港股今日高开高走，科网股、新能源汽车概念股均表现强势。截至发稿，理想汽车涨超3%，零跑汽 车、蔚来涨超2%，美团、网易、百度集团、腾讯控股、阿里巴巴均有不同程度的拉升。 | 理想汽车-W | 65.150 | 3.33% | | --- | --- | --- | | 2015.HK | | | | 京东健康 | 58.100 | 3.20% | | 6618.HK | | | | 零跑汽车 | 48.980 | 2.55% | | 9863.HK | | | | 蔚来-SW | 39.280 | 2.24% | | 9866.HK | | | | 美团-W | 103.600 | 2.17% | | 3690.HK | | | | 网易-S | 216.000 | 2.08% | | 9999.HK | | | | 百度集团-SW | 120.100 | 2.13% | | 9888.HK | | | | 腾讯控股 | 615.000 | 1.65% | | 0700.HK | | | | 阿里巴巴-W | 146.300 | 1.53% | | 9988.HK | | | 消息面上，近日，小鹏汽车在广州市 ...

编辑 | 格蕾丝 今日推荐 时隔三个月，14天逆回购工具再次启用。12月18日，央行在公开市场开展883亿元7天期逆回购操作，利 率维持在1.40%，并同步进行1000亿元14天期逆回购操作，当日有1186亿元逆回购到期。分析认为，这 体现出当前市场资金面处于较为宽松的态势，这也是央行通过持续注入市场流动性等举措对冲潜在收紧 风险后的结果。 美国总统特朗普周四签署一项行政命令，将"在2028年前让人类重返月球"写入美国国家太空政策，并对 相关政策体系作出调整。行政令取消白宫国家太空委员会，其职能将并入由总统首席科学顾问主导的政 策协调机制。文件同时强调加强太空安全、支持商业航天发展，并重申美国在全球太空竞争中保持领先 地位的目标。 格按照"总额控制、先到先得、用完即止"原则，每个补贴标准的资金额度不共享，申请资金达到活动配 置资金额度后，系统将自动停止接受申请。 中国疾控中心最新监测数据显示，2025年第50周（2025年12月8日至12月14日）北方省份流感病毒检测 阳性率延续上一周的下降趋势；南方部分省份流感病毒检测阳性率也出现下降。中国疾控中心病毒病所 研究员王大燕表示，达到峰值后，下降到较低流行水平一 ...

Core Viewpoint - The article introduces the "Black Warrior 001," a cost-effective and user-friendly autonomous driving educational platform designed for research and teaching purposes, priced at 36,999 yuan, which includes various advanced courses for practical implementation [1][3]. Group 1: Product Overview - The Black Warrior 001 is a lightweight solution that supports multiple functionalities including perception, localization, fusion, navigation, and planning, built on an Ackermann chassis [3]. - It is suitable for undergraduate learning, graduate research, job preparation, and as teaching equipment for universities and vocational training institutions [3]. Group 2: Performance Demonstration - The product has been tested in various environments such as indoor, outdoor, and parking structures, showcasing its capabilities in perception, localization, fusion, navigation, and planning [5]. Group 3: Hardware Specifications - Key sensors include: - 3D LiDAR: Mid 360 - 2D LiDAR: Lidar Technology - Depth Camera: Orbbec, equipped with IMU - Main Control Chip: Nvidia Orin NX 16G - Display: 1080p [21][22]. - The vehicle weighs 30 kg, has a battery power of 50W, operates at 24V, and has a runtime of over 4 hours, with a maximum speed of 2 m/s [24][25]. Group 4: Software and Functionality - The software framework includes ROS, C++, and Python, with one-click startup and a provided development environment [27][34]. - Functional capabilities include various SLAM techniques, vehicle navigation, and obstacle avoidance [28]. Group 5: After-Sales and Maintenance - The company offers one-year after-sales support for non-human damage, with free repairs for damages caused by operational errors or code modifications during the warranty period [51].

