从公开数据看，现阶段特斯拉追赶Waymo面临挑战。据特斯拉最新财报电话会议，该公司在奥斯汀的 车队行驶里程达25万英里，旧金山湾区超过100万英里。而Waymo今年7月已宣布累计完全自动驾驶里 程达1亿英里。 Waymo订单增长与其快速扩张密切相关。媒体爆料后不久，电动汽车分析师Sawyer Merritt在社交媒体 披露，Waymo的Robotaxi服务目前在全美部署了2500辆车，覆盖旧金山湾区、洛杉矶、凤凰城、奥斯汀 和亚特兰大五座城市。 媒体最近的爆料显示，谷歌"姊妹"、Alphabet旗下自动驾驶公司Waymo的Robotaxi业务单周出行付费订 单不到八个月翻了将近一倍。 据媒体报道，Waymo的投资方老虎环球基金（Tiger Global）最近宣布启动新的风投基金PIP 17，在致信 投资者介绍这只计划募资22亿美元的新基金时意外披露，Waymo的每周付费订单已突破45万次。这个 数据意味着，周订单较今年4月的25万次增长了80%。 这一增长速度使Waymo在与特斯拉的Robotaxi竞争中进一步扩大领先优势。老虎环球基金在信中写道： "Waymo是自动驾驶领域的明确领导者，其产品比人类驾驶员安 ...

新华社阿布扎比12月9日电（记者温新年 赵丹亮）德国车企梅赛德斯-奔驰、中国科技企业北京初 速度科技有限公司、阿联酋出行运营商卢莫公司日前在阿联酋首都阿布扎比共同宣布，三方合作的豪华 自动驾驶出租车项目将于2026年在当地投入商业运营，并将逐步拓展至全球更多市场。 据悉，该自动驾驶出租车基于新一代奔驰S级轿车量产平台打造，将奔驰车的豪华舒适与初速度研 发的自动驾驶技术深度融合，再结合卢莫公司本地化运营体系，旨在为全球自动驾驶出行树立新标杆。 北京初速度科技有限公司首席执行官曹旭东指出，三方合作将奔驰的工程经验、初速度的人工智能 技术与卢莫公司的运营能力相融合，将为用户带来兼具安全与豪华的全新出行体验。 据介绍，奔驰与北京初速度科技有限公司自2017年起开展合作，双方共同开发的智能辅助驾驶系统 已搭载于今年11月上市的奔驰全新纯电CLA车型，未来将覆盖更多奔驰车型。 【纠错】 【责任编辑:焦鹏】 阿联酋总统战略研究与先进技术事务顾问、先进技术研究委员会秘书长费萨尔·阿卜杜勒阿齐兹·班 奈表示，此次合作体现了自动驾驶领域的国际水准，阿联酋拥有清晰的战略愿景和良好的创新环境，为 未来出行方式提供了理想的试验场。 梅 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2]. Core Insights - Tesla's release of the Optimus running video highlights advancements in mass production and design elements, with a focus on the upcoming large-scale production of the humanoid robot [5][16]. - The automotive sector is experiencing a divergence in performance between passenger vehicles and commercial vehicles, with the latter expected to maintain high demand [3]. - The report suggests monitoring key components in the supply chain related to the humanoid robot's performance metrics, such as micro-ceramic screws and GaN electric controls [5]. Industry Dynamics - **Industry News**: Didi is testing fully autonomous ride-hailing services in Guangzhou, while BYD has launched its first plug-in hybrid vehicle in Japan [5][19][31]. - **New Models**: Recent vehicle launches include the Seres Blue Electric E5 Plus, Great Wall's Tank 300 Hi-4T, and NIO's L60 [15][33]. - **Company Announcements**: BYD reported sales of 480,200 units in November 2025, while Great Wall Motors achieved sales of 134,200 units, remaining stable year-on-year [34][35]. Market Performance - The automotive sector outperformed the CSI 300 index, with a weekly increase of 1.38% from December 1 to December 5, 2025 [36][42]. - The price-to-earnings (PE) ratio for the automotive sector stands at 28.5, reflecting a week-on-week increase [42]. Data Tracking - **Monthly Data**: In October 2025, retail sales of passenger vehicles reached 2.25 million units, showing a year-on-year decline of 0.54% but a month-on-month increase of 0.29% [46][57]. - **Weekly Data**: From November 24 to 30, 2025, retail sales of passenger vehicles were approximately 879,000 units, remaining stable year-on-year, with a 14% increase in retail sales of new energy vehicles [101][104].

