小鹏汽车(XPEV.US)盘前涨1.42%，报18.57美元。消息面上，有媒体称小鹏汽车已在广州市获得L3级自 动驾驶道路测试牌照，并启动常态化的L3道路测试。该牌照主要用于在广州市智能网联汽车测试高快 速路上进行有条件自动驾驶的测试。此外，小鹏汽车副总裁@托马斯电火车今日在微博发文透露："期 待明年第一季度的惊喜，全量上车。其实，部分人可以更早就正式体验这个版本。"(格隆汇) | XPEV 小鹏汽车 | | (0) | | --- | --- | --- | | 18.3104-0.680 -3.58% | | 收盘价 12/15 15:59 美东 | | 18.570 + 0.260 +1.42% | | 盘前价 12/16 04:16 美东 | | 一 7 24 4 5 | | ● 快捷交易 | | 最高价 19.050 | 开盘价 19.000 | 成交量 849.75万 | | 最低价 18.270 | 昨收价 18.990 | 成交额 1.57亿 | | 平均价 18.531 | 市盈率TM 亏损 | 总市值 174.84亿(--) | | 振 幅 4.11% | 市盈率(静) 亏损 | 总股本 ...

12月16日，据报道，小鹏汽车已在广州市获得 L3 级自动驾驶道路测试牌照，并启动常态化的 L3 道路 测试。 小鹏汽车副总裁 @托马斯电火车 今日发文透露："期待明年第一季度的惊喜，全量上车。其实，部分人 可以更早就正式体验这个版本。" 责任编辑：李昂 12月16日，据报道，小鹏汽车已在广州市获得 L3 级自动驾驶道路测试牌照，并启动常态化的 L3 道路 测试。 小鹏汽车副总裁 @托马斯电火车 今日发文透露："期待明年第一季度的惊喜，全量上车。其实，部分人 可以更早就正式体验这个版本。" 责任编辑：李昂 ...

Core Insights - The article emphasizes the establishment of a comprehensive community for autonomous driving knowledge, aiming to facilitate learning and collaboration among industry professionals and newcomers [22][10][8] Group 1: Community and Learning Resources - The "Autonomous Driving Heart Knowledge Planet" has over 4,000 members and aims to grow to nearly 10,000 in two years, providing a platform for technical exchange and job opportunities [8][22] - The community offers a variety of resources, including video tutorials, learning routes, and Q&A sessions, to help members navigate the complexities of autonomous driving technology [10][23] - Members can access insights from industry leaders and academic experts, enhancing their understanding of the latest trends and technologies in autonomous driving [11][10] Group 2: Technical Insights and Developments - Recent updates include discussions on Waymo's latest base model, advancements in self-driving technology, and insights from industry conferences [7][10] - The community has compiled over 40 technical routes covering various aspects of autonomous driving, such as perception, simulation, and planning control [23][10] - Key topics include end-to-end autonomous driving, multi-modal large models, and the integration of traditional planning with new technologies [44][52][56] Group 3: Job Opportunities and Industry Trends - The community provides job recommendations and internal referrals to help members connect with leading companies in the autonomous driving sector [27][10] - Members can inquire about job openings, industry trends, and the future of autonomous driving technologies, fostering a supportive environment for career development [26][10] - The platform encourages collaboration between academia and industry, aiming to bridge the gap between research and practical applications in autonomous driving [22][11]