Core Insights - The article discusses the introduction of SpaceDrive, a new framework for autonomous driving that enhances spatial awareness in Vision-Language Models (VLMs) by integrating 3D positional encoding, addressing existing limitations in spatial reasoning and trajectory planning [3][4][31]. Group 1: Framework Overview - SpaceDrive replaces traditional VLM methods that treat coordinate values as text tokens with a unified 3D positional encoding, improving the system's spatial reasoning and trajectory planning capabilities [4][5]. - The framework demonstrates state-of-the-art (SOTA) performance in open-loop evaluations on the nuScenes dataset and ranks second in closed-loop evaluations on the Bench2Drive benchmark, achieving a driving score of 78.02 [3][21]. Group 2: Methodology - SpaceDrive employs a unified spatial interface that integrates visual tokens with 3D positional encoding, allowing for explicit spatial representation and improved accuracy in trajectory planning [5][6]. - The framework utilizes a regression decoder instead of a classification head for predicting trajectory coordinates, addressing the inherent limitations of language models in numerical processing [4][13]. Group 3: Experimental Results - In open-loop planning, SpaceDrive+ outperformed existing VLM-based methods, achieving an average L2 error of 0.32m and a collision rate of 0.23% [17][18]. - In closed-loop planning, SpaceDrive+ achieved a driving score of 78.02 and a success rate of 55.11%, ranking second among VLM-based methods [20][21]. Group 4: Contributions to the Field - SpaceDrive represents a paradigm shift from "language modeling geometry" to "explicit geometric encoding," effectively linking visual spatial perception with physical planning [31][33]. - The framework's introduction of a unified 3D positional encoding across perception, reasoning, and planning modules signifies a major architectural innovation, enhancing the generalizability of spatial intelligence [33].

Core Insights - The article highlights the rapid evolution of smart vehicles towards advanced autonomous driving and the increasing importance of AI chips as the core computational foundation [2] - Black Sesame Intelligence, known as the "first stock of autonomous driving chips," is expanding its business into humanoid robots while enhancing its product matrix through strategic acquisitions [2][11] - The company is expected to achieve over 60% revenue growth this year, driven by its dual focus on smart vehicles and robotics [2] Group 1: Business Strategy - Black Sesame Intelligence has established smart vehicles as its core business, focusing on autonomous driving and cross-domain integration to build a robust product system [3] - The company has formed a product tier covering mid to high-level autonomous driving, with the Huashan series A1000 chip achieving large-scale production and the A2000 chip targeting L3 autonomous driving scenarios [3][5] - The open platform model of Black Sesame Intelligence aligns with the trend of automakers seeking to develop their own autonomous driving solutions, enhancing the sustainability of its business model [3] Group 2: Robotics Expansion - The robotics sector is viewed as a growth area for Black Sesame Intelligence, leveraging its automotive chip technology to enter this market strategically [7] - The SesameX multidimensional embodied intelligent computing platform, set to launch in November 2025, is the first of its kind to meet automotive safety standards and is designed for commercial deployment in robotics [8] - The global robotics market is projected to have a shipment volume at least ten times that of the automotive market over the next five to ten years, indicating significant growth potential [9] Group 3: Acquisition and Ecosystem Development - The planned acquisition of Zhuhai Yizhi Electronics for 400 million to 550 million yuan aims to fill the gap in low-power edge chip products, enhancing Black Sesame's product matrix [11][12] - Yizhi Electronics' expertise in low-power AI SoC chips will complement Black Sesame's existing offerings, creating a comprehensive AI edge chip product line [11] - The acquisition is expected to optimize the SesameX platform's energy efficiency in robotics and enhance the decision-making capabilities of automotive chips, creating a beneficial feedback loop [12] Group 4: Financial Performance - Black Sesame Intelligence's revenue is derived from chips, solutions, and software algorithms, with higher margins from chips and algorithms being the core profit sources [13] - Future margin improvements are anticipated from increased chip shipments and market share, following the growth paths of industry giants like Qualcomm and MediaTek [13] - The strategic acquisition and expansion into the robotics sector are expected to accelerate revenue growth and enhance the company's market position in the AI chip industry [13]

