomous driving, with plans to launch vehicles equipped with L4 capabilities by 2026 [4] - The second-generation VLA software, expected to be mass-produced in Q1 2026, will feature a novel architecture that eliminates the "language translation" step, allowing direct generation of action commands from visual signals [4] - From Q3 2025, Xiaopeng's Ultra models will incorporate three self-developed Turing AI chips, achieving a computing power of 2250 TOPS [4] Group 3: Competitive Landscape - The competition between Xiaopeng and Tesla is intensifying, with Xiaopeng's founder, He Xiaopeng, publicly challenging Tesla's FSD capabilities [5][6] - He Xiaopeng has acknowledged that while the first version of Xiaopeng's VLA does not fully match Tesla's FSD V14.2, the upcoming VLA 2.0 is expected to significantly improve performance [6] Group 4: Market Outlook - The next decade is anticipated to be pivotal for L3 autonomous vehicles, with expectations of broader L4 applications [7] - The penetration rate of advanced driver-assistance systems (ADAS) is projected to exceed 40% by 2026, driven by the increasing adoption of high-end domestic chips [7] - As of the first nine months of 2025, the penetration rate for L2++ and above advanced driving assistance systems reached 25.01% [7]

12月15日，智驾行业迎来历史性突破。工信部正式公布我国首批L3级有条件自动驾驶车型准入申请， 长安、北汽旗下两款搭载L3相关功能的智能网联汽车，成功获得上路通行证。 这一消息瞬间点燃汽车行业——中国不仅成为继德国之后全球第二个为L3开绿灯的国家，并且有望成 为世界上首个真正开启L3规模化试点的国家。 这一突破绝非单一政策动作，而是全产业链走向成熟可靠的系统性信号。 巧合的是，就在政策落地前一周的地平线技术生态大会上，汽车行业领袖已围绕L3展开高峰对话，形 成高度共识，即安全是L3的生命线，更是技术迭代的核心方向。 政策破冰与行业共识的同频共振，让L3的安全命题愈发清晰地成为核心焦点。 舱驾协同，定义L3安全天花板 与此同时，DMS驾驶员状态监控也成为L3破解安全难题的关键之一。 刘国清博士透露，工业和信息化部标准明确将DMS列为L3系统的必备功能，未配备或者不合规的车辆 无法获得L3认证。在驾驶过程中，DMS不仅要检测驾驶员的注意力，更需要确保驾驶员在必要时具备 接管能力。同时充当安全守护者与责任边界界定者的双重角色。 因此，L3车辆的准入和未来普及，对车企及智能驾驶企业来说，是系统性的技术要求升级。需要同 ...

Macro Economic Group - In November, the industrial added value above designated size grew by 4.8% year-on-year, a decrease of 0.1 percentage points from October, while the cumulative year-on-year growth from January to November was 6.0%, also down by 0.1 percentage points from the previous month [4] - The fixed asset investment year-on-year growth from January to November was -2.6%, the lowest since June 2020, falling short of the Wind forecast of -2.2% and down by 0.9 percentage points from January to October [4] - The retail sales of consumer goods in November saw a nominal year-on-year growth of 1.3%, below the Wind forecast of 2.9%, and down by 1.6 percentage points from October [5] Industry Comprehensive Group - The Ministry of Industry and Information Technology granted conditional approval for the first batch of L3 autonomous driving models, allowing Changan Automobile and BAIC Arcfox to conduct trials in designated areas [9] - STMicroelectronics has delivered over 5 billion RF antenna chips to SpaceX for its Starlink satellite network, with expectations to double the delivery quantity by 2027, indicating a positive outlook for the domestic satellite communication chip industry [9] Advanced Manufacturing Group - The lithium battery separator industry has seen a price increase, with a leading company raising the price of wet-process separators by 30%, and overall price increases expected to reach 20% [11] - The domestic separator shipment volume in the first three quarters of 2025 reached 22 billion square meters, a year-on-year increase of over 40%, driven by strong demand from new energy vehicles and energy storage [11] - The industry is experiencing a structural shift in pricing power, with leading manufacturers maintaining full production capacity and actively pursuing mergers and acquisitions [11] Consumer Group - Domestic personal care products are outperforming foreign brands, with toothpaste sales reaching 1.145 billion yuan in November, a year-on-year increase of 13%, while foreign brands like Colgate saw a decline [13] - The XR device sales in November increased by 128% year-on-year, indicating a growing interest in AI consumer applications, supported by developments from major tech companies like Google [14]

日前，工信部公布我国首批L3级自动驾驶车型准入许可，长安汽车（000625）（000625）深蓝品牌乘用车作为唯二车 型入选。据了解，该车型获准在交通拥堵环境、高速公路和城市快速路单车道内等场景自动驾驶，最高时速为50公 里。 图/长安汽车获工信部首批L3级自动驾驶许可 来源：工信部网站 从重庆山城到全国道路，长安将以零事故、零风险、零违规、零误激活的"四个0"安全防线，让每段旅程都安心从容。 事实上，国际上将自动驾驶划分为5个级别，其中L3级即"有条件的自动驾驶"，要求车辆在特定场景下，可以由系统实 现自动驾驶，而当系统发出介入请求时，需要驾驶员能够做到及时接管车辆。更高级的L4级对应为"高度的自动驾 驶"，要求车辆在限定的区域内，可以实现无需人工干预的自动驾驶。最高级的L5级则是"完全的自动驾驶"，该级别车 辆可以无方向盘，适应任何环境下的自动驾驶。 全景网了解到，深蓝汽车是长安汽车乘用车三大品牌之一，是长安汽车新能源"香格里拉"战略的核心承载主体。当 前，长安汽车正筹划对深蓝汽车增资扩股，预计募资规模约61.22亿元。 对此公司表示，增资深蓝是基于公司战略及业务需要，资金将用于新汽车研发，智能化、电动化 ...