Core Insights - The article discusses the evolution of autonomous driving, highlighting the progress made by WeRide, which is now a publicly listed company in both the US and Hong Kong, recognized as the "first Robotaxi stock" [3] - The CEO, Han Xu, emphasizes the importance of focusing on talent acquisition and international expansion, indicating a shift from proving the viability of autonomous driving to scaling operations [6][9] - Han Xu asserts that only three companies in China can truly operate Level 4 (L4) autonomous vehicles without a safety driver, indicating a significant technological barrier in the industry [7][28] Group 1 - WeRide has deployed over 1,600 autonomous vehicles globally, with more than 750 being Robotaxis, marking a growth of at least 30% since its IPO [9][10] - The company has recognized the international demand for Robotaxis, being the first to deploy in 11 countries and 30 cities, and has obtained eight different autonomous driving licenses [12][13] - Han Xu reflects on the past challenges of securing funding and the skepticism surrounding autonomous driving, contrasting it with the current landscape where the technology is being implemented at scale [14][16][18] Group 2 - The article highlights the distinction between L2 and L4 autonomous driving, with Han Xu stating that the barriers between these levels have not been broken, and many companies claiming to be L4 are actually "pseudo-Robotaxi" firms [24][29] - Han Xu sets two criteria for a company to be considered a true L4 operator: having a fleet of at least 20-30 vehicles operating without a safety driver for six months, and achieving pure unmanned commercial operations [25][27] - The article discusses the competitive landscape, with Han Xu predicting that if Tesla continues to use L2 vehicles without advanced sensors, it will not reach the operational level of Waymo in three years [33][34] Group 3 - WeRide is also advancing in the L2+ space, having launched a one-step end-to-end solution that is ready for mass production, indicating a dual focus on both L2 and L4 technologies [22][40] - The company collaborates with Bosch to enhance high-level intelligent driving solutions, showcasing its capability in both L4 and L2 technology stacks [37][40] - The article concludes with Han Xu's insights on the increasing salaries for AI talent, reflecting the growing demand and competition in the field, with top salaries reaching up to 5 million [54]

马斯克在社交媒体平台上确认，特斯拉公司已开始在无安全员的情况下测试自动驾驶出租车—— Robotaxi，这项服务将通过相关软件唤醒。不过，他并没有说明何时能在没有安全员或司机的情况下运 营Robotaxi服务。今年6月，特斯拉在得州奥斯汀市部分地区推出了一款Robotaxi品牌的叫车应用，不久 后又在加州湾区推出了一款单独的汽车服务。但加州方面证实，特斯拉尚未申请在该州进行无人驾驶测 试所需的许可，也没有申请提供无人驾驶出租车商业服务的许可。 特斯拉提交给美国国家公路交通安全管理局的报告显示，截至10月中旬，其在奥斯汀的自动驾驶出租车 共发生了7次碰撞。不过该公司称，这些碰撞并不严重。对此专家指出，特斯拉选择在报告中隐藏所有 碰撞的"叙述性描述"，因此公众无法得知每次碰撞都发生了什么。截至10月，这一车队最多拥有30辆自 动驾驶出租车。马斯克表示，计划到今年底将车队规模扩大至60辆左右。 据美国CNBC网站报道，当地时间15日，特斯拉公司首席执行官马斯克确认公司已开始在无安全员情况 下测试自动驾驶出租车。受此消息拉动，特斯拉公司股价当天收盘上涨3.6%，接近一年来的高位。 转自央视财经 来源：经济日报 ...

Core Viewpoint - The automotive smart corner module is a next-generation technology that integrates driving, braking, steering, and suspension systems into each wheel of the vehicle, enabling a fundamentally different driving experience. This technology is crucial for the intelligent upgrade of new energy vehicles and is expected to drive the automotive industry towards a new ecosystem characterized by "hardware modularization + software definition" as costs decrease and standardization accelerates [2]. Market Size and Trends - The global market size for automotive smart corner modules is projected to reach $49.63 million in 2024, with a compound annual growth rate (CAGR) of 17.16% from 2020 to 2025. By 2031, the market is expected to grow to $101.50 million, with a CAGR of 8.35% from 2025 to 2031 [4]. Industry Development Characteristics - The integration of electric motors, reducers, brake actuators, and sensors in smart corner modules allows for intelligent collaborative control of torque, braking force, and steering angle, providing a core execution basis for electric chassis and intelligent driving [8]. - High technical barriers exist in manufacturing and supply chain, requiring high-precision electromechanical coupling and complex thermal management, with leading companies primarily being Tier 1 manufacturers with chassis and intelligent control system expertise [8]. - Costs are decreasing while reliability is improving due to advancements in semiconductor integration, motor miniaturization, and electronic braking, creating conditions for large-scale production [8]. Favorable Factors for Industry Development - The global demand for new energy vehicles is steadily increasing, with a rising penetration rate and a shift towards electric and drive-by-wire systems, making smart corner modules essential components of intelligent electric chassis [10]. - The development of autonomous driving and intelligent chassis technologies is closely linked, with smart corner modules being key execution units for independent control of vehicle posture, torque distribution, braking, and steering, thus expanding their application space as the penetration of L3 and above autonomous driving increases [10]. - Government policies are increasingly supportive, promoting the development of key technologies for intelligent connected vehicles and modular electric drive systems, providing a favorable regulatory environment for the industrialization of smart corner modules [11]. Unfavorable Factors for Industry Development - The long verification cycle for safety and reliability of smart corner modules, which must meet ASIL-D standards, poses challenges for mass production due to strict testing requirements [13]. - The lack of unified industry standards and interface specifications among manufacturers hinders interoperability and collaboration within the supply chain, affecting large-scale manufacturing [13]. - Market acceptance of modular chassis architectures is still developing, with some manufacturers cautious about the long-term reliability and maintenance of smart corner modules, slowing the market adoption pace [13].

