公开信息显示，集度汽车成立于2021年3月，致力于自动驾驶、人机交互科技的研发与普及，目标是打 造汽车机器人。成立之初，集度汽车由百度以55%持股比例和80%超级投票权主导技术方向，吉利则以 45%持股提供制造支撑，因"科技+制造"的股东组合曾被业内寄予厚望。 2024年12月，极越汽车"闪崩"，极越汽车CEO夏一平发布内部信称"进入极越创业的2.0阶段"。此后， 极越汽车出现门店关闭、员工社保未缴纳、车主权益无法兑现等状况。 图片来源：每经记者 孔泽思 摄 资料图 今年11月25日，极越汽车发布《上海集度汽车有限公司关于启动预重整程序的公告》，宣布上海集度汽 车有限公司（品牌为极越汽车）启动预重整程序，旨在引入新的战略投资人，盘活现有资产与资源，维 护资产价值，并保障用户售后权益。 近日，有消息称，阿联酋迪拜的科技企业——Robo.ai Inc.（NASDAQ: AIIO）已正式向上海集度汽车有 限公司（极越汽车公司）临时管理人提交报名材料，该公司申请参与极越汽车的预重整战略投资人的招 募与遴选程序，此举被认为是Robo.ai Inc.重组极越汽车的关键一环。 针对此消息，《每日经济新闻》记者向极越汽车临时 ...

A股三大股指12月24日集体小幅高开。沪指早盘震荡攀升，深市则高位震荡。午后沪深两市同频上攻， 三大股指涨幅迅速扩大。 从盘面上看，商业航天概念股再度爆发，福建本地股反复活跃，光伏、锂电池、算力硬件、AI手机、 智能驾驶、化纤题材走强。 至收盘，上证综指涨0.53%，报3940.95点；科创50指数涨0.9%，报1352.13点；深证成指涨0.88%，报 13486.42点；创业板指涨0.77%，报3229.58点。 Wind统计显示，两市及北交所共4125只股票上涨，1132只股票下跌，平盘有200只股票。 农林牧渔领跌两市，生物股份（600201）跌超7%，粤海饲料（001313）、罗牛山（000735）、福成股 份（600965）、海大集团（002311）等跌超2%。 银行股逆市下挫，邮储银行（601658）、常熟银行（601128）、宁波银行（002142）、瑞丰银行 （601528）、交通银行（601328）等跌幅靠前。 食品饮料表现不佳，庄园牧场（002910）跌停，得利斯（002330）、欢乐家（300997）跌超3%，妙可 蓝多（600882）、千味央厨（001215）、西部牧业（300106 ...

全球汽车行业正站在一个巨大的转折点上。据大摩21日发布的《机器人年鉴第六卷：自动驾驶汽车》（The Robot Almanac Vol. 6: Autonomous Vehicles），分析师Adam Jonas团队指出，尽管人类目前每年累计在汽车内花费的时间相当于8200万年，但这一传统的驾驶模式即将被打破，自动驾驶 技术正处于从"0到1"爆发的前夜。 在这一轮全球技术竞赛中，大摩明确指出中国已经处于领先地位。据追风交易台消息，报告数据显示，中国目前拥有全球约60%的L2+级自动驾驶汽车 份额，这不仅得益于中国在电动汽车（EV）领域的胜利，更在于其通过海量电动车队构建的"数据探针"优势。 与此同时，美国市场的竞争格局也正发生深刻变化，Waymo与特斯拉之间的路线之争愈演愈烈。Waymo正在从凤凰城、旧金山等地向洛杉矶、奥斯汀 及亚特兰大等全美主要城市快速扩张，其运营里程预计将在未来几年实现爆发式增长；而特斯拉采取的纯视觉方案则被视为"刚刚起步"，虽然硬件成本 极低，但旨在通过庞大的车队数据实现超越。报告将当前的传感器技术路线之争比作19世纪末的"电流之战"（War of the Currents），认为不同 ...

Consumption Insights - In November, the total retail sales of consumer goods reached 43,898 billion yuan, with a nominal growth rate of 1.3%, marking a new low in 25 years[15] - The decline in retail sales is attributed to a high base from last year's national subsidies and the pre-emptive consumption during the Double Eleven shopping festival[15] - Automotive retail sales, which saw a year-on-year decline of 8.3% in November, are a core reason for the pressure on overall retail sales[20] Advanced Technology Insights - CoWoS capacity is tight, with TSMC planning to expand its production by 20%-30% by 2026, reaching a monthly capacity of approximately 125,000 wafers[25] - The global market for chiplet multi-chip integrated packaging is expected to grow rapidly, reaching $25.82 billion by 2029, with a compound annual growth rate of 25.8% from 2024 to 2029[25] Healthcare Insights - In the 2025 national negotiation directory, 127 drugs were included, with 114 new drugs entering the basic medical insurance directory, achieving a success rate of 88%[36] - The commercial insurance directory for innovative drugs has added 19 new drugs, with a success rate of approximately 79%[36]

