Domestic News - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes accelerating the transformation and upgrading of traditional industries, focusing on intelligent, green, and integrated development to enhance the competitiveness of traditional industries globally [6] - The National Energy Administration calls for the construction of a high-quality charging infrastructure system, aiming for a "three-year doubling" action plan to improve service capabilities and safety in electric vehicle charging [7] - In November, China's electric vehicle exports surged by 87% year-on-year, reaching 199,836 units, with significant growth in Asia (71%) and Latin America (283%) [8] - Changan Automobile plans to raise no more than 6 billion RMB through stock issuance to enhance its R&D and market competitiveness in the new energy vehicle sector [9] - NIO has announced the launch of a battery swap station in Deqin, completing a battery swap route over 2,700 kilometers with 19 stations [12] - CATL has established a new energy technology company in Xishuangbanna, focusing on new energy technology research and sales [13] International News - The market share of imported cars in South Korea is expected to exceed 20% in 2025, driven by the surge in Tesla sales and high demand for premium brands [15] - TIERIV has received support from the Japanese government to build a large-scale autonomous driving data set, enhancing industry competitiveness through AI data collection [16] - Waymo is conducting autonomous taxi tests in London, showcasing its electric vehicles on the streets [17] - General Motors plans to launch its sixth-generation V8 engine in 2027, offering two displacement options of 5.7L and 6.7L [18] Commercial Vehicles - The first fully vehicle-compliant unmanned logistics vehicle is set to launch in early 2026, with several domestic manufacturers focusing on unmanned logistics solutions [21] - Dongfeng Motor has completed dual national standard certification for vehicle information security and software upgrades, positioning itself at the forefront of compliance in the industry [23] - Iveco's electric vehicle has been awarded the title of "Green and Efficient City Distribution Recommended VAN" at a recent industry event [24] - The Fei Die Qitu MX (air brake version) light truck has been launched in Shaanxi, expanding the product lineup to meet diverse transportation needs [26]

消息面上，近日，希迪智驾正式登陆港交所，引起业界对自动驾驶电动矿卡赛道的广泛关注。资料显 示，该公司专注于封闭环境自动驾驶电动卡车、V2X(车联网)技术及智能感知解决方案的研发等。行业 数据显示，2024年中国无人驾驶电动矿卡出货量约1400辆，预计到2026年将增至5500辆。业内普遍已将 2025年视作矿山无人驾驶电动卡车"规模化应用起量之年"。 博雷顿(01333)尾盘涨超5%，截至发稿，涨2.81%，报25.6港元，成交额2368.9万港元。 在近期举行的发布会上，博雷顿正式推出了面向无人驾驶场景正向开发的专用矿卡。从结构到线控系 统，从电驱平台到整车控制逻辑，完全以无人化作业需求为起点进行重构，标志着博雷顿将无人驾驶视 为未来矿山装备的底层能力，而非额外附加的功能。此前，博雷顿董事长陈方明在接受专访时表示，从 2026年起，博雷顿将大力推广无人驾驶、智慧矿山业务。 ...

又到一年岁尾，又到了可以做总结的时候。 眼光长远 从2018年研究生毕业开始算，我到现在在一级市场工作了7年有余。再算上研究生期间的实习，差不多9年经验。 这9年，我一直在人民币基金，大部分时间都在搞回购，搞返投。 大概第5年的时候，我就意识到，回购和返投让我错过非常多的好项目，错过可以改写我职业生涯的项目。 也让我意识到，我的很多时间精力，被浪费在了无助于我提高投资能力的地方。 于是我就思考：我的能力，能不能去到一家没有返投，没有回购的机构？ 答案是，不能。至少短期内不能。 不能，那我该怎么办？我当时能想到的对策： 1）从返投和回购中，积累更多对我个人有价值的能力；2）在目前的机构里，躲开一些空有返投和回购，却没有长期价值的项目；3）不断去到更好的， 不那么依赖返投和回购的机构。 同时我也悟到： 要站在5年，甚至10年的维度，去看待你所在的行业，看待你的个人职业发展，看待你赚钱的机会，个人价值实现的机会，在哪里。 但是，大部分人看不了10年。我也看不了。 股市也有一句很多人都听过的话：人总是对短期的涨跌很介意，却对长期的涨跌不关注。说的也是人对时间的不敏感性。 可能因为，人是三维世界的动物，而不是四维。 慢 ...

