牌照限定在"北京市智能网联汽车测试高快速路"，根据申请的区域不同，在北京会有亦庄、顺义、通州 等片区内已开放的高速及城市快速路(设计时速≥60km/h)来提供道路测试支持。这类道路车速高、匝道 多、货车比例大，比城市主干道更考验感知距离、纵向控制和冗余策略。 "已持续开展常态化测试"则意味着车辆是像日常运营一样排班跑里程，说明测试车队、后台监控、数据 回灌体系已跑通。 新京报贝壳财经讯(记者陈维城)记者12月19日获悉，小米汽车近日已在北京市获得L3级自动驾驶道路测 试牌照，并持续开展了常态化L3级道路测试。该测试牌照主要用于在北京市智能网联汽车高快速路测 试路段上进行有条件自动驾驶测试。 据悉，"L3级自动驾驶道路测试牌照"并不是所有车企都能拿到的行政许可。它由北京市相关主管部门 (经信、交管、交通等联合)核发，只面向已完成封闭场地测试、网络安全评估、数据合规审查等一系列 前置审查的车型。 小米此次获批，说明小米汽车提交的L3系统(含软硬件冗余、远程监管、数据记录等)已经通过了北京市 的准入门槛，可以合法开上公开道路做测试。 ...

Core Viewpoint - Xiaopeng Motors (XPEV.US) has gained significant market attention following the acquisition of an L3 autonomous driving road test license in Guangzhou, indicating a strong push towards advanced autonomous vehicle technology [1] Group 1: Stock Performance - Xiaopeng Motors' stock rose by 2.82% yesterday and continued to increase by 5.48% in pre-market trading today, reaching $19.62 [1] Group 2: Autonomous Driving Development - The company has initiated regular L3 road testing, with expectations for a full rollout in Q1 of next year, as indicated by the company's vice president [1] - The announcement suggests that some users may experience the new version of the technology even earlier than the official launch [1] Group 3: Product Strategy - Analysts highlight that the launch of new models such as MONA M03, the updated P7, and the super-extended range X9 marks the beginning of a robust product cycle for the company [1] - Xiaopeng Motors is establishing a dual-energy strategy focusing on both pure electric and extended-range vehicles, aiming to capture a larger share of the market [1] Group 4: Strategic Upgrade - The company is transitioning into a global technology firm, with plans to introduce four significant applications related to "physical AI" by 2026, including the second-generation VLA, Robotaxi, the new generation IRON, and the Huitian flying system [1]

Group 1 - The core viewpoint of the article highlights that Xpeng Motors (XPEV.US) has gained a Level 3 autonomous driving road test license in Guangzhou and has initiated regular L3 road testing, which is expected to lead to significant developments in the first quarter of next year [1] - Xpeng Motors' stock price increased by 2.82% to close at $18.60 and further rose by 5.48% in pre-market trading to $19.62, indicating positive market sentiment [1] - The company is entering a strong product cycle with the launch of models such as MONA M03, the new P7, and the super-extended range X9, while establishing a dual-energy strategy of "pure electric + extended range" to capture market share [1] Group 2 - Xpeng Motors is upgrading its strategy to position itself as a global technology company, focusing on "physical AI" with four key applications set to enter mass production by 2026, including the second-generation VLA, Robotaxi, the new generation IRON, and the Huitian flying system [1] - The total market capitalization of Xpeng Motors is reported at $17.761 billion, with a trading volume of 6.5606 million shares and a price-to-earnings ratio indicating a loss [1] - The stock has seen a 52-week high of $28.235 and a low of $11.140, reflecting significant volatility in its market performance [1]

一、【早盘盘面回顾】 智通财经12月19日讯，市场早盘震荡走强，沪指高开高走，创业板指一度涨超1.5%。沪深两市半日成交额1.09万亿，较上个交易日放量421亿。盘面上热点 快速轮动，全市场近4700只个股上涨。从板块来看，大消费板块持续拉升，零售、乳业方向领涨，中央商场、庄园牧场等多股涨停。智能驾驶概念走强，浙 江世宝4连板。路畅科技4天2板。商业航天概念反复活跃，华体科技2连板。可控核聚变概念开盘表现强势，王子新材3天2板。下跌方面，影视院线概念走 弱，博纳影业大跌。截至收盘，沪指涨0.59%，深成指涨0.93%，创业板指涨0.99%。 个股来看，今日早盘涨停数量为59家（不包括ST及未开板新股），封板率为71%，连板股数量为12家，胜通能源6连板，浙江世宝4连板，中天服务、鹭燕医 药、庄园牧场、嘉美包装3连板，三湘印象、中央商场、上海九百、九牧王、华体科技、法狮龙2连板。 板块上，大消费反复活跃，零售板块再度走强，德必集团、大连友谊、东百集团、上海九百等个股涨停。 | | 商业零售 +3.82% + 自选 | | | 02 6 | | --- | --- | --- | --- | --- | | 股票 ...

