L3 普及元年将至？从试点到规模化的产业推进节奏与关键 壁垒 20251221 摘要 中国 L3 级自动驾驶进入实际应用测试阶段，长安和北汽车型获准在北京 和重庆进行上路试点，两地选择不同道路条件以全面评估系统在不同环 境下的表现，为后续技术发展和法规完善提供数据支持。 L3 级自动驾驶试点责任主体为整车企业，北京市已颁布地方性法规支持 自动驾驶车辆管理与运营，重庆也制定相关法规，为自动驾驶车辆在特 定区域安全运行提供保障。 自动驾驶车辆需满足严格条件才能获得产品准入，包括在示范区内行驶 至少 10 万公里无重大事故记录，通过封闭式及公开道路测试，并达到 一定标准，以确保安全可靠性。 长安与北汽率先通过审核得益于强大的研发能力、丰富的前期测试经验 以及北京市政府和央企的大力支持，同时配置了先进传感器系统，为其 顺利通过审核奠定基础。 L3 级自动驾驶汽车成本构成中，激光雷达、算力芯片和软件成本占比较 高，预计未来两三年内硬件成本将显著下降，有望在 2028 年实现大规 模普及。 Q&A 工信部最近批准了两款 L3 级车型在北京和重庆的特定路段开展试点，这一举 措对我国自动驾驶技术的发展有何意义？ 工信部的这一 ...

Group 1 - GWM has appointed Zhao Yongpo, the general manager of Haval, as the new CEO of Weipai, marking the eighth CEO change in nine years, indicating a strategic shift towards internal talent over external hires [5][6] - Under the previous CEO, Feng Fuzhi, Weipai's sales were approximately 89,000 units in the first eleven months of 2025, significantly lower than competitors like Geely's Lynk & Co, which sold over 300,000 units [6] - Xiaomi has distributed over 100 million yuan in subsidies to its automotive dealers, with new store openings receiving up to 500,000 yuan each, aimed at boosting dealer morale and operations [7] Group 2 - DingTalk is reportedly launching a secret project called "D Plan," which may involve entering the hardware market with a product similar to the "Doubao phone" [9][10] - Chasing Technology has released the world's first AI health glasses, capable of monitoring heart rate, blood oxygen, and body temperature continuously [11] - ByteDance has announced significant salary increases for employees, with performance bonuses for top performers being raised by 1.5 to 3 months, reflecting a commitment to talent retention [13][14] Group 3 - MiniMax has passed the listing hearing with over $1 billion in cash reserves, supported by major investors like Alibaba and Tencent, and reported a revenue growth of over 170% year-on-year for the first nine months of 2025 [15][16] - The first L3 autonomous driving license plate has been issued to Changan Automobile, marking a significant milestone in the development of autonomous driving technology in China [28] - Zhiyun Technology has initiated its IPO process, aiming to become a leading player in the AI model sector, with substantial revenue growth projected for the coming years [26][27]

【主编观市】 上周港股市场持续消化一些利空因素，如美国非农数据、日本央行将基准利率从0.50%上调25个基点至 0.75%，创下30年来的新高，后面在中金复牌对此之下呈现探底回升的态势。 本周后半段进入西方圣诞节假期休市，因此整体不太会有偏空的扰动。相反美联储主席遴选或在本周有 眉目，大多偏鸽对市场会正面提振。注意中国神华：拟购买国家能源集团及其全资子公司西部能源相关 资产，交易价格1335.98亿。因为要发行股份募集资金，这对市场资金面构成抽血压力，同时稀释股 权。 目前市场比较好的是热点终于呈现多元化态势，意味着情绪在开始回暖。 热点方向，商务部党组扩大会议：大力提振消费，扩大优质商品和服务供给，释放服务消费潜力，鼓励 更多文化企业和动漫、演艺、网文、网剧、网游等领域优秀文化产品走向世界。消费这块要结合海南自 贸封关题材，活跃度会更高一下。 SpaceX正就IPO与银行接洽，摩根士丹利是热门候选。长征12甲发射时间大概率本周会有定论。商业航 天是中美最新博弈方向，相关个股值得留意。 12月18日，王力宏成都演唱会引入6台宇树科技G1人形机器人伴舞《火力全开》，打造全球首个演唱会 机器人舞台，机器人精准卡点 ...

当前，长安L3级自动驾驶系统已在重庆真实道路测试累计超过500万公里。 （《重庆发布国内首块L3级 自动驾驶专用正式号牌》由贵阳日报为您提供，转载请注明来源，未经书 面授权许可，不得转载或镜像。） 转自：贵州日报 新华社重庆12月20日电 20日，国内首块L3级自动驾驶专用正式号牌"渝AD0001Z"在重庆诞生，由重庆 市公安局交通管理总队正式授予长安汽车，标志着长安汽车在国内率先开启L3级自动驾驶时代。 ...

