Core Viewpoint - The new energy vehicle (NEV) sector is experiencing a strong rebound driven by favorable national policies, leading to a surge in stock prices and a wave of limit-up stocks [1] Group 1: Market Performance - NEV concept stocks have shown significant gains, with Zhejiang Shibao achieving five consecutive limit-ups, and other stocks like Delian Group and Asia-Pacific Shares also hitting the limit-up [1] - Key stocks with notable price increases include Jingwei Hengrun, which rose by 10.21% to 121.83, and Delian Group, which increased by 10.04% to 6.03 [2] Group 2: Policy and Technological Developments - The core driver for the NEV sector's growth is strong policy support, highlighted by the approval of L3-level conditional autonomous driving vehicles, marking a significant milestone in the industry [3] - The first L3-level autonomous driving license plate was issued in Chongqing, indicating the formal entry of China into the L3 autonomous driving era [3] - Technological innovations in the NEV industry are accelerating, with breakthroughs in lithium battery technology and the imminent mass production of solid-state batteries, enhancing vehicle performance and reducing production costs [3] Group 3: Market Trends and Future Outlook - The NEV industry is transitioning from "policy support" to "market maturity," with significant growth in production and sales, reaching 1,490.7 million units produced and 1,478 million units sold in the first 11 months of the year, representing a year-on-year increase of 31.4% and 31.2% respectively [5] - The penetration rate of new energy vehicles in total vehicle sales reached 47.5%, with November figures showing a further increase to 53.2% [5] - The commercialization of L3 autonomous driving technology signifies a new development stage, requiring collaboration between government and enterprises to establish standards and regulations [5][6]

活动现场。谭砚文摄。 南方财经记者谭砚文 广州报道 十五运会和残特奥会后，广州再迎重大体育赛事。12月21日，2025广州马拉松赛在天河体育中心开跑。 赛事当天，2025年广州汽车巡游活动在广州塔启幕，50余辆智能网联、新能源及经典车型组成的巡游车 队，沿珠江两岸串联起广州塔、大元帅府、星海音乐厅等城市地标，立体展示广州城市客厅。 这次巡游，更像广州科技与产业创新能力的一次公开检验。当四大方阵组成的车队穿行于珠江两岸，不 仅勾勒出广州现代与历史交融的城市图景，更将智能网联与新能源汽车产业的发展成果带到公众眼前。 近年，广州加速打造万亿级"智车之城"，已形成由10家整车制造企业、1200多家汽车零部件和贸易企业 构成的较大规模汽车产业生态。在此基础上，广州在智能网联领域率先突破，不仅是国内最早布局自动 驾驶的城市之一，更是全国首批开展Robotaxi、Robobus等商业化运营的城市，集聚了小马智行、文远 知行等头部企业。 当智驾环游广州城市客厅，智能汽车产业将进一步贴近市民生活，一个更智能、高效的城市交通生态正 在逐步成型。 12月17日，广州市政府在新闻发布会上披露，广州已基本实现自动驾驶示范运营全域开放。 ...

Core Insights - The third AI Suzhou Annual Conference and the Huanxiu Lake Artificial Intelligence OPC Conference was held in Suzhou, showcasing the city's achievements in the "Artificial Intelligence+" sector [1] - The conference released the top ten keywords for AI development in Suzhou, innovative application scenarios in the non-manufacturing sector, and key industry standards to guide the development of the AI industry [1] - Leading scholars, industry leaders, and investment experts gathered to discuss technology development, application integration, and industry governance [1] Group 1 - Suzhou High-speed New City aims to become a preferred location for OPC startups, with a goal to establish 15 OPC communities by 2028, providing around 1,000 workstations and over 10,000 square meters of space [2] - The focus will be on seven innovative fields including "AI+Embodied Intelligence," "AI+Intelligent Connected Vehicles," and "AI+Finance," optimizing layout through industrial clustering, application scenarios, and ecological cultivation [2] - New OPC characteristic communities and ecological platforms were unveiled, along with the launch of the Huanxiu Lake OPC competition [2]

1、SpaceX回应关于爆炸事件危及航班安全的报道：误导公众 SpaceX发文称："《华尔街日报》又炮制了一篇误导性报道。很明显，记者们是被别有用心的反对 者灌输了片面且带有误导性的信息。往轻了说，这表明报道方完全不了解安全管理人员用于空域管理的 成熟工具 —— 这些工具标准明确、依托科学原理设计，且在保障公共安全方面成效显著。无论如何， 这种基于匿名信源的猜测及非科学性分析炮制出的虚假叙事，都是在误导公众。需要明确的是，在 星 舰的每次飞行测试中，公共安全始终是 SpaceX 的首要考量。没有任何飞行器曾陷入风险，所有产生飞 行器残骸的事件，其影响范围均被控制在由美国太空军规划、美国联邦航空管理局负责执行的预先协调 管控区域内。这些危险区域的划定秉持保守原则，覆盖范围足够宽泛，相关空域管制人员也已根据残骸 实际落点，在更大范围的预先协调危险区域内，对所有飞行器实施了实时的合理改道引导。SpaceX 致 力于在发射和返回过程中负责任地使用空域，将公共安全置于优先地位，保障地面、海上及空中人员的 安全。"此前，该媒体报道称美国联邦航空管理局文件显示，1月16日SpaceX"星舰"爆炸事件对空中航班 造成的危险， ...

