2025年，一些造车新势力迎来了盈利的转折点。零跑、赛力斯、小米等企业凭借销量的迅猛增长， 率先实现了盈利；小鹏、蔚来等企业的亏损幅度也在不断缩小，盈利步伐逐步迈进。然而，理想汽车在 三季度却出现了"扭盈为亏"的情况，面临持续盈利的重大考验。在迈向盈利的道路上，领先的造车新势 力已取得显著成果，但能否保持持续盈利依然是一个严峻的挑战。 规模效应临界点逼近 在新能源汽车产业竞争白热化的当下，销量规模已成为造车新势力突破盈利困局的核心变量，其影响贯 穿企业运营的每个环节。汽车工业的规模经济特性在新能源汽车时代愈发显著。当企业年销量突破10万 辆临界点时，供应链议价能力将发生质变。以电池采购为例，头部新势力可凭借规模化订单将成本降低 15％～20％，这种优势直接转化为毛利率提升的关键支撑。对于新势力而言，销量增长带来的固定成本 分摊效率提升，同样不容忽视——研发费用、生产线折旧等固定支出，在规模化生产下被均摊至更低的 单车成本，为盈利创造空间。 小米汽车便是规模效应助力盈利的典型。2025年三季度，其交付量突破10万辆，销售收入总额约283亿 元，平均单车收入约26万元，毛利率高达25.5％，单车毛利润达6.65万 ...

Core Insights - The news highlights a significant breakthrough in the commercialization of L3-level autonomous driving in China, with the Ministry of Industry and Information Technology officially granting the first conditional licenses for L3 autonomous vehicles [1][3]. Group 1: Market Activity - Several companies in the autonomous driving sector saw their stock prices surge, with Hanxin Technology reaching a 30% limit up, and other companies like Wanjie Technology and Zhejiang Shibao also hitting their daily limits [1]. - The market enthusiasm is driven by the recent regulatory approval for L3-level autonomous vehicles, indicating a shift from testing to commercial application [1]. Group 2: Regulatory Developments - The Ministry of Industry and Information Technology has approved two models for L3-level autonomous driving, which will operate in designated areas of Beijing and Chongqing, marking a critical step towards commercial deployment [1][3]. - The L3-level autonomous driving classification allows vehicles to take over driving tasks under specific conditions, although drivers must remain alert and ready to take control [1][2]. Group 3: Industry Competition - Major automotive companies are competing to establish timelines for mass production of L3 vehicles, with many setting 2025-2026 as a crucial period for development [3][4]. - Companies like GAC Group and Huawei are actively testing their L3 technologies in major cities, preparing for commercial launch [4]. Group 4: Policy and Infrastructure - The recent policy changes have facilitated the expansion of testing areas for autonomous vehicles, with cities like Shanghai and Beijing designating extensive road networks for trials [3]. - The ethical guidelines released by the Ministry of Science and Technology further clarify responsibility in case of accidents, which is essential for the industry's growth [3]. Group 5: Investment Opportunities - The news lists several companies involved in the autonomous driving sector, providing insights into their market capitalization and stock performance, indicating potential investment opportunities [6].

Market Overview - The A-share market experienced a collective decline on December 16, with the Shanghai Composite Index falling to 3820.85 points, down 1.22%, the Shenzhen Component Index down 1.88%, and the ChiNext Index down 2.35% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 1.12 trillion yuan, a decrease of 606 billion yuan compared to the previous trading day [4] Sector Performance - The smart driving sector saw significant gains, with multiple stocks in the automotive sector rising sharply. Notable stocks included Wanji Technology, which recorded a 20% increase, and several others achieving the daily limit of 10% [15][16] - Consumer sectors, including restaurant tourism and commercial retail, continued to rise, with several stocks hitting the daily limit. For instance, Yonghui Supermarket and Baida Group both recorded a 10% increase [9][10] - Conversely, the large technology sector experienced a downturn, while precious metals, communication equipment, and chemical sectors led the declines [4][5] Notable Stocks - In the smart driving sector, several companies such as North Car Blue Valley and Changan Automobile saw increases of over 5% [18][19] - The hospitality sector also showed strength, with Junting Hotel rising nearly 7% and other hotel stocks following suit [11][12] Regulatory News - On December 15, the Ministry of Industry and Information Technology announced the approval of the first batch of L3-level autonomous driving vehicles for trial operations in designated areas of Beijing and Chongqing [20]

在宏观经济环境和政策预期的双重影响下，11月国内乘用车市场整体表现承压，且"冷热分化"特征明显。乘联分会最新数据显示，当月国内狭义乘用车市场 零售销量达222.5万辆，同比下降8.1%，环比下降1.1%。值得注意的是，新能源乘用车市场在整体承压的大环境下实现逆势增长，当月销量达132.1万辆，同 比增长4.2%，环比增长3.0%，渗透率突破59%，已成为拉动市场的核心动力。 轿车市场：零售100.7万辆，同比下滑10.0%，环比微降1.5%。其中，新能源轿车占比持续提升，已成为轿车市场的主要增长点。 MPV市场：是当月各细分领域中表现最弱的板块，零售8.6万辆，同比下滑16.8%，环比仅微增1.0%，市场需求相对疲软。 SUV市场：虽然同样面临同比下滑压力，但表现优于轿车和MPV，11月零售113.2万辆，同比下降5.6%，环比下滑0.9%。其中，新能源SUV销量达68.3万 辆，同比增长12.5%，成为SUV市场的中流砥柱。 从车辆用途和用户需求角度来看，SUV市场的相对韧性主要源于其产品力的持续提升。当前主流SUV车型在空间利用率、动力性能、燃油经济性以及智能配 置等方面均有显著进步，能够更好地满足家庭用 ...