今日关注 1、12月22日，广湛高铁正式通车。广湛高铁连接广州、佛山、肇庆、云浮、阳江、茂名、湛江等地 市，广州白云站至湛江北站最快1小时32分可达。目前，广湛高铁已开始售票。 宏观经济 1、12月21日8时05分，三亚飞往捷克布拉格的DV481航班从三亚凤凰国际机场起飞，这标志着"三亚— 布拉格"航线成功开通。该航线成为海南自贸港首条投入运营的第七航权航线。 2、12月20日，"海南封关120多万卡宴只要60万"冲上热搜。随着海南宣布封关，海南自贸港"零关税"进 口车政策正式落地。不过，"零关税"进口汽车并不适用于个人消费，根据规定，海南进口车免税政策仅 针对在海南从事交通运输、旅游业的企业。 3、中国海油21日宣布，我国海上最大油田——渤海油田2025年累计生产油气当量突破4000万吨，创历 史新高。 4、据网络平台数据，2025年全年动画电影票房突破250亿，成为中国影史动画电影票房最高一年。《哪 吒之魔童闹海》《疯狂动物城2》《浪浪山小妖怪》分列今年动画电影票房榜前三位。 5、12月20日，国内首块L3级自动驾驶专用正式号牌"渝AD0001Z"在重庆诞生，标志着长安汽车在国内 率先开启L3级自动驾驶时 ...

Group 1 - The Federal Reserve's Vice Chair indicated that the low CPI data is due to technical factors and there is no urgency to adjust monetary policy [3][10] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.38%, S&P 500 up 0.88%, and Nasdaq up 1.31% [4] - Chip stocks experienced significant gains, with Nvidia rising nearly 4% and Micron Technology up nearly 7% [4] Group 2 - WTI crude oil rose by 1.12% to $56.48 per barrel, while Brent crude increased by 1.27% to $60.65 per barrel [4][7] - The Hang Seng Index closed up 0.75%, with a trading volume of HKD 221.86 billion [5] - A-share indices showed slight gains, with the Shanghai Composite Index up 0.36% and the Shenzhen Component Index up 0.66% [6] Group 3 - The Japanese central bank raised interest rates by 25 basis points to a 30-year high of 0.75% [11] - The U.S. intercepted a third oil tanker near Venezuela, which may disrupt the market [13] - The Chinese government is taking steps to regulate false information related to the capital market [13][16]

New Car Launches - Hongqi HS6 PHEV launched with a price range of 178,800 to 228,800 yuan, featuring a family design style and dimensions of 4925/1970/1740mm [3][4][6] - Ora 5 launched with a price range of 99,800 to 133,800 yuan, offering five models and a limited-time trade-in subsidy of 8,000 yuan [15][16][18] - Ford Mustang Mach-E launched with a price range of 229,800 to 282,800 yuan, available in both pure electric and range-extended versions [24][25][27] Company Developments - BYD's 15 millionth new energy vehicle rolled off the production line, achieving this milestone in 17 years, with the last 5 million produced in just 13 months [65][66][70] - Honda plans to suspend or reduce production at its factories in Japan and China due to semiconductor shortages [71][72][75] - Lantu Motors and CATL signed a ten-year deepening cooperation agreement to advance battery technology [76][77] - GAC Group announced the establishment of a new business unit combining its high-end brand Haobo and mass-market brand Aion for better resource synergy [80][81] - Li Auto is establishing an AI R&D center in Silicon Valley, focusing on smart driving technology [82][85] Industry News - The Ministry of Industry and Information Technology (MIIT) has issued new regulations limiting hidden door handles in vehicles, effective from January 1, 2027 [98][99][102] - The European Union has decided to relax its 2035 ban on internal combustion engines, allowing plug-in hybrid vehicles to continue being sold [103][105][107] - Japan plans to impose a weight-based tax on electric vehicles starting May 2028, with tax rates increasing based on vehicle weight [108][110][112]

Macro and Financial - Hainan Free Trade Port officially launched on December 18, with "zero tariff" items expanded to over 6,600 (accounting for 74% of all product categories), and processing value-added domestic sales exempt from tariffs [2] - Central Economic Work Conference emphasized stabilizing the real estate market from both supply and demand sides, encouraging the acquisition of existing housing for reasonable uses and promoting the transformation of real estate companies [3] - Private equity fund size reached a historical high of 22.09 trillion yuan by the end of November, growing from 19.91 trillion yuan at the beginning of the year, with an increase of over 2 trillion yuan [4] - Significant fluctuations in commodities: gold surpassed $4,310 per ounce, WTI crude oil fell to a low of $56.82 per barrel, and Bitcoin fluctuated between $86,000 and $88,000 [4] Capital Market - A-share listed companies' cash dividends reached 2.61 trillion yuan this year, surpassing the total for 2024 and setting a historical record [8] - Institutional research on North Exchange listed companies has significantly increased, with over 272 companies receiving various institutional surveys, covering more than 95% [8] - A-share market experienced a volume decline with all three major indices falling, while sectors like commercial aerospace and food and beverage saw gains [8] - Hong Kong stock market keywords for the year were "repair" and "differentiation," with liquidity recovery lifting market valuations and structural differentiation creating investment opportunities [9] Business Industry - The MUSA Developer Conference revealed key technological advancements in the domestic computing industry, including a new GPU architecture that enhances performance by 10 times [13] - The Ministry of Commerce announced anti-dumping duties on EU pork products starting December 17, 2025, for five years, prompting mixed reactions within the EU [13] - The first batch of L3-level conditional autonomous driving vehicles received approval for road testing in designated areas, indicating progress in the autonomous driving industry [13] - The retirement of 2G networks is causing functionality issues for early smart electric vehicles, affecting approximately 380 million electric bicycles in China [14]

