Core Insights - The issuance of the first L3 level autonomous driving vehicle special license plates in Beijing marks a significant milestone in China's transition from testing to mass production of autonomous vehicles, indicating the official start of the L3 autonomous driving era [1] Group 1: Vehicle and Technology Details - The first three L3 level autonomous vehicles registered in Beijing belong to Beijing Outing Automobile Service Co., Ltd., specifically the BAIC Arcfox intelligent connected vehicles [1] - These vehicles have undergone a series of tests and are currently in a conditional autonomous driving phase, capable of executing dynamic driving tasks at a maximum speed of 80 km/h on designated highways and urban expressways [1] - The conditional autonomous driving feature is limited to specific routes in Beijing, including sections of the Jing-Tai Expressway and the Daxing Airport Expressway, with the system automatically disabling the feature in other areas [2] Group 2: Regulatory and Future Developments - The Beijing Public Security Traffic Management Department, in collaboration with various agencies, has guided the comprehensive testing and safety evaluations necessary for the approval of L3 autonomous vehicles [2] - Future efforts will focus on enhancing the management of intelligent connected vehicles and implementing the city's smart vehicle industry development plan, aiming to create a replicable "Beijing model" for the large-scale application of autonomous driving [2]

北京发放首批L3级高速公路自动驾驶车辆专用号牌。 12月23日，北京市首批L3级高速公路自动驾驶车辆专用号牌由北京市公安局交通管理局正式 发放给三辆智能网联汽车，这也是国内首批发放的L3级高速公路自动驾驶车辆专用号牌。这 标志着我国自动驾驶车辆已由测试示范进展到正式量产，率先开启L3级自动驾驶时代，成为 汽车智能化进程中的里程碑事件。 北京交管部门相关负责人介绍，在北京首批上牌的L3级自动驾驶汽车共有3辆，号牌分别为： 京AA0001Z、京AA0733Z、京AA0880Z。该车型经过前期系列测试，目前处于有条件的自 动驾驶阶段，系统可在限定条件下执行动态驾驶任务，实现高速公路和城市快速路单车道内 最高车速80km/h的自动驾驶功能。交管部门负责人强调，尽管可实现限定道路的自动驾驶功 能，但仍需驾驶人坐在驾驶位驾车，并作为紧急情况接管车辆控制的后援。 目前"有条件的自动驾驶"功能仅限在北京市京台高速（大兴区旧宫新桥一机场北线高速）、 机场北线高速（大渠南桥一大兴机场高速）及大兴机场高速（南六环一机场北线高速）路段 开启。在其他道路或区域，该功能将被系统强制关闭。 来源：央视新闻 责编：万健祎 校对： 刘星莹 转 ...

分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 汽车 L3 级自动驾驶准入落地，商业化加速 ——汽车行业月报 资料来源：中原证券，聚源 相关报告 《汽车行业年度策略：破局内卷提质转型，智 能网联领航升级》 2025-11-25 《汽车行业专题研究：汽车内外饰行业专题： 汽车内外饰行业发展概况与重点标的梳理》 2025-10-28 《汽车行业月报：汽车产销创历史同期新高， 关注旺季表现》 2025-10-23 联系人：李智 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -9% -3% 3% 9% 15% 20% 26% 32% 2024.12 2025.04 2025.08 2025.12 汽车 沪深300 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共24页 发布日期：2025 年 12 月 23 日 ⚫ 市 ...