Core Insights - Xiaopeng Motors has become the third domestic company to obtain an L3 autonomous driving road test license in China, marking a significant step towards commercial application of L3 autonomous driving technology [2][3] Group 1: License Acquisition and Testing - On December 16, Xiaopeng Motors announced it has received an L3 autonomous driving road test license in Guangzhou, enabling regular L3 road testing on designated high-speed roads [2][3] - The L3 license allows vehicles to operate independently in specific environments, contrasting with L2, which requires constant driver supervision [3] - Xiaopeng Motors is now positioned alongside Changan and BYD, who have also received similar testing qualifications [3] Group 2: Technological Advancements - Xiaopeng Motors aims for L4 level autonomous driving, with plans to launch vehicles equipped with L4 capabilities by 2026 [4] - The second-generation VLA software, expected to be mass-produced in Q1 2026, will feature a novel architecture that eliminates the "language translation" step, allowing direct generation of action commands from visual signals [4] - From Q3 2025, Xiaopeng's Ultra models will incorporate three self-developed Turing AI chips, achieving a computing power of 2250 TOPS [4] Group 3: Competitive Landscape - The competition between Xiaopeng and Tesla is intensifying, with Xiaopeng's founder, He Xiaopeng, publicly challenging Tesla's FSD capabilities [5][6] - He Xiaopeng has acknowledged that while the first version of Xiaopeng's VLA does not fully match Tesla's FSD V14.2, the upcoming VLA 2.0 is expected to significantly improve performance [6] Group 4: Market Outlook - The next decade is anticipated to be pivotal for L3 autonomous vehicles, with expectations of broader L4 applications [7] - The penetration rate of advanced driver-assistance systems (ADAS) is projected to exceed 40% by 2026, driven by the increasing adoption of high-end domestic chips [7] - As of the first nine months of 2025, the penetration rate for L2++ and above advanced driving assistance systems reached 25.01% [7]

12月16日，港股市场全线下跌。截至收盘，恒生指数跌1.54%报25235.41点，恒生国企指数跌1.79%报8757.93点，恒生科技指数跌1.74%报5402.51点。 近期，港股市场波动加剧，自12月1日以来，恒生科技指数累计跌逾4%，恒生指数累计跌逾3%。港股板块全线下跌，黄金及贵金属、软件服务、保险、 零售领跌，仅部分中资券商股、汽配股、食品饮料股逆势活跃。果下科技今日港股上市，盘中一度涨超145%。腾讯控股今日跌1.08%，盘中股价跌破600 港元/股。 亚太市场今日开盘不久后均急速下挫。截至收盘，日经225指数跌1.56%，韩国综合指数跌2.24%。 业内人士认为，近期美联储降息预期降温引发全球流动性担忧，以及市场对人工智能泡沫的争论造成了港股下挫。此外，资金面上，年末内地资金流入港 股放缓、港股解禁潮带来的技术性卖压，也是港股市场下跌原因。 消息面上，12月11日，据新华社报道，分析人士认为，美联储内部围绕是否进一步降息分歧加剧，因此有人猜测，在明年5月美联储主席鲍威尔卸任前可 能不会再降息。下一任美联储主席预计将推动进一步降息，但受制于通胀压力依然较高等因素，降息空间或有限。 科技股回撤较大 ...