百度集团-SW（09888）盘中涨超7%，截至发稿，股价上涨6.97%，现报127.40港元，成交额9.77亿港 元。 12月22日，美国网约车平台Uber和Lyft宣布，已与百度达成合作，计划于2026年在英国推出无人驾驶出 租车（Robotaxi）试点项目。公开资料显示，目前，萝卜快跑每周全无人订单数量已超过25万单，全球 累计提供的出行服务次数突破了1700万次，累计服务单量超越Waymo，成为全球第一的自动驾驶出行 服务商。 值得注意的是，百度集团本月初公告，有媒体报道公司拟分拆非全资附属公司昆仑芯（北京）科技有限 公司进行独立上市。公司谨此澄清，目前正就拟议分拆及上市进行评估。倘进行拟议分拆及上市，将须 经相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。申万宏源发布研报称，百度自研AI 芯片昆仑芯有望进入放量期。 责任编辑：卢昱君 百度集团-SW（09888）盘中涨超7%，截至发稿，股价上涨6.97%，现报127.40港元，成交额9.77亿港 元。 12月22日，美国网约车平台Uber和Lyft宣布，已与百度达成合作，计划于2026年在英国推出无人驾驶出 租车（Robotaxi）试点项目。公 ...

Group 1 - Meta has announced the acquisition of Manus, a Singapore-based AI company, for several billion dollars, marking its third-largest acquisition to date [4][5] - Manus is known for its general-purpose AI agent product, which has shown a 23.7% improvement in complex task handling and achieved an accuracy rate of 86.5% in GAIA benchmark tests [4] - The acquisition is expected to enhance Meta's AI capabilities and integrate Manus's technology into its product lines, with Manus founder Xiaohong becoming Meta's VP [5] Group 2 - SMIC plans to acquire a 49% stake in SMIC North for 40.6 billion yuan, which will make SMIC North a wholly-owned subsidiary [7][8] - This acquisition aims to improve asset quality and business synergy for SMIC, with no changes to its main business operations expected [7] - SMIC reported a revenue of 49.51 billion yuan for the first three quarters of 2025, a year-on-year increase of 18.2%, with a net profit of 3.81 billion yuan, up 41.1% [8] Group 3 - One of the major developments is the adjustment of import tariffs on 935 items starting January 1, 2026, aimed at enhancing domestic and international market synergy [9] - The adjustments include lowering tariffs on key components and advanced materials to promote technological self-reliance and support economic development [9][10] Group 4 - A major investment of 3.74 billion yuan from FAW Group into Leap Motor is set to strengthen the latter's market position and brand recognition [12][13] - The investment will be allocated for R&D, operational funding, and expanding sales and service networks [13] Group 5 - NVIDIA has completed a $5 billion acquisition of Intel shares, making it a significant shareholder and paving the way for collaboration on AI platforms and integrated GPU solutions [38][39] - This partnership is expected to reshape the market landscape, particularly with the anticipated release of integrated RTX GPU processors [39] Group 6 - Fujitsu is joining a collaborative project led by SoftBank and Intel to develop HBM memory alternatives, aiming for commercial production with enhanced capacity and reduced power consumption [45][46] - The project plans to invest 8 billion yen by the fiscal year 2027, with contributions from various partners [46]

2. 软银集团：宣布以每股16美元现金收购DigitalBridge全部流通股，较其12月26日收盘价溢价约15%。 此次收购旨在加码布局支撑AI浪潮的数字基础设施，交易预计2026年下半年完成，需监管批准。 3. 英特尔：向英伟达出售2.148亿股普通股，交易总价50亿美元，每股23.28美元。此次交易进一步深化 了半导体行业的资源整合，对两家公司的战略布局具有重要意义。 4. 胜通能源：公司股票自12月12日至29日期间价格涨幅达213.97%，严重背离公司基本面，将于12月30 日起停牌核查。公司近期经营正常，主营业务未发生重大变化，不涉及机器人相关业务，静态市盈 率-773.81，市净率8.63，显著高于行业平均水平。 // 热点头条 // 1. 中芯国际：拟向国家集成电路基金等5名股东发行股份，购买中芯北方49%股权，交易价格406亿元。 交易完成后，中芯北方将成为公司全资子公司，主要提供12英寸集成电路晶圆代工及配套服务。国家集 成电路基金将获配3.57亿股A股，交易后合计持股比例达8.66%。 5. 赣锋锂业：收到宜春市公安局的移送起诉告知书，因涉嫌内幕交易罪单位犯罪，案件已移送检察机关 审查起 ...

