Core Viewpoint - Tianlong Co., Ltd. plans to invest in Suzhou Haomibo Technology Co., Ltd. through equity transfer and capital increase, acquiring a 54.87% stake for 232 million yuan, making it a subsidiary included in the consolidated financial statements [1][2] Group 1: Investment Details - The investment involves a cash payment of 132 million yuan for a 32.30% equity stake and an additional 100 million yuan for a capital increase of 760.80 million yuan, resulting in a total investment of 232 million yuan [2] - Suzhou Haomibo focuses on developing 4D millimeter-wave radar and multi-sensor information fusion for automotive applications, aiming to provide mass-producible ADAS systems and solutions for unmanned traffic control [1][2] Group 2: Financial Projections - Suzhou Haomibo's R&D expenses are projected to be 34.06 million yuan in 2024 and 22.05 million yuan from January to September 2025, leading to temporary losses [2] - Revenue for Suzhou Haomibo is expected to reach 33.79 million yuan from January to September 2025, representing a 288.64% increase compared to the full year of 2024, with losses narrowing as revenue scales up [2] Group 3: Strategic Implications - This transaction allows Tianlong to extend its supply chain from automotive components to integrated intelligent sensing parts, enhancing its core competitiveness in the automotive electronics sector [3] - Suzhou Haomibo has established connections with major automotive manufacturers, providing Tianlong with opportunities to access direct procurement needs from OEMs and expand its market reach [3] Group 4: Performance Commitment - The founders of Suzhou Haomibo have committed to achieving a cumulative revenue target of 1.2 billion yuan and a net profit of 48 million yuan over the performance commitment period from 2026 to 2029 [4]

Core Viewpoint - The company plans to acquire a 32.2998% stake in Suzhou Haomibo Technology Co., Ltd. for a cash consideration of 132 million yuan and will also invest an additional 100 million yuan to increase its stake to 54.8666%, making it a controlling subsidiary [1][2] Group 1 - The total cash outlay for the acquisition and capital increase will amount to 232 million yuan, which will allow the company to consolidate Suzhou Haomibo into its financial statements [1] - The acquisition aligns with the company's strategy to extend its supply chain from automotive components to integrated smart sensing components [2] - The company aims to leverage Suzhou Haomibo's expertise in 4D millimeter-wave radar, UWB sensors, and camera fusion technology to enter various application fields such as intelligent driving, low-altitude flight, smart transportation, and robotics [2] Group 2 - This strategic move is expected to drive industrial upgrades and create a second growth curve for the company [2] - The acquisition also responds to national policies encouraging the high-end and intelligent transformation of the manufacturing industry [2] - The company seeks to enhance its core competitiveness in the automotive electronics sector through this acquisition [2]

随着沪指以11连阳结束2025年征程，A股主要股指以全线飘红的成绩迎来2026年了。每经品牌100指数 2025年整体保持震荡上行，年涨幅达到15%，年K线实现两连阳，最终以1145.49点报收。进入2026 年，"十五五"产业指引、海外流动性宽松、国内政策托底效应等多重利好因素释放，将继续为A股市场 提供支撑。 2026年后，百度昆仑芯拟发布M100、M300及下一代N卡集群。其中，M100面向大规模推理场景，核心 能力集中在能效比、低时延互联以及吞吐率优化两个维度；M300面向超大规模训练与推理，预计2027 年上市，补齐国产高端训练芯片短板。 据了解，1月2日，百度发布公告称，1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交所提交 上市申请表格（A1表格），以申请批准昆仑芯股份于香港联交所主板上市及买卖。 资料显示，昆仑芯是百度旗下专注于AI芯片研发的半导体子公司，其产品主要应用于数据中心、云计 算及自动驾驶等领域。2024年百度量产的昆仑芯3代，单集群规模超过3万卡，可支撑千亿级参数大模型 的训练推理，且与百度飞桨框架、天池超节点协同，全栈适配效率比第三方芯片高30%以上，已成为百 度文心大模型 ...

北京商报讯（记者 李秀梅）1月4日，交通运输部发布《关于加快交通运输公共数据资源开发利用的实 施意见》，其中提到，围绕服务公众出行、保通保畅、物流降本增效、多式联运、绿色低碳、金融服务 等行业领域，打造一批典型示范场景，推动交通运输数据与公安、能源、旅游、卫星遥感、气象、金融 保险等数据资源融合应用，服务传统产业转型升级。通过数据开放、授权运营等方式，推动交通运输公 共数据与企业数据融合应用，支撑人工智能、智能驾驶、低空经济、新一代信息技术、新能源汽车等新 兴产业与未来产业发展。 ...

