证券日报网讯1月8日，博科测试（301598）在互动平台回答投资者提问时表示，L3牌照的发放，意味 着在制造环节中需同步进行自动驾驶功能的检测。显然，随着自动驾驶技术的成熟及应用，在未来的汽 车研发和制造中均会带来检测业务的增加。注意投资风险。 ...

Group 1: Company Developments - Lei Jun announced plans to invest an additional 200 billion yuan in R&D over the next five years, building on a previous commitment of 100 billion yuan made in 2020 [1] - Huayuan Group declared it will regain control of the Huayuan brand amidst ongoing disputes with Wensheng Assets, which currently controls the brand [1] - Jilin Yong Magnetic expects a net profit of 660 million to 760 million yuan in 2025, representing a year-on-year increase of 127% to 161% [2] - SpaceX CEO Elon Musk revealed an ambitious goal to produce 10,000 Starship spacecraft annually, supported by a new GigaBay factory [3] - Luyuan Pharmaceutical confirmed that its operations are normal and there are no undisclosed significant matters affecting the company [4] - Samsung Electronics anticipates a nearly threefold increase in profits due to soaring storage chip prices driven by AI demand, projecting Q4 operating profit to reach 20 trillion won [4] - Xiaopeng Motors' CEO He Xiaopeng stated that 2026 will mark the true beginning of autonomous driving in China and the U.S. with the launch of their second-generation VLA [5] - BaWang Tea responded to rumors of a secondary listing in Hong Kong, stating there are no current plans [5] - Taobao's flash purchase orders have stabilized at an average of 10 million daily [5] - Former Xiaomi executive Wang Teng announced the establishment of a new company focused on sleep health products [5] - Lei Jun clarified that there are no plans for a Xiaomi SU3 model [6] Group 2: Investment and Financing - Turing Quantum completed a strategic financing round worth several hundred million yuan, aimed at advancing research and commercialization in optical quantum computing [6] Group 3: Market Trends and Insights - Gaode's "Street Ranking" feature attracted 860,000 new merchants in its first 100 days, with merchant order volume increasing over 330% [7] - Goldman Sachs predicts that the U.S. will face a power crisis by 2030 due to surging electricity demand from data centers [8] - The Ministry of Industry and Information Technology warned against irrational competition in the lithium battery industry, convening a meeting with major players including CATL and BYD [9]

Core Viewpoint - The Guangzhou Municipal Government has issued a plan to accelerate the construction of a strong advanced manufacturing city from 2024 to 2035, focusing on smart connected vehicles and intelligent transportation applications [1] Group 1: Smart Connected Vehicles - The plan supports the establishment of demonstration zones for smart connected vehicles based on broadband mobile internet [1] - It emphasizes the acceleration of the national 5G vehicle networking pilot zone construction [1] - The initiative includes the development of intelligent driving cockpit solutions and in-vehicle infotainment systems [1] Group 2: Autonomous Driving Applications - The plan encourages the public transportation sector to explore autonomous driving demonstration applications [1] - It aims to create world-class demonstration application cases in the field of autonomous driving [1] - The establishment of closed testing zones and several semi-open and fully open testing areas for smart connected vehicles is supported [1] Group 3: Road Testing and Advanced Systems - The plan promotes the acceleration of road testing for smart connected vehicles [1] - It supports the development of advanced driver assistance systems and tire pressure monitoring systems [1] - The initiative aims to enhance the overall infrastructure for intelligent transportation solutions [1]

Group 1 - NVIDIA's CEO Jensen Huang predicts that a significant portion of cars will be autonomous or highly autonomous in the next decade, estimating that the number of autonomous vehicles could reach one billion, with every car being AI-driven [2][18] - At CES, NVIDIA introduced the Alpamayo series of autonomous vehicle models, which utilize a visual-language-action (VLA) model based on chain reasoning to enhance the development of safe, reasoning-based autonomous vehicles [2][18] - The first vehicle equipped with NVIDIA's technology is expected to be on the road in the U.S. in the first quarter of the year [2][18] Group 2 - In China, the Ministry of Industry and Information Technology announced the first batch of L3 conditional autonomous vehicle licenses, with Changan Deep Blue SL03 and Arcfox Alpha S6 being the first to receive approval, marking a significant step towards commercial application [3][19] - The L3 level of autonomous driving allows the system to perform all driving operations, with human intervention required only when requested by the system [20][22] Group 3 - The global autonomous taxi market is projected to grow from $4.43 billion in 2025 to $188.91 billion by 2034, while China's potential market is expected to increase from $39 million in 2025 to $67.59 billion by 2035 [12][28] - Major automotive manufacturers and ride-hailing platforms are likely to benefit from the growth of the autonomous taxi industry, including BYD, Geely, Great Wall Motors, SAIC, Xiaomi, and Didi [12][28] Group 4 - Autonomous driving technology is becoming an essential application of artificial intelligence, significantly impacting traffic safety, efficiency, and transportation options [9][25] - The performance and stability of autonomous driving systems are expected to improve with advancements in 5G, cloud computing, and the Internet of Things, leading to more breakthroughs and market applications [13][29]