Core Viewpoint - The Ministry of Industry and Information Technology has officially announced the first batch of L3 conditional autonomous driving vehicle permits in China, with two models set to pilot in designated areas of Beijing and Chongqing, marking a significant step in the development of autonomous driving technology in the country [1]. Group 1: Pilot Locations - The L3 autonomous driving models are being piloted in Beijing and Chongqing due to their unique traffic conditions and data accumulation advantages. Chongqing's complex traffic terrain and Beijing's rich traffic scenarios provide a diverse testing environment for the systems [7]. - The pilot in Chongqing involves the Changan SC7000AARBEV model, which can operate in congested traffic and on single lanes of highways, limited to specific routes with a maximum speed of 50 km/h [7]. - The pilot in Beijing features the Arcfox BJ7001A61NBEV model, capable of similar functions but with a higher speed limit of 80 km/h on designated routes [7]. Group 2: Vehicle Approval Process - The Ministry, in collaboration with relevant departments, conducted comprehensive assessments of the research, testing, and emergency response capabilities of the pilot production companies [11]. - Third-party testing organizations and experts were involved in systematic testing of the expected functional safety and cybersecurity risks associated with the pilot models [11]. - The approval process emphasized the management capabilities of the pilot cities and their emergency response capabilities, leading to the selection of two joint ventures for the pilot program [11]. Group 3: Implications of L3 Level - L3 conditional autonomous driving allows the system to act as a "temporary driver" under specific conditions and scenarios, although drivers must remain responsible for the vehicle [11][12]. - The pilot program is limited to specific low-risk scenarios to ensure safety and orderly advancement of autonomous driving technology [15]. - As the pilot progresses and the industry gains a better understanding of safety risks, restrictions may gradually be relaxed, allowing for broader public access to autonomous driving features [15]. Group 4: Industry Opportunities - The pilot signifies a shift from technical validation to mass production application in China's autonomous driving sector, presenting new opportunities for the industry [17].

Core Viewpoint - The article highlights the successful IPO of HiDi Intelligent Driving, marking it as the first public company in the commercial vehicle intelligent driving sector, with an issuance price of HKD 263 per share and a market capitalization of HKD 11.5 billion. This event underscores the fruitful collaboration between Lenovo Star and Professor Li Zexiang, who has been instrumental in the company's growth and development [2][5][9]. Investment Journey - Lenovo Star has supported multiple IPOs, totaling 10 across various technology and healthcare sectors, demonstrating its commitment to the industrialization of technological achievements since its inception [4][16]. - The collaboration between Lenovo Star and Professor Li Zexiang began in 2017 when he founded HiDi Intelligent Driving in Changsha, with Lenovo Star participating in early funding rounds [5][6]. - The investment strategy of Lenovo Star has focused on identifying and nurturing technology entrepreneurs, aligning with Professor Li's vision of fostering innovation through a "mentor-student" investment model [5][6]. HiDi Intelligent Driving's Development - HiDi Intelligent Driving specializes in autonomous driving technology for commercial vehicles, particularly in mining and logistics, and has developed a range of products including autonomous electric mining trucks and intelligent road solutions [7][8]. - The company has delivered 304 autonomous mining trucks and 110 independent autonomous driving systems as of June 30, 2025, ranking third in the Chinese market for autonomous mining solutions [8]. Investment Philosophy - Lenovo Star's investment approach is rooted in a long-term vision for the autonomous driving sector, recognizing it as a critical application of artificial intelligence technology [11][12]. - The firm has invested in various subfields of autonomous driving, including ADAS, millimeter-wave radar, and LiDAR, to capture cutting-edge technological advancements [11][12]. Future Outlook - Lenovo Star is poised for further growth, with expectations of 15 to 20 additional IPOs in the near future, reflecting a robust investment strategy and a favorable market environment for technology companies [16]. - The firm continues to explore new opportunities in AI and healthcare, with a focus on integrating advanced technologies into various sectors [14][15].

Macro Research - The growth rate of narrow public budget revenue in China has slowed down, with a year-on-year increase of only 0.8% from January to November 2025, and the growth rate in November was flat compared to the same period in 2024 [1] - Narrow public budget expenditure increased by 1.4% year-on-year from January to November 2025, with a decrease of 3.7% in November compared to the previous month, indicating a narrowing of the decline [2] - Government fund budget revenue decreased by 4.9% year-on-year from January to November 2025, with a significant drop of 15.8% in November, primarily due to the adjustment in the real estate market [3] Company Research: AVIC Avionics (中航机载) - AVIC Avionics plans to acquire a 59.1816% stake in Hangtou Yuhua for 202 million yuan, aiming to enhance its industrial chain layout and strengthen synergy [7] - The company reported a slight revenue increase of 1.25% to 16.774 billion yuan in the first three quarters of 2025, although net profit declined by 17.73% due to credit impairment losses [8] - The acquisition is expected to complement the industrial chain, with the five target companies each possessing unique technical expertise, which will help AVIC Avionics strengthen its collaborative capabilities and foster new growth points [7] Industry Research: Cultural Communication Industry - The IP food industry in China is rapidly growing, with the market size expected to increase from 18.1 billion yuan in 2020 to 35.4 billion yuan by 2024, representing a CAGR of 18.2% [10] - The IP fun food segment, which combines food with collectible items, is projected to grow from 5.6 billion yuan in 2020 to 11.5 billion yuan in 2024, with a CAGR of 19.6% [10] - The core competitiveness in the IP fun food market lies in supply chain management and IP operation, as the differentiation of snack products is low, making cost control crucial [11] Company Research: Three Gorges Tourism (三峡旅游) - Three Gorges Tourism is expected to benefit from the planned construction of four inter-provincial vacation cruise ships, which will enhance overall customer spending and profit levels [27] - The company reported a 20.2% year-on-year increase in comprehensive tourism business revenue to 286 million yuan in the first half of 2025, with a record high of 1.2525 million cruise passengers [28] - The inter-provincial cruise project is anticipated to provide a new growth driver, with the first two ships expected to be operational by June and December 2026 [29]

