专题：四大证券报精华 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月8日（星期四），今日报刊头条主要内容精华如下： 中国证券报 2025年12月外储规模小幅上升 国家外汇管理局1月7日发布的数据显示，截至2025年12月末，我国外汇储备规模为33579亿美元，较11 月末上升115亿美元，升幅为0.34%。国家外汇管理局表示，2025年12月，受主要经济体货币政策、宏 观经济数据等因素影响，美元指数下跌，全球金融资产价格涨跌互现。汇率折算和资产价格变化等因素 综合作用，当月外汇储备规模上升。 1.1万亿元买断式逆回购今日落地 中国人民银行1月7日发布消息，为保持银行体系流动性充裕，中国人民银行8日将以固定数量、利率招 标、多重价位中标方式开展11000亿元买断式逆回购操作，期限为3个月（90天）。Wind数据显示，1月 8日将有11000亿元3个月期买断式逆回购到期。由此，央行1月8日开展11000亿元买断式逆回购操作，意 味着当月3个月期买断式逆回购等量续做，也是该政策工具连续第三个月等量续做。 规范平台规则 两部门发布规 市场监管总局1月7日消息，市场监管总局和国家网信办近 ...

Core Viewpoint - The first batch of L3-level conditional autonomous driving vehicles has begun real-world testing in designated areas of cities like Chongqing and Beijing, indicating a significant step towards commercialization in the autonomous driving sector in China [1][2]. Group 1: L3-Level Autonomous Driving Development - The Ministry of Industry and Information Technology has officially granted approval for the first batch of L3-level conditional autonomous driving vehicles, including models from Changan Automobile and Arcfox, marking a critical transition from testing to commercial application [2]. - Changan Automobile's L3-level autonomous driving system allows for hands-free driving in specific conditions, such as traffic congestion and single-lane highways, with a maximum speed of 50 km/h [3]. - The L3-level autonomous driving system is expected to begin B-end pilot operations in the first quarter of 2026, with plans to gradually open more features to users based on national policies [3]. Group 2: Industry Impact and Market Potential - The approval of L3-level autonomous driving vehicles is seen as a pivotal moment that will reshape driving modes and significantly impact the entire intelligent driving industry chain, prompting companies to upgrade technologies in anticipation of commercialization [3][4]. - According to Southwest Securities, the domestic L3-level autonomous driving market is projected to exceed 1.2 trillion yuan by 2030, indicating a potential new trillion-yuan market segment [4]. - The industry is expected to transition from "testing demonstration" to "scale production" driven by policy, technology, and cost factors, although challenges such as responsibility recognition during human-machine switching and high costs remain [4].

Core Insights - China's L3 level autonomous driving has transitioned from testing to commercial application, with the first batch of L3 vehicles approved for trial in designated areas of Beijing and Chongqing by December 15, 2025 [1] - This milestone is expected to generate valuable L3 autonomous driving data, facilitating technological upgrades and presenting new opportunities for the auto insurance market [1] Group 1: Autonomous Driving Levels - The classification of driving automation ranges from L0 to L5, with L3 indicating conditional automation where the vehicle can perform driving tasks under specific conditions, transferring responsibility from the driver to the system [2] - The shift from L2 to L3 represents a critical transition in smart driving technology, marking the first time driving responsibility is transferred from the driver to the automated system [2] Group 2: Insurance Implications - Auto insurance products are expected to evolve from "personal consumer insurance" to "product liability insurance" and "technical professional liability insurance," focusing on the reliability of the automated driving system rather than the driver's habits [3] - Insurance companies will need to redefine insurance terms, distinguishing between inherent system defects and external uncontrollable factors that lead to accidents [3] Group 3: Challenges in Insurance Claims - Current intelligent driving insurance products are often supplementary and do not serve as independent main products, primarily focusing on driver and passenger injury compensation rather than third-party liability due to system failures [4] - Key challenges in the insurance claims process include accident responsibility identification, data collection and analysis from autonomous systems, and estimating repair costs for high-tech systems [4] Group 4: Future Directions for Insurance Companies - A comprehensive insurance framework is essential for the widespread application of autonomous driving technology, with a focus on innovative, tiered products that cover new risks such as system failures and cybersecurity [5] - Insurance companies should establish a "vehicle-cloud-insurance" data loop to enhance risk assessment and pricing, and collaborate with automotive manufacturers and regulatory bodies to create unified standards for accident identification and data sharing [5][6]

