以算法为罗盘、传感器为慧眼，智能驾驶技术的演进正带来一场出行革命。近日，工信部正式公布我国 首批L3级车型准入许可，作为试点的重庆、北京两地也陆续发放专用号牌，迈出L3级自动驾驶商业化 关键一步。 在L3级"有条件自动驾驶"模式下，"人机共驾"再次进阶。相比目前盛行的L2级"辅助驾驶"，L3级驾驶责 任首次出现"人机转移"，随之而来的风险核心也更加侧重于系统可靠性、算法决策、传感器性能等变 量。围绕智能驾驶衍生的新风险，"出了事故谁来赔"成为市场关切。 中国证券报记者近日从车企、险企等市场主体调研了解到，市面上近两年出现的所谓"智驾险"产品，实 则为车企或智驾方案供应商提供的兜底方案，并非真正的保险险种。业内人士表示，未来，随着智驾场 景不断丰富，与之适配的真正的智驾险应跟上创新节奏，打破数据壁垒，穿越错综复杂的人机定责迷 宫，为智能驾驶本身系紧安全带。 ● 本报记者 薛瑾 根据我国《汽车驾驶自动化分级标准》，汽车智能驾驶分为L0至L5六个级别，每个级别对应不同的自 动化程度和功能。随着自动驾驶等级提升（尤其是L3级落地），驾驶主体正从"人"向"机"转换，具备智 驾功能的汽车也催生出新的保险需求。然而，距离这 ...

Core Insights - The evolution of intelligent driving technology is leading to a revolution in transportation, with the recent approval of China's first L3-level vehicle licenses marking a significant step towards the commercialization of L3-level autonomous driving [1] - The L3-level "conditional automation" introduces a shift in driving responsibility from human to machine, raising concerns about system reliability, algorithm decision-making, and sensor performance [1] - The current market offerings labeled as "intelligent driving insurance" are primarily safety net solutions provided by automakers or intelligent driving solution suppliers, rather than genuine insurance products [1][2] Group 1: Market Developments - Since 2025, there has been a notable increase in insurance products related to assisted and intelligent driving, with companies like Xiaopeng Motors and GAC Group launching their own intelligent driving protection plans [2] - Xiaopeng Motors offers a "smart driving insurance" for 239 yuan per year, which provides compensation for accidents caused during the use of their intelligent driving features [2] - Other new energy vehicle manufacturers are also collaborating with insurance companies to provide supplementary coverage tailored to intelligent driving scenarios, often embedded as value-added services in the car purchase experience [2] Group 2: Insurance Industry Challenges - The design and risk control of these insurance products heavily rely on insurance companies, which are currently not offering true intelligent driving insurance to individual consumers [3][5] - The core data necessary for accurate risk assessment is largely monopolized by automakers, making it difficult for insurance companies to access critical information needed for pricing and claims [4][5] - The complexity of liability in human-machine driving scenarios poses significant challenges, as existing traffic safety regulations are based on human drivers, and the transition to L3-level automation complicates responsibility allocation [5][6] Group 3: Future Directions - To effectively implement intelligent driving insurance, collaboration across various sectors is essential, including regulatory frameworks, data governance, and industry cooperation [7] - Recent policy signals indicate a push for the insurance industry to adapt to the impacts of intelligent driving, with a focus on evolving risk assessment and pricing models [7][8] - Experts emphasize the need for clear definitions and regulations surrounding intelligent driving insurance, including liability recognition and data security, to ensure transparency and protect consumer rights [8]