好家伙，闷声干大事，说的就是Waymo。 自从这家自动驾驶公司今年4月公布25万周订单之后，外界眼看着其Robotaxi运营范围越扩越大，不由得对运营数据愈发关注，特别是还有声势浩大的特 斯拉正虎视眈眈。 偏偏Waymo硬是把数据捂得密不透风。 但Waymo大概万万没料到，藏了7个多月的数据，被自己的投资者先说漏了嘴—— 最新周服务单量较4月暴涨80%，平均下来每分钟就能完成45单。 并且最新车队数也没瞒住，2500辆Robotaxi，已经落地美国5城了。 Waymo最新周订单被曝 Waymo可能没想到，会被自己的投资者给"背刺"了。 最近，Waymo的投资者老虎环球基金，推出了一个新的风险投资基金项目——PIP 17，并且还向潜在的有限合伙人发出了信函。 信函的本意是为了增强基金的吸引力，所以老虎环球基金提到了上一期基金PIP 16的战绩，其中的最大持仓是OpenAI和Waymo，而这些持仓推动了基金 业绩的反弹。 提到Waymo时，老虎环球基金没忍住多宣传了两句，前者的最新Robotaxi周订单数据就此曝光。原话是： Waymo是自动驾驶领域的绝对领导者，其产品最近每周的出行量超过45万次，安全性是人类驾 ...

Core Viewpoint - The Robotaxi industry is transitioning from a "technology story" to a "business story," with 2025 marking a critical commercialization turning point [1][3]. Industry Overview - The Robotaxi sector is approaching a pivotal moment, evolving from single-vehicle intelligence validation to ecosystem competition [2]. - By 2025, significant advancements in the Robotaxi sector are expected, with a projected annual decrease in autonomous driving system costs of 10%-15% [3]. - The market for Robotaxis is anticipated to grow significantly, with Goldman Sachs predicting 1.9 million Robotaxis in operation in China by 2035, leading to a market size of $47 billion [3]. Company Strategy - Cao Cao Mobility has launched a "Ten Years, One Hundred Cities, One Hundred Billion" strategic goal, leveraging the Geely technology ecosystem to establish a unique three-in-one development model of "smart customized vehicles + smart driving technology + smart operations" [1][4]. - The company plans to introduce a customized Robotaxi model designed for L4 autonomous driving by the end of 2026, utilizing battery swapping technology [6]. Competitive Advantage - The three-in-one model creates a competitive moat for Cao Cao Mobility in the Robotaxi ecosystem, focusing on smart driving technology, customized vehicles, and operational systems [5][7]. - The "Green Intelligent Passage Island" enhances operational capabilities, serving as a hub for automated battery swapping, cleaning, and vehicle management, with plans for replication in other cities [7]. Implementation Plan - Cao Cao Mobility's "three-step" strategy includes: 1. Technical validation and small-scale testing; 2. Transitioning to unmanned operations; 3. Full-scale commercial operations with customized Robotaxi models [9]. - The company has initiated global expansion, signing a memorandum with the Abu Dhabi Investment Office to pilot autonomous driving and green travel technologies [10]. Investment Perspective - The value of Cao Cao Mobility's Robotaxi strategy lies in optimizing unit economics, with total cost of ownership (TCO) for customized vehicles reduced by 36.4% compared to typical electric vehicles [12][13]. - As the Robotaxi business progresses, the company's valuation may shift from a "mobility platform" to a "smart mobility technology company," reflecting its role in future smart city infrastructure [13][14].

