新京报贝壳财经：2026年，四维图新在业绩增长、产品创新、业务线等方面有何战略发展目标？ 孟庆昕：当前随着我国首批L3级自动驾驶车型准入许可公布，行业竞争的关键已从"算法竞赛"升维 为"系统级能力"的较量。站在新起点，2026年我们将围绕"赛道聚焦、客户聚焦、产品聚焦、组织聚 焦"的核心原则，全面进击。 在业绩增长方面，我们将着力提升智能驾驶产品的规模化交付能力，推动芯片业务持续巩固市场地位并 突破全球主流客户，加速数据合规、芯片、智能座舱等业务在全球市场的业务覆盖，实现多业务协同增 长，构建更具韧性的业务结构。在产品创新方面，将聚焦以AI为核心的系统级竞争力。智驾领域将深 化端到端架构的应用，推动技术和产品走向更安全、更拟人、更高性价比的新阶段；智舱领域将加速大 模型与座舱系统的融合，芯片领域将推进下一代车规级芯片的自主研发，高精度定位将持续探索"定位 +视觉"融合应用，为多场景智能移动终端提供可靠的空间感知能力。 对于企业而言，针对中央经济工作会议提出的持续扩大内需等议题会有哪些举措？2026年有哪些战略发 展目标？新京报贝壳财经记者就此采访了北京四维图新（002405）科技股份有限公司高级副总裁、首席 ...

Core Viewpoint - The year 2025 marks a transformative period for Chinese business, driven by technological advancements and strategic market maneuvers, including DeepSeek's cost paradigm shift in AI, the establishment of a "stabilization fund" by state-owned enterprises, and fierce competition in various sectors like food delivery and consumer products [2][3][4]. Group 1: AI and Technology - DeepSeek's R1 model demonstrated a significant cost advantage, achieving comparable performance to OpenAI's models at a fraction of the cost, leading to a reevaluation of AI asset values globally [10]. - The Chinese stock market reacted positively to the implications of DeepSeek's success, with the Nasdaq China Golden Dragon Index rising over 4% shortly after [10]. - The launch of L3 autonomous driving vehicles in China signifies a major milestone in the commercialization of advanced driving technologies, with expectations of a market size exceeding 1 trillion yuan by 2030 [49][51]. Group 2: Market Stability Measures - In response to external economic pressures, the "national team" intervened in the stock market by establishing a "stabilization fund," which included significant investments from state-owned enterprises to restore market confidence [12][14][18]. - The People's Bank of China supported these efforts by promising sufficient liquidity to stabilize the market, reinforcing the government's commitment to maintaining financial security [14][18]. Group 3: Consumer and Service Sector Developments - JD.com entered the food delivery market, intensifying competition with Alibaba and Meituan, leading to aggressive pricing strategies and significant order volume growth [26][30]. - Pop Mart's Labubu character achieved global popularity, resulting in a revenue surge of 170%-175% in Q1 2025, with notable growth in international markets [20][22]. - The competition in the food delivery sector is characterized by substantial subsidies and promotional offers, indicating a shift towards efficiency and market share acquisition among major players [28][30]. Group 4: Capital Market Movements - The collective IPO efforts of China's "four little dragons" in the GPU sector highlight a significant moment for domestic chip manufacturers, with substantial market valuations and growth expectations [52][54]. - The stock prices of Pop Mart surged over 200% in the first half of 2025, reflecting strong market interest and future growth potential, despite a subsequent correction [22][25]. Group 5: Breakthroughs in Energy and Aerospace - China achieved significant milestones in nuclear fusion research, with advancements in plasma physics and the development of the next-generation fusion energy experimental device [58][59]. - The successful test flights of reusable rockets by both private and state-owned enterprises mark a new era in China's commercial space industry, aiming for cost reductions and increased launch frequency [60][63].