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7] Core Insights - The computer sector experienced a rebound after hitting a low, with an overall decline of 1.08%, ranking 29th among primary industries in the Yangtze River region [2][4] - The report highlights the approval of two L3 autonomous driving models in China, marking a significant step towards mass production applications in smart connected vehicles [21][27] - Ant Group's AI health application "AQ" has been rebranded to "Antifuku," achieving 15 million monthly active users, leading the health management AI application sector [30][34] - The report emphasizes the release of Google's Gemini 3.0 Flash, focusing on cost reduction and commercialization progress in large models [6][51] Summary by Sections Market Performance - The computer sector's trading volume accounted for 6.51% of the total market, with notable activity in vehicle-road-cloud related stocks [2][15] - The Shanghai Composite Index slightly increased by 0.03%, closing at 3890.45 points [4][15] Key Developments - The approval of L3 autonomous driving models positions China as the second country after Germany to allow such vehicles, with specific operational conditions [12][21] - Ant Group's "Antifuku" aims to address user retention and trust issues in healthcare, leveraging a robust network of medical resources [30][34] - The launch of Gemini 3.0 Flash aims to provide advanced intelligence at lower costs, enhancing the competitive landscape in AI [51][63] Recommendations - The report suggests focusing on the commercialization of AI products and the progress of AI agents, particularly in domestic AI chains and computing power chains [6][63] - Continued emphasis on companies with significant positioning advantages in the AI sector is recommended [6][63]

12月23日，北京市首批L3级高速公路自动驾驶车辆专用号牌由北京市公安局交通管理局正式发放给三辆智能网联汽车，这也是国内首批发放的L3级高速 公路自动驾驶车辆专用号牌。这标志着我国自动驾驶车辆已由测试示范进展到正式量产，率先开启L3级自动驾驶时代，成为汽车智能化进程中的里程碑 事件。 北京交管部门相关负责人介绍，在北京首批上牌的L3级自动驾驶汽车共有3辆，号牌分别为：京AA0001Z、京AA0733Z、京AA0880Z。该车型经过前期系 列测试，目前处于有条件的自动驾驶阶段，系统可在限定条件下执行动态驾驶任务，实现高速公路和城市快速路单车道内最高车速80km/h的自动驾驶功 能。交管部门负责人强调，尽管可实现限定道路的自动驾驶功能，但仍需驾驶人坐在驾驶位驾车，并作为紧急情况接管车辆控制的后援。 目前"有条件的自动驾驶"功能仅限在北京市京台高速（大兴区旧宫新桥一机场北线高速）、机场北线高速（大渠南桥一大兴机场高速）及大兴机场高速 （南六环一机场北线高速）路段开启。在其他道路或区域，该功能将被系统强制关闭。 来源：央视新闻 记者：赵学荣 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 ■ i 同仁堂 ...

Group 1 - The article highlights the issuance of the first L3-level highway autonomous vehicle special license plates in Beijing, marking a significant milestone in China's transition from testing to mass production of autonomous vehicles [1] - The "conditionally automated driving" feature is currently limited to specific routes in Beijing, including the Jing-Tai Expressway and the airport expressway, with the system automatically disabling this feature in other areas [1]

Core Insights - The first batch of L3-level autonomous driving special license plates was issued in Beijing, marking a significant milestone for the company in transitioning from "technical validation" to "legal operation" [1][3] Group 1: Regulatory Approvals - The BAIC Group's Arcfox Alpha S (L3 version) received approval from the Ministry of Industry and Information Technology for autonomous vehicle product access [3] - The efficient connection between product access and road operation was achieved within just seven days [3] Group 2: Symbolic Significance - The license plate "京AA0001Z" symbolizes the first official license for autonomous driving that is not restricted by highway congestion, representing the highest technical level of domestic autonomous vehicle products [5] - The license plate "京AA0733Z" cleverly references BAIC New Energy's stock code "600733," reinforcing investor confidence in the company's growth [5] Group 3: Safety and Testing - The Arcfox Alpha S (L3 version) is the only model in the first batch equipped with LiDAR, providing essential hardware support for its perception system's safety and reliability [7] - Prior to licensing, the vehicle underwent extensive testing and safety evaluations, including compliance tests with traffic regulations and emergency drills in collaboration with public security departments [7] Group 4: Technological Advancements - BAIC's long-term technological accumulation in intelligent networking, new energy, and safety has enabled the successful licensing of the Arcfox Alpha S [8] - The proprietary "BAIC Yuanzhi Intelligent" technology system covers levels L2 to L4, establishing a comprehensive safety development framework [8] Group 5: Market Performance - From January to November, BAIC Arcfox sold 136,600 units, a year-on-year increase of 97.99% [10] - The new Arcfox Alpha T5, featuring the Snapdragon 8775 integrated chip, has made urban NOA accessible below 150,000, leading to strong sales upon launch [10] - The company aims to set a benchmark for the intelligent connected vehicle industry in Beijing-Tianjin-Hebei, contributing to the commercialization of autonomous driving with replicable "Chinese solutions" [10]