Group 1 - The Ministry of Industry and Information Technology has officially announced the first batch of L3-level vehicle access permits in China, marking a significant step towards the commercialization of L3-level autonomous driving [1] - The L3-level "conditionally automated driving" mode introduces a "human-machine transfer" of driving responsibility, shifting the focus of risk to system reliability, algorithm decision-making, and sensor performance [1] - New insurance demands are emerging around intelligent driving, but existing regulations and traditional insurance models are not yet equipped to address these needs [4][5] Group 2 - Several companies, including Zhaoyu Technology, GAC Group, Xiaopeng Motors, and Xiaomi Motors, have launched intelligent driving insurance plans, with Xiaopeng offering a "smart driving insurance" for 239 yuan per year [2] - Current intelligent driving insurance products are often not independently underwritten by insurance companies but are instead backed by car manufacturers, making them more of a value-added service than a regulated insurance product [2] - The insurance industry has yet to open intelligent driving insurance to individual consumers, focusing primarily on new energy vehicle insurance [2][4] Group 3 - The development of intelligent driving insurance faces challenges such as responsibility determination and data deficiencies, as current traffic safety regulations are based on human drivers [4][5] - Experts suggest that collaboration among various stakeholders, including regulatory frameworks, data governance, and industry cooperation, is essential for the successful establishment of intelligent driving insurance [5][6] - The Financial Regulatory Bureau and the Ministry of Industry and Information Technology have called for a comprehensive study on the long-term impacts of intelligent driving and rapid vehicle iteration on the insurance industry [6]

彩讯股份（300634.SZ）12月25日在投资者互动平台表示，公司与客户的合作严格遵循商业保密约定， 具体技术级别等信息以客户官方披露为准。公司为知名汽车企业提供智能驾驶的算力支持，主要是帮助 客户建设智能驾驶智算中心，助力用户打造高水平的自动驾驶大模型，帮助企业利用大模型技术，赋能 智驾应用全景视觉、融合感知、高动态智能执行等环节。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：12月23日，北京发放国内首批L3级高速自动驾驶车辆 专用号牌。这标志着我国自动驾驶车辆从测试示范迈入正式量产，开启L3级自动驾驶时代，是汽车智 能化的里程碑。彩讯股份自主研发的Rich AICloud算力平台，具备领先的算力基础设施部署、智能组网 和资源优化调度能力，目前已为国内知名车企提供智能驾驶相关算力支持。请问该知名车企智能驾驶达 到了L3级了吗？彩讯股份起到了什么关键作用？ ...

当汽车产业迈入深水区，真正决定竞争走向的，已不再只是电动化本身，而是围绕"智能"展开的一整套 系统能力。算法是否成熟、系统是否可靠、体验是否可感知、能力是否可规模化落地，正在成为评判一 家车企与一款车型真实实力的新标尺。 在这样的背景下，钛媒体年度汽车科技榜｜2025 EDGE AWARDS 正式揭晓。 这是一个以"落地能力"为核心标准的年度榜单。它并不单纯关注参数、概念或发布会上的技术宣言，而 是聚焦那些已经在真实用户场景中经受验证、并对行业形成示范效应的智能汽车产品与技术方案。从辅 助驾驶到智能座舱，从单点功能到整车级智能化协同，本榜单试图回答一个关键问题：什么样的智能汽 车，真正具备走向主流市场的条件？ 过去一年，汽车行业的智能化竞争明显进入新阶段。一方面，技术迭代速度持续加快，高阶智能驾驶逐 步从高速、环路向城市复杂场景渗透；智能座舱从"屏幕堆叠"转向对交互逻辑、用户理解和服务闭环的 系统重构；整车智能化开始强调软硬件协同、算力调度与整车架构能力。另一方面，行业也在经历一轮 理性回调，用户对"稳定性"和"长期体验"的关注，正在取代对概念标签的短期追逐。 正是在这样的行业节点上，钛媒体年度汽车科技榜的价 ...