Core Insights - The year 2025 is marked as a transformative year in business, driven by significant advancements in AI and technology, particularly highlighted by DeepSeek's cost-effective AI model that challenges existing market paradigms [1][3][4]. Group 1: AI and Technology Developments - DeepSeek's R1 model, launched on January 20, 2025, achieved performance comparable to OpenAI's models at a fraction of the cost, using only 2,000 GPUs and approximately $600,000 in training expenses, less than one-tenth of OpenAI's costs [5][8]. - The market reacted dramatically to DeepSeek's success, leading to a significant drop in Nvidia's stock, with a loss of nearly $600 billion in market value, marking a historic event in the stock market [10][12]. - The Chinese tech sector saw a resurgence, with the Nasdaq China Golden Dragon Index rising over 4% shortly after DeepSeek's impact, indicating a shift in investor focus towards Chinese tech companies [11][12]. Group 2: Market Dynamics and Competition - The entry of JD.com into the food delivery market initiated a fierce competition with Alibaba and Meituan, leading to aggressive subsidy wars and a new competitive landscape in the industry [24][27]. - The battle for market share in food delivery is characterized by significant discounts and promotional offers, with Meituan experiencing record order volumes amid the competition [29]. Group 3: Innovations in Consumer Products - Pop Mart's Labubu character gained global popularity, leading to a 170%-175% year-on-year revenue increase in Q1 2025, with significant growth in international markets [20][23]. - The stock price of Pop Mart surged over 200% in the first half of 2025, reflecting strong market interest and investment confidence in the brand's potential [20][23]. Group 4: Regulatory and Economic Responses - In response to external economic pressures, the Chinese government implemented a "stabilization fund" strategy to support the capital market, demonstrating a proactive approach to maintain market confidence [15][17]. - The People's Bank of China provided liquidity support to stabilize the market, showcasing a coordinated effort to mitigate the impact of geopolitical tensions on the economy [15][17]. Group 5: Advancements in Autonomous Driving and GPU Technology - China officially approved L3 autonomous driving vehicles for commercial use, marking a significant milestone in the automotive industry and setting the stage for a market expected to exceed 1.2 trillion yuan by 2030 [40][41]. - The emergence of domestic GPU manufacturers, referred to as the "Four Little Dragons," is reshaping the semiconductor landscape, with significant IPO activity and competitive differentiation among companies [42][44].

回望2025年，这注定是被载入商业史册的"重塑之年"。 开年的第一声惊雷并非来自宏大的战略发布，而是DeepSeek以极致的"成本范式"击穿了硅谷的暴利神话，它不仅引发了全球对AI资产的价值重估，更让阿 里、字节跳动等巨头从单纯的"炫技"转向了C端应用与硬件落地的贴身肉搏。AI不再是高不可攀的概念，而是变成了通过价格战和算力突围，真正渗透进商 业肌理的变量。 1月20日，DeepSeek低调发布了R1推理模型，起初并未引爆全场，但随着发酵，到了1月24日周末，其在各大榜单上媲美OpenAI o1的表现震惊了硅谷。 | Rank* | Rank A | Model | Arena ▲ | ▲ 95% CI | | --- | --- | --- | --- | --- | | (UB) | (StyleCtrl) | | Score | | | 1 | 3 | Gemini-2.0-Flash-Thinking- Exp-01-21 | 1382 | +8/-6 | | ਹ | ਹ | Gemini-Exp-1206 | 1374 | +5/-4 | | 3 | ਹ | ChatGPT-4o-latest (2 ...

当2025年底工信部突然公布我国首批L3级有条件自动驾驶车型准入许可时，许多人下意识地发出疑问：这次开车真的可以"脱手"了吗？ "目前每辆L3级自动驾驶车辆上，都必须配备一名经过专业认证的驾驶员进行驾驶，（C端用户）还不能单独驾驶。"12月26日，深蓝汽车董事长邓承浩在接 受《每日经济新闻》记者采访时表示，眼下L3级自动驾驶尚处探索期，更侧重于B端。 在邓承浩的阐述中，深蓝汽车从2023年开始申报L3路测资格牌照，到进入我国首批L3级有条件自动驾驶车型准入许可名单，再到拿到国内首块L3级自动驾 驶专用正式号牌"渝AD0001Z"，其过程更像是一场"资格考试"。 图片来源：深蓝汽车官微 "我到北京去'答辩'过很多次，还有很多（长安员工）都去'答辩'过。"据邓承浩透露，全国参与L3测试准入的企业多达几十家，进入上路通行试点的有9家， 而获得产品准入许可的只有长安深蓝和北汽极狐两家。 与北汽极狐"可实现高速公路和城市快速路单车道内最高时速80公里的自动驾驶功能"不同的是，深蓝汽车被允许"在交通拥堵环境下的高速公路和城市快速 路单车道内以最高时速50公里速度进行自动驾驶功能"。 关于两者最高时速的不同，邓承浩认为：" ...