Core Insights - Xiaopeng Motors is expanding its product line from pure electric vehicles to extended-range vehicles, launching four new models at the 2026 global product launch event [1] - The 2026 Xiaopeng P7+ features both super extended-range and pure electric versions, with prices starting at 186,800 yuan and 198,800 yuan respectively [1] - The second-generation VLA, capable of L4 autonomous driving, will be rolled out in March 2026, marking a significant advancement in the company's AI technology [2] Product Launch - The 2026 Xiaopeng P7+, G7 Super Extended Range, G6, and G9 were unveiled, with the P7+ being the longest-range extended-range sedan globally [1][3] - The P7+ has undergone 104 experience upgrades and a 36% renewal of key components, emphasizing its global development and manufacturing standards [3] Autonomous Driving Technology - The second-generation VLA will enable L4 autonomous driving and Robotaxi functionalities, with public road testing imminent [2] - Xiaopeng Motors aims to leap from L2 to L4 autonomous driving, bypassing L3, as highlighted by CEO He Xiaopeng's recent test drive of Tesla's FSD [2] Global Expansion - Xiaopeng Motors achieved a cumulative global delivery of 429,445 units in 2025, a 126% year-on-year increase, and is now present in 60 countries [3] - The company is establishing a strong foothold in international markets, ranking first in sales among Chinese new energy vehicle brands in several countries [3]

Core Insights - The journey of David Moss across the United States using Tesla's Full Self-Driving (FSD) system demonstrates the potential of achieving fully autonomous driving without the need for LiDAR technology [2][19] - Moss's experience highlights the effectiveness of Tesla's "pure vision" approach compared to multi-sensor fusion systems like those used by Waymo [19][21] Group 1: Journey Overview - David Moss completed a 2-day, 20-hour journey covering 2,732.4 miles (approximately 4,397 kilometers) from Los Angeles to Myrtle Beach, South Carolina, without manual intervention [2][4] - The FSD system managed various challenging conditions, including low visibility fog, sudden rain, and heavy traffic, without any incidents [7][14] - Moss maintained a supervisory role throughout the journey, focusing on system alerts and ensuring he remained attentive [4][8] Group 2: Technical Insights - The FSD V14.2 version allowed for end-to-end driving capabilities, including city navigation, highway merging, and parking, which previously required driver intervention [11][19] - Moss's experience suggests that Tesla's "pure vision" approach, relying solely on cameras, can be effective, although it faces challenges in extreme lighting and weather conditions [19][23] - In contrast, Waymo's multi-sensor approach offers advantages in certain scenarios but comes with higher costs and complexity [21][19] Group 3: Industry Implications - The successful completion of the journey raises questions about the future of autonomous driving technology and its commercial viability [24][30] - There are significant hurdles to overcome for full commercialization, including addressing long-tail risks, regulatory definitions, and the lack of a comprehensive regulatory framework [27][29] - Moss aims to showcase the value of autonomous driving technology, emphasizing its potential to benefit individuals who are unable to drive [30]

Core Insights - Hesai Technology announced plans to double its annual production capacity from 2 million units in 2025 to 4 million units in 2026 to meet the growing demand for LiDAR in ADAS and robotics [1][3] Group 1: Company Achievements - Hesai is the first global company to achieve an annual production of over 1 million units and cumulative deliveries exceeding 2 million units of LiDAR [3] - In 2025, Hesai delivered over 1.6 million units, with the highest monthly delivery exceeding 200,000 units [3] - The company has seen its annual delivery volume double for five consecutive years, with ADAS products accounting for approximately 1.4 million units and robotics products over 200,000 units in 2025 [3] Group 2: Production Capabilities - The company’s self-developed manufacturing capabilities are a key factor in its planned production capacity increase [3] - Hesai has established a comprehensive center integrating R&D and manufacturing, which supports large-scale production [3] - The fully automated production line can produce one LiDAR unit every 10 seconds, enhancing efficiency [3] Group 3: New Developments and Partnerships - At CES, Hesai showcased its new generation L3 automotive-grade LiDAR solutions, including the ETX and FTX models, which are designed for flexible integration into vehicles [5] - The company has secured production contracts with 24 OEMs for over 120 vehicle models, including major brands like Li Auto, Xiaomi, and Toyota [5] - Hesai's latest ATX model has received over 4 million orders and is set to begin mass production in April 2026 [5] Group 4: Market Trends - The robotics industry is experiencing rapid growth driven by AI, with stable and precise environmental perception becoming essential [6] - Hesai's LiDAR technology is being utilized in various autonomous driving applications, including Robotaxi and autonomous trucks, with some vehicles planning to use up to 8 LiDAR units [6] - The JT series of mini 360° LiDAR has been widely validated in the market, with over 200,000 units shipped since its launch [6]

