全国汽车产量前十名省份，再度洗牌。 2025年，安徽汽车产量超过广东登顶第一；传统汽车重镇吉林退出十强，湖北也退居第10位；山东、江 苏、浙江、湖南等省份实现了进位。 如今重回"百万赛道"，青岛将目光进一步投向"世界水平"——此前新石器无人车联手滴滴送货在青岛运 营无人送货车突破1200台，使青岛成为车辆部署最密集、运营场景最丰富、订单规模最大的"全球无人 车第一城"，比Waymo在旧金山布局的无人车数量还多出50%。而上一个被外界贴上"无人车第一城"标 签的城市还是深圳。 回顾过去几年，几乎每年都有城市因新能源汽车"晋位"，今年"主角"终于轮到青岛了？ 百万辆 这是山东首次跨越200万辆大关，以全年261.22万辆的成绩超过江苏，拿下全国第四。这其中，青岛贡 献了四成左右的产量——2025年，青岛汽车制造业工业增加值同比增长25.9%，整车产值超过1000亿 元；整车产量达102.2万辆，同比增长44.1%。 早在2018年，青岛汽车产量首次突破100万辆大关，合计生产各类汽车103万辆，创造历史纪录。此后几 年，青岛汽车产量一度稳定在百万辆左右，最高时曾接近120万辆，直到2022年跌落，连续三年，青岛 ...

Investment Rating - The report gives a "Recommended" rating for the company, marking its first coverage [1][11]. Core Insights - Fulin Transportation is the leading road passenger transport company in Sichuan Province, actively pursuing three strategic transformation directions: integration of transportation and tourism, low-altitude economy, and unmanned logistics [7][11]. - The company has recovered its revenue to pre-pandemic levels, with passenger transport income accounting for over 70% of total revenue, and it is expected to achieve a net profit of 165 to 196 million yuan in 2025, representing a year-on-year growth of 35% to 60% [5][30][37]. Company Overview - Fulin Transportation is the only special-grade passenger transport enterprise in Sichuan, with a total of 31,348.90 million shares and a market capitalization of 40.06 billion yuan [2][14]. - The company operates 6,179 vehicles and 846 passenger routes, with a focus on passenger transport services and the operation of passenger transport stations [5][17]. Financial Performance - The company's revenue has stabilized around 8.6 billion yuan in recent years, recovering to 2019 levels, with a projected net profit of 1.81 billion yuan in 2025 [30][37]. - Investment income has been a significant source of profit, accounting for over 75% of total profit from 2020 to 2024, primarily from investments in Mianyang Commercial Bank and Santai Rural Commercial Bank [42][43]. Strategic Transformation Transportation and Tourism Integration - The integration of transportation and tourism is supported by the growing population in Chengdu, which is expected to contribute 67.87% of the company's revenue by 2024 [8][58]. - The company has launched convenient bus lines and established partnerships to enhance service offerings in tourist areas [5][8]. Low-Altitude Economy - The low-altitude economy is seen as a promising area for development, combining logistics and tourism, with potential partnerships with drone logistics companies [9][10]. - The company is exploring opportunities in low-altitude logistics, leveraging its operational experience in road passenger transport [9][10]. Unmanned Logistics - The unmanned logistics sector is gaining traction, with the company actively seeking partnerships to implement unmanned delivery services [10]. - The company has initiated pilot projects for unmanned vehicles, marking a significant step in its logistics transformation [10]. Investment Outlook - The company is expected to achieve net profits of 1.8 billion, 2.2 billion, and 2 billion yuan from 2025 to 2027, with corresponding EPS of 0.6, 0.7, and 0.6 yuan, indicating a favorable valuation compared to peers [11][30].

