Core Viewpoint - The approval of L3 autonomous driving vehicles in China marks a significant step towards the commercialization of intelligent connected vehicles, with Longan Automobile leading the way in this new era [4][8]. Group 1: L3 Autonomous Driving Milestones - The first L3 autonomous driving dedicated license plate "渝AD0001Z" was issued to Longan Automobile in Chongqing, indicating the start of L3 autonomous driving in China [4][3]. - The Ministry of Industry and Information Technology (MIIT) announced the first batch of L3 autonomous vehicle approvals, allowing Longan Deep Blue SL03 and Arcfox Alpha S6 to conduct pilot tests in designated areas [5][8]. - Longan Automobile has conducted over 5 million kilometers of testing on its L3 autonomous driving system in complex environments [4][6]. Group 2: Market Reactions and Stock Performance - On December 19, stocks related to autonomous driving surged, with over ten companies, including Zhejiang Shibao and Luochang Technology, experiencing significant gains [2]. - Analysts suggest that the approval of L3 vehicles will accelerate the restructuring of the intelligent driving industry and create investment opportunities in key areas such as intelligent vehicles and control systems [8][9]. Group 3: Future Outlook and Industry Implications - Longan Automobile plans to begin pilot applications with its L3 vehicles in early 2026, targeting both B-end and C-end users as regulations evolve [6][9]. - The approval process for L3 vehicles involves strict safety requirements, which may lead to a gradual expansion of L3 autonomous driving across more cities and vehicle models [9]. - The development of L3 autonomous driving is expected to drive demand for new components and technologies, benefiting various segments of the automotive supply chain [9].

Investment Rating - The report maintains a rating of "Buy" for several key companies in the aviation and logistics sectors, including China Southern Airlines, Spring Airlines, and SF Express [2]. Core Insights - The aviation sector is expected to benefit from multiple catalysts, including the recovery of passenger demand and improved ticket pricing due to high load factors and regulatory support [4][6]. - The logistics and express delivery industry is experiencing a divergence in growth rates, with a focus on improving operational quality through policies aimed at reducing "involution" and the adoption of automation technologies [6][7]. Summary by Sections Aviation Sector - The report highlights the positive impact of the national strategy to expand domestic demand, which is expected to drive up airline stock prices. For instance, companies like China Eastern Airlines and China Southern Airlines saw stock increases of 12.48% and 13.60%, respectively [4]. - Key metrics for airlines from December 15 to December 19 include average daily flights and aircraft utilization rates, with notable year-on-year increases in flight numbers for several airlines [4]. - The report emphasizes the long-term growth potential of the aviation sector, driven by a combination of recovering demand, regulatory support for pricing, and a gradual recovery in aircraft utilization rates [6]. Logistics and Express Delivery - The express delivery sector is witnessing a mixed trend in volume and pricing, with November data showing a year-on-year increase in delivery volumes for some companies while others face declines [6]. - The report notes that the integration of Danbird Logistics into Shentong Express is expected to enhance scale and operational efficiency [6]. - The "anti-involution" policy is anticipated to improve profitability across the express delivery industry, with a focus on enhancing service quality and pricing strategies [6][7]. Infrastructure - The report suggests that the infrastructure sector, particularly highways, remains stable with consistent cash dividends and ongoing expansion projects [6]. - Data from December 8 to December 14 indicates a slight decline in freight traffic on highways and railways, but overall port throughput showed a year-on-year increase [6]. Shipping and Trade - The shipping sector is experiencing fluctuations in freight rates, with oil shipping showing strength while dry bulk rates are declining. The report suggests that geopolitical factors may reshape global shipping dynamics [7]. - The report recommends monitoring companies in the shipping sector for potential investment opportunities, particularly those positioned to benefit from seasonal demand increases [7].