Core Viewpoint - The Ministry of Transport has issued implementation opinions to accelerate the development and utilization of public data resources in the transportation sector, aiming to enhance industry governance and service levels while supporting the growth of emerging industries such as artificial intelligence and smart driving [1][3]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to promote the compliant and efficient circulation of public data in transportation, breaking down institutional and technical barriers to enhance data resource development [4]. - By 2030, the goal is to establish a mature management and technical system for public data resources, significantly improving data integration and innovation application levels [4]. Group 2: Establishing a High-Quality Data Resource System - A comprehensive public data resource directory will be developed, covering various transportation modes and ensuring dynamic updates [5]. - The collection and aggregation of public data will be enhanced through digital transformation and IoT technologies, ensuring efficient data gathering at the national level [5]. - Efforts will be made to improve public data quality through source governance and multi-source verification [5]. Group 3: Strengthening Public Data Resource Supply - The sharing of government data will be deepened, with revised management measures to enhance data sharing mechanisms [6]. - Public data will be opened in an orderly manner, prioritizing data that is closely related to public welfare and social needs [6][7]. Group 4: Promoting Data Application Innovation - The initiative will enhance data collaboration across sectors, focusing on areas such as infrastructure safety and logistics efficiency [8]. - Cross-industry data integration will be promoted to support traditional industry upgrades and new emerging sectors [8]. Group 5: Strengthening Data Security Assurance - A comprehensive data security management system will be established to identify and assess risks associated with public data utilization [10]. - The capability for data security will be enhanced through various technical measures to prevent privacy breaches and misuse [10]. Group 6: Strengthening Policy Support - Increased financial support will be coordinated for data infrastructure and security capabilities, encouraging social capital participation [11]. - Policies and standards for data management will be improved to ensure effective governance and resource utilization [11][12]. Group 7: Organizational Implementation - The Ministry of Transport will lead the efforts, ensuring collaboration among various departments to enhance the effectiveness of public data resource development [12].

Core Viewpoint - The introduction of L3-level intelligent driving technology marks a significant shift in driving responsibility and societal perceptions of transportation, transitioning from human-driven to system-driven control under specific conditions [5][12][14]. Group 1: L3-Level Intelligent Driving Implementation - The first batch of L3-level conditional autonomous driving vehicle permits has been officially issued in China, allowing two models to operate in designated areas of Beijing and Chongqing [5][18]. - L3 technology is expected to be operational by the end of 2024, with significant anticipation from various sectors regarding its potential impact on driving and transportation [5][18]. - The L3-level vehicles will operate under specific conditions, such as on highways and in urban congestion, with a speed limit of 50 km/h, emphasizing safety as a priority [19]. Group 2: Technological and Regulatory Challenges - Transitioning from L2 to L3 involves not only technological advancements but also a need for legal frameworks and societal acceptance to redefine driving responsibilities [8][10]. - The L3 classification allows the system to take over driving tasks under certain conditions, fundamentally changing the role of the driver from a controller to a supervisor [12][13]. - The shift in responsibility from the driver to the vehicle manufacturer during L3 operation introduces a "mixed responsibility" model, challenging existing traffic safety regulations [13][14]. Group 3: Market and Consumer Implications - The current L3 vehicles are not available for direct consumer purchase, as the focus remains on pilot testing to ensure safety and reliability before broader commercialization [18][19]. - The integration of L3 technology is expected to reshape the automotive industry's value chain, with manufacturers becoming responsible for software safety and algorithm performance [14][15]. - The insurance industry faces significant challenges in developing products that adequately cover the risks associated with L3 autonomous driving, necessitating innovative insurance models [16][17]. Group 4: Future Outlook - The successful implementation of L3 technology is seen as a critical step towards a safer and more efficient transportation system, with the potential to enhance overall travel experiences [19]. - The path to widespread adoption of L3 autonomous driving will require careful balancing of innovation and safety, with a focus on gradual and cautious progress [19].

5个观点： 1.同一路段接管次数受非常多因素影响，形式上看起来控制变量了，实质上完全没有控制变量，以接 管次数来衡量智驾能力水平误导性很强。 2.现阶段任意道路高智驾占比+低接管次数和驾驶员自身智驾水平高度相关，且着重强调这和开得久 不久不相关，和驾驶员自身天赋与努力程度相关。类比游戏玩得好不好和打得久不久不相关，和天赋 和努力程度相关。与此同时没有任何测评尝试去衡量驾驶员智驾水平，且即使尝试也非常难设计出一 套公允系统去衡量。 3.智驾终局评判好坏的维度很简单，没有主驾，用户随便在车里用电脑办公，现阶段评价智驾的大类 维度主要是实际体验与架构先进性，在这两个大类下，细分视角多如牛毛。 4.此时此刻不存在单一的客观公允的标准去衡量各家智驾实际体验水平的方法，任何一个只是单纯评 价XX比XX智驾更牛的结论可以考虑完全不去参考，可以参考一下对方认为更好的具体细节锚点是什 么。 5.截至2026年1月3日，没有任何一家在宣传侧说自己具备在中国道路上任意时刻稳定加塞的能力，包 括理想在内，TOP2观察所有车企智驾宣传的表现是好于实际表现的。TOP2判断 可以稳定加塞是全域 城区智驾跨越鸿沟到早期大众的充分条件 。 细 ...