Core Insights - The RoboX industry is approaching a commercialization inflection point, driven by strong policy support, increasing demand for cost-effective and safe autonomous driving solutions, and significant reductions in core component costs [2][6][11]. Group 1: RoboX Overview - RoboX encompasses various forms of autonomous driving applications, including Robotaxi, Robovan, and Robotruck, designed to adapt to different transportation scenarios through modular design [8]. - The industry is experiencing rapid advancements in technology, with the penetration rate of L2 and above autonomous features in passenger vehicles expected to exceed 90% by 2030, significantly driving down costs for key components like LiDAR and computing chips [9][11]. Group 2: Robotaxi Insights - Robotaxi is projected to achieve an operational cost of $0.2 per kilometer by 2027, a 50% reduction compared to traditional ride-sharing platforms, primarily due to the remote safety operator model and economies of scale [3][17]. - The global Robotaxi market is expected to reach a valuation of $352.6 billion by 2035, with the Chinese market anticipated to grow from $200 million in 2025 to $179.4 billion by 2035, indicating strong growth potential [23][28]. Group 3: Robovan Insights - The demand for Robovan is driven by labor shortages and high costs in last-mile delivery, with its capabilities making it a key solution across e-commerce, retail, and food delivery sectors [4]. - The cost of Robovan is expected to drop significantly, from 500,000-600,000 yuan to around 20,000 yuan, due to economies of scale and increased penetration of L2 and above features in passenger vehicles [4][11]. Group 4: Robotruck Insights - Robotruck applications are expanding from closed environments to long-haul logistics, with a market potential reaching hundreds of billions, focusing on stable freight demand and high operational value [5]. - The adoption of "virtual drivers" in Robotrucks is expected to significantly reduce the operating costs of electric trucks, enhancing their commercial viability [5]. Group 5: Policy Support - Since 2020, the Chinese government has implemented numerous policies to support the development of intelligent connected vehicles, establishing a robust regulatory framework for the industry [11][13]. - By 2025, 17 national-level testing demonstration zones have been established, with over 32,000 kilometers of testing roads opened, facilitating the transition from technology validation to commercial operation [11][13]. Group 6: Investment Recommendations - Companies involved in autonomous driving solutions and operations are expected to benefit directly from the commercialization of RoboX, with a projected rapid increase in penetration rates between 2026 and 2027, unlocking a market potential of hundreds of billions [6][28]. - Recommended companies include WeRide, Cao Cao Mobility, and XPeng Motors, with a focus on intelligent component manufacturers like Horizon Robotics and Bertelson [6].

Investment Rating - The report gives a "Recommended" rating for the company, marking its first coverage [1][11]. Core Insights - The company is the leading road passenger transport enterprise in Sichuan Province and the only special-grade passenger transport enterprise in the province, actively pursuing three strategic transformation directions: integration of transportation and tourism, low-altitude economy, and unmanned logistics [5][7][12]. Company Overview - The company has a total share capital of 31,348.90 million shares and a total market value of 40.06 billion yuan [2]. - As of June 30, 2025, the company operates 6,179 vehicles and 846 passenger transport routes [5][17]. Financial Performance - Revenue has largely recovered to 2019 levels, with passenger transport income accounting for over 70% of total revenue [5][30]. - The company expects a net profit attributable to shareholders of 165 to 196 million yuan in 2025, representing a year-on-year growth of 35% to 60% [5][37]. - Investment income has been a significant source of profit, contributing over 75% to total profit from 2020 to 2024 [5][42]. Strategic Transformation 1: Integration of Transportation and Tourism - The company benefits from the growing population in Chengdu, which is expected to contribute 67.87% of revenue in 2024 [5][58]. - The company has launched eight convenient bus routes with an occupancy rate exceeding 85% [5][58]. Strategic Transformation 2: Low-Altitude Economy - The integration of logistics and low-altitude operations is seen as a significant opportunity, with partnerships being explored to enhance operational efficiency [5][9]. - The company is collaborating with Fengyi, a leading logistics drone company, to develop a low-altitude logistics service system [5][9]. Strategic Transformation 3: Unmanned Logistics - The unmanned logistics sector is supported by favorable policies and presents new business opportunities [5][10]. - The company is actively exploring partnerships with leading unmanned vehicle companies to implement unmanned delivery services [5][10]. Investment Recommendations - The company is projected to achieve net profits of 180 million, 220 million, and 200 million yuan from 2025 to 2027, with corresponding EPS of 0.6, 0.7, and 0.6 yuan [11][37].

近日，以"破局驭势 共赴新程"为主题的 2026地上铁合作伙伴大会在深圳国际会展中心洲际酒店圆满落 幕。本次大会汇聚了宁德时代、长安跨越、新石器、陕汽商用车、上汽跃进、吉利远程、福田汽车、瑞 驰汽车、金龙汽车、壁虎汽车等产业链核心伙伴，及全国渠道商数百名代表，共探新能源物流行业高质 量发展新路径。 在开场致辞中，地上铁创始人兼董事长张海莹女士向所有合作伙伴表达了诚挚感谢。她表示，新能源物 流车行业从无到有、从小到大的发展历程，离不开每一位行业深耕者的奋斗与付出。因此，面对未来市 场的不确定性，地上铁愿与所有拥有共同愿景、一致使命和共赢价值观的伙伴并肩前行，携手构建有 序、共生的行业生态。企业将以"向内求精，向外共生"为方向，充分发挥"新能源连接者"的纽带作用， 深耕精细化运营，与生态伙伴共同探索新周期下的行业发展新方向。 全链赋能体系，以数智能力助力伙伴跨越周期 而在系统赋能方面，即将上线的"链车宝2.0"平台，围绕交易管理、资产运营与风险控制构建全链路数 字化闭环。平台将繁杂的车管工作"化零为整"，实现从客户准入、车辆监控到智能催收的全流程可视 化、智慧化管理，帮助伙伴突破资产管理上限、推动资产安全升级、实 ...

