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作者 | TryMyBest 编辑 | 自动驾驶之心 原文链接： https://zhuanlan.zhihu.com/p/1993677650724672914 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近30个 方向 学习 路线 >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 本文只做学术分享，如有侵权，联系删文 引言 近年来大模型的快速发展将强化学习推向了从未有过的热度，成为了post-training不可缺少的一部分。在自动驾驶领域进入到E2E阶段后（直接学习人类司机轨 迹，放弃传统感知->预测->规控），也迫切需要使用强化学习来解决很多模仿学习无法解决的问题。最直接的比如 居中问题 ，人类司机开车不会太关注自己是否 居中，天然的模型也无法从这样的人类轨迹中掌握居中驾驶行为，而强化学习正是解决这种问题的一把钥匙。 理解自动驾驶中的强化学习算法 PPO和GRPO是目前最主流的做法，本文也会直接从这两个算法切入，但其实从强化学习这个概念，最天然的想法是怎么直接利用Reward优化，有很多经典算法 值得学习。很推荐大家阅读这篇文章 Proximal Policy Opti ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company is experiencing high growth, with a projected net profit of approximately 3.85 billion yuan for 2025, reflecting a year-on-year increase of 30% [5] - The penetration of advanced driver-assistance systems is accelerating, with the company leveraging high-value products to expand its customer base and increase revenue and profit [6] - The company is focusing on the development of autonomous buses, particularly the Robobus project, which aims to enhance its automatic driving capabilities and reduce the time from R&D to application [7] Financial Performance - For the first three quarters of 2025, the company achieved a net profit of 274 million yuan, with an expected significant increase in Q4 to approximately 1.11 billion yuan, marking a substantial quarter-on-quarter improvement [5] - Revenue forecasts for 2025-2027 are projected at 26.7 billion, 33.5 billion, and 41.5 billion yuan respectively, with earnings per share (EPS) expected to be 2.19, 2.95, and 3.67 yuan [8] - The company is expected to maintain a gross margin of over 60% from its new AI model, contributing to profit growth in 2026 [6] Market Position - The company is positioned as a leader in commercial vehicle intelligent solutions, with significant growth potential in the autonomous driving sector [4] - The report highlights the company's strategic initiatives in expanding its market opportunities in various scenarios, including public transport and logistics [7]

Core Insights - China Life Overseas Company has become a leading Chinese insurance company and institutional investor in the Hong Kong and Macau regions, with total assets exceeding HKD 452.8 billion [1] - The company focuses on long-term capital investment strategies that emphasize risk management and value creation, contributing to the sustainable development of Hong Kong as an international financial center [1] - China Life Overseas actively supports the issuance of government bonds in Hong Kong, participating in a total subscription of approximately HKD 2.4 billion across multiple currency-denominated green bonds [1] Investment Activities - The company subscribed to USD 600 million of the Chinese Ministry of Finance's USD 4 billion bond issuance, reinforcing its position as the largest subscriber among Chinese insurance firms [2] - This participation aligns with national financial policies aimed at enhancing state-owned financial support for fiscal measures and reducing financing costs, while also signaling global confidence in the Chinese economy [2] - China Life Overseas is involved in multiple Hong Kong H-share IPOs, supporting the listing of innovative companies in sectors such as semiconductors, AI, and healthcare [2] Notable Investments - The company has invested in several prominent firms, including Hesai Technology, a leader in the 3D sensor field, which aims to produce over 1 million laser radars by 2025 [2] - MiniMax, a leader in the AGI sector, is set to list on the Hong Kong Stock Exchange in January 2026, showcasing the company's commitment to investing in cutting-edge technology [3] - Weisheng Pharmaceutical, focused on rare endocrine diseases, successfully listed in March 2025, exemplifying the bridge between global technology and the Greater China market [3] Industry Engagement - China Life Overseas hosted the "Hong Kong Alternative Investment Strategy Conference" in 2025, gathering nearly 800 experts to discuss opportunities in alternative investments [4] - The company regularly organizes high-level investment forums and communication events, enhancing Hong Kong's position as an international insurance and asset management hub [4] - Through various initiatives, China Life Overseas aims to strengthen Hong Kong's role in the global financial landscape and support national strategic goals [4]

Core Insights - The article highlights that BAIC New Energy has successfully transitioned from the "technology investment phase" to the "performance realization phase" in the competitive autonomous driving sector, establishing a significant leading advantage [2][3] - The company is set to achieve a complete value loop of "technology-sales-benefits" by 2025, breaking the stereotype of state-owned enterprises in the automotive industry and redefining the value model of "new state-owned enterprise vehicle manufacturing" [3] Technological Advancements - BAIC New Energy's L3 autonomous driving model, the Arcfox Alpha S, received the first batch of L3 autonomous driving licenses in December 2025, marking a shift from "technical verification" to "commercial realization" [5] - The Alpha S (L3 version) is equipped with 34 high-precision sensors, including three LiDARs, ensuring a comprehensive 360-degree perception matrix and a leading speed limit of 80 km/h among approved L3 models in China [9] Strategic Collaborations - The company announced an upgrade of its collaboration with Pony.ai to the 2.0 era, aiming to deploy 3,000 units of the Arcfox Alpha T5 Robotaxi within the year, targeting both the domestic and global Robotaxi markets [9] Market Positioning - BAIC New Energy has established a dual-brand strategy, with the Arcfox brand achieving over 160,000 units sold and the premium Enjoy brand breaking 10,000 units in December, solidifying its position in the luxury electric vehicle market [12] - The company has successfully crossed the scale threshold in the mainstream market, with a total sales volume of 209,000 units in 2025, reflecting an 84% year-on-year increase [12] Financial Performance - The gross margin for BAIC Blue Valley turned positive at 1.8% in Q3 2025, with revenue showing positive growth for three consecutive quarters, indicating a shift towards a profitable business model [14] - The company is entering a virtuous cycle of "scale driving profitability, profitability feeding innovation," supported by the introduction of new products and technologies [14]