在这场央视新闻《在一起鸿蒙智行》直播盛典上，以问界M9为代表的中国高端汽车，已经成功从传统豪华车以百年底蕴构筑的坚固堡垒中突围。赛力斯集 团董事长（创始人）张兴海在上述活动上表示，问界M9累计交付已突破26万辆，自上市后，稳居50万元级市场销量领先地位。 中国已连续多年稳居汽车产销量全球榜首，但50万元以上的高端车领域长期被国外品牌垄断，品牌溢价与机械素质是其难以逾越的护城河。随着汽车"新四 化"浪潮席卷，一场以"智慧"为名的价值革命正由内而外地重塑这一格局。 12月9日，上海外滩，迎来了一场特别的聚会，宣告中国汽车产业向上突破的阶段性成果。 "智慧重塑豪华"，问界M9从根本上改写了豪华车的竞争规则与价值定义，它的成功，标志着中国汽车产业从"市场追随者"向"标准定义者"的关键跨越，引 领中国汽车向着更高层次迈进。 豪华车价值重构与规则改写 回看过去两三年成交价在50万元及以上汽车市场的格局，会发现发生了翻天覆地的变化。 2023年，这个市场几乎被外资品牌垄断。当年底，破局者——问界M9正式上市，仅用了一年时间，该车就成功从一众竞争对手中突围。2024年，50万元及 以上豪华汽车市场的销冠易主，变成了问界M9。 ...

Core Viewpoint - Seres Group has reported a significant increase in electric vehicle sales, indicating a successful growth strategy focused on high-end and intelligent offerings in a competitive market [4]. Group 1: Sales Performance - In November 2025, Seres' electric vehicle sales reached 55,203 units, marking a nearly 50% year-on-year increase and setting a new brand record [4]. - Cumulatively, Seres sold 411,288 electric vehicles in the first 11 months of this year, showcasing strong performance amid increasing competition in the electric vehicle market [4]. Group 2: Market Positioning - The sales figures reflect Seres' growth model driven by high-end and intelligent features, which has now entered a stable output phase [4].

Group 1 - Company Silyus (09927.HK) experienced a market increase of over 3%, specifically a rise of 3.08% [2] - The current trading price of Silyus is reported at 113.9 Hong Kong dollars [2] - The trading volume for Silyus reached 168 million Hong Kong dollars [2]

Group 1 - Company Saisir (09927) saw a stock increase of over 3%, reaching 113.9 HKD with a trading volume of 168 million HKD [1] - On December 16, it was reported that Hongmeng Zhixing has partnered with the Shenzhen Transportation Bureau to initiate L3 conditional autonomous driving testing in Shenzhen, covering 1000 kilometers of high-speed roads [1] - The testing aims to validate the safety and maturity of the L3 system through real road and user data, providing practical evidence for the implementation of national L3 policies [1] Group 2 - Saisir is a core partner of Hongmeng Zhixing and a benchmark for the "Smart Selection Car Model," jointly creating the AITO brand, which is the first brand co-developed by both parties [2] - In November 2025, Saisir reported a total automobile production of 58,900 units, a year-on-year increase of 30.36%, and total sales of 58,100 units, a year-on-year increase of 36.34% [2] - From January to November 2025, the total automobile production reached 460,400 units, a year-on-year increase of 0.73%, while total sales were 453,100 units, a year-on-year decrease of 0.52% [2]

赛力斯（601127）(09927)逆市涨超3%，截至发稿，涨3.08%，报113.9港元，成交额1.68亿港元。 消息面上，12月16日市场消息，鸿蒙智行近期已联合深圳市交通局等相关部门，在深圳开启L3级有条 件自动驾驶内测。与常规研发测试不同，本次测试旨在通过真实道路和真实用户数据，验证L3系统的 为普通用户带来的安全性与产品成熟度，为国家L3政策落地提供实践依据。据知情人士透露，本次试 点由深圳市交通局、发改委等部门联合推动，由华为员工携自购2025款问界M9与尊界S800参与，范围 覆盖深圳市内全部高快速道路达1000公里，目前已完成超过2万公里的实际道路验证。 据了解，赛力斯是鸿蒙智行的创始核心伙伴与"智选车模式"标杆，双方联合打造问界品牌，共建智能汽 车生态。问界是双方共创的首个品牌，为鸿蒙智行旗下核心产品线，赛力斯是该品牌的独家生产制造 方。近日，赛力斯披露11月汽车销量数据，公司2025年11月份汽车产量合计5.89万辆，同比增加 30.36%；汽车销量合计5.81万辆，同比增加36.34%。2025年1-11月，本公司汽车产量合计46.04万辆，同 比增加0.73%；汽车销量合计45.31万 ...

汽车整车板块短线拉升，北汽蓝谷涨停，广汽集团、赛力斯、长安汽车、江铃汽车、东风股份等纷纷走 高。 ...