Group 1: Industry Developments - The domestic automotive industry is experiencing significant developments, including the advancement of L3-level autonomous driving commercialization, new regulations for electric vehicle energy consumption, and increased local replacement subsidies [1] - Beijing has issued the first L3-level highway autonomous driving vehicle special license plates, marking a milestone in the domestic autonomous driving sector [2][3] Group 2: Company News - Geely Automobile has completed the privatization and integration of Zeekr, which is now a wholly-owned subsidiary, aiming to enhance strategic synergy and scale effects in the fields of intelligence and electrification [2] - BAIC's Arcfox has received the first L3-level autonomous driving vehicle license plates in Beijing, with three vehicles currently operational under specific conditions [3] - FAW Bestune has achieved a cumulative sales record of 190,017 vehicles in 2025, marking a 20-year sales high, with a significant contribution from its entry-level electric model [4][5] - Mercedes-Benz has become the fifth-largest shareholder of Qianli Technology by acquiring 3% of its shares, indicating a strategic investment in the technology sector [6] - Deep Blue Automotive has completed a C-round financing of 6.122 billion yuan, with strong market growth reflected in a 45.7% year-on-year increase in sales [7][9] - A new mandatory standard for electric vehicle energy consumption will be implemented in 2026, tightening limits by approximately 11% compared to previous recommendations, which is expected to enhance consumer experience [10] - GAC Group has introduced a "three responsibilities" policy for its brands, ensuring accountability for issues related to battery fires, battery degradation, and accidents caused by intelligent parking systems [11][13]

登录新浪财经APP 搜索【信披】查看更多考评等级 宏观热点 2026年全国两会召开时间来了 全国人大常委会会议12月27日表决通过了关于召开十四届全国人大四次会议的决定。根据决定，十四届 全国人大四次会议于2026年3月5日在北京召开。政协第十四届全国委员会日前召开主席会议，建议全国 政协十四届四次会议于2026年3月4日在北京召开。 财政部：2026年加大对新质生产等重点领域投入 12月27日至28日，全国财政工作会议在北京召开。会议要求，2026年要坚持内需主导，支持建设强大国 内市场。大力提振消费，深入实施提振消费专项行动。积极扩大有效投资，加大对新质生产力、人的全 面发展等重点领域投入。加快推进全国统一大市场建设，规范税收优惠、财政补贴政策。支持科技创新 和产业创新深度融合，加快培育壮大新动能。进一步增加财政科技投入，完善财政科技经费管理，强化 企业科技创新主体地位。 财政部部长蓝佛安：明年继续安排资金支持消费品以旧换新 财政部部长蓝佛安在12月27日至28日举行的全国财政工作会议上表示，明年财政将大力提振消费。深入 实施提振消费专项行动，继续安排资金支持消费品以旧换新，调整优化补贴范围和标准。 国家 ...

以下文章来源于智趣财经 ，作者小趣姐 智趣财经 . 有趣有料的商业故事和商业人物 导语：国资与银行联手输血61亿，为何仍难解深蓝汽车的"失血"之困？ 61.22亿元的融资到账，深蓝汽车的账面瞬间充实。12月25日，长安汽车旗下深蓝汽车宣布完成C轮融资，长安汽车、重庆渝富控股集团和招银金 融资产投资有限公司共同注资。完成此轮融资后，深蓝汽车注册资本由3.28亿元增至4.66亿元。长安汽车持股比例保持50.9959%不变。 然而，拨开这层光鲜外衣，深蓝汽车的真实处境却远比表面复杂：连续三年资不抵债、累计亏损近90亿元、年度销量目标恐难达成……这场看 似"输血式"的融资，更像是在为一场尚未走出泥潭的突围战争取喘息时间。 对于背靠长安、手握政策与资本双重支持的深蓝而言，必须从"讲故事"转向"算细账"，从"规模优先"转向"效益为王"。否则，再多的资本注入， 也难掩其深陷的发展困局。 融资亮眼，难掩财务"失血"现实 从融资结构来看，本轮61.22亿元的资金注入确实阵容强大。长安汽车以31.22亿元领衔出资，其中不仅包含20.79亿元现金，还打包了价值10.43 亿元的无形资产——涵盖深蓝S05、G318两款主力车型的专利 ...