12月24日，A股三大股指早盘窄幅震荡，午后有所回升，截止收盘，沪指涨0.53%报3940.95点，深成指 涨0.88%报13486.42点，创业板指涨0.77%报3229.58点，科创50指数涨0.9%报1352.13点；沪深两市成交 额1.88万亿，全市场超4100只个股上涨。 热点板块 商业航天持续拉升 商业航天概念午后持续拉升，超20只成分股涨停，有研粉材午后20cm涨停，润贝航科涨停。 消息面上，据证监会网上办事服务平台披露，近日，蓝箭航天IPO辅导工作正式完成，辅导机构为中金 公司。开源证券表示，2030年中国商业航天发射与制造产值有望达850亿元。 PCB板块午后爆发 算力产业链继续轮动，PCB板块午后爆发，生益科技快速拉升涨停，股价创历史新高，截至发稿报72.6 元/股，最新总市值1764亿元。有研粉材午后"20cm"涨停。 消息面上，最新市场预测显示，英伟达GB300AI服务器机柜明年出货量有望达到5.5万台，同比增长 129%。中信建投证券指出，随着正交背板需求、Cowop工艺升级，未来PCB将更加类似于半导体，价 值量将稳步提升。 半导体芯片产业链再走强 半导体芯片产业链再走强，圣晖集成 ...

Group 1 - The U.S. Federal Communications Commission (FCC) has added all foreign-produced drone systems and their key components to the "Covered List," citing national security concerns, which China firmly opposes [2] - China urges the U.S. to stop its unilateral actions that distort the market and harm Chinese enterprises, emphasizing the need for a fair business environment [2][3] - The Ministry of Housing and Urban-Rural Development in China emphasizes stabilizing the real estate market through targeted policies, including optimizing the supply of affordable housing and promoting the use of existing land [3] Group 2 - The State Administration for Market Regulation in China is set to announce new regulations for food safety in live-streaming e-commerce, aiming to enhance supervision and accountability among all parties involved [4] - Beijing has issued special license plates for L3-level autonomous vehicles, marking a significant step towards mass production in the autonomous driving sector [4] - The Ministry of Transport plans to build over 10,000 charging stations on national highways by 2026, with a focus on high-power charging facilities [4] Group 3 - The Shanghai Gold Exchange has advised members to enhance risk awareness due to significant fluctuations in precious metal prices [5] - The National Development and Reform Commission, along with other departments, has issued guidelines for regulating kindergarten fees, allowing private kindergartens to set prices based on market conditions [5] - The China Nonferrous Metals Industry Association reports a gradual increase in lithium carbonate futures prices, with optimistic market expectations for future lithium prices [6] Group 4 - The Shenzhen Municipal Government has introduced measures to attract foreign investment, particularly in advanced manufacturing sectors, to enhance the local economy [6] - A joint initiative in Shandong aims to accelerate the high-quality development of the drama industry through various supportive measures [7] Group 5 - Victory Energy has clarified that it is not involved in robotics-related businesses [9] - Libart has stated that it does not engage in controllable nuclear fusion activities [10] - Bona Film Group has indicated that its investment return from "Avatar 3" will have a minimal impact on its short-term performance [11]

文 | 花生说科技，作者 | 李皙寅·花生，编辑 | 黑松 大变局往往从一个小事件开始。 2025年12月20日，重庆内环快速路的车流如梭，有一辆车却格外醒目。 一辆长安汽车旗下深蓝SL03，它挂着的"渝AD0001Z"号牌，是全国首块L3级自动驾驶专用正式号牌。 在指定路段，系统将接管全部动态驾驶任务，事故责任首次从驾驶员转向车企。中国自动驾驶加速走向 合规商用。 为啥花落长安家？ 还是那句老话，机会留给有准备的人。长安汽车的L3之路探索早已有之。 回溯其技术脉络，时间线非常清晰：2014年启动驾驶辅助研发，2017年专攻L3级技术，2021年在深蓝 品牌首次应用，2024年成为首批试点车企，2025年完成产品测试与安全评估。 从技术积累到场景验证，再到合规落地，这是长安汽车一步一步走出来的。 更关键的是，其L3系统已在8D般的重庆，基于复杂路况中完成百万公里测试，经过远超国标的场景测 试后，给出了零事故、零违规的结果。 这样的数据，给了政策放行的底气。 重庆不仅开放核心道路作为试点路段，还创新推出智能网联汽车专用号段，更是组建专班为长安提供全 流程服务。 花生说科技调研地方汽车产业多年，这种车企技术攻坚+ ...

