一次大规模停电，暴露了全球无人车一哥的短板。 被曝估值冲上千亿美元没几天，Waymo就因为当地停电全面停摆了，挡在路中间，造成城市拥堵，相关视频疯传。 马斯克第一时间"补刀"，表示自家Robotaxi就没受到影响。看上去，特斯拉代表的L2渐进式路线，似乎小胜了一局……反正马哥认为这就是彰显优越性的 时刻。 在Robotaxi战场上，今年马斯克的一举一动，都把自动驾驶之争推向了新的高潮，大洋两岸更多玩家开始入场，沿着「特斯拉路线」前进，与「Waymo路 线」争夺自动驾驶圣杯。 所以问题是，停电是如何影响Waymo Robotaxi的？ 当地停电，Waymo停工 Waymo停摆源自一场火灾，旧金山变电站失火，导致当地大规模停电，据说直接影响到13万居民用电。 更要命的是，因为大范围停电，马路上的红绿灯都不亮了，引发Waymo无人车全面停摆。 真是屋漏偏逢连夜雨，本就混乱的交通，这下因为无人车挡在路上变得更堵了。Waymo只好连夜找拖车运走了无人车，同时宣布在当地停运，目前还不 清楚什么时候重新上线。 所以为啥停电会导致Waymo停运？首先是官方回应暴露的运营漏洞。 Waymo在官方声明中解释称，Waymo的Rob ...

编辑：冷猫 上周六，美国旧金山发生了一次大规模的停电事故。 这次停电事件似乎是由该市一处 太平洋煤气与电力公司（Pacific Gas & Electric，PG&E）变电站发生火灾所引发的。SFGate 报道称，约有 12 万名用户受到此次停 电影响。 不过，我们关注的并不只是停电事故，而是停电导致的一个非常诡异的现象： Waymo 自动驾驶汽车在停电期间大规模瘫痪。 Waymo 在周六表示，由于停电，该市暂时停止了服务。直到周日下午晚些时候，Waymo 发言人表示公司已恢复服务。 在此期间，有大量照片和视频被发布到社交媒体上，拍下了 Waymo 自动驾驶出租车在道路中间和十字路口停车。也说明了这一瘫痪现象并非个例，而是普遍现 象。 人类司机要么被堵在它们后面，要么绕过它们，造成了严重的交通堵塞现象。 Nic Cruz Patane @niccruzpatane Subscribe Q This is insane, Waymo vehicles all over SF are bricked due to a power outage. 这太疯狂了，由于停电，旧金山的所有 Waymo 车辆都变砖了。 0: ...

12月21日，全球Robotaxi龙头企业Waymo因在多个十字路口大面积停车而备受关注。 此次事故的起因是旧金山当地的红绿灯受到停电的影响而失灵。 Waymo的Robotaxi由于无法灵活应对熄灭的红绿灯这类突发事故，而做出了在十字路口停车这一看似 更"安全"的操作。 此次事故也给国内将要狂飙的Robotaxi车队带来更多警示意味。 回溯整个2025年，中国Robotaxi赛道的资本化被按下了加速键。 据信风不完全统计，今年以来已有哈啰、滴滴、小马智行、文远知行等多家公司完成新一轮融资，融资 额合计已超百亿。 这为各家2026年的Robotaxi车队扩充补充了充足的弹药。 信风结合当前已披露2026年目标车队规模的企业测算，2026年仅小马智行、文远知行和滴滴的Robotaxi 车队规模合计便有望达到8000辆。 中国Robotaxi正在逼近万辆这一里程碑节点。 但与竞对形成反差的是，作为国内Robotaxi NO.1的百度萝卜快跑却是异常的低调。 迄今为止，萝卜快跑仍只是百度的一个业务部门，并未独立进行对外融资，这也给外界留下了无限的遐 想。 这种"克制"背后，萝卜快跑同样在筹划扩大运营规模。近期李彦宏在 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on companies with advantages in smart technology and the second-hand car market [1][3]. Core Insights - The recent approval of L3 autonomous driving models by the Ministry of Industry and Information Technology marks a significant step towards commercialization, with companies like Xiaopeng, Li Auto, and others expected to benefit [4][6]. - The report highlights the potential for recovery in the second-hand car market and improved profitability for dealers due to the current industry pricing cycle [1][3]. - Companies with strong performance support and relatively low valuations are recommended for attention, including Yinlun, Shuanghuan, Jifeng, and others [1][3]. Summary by Sections Industry Update - The average daily retail sales of passenger cars in China for the second week of December were 67,000 units, a year-on-year decrease of 17% but a month-on-month increase of 9% [3]. - The automotive industry transaction volume reached 491.613 billion yuan, with a week-on-week increase of 4.82% [3][10]. - The automotive industry index closed at 7654.14 points, down 0.10% for the week, which is a smaller decline compared to the Shanghai and Shenzhen 300 index [10][12]. Market Situation - The report notes that 164 automotive stocks rose while 105 fell, with Zhejiang Shibao and Haoen Qidian showing the largest gains of 44.1% and 28.4%, respectively [15]. - The report emphasizes the importance of the L3 autonomous driving models' approval for future market developments [4][29]. Investment Recommendations - Companies with a relative advantage in smart technology, such as Xiaopeng, NIO, and others, are highlighted as key investment opportunities [1][3]. - The report suggests focusing on second-hand car companies like Uxin for potential profitability recovery [1][3]. - It also recommends companies with strong earnings support and low valuations, such as Yinlun and Shuanghuan, for potential growth [1][3]. Important Events - The approval of L3 autonomous driving models is seen as a pivotal moment for the industry, with specific models from Changan and BAIC being highlighted [4][24]. - The report discusses the strategic cooperation between Dong'an Power and BAIC Manufacturing, indicating ongoing innovation in the sector [25].

Group 1 - The company is operating at full capacity for its aspheric glass lenses, which are used in sports cameras, automotive ADAS lenses, and AI glasses [1] - The company is focusing on the AI glasses, autonomous driving, and new consumer markets, indicating a strategic direction towards emerging technologies [1] - The molded glass business is forming a new growth driver for the company, which is expected to become a new engine of growth [1] - The company plans to adjust its production capacity based on industry development and market demand [1]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on companies with advantages in smart technology and the second-hand car market [1][3]. Core Insights - The Ministry of Industry and Information Technology has officially licensed L3 autonomous driving models from Changan and BAIC, indicating a significant step towards commercialization in this sector [1][4]. - The report highlights the potential for new energy vehicle companies such as XPeng, NIO, and Li Auto, as well as tier 1 suppliers like Desay SV and Jingwei Hirain, to benefit from advancements in smart technology [1][3]. - The report suggests that the current market conditions favor the recovery of second-hand car companies and the overall profitability of dealers, recommending companies like Uxin [1][3]. - Given the uncertainty in overall industry demand for the coming year, the report advises focusing on companies with strong performance support and relatively low valuations, such as Yinlun, Shuanghuan, and Jifeng [1][3]. - The report also notes the potential breakthroughs from state-owned enterprise reforms, particularly with SAIC and Dongfeng, suggesting continued attention to these developments [1][3]. Industry Updates - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the second week of December were 67,000 units, a year-on-year decrease of 17% but a month-on-month increase of 9% [3][52]. - The automotive industry’s total transaction value for the week was 491.613 billion yuan, with a week-on-week increase of 4.82% [3][10]. - The automotive industry index closed at 7654.14 points, down 0.10% for the week, which is a smaller decline compared to the Shanghai and Shenzhen 300 index [3][10]. Market Performance - A total of 164 automotive stocks rose while 105 fell during the week, with Zhejiang Shibao, Haon Automotive, and *ST Weidi showing the largest gains of 44.1%, 28.4%, and 24.2% respectively [3][15]. - The report indicates that the automotive sector's price-to-earnings ratio stands at 28.44, ranking 18th among all primary industries [3][12]. Key Events - The report emphasizes the approval of L3 autonomous driving models as a pivotal moment for the industry, marking the transition from testing to commercial application [4][6]. - Companies like XPeng and Li Auto have also received L3 road testing licenses, further indicating the momentum in the autonomous driving sector [4][30].

Core Insights - The report highlights the performance of major stock indices, indicating a mixed trend across different markets with notable movements in the US and Asia [6][13]. - The report emphasizes the growth in the aviation cargo sector in China, driven by international market demand, with a year-on-year increase of 13.6% in cargo and mail transport volume [16]. - The report discusses significant developments in the technology sector, including Samsung's launch of the first 2nm process smartphone application processor, which is expected to enhance performance significantly [19]. International Market Overview - The report notes that the Dow Jones Industrial Average increased by 0.38% to 48,134.89 points, while the S&P 500 rose by 0.88% to 6,834.50 points, and the Nasdaq Composite gained 1.31% to 23,307.62 points [13]. - European markets showed slight gains, with the DAX30 up by 0.37% and the FTSE 100 up by 0.61% [13]. - In the Asia-Pacific region, the Hang Seng Index rose by 0.75%, while the Nikkei 225 increased by 1.03% [13]. Domestic News - The report mentions the implementation of a "zero tariff" policy for imported vehicles in Hainan, aimed at businesses in transportation and tourism, marking a significant regulatory change [14]. - The establishment of the first L3-level autonomous driving license plate in Chongqing signifies a major advancement in China's autonomous vehicle regulations [15]. - The Central Economic Work Conference emphasizes the importance of innovation-driven growth and the establishment of a unified national market, addressing issues of competition and pricing in various industries [17][18]. Company-Specific Developments - The report indicates that Chinese concept stocks mostly rose, with the Nasdaq China Golden Dragon Index increasing by 0.86% [19]. - Key company announcements include the approval of an IPO for a semiconductor company by a subsidiary of Shengfeng Cement and the clinical trial approval for a new depression treatment by a subsidiary of Jiankangyuan [19]. - McDonald's has achieved full coverage in China's provincial administrative regions with the opening of its first store in Qinghai, reflecting its expansion strategy [19].

文 | 山自 2025年12月20日，旧金山遭遇一场罕见的大规模停电。太平洋煤气与电力公司（PG&E）一座变电站突 发火灾，导致全市约12.5万用户断电，覆盖西区、里士满、海特-阿什伯里、中国城等近三分之一区 域。交通信号灯集体熄灭，Muni公交停运，市长丹尼尔·卢瑞紧急呼吁市民非必要不出行。 2025年12月20日下午4:50的PG&E停电图 然而，在这场城市应急事件中，最引人注目的并非人类司机的混乱应对，而是——Waymo自动驾驶车 队的集体"宕机"。 有分析指出，伴随停电的蜂窝网络波动或实时交通数据中断，可能是另一重打击。Waymo等公司依赖 远程协助（Tele-assist）处理边缘场景。一旦通信中断，车辆不仅"看不见"，还成了"信息孤岛"，无法获 取后台指令或路径重规划。 社交媒体上，视频疯传：多辆白色Waymo车辆在漆黑潮湿的十字路口一动不动，红色尾灯在夜色中闪 烁，后方排起长龙，人类司机或鸣笛催促，或无奈绕行。有用户调侃："停电摧毁了Waymos RIP。"更 有观察者尖锐指出："看起来它们根本没接受过停电训练。" 停电期间，一辆Waymo被困在路上 次日，Waymo官方承认已暂停旧金山服务，并 ...

Core Viewpoint - Uber is partnering with Baidu to test autonomous ride-hailing services in London, aiming to launch the pilot project in the first half of 2026 and provide the service by the end of 2026 [1] Group 1: Company Developments - Uber will utilize Baidu's Apollo RT6 autonomous vehicles for the London pilot [1] - The company has shifted its strategy since 2020, moving away from developing its own autonomous driving technology to collaborating with various autonomous taxi companies [1] - Uber's CEO Dara Khosrowshahi stated that the company plans to offer autonomous services in over 10 markets by the end of next year [1] Group 2: Industry Trends - The global rollout of autonomous taxis is accelerating, with companies like Baidu, WeRide, and Waymo leading the charge [1] - Baidu is currently testing its autonomous services in Abu Dhabi, Dubai, and Switzerland [1] - Uber and WeRide have already launched autonomous services in Abu Dhabi and are looking to expand into the Middle East [1]

Core Viewpoint - The company is currently operating at full capacity for its aspheric glass lens production, which is utilized in various applications such as sports cameras, automotive ADAS lenses, and AI glasses. The company is focusing on the AI glasses, autonomous driving, and new consumer markets as new growth drivers, with plans to expand capacity based on industry development and market demand [1]. Group 1 - The company's aspheric glass lens production is at full capacity [1] - Applications for the glass lenses include sports cameras, automotive ADAS lenses, and AI glasses [1] - The company is targeting AI glasses, autonomous driving, and new consumer markets as potential growth areas [1] Group 2 - The molded glass business is expected to become a new growth engine for the company [1] - The company plans to adjust its capacity expansion according to industry trends and market needs [1]