长江证券表示，L3级自动驾驶获批上路，中国由此成为继德国之后第二个真正意义上为L3放行的国 家，而鉴于放行的两款车已经上市，也意味着中国将成为世界上首个成规模放行L3的国家。长江证券 认为，此次首批L3级车型获得准入许可，意味着我国智能网联汽车迈入量产应用新阶段。随着试点工 作的逐步推进，智能网联汽车产品准入管理和法规标准体系有望持续完善，进而加速自动驾驶技术的规 模化、商业化应用，进而惠及全产业链。建议关注：1、智能驾驶算法提供商；2、智能驾驶相关硬件提 供商；3、Robotaxi运营平台。华泰证券指出，首批L3车型获准将开启上路试点，标志着国内L3从"试点 申报与测试评估"迈向"产品准入与上路通行试点"。L3准入落地将加速智驾产业链价值重构，2026年智 驾有望成为AI应用的重要方向，建议关注智能整车、线控底盘、域控芯片、激光雷达等核心环节的投 资机会。（券商中国） ...

Core Viewpoint - The emergence of China's first L3 autonomous driving license plate marks a significant step towards the commercialization of L3 autonomous driving technology, with Changan Automobile leading the way in this development [1][2]. Group 1: L3 Autonomous Driving License and Models - On December 20, the first L3 autonomous driving license plate "渝AD0001Z" was awarded to Changan Automobile in Chongqing, indicating the start of the L3 autonomous driving era in China [2]. - The Ministry of Industry and Information Technology (MIIT) announced the first batch of L3 autonomous vehicle approvals on December 15, allowing Changan's Deep Blue SL03 and Arcfox Alpha S6 to conduct pilot tests in designated areas of Beijing and Chongqing [3]. - Changan's L3 autonomous driving system has undergone over 5 million kilometers of testing on complex roads in Chongqing, with the license plate to be installed on Deep Blue vehicles for pilot operations [2][4]. Group 2: Industry Implications and Future Outlook - Longjiang Securities stated that China has become the second country after Germany to officially permit L3 autonomous driving, indicating a new phase of mass production and application for intelligent connected vehicles [5]. - The approval of L3 models is expected to accelerate the development of a regulatory framework and standards for intelligent connected vehicles, enhancing the commercialization of autonomous driving technology [5][6]. - The gradual commercialization of L3 autonomous driving is anticipated to create opportunities for incremental components, with a focus on technologies such as detection systems and driving assistance data recording systems [6].

交巡警总队授牌 12月20日，一张印有"渝AD0001Z"字样的号牌在重庆正式发出。 这张由重庆市公安局交通管理总队授予长安汽车的号牌的意义远超出了行政许可本身。它是首块L3级 自动驾驶专用正式号牌，也意味着，中国智能网联汽车正在剥离模糊的营销话术，正式迈入权责分明的 合规商用时代。 长期以来，自动驾驶行业在L2与L3的界限上始终处于一种微妙的试探期。此次长安汽车获得正式号 牌，并在深蓝汽车上率先落地，实质上是撕开了L3级自动驾驶从技术验证向规模化量产突围的口子。 直到2025 年底，工信部在 12 月 15 日正式对外公布首批 L3 级有条件自动驾驶车型准入许可，长安深蓝 SL03 和北汽极狐阿尔法 S等车型都拿到了正式的入场券。 长安这块"渝AD0001Z"，本质上是把纸面上的准入许可继续向前推进了一步，从工信部的产品准入，走 到了公安交管部门颁发的正式号牌。这意味着：监管链条从工信部扩展到公安、交通等多部门协同，对 车企来说，这也是从迈进"规则游戏"的新起点。 为何是长安？为什么落在重庆？ 那么这块号牌为什么落在重庆、落在长安？ 一头是有"8D 魔幻立体交通"的山城，一头是深耕重庆多年的老牌主机厂。双方 ...