Core Viewpoint - The approval of the first batch of L3 conditional autonomous driving vehicle licenses in China marks a significant step towards the commercialization of L3 autonomous driving technology, allowing for specific road testing in designated areas of Beijing and Chongqing [1][2]. Group 1: Significance of the Approval - The approval signifies a transition from technical validation to mass production application in the autonomous driving industry, paving the way for legal pathways for the industry to move from laboratories to specific scenarios and open roads [3]. - L3 autonomous driving allows vehicles to operate independently under certain conditions, requiring the driver to be ready to take control when prompted by the system [2][3]. Group 2: Conditions for L3 Autonomous Driving - The term "conditional" refers to the necessity for manufacturers to specify the applicable road types, weather conditions, driver status, and vehicle conditions for the autonomous driving features [4]. - L3 vehicles can only operate on designated routes at limited speeds, with Beijing's test vehicles capable of 80 km/h on specific highways and Chongqing's vehicles designed for 50 km/h in congested traffic [4][6]. Group 3: Vehicle Requirements and Safety Measures - The vehicles must be equipped with advanced sensing technologies, such as 34 high-performance sensors including three LiDARs, to ensure comprehensive environmental perception for safe decision-making [5]. - The L3 vehicles are designed with safety redundancy, ensuring that critical systems can maintain operation even in the event of a failure, with a seven-fold redundancy architecture for essential functions [5]. Group 4: Consumer Access and Future Plans - Currently, the test vehicles are not available for direct consumer sales; they are limited to trial operations by designated entities, although consumers can experience the technology through ride-hailing apps [6]. - A consortium led by BAIC Group plans to initiate operations in specific scenarios by the first quarter of 2026 to gather practical experience, with Chongqing's unique terrain providing a challenging environment for testing [6].

Investment Rating - The report maintains an "Overweight" rating for the computer sector, recommending stocks such as Han's Information, Rilian Technology, Kingsoft Office, Hehe Information, Hikvision, Newland, Daotong Technology, and Haiguang Information, with Zhongke Shuguang as a related stock [3][4]. Core Insights - The domestic AI large model industry is experiencing a critical phase of accelerated technological productization and deepening capital market engagement. Volcano Engine released the Doubao large model 1.8 and the video generation model Seedance 1.5 Pro, achieving significant technological breakthroughs and reducing enterprise usage costs through innovative business models [3][4]. - The Ministry of Industry and Information Technology has issued the first L3 level autonomous driving vehicle permits, marking a transition to "conditional commercial application" for autonomous driving in China. This includes specific models from Changan and BAIC Arcfox, with speed limits set for initial operations [3][4]. - Domestic GPU companies are actively pursuing capital market opportunities, with TianShu ZhiXin and BiRan Technology having passed listing hearings, aiming to raise funds for advanced chip development and market expansion. The successful listings of MoEr Thread and MuXi shares on the STAR Market have demonstrated strong market interest in domestic high-end chip sectors [3][4]. Summary by Sections AI Large Model Development - Volcano Engine's Doubao large model 1.8 and Seedance 1.5 Pro have entered the global first tier in multi-modal and intelligent capabilities, with daily token processing exceeding 50 trillion [3][4]. - The listings of Zhizhu AI and MiniMax on the Hong Kong Stock Exchange are expected to provide quantifiable secondary market valuation benchmarks for the large model industry [3][4]. Autonomous Driving - The issuance of L3 level permits signifies a cautious regulatory approach prioritizing safety, with vehicles' operational responsibilities assigned to manufacturers rather than drivers [3][4]. - Initial sales of these vehicles will be limited to designated operators, providing essential practical data for refining technical standards and legal frameworks [3][4]. GPU Market Dynamics - Domestic GPU firms are intensifying their efforts to enter the capital market, with TianShu ZhiXin planning to raise $300 to $400 million and BiRan Technology also pursuing a listing [3][4]. - The successful market entries of MoEr Thread and MuXi have highlighted the strong investor interest in the domestic semiconductor industry, particularly in high-end chip design [3][4].