Core Viewpoint - The approval of L3-level conditional autonomous driving vehicles in China marks a significant milestone in the transition from L2-level assistance to true automation, fundamentally altering the responsibility chain in driving and opening new market opportunities for the automotive industry [4][10][19]. Group 1: Market Response and Impact - Following the announcement of L3-level vehicle approvals, the stock market reacted positively, with several companies in the intelligent driving sector experiencing significant stock price increases, indicating strong investor interest [6][19]. - The approval of L3 vehicles is expected to lead to a competitive landscape where companies that can leverage L3 technology will gain a strategic advantage in the automotive market [10][19]. Group 2: Technical Specifications and Regulations - The first two approved L3 vehicles, the Changan Deep Blue SL03 and the BAIC Arcfox Alpha S6, will operate in designated areas with maximum speeds of 50 km/h and 80 km/h respectively, highlighting the initial application of L3 technology in specific scenarios [8][10]. - The L3 technology represents a shift in responsibility from the driver to the system under certain conditions, which is a fundamental change from L2 systems where the driver retains full responsibility [7][10]. Group 3: Future Projections and Industry Trends - Industry experts predict that by 2026, the penetration rate of L3 and above autonomous vehicles could reach 10%, with L2-level vehicles expected to achieve a 70% market penetration [10][27]. - The development of L3 technology is anticipated to create a new market worth trillions, as the industry shifts from selling vehicles to selling mileage, particularly in specific applications like airport shuttles and logistics [26][27]. Group 4: Challenges and Considerations - Despite the advancements, the rollout of L3 vehicles will face challenges, including the need for high-precision infrastructure and regulatory frameworks to ensure safety and operational efficiency [31][32]. - The approval process for L3 vehicles has been gradual, involving extensive testing and regulatory compliance, which underscores the importance of a robust safety and operational framework for the future of autonomous driving [19][28].

Core Viewpoint - Mainline Technology (Beijing) Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D capabilities, market expansion, and product brand ecosystem development, despite having accumulated losses exceeding 600 million yuan since 2022 [1][10]. Group 1: Company Overview - Mainline Technology, established in 2017, is a leading provider of L4 autonomous driving trucks and solutions in China, focusing on a "vehicle-terminal-cloud" integrated product ecosystem [2]. - The company has delivered a total of 830 AiTrucks and 349 AiBoxes, with additional orders for 821 AiTrucks and 920 AiBoxes [2]. Group 2: Financial Performance - In 2022, 2023, 2024, and the first half of 2025, the company reported revenues of 112.36 million yuan, 134.11 million yuan, 254.09 million yuan, and 98.93 million yuan, respectively [3]. - The net losses for the same periods were 278.17 million yuan, 212.63 million yuan, 187.18 million yuan, and 96.39 million yuan, totaling over 600 million yuan in losses since 2022 [4]. Group 3: Profitability and Margins - The gross margin improved from 3.7% in 2022 to 22.7% in 2024, with a further increase to 30.3% in the first half of 2025 [5]. Group 4: Customer Concentration - The company has a high customer concentration, with revenue from the top five customers accounting for 79.4%, 64.6%, 67.9%, and 73.7% during the specified periods [7]. Group 5: Funding and Investment - The IPO proceeds will be used for R&D enhancement, production and supply chain development for core components, market expansion, strategic investments, and general corporate purposes [10].