Group 1 - The event held by Beijing Municipal Cyberspace Administration on December 8 focuses on accelerating the deployment and application of IPv6, aiming to transition from "access" to "transport" and from "usable" to "user-friendly" [2] - IPv6 is highlighted as a core technology for the next-generation internet, essential for building a high-speed, ubiquitous, intelligent, and low-carbon information infrastructure, and serves as an "innovation engine" for urban digital transformation and high-quality development of the digital economy [2] - Beijing plans to enhance policy guidance, mechanism innovation, ecosystem construction, and resource assurance to promote large-scale deployment of IPv6, leveraging its technological advantages in fields like artificial intelligence, 6G, autonomous driving, and computing networks [2] Group 2 - The experience-sharing session showcased innovative measures for promoting IPv6 coverage, emphasizing a collaborative approach among government and enterprises, creating a model for accelerating IPv6 deployment across the city [3] - An award ceremony recognized outstanding cases of IPv6 deployment and application, with 10 first prizes, 10 second prizes, and 20 third prizes awarded, demonstrating the integration and innovative development of IPv6 in key sectors such as government, education, finance, and the internet [3] - The establishment of the Capital Internet Industry IPv6 Innovation Development Alliance was announced, aiming to foster a collaborative innovation system among internet enterprises in Beijing to build a shared and win-win IPv6 industry ecosystem [3]

Core Insights - Cao Cao Mobility (02643.HK) has announced a strategic upgrade for its Robotaxi services, aiming for a "Ten Years, One Hundred Cities, One Hundred Billion" goal, targeting a total transaction value (GTV) of 100 billion RMB over the next decade [2][3] - The company has established a strategic partnership with Qianli Zhijia to accelerate the commercialization of Robotaxi services, leveraging L4-level autonomous driving technology [2][4] Company Overview - Founded in 2015 and headquartered in Suzhou, Cao Cao Mobility is a ride-hailing platform incubated by Geely Holding Group, currently the second-largest shared mobility platform in China [2] - The company went public on the Hong Kong Stock Exchange on June 25, with a market capitalization of approximately 28 billion HKD [2] Robotaxi Strategy - The Robotaxi strategy consists of a three-phase approach: initial demonstration operations in Suzhou and Hangzhou, transitioning from human-driven to fully autonomous operations, and finally launching fully customized Robotaxi models for global commercial operations [3][4] - The second phase will introduce the Cao Cao Zhixing Ras remote safety service platform and a digital asset management system to enhance operational efficiency [3] Industry Context - The Robotaxi sector is entering a phase of large-scale expansion, with competitors like Zhaofu Intelligent Technology and Pony.ai planning significant deployments in the coming years [4] - Cao Cao Mobility's model combines smart custom vehicles, autonomous driving technology, and intelligent operations, providing a cost advantage in vehicle production and operational efficiency [5] Operational Innovations - The introduction of the Green Intelligent Passage Island aims to improve operational efficiency and profitability, featuring automated functions such as vehicle cleaning and energy replenishment [5] - A strategic partnership with Yujian Technology will see humanoid robots assist in vehicle maintenance and operations, addressing industry challenges related to efficiency [5][6] Future Directions - The company is exploring new operational models, including allowing drivers to purchase vehicles and establish operational partnerships to reduce capital investment burdens [6]

昨日，特斯拉 Robotaxi 的 App 在苹果 App Store 正式面向美国、日本、泰国、韩国、澳大利亚 8 个国家以及中国港澳台地区的所有 iOS 用户开放下载。 这或许意味着，特斯拉开始谋求美国之外的自动驾驶出 租车业务的发展扩张。 然而，与特斯拉这样的大厂不同，独立做 Robot axi 的小厂的状况，并不太好。 从表面来看，此次事件为各行业都可能存在的内耗式互撕，暴露了行业数据披露存在的模糊性、片面性的问题。但从深层来看，此次冲突根源是自动驾驶 行业，尤其是 Robotaxi 领域，关乎生存意义的集体焦虑。 01 从"故事"到"数据"的窘迫转型 细看以下几组数据，可以看出小马智行、文远知行的焦虑并非空穴来风。 就在一个月前的 11 月 6 日，国内两大头部自动驾驶公司 —— 小马智行与文远知行齐聚港交所。两家公司高管共同现身敲钟现场，一派其乐融融的景象。 不过彼时，两家公司刚刚结束了一场 " 酣畅淋漓 " 的 " 骂战 "。当时小马智行和文远知行刚相继通过港交所聆讯，这也是继去年年末双方在纳斯达克短兵 相接后，在资本市场又一次的兵戎相见。 小马智行上市前夜的路演材料成为了冲突的导火索，文远知行 ...