Domestic News - Guangzhou's 14th Five-Year Plan aims to accelerate the automotive industry's "curve overtaking," focusing on electric vehicle transformation, brand renewal, and international market expansion, targeting a trillion-level smart connected new energy vehicle industry cluster [7] - Haikou's 14th Five-Year Plan emphasizes the development of smart connected vehicles and other emerging industries, enhancing energy infrastructure and expanding new consumption fields [8] - China's electric vehicle charging infrastructure reached 19.322 million units by November 2025, a 52% year-on-year increase, with public charging facilities at 4.625 million units, up 36% [9] - The "Shenzhen-Hong Kong Automotive Fast Pass Plan" has been implemented, allowing for expedited customs procedures for exported new energy vehicles, reducing port stay time and storage costs by over 70% [10] - Geely Auto announced the completion of the privatization of Zeekr, making it a wholly-owned subsidiary [12] - Li Auto has partnered with Air China to offer a program where new car owners can accumulate flight mileage based on driving distance [13] - Jianghuai Automobile Group has opened a subsidiary in Italy, marking a significant step in its global development strategy [14] - EVE Energy's headquarters and AI robotics center project has commenced construction, with a total investment of approximately 1 billion yuan [15] International News - Thailand's automotive production in November increased by 11.06% year-on-year, reaching 130,222 units, while domestic sales rose by 20.65% [16] - Germany's automotive exports to the U.S. fell by nearly 14% in the first three quarters of the year, significantly impacted by new tariff policies [17] - Malaysia's automotive sales in November grew by 5.5% year-on-year, driven by the impending expiration of tax exemptions and year-end promotions [18] - Uber has partnered with Baidu to conduct trials of autonomous taxis in London, with plans to launch a pilot project in the first half of 2026 [19] Commercial Vehicles - Xidi Intelligent Driving has officially listed on the Hong Kong Stock Exchange, becoming the first company focused on intelligent driving for commercial vehicles [20] - Foton Ouhui has launched a new L4 level intelligent driving bus, showcasing its technological advancements and market competitiveness [22] - Jiushi Intelligent's manufacturing base in Huai'an has officially commenced production, supporting the global RoboVan industry with advanced technology and operational experience [23] - FAW Liberation's new factory in Foshan has officially started production, enhancing its presence in the southern new energy commercial vehicle market [24]

Core Viewpoint - The company ShuoBeide has confirmed that its vehicle-mounted antennas and 4D millimeter-wave radar waveguide antennas are being utilized in the autonomous driving sector [2] Group 1 - The company has engaged with investors through an interactive platform, indicating transparency and communication [2] - The application of its technologies in the autonomous driving field highlights the company's involvement in advanced automotive solutions [2]

Core Viewpoint - The issuance of the first L3 level highway autonomous vehicle special license plates in Beijing marks a significant milestone in the advancement of autonomous driving in China, transitioning from testing to mass production [1][2]. Group 1 - The first batch of L3 level highway autonomous vehicle special license plates was officially issued by the Beijing Municipal Public Security Bureau Traffic Management Bureau to three intelligent connected vehicles [1]. - This event signifies the official commencement of the L3 level autonomous driving era in China, highlighting a key development in the automotive intelligence process [2]. - Currently, the "conditional autonomous driving" feature is limited to specific routes in Beijing, including the Jing-Tai Expressway and the Airport North Line Expressway, with the system automatically disabling this feature in other areas [2].