汽车夹层玻璃中间膜，是夹在两层或多层玻璃之间的一层有机聚合物材料。它经过高温高压工艺处理，与玻璃永久粘合，是夹层玻璃发挥安全、隔 音、隔热等功能的核心组件。 汽车夹层玻璃中间膜全球市场总体规模 根据 QYResearch 最新调研报告显示，预计 2 03 2 年全球 汽车夹层玻璃中间膜 市场规模将达到 3.66 亿美元，未来几年年复合增长率 CAGR 为 4.5% 汽车夹层玻璃中间膜的主要生产商 | 总部 | / 国家 | 企业名称 | 业务介绍 | | --- | --- | --- | --- | | 日本 | | 积水化学 | 积水化学工业株式会社是一家综合性化学品与高性能材料公司， | | | | | 主要业务涵盖功能性树脂、泡沫材料、工程塑料、医疗器械、建 | | | | | 筑材料及环保产品等的研发、生产与销售，产品广泛应用于汽 | | | | | 车、电子、电器、医疗、建筑与包装等行业。公司以创新材料和 | | | | | 系统解决方案为核心，为客户提供高附加值产品与技术支持，致 | | | | | 力于可持续发展和高效资源利用。 | | 美国 | | 伊士曼 | 伊士曼化工公司是一家全球性专注 ...

Core Viewpoint - Over the past decade, China's intelligent driving industry has transitioned from a closed chain to an inclusive ecosystem, driven by technological advancements and collaborative efforts among local companies [1][36]. Group 1: Industry Evolution - In 2011, Tesla's CEO Elon Musk dismissed BYD as a competitor, highlighting the significant gap in technology and product appeal between Chinese automakers and Tesla at that time [2][3]. - By 2024, Chinese automakers like BYD and Geely have surpassed Tesla in sales, becoming part of the top ten global car manufacturers, showcasing the rapid evolution of the industry [4]. - The core of Tesla's sustained optimism lies in its self-developed chips and intelligent driving capabilities, which have spurred a wave of research and development in China's intelligent driving sector [4]. Group 2: Key Players and Partnerships - The critical turning point for China's intelligent driving industry occurred between 2019 and 2020, marked by the emergence of companies like Horizon Robotics and Momenta, which began to establish themselves in the market [6]. - The collaboration between Changan Automobile and Horizon Robotics exemplifies how local companies are building flexible and open supply chain systems, enhancing their control over core technologies [10][12]. - The partnership between Li Auto and Horizon Robotics allowed for rapid development and deployment of advanced driving features, demonstrating the importance of open collaboration in overcoming technological challenges [13][17]. Group 3: Technological Advancements - The shift from Mobileye's closed delivery model to more open and collaborative approaches has catalyzed the development of local intelligent driving technologies, enabling companies to gain autonomy over their systems [9][18]. - Horizon Robotics' introduction of the Journey 5 chip, which offers high performance and supports advanced driving needs, has positioned the company to compete in the high-end intelligent driving market [23][24]. - The "HSD Together" model proposed by Horizon Robotics aims to enhance collaboration across the supply chain, significantly reducing development costs and time to market for automotive companies [27][28]. Group 4: Market Accessibility and Inclusivity - The evolution of intelligent driving technology is making advanced features more accessible to a broader range of consumers, breaking down price barriers that previously limited adoption to high-end vehicles [30][31]. - BYD's upcoming "Heavenly Eye" system, powered by Horizon Robotics' Journey 6 chip, aims to provide advanced driving capabilities across its entire model range, including lower-priced vehicles [30]. - The introduction of Horizon Robotics' HSD full-scene driving assistance system is set to make high-level intelligent driving features available in mid-range vehicles, promoting inclusivity in the market [31][33].