Macro Economic Group - In November, the industrial added value above designated size grew by 4.8% year-on-year, a decrease of 0.1 percentage points from October, while the cumulative year-on-year growth from January to November was 6.0%, also down by 0.1 percentage points from the previous month [4] - The fixed asset investment year-on-year growth from January to November was -2.6%, the lowest since June 2020, falling short of the Wind forecast of -2.2% and down by 0.9 percentage points from January to October [4] - The retail sales of consumer goods in November saw a nominal year-on-year growth of 1.3%, below the Wind forecast of 2.9%, and down by 1.6 percentage points from October [5] Industry Comprehensive Group - The Ministry of Industry and Information Technology granted conditional approval for the first batch of L3 autonomous driving models, allowing Changan Automobile and BAIC Arcfox to conduct trials in designated areas [9] - STMicroelectronics has delivered over 5 billion RF antenna chips to SpaceX for its Starlink satellite network, with expectations to double the delivery quantity by 2027, indicating a positive outlook for the domestic satellite communication chip industry [9] Advanced Manufacturing Group - The lithium battery separator industry has seen a price increase, with a leading company raising the price of wet-process separators by 30%, and overall price increases expected to reach 20% [11] - The domestic separator shipment volume in the first three quarters of 2025 reached 22 billion square meters, a year-on-year increase of over 40%, driven by strong demand from new energy vehicles and energy storage [11] - The industry is experiencing a structural shift in pricing power, with leading manufacturers maintaining full production capacity and actively pursuing mergers and acquisitions [11] Consumer Group - Domestic personal care products are outperforming foreign brands, with toothpaste sales reaching 1.145 billion yuan in November, a year-on-year increase of 13%, while foreign brands like Colgate saw a decline [13] - The XR device sales in November increased by 128% year-on-year, indicating a growing interest in AI consumer applications, supported by developments from major tech companies like Google [14]

Domestic News - The National Bureau of Statistics reported that from January to November, the value added of the automotive manufacturing industry grew by 11.8%, with a production increase of 10.8% [6] - The National Development and Reform Commission emphasized the need to eliminate unreasonable restrictions on consumption in the automotive and housing sectors, aiming to enhance the consumption system and promote new consumption models [7] - China's first batch of L3-level conditional autonomous driving vehicles has received approval for road testing, marking a significant step towards commercial application of autonomous driving technology [8] - Shenzhen has initiated internal testing for L3-level conditional autonomous driving, covering 1,000 kilometers of high-speed roads, with over 20,000 kilometers of actual road validation completed [9] - GAC Group and ZTE Corporation signed a strategic cooperation agreement to enhance collaboration in the automotive industry's intelligent, connected, and digital development [10] - Dong'an Power and Beijing Automotive Manufacturing Factory signed a strategic cooperation agreement to establish a joint innovation laboratory for new power systems [11] - CATL and Transfar Group signed a strategic cooperation agreement to promote green transformation and intelligent upgrades in the industry [12] - EVE Energy and Foton Motor established a new energy technology company in Beijing with a registered capital of 500 million RMB [13] International News - The UK and South Korea signed a new free trade agreement, allowing zero tariffs on 98% of goods, benefiting various exporters including automotive manufacturers [14] - In Canada, the sales of zero-emission vehicles dropped by 42.3% in October, with a market penetration rate of only 8.9% [15] - General Motors announced support for Apple's digital car key feature, allowing users to lock, unlock, and start vehicles using their iPhone or Apple Watch [16] - Ford plans to incur a $19.5 billion charge to reform its electric vehicle business, aiming for 50% of global sales to be hybrid or electric vehicles by 2030 [17] Commercial Vehicles - Volvo Trucks launched a new 14-ton version of the FL electric truck, designed for urban transport with enhanced efficiency [18] - FAW Jiefang officially launched its new rental brand "Whale E Rent," focusing on green transformation in commercial vehicles through a dual model of vehicle and battery leasing [19] - Foton Motor is set to unveil two strategic new products at its upcoming business conference, marking significant advancements in its electric commercial vehicle lineup [20] - Ford will discontinue the standard version of the F-150 Lightning and introduce a next-generation extended-range electric vehicle model [21]