Core Viewpoint - The company reported significant revenue growth in Q3 2025, driven by its Robotaxi and Robotruck services, despite continuing net losses [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of $25.44 million, representing a year-on-year increase of 72% and a quarter-on-quarter increase of 18.6% [1]. - The net profit for Q3 2025 was -$61.32 million, compared to -$41.89 million in Q3 2024 and -$53.10 million in Q2 2025 [1]. - Adjusted net profit (after adding back stock-based compensation) was -$54.72 million in Q3 2025, compared to -$41.21 million in Q3 2024 and -$45.89 million in Q2 2025 [1]. Business Segments - Robotaxi service revenue reached $6.70 million in Q3 2025, a year-on-year increase of 89.5%, with passenger fare revenue growing over 200% [1]. - Robotruck service revenue was $10.20 million, reflecting an 8.7% year-on-year growth, aided by a 70% reduction in BOM costs for the fourth-generation Robotruck [1]. - Revenue from licensing and applications surged to $8.60 million, a significant increase of 354.6%, driven by rising demand for autonomous driving domain controllers and unmanned delivery services [1]. Profitability Metrics - The company's gross margin improved to 18.4%, a year-on-year increase of 9.1 percentage points, while the net margin was -242.0%, improving by 42.8 percentage points year-on-year [1]. - The expense ratio was 292.2%, up 7.7 percentage points year-on-year but down 9.5 percentage points quarter-on-quarter [1]. Strategic Developments - The company is a global leader in the commercialization of autonomous driving, with 961 Robotaxi vehicles in operation, including 667 of the seventh-generation model, aiming to exceed 1,000 vehicles by year-end and 3,000 by the end of 2026 [1]. - The seventh-generation Robotaxi has achieved profitability on a per-vehicle basis at the city level [1]. - The company expanded its strategic partnerships, including a collaboration with Sunshine Travel for comprehensive cooperation in autonomous driving, and entered the Qatari market with Mowasalat [1]. - The company is also exploring new markets through partnerships with global ride-hailing platforms like Uber and Bolt [1]. Investment Outlook - The company maintains its profit forecast, projecting revenues of $80 million, $93 million, and $195 million for 2025-2027, with expected net losses of -$227 million, -$220 million, and -$195 million respectively [2]. - The company continues to hold an "outperform" rating, with optimism regarding its growth in the Robotaxi and Robotruck sectors [2].

Core Viewpoint - The event emphasizes the importance of IPv6 as a core technology for the next generation of the internet, aiming to drive digital transformation and high-quality development of the digital economy in Beijing [1]. Group 1: Policy and Strategic Initiatives - Beijing will focus on policy guidance, mechanism innovation, ecosystem construction, and resource assurance to promote the large-scale deployment of IPv6 single-stack technology [1]. - The city aims to leverage IPv6 technology advantages in various fields such as artificial intelligence, 6G, autonomous driving, and computing networks to establish a solid foundation for becoming a global benchmark city for the digital economy [1]. Group 2: Technical Insights and Collaborative Efforts - Professor Li Xing from Tsinghua University provided strategic guidance on the deep development of IPv6, highlighting the importance of policy empowerment and multi-party collaboration in achieving full coverage of IPv6 [2]. - The event showcased innovative measures from Haidian District and Economic Development Zone, forming a collaborative work pattern that can be replicated across the city [2]. Group 3: Recognition and Ecosystem Development - An award ceremony recognized outstanding cases of IPv6 deployment and application in key sectors such as government, education, finance, and the internet, with a total of 40 awards distributed [2]. - The establishment of the "Capital Internet Industry IPv6 Innovation Development Alliance" marks a new phase in the collaborative and ecological development of IPv6 in Beijing, with participation from major internet companies [3].