证券研究报告 行业研究 / 行业深度 2025 年 12 月 23 日 资料来源：聚源数据，爱建证券研究所 相关研究 《特斯拉 Robotaxi 取消安全员，纯视觉方案商 业化提速——Robotaxi 系列报告（三）》 2025-12-12 《曹操出行提"十年百城千亿"战略目标—— Robotaxi 系列报告（二）》2025-12-12 《奔驰自动驾驶出租车于阿布扎比开启路测— —Robotaxi 系列报告（一）》2025-12-12 《车企年销量目标完成度分化——智能汽车数 据销量跟踪（二）》2025-12-03 《蔚来业绩创历史新高，25Q4 有望实现盈利 ——智能汽车系列报告（五）》2025-12-03 证券分析师 汽车 一年内行业指数与沪深 300 指数对比走势： 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 联系人 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 高阶智驾准入，Robotaxi 商业化提速 ——Robotaxi 产业深度报告 强于大市 投资要点： 规模 ...

Core Viewpoint - The article discusses the recent delisting of Zeekr (极氪) from the New York Stock Exchange, which reflects both the company's internal challenges and the increasingly unfriendly environment for Chinese companies in the U.S. market [1][2]. Group 1: Delisting and Market Environment - Zeekr's delisting is seen as a significant event, marking a shift in the trend of Chinese companies seeking U.S. listings, which has been declining [2]. - The company had previously raised $440 million in its IPO in 2024, but its exit from the U.S. market effectively reduces the total capital raised by Chinese firms in the U.S. for the year [2][4]. - In 2025, only 63 Chinese companies are expected to raise a total of $1.12 billion in the U.S., a stark contrast to the $1.91 billion raised by 59 companies in 2024 [4]. Group 2: Financial Performance and Challenges - Zeekr's financial performance has been mixed, with a reported revenue increase of 9% year-on-year to 31.6 billion yuan (approximately $4.5 billion) in Q3, but a significant reduction in losses from 2.03 billion yuan to 307 million yuan [6][8]. - The company's gross margin improved from 15.2% to 19.2% year-on-year, aided by the growth of its Lynk & Co brand [7]. - However, Zeekr's electric vehicle sales have declined by 0.55% year-on-year, with total sales of 193,866 units in the first 11 months of the year [8]. Group 3: Corporate Strategy and Future Outlook - The integration of Zeekr into its parent company, Geely Automobile, has caused dissatisfaction among some shareholders, as Geely aims to consolidate its high-end brands [5][9]. - Geely's initial privatization offer was $25.66 per ADS, later increased to $26.87 per ADS, reflecting investor pushback [6]. - The article suggests that the tightening regulations for Chinese companies seeking to list in the U.S. may lead to more firms considering alternative markets, such as Hong Kong or Shanghai, for their listings [9][11].

Market Overview - On December 22, Hong Kong stocks rose, with the Hang Seng Index up 111 points (0.4%) closing at 25,801 points[1] - The Hang Seng Tech Index increased by 47 points (0.9%) to close at 5,526 points[1] - Daily trading volume decreased to HKD 169.8 billion, with net inflow from southbound funds at HKD 3.13 billion[1] Sector Performance - International gold and silver prices reached new highs, with Zhaojin (1818 HK) up 6.0%, China National Gold (2099 HK) up 7.6%, and China Silver (815 HK) up 5.8%[1] - New consumption stocks performed well, with Mixue Ice Cream (2097 HK) rising 10.1% after opening a store in Los Angeles[1] - China Duty Free Group (1880 HK) surged 15.8% following the official closure of Hainan Island[1] US Market Update - On the US side, the Dow Jones rose 277 points (0.5%) to 48,362 points, while the Nasdaq increased by 121 points (0.5%) to 23,428 points[2] - Tesla's stock rose 1.6% amid positive performance of its Robotaxi compared to Google's Waymo[2] - Nvidia's stock increased by 1.5% as rumors suggest potential chip supply to China pending approval[2] Industry Dynamics - In the automotive sector, stocks like Pony.ai (2026 HK) rose 10.7% due to advancements in L3 autonomous driving technology[3] - In pharmaceuticals, a collaboration between Ginkgo Bioworks (1167 HK) and AstraZeneca (AZN US) was announced, with Ginkgo set to receive an upfront payment of USD 100 million and potential milestone payments up to USD 1.915 billion[3] - Ginkgo's stock fell over 10% as the authorization amount was perceived as lower than expected, indicating a possible sell-off after initial positive sentiment[3]