证券日报网讯12月19日，威马农机（301533）在互动平台回答投资者提问时表示，近年以来，公司坚持 不断加大研发投入，优化产品结构，提高产品质量和性能，以满足用户对高品质农机的需求；公司已布 局无人驾驶系列产品，个别产品将搭载远程遥控、自动驾驶等功能，目前试验机型相关详细信息请关注 公司在指定信息披露媒体披露的相关信息。 ...

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深康佳Ａ（000016.SZ）12月19日在投资者互动平台表示，飞的科技（深圳）有限公司是公司的参股企 业。截至目前，飞的科技（深圳）有限公司没有开展无人驾驶项目。 每经AI快讯，有投资者在投资者互动平台提问：董秘你好！贵司控股的飞的科技（深圳）公司是否有 无人驾驶商业化服务、业务合作、技术研发等？请具体介绍一下！ （文章来源：每日经济新闻） ...

龙虎榜机构热股 今天机构龙虎榜上榜38只个股，净买入17只，净卖出21只。当日机构买入最多的个股前三位是：浙江世宝（1.21亿）、航天智造（9061万）、山子高科 （5811万） | 上榜热股 | 实时涨跌幅 : 买/卖家数 , | | | --- | --- | --- | | 浙江世宝 002703.SZ | +9.99% | 3/0 | | 3日 | | | | 航天智造 300446.SZ | +16.30% | 2/2 | | 山子高科 000981_S7 | +9.93% | 1/2 | 浙江世宝 龙虎榜显示，今日3家机构净买入1.21亿。 龙虎榜知名游资 一、大消费 甘肃、青海区域乳制品龙头，预计上半年同比大幅减亏 上海九百 个股龙虎榜 上海九百集团旗下，有位于上海市中心的静安寺珠宝古玩城，位于航华地区的九百家居和位于大华社区的九百购物中心 申港证券认为，中央经济工作会议将坚持内需主导、建设强大国内市场，以及坚持民生为大、实施稳岗扩容提质行动作为明年经济工作的重点任务，消费需 求侧和供给侧政策的发力或将带动大众品行业回升。零食、黄酒龙头这类新消费成长品类龙头企业今年三季度单季度营收同比仍保持较好 ...

Investment Rating - The report indicates that the unmanned cargo industry is entering a high-growth phase, driven by the dual forces of technological maturity and policy support [3][4]. Core Insights - The unmanned cargo sector benefits from inherent advantages such as predictable paths and controllable environments, which lower the barriers to the implementation of unmanned driving technology compared to manned scenarios [3][5]. - The report emphasizes the importance of focusing on companies that establish technological moats and possess scalable operational experience within specific segments of the unmanned cargo market [3][4]. Summary by Sections 1. Unmanned Cargo: Diverse Application Scenarios, Driven by Technology and Policy - Unmanned driving scenarios can be categorized into manned and unmanned, with unmanned scenarios covering various fields such as logistics and special operations [9]. - The complexity of unmanned cargo scenarios is generally lower than that of manned scenarios, providing a natural advantage for technology implementation [11]. 2. Low-Speed Unmanned Vehicles: High Technological Maturity and Rapid Expansion - Low-speed unmanned vehicles, particularly in logistics and sanitation, have reached a high level of technological maturity and are transitioning from pilot projects to large-scale deliveries [4][5]. - Companies like Jiushi Intelligent and New Stone have achieved deliveries at the scale of thousands of units [4]. 3. High-Speed Unmanned Trucks: Addressing Long-Distance Freight Pain Points - High-speed unmanned trucks are still in the early stages of development but have significant market potential due to their ability to reduce labor costs and improve operational efficiency [4][5]. 4. Special Scenario Unmanned Vehicles: Low Overlap Among Players, Environmental Adaptation Creates Barriers - The special scenario unmanned vehicle market, such as unmanned mining trucks and port vehicles, has a relatively concentrated market structure with high specialization [4][5]. - The demand for unmanned mining trucks is driven by harsh environments and safety pressures, while port scenarios are evolving from early reliance on infrastructure to more flexible solutions [4]. 5. Policy Framework: Accelerating Transition from Pilot to Commercial Operations - The report outlines a comprehensive policy framework that supports the unmanned cargo sector, including national and local government initiatives aimed at facilitating the transition from laboratory validation to real-world commercial operations [21][24]. - Recent policies have focused on establishing demonstration application scenarios and refining testing standards to promote the commercial viability of unmanned cargo solutions [21][24].

