中信建投（601066）发布研报称，当前市场对汽车明年刺激政策及产销总量预期较弱，汽车顺周期属性 弱化，目前来看预期或已见底，科技属性下机器人及无人驾驶等成长方向仍是核心主线。机器人当前行 情仍处于预期整固后的去伪存真阶段，产业在0-1的趋势兑现前夕，建议积极布局配置高胜率及技术升 级环节。 中信建投主要观点如下： 整车板块，本周中央经济工作会议指出坚持内需主导，建设强大国内市场，优化"两新"政策实施，明确 2026年延续国补政策。近期头部车企销量环比走弱，前期市场预期年末抢装下的"翘尾效应"并未兑现， 部分地区以旧换新补贴已暂停，市场情绪处于低位。我们仍然看好自主乘用车高端化、强势新车周期和 新能源出海头部车企。 机器人板块，当前时点坚定看多。板块自11月末底部震荡反弹，核心交易的是特斯拉产业链小批量(百 台级)订单落地等新进展催化，上周美国人形机器人政策扶持也对行情形成支撑，GaN等新技术应用引 发市场关注。后续新的节点兑现是行情延续关键，包括：12月定点陆续落地，25Q1Gen3定型发布，Q2 进入小批量，下半年进入规模量产阶段等;此外，宇树上市申报或也将成为重要事件催化。当前行情仍 处于预期整固后的去 ...

为保障无人驾驶稳定运营，徐州构建多维度基础设施体系：依托主城区及重点乡镇的68处公交场站，构 建"点线面"立体停放调度网络；34座停车场、66座充电站及916杆充电枪组成全域能源补给网；200余名 专业维保人员与24小时救援机制筑牢运维保障线；120处无人机机场与"天眼巡"系统拓展空地一体化服 务能力。 从徐州交控集团近日举办的无人驾驶装备运营推介会上获悉，徐州已在沛县落地全市首个县域无人车运 营项目，创新启动"公交+智慧物流"示范运营，首批无人驾驶装备正式投入同城配送，标志相关技术从 测试阶段迈向规模化应用。 ...

新闻荐读 特斯拉首席执行官埃隆・马斯克（Elon Musk）于周日证实，公司已在得克萨斯州奥斯汀启动无人驾驶 Robotaxi 路 测，测试车辆内未配备任何乘员。 马斯克表示，Robotaxi不仅是一项服务，更是"个人交通的终极形式"，能让出行更安全、高效、便宜。Robotaxi将 为特斯拉带来巨大收益，是"万亿美元级机会"。 据媒体此前报道，当地时间6月22日，马斯克在社交平台上宣布"推出自动驾驶出租车"。他表示，这是十年辛勤工 作的成果，特斯拉AI芯片和软件团队都是在特斯拉内部从零开始组建的。 和之前宣传的无人驾驶不同，每辆车都在前排配备了安全员。 马斯克在社交媒体上表示，特斯拉自动驾驶出租车服务将固定收取4.20美元的统一费用。他强调，公司在安全方 面"格外谨慎"，特斯拉将配备专业团队实施远程监控干预，保障试运营的安全性。 两辆特斯拉 Model Y Robotaxi 被目击在奥斯汀公共道路上行驶，车内空无一人。 马斯克还表示，Robotaxi车队可实现高利用率（每车每周运行超40小时），毛利率可能高达70%—80%，远超传统 汽车业务。马斯克称，特斯拉的目标是让无人驾驶车辆比人类驾驶安全10倍以上。他 ...