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院激光雷达研究小组发布的《中国激光雷达（LiDAR）行业市场前 瞻与投资战略规划分析报告》 行业主要上市公司：万集科技(300552)、中海达(300177)、永新光学(603297)、炬光科技(688167)、禾赛 (HSAI)等。 本文核心数据：激光雷达企业竞争格局，激光雷达市场集中度 从代表性企业分布情况来看，我国激光雷达代表企业分布在江苏、上海、北京、安徽、湖北等地，其中 陕西的激光雷达产业代表性企业较多。 1、中国激光雷达行业竞争梯队 目前国内具备生产激光雷达的企业主要是速腾聚创、一径科技、禾赛科技、镭神智能、Livox等企业。 其中速腾聚创推出OPA路线产品，Livox推出采用棱镜技术的产品，其余均采用MEMS路线。 2、中国激光雷达行业区域竞争分析 从企查猫以"激光雷达"为关键词进行精确搜索，得到激光雷达企业区域分布。从企业地区分布上来看， 目前中国激光雷达企业主要分布在东南沿海地区，特别以广东和江苏为代表。截至2025年11月，广东共 有相关激光雷达企业数500余家，江苏则有超过400家。 注：企查猫数据截止到2025年11月28日 3、中 ...

花旗发布研报称，予文远知行(00800)目标价为39.6港元，评级"买入"。花旗对文远知行开启90天上行催 化剂观察，基于考虑因素包括：Waymo潜在的今年首季融资轮，隐含估值为2025年市销率的280倍，可 能重新评估文远知行的估值;投资者对文远知行或于今年6月进入港股通(南向)的信心增强;中美科技领域 竞争可能促使中国出台更积极的ADAS/自动驾驶出租车政策;轻资产业务发展良好等。 ...

去年年底，特斯拉在官网上罕见发布悲观的分析师交付量预期汇总，数据显示其第四季度交付量均值预 期为422850辆，同比降幅达15%，较44万辆的市场共识更为悲观。包括大和、德意志银行、高盛、巴克 莱等20家机构参与了预估。 智通财经APP获悉，巴克莱发布研报，重申对特斯拉(TSLA.US)"中性"评级，并表示基本面对于这只股 票而言仍然是"次要因素"。 该行分析师表示，"我们认为，特斯拉 2025 年的股票表现将以叙事性为主，而基本面似乎被忽略了。" CEO马斯克曾多次强调，"特斯拉核心是一家AI公司"，他将自动驾驶与机器人列为未来发展的关键。特 斯拉目前正筹备再度扩建美国得克萨斯超级工厂，拟新建一座专用设施用于其人形机器人Optimus的量 产，以实现年产能1000万台的目标。马斯克还透露，公司旗下Robotaxi车队规模预计将于下月翻番。 值得注意的是，特斯拉明确表示"不认可分析师的任何信息、建议或结论"，仅客观呈现汇总后的共识数 据。 通常情况下，特斯拉会汇总卖方分析师对未来交付数据的预测，但此类信息以往多通过邮件形式由投资 者关系团队定向发送给特定分析师和主要投资机构，极少对外公开。 市场分析认为，特斯 ...

特斯拉宣布，其全自动驾驶系统（FSD）的免费转移服务将于3月31日结束。 责任编辑：于健 SF069 特斯拉宣布，其全自动驾驶系统（FSD）的免费转移服务将于3月31日结束。 根据电动汽车分析师索耶·梅瑞特周一在X上分享的消息，特斯拉表示，客户需要在3月31日前订购新车 才能享受免费FSD转移服务。 特斯拉自2025 年4月起，为那些已为之前车辆的 FSD 服务付费的客户提供了这样一个机会：如果他们 打算更换或升级车辆，可以免费将该服务转移至他们的特斯拉新车上。 根据梅瑞特分享的信息，选择免费 FSD 转移服务的客户可以在 3 月 31 日之后提车，并且仍符合资格要 求，前提是他们在截止日期前就下了订单。 根据电动汽车分析师索耶·梅瑞特周一在X上分享的消息，特斯拉表示，客户需要在3月31日前订购新车 才能享受免费FSD转移服务。 特斯拉自2025 年4月起，为那些已为之前车辆的 FSD 服务付费的客户提供了这样一个机会：如果他们 打算更换或升级车辆，可以免费将该服务转移至他们的特斯拉新车上。 根据梅瑞特分享的信息，选择免费 FSD 转移服务的客户可以在 3 月 31 日之后提车，并且仍符合资格要 求，前提是他 ...

目前，SpaceX凭借可复用火箭技术在发射数量上全球领跑，2025年其猎鹰9号火箭保持着百次以上的高频轨道发射，其中绝大多数服务星链组网，全年 新增在轨卫星超3000颗。"星链"计划部署的低轨卫星数量是4.2万颗，一旦运力更强的星舰投入运营，SpaceX将有能力以绝对优势迅速垄断优质轨道。而公 开报道显示，2025年中国航天总发射卫星仅数十次，目前在轨的低轨商业卫星总数不足500颗。而通信卫星仅国内潜在用户就以亿计，这种与国外基础设施 上的巨大差距使应用面临瓶颈，倒逼中国公司必须"加速快跑"，否则将失去应有的一席之地。 e e t . e t and the states of the states of the states of the station of the states of the station of the station of the station of the station of the states of the states of the sta th e . X t the l ILE ST 近日，中国多家电信企业向国际电信联盟（ITU）一次性提交20.3万颗低轨卫星频轨资源 ...