Core Viewpoint - The smart driving industry is experiencing a "term overload" phenomenon, with various factions emerging around different models such as VLA (Vision Language Action), VA (Vision Action), and WA (World Action) [2] Group 1: Industry Trends - The industry is divided between proponents of VLA, like Li Auto and Yuanrong Qixing, and opponents like Huawei and Xiaopeng, who prefer WA [2] - Xiaomi is focusing on end-to-end development, showcasing significant potential in this area, despite starting later than competitors like Li Auto and NIO [3][6] - Xiaomi's end-to-end algorithm has evolved rapidly, with multiple versions released within a year, indicating a fast-paced development cycle [6] Group 2: Technological Development - Xiaomi's latest version of its HAD (Highly Automated Driving) system incorporates world models and reinforcement learning, enhancing its cognitive capabilities [3][4] - The introduction of world models and reinforcement learning is seen as a necessary evolution from simple data-driven approaches to more complex cognitive-driven methodologies [9][10] - Xiaomi's approach emphasizes maximizing the model's intelligence density within limited computational resources [8][15] Group 3: Team Structure and Strategy - Xiaomi's smart driving team has grown to over 1,800 members, reflecting a rapid scaling compared to competitors [6][12] - The team is divided into three groups focusing on different technological routes, including end-to-end, VLA, and other exploratory research [4][13] - Xiaomi's strategy is characterized by a gradual introduction of new technologies, prioritizing user experience over merely adopting the latest advancements [5][10] Group 4: Challenges and Responses - The integration of reinforcement learning faces challenges, such as ensuring the fidelity of world models and managing computational efficiency [4][33] - Xiaomi's team has encountered external criticism, which they view as a necessary part of their growth and development process [25][26] - The company aims to balance the introduction of new technologies with the need for practical, user-friendly solutions [10][11]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company has received a project designation from a leading intelligent driving system integrator, with a total contract value of RMB 176 million, expected to start mass production in December 2026 and last for three years [5] - The approval of China's first L3 level autonomous driving permits marks a significant step towards commercial application, enhancing the growth potential for the company in the intelligent automotive sector [6] - The company's new generation AKII ultrasonic sensors have achieved mass delivery, supporting the transition from L2 to L3 autonomous driving technologies [7] Financial Summary - Revenue projections for 2025-2027 are RMB 744 million, RMB 920 million, and RMB 1,116 million, respectively, with year-over-year growth rates of 20.6%, 23.6%, and 21.3% [9] - Net profit forecasts for the same period are RMB 104 million, RMB 128 million, and RMB 142 million, with corresponding year-over-year growth rates of 18.5%, 23.4%, and 10.5% [9] - The company's earnings per share (EPS) are projected to be RMB 0.74, RMB 0.91, and RMB 1.00 for 2025, 2026, and 2027, respectively, with price-to-earnings (P/E) ratios of 38.5, 31.2, and 28.2 [5][9]

Core Insights - The competition in the Robotaxi sector is shifting towards commercial ecosystems and profitability as the technology matures, with companies focusing on rapid fundraising for innovation and market expansion [1] - As of December 25, 2025, at least nine companies in the Robotaxi industry chain have completed IPOs in Hong Kong, raising over 20 billion HKD in total [1] - The trend of companies going public in Hong Kong is driven by the need for funding to enhance R&D and to connect with global capital markets [5][6] IPO Overview - Companies that have completed IPOs include: - Cao Cao Mobility: June 25, 2025, raised 1.853 billion HKD [2] - Hesai Technology: September 16, 2025, raised 4.16 billion HKD [2] - Baidu's Apollo: November 6, 2025, raised 2.39 billion HKD [2] - Pony.ai: November 6, 2025, raised 7.7 billion HKD [2] - Others include Junsheng Electronics, Naxin Micro, and others with varying amounts [2] - Companies currently in the IPO pipeline include DeepWay, Mainline Technology, and others, indicating a robust interest in the sector [4] Industry Dynamics - The Robotaxi sector is experiencing a surge in interest due to supportive policies in China, indicating a potential turning point for market growth [5] - Cost remains a critical factor for the commercial viability of Robotaxi services, with significant financing from IPOs providing short-term relief for cash flow pressures [6] - Predictions suggest that advancements in technology will lead to a tenfold increase in computing power for autonomous driving products, facilitating rapid regional expansion [6] International Expansion - Companies like WeRide and Uber are collaborating to launch Robotaxi services in Dubai, highlighting the international competitive landscape [7] - The global competition in smart driving technology is intensifying, with expectations that the period from 2026 to 2030 will see significant advancements and competition in the Robotaxi market [7]