为此，天津市消费者协会、北京大学电子商务法研究中心、北京阳光消费大数据研究院、消费者网联合开展了本次网约车服务消费者满意度调查，旨在 全面了解网约车服务市场及消费者满意度状况，并提出相关建议思路，维护消费者合法权益，促进网约车行业规范发展。 一、调查目的 通过开展网约车服务消费者满意度调查，全面调查了解网约车行业的消费者满意度状况，具体了解影响消费者满意度水平的因素和问题，并在分析造成 问题原因的基础上，探讨规范网约车行业规范发展的建议思路，为促进网约车行业规范健康发展，维护消费者合法权益提供参考。 二、调查方法与内容 本次调查主要采用问卷调查、体验调查等调查方法，调查内容主要包括消费者对网约车服务认知情况、满意度状况，以及网约车服务过程中存在的具体 问题等。 网约车是指以互联网技术为依托构建服务平台，接入符合条件的车辆和驾驶员，通过整合供需信息，提供非巡游的预约出租汽车服务的经营活动。据交 通运输部数据，截至2025年10月31日，全国共有393家网约车平台公司取得网约车平台经营许可，网约车监管信息交互系统10月共收到订单信息8.92亿单。 网约车在快速发展并给消费者带来便捷的同时，也带来了不少新的问题。部 ...

Core Viewpoint - The "Annual Outstanding Investment Value IPO" awards recognize new listed companies that excel in core business, performance growth, and shareholder value creation, highlighting their significant growth potential and competitive advantages in their respective industries [4]. Group 1: Award Recipients - Eight companies received the "Annual Outstanding Investment Value IPO" award, including Different Group (06090.HK), Cao Cao Travel (02643.HK), Dipo Technology (01384.HK), Geek+ (02590.HK), Leshu (02698.HK), Tudatong (02665.HK), Xuan Bamboo Biotechnology-B (02575.HK), and Yingshi Innovation (688775.SH) [1]. - The ranking of the award recipients is not in any particular order and is based on the first letter of the company names [1]. Group 2: Evaluation Criteria - The evaluation for the awards was conducted through quantitative data analysis and an expert review panel [4]. - The awards aim to create a reference value for listed companies and unicorn companies within the investment community, emphasizing a global perspective with a focus on China [4]. Group 3: Coverage of the Awards - The "Golden Award" listing company evaluation covers all listed companies and unicorns on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [4].

Market Performance - Last week, Hong Kong stocks showed a rebound, with the Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Tech Index rising by 0.8%, 0.7%, and 1.1% respectively[1] - Large insurance and domestic bank stocks performed steadily in the latter half of the week, supporting the market's recovery[1] - The pharmaceutical sector saw a rebound after the U.S. Senate passed the revised 2026 National Defense Authorization Act, benefiting companies like WuXi Biologics and WuXi AppTec[1] Sector Highlights - The automotive sector rebounded significantly, with XPeng Motors rising by 7.6% after receiving an L3 autonomous driving road test license in Guangzhou[4] - The healthcare sector's Hang Seng Medical Care Index fell by 1.8% overall but rose by 1.7% on Friday, indicating a potential recovery[5] - The renewable energy and utilities sectors experienced a general decline, although the photovoltaic sector saw slight gains due to expected policy support[6] Economic Indicators - The U.S. Michigan Consumer Sentiment Index for December was reported at 52.9, below Bloomberg's forecast of 53.5 but above the previous value of 51.0[3] Investment Opportunities - The upcoming IPO of Insilico Medicine, a prominent AI-driven drug discovery company, is noteworthy due to its rapid revenue growth and strong backing from reputable investors[5] - The recent policy on e-cigarette regulation is expected to create new opportunities for compliance-driven growth in the domestic market[1]

Group 1: L3 Autonomous Driving Approval - The Ministry of Industry and Information Technology of China officially announced the first batch of L3 conditional autonomous driving vehicle approvals, marking a significant step towards commercial application [1] - Longcheng Securities noted that the approval indicates a shift from testing to commercial application for L3 autonomous driving, with the industry entering a high-growth phase [1] - Changjiang Securities highlighted that China becomes the second country after Germany to approve L3 vehicles, with the potential for large-scale deployment [1] Group 2: Investment Opportunities - Longcheng Securities suggests focusing on intelligent driving algorithm providers, hardware suppliers, and Robotaxi operation platforms as investment opportunities [1] - Huatai Securities emphasized that the approval will accelerate the restructuring of the intelligent driving industry chain, with significant investment opportunities in core areas such as intelligent vehicles, control chassis, domain control chips, and LiDAR [1] - Companies like Junsheng Electronics and CAOCAO are actively engaging in strategic partnerships and launching new autonomous driving platforms, indicating a robust market presence [2][3] Group 3: Technological Developments - Zero Run's Lafa5 has commenced nationwide delivery, featuring dual AI models and a LiDAR perception system [3] - Horizon Robotics and ZF Group announced a collaboration to develop an L3 intelligent driving system, expected to be mass-produced in China by 2026 [3] - Black Sesame Intelligence has introduced high-performance computing chips and is collaborating with major automotive OEMs, enhancing its product offerings in the autonomous driving sector [4] Group 4: Market Position and Performance - TuDatong is recognized as a leading supplier of automotive-grade LiDAR solutions, with a projected delivery of approximately 230,000 units in 2024, ranking fourth globally in market share [5] - Nexperia is investing 1 billion yuan in a new intelligent manufacturing headquarters in Suzhou, focusing on electric power steering and steering-by-wire technologies for various levels of driving assistance [6]