Core Viewpoint - The intelligent driving sector in the Hong Kong stock market is experiencing a surge due to favorable policies, yet the newly listed company, Xidi Intelligent Driving, faced a cold reception on its debut day, highlighting a disparity in market sentiment [1][2]. Group 1: Market Performance - The intelligent driving concept sector saw a nearly 1% increase following the announcement of the first batch of L3 conditional autonomous driving vehicle permits by the Ministry of Industry and Information Technology [1]. - Xidi Intelligent Driving's stock price fell by 8.37% on its first trading day, closing at 241 HKD, with a total market value of 105.53 billion HKD and a net capital outflow of 30.97 million HKD [1]. - In the previous trading day, Xidi's shares also declined by 5.48% in dark pool trading, indicating a lack of investor confidence [1]. Group 2: Company Background - Xidi Intelligent Driving, established in 2017, specializes in autonomous driving products and solutions for commercial vehicles, focusing on closed-environment applications such as mining and logistics [5]. - The company ranks first in the Chinese autonomous mining truck solution market, having delivered 56 autonomous mining trucks to a mining site, forming the world's largest mixed-operation mining vehicle fleet [5][6]. Group 3: Financial Performance - Xidi Intelligent Driving demonstrated significant revenue growth, with figures increasing from 31.06 million HKD in 2022 to 408 million HKD in the first half of 2025, marking over a 13-fold increase in just two and a half years [6][7]. - Despite revenue growth, the company reported substantial losses, with figures of 263 million HKD in 2022 and 455 million HKD in the first half of 2025, indicating a trend of increasing losses despite rising revenues [8]. - The company has faced cash flow challenges, with a total operating cash outflow exceeding 500 million HKD from 2022 to 2024, leading to significant liquidity pressure [8].

此次事件标志着我国L3级自动驾驶开始从测试阶段迈入商业化初期。中央层面对L3政策有了新的进 展，下一阶段或是以实现限定区域限定速度的试运营，为后续智驾商业化进程奠定了基础。 香港汽车ETF（520720）跟踪的是港股通汽车指数（931239），该指数从港股通范围内选取涉及整车制 造、零部件及智能驾驶等新兴领域的上市公司证券作为指数样本，以反映汽车产业相关上市公司证券的 整体表现。该指数具有高研发投入和成长性特点，整车板块权重占比超过60%，展现了较强的市场弹性 和国际化特征。 此外，香港汽车ETF（520720）可通过 A 股账户直接交易，无需开通港股通权限，完美解决了普通投资 者缺少投资工具的痛点。 注：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代 表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成投资建议 或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品要素、风 险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 相关机构表示，工信部正式公布我国首批L3级有条件自动驾驶车型准入许可， ...

12月19日消息，港股三大指数集体上涨。截至午间收盘，恒生指数涨0.65%，报25663.41点，恒生科技 指数涨1.14%，国企指数涨0.50%。盘面上，科网股涨多跌少，美团涨超2%，网易、百度、腾讯涨超 1%，联想跌超1%；生物医药股普涨，药明康德涨超6%；中资券商股走强，招商证券涨超3%；智能驾 驶概念股活跃，佑驾创新涨超12%；今日智汇矿业、希迪智驾上市，智汇矿业涨超111%，希迪智驾跌 超8%。 | 名称 | | 量新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 恒生科技指数 | N | 5480.00 | +1.14% | | 800700 | | | | | 恒生指数 | NV | 25663.41 | +0.65% | | 800000 | | | | | 国企指数 | Nº M | 8885.67 | +0.50% | | 800100 | | | | 生物医药股普涨，药明康德涨超6%。北京时间12月18日凌晨，参议院官网显示，搭载修订版《生物安 全法案》的美国2026财年国防授权法案（2026NDAA）获通过。新版本生物安全法未具体点名任何一家 公司。有券 ...

