上证报中国证券网讯 12月18日，智能驾驶概念表现活跃，截至9时55分，浙江世宝3连板，威帝股份、 兴民智通涨停，豪恩汽电、智莱科技、多伦科技等跟涨。 来源：上海证券报·中国证券网 ...

Core Viewpoint - Haima Automobile is actively collaborating with external enterprises and institutions in the field of advanced intelligent driving technology, leveraging its own R&D team as a foundation [1] Group 1: Intelligent Driving Technology - The company’s intelligent vehicle products are equipped with advanced driving assistance systems, including APA automatic parking system, lane departure warning system, and ACC adaptive cruise control system [1] - Breakthroughs have been achieved in key technology areas such as vehicle-road collaboration, environmental perception, decision control algorithms, and in-vehicle intelligent terminals [1] Group 2: Strategic Partnerships - Haima Automobile has formed strategic partnerships with leading suppliers in the industry to gradually establish differentiated advantages in its products [1]

Group 1 - The core viewpoint of the article highlights that the Hong Kong stock market (HKEX) is set to become the "global fundraising king" in 2025, with significant growth in IPO activities and fundraising amounts [1][2][3] - As of December 18, 2023, 102 companies have listed on the Hong Kong stock market, raising a net amount of HKD 238.2 billion, which represents a 246% increase compared to the same period last year [2][3] - Ernst & Young (EY) forecasts that the total fundraising amount for HKEX could reach USD 36 billion in 2025, making it the highest globally [3][5] Group 2 - The "new economy" sectors, including industrial engineering, gold and precious metals, automotive, pharmaceuticals, and biotechnology, have collectively raised over HKD 130 billion [1][3] - The IPO boom has led to a dynamic balance in the market, with 27 companies privatizing and delisting, while 30 companies have had their listings canceled [4] - The average daily trading volume in the first half of 2025 is expected to surge to HKD 240.2 billion, reflecting a 118% year-on-year increase [7] Group 3 - The number of pending IPO applications has exceeded 300, creating a "bottleneck" in the review process, raising concerns about the quality of submitted documents [1][13] - The market is also worried that the concentrated issuance of new stocks may divert liquidity from the secondary market [13][14] - Despite the challenges, the overall risk is considered manageable, with expectations for a wave of lock-up expirations in 2026 following the active IPO activities of 2025 [1][16] Group 4 - The influx of mainland companies seeking to list in Hong Kong is a key driver behind the market's resurgence, with significant IPOs from companies like CATL and Zijin Mining [9][11] - Policy improvements, such as the establishment of fast-track listing channels for tech companies, have contributed to the current IPO boom [12] - The introduction of the Hong Kong Stock Exchange Technology 100 Index aims to enhance the market's image and support innovation-driven enterprises [12]

Core Insights - The Hong Kong stock market has seen a significant increase in IPO activities, with 102 companies listed and a net fundraising amount of HKD 238.2 billion, representing a 246% increase compared to the same period last year [1][2] - Ernst & Young predicts that the Hong Kong Stock Exchange (HKEX) will become the world's largest fundraising exchange in 2025, with an expected fundraising amount of USD 36 billion [1][2] - The "new economy" sectors, including industrial engineering, gold and precious metals, automotive, pharmaceuticals, and biotechnology, have collectively raised over HKD 130 billion [1][2] IPO Activity - As of December 18, 2023, the number of IPOs in Hong Kong has surpassed last year's total of 73, with a current count of 102 [2] - The top five sectors by fundraising amount are industrial engineering (HKD 31.98 billion), gold and precious metals (HKD 29.49 billion), automotive (HKD 25.82 billion), pharmaceuticals and biotechnology (HKD 23.53 billion), and software services [2][6] - The IPO boom has led to a dynamic balance in the market, with 27 companies privatized and 30 companies delisted this year [2] Market Dynamics - The average daily trading volume in the first half of 2025 is expected to reach HKD 240.2 billion, a 118% increase year-on-year, indicating a significant recovery in market activity and liquidity [3] - The enthusiasm for IPOs has resulted in a high percentage of new stocks performing well, with 76 out of 102 new listings seeing their stock prices rise [4] - A record-breaking subscription rate was observed, with one GEM-listed company achieving a subscription multiple of 11,465 times [4] Listing Drivers - The influx of large IPOs from mainland China has been a key driver for the rise of the Hong Kong stock market [5][6] - The average fundraising scale of the top ten IPOs has increased by 137% compared to 2024, with major contributions from companies like CATL and Zijin Mining [6][7] - The number of pending IPO applications has surged to over 319, covering various sectors including AI and biotechnology [10][11] Regulatory Environment - The Hong Kong Stock Exchange has implemented several reforms to facilitate the listing process, including the establishment of a fast-track listing channel for tech companies [9] - The introduction of the Hong Kong Stock Exchange Technology 100 Index aims to enhance the market's image and support innovation-driven enterprises [9] Future Outlook - The IPO market is expected to remain active in 2026, with a focus on A+H listings and the return of Chinese concept stocks [14] - Despite potential challenges from a wave of lock-up expirations, the overall risk is considered manageable [14][15] - The macroeconomic environment, including anticipated interest rate cuts by the Federal Reserve, may provide additional support for the market [16]

证券日报网讯 12月18日，维峰电子在互动平台回答投资者提问时表示，无人驾驶汽车产业的发展对视 觉感知系统的信号传输完整性、抗干扰性及稳定性提出了更高要求。公司依托二十年连接器领域的技术 积淀与品质体系，已快速开发出FAKRA、MINIFAKRA、HSD、车载以太网及TYPEC等高频高速连接 器产品线，精准适配智能座舱、自动驾驶系统及车联网数据传输需求，并为车载雷达、摄像头等模块提 供定制化配套方案。同时，公司通过中低压连接器与高频高速产品的协同供应，形成一体化服务优势， 目前已向多家头部车企实现批量供货。未来公司将持续深化技术迭代，加速拓展智能驾驶领域新业务机 遇。 （编辑 任世碧） ...