Scott Olson / Getty Images Tesla (NASDAQ:TSLA) is undoubtedly one of the most divisive stocks in the market. The company's CEO has made sure of that, with Elon Musk's outspoken behavior and foray in the the world of politics turning this company into a love-it or hate-it type of entity. Quick Read Tesla dropped to third-largest EV maker globally behind two Chinese competitors. Only 40% of U.S. EV sales now come from Tesla versus near-monopoly status during early pandemic. Musk’s Master Plan IV proje ...

Core Insights - Leapmotor aims to achieve an annual sales target of 1 million vehicles by 2026 and reach 4 million vehicles in the next decade, positioning itself as a world-class automaker [3][4][7] - The company is transitioning from being a "cost-performance representative" to a "world-class automaker" through high-end product offerings and technological advancements [3][7] Product Strategy - The D series, including the flagship MPV D99, is designed to penetrate the high-end market, with a price range of 300,000 RMB, offering both extended range and pure electric options [3][4] - Leapmotor adheres to a "cost-based pricing" principle, ensuring that even with higher-end models, the perceived quality and value can compete with vehicles priced between 500,000 and 1 million RMB [3][4] Production Capacity - The company has prepared a battery supply redundancy of 1.2 to 1.3 times to meet the demand for 1 million vehicles, with a cumulative delivery of over 1.2 million vehicles to date [4][6] - Leapmotor collaborates with leading suppliers like CATL and AVIC Lithium Battery, and plans to start production at its joint battery factory by mid-2026 [3][4] Technological Advancements - Leapmotor is shifting from a following strategy to a leading position in the autonomous driving sector, focusing on L3-level applications and aiming to catch up with industry leaders [5][6] - The company has set a three-year return on investment criterion for new technologies, ensuring that only those that provide real user value will receive significant investment [5][6] Market Positioning - Leapmotor is enhancing its channel and service systems to align with its high-end transformation and sales goals, emphasizing user experience as a core aspect of luxury [6][7] - The company faces challenges in reshaping user perceptions and establishing brand value that justifies higher pricing in the luxury MPV market [7]

又一家自动驾驶公司要来港股IPO了。 不久前，港交所官网披露，主线科技已通过聆讯并公布招股书。 作为国内L4级自动驾驶卡车龙头，主线科技收入在过去两年增长迅速。 2022-2024年，公司收入分别为1.12亿、1.34亿、2.54亿元，复合年增长率50.4%。 今年上半年，公司收入更是达到0.99 亿元，比去年同期增长1745.7%。 按2024年收入规模计算，主线科技已成为国内封闭场景商业化自动驾驶解决方案提供商中规模最大的公司，市场份额 高达31.8%。 从业务路径看，主线科技并非一开始就押注最复杂的开放道路。 公司早期以港口、园区等封闭场景切入，在规则相对清晰、干扰因素较少的环境中积累技术与交付经验；随后，才将 重心逐步延伸至公路干线运输这一更大、也更难的市场。 为了在公路运输场景实现落地，公司提出了"1+N 混合编队"模式： 从收入看，过去两年里，主线科技实现了不错的增长。 2022–2024年，公司收入分别为1.12 亿元、1.34 亿元、2.54 亿元，复合年增长率50.4%。 今年上半年，公司收入更是达到0.99 亿元，比去年同期增长1745.7%。 驱动公司收入增长的核心原因是，公司履行的项目 ...

从如火如荼的智能驾驶，到真正的自动驾驶，道阻且长。胡大林认为，自动驾驶产业的生态演进分为三 个层次：技术生态、产业生态与社会生态。而自动驾驶要真正走向规模化落地，必须解决"发散环境下 的安全收敛"这一核心难题。 "传统的汽车测试手段难以覆盖自动驾驶算法的复杂性与不确定性，行业亟需新的验证范式。"胡大林提 到，赛目科技自行业起步阶段就提出，要在传统实测基础上，构建以仿真为核心的"算法级验证"体系。 当前，ICV（智能网联汽车）仿真测试、验证和评价业务被视为自动驾驶量产落地的加速器。赛目科技 凭借在这一领域的技术积累与创新解决方案，已成为行业重要的支撑力量。据弗若斯特沙利文资料，按 2023年收入计，赛目科技已是中国ICV测试、验证和评价解决方案行业以及ICV仿真测试软件及平台市 场的最大参与者，市场份额分别约为5.3%和5.9%，并是少数能提供一站式解决方案的企业之一。 "这个仿真与传统仿真的根本区别在于，它需要深度介入算法本身，精准定位其在特定工况下的潜在缺 陷与能力边界，并通过与场地测试、公开道路测试的闭环联动，形成一套层层递进的风险压缩机制，最 终推动自动驾驶系统收敛至'企业敢推、监管敢批、用户敢用'的可 ...