Core Insights - The first L3 conditional autonomous driving license "渝AD0001Z" has been issued in Chongqing, granted to Changan Automobile, marking a significant step towards the commercialization of autonomous vehicles in China [1][4] - The L3 level, defined as "conditional automation," allows vehicles to perform all dynamic driving tasks under specific conditions, although the driver must remain attentive and ready to take control when prompted [1][2] Group 1: Industry Developments - The Ministry of Industry and Information Technology has conditionally approved two automotive companies to submit applications for L3 autonomous vehicle products, indicating a shift from technology validation to mass production applications in China's autonomous driving industry [1][2] - The approval of L3 autonomous vehicles is seen as a critical step towards industrialization, with pilot programs aimed at validating technology and establishing a foundation for large-scale applications [2][3] Group 2: Regulatory Framework - The licenses for the two models are not a blanket approval; they come with specific restrictions regarding operational scenarios, road types, urban areas, and speed limits [2][3] - The Changan SC7000AAARBEV model can operate in congested traffic at a maximum speed of 50 km/h on designated roads in Chongqing, while the Extreme Fox BJ7001A61NBEV model can achieve L3 automation at speeds up to 80 km/h on certain highways in Beijing [3] Group 3: Operational Aspects - The two models will not be available for private users initially; instead, they will be operated by affiliated ride-hailing service companies to manage the deployment of L3 autonomous driving [3] - The operational management aims to reduce uncertainties associated with the initial rollout of L3 autonomous driving, allowing consumers to experience the technology through ride-hailing services [3] Group 4: Government Support and Future Outlook - The issuance of autonomous vehicle licenses reflects the government's commitment to fostering innovation while ensuring safety through prudent regulation [4] - The ongoing pilot programs for smart connected vehicles are expected to inject strong momentum into technological innovation and upgrades within the automotive sector in China [4]

冲高回落 小幅收涨 周二（12 月 23 日）大盘冲高回落，小幅收涨。截至 收盘，上证综指收于 3919.98 点，上涨 0.07%；深成 指收于 13368.99 点，上涨 0.27%；科创 50 上涨 0.36%； 创业板指上涨 0.41%，万得全 A 成交额共 19214 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 29 个上涨，其中建 材、基础化工、电力设备及新能源涨幅居前，而消费 者服务、综合金融及国防军工则则跌幅较大。概念方 面，锂电电解液、玻璃纤维及液冷服务器等指数表现 活跃。 海外市场综述 美股三大指数小幅收涨，英伟达涨超 3% 周二（12 月 23 日），美国三大股指小幅收涨，道指 涨 0.16%，标普 500 指数涨 0.46%，纳指涨 0.57%。英 伟达涨超 3%，亚马逊涨逾 1%，领涨道指。万得美国科 技七巨头指数涨 1.18%，谷歌涨超 1%，脸书涨 0.52%。 中概股多数下跌，阿特斯太阳能跌近 12%，大全新能 源跌超 5%。 新闻精要 国内市场综述 每日晨报 1. 习近平对中央企业工作作出重要指示 2. 北京发放首批 L3 级高速公路自动驾驶车辆专用号 牌， ...

Core Viewpoint - The article discusses the challenges faced by Xiaoma Zhixing (Pony.ai) following its dual listing in Hong Kong, highlighting its financial struggles despite revenue growth in the autonomous driving sector [2][5]. Financial Performance - In Q3 2025, Xiaoma Zhixing reported revenue of 181 million RMB (approximately 25.4 million USD), a year-on-year increase of 72.0% [5][12]. - The company experienced a net loss of 438 million RMB, which represents a 46.3% increase compared to the previous year, indicating deteriorating profitability [5][12]. - Non-GAAP net loss also increased by 32.85%, with losses outpacing revenue growth, reflecting inadequate cost control [5][12]. Research and Development Costs - R&D expenses reached 430 million RMB in Q3 2025, accounting for over 230% of total revenue, which is a significant factor contributing to the increased losses [6][12]. - The high R&D costs are attributed to the need for continuous investment in technology to maintain a competitive edge in the L4 autonomous driving sector [6][12]. Cash Flow and Financial Pressure - Xiaoma Zhixing reported a negative cash flow from operating activities, with a total free cash flow outflow of 173.6 million USD in the first nine months of 2025, indicating significant financial pressure [6][12]. - The company’s high cash burn rate raises concerns about its ability to sustain operations without further financing [8][12]. Commercialization Challenges - The company achieved a breakthrough in its Robotaxi business, with the seventh-generation model in Guangzhou reaching a positive unit economic model, generating an average daily revenue of 299 RMB [12][13]. - However, this success is not easily replicable in other cities due to varying operational conditions and regulatory environments [12][13]. Competitive Landscape - Xiaoma Zhixing faces intense competition from domestic rivals like Baidu and WeRide, as well as international players such as Waymo and Cruise, which adds pressure to its commercialization efforts [12][13]. - The entry of traditional automakers into the autonomous driving space further compresses the market for independent companies [12][13]. Market Sentiment and IPO Performance - Despite raising 7.7 billion HKD through its dual listing, market confidence remains low, as evidenced by the stock price dropping below the IPO price shortly after listing [8][11]. - Concerns about the company's profitability timeline, with estimates ranging from three to seven years, contribute to investor skepticism [11][12]. Industry Context - The article positions Xiaoma Zhixing's struggles as reflective of the broader autonomous driving industry, which is transitioning from a "burning cash" model to one focused on sustainable profitability [18][19]. - The ongoing challenges in achieving scalable profitability will not only impact Xiaoma Zhixing but also serve as a critical reference point for the entire domestic autonomous driving sector [19].