深圳商报首席记者 陈小慧 在造车新势力中，"蔚小理"是极具标志性的存在。然而随着新能源汽车竞争加剧，这一车圈创业"三巨 头"格局似乎悄然生变。最新数据显示，11月，蔚来汽车销量达3.62万辆，小鹏汽车则为3.67万辆，略超 蔚来。而曾经常年登顶新势力第一的理想汽车，11月销量3.31万辆，在"蔚小理"中最低。从3家企业的 港股市值看，小鹏总市值最高，紧接着是理想和蔚来。 除了"汽车"标签，"蔚小理"也在跨界求变。比如理想入局AI眼镜，小鹏高调造人形机器人，忙着找新增 长业务曲线。这些动作都在指向一个显著变化： 新势力车企不再满足于"汽车"的标签，而是强化"科技公司"属性。这背后，是"蔚小理"乃至整个新能源 汽车行业必须打好的一场"突围战"。 增长乏力，各有隐忧 销量增长主要得益于MONA M03车型的持续热销。数据显示，该车作为支柱贡献了超40%的销量。 时间回到2014年，彼时蔚来汽车和小鹏汽车相继成立。2015年，理想汽车也正式成立。自此，中国新能 源汽车行业涌现三股新势力。3家车企中，蔚来率先上市，小鹏和理想紧随其后。当时，由于蔚来成立 最早且声势最大，逐渐有了"蔚小理"的说法。 随着新能源汽车行业发展 ...

厦门钨业（600549）、一品红（300723）、博盈特焊（301468）、华通线缆（605196）、佐力药业 （300181）等个股也获超100家机构调研。厦门钨业近期股价频频创出历史新高，主要受益于钨精矿价 格频创新高。数据显示，江西钨精矿(65%)价格已飙升至43万元/吨上方，相比年初暴涨28.8万元/吨，涨 幅接近两倍。 | 近 | | | -周 (12.12~12.18) 机构调研情况 | | | | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 调研机构 | 三季报净 | 滚动市盈 | 本周涨跌 | | | | 数(家) | 利同比 | 率(倍) | 幅(%) | | | | | (%) | | | | 000625 | 长安汽车 | 214 | -14.66 | 17.14 | 0. 95 | | 600549 | 厦门钨业 | 172 | 27.05 | 30. 13 | 5. 15 | | 300723 | 一品红 | 119 | 44. 80 | | -23. 69 | | 301468 | 博盈特焊 | 108 | -37.17 | 15 ...

Economic Indicators - In November, the industrial added value of large-scale enterprises increased by 4.8% year-on-year, slightly down by 0.1 percentage points from October, marking the lowest since September 2024 [2] - The total retail sales of consumer goods grew by 1.3% year-on-year, a decline of 1.6 percentage points, continuing a six-month slowdown [2] - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year in the first eleven months, with the decline expanding by 0.9 percentage points from the previous month, marking eight consecutive months of decline [2] High-tech Manufacturing - High-tech manufacturing added value increased by 8.4% year-on-year in November, surpassing the overall industrial added value by 3.6 percentage points [2] - Cumulatively, from January to November, high-tech manufacturing added value rose by 9.2%, with smart consumer equipment manufacturing increasing by 7.6% [2] - Investment in the automotive manufacturing sector grew by 15.3%, while investment in rail, shipbuilding, aerospace, and other transportation equipment manufacturing increased by 22.4% [2] Fiscal Revenue and Expenditure - From January to November, the general public budget revenue reached approximately 20.1 trillion yuan, a year-on-year increase of 0.8%, consistent with the growth rate of the previous ten months [4] - General public budget expenditure was about 24.9 trillion yuan, up 1.4% year-on-year, with social security and employment expenditure, health expenditure, and education expenditure growing by 8.1%, 4.7%, and 4.4% respectively, all exceeding the average expenditure growth rate [4] - The central economic work conference indicated a continuation of a more proactive fiscal policy next year, emphasizing the need for necessary fiscal deficits and total expenditure [4] Hainan Free Trade Port - Hainan Free Trade Port officially launched its full island closure on December 18, with eight open ports and ten "second-line ports" now operational [5] - The proportion of "zero tariff" goods will increase from 21% to 74%, covering 6,600 tax items, which is expected to save about 20% in tax costs for importing equipment enterprises [5] - The first day of closure is expected to see significant imports of "zero tariff" goods, with a total value exceeding 500 million yuan [5] Autonomous Driving - The Ministry of Industry and Information Technology approved the first two L3-level conditional autonomous driving models, marking a significant step towards mass application [7] - The approved models include the Deep Blue SL03 and the Arcfox Alpha S, with specific operational scenarios and speed limits [7] - This approval indicates a shift from "technical verification" to "mass production application" in China's autonomous driving sector [7] Monetary Policy - The People's Bank of China resumed 14-day reverse repos on December 18, injecting liquidity into the market to maintain a stable financial environment [8] - The central bank's actions aim to counter potential tightening risks and stabilize market expectations [9] - Analysts expect continued reverse repo operations to meet year-end funding demands while preventing excessive liquidity accumulation [9] Stock Market Performance - Mu Xi Co., a leading domestic GPU company, saw its stock price surge by 568.83% on its debut, setting a record for single-day profits for investors [10] - The stock closed at 829.90 yuan, with a total market value reaching 332 billion yuan, ranking fifth among companies listed on the Sci-Tech Innovation Board [10] - The high valuation of Mu Xi Co. reflects market confidence in China's technological upgrade path, particularly in the GPU sector [11]