Core Insights - The 2025 year for the electric vehicle (EV) industry is characterized by aggressive growth, a backlash against internal competition, and uncertainty heading into 2026 [2][17][19] Group 1: Aggressive Growth - The EV industry is projected to sell 12.852 million units in 2025, with a market penetration rate surpassing 50% [3] - BYD leads the market with 4.6024 million units sold, achieving a 7.7% year-on-year growth [6] - New players like Leap Motor and Xiaomi are also showing significant growth, with Leap Motor achieving a 103% year-on-year increase [4][6] Group 2: Backlash Against Internal Competition - The industry has faced issues of malicious competition, with average price reductions of 9.2% leading to a decline in profit margins from 6.2% in 2020 to 4.3% in 2025 [17][18] - Regulatory bodies are advocating for a shift towards innovation and service differentiation rather than price wars [18] - The backlash aims to guide companies towards better product definitions and fair competition practices [18] Group 3: Uncertainty in 2026 - The competition in the EV sector is expected to intensify, with a slowdown in growth rates and increased pressure on product iteration [19][20] - Key factors influencing competition will be autonomous driving capabilities and expansion strategies [20][25] - The industry may face a dilemma regarding price wars as average vehicle prices have decreased from 184,000 yuan in 2024 to 178,000 yuan in 2025 [27]

中金发布研报称，维持禾赛-W(02525)"跑赢行业"评级，近期禾赛在CES2026上展示了最新激光雷达技 术,2025年公司交付量超160万台，产能计划在2026年翻倍至400万台/年，并已获超120个车型定点。随 着国内L3试点开放，单车激光雷达数量有望提升，禾赛相关解决方案已获首个乘用车定点。公司还积 极拓展Robotaxi、机器人等新兴市场，并与英伟达等行业伙伴合作。 2025年12月15日，工信部首次批准L3级有条件自动驾驶车型在指定区域上路通行试点。该行认为，L3 车型或将加速渗透，单车搭载的激光雷达数量有望提升至3-6颗，2026款阿维塔12、岚图泰山等车型均 标配4颗激光雷达。禾赛在CES2026上展示了由超远距激光雷达ETX与纯固态近距补盲激光雷达FTX组 成的新一代L3车规激光雷达解决方案，已获得首个乘用车量产定点、计划于2026年底或2027年初启动 量产。 中金主要观点如下： 公司近况 2026年1月，禾赛科技在CES2026上展示最新激光雷达技术成果，并更新了交付量、产能规划、战略合 作等经营情况。 量产交付能力领先行业，国内外产能稳步推进 公司2025年全年交付量超160万台，截至 ...

Core Viewpoint - The article highlights the recent actions of Youjia Innovation, including share buybacks and insider purchases, as signals of confidence in the company's future growth and valuation recovery [2][3][4]. Group 1: Company Actions - Youjia Innovation announced a share buyback plan not exceeding HKD 200 million, indicating confidence in its business outlook and financial health [3]. - The chairman, Liu Guoqing, purchased an additional 50,000 shares at an average price of HKD 13.94 per share, totaling 100,000 shares over two days, demonstrating commitment to the company's growth [3][4]. - Major shareholders voluntarily extended the lock-up period for their shares, reinforcing their confidence in the company's long-term value [4]. Group 2: Financial Performance - In the first half of 2025, Youjia Innovation reported revenue of CNY 346 million, a year-on-year increase of 46%, with gross profit rising 54.8% to CNY 52 million and a gross margin of 15% [6]. - The company has established a strong competitive position in the intelligent driving sector, successfully commercializing both L2 and L4 technologies [6][7]. Group 3: Market Position and Growth - Youjia Innovation has partnered with 42 vehicle manufacturers, including major brands like SAIC and Chery, and is expanding its international presence [7]. - The L4 business is entering a phase of scale, with expected revenues in the tens of millions for 2025, driven by various applications such as autonomous minibuses and logistics vehicles [7]. - The company is well-positioned to benefit from industry policy shifts towards L3 autonomous driving, enhancing its growth prospects in smart vehicle systems [8].

Group 1 - The core viewpoint is that the 2026 national subsidy policy for automobiles emphasizes quality improvement and efficiency, with a shift from fixed subsidies to percentage-based subsidies based on new car prices, along with a cap on the subsidy amount [1][2] - The new energy vehicle (NEV) scrap and replacement subsidy is set at 12% of the new car price, with a maximum of 20,000 yuan, while the replacement subsidy is 8% with a cap of 15,000 yuan. Compared to the 2025 policy, the subsidy decreases for cars priced below 166,700 yuan for scrap updates and below 187,500 yuan for replacement updates [2][3] - For fuel vehicles (2.0L and below), the scrap update subsidy is 10% of the new car price, capped at 15,000 yuan, and the replacement subsidy is 6%, capped at 13,000 yuan. Similar to NEVs, the subsidy decreases for vehicles priced below 150,000 yuan for scrap updates and below 216,700 yuan for replacement updates [3] Group 2 - The 2026 national subsidy policy is expected to exceed expectations, potentially driving demand for mid-to-high-end models and mitigating the negative impact of the reduction in purchase tax incentives for new energy vehicles. The policy's cap remains unchanged, but lower-priced electric vehicle subsidies decrease, which may boost sales and prices of higher-end models [3] - The commercialization of L3-level autonomous driving is set to begin, with the first batch of L3 vehicles receiving product access permits. This development is expected to enhance the penetration rate of core incremental components, such as EMB, which aligns with the stringent requirements for response speed and control precision in L3 and above autonomous driving [4] - Recommended stocks include Xpeng Motors and Geely Automobile for complete vehicles, Bertley for electronic control chassis, and Shanghai Yanpu, Jifeng Co., and Tiancai Zikong for automotive seating [4]