中润光学回复称，戴斯光电可以为车载激光雷达提供柱面镜、楔形片等全套光学元件，产品具有光洁度 高等特点，公司将进一步开拓客户，并积极推进量产工作。 格隆汇12月18日｜有投资者在互动平台向中润光学提问：请问控股子公司戴斯光电生产的车载激光雷达 柱面镜、楔形片等全套光学元件是否已经批量出货L3级别智能驾驶车企？ ...

Core Viewpoint - Foton Motor has officially launched the Ouhui smart bus, which features a dual-redundancy intelligent system and a single chip computing power of 254 TOPS, enabling L2 to L4 level intelligent driving across all scenarios [1] Group 1 - The Ouhui smart bus is equipped with a dual-chip redundancy system for enhanced reliability [1] - The vehicle has been integrated into the cloud platform of the demonstration area in Beijing for road testing [1]

Core Insights - The partnership between Seyond and GAC Group marks a significant strategic milestone for Seyond in the automotive sector, with the first collaborative model set to be mass-produced in 2026 [1][2] - Seyond has secured partnerships with 14 domestic OEMs and ADS companies, indicating strong market penetration and collaboration within the industry [1] Group 1 - Seyond's business landscape is expanding through a dual-technology strategy utilizing 905nm and 1550nm [2] - GAC Group, as a major player in the Chinese automotive industry, has developed L2 to L4 autonomous driving capabilities, leveraging its technical expertise and market influence [2] - GAC's three major self-owned brands—Aion, Trumpchi, and Haobo—are strategically positioned to cover a wide market spectrum from fuel to pure electric vehicles, providing substantial real-world application scenarios and data support for Seyond's products [2] Group 2 - GAC Group's choice of Seyond as a laser radar partner reflects high recognition of Seyond's technology maturity, mass production capabilities, and scene adaptability [2] - The collaboration aims to create a model for synergistic development in the intelligent driving industry, showcasing the potential for multi-brand and multi-model coverage [2]

Core Viewpoint - The rise of Corporate Venture Capital (CVC) is significantly impacting the investment landscape, focusing on industry empowerment while facing various challenges in execution and strategy [2][5][20]. Group 1: CVC Overview and Development - The annual China Private Equity Annual Conference highlights the growing influence of CVC in the investment ecosystem, with over a thousand participants from various sectors [2]. - CVCs are increasingly recognized as vital players in the investment landscape, with a focus on both financial returns and strategic industry support [5][12]. Group 2: CVC Strategies and Missions - Different CVCs have varying missions; for instance, Huasheng Fund aims for profitability while also supporting its parent company, SANY Group, in strategic transformations [6][8]. - CVCs like Shangqi Capital focus on the automotive industry, emphasizing the importance of collaboration and resource sharing within the supply chain to enhance efficiency and innovation [9][10]. Group 3: Investment Focus and Trends - Investment trends indicate a shift towards hard technology and biomedicine, with CVCs diversifying their portfolios to include emerging sectors like AI and renewable energy [4][10]. - The automotive sector is undergoing significant transformation, with CVCs adapting to the competitive landscape by investing in new technologies and startups that align with industry trends [9][10]. Group 4: Challenges and Solutions - CVCs face challenges in quantifying the value of their empowerment efforts, particularly in sectors like automotive semiconductors, where integration into existing supply chains is complex [20][21]. - The need for CVCs to develop strong internal communication and management skills is emphasized, as they must bridge the gap between innovative startups and established industry players [21][22]. Group 5: Future Directions - The future of CVCs involves a focus on long-term investment strategies, with an emphasis on patience and the ability to navigate the complexities of the manufacturing process [22][23]. - CVCs are expected to adopt more flexible investment decision-making processes to better support early-stage projects, balancing financial returns with strategic industry insights [23][24].

文：谈擎说AI 在过去几年，L3在自动驾驶行业内并不受待见，当L2与L4被炒得火热时，它就像被皇帝打入冷宫的妃子，提都很少提，就算提了，也都是不那么看好的声 音。 2022年时，李彦宏便说过L2之后率先进入商用的很可能是L4，而不是L3。 事实上也确实如此，只是如今L3有没有可能比Robotaxi普及更快？ 地平线创始人余凯曾在2023年作出更悲观的判断，他觉得10年以后连L3都不会真正的出现。 但现实的变化总是这么出乎人的意料，如今随着工信部的一纸书文，允许长安、极狐两款L3车型落地，L3的时代正式被打响。 马后炮的讲，看来大佬对于未来的判断也总是有着瑕疵啊。 所以L3究竟意味着什么？ 技术革命时代，L3与豆包AI手机为何不同命？ 众所周知，在L3以前，都只能被称作辅助驾驶。 L3作为有条件的自动驾驶，之所以推行这么晚，除了技术上的问题以外，最大的难点就在于责任规划。 L2的责任承担者依然是驾驶人，出了事，尽管车企宣传自己的智驾再厉害，该你承担的还是要你承担。 到L3时代，在ODD内正常激活的情况下，要是出事了，责任不归驾驶员，而是车企。 在此期间，驾驶人员可以脱手、脱眼，想看剧看剧，想吃饭吃饭。 但千万不 ...