Core Viewpoint - The article highlights the recent developments in the electric vehicle (EV) industry, focusing on new car launches, company dynamics, and regulatory changes that are shaping the market landscape. Group 1: New Car Launches - The Weipai Lanshan Intelligent Advanced Edition has been launched with a limited-time price range of 275,800 to 302,800 yuan, featuring three models and advanced smart driving capabilities [2][4][6] - The Jishi ADAMAS has been introduced at a limited-time price of 334,900 to 344,900 yuan, positioned as a luxury version of the Jishi 01, with enhanced interior and exterior features [11][13][19] - The Leap D19 has opened for blind orders, while the Leap D99 has been unveiled, both showcasing advanced technology and flexible seating arrangements [20][22][23] Group 2: Company Dynamics - Geely has completed the privatization and merger of Zeekr, making it a wholly-owned subsidiary, which is expected to streamline operations and enhance market competitiveness [24][25][29] - Harman International is entering the advanced driver assistance systems (ADAS) market by acquiring ZF's ADAS business for 1.5 billion euros, aiming to leverage existing technologies for growth [30][31][33] - Leap Motor has set an ambitious target of achieving annual sales of 4 million vehicles, reflecting its growth trajectory and commitment to self-research and development [27] Group 3: Industry Trends and Regulations - Toyota's global sales fell by 2% in November, with a significant 12% drop in China, indicating challenges in maintaining growth amid increasing competition in the EV sector [47][48] - Dongfeng Motor has surpassed 1 million units in annual sales of new energy vehicles, marking its entry into the "million club" and showcasing its successful transition to electric mobility [49][51] - New regulations for electric vehicles, including mandatory energy consumption limits and safety standards, will take effect in 2026, pushing manufacturers towards technological upgrades [62][66][69]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The first batch of L3 autonomous vehicles has been approved for large-scale operation in Chongqing, with 46 vehicles equipped with L3 autonomous driving systems [5][13] - A new national standard for electric vehicle energy consumption will be implemented in 2026, tightening limits by approximately 11%, requiring two-ton vehicles to consume no more than 15.1 kWh per 100 km [14] - Changan Automobile's L3 approved models have undergone over 5 million kilometers of testing without any violations [15] - Toyota plans to exceed a global production of 10 million vehicles in 2026 to meet the growing demand for hybrid models, maintaining high production levels [20] - The automotive sector in China has seen a significant decline in imports, with a 30% year-on-year drop in the first 11 months of 2025 [19] Industry News Highlights - The first L3 autonomous vehicles are now operational in Chongqing, marking a significant milestone in autonomous driving technology [5][13] - The new electric vehicle energy consumption standard aims to enhance energy efficiency and support the high-quality development of the automotive industry [14] - Changan's L3 models have been validated through extensive testing, showcasing the company's commitment to safety and reliability [15] - Toyota's production strategy reflects its response to market demands and aims to sustain its competitive edge in the automotive industry [20] - The decline in vehicle imports indicates a shift towards domestic production and the growing strength of local automotive brands [19] Market Performance - The automotive sector outperformed the broader market, with a weekly increase of 2.66%, ranking 13th among A-share industries [6][32] - The passenger vehicle index rose by 2.87%, led by BYD and Haima Automobile [6][33] - The automotive parts sector saw a 3.57% increase, with significant gains in various sub-sectors [6][35] Investment Recommendations - For passenger vehicles, the demand for high-end domestic luxury cars is exceeding expectations, with recommendations for Jianghuai Automobile and Seres, while Geely is identified as a beneficiary [7] - In the automotive parts sector, companies like Desay SV and Zhejiang Xiantong are recommended due to their growth potential amidst industry changes [7]