Investment Rating - The report maintains a recommendation rating for the RoboX industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - RoboX is approaching a critical point of industrialization, transitioning from technology validation to large-scale deployment, driven by supportive policies, increasing supply of key components, and strong demand for intelligent driving solutions [7][19]. - The report highlights three main applications of RoboX: Robotaxi, Robovan, and Robotruck, each with distinct market dynamics and growth potential [10][19]. Summary by Sections 1. Investment Focus: RoboX Accelerating Towards Industrialization - RoboX encompasses various forms of autonomous driving applications, including Robotaxi, Robovan, and Robotruck, designed for different transportation scenarios [10]. - The report emphasizes the modular design of RoboX, allowing for adaptability across various transport needs [10]. 2. Robotaxi: Scaling Point Evident, Fully Autonomous Commercialization Gradually Landing - Demand Side: Robotaxi can significantly reduce operational costs, with projected costs of $0.2 per kilometer by 2027, a 50% reduction compared to traditional taxi services [21]. - Supply Side: Continuous reduction in hardware costs is facilitating the scaling of Robotaxi applications, with the sixth-generation vehicle costs dropping by 60% compared to previous models [35]. - Policy Side: The gradual implementation of fully autonomous commercial operations is supported by clear regulations regarding accident liability [21][15]. 3. Robovan: Strong Demand for Unmanned Delivery, Cost Advantages Driven by Core Component Price Reductions - Demand Side: There is a strong need for unmanned delivery solutions in the last-mile logistics sector, covering key application scenarios such as e-commerce and fresh food delivery [3]. - Supply Side: The cost of core components is decreasing, enhancing the price competitiveness of unmanned delivery vehicles [3]. - Policy Side: Continuous opening of road rights and pilot projects is accelerating the deployment of unmanned delivery vehicles [3]. 4. Robotruck: Transitioning from Closed Scenarios to Mainline Logistics, Cross-Province Testing Implemented - Demand Side: Robotruck applications are expected to reach a market scale of hundreds of billions, focusing on stable freight demand in complex environments [4]. - Supply Side: Successful implementation of L4 in closed scenarios is validating the operational capabilities of Robotrucks [4]. - Policy Side: National support is clear, but local policies are cautiously opening up due to the high risks associated with heavy-duty trucks [4]. 5. Investment Recommendations - The report suggests that companies involved in RoboX commercialization, such as WeRide, Cao Cao Mobility, and XPeng Motors, will directly benefit from the scaling of RoboX applications [19]. - It also recommends focusing on intelligent component manufacturers like Horizon Robotics and Desay SV, which are expected to show performance elasticity [19].

在2026 CES上，联想车计算与韩国自动驾驶领军企业SWM正式宣布达成战略合作，双方将联合研发并部署新一代L4级自动驾驶出租车，推动"韩国型 Robotaxi平台"全球化落地进程。 近期，中韩汽车产业链的互动愈发频繁且深入，尤其是在自动驾驶领域，一系列合作动态持续释放出"双向奔赴"信号，开启了中韩汽车产业携手共进的 新历程。 多领域合作落地 在产业变革浪潮的推动下，中韩汽车供应链的互动从以往的单一零部件贸易，升级为涵盖技术研发、平台共建、市场共拓的全链条协同。 值得注意的是，中韩汽车供应链合作的深化与拓展，还体现在智能物流等场景的延伸上，进而开辟出价值增长的新变量。2025年6月，新石器与韩国仁 川经济自由区域厅签署合作协议，实现了该国历史上无人配送车的首次引入。同年7月，新石器与韩国仁川市政府签署战略合作协议，标志着双方在自动驾 驶、智能物流及智慧城市建设领域的合作迈出关键一步。新石器无人车创始人兼首席执行官余恩源表示，与韩国相关方面的合作，是新石器无人车全球化战 略的重要布局，也是中国智慧物流解决方案"出海"的重要桥梁。 互补优势驱动 中国汽车供应链经过多年发展，已形成完整且成熟的产业体系，尤其在自动驾 ...