Core Insights - Boreton has successfully delivered the first batch of 40 pure electric unmanned mining trucks to Mingyang Mining in Xinjiang, marking a transition from agreement to practical implementation and the start of large-scale application of its integrated hardware and software transportation system [1][2] Group 1: Company Developments - The delivery of the first 40 unmanned mining trucks is a result of a milestone strategic cooperation agreement signed on September 25, 2023, which includes a plan for Mingyang Mining to purchase no less than 1,000 Boreton electric unmanned mining trucks and related services by September 2028 [2] - The initial order, which was placed in November, covers electric wide-body mining trucks equipped with unmanned driving technology, with a contract value exceeding 60 million RMB [2] - The successful delivery not only provides tangible performance support for Boreton but is also expected to significantly enhance the company's future revenue and profit scale, optimizing cash flow structure and strengthening investor confidence in the company's growth [2] Group 2: Industry Context - The large-scale delivery of unmanned mining trucks represents a benchmark in the industry, moving beyond previous limitations of "demonstration pilot" projects to establish a replicable business model that combines deep technical adaptation to scenarios with stable batch operations [3] - The mining industry is accelerating its shift towards automation, with unmanned driving being a core focus that has proven its value in operational scenarios, enhancing overall organizational capability and efficiency [4] - Boreton's long-term integrated hardware and software layout has allowed its product system to be designed with unmanned driving needs in mind, providing natural support for unmanned applications in complex working conditions [4] Group 3: Future Outlook - Boreton's chairman has indicated a strong commitment to promoting unmanned driving and smart mining business starting in 2026, reflecting a comprehensive upgrade of the product architecture and a firm belief that unmanned driving has reached a critical point of industrialization [5] - The company is pursuing a long-term and pragmatic approach to the intelligent transformation of mining, aiming to make energy cleaner, production smarter, and management more efficient as more mining areas enter the construction phase [5]

美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 特斯拉似乎在得克萨斯州奥斯汀市至少有一辆汽车在运行时没有配备安全监控设备。上周，特斯拉股价 在突破前期买入点后小幅上涨，原因是首席执行官埃隆·马斯克进一步强化了其关于无人驾驶自动驾驶 出租车在年底实现量产的预测。 周日，一段视频显示在奥斯汀，一辆特斯拉 Model Y 车型在公共道路上行驶时没有车内安全监控设 备，也没有其他乘客。特斯拉自动驾驶部门主管阿肖克·埃卢斯瓦米似乎对此予以证实，他在社交媒体 上发布了一条帖子"就这样开始了！"以回应该视频。 ...

12月15日消息，特斯拉首席执行官埃隆马斯克(Elon Musk)于周日证实，公司已在得克萨斯州奥斯汀启 动无人驾驶Robotaxi路测，测试车辆内未配备任何乘员。两辆特斯拉Model Y Robotaxi被目击在奥斯汀 公共道路上行驶，车内空无一人。(IT之家) ...

Core Viewpoint - The company faces significant backlash from users due to the discontinuation of 2G network services, which has rendered many smart features of its electric bikes inoperable, leading to safety concerns and potential legal issues [1][5][7]. Group 1: User Experience and Feedback - Numerous users reported their electric bikes experienced sudden "lockout" and "power loss" while riding, raising safety concerns [1][3]. - The company attributed these issues to the nationwide 2G network shutdown, affecting models with EB11 and EB20 smart chips, and offered limited solutions such as Bluetooth unlocking or upgrading to a 4G smart chip at a cost [3][4]. - Users expressed frustration over the lack of prior notification regarding the use of 2G technology when purchasing their bikes, which they believe violates their right to be informed [5][10]. Group 2: Regulatory and Industry Context - The company began its electric bike business in July 2020, shortly after a government directive in August 2020 advised against using 2G/3G networks for new IoT devices [7][9]. - Despite the regulatory guidance, the company continued to release new electric bike models utilizing outdated 2G technology, which is seen as a significant oversight given the expected lifespan of electric bikes [10][11]. Group 3: Legal and Ethical Implications - Legal experts suggest the company's actions may infringe on consumer rights, including the right to be informed and the right to fair trade, as consumers were not made aware of the implications of the 2G network shutdown [10][12]. - The company's failure to provide adequate information about the technology used in its products has led to accusations of short-sightedness and a lack of responsibility towards consumers [5][11]. Group 4: Robotaxi Business and Safety Concerns - The company recently entered the Robotaxi market but faced a serious incident where a self-driving vehicle struck pedestrians, raising questions about the safety of its AI and hardware capabilities [12][13]. - This incident has sparked concerns about the company's ability to ensure safety in its new ventures, paralleling the issues faced in its electric bike business [13].