自动驾驶是汽车产业发展、国际科技竞争的重要方向。近日，我国两款L3级自动驾驶车型获附条件准入许可，引发广泛讨论。 随着L3大幕拉开，产业充满热情，社会充满期待。距离真正的大规模商业化落地还有多远？当前还有哪些问题需要厘清？记者18日采访了专家。 问题一：获得产品准入许可是否等于L3"量产在即"？ 不能画等号。 "根据工业和信息化部、公安部等四部门共同确定的方案，试点工作包括产品准入试点与上路通行试点两个阶段。"工业和信息化部装备工业发展 中心副主任刘法旺告诉记者，车辆获得准入许可，表明其在自愿申报、初步审核和择优遴选的基础上，已通过四部门联合组织开展的方案确认、 安全测评及专家评审等环节，具备一定的安全保障水平，可进入上路通行试点阶段，获得申领普通车辆号牌资格。 刘法旺强调，由于自动驾驶系统及其应用场景的复杂性，以及面临安全风险的复杂多变性，参考国际经验，为切实保障试点车辆驾乘人员及周边 交通参与者的安全，当前试点采取的是"小范围起步、附条件实施"的推进方式，获得准入许可并不意味着自动驾驶可以立即"全面推广"或"大规 模量产"。 "L3级自动驾驶的普及并非单一技术的突破，而是政策、技术、产业生态的系统性协同成 ...

Core Viewpoint - The autonomous driving industry is experiencing a historic breakthrough, with China poised to become the first country to initiate large-scale trials of Level 3 (L3) autonomous vehicles [1] Group 1: Company Performance - Youjia Innovation (佑驾创新) saw its stock price increase by over 13%, reaching HKD 12.74, with a trading volume of HKD 1.28 billion [1] - The company holds over one-third of the market share in the commercial vehicle Advanced Driver Assistance Systems (ADAS) sector and has successfully expanded into passenger vehicles and joint venture brands [1] Group 2: Technological Advancements - Unlike the linear development model of progressing from Level 2 (L2) to Level 3 (L3) and then to Level 4 (L4), Youjia Innovation has achieved commercial deployment of L4-level unmanned minibuses and unmanned logistics scenarios [1] - The company is utilizing a collaborative paradigm of "L4 technology sinking and L2 data rising" to establish a solid foundation for the comprehensive rollout of L3 technology [1] Group 3: Future Plans - Dongwu Securities reported that Youjia Innovation's iPilot series (L2+ and above) products are entering a harvest phase, while its L4 autonomous driving business (iRobo) has achieved commercial breakthroughs [1] - The company plans to launch a dedicated brand for unmanned logistics, "Xiaozhu Unmanned Vehicle," in September 2025, with a target of delivering 10,000 units by 2026 [1]

Core Viewpoint - The automotive industry is expected to benefit from the acceleration of automotive intelligence and the development of the robotics industry, with the auto parts sector outperforming the vehicle manufacturing sector in 2025 [1][2]. Group 1: Market Performance - From January 1 to December 12, 2025, the CITIC passenger car index decreased by 0.40%, while the CITIC auto parts index increased by 34.76%, indicating a significant outperformance of the auto parts sector compared to the vehicle manufacturing sector [1]. - The vehicle manufacturing sector has shown weakening performance due to intensified price wars and fierce market competition, while the auto parts sector has benefited from opportunities arising from the rapid development of AI and related industries [1]. Group 2: Revenue and Profitability - The passenger car sector experienced revenue growth in the first three quarters of 2025, driven by the "old-for-new" policy, but faced a decline in short-term profitability due to increased competition [1]. - The auto parts sector, on the other hand, has seen continuous performance improvement driven by economies of scale and demand from emerging industries [1]. Group 3: 2026 Outlook - The automotive market in 2026 is expected to see a decline in policies such as the "old-for-new" program, which may affect car purchase demand, while the export of new energy vehicles is projected to grow rapidly, showcasing strong competitiveness in China's new energy vehicle industry [2]. - The penetration rate of new energy vehicles continues to rise, with intelligent and high-end features becoming new growth drivers [2]. Group 4: Technological Advancements - The intelligentization of chassis systems is a key area of focus to ensure the reliability of high-level autonomous driving, with domestic companies actively promoting the implementation of intelligent technologies in suspension, steering, and braking systems [3][4]. - The development of intelligent suspension systems is advancing, with active suspension becoming a necessary choice for intelligent driving vehicles, and domestic parts manufacturers are becoming major players in this field [3]. Group 5: Investment Strategy - The automotive market in 2026 will be influenced by various factors, with the rise in new energy vehicle penetration, exports, and intelligent high-end features expected to be structural highlights [4]. - Companies that continue to focus on automotive intelligence and are positioned to benefit from the mass application of intelligent driving technologies, particularly those involved in active suspension and line control systems, are recommended for investment [5].