Core Insights - Hesai Technology announced plans to double its annual production capacity from 2 million units in 2025 to 4 million units by 2026 in response to the growing demand in the Advanced Driver Assistance Systems (ADAS) and robotics sectors [2] - The company is progressing with the construction of its new factory "Galileo" in Bangkok, Thailand, which is expected to commence production in early 2027, enhancing its global production capacity [2][3] Production and Delivery Achievements - Hesai has achieved significant milestones in the lidar industry, being the first company to exceed an annual production of 1 million units and a cumulative delivery of over 2 million units [2] - The company has experienced a strong growth trend, with annual delivery volumes doubling for five consecutive years, delivering over 1.6 million units in 2025, including approximately 1.4 million ADAS products and over 200,000 robotics products [3] - The ATX product line achieved over 1 million units in its first year of delivery, showcasing the company's competitive market position [3] Technological Advancements - The company's production capabilities are supported by its self-developed fourth-generation ASIC chips, enabling rapid product iteration and high reliability [3] - Hesai's fully automated production line can produce a lidar unit every 10 seconds, providing a solid technical foundation for the planned capacity increase [3] Market Demand and Strategic Positioning - The demand for lidar is expected to surge with the rollout of L3 conditional autonomous driving technology, which requires 3-6 lidar units per vehicle for redundancy [4] - Hesai has secured contracts with leading automotive manufacturers for L3 projects and has achieved 100% standardization for their 2026 model year [4] - The company has received over 4 million orders for its newly released ATX version, with plans to start mass production in April 2026, ensuring capacity utilization for the year [4] Global Market Outlook - The global lidar market is experiencing rapid growth, driven by advancements in L3 and higher-level autonomous driving technologies [4] - Hesai's capacity expansion and global production strategy are expected to reinforce its market leadership and support the development of the global smart driving and robotics industries [4]

2026.01. 06 本文字数：2318，阅读时长大约4分钟 作者 | 第一财经 葛慧 2025年中国"汽车第一城"的争夺形势已逐渐明朗。 2025年，在新能源汽车浪潮与统计口径调整的双重影响下，传统汽车制造重镇面临转型压力，而新 兴城市正凭借赛道优势加速突围。目前，重庆以近250万辆的整车产量领跑总量榜，合肥则以超120 万辆的新能源汽车产量占据细分赛道首位。 在整车制造领域，国家统计局自2021年推行"法产并重"的统计改革，随着该统计改革的持续推进， 真实的汽车产业版图正浮出水面。这场城市间的角逐，不仅是产能规模的比拼，更是技术创新、产业 链整合与政策适应能力的综合竞争。统计方法的调整、技术路线的选择，都将深刻影响未来十年的城 市产业竞争格局。 重庆成为"汽车第一城"几成定局 第一财经从重庆市2025年11月份的统计月报中获悉，重庆前11月的汽车产量为249.81万辆，同比增 12.1%。以城市角度来看，重庆成为"汽车第一城"几成定局。 重庆的汽车产业发展中，既有央企长安这样的传统品牌坐镇，也有"黑马"赛力斯的逆袭。2025年， 长安汽车实现了3000万辆下线，全国首块L3级自动驾驶专用正式号牌也在重庆 ...

2025年12月15日，工信部公布我国首批L3级有条件自动驾驶车型准入许可名单；12月23日，北京首批 L3级高速公路自动驾驶车辆专用号牌正式发放；12月26日，我国首批L3级自动驾驶专用正式号牌车辆 在重庆规模化上路通行。 L3级自动驾驶上路，被拉进考场的不只车企，还有保险公司。作为公认的辅助驾驶与自动驾驶的分水 岭，L3级自动驾驶落地给车险业务带来的核心挑战是事故责任结构发生了实质性变化。 "在L2阶段，系统始终被界定为'辅助驾驶'，车险逻辑本质仍是'人驾风险管理'。而在L3阶段，只要满足 运行设计域且系统处于接管状态，责任便不再当然归属于驾驶人，这直接冲击了传统车险以个人责任为 中心的制度基础。"北京大学应用经济学博士后、教授朱俊生对新京报记者表示，L3并非L2的简单升 级，而是将重塑车险的底层逻辑。 新京报记者 潘亦纯 需综合车辆控制驾驶员行为等多方面因素 近期，L3级自动驾驶火速落地。L3级对应的是有条件自动驾驶，这意味着在特定条件下，驾驶自动化 系统可以持续执行驾驶任务，驾驶员无需持续关注路况，但必须在系统请求时及时接管。 因此，L3往往被认为是辅助驾驶与自动驾驶的分水岭。从L2跨越至L3，背后是 ...