文 丨 《BUG》栏目 周文猛 你的哈啰两轮电动车，可能因2G网络断服而不再"智能"了。 近日，《BUG》栏目进入多个累计超千人的哈啰车主维权群。大量用户反馈，自己的哈啰电动车出 现"断服"，远程定位、在线查看电量等多项"永久会员"功能已经消失，有的甚至还在骑行中忽然"断电 锁死"，险些酿成车祸。 基于"断服"原因，哈啰方面给出的解释是：因2G网络退网，部分电动车可能已无法解锁。 但根据用户的反馈，他们在购买时并未被告知"采用2G通信"，如今买车仅一年有余，却需要自费升 级。此外，曾经的权益因网络不畅一并被取消。 值得注意的是，2020年7月，哈啰开始布局电动车业务。而在当年8月，工信部曾印发通知要求"引导新 增物联网终端不再使用2G/3G网络"。但在此通知后，哈啰相继发布了多款电动车，却依然使用2G网 络。 此外，哈啰Robotaxi无人驾驶业务近日出现了罕见的撞人事故，根据多个视频显示，Robotaxi将人"卷入 车底"，众人施救。而就在事故发生不久前，哈啰出行CEO杨磊曾表示，之所以入局Robotaxi，是因为 整个AI和硬件基础已经成熟，算力成本也在不断下降。 车主：明知2G会退网，还发布2G车型？ ...

Core Viewpoint - The company Hello has faced significant backlash from electric vehicle owners due to the discontinuation of 2G network services, which has rendered many smart features in their electric bikes inoperable, leading to safety concerns and customer dissatisfaction [2][3][10]. Group 1: Network Issues and Customer Impact - Hello's electric bikes have experienced service interruptions due to the shutdown of 2G networks, affecting features like remote locking and battery monitoring, which were marketed as part of the "permanent membership" benefits [2][3][6]. - Users were not informed at the time of purchase that the bikes relied on 2G communication, and now they face additional costs to upgrade to 4G technology [4][10]. - The company has offered limited solutions, such as using Bluetooth to unlock the bikes or paying for a 4G upgrade, while only partially refunding membership fees [6][10]. Group 2: Regulatory and Industry Context - The Ministry of Industry and Information Technology had issued a notice in August 2020, urging the discontinuation of 2G/3G networks for new IoT devices, yet Hello continued to release models using 2G technology [4][12][16]. - The company launched its electric bike business in July 2020, shortly before the regulatory notice, and has since introduced several models that still utilize outdated communication technology [12][13]. Group 3: Legal and Ethical Concerns - Legal experts have indicated that Hello's actions may violate consumer rights, including the right to be informed about the implications of using 2G technology, which could lead to legal repercussions [14][16]. - The failure to disclose the potential for service disruption due to network changes raises questions about the company's commitment to consumer transparency and fair trading practices [14][16]. Group 4: Robotaxi Business and Safety Issues - Hello's Robotaxi service has recently encountered a serious safety incident, marking a significant concern for the company's new venture into autonomous driving [18][19][21]. - The CEO had previously claimed that advancements in AI and hardware justified the launch of the Robotaxi service, but the recent accident has cast doubt on these assertions and raised concerns about the safety protocols in place [18][19][21]. - The incident has led to fears that Hello's approach to the Robotaxi market may mirror the issues faced in their electric bike segment, potentially damaging the company's reputation and consumer trust [21].

为保障无人驾驶稳定运营，徐州构建多维度基础设施体系：依托主城区及重点乡镇的68处公交场站，构 建"点线面"立体停放调度网络；34座停车场、66座充电站及916杆充电枪组成全域能源补给网；200余名 专业维保人员与24小时救援机制筑牢运维保障线；120处无人机机场与"天眼巡"系统拓展空地一体化服 务能力。 依托"徐州出行"APP的350万用户基础，徐州交控集团实现运营全流程数字化管控，与顺丰速运共建的 配送体系已累计运输快件超30万件，与快狗打车等企业共建的标准化保障服务站，有效破解行业运营、 人力、维修成本高等痛点。当前，该集团正推动无人驾驶应用从快递配送向城乡中转、园区物流等多元 场景拓展，探索无人驾驶在道路清扫、安防巡逻等城市服务领域的创新应用，通过技术、运营、平台与 资源的深度融合，构筑安全高效的城市无人交通生态体系。 本报讯(记者王岩张耀文)记者从徐州交控集团近日举办的无人驾驶装备运营推介会上获悉，徐州已在沛 县落地全市首个县域无人车运营项目，创新启动"公交+智慧物流"示范运营，首批无人驾驶装备正式投 入同城配送，标志相关技术从测试阶段迈向规模化应用。 ...