Group 1 - The Ministry of Industry and Information Technology officially announced the first batch of L3 conditional autonomous driving vehicle permits in China, marking a significant step towards commercial application of L3 autonomous driving [1][2] - Longhua Securities noted that the approval of L3 autonomous driving vehicles indicates that China is the second country after Germany to allow L3 vehicles on the road, with the potential for large-scale deployment [1][2] - The approval is expected to accelerate the commercialization of autonomous driving technology, benefiting the entire industry chain [1][2] Group 2 - Investment opportunities are suggested in sectors such as intelligent driving algorithms, related hardware providers, and Robotaxi operation platforms, as the approval of L3 vehicles transitions the industry from testing to product entry and road trials [2] - Companies like Junsen Electronics and Sailyus are actively engaging in strategic partnerships and product launches to enhance their positions in the autonomous driving market [3][4] - The development of L3 intelligent driving systems is being pursued by companies like ZF and Horizon Robotics, with expectations for mass production in 2026 [4][5] Group 3 - TuDatong is recognized as the first global supplier to achieve mass production of automotive-grade high-performance LiDAR solutions, with a projected delivery of approximately 230,000 units in 2024 [5][6] - The establishment of a new manufacturing headquarters by Nexperia in Suzhou, with an investment of 1 billion yuan, aims to focus on electric power steering and steering-by-wire technologies to meet various levels of assisted and autonomous driving needs [7]

Group 1 - The Ministry of Industry and Information Technology of China has officially announced the first batch of L3 conditional autonomous driving vehicle permits, marking a significant step towards commercial application of L3 autonomous driving in China [1] - Longyuan Securities reports that the approval of L3 autonomous driving vehicles indicates a transition from testing to commercial application, with the industry moving towards higher levels of intelligent driving [1] - Changjiang Securities states that China becomes the second country after Germany to officially permit L3 vehicles, with the approval of two models indicating a new phase for intelligent connected vehicles in mass production [1] Group 2 - The approval of L3 vehicles is expected to accelerate the development of the intelligent driving industry chain, with recommendations to focus on intelligent driving algorithm providers, hardware suppliers, and Robotaxi operation platforms [1] - Huatai Securities emphasizes that the approval will lead to a restructuring of the value chain in the intelligent driving industry, with significant investment opportunities in core areas such as intelligent vehicles, control chassis, domain control chips, and lidar [1] - Companies like Junsheng Electronics and CAOCAO Mobility are actively engaging in strategic partnerships and launching new autonomous driving platforms, indicating a competitive landscape in the autonomous driving sector [2][3] Group 3 - Leap Motor has officially started nationwide deliveries of its Lafa5 model, which supports dual AI models and a lidar perception system [3] - Horizon Robotics and ZF have announced a joint development of an L3 intelligent driving system, expected to be mass-produced in China by 2026 [3] - Companies like Black Sesame Intelligence and TuDatong are advancing in the autonomous driving field with innovative products and significant market presence, including high-performance lidar solutions [4][5]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights ongoing trends in the AI industry, with companies like MiniMax and Zhiyu AI passing hearings, indicating a strong interest in AI investments [2] - The education sector is experiencing slight pressure, with increased competition among small and medium institutions, while leading companies like Alpha are stabilizing [4] - The coffee and tea beverage industry maintains high enthusiasm, with brands actively opening new stores despite seasonal fluctuations [4] - E-commerce is under pressure due to the domestic consumption environment, with online retail sales for physical goods reaching 11.82 trillion yuan, a 5.7% increase year-on-year [4] - Music streaming platforms are seen as quality internet assets driven by domestic demand, suggesting continued investment interest [4] - The automotive service sector is witnessing a decline in sales for traditional luxury brands, while domestic luxury and new force brands are experiencing growth [4] - The internet medical sector is expanding, with companies like JD Health and Ant Group's AI health application gaining traction [4] - Concerns remain regarding the sustainability of capital expenditure and returns in the AI industry, but there is optimism about the long-term trends [4] Summary by Sections 1.1 Consumer & Internet - The non-essential consumption index fell by 2.98%, with notable stock performances from companies like HuShang Auntie (+4.27%) and Luckin Coffee (-3.62%) [9] - E-commerce index decreased by 2.86%, with Pinduoduo's stock rising by 24.51% while Alibaba's stock fell by 5.71% [13] 1.2 Platform & Technology - The media index dropped by 2.23%, with Netflix and Tencent Music experiencing slight declines [19] - The virtual asset market saw a decrease in total cryptocurrency market value to $296.84 billion, with Bitcoin and Ethereum prices falling by 2.4% and 3.5% respectively [25] - The automotive service sector's index fell by 1.21%, with significant declines in stocks like Advance Auto Parts (-12.87%) [34] 1.3 Media - The media index decreased by 0.1763%, with Perfect World (+10.68%) and Giant Network (+8.97%) showing positive performance [50] - The report emphasizes the importance of new game releases and innovations in the gaming sector, with a projected revenue of 350.79 billion yuan for the domestic gaming market by 2025 [4]