行 业 及 产 业 汽车/ 商用车 行 业 研 究 / 行 业 深 度 相关研究 《技术政策双轮驱动，行业正处高速增长 阶段——载具纪元新章系列 1： Robotaxi 白皮书》 2025/12/16 证券分析师 王晨鉴 A0230525030001 wangcj@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 联系人 汪琦阳 A0230125070006 wangqy@swsresearch.com 2025 年 12 月 19 日 无人载物场景多元，逐步迈向规模 化时刻 看好 —— 载具纪元新章系列 2：无人驾驶载物白皮书 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 ⚫ 无人载物场景多样，技术政策双轮驱动，逐步迈向规模化 ...

Core Viewpoint - Galaxy Electronics has experienced fluctuations in stock performance, with a recent increase in share price but a significant decline over the past five trading days, indicating potential volatility in investor sentiment [1]. Group 1: Stock Performance - On December 19, Galaxy Electronics' stock rose by 2.15%, reaching 6.17 CNY per share, with a trading volume of 734 million CNY and a turnover rate of 10.80%, resulting in a total market capitalization of 6.95 billion CNY [1]. - Year-to-date, the stock price has increased by 3.87%, but it has decreased by 6.66% over the last five trading days, while showing a 32.69% increase over the last 20 days and a 25.15% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on December 12, where it recorded a net buy of -121 million CNY, with total buy transactions of 190 million CNY and total sell transactions of 311 million CNY [1]. Group 2: Company Overview - Jiangsu Galaxy Electronics Co., Ltd. was established on June 15, 2000, and went public on December 7, 2010. The company specializes in the research, development, manufacturing, and sales of smart digital TV multimedia terminals and precision structural components for electronic devices [2]. - The company's main business revenue composition includes 45.43% from new energy products, 45.06% from smart electromechanical products, and 9.51% from other sources [2]. - Galaxy Electronics operates within the defense and military industry, specifically in ground equipment, and is involved in sectors such as satellite internet, commercial aerospace, military information technology, and unmanned driving [2]. Group 3: Financial Performance - For the period from January to September 2025, Galaxy Electronics reported an operating income of 332 million CNY, a year-on-year decrease of 59.12%, and a net profit attributable to shareholders of -40.16 million CNY, a decline of 128.29% year-on-year [2]. - The company has distributed a total of 856 million CNY in dividends since its A-share listing, with 225 million CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders decreased to 87,300, a reduction of 8.62%, while the average circulating shares per person increased by 9.43% to 12,815 shares [2].

（文章来源：证券时报网） 盘面上看，地产、汽车、半导体、钢铁、医药等板块走强，可控核聚变、海南自贸、无人驾驶概念等活 跃。 东莞证券表示，近期A股经历阶段性调整后，当前已具备适当乐观的基础，可积极布局春季躁动行情。 岁末年初，机构再配置需求释放与资金回流，有望持续改善市场流动性、提振交易活跃度，跨年攻势已 逐步启动。短期市场焦点在于美联储继任人选以及国内货币财政政策的具体落地。伴随地缘政治风险缓 和，叠加中美政策预期逐步兑现，内外环境共振下，明年A股跨年配置行情有望提前启动，为春季躁动 行情奠定良好基础。 19日早盘，两市股指盘中强势拉升，深证成指、创业板指涨近1%，全A近4700股飘红。 截至午间收盘，沪指涨0.59%报3899.31点，深证成指涨0.93%，创业板指涨0.99%，沪深北三市合计成交 11036亿元。 ...