1月26日,青岛市城阳区的街头,一种亮橘色、外形圆润的"小橙车"穿梭于车流中。车内没有驾驶员,却满 载着各类民生物资。这1200余辆橘色身影,让"未来已来"在青岛不再是一个时间概念,而是无人车满街跑 的现实写照。 从化解物流末端"最后一公里"的痛点,到反哺智慧城市治理的底层数据,青岛正通过技术与制度的共振,将 未来城市的科幻构想转化为触手可及的现实生活,引领全球智慧物流城市的新赛道。 文/片 记者 鲁畅 岳致呈 冯沛然 青岛报道 小橙车"跑"进商户账本 1月26日,记者来到青岛市城阳区一处批发市场。调味品店老板李大爷告诉记者,"早上九点左右车更多,附 近的批发市场几乎都在用这种无人车送货。" 崇阳路两侧,坐落着青岛规模最大的零售与批发集群:海鲜批发市场、调味品市场、酒水粮油百货市场 等。每天都有数以万计的物资从这里流向全市。 在调味品市场经营多年的李大爷,曾深感配送之苦。他的生意供给着全市范围内的中小型饭店。"以前得 自己开车送,不仅油钱贵,时间成本也高。"李大爷给记者算了一笔经济账:现在,那些位于无人配送范围内 的饭店,他全部改用"小橙"发货。平日里三五百斤的货物,现在配送费仅需十几块钱。 说话间,李大爷向 ...

1月26日,青岛市城阳区的街头,一种亮橘色、外形圆润的"小橙车"穿梭于车流中。车内没有驾驶员,却满 载着各类民生物资。这1200余辆橘色身影,让"未来已来"在青岛不再是一个时间概念,而是无人车满街跑 的现实写照。 从化解物流末端"最后一公里"的痛点,到反哺智慧城市治理的底层数据,青岛正通过技术与制度的共振,将 未来城市的科幻构想转化为触手可及的现实生活,引领全球智慧物流城市的新赛道。 文/片记者鲁畅岳致呈 冯沛然青岛报道 小橙车"跑"进商户账本 1月26日,记者来到青岛市城阳区一处批发市场。调味品店老板李大爷告诉记者,"早上九点左右车更多,附 近的批发市场几乎都在用这种无人车送货。" "越跑越聪明"的无人车 崇阳路两侧,坐落着青岛规模最大的零售与批发集群:海鲜批发市场、调味品市场、酒水粮油百货市场 等。每天都有数以万计的物资从这里流向全市。 在调味品市场经营多年的李大爷,曾深感配送之苦。他的生意供给着全市范围内的中小型饭店。"以前得 自己开车送,不仅油钱贵,时间成本也高。"李大爷给记者算了一笔经济账:现在,那些位于无人配送范围内 的饭店,他全部改用"小橙"发货。平日里三五百斤的货物,现在配送费仅需十几块钱。 ...

2026.01. 30 本文字数：2196，阅读时长大约4分钟 作者 | 第一财经 钱小岩 封图 | 迪拜街景（第一财经记者钱小岩摄） 近年来，很多出海中企选择落地阿联酋的迪拜，早已不是新鲜事，当前中企正不断向细分领域进军。 以电动车为例，当前在迪拜街头看到比亚迪、小鹏等中国品牌电动车已经不足为奇，中企还拿到了迪 拜道路与交通管理局（RTA）颁发的自动驾驶试运营和全无人驾驶测试许可，而在不久的将来，无人 配送车也将上路。 7X（阿联酋邮政集团）战略与投资高级执行主管舒凯里（Nasiba Alshukairy）近日向第一财经记者 表示，中国和阿联酋的合作在支持物流行业的创新和数字化转型方面具有重要意义，7X正努力弥合 数字与物理基础设施方面的差距，"因此，两国之间的持续合作有望重塑物流行业的未来。" 在7X分拣中心停放的无人配送车（第一财经记者钱小岩摄） 对于在阿联酋落地的挑战，王永波表示首先是监管适应，目前阿联酋尚无正式的无人物流车法规，企 业同7X一起正在与迪拜道路与交通管理局等机构沟通，同时借鉴新加坡的经验起草法规。此外，王 永波认为文化适应也是中企落地迪拜和阿联酋的一大挑战。 2025年10月，中国企业 ...