Core Viewpoint - The Guangzhou Municipal Government has issued a plan to accelerate the construction of a strong advanced manufacturing city from 2024 to 2035, focusing on smart connected vehicles and intelligent transportation applications [1] Group 1: Smart Connected Vehicles - The plan supports the establishment of demonstration zones for smart connected vehicles based on broadband mobile internet [1] - It emphasizes the acceleration of the national 5G vehicle networking pilot zone construction [1] - The initiative includes the development of intelligent cockpit solutions and in-vehicle infotainment systems, as well as advanced driver assistance systems [1] Group 2: Autonomous Driving Applications - The plan encourages the public transportation sector to explore autonomous driving demonstration applications [1] - It aims to create world-class demonstration application cases in the field of autonomous driving [1] - The establishment of closed testing zones and several semi-open and fully open testing areas for smart connected vehicles is supported [1] Group 3: Road Testing and Development - The plan promotes the acceleration of road testing for smart connected vehicles [1] - It includes support for tire pressure monitoring and air conditioning control systems as part of the vehicle technology development [1]

行业定期报告 证券研究报告 汽车 hyzqdatemark 2026 年 01 月 08 日 投资评级： 看好（维持） 证券分析师 李泽 SAC：S1350525030001 lize@huayuanstock.com 陈嵩 SAC：S1350525070005 chensong@huayuanstock.com 板块表现： 2026 年或是特斯拉 Robotaxi 无人化商业运 营&FSD 无监督版本落地之年 ——汽车行业双周报（20251222-20260102） 投资要点： 风险提示：1）法规进展不及预期；2）竞争格局恶化；3）技术路线迭代风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 展望 26 年的特斯拉 Robotaxi/FSD，我们有以下几点研判：1）我们认为 26 年有望 看到特斯拉 Robotaxi 无安全员运营+FSD 无监督版落地+FSD 在欧洲、东南亚等地 区商业化加速；2）对于特斯拉 Robotaxi 最核心关注的应是车队规模扩张；如果特斯 拉车队规模能迅速扩展到千台以上，或将说明 L2 直接实现 L4 的路径可行；3）VLA 中的 L 可能是决定模型能力的关键，基础模型 ...

Domestic News - The Ministry of Industry and Information Technology and seven other departments have issued an implementation opinion to accelerate the integration of artificial intelligence in industrial mother machines and industrial robots, focusing on developing new-generation AI numerical control systems and conducting tests for intelligent connected vehicles [7] - Hefei's 14th Five-Year Plan emphasizes the growth of emerging industries, particularly in sectors like "chip, display, automotive, and integration," aiming to enhance the scale and advantages of leading industries, including smart connected new energy vehicles [8] - Geely Auto has obtained an L3-level autonomous driving road test license in Hangzhou, which is the largest in terms of area and mileage in the country, allowing access to over 7,000 traffic data points [9] - Dongfeng Motor plans to start localized production of passenger vehicles in Turkey within the year, targeting a market with an annual sales volume of approximately 1.4 million vehicles [10] - Li Auto has launched a total of 3,900 Li Supercharging stations across 286 cities in China as of January 4, 2026 [11] - BAIC and Horizon Robotics have established a joint venture, Zhiyu Technology, focusing on core technologies for intelligent driving [12] - Baidu's Apollo Go has received the first full unmanned testing license in Dubai, marking a significant milestone in autonomous driving [13] - Intramco has partnered with Leap Motor to apply its charging products in Leap Motor's future European factory for electric vehicles [14] International News - Turkey's automotive market is projected to reach a record high of 1.37 million units in 2025, reflecting a year-on-year growth of 10.5% despite high taxes and tightening financing conditions [16] - Ford plans to launch a new driver assistance system by 2028, which will allow drivers to completely disengage from monitoring while driving [17] - Mercedes-Benz will introduce both fuel and electric versions of the next-generation S-Class, with separate platforms for each, indicating a strategic shift in their electric vehicle lineup [18] - Mobileye intends to acquire the humanoid robot manufacturer Mentee Robotics for $900 million, aiming to enhance its capabilities in autonomous driving and robotics [19] Commercial Vehicles - Henan Province will exempt hydrogen fuel trucks from tolls on expressways until the end of 2027, and electric trucks will receive a 50% toll discount [21] - Foton's Oumark has launched the "Zhi Nuan Core" thermal management system for electric trucks, addressing winter operational challenges with advanced temperature control technologies [22] - The Long-distance company has introduced its 3.0 generation product matrix, focusing on AI integration and high-efficiency solutions for various commercial vehicle segments [23] - Chongqing has released policies to support the development of intelligent connected new energy commercial vehicles from 2025 to 2027, including incentives for R&D and financing [24]