Group 1: Industry Performance - In 2025, China's automobile production and sales reached over 34 million units, marking a historical high despite external challenges and domestic supply-demand imbalances [1] - In the first 11 months of 2025, automobile production and sales were 31.23 million and 31.12 million units, respectively, with year-on-year growth of 11.9% and 11.4% [1] - The penetration rate of new energy vehicles exceeded 50% monthly, and the market share of domestic brands surpassed 70%, indicating competitive advantages in electrification and intelligence [1] Group 2: Export Growth - In November 2025, automobile exports exceeded 700,000 units for the first time, with cumulative exports reaching 6.343 million units in the first 11 months, a year-on-year increase of 18.7% [1] - New energy vehicle exports reached 2.315 million units, doubling year-on-year, with expectations for total exports to exceed 7 million units for the third consecutive year, making China the world's largest automobile exporter [1] Group 3: Industry Standards and Competition - Measures to combat "involution" in the automotive industry have begun to show results, with 17 automakers committing to a maximum payment period of 60 days and enhanced product consistency checks [2] - The industry is shifting from price competition to value competition, with upgrades in battery safety standards, acceleration performance regulations, and intelligent driving management [2] Group 4: Innovation and Globalization - The automotive industry is urged to strengthen technological innovation to overcome challenges such as product homogeneity and key technology bottlenecks, focusing on areas like automotive chips and solid-state batteries [3] - Companies are encouraged to pursue high-quality globalization, ensuring products meet high standards and integrating with local partners and ecosystems to enhance global competitiveness [3] Group 5: Governance and Market Order - Addressing "involution" requires improving capacity regulation mechanisms and ensuring the orderly exit of inefficient capacities while facilitating the smooth transition of new quality capacities [4] - Comprehensive governance and industry self-discipline are essential to regulate market competition and create a healthy automotive market ecosystem that emphasizes quality and fair pricing [4]

中金发表报告指，展望2026年，预计内地汽车业政策延续之下内需面临一定挑战，海外销量稳健增长。 投资策略上，零部件优於整车，关注机器人、智能驾驶及数据中心液冷等AI相关布局带来的盈利估值 双升机遇。乘用车方面，该行指，两新政策托底，内需仍面临一定挑战。当前国内销量已经逐步突破 2017年的前期高点，展望2026年，该行认为以旧换新政策仍会形成一定托底，但销量增长挑战加大，更 需关注格局分化、全球化和智能化带来的机会。供给端技术创新、车型叠代带动渗透率提升，支撑新能 源保持双位数增长，该行更加看好需求韧性足的中高端新能源市场，关注龙头战术调整和传统品牌新能 源后发追赶的机会。零部件方面，AI赛道多维布局，增长蓄力估值提级。建议2026年重点关注AI相关 赛道布局逐步开始释放的增长驱动以及估值提升：AI技术与汽车产业及高端制造领域的融合加速深 化，智能驾驶(L2+渗透率继续攀升，L3量产落地)、人形机器人(T量产启幕，多企业加速推进)、数据中 心液冷(算力需求爆发，国产替代空间广阔)三大高景气赛道，正为零部件企业提供突破传统业务边界、 打开成长天花板的核心路径。同时建议持续关注零部件出海的相关标的。 ...

中金发布研报称，展望2026年，预计内地汽车业政策延续之下内需面临一定挑战，海外销量稳健增长。 投资策略上，零部件优于整车，关注机器人、智能驾驶及数据中心液冷等AI相关布局带来的盈利估值 双升机遇。 零部件方面，AI赛道多维布局，增长蓄力估值提级。2025年中国汽车零部件受到一定下游客户压力传 导，该行认为2026年产业链的增长潜能或由内驱转向外拓。建议2026年重点关注AI相关赛道布局逐步 开始释放的增长驱动以及估值提升：AI技术与汽车产业及高端制造领域的融合加速深化，智能驾驶 (L2+渗透率继续攀升，L3量产落地)、人形机器人(T量产启幕，多企业加速推进)、数据中心液冷(算力 需求爆发，国产替代空间广阔)三大高景气赛道，正为零部件企业提供突破传统业务边界、打开成长天 花板的核心路径。同时建议持续关注零部件出海的相关标的。 乘用车方面，该行指，两新政策托底，内需仍面临一定挑战。当前国内销量已经逐步突破2017年的前期 高点，展望2026年，该行认为以旧换新政策仍会形成一定托底，但销量增长挑战加大，更需关注格局分 化、全球化和智能化带来的机会。供给端技术创新、车型叠代带动渗透率提升，支撑新能源保持双位数 增长 ...