L3级自动驾驶车型获得准入，南向资金涌入自动驾驶板块，均胜电子、赛力斯、曹操出行、佑驾创新 等获大幅加仓。 本周（12月15日至12月19日），港股市场主要股指集体下跌，恒生指数累计下跌1.1%，恒生科技指数 下跌2.82%，恒生中国企业指数下跌1.96%。证券时报·数据宝统计，本周南向资金合计成交净流入 162.74亿港元，净流入金额由负转正。 明显加仓大型科技股 从上榜成交活跃股名单来看，本周共有21只个股上榜，阿里巴巴-W本周港股通成交总额最高，达到 348.82亿港元。腾讯控股、小米集团-W、中芯国际、长飞光纤光缆港股通买卖总额均超过100亿港元。 从成交净买入金额来看，南向资金对大型科技股明显加仓。小米集团-W本周获南向资金净买入金额最 高，达到41.01亿港元，已连续三周获南向资金净买入最高。美团-W本周获南向资金净买入金额18.9亿 港元，阿里巴巴-W净买入金额11.1亿港元，腾讯控股净买入金额11.06亿港元。 小米集团南向资金持股量已连续14个交易日上升，最新持股量达到45.84亿股，持股市值1858.46亿港 元。消息面上，《北京市自动驾驶汽车年度评估报告（2024-2025）》显示，小米 ...

消息面上，工信部近期公布我国首批L3级有条件自动驾驶车型准入许可，长安汽车与北汽极狐成为首 批获准企业，其获批车型将分别在重庆指定拥堵路段和北京指定高速路段开展上路试点，标志着我国 L3级自动驾驶从测试阶段迈入商业化应用关键一步。 同时，12月19日智能驾驶龙头希迪智驾在港交所主板挂牌上市，成为首家港股上市的商用车智能驾驶上 市公司，其聚焦智慧矿山、智慧物流等场景，已构建起无人驾驶矿卡、自动驾驶物流车、V2X智能终端 等产品线矩阵，赋能园区、矿山、轨道交通等场景的智能化升级。 受影响板块分析： 早盘，无人驾驶板块表现活跃。豪恩汽电20CM涨停，云意电气涨超12%，均胜电子、浙江世宝、路畅 科技涨停。 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅▼ | | --- | --- | --- | --- | --- | | 301488 | 豪恩汽电 | 169.20 | 28.20 | 20.00% | | 300304 | 云意电气 | 11.79 | 1.34 | 12.82% | | 600699 | 均胜电子 | 30.42 | 2.17 | 10.02% | | 002703 | 浙江世宝 | 1 ...

中信证券认为，2025年是智能驾驶行业加速渗透的一年，随着龙头企业开启"智驾平权"的战略，测算中 国乘用车行业高速NOA(导航辅助驾驶)和城市NOA渗透率分别达到16%和14%，销量约为363万辆、333 万辆。2026年，预测高速NOA、城市NOA渗透率将分别达到21%和22%。自动驾驶加速渗透带来头部智 驾公司、上游产业链、L4公司的投资机会。 我国自动驾驶产业迎来历史时刻。12月15日，工业和信息化部宣布，我国首批L3级有条件自动驾驶车 型获得产品准入许可。极狐汽车与长安汽车（000625）的两款纯电动轿车分别获得资质，将在北京、重 庆指定区域开展上路试点。 平安证券认为，1)自动驾驶技术走向量产应用。2)当前获批的L3车型的运行条件还存在诸多限制。3)智 能驾驶的商业化进程有望在2026年加速。尽管目前L3车型的运行条件还存在诸多限制，但此次L3车型 的准入获批意味着智驾在技术、政策端的进步，为后续智驾的商业化进程奠定基础。2026年智能驾驶的 商业闭环有望进一步打通。 ...

Core Insights - Yuanrong Qixing has achieved significant commercial success with 200,000 production vehicles equipped with its urban NOA (Navigation Assisted Driving) system, marking a rapid growth from its first deployment in September 2024 [2] - The company holds a nearly 40% market share among third-party suppliers for urban NOA as of October 2025, indicating its technological leadership is translating into market competitiveness [2] - Yuanrong Qixing's CEO, Zhou Guang, revealed plans to reach a delivery scale of 1 million units next year, supported by a recent contract with a leading domestic new energy vehicle manufacturer [3] Group 1: Business Development - Yuanrong Qixing's NOA system is primarily integrated into vehicles from domestic brands such as Great Wall Motors and Geely, with Great Wall being a key partner [2] - The company has adopted a deep collaboration model with automakers, focusing on leveraging advanced technology to create popular vehicle models [3] Group 2: Future Strategies - Yuanrong Qixing plans to expand into two additional key areas: Robotaxi and RoadAGI, utilizing data and engineering experience from its NOA business to support these initiatives [4] - The company aims to launch Robotaxi operations in Wuxi and Shenzhen, with a strategic agreement in place to establish a testing and R&D base in Wuxi [5] - RoadAGI aims to address complex last-mile delivery challenges, aspiring to create a foundational model for physical execution units to deliver items directly to users [6] Group 3: Market Outlook - The competitive landscape for 2026 is expected to intensify, with a focus on cost reduction and user experience enhancement as key differentiators [3] - Yuanrong Qixing's VLA technology, based on GPT architecture, is anticipated to provide superior fitting and learning capabilities, which will be fully realized through large-scale production [3] - The company is positioned to achieve significant milestones in 2026, including surpassing 1 million units of NOA system deliveries and advancing the commercialization of Robotaxi and RoadAGI [6]

Core Viewpoint - The strategic investment by the company in Jianzhik Cayman aims to deepen the integration of intelligent driving businesses and enhance the provision of comprehensive intelligent driving solutions to OEMs [1][2]. Group 1: Investment Details - The company plans to invest 250 million RMB in cash and assets, acquiring 138,423,368 shares of C+ class preferred stock at a price of $0.2538 per share [1]. - The company will also transfer 100% equity of Tuxin Zhijia to Jianzhik Cayman’s wholly-owned subsidiary, Beijing Jianzhik, and subscribe for 1,092,383,785 shares of common stock issued by Jianzhik Cayman [1]. - Post-transaction, the company will hold a 39.14% stake in Jianzhik Cayman, becoming its largest shareholder but not a controlling shareholder [2]. Group 2: Strategic Goals - The primary goal of the investment is to promote the deep integration of the company's and "New Jianzhik's" intelligent driving businesses, establishing "New Jianzhik" as the core platform for the company's intelligent driving operations [2]. - The collaboration aims to create a comprehensive product system that meets the diverse needs of OEMs across low, medium, and high-level intelligent driving requirements [2]. Group 3: Industry Context - The transaction aligns with the current trend in the intelligent driving industry, where L3 autonomous driving is entering a commercial phase and technology is being integrated into mid to low-end markets [4]. - The industry is experiencing a phase of deep integration, with traditional OEMs slowing down in-house development and increasingly relying on external technology suppliers [4]. - The company’s intelligent driving business is progressing in line with industry trends, achieving key advancements in technology breakthroughs, customer deliveries, and strategic positioning [4]. Group 4: Future Prospects - The company has launched an AI Infrastructure as a Service (AI Infra as a Service) framework to empower the entire intelligent driving value chain, supporting efficient development and application of advanced driving technologies [5]. - The collaboration with "New Jianzhik" is expected to enhance market share and strengthen the company's core competitiveness in the intelligent driving sector, capitalizing on the accelerating development of the industry [5].

Group 1 - Intelligent driving has evolved from a technological highlight to a core differentiator for automakers and a key driver for the commercialization of mobility services [1] - The depth of technology, iteration speed, and scale of implementation will significantly impact the future competitive landscape and the construction of sustainable competitive advantages in the "software-defined vehicle" arena [1] - Understanding the real situation and evolution path of intelligent driving capabilities is crucial for predicting future competition and commercialization trends [1] Group 2 - The competition landscape is being reshaped by large models, with the cloud-vehicle collaborative computing race intensifying [2] - VLA models are achieving breakthroughs in decision-making interpretability and long-tail scenario generalization through multimodal integration and reasoning [2] - The deployment of large models is pushing the cloud-vehicle collaborative computing competition into a heated phase, requiring upgrades in vehicle-side chip computing power and millisecond-level data interaction between cloud and vehicle [2] Group 3 - Tesla maintains its leading position in the intelligent driving industry through a full-stack multimodal end-to-end architecture, efficient data loops, and Dojo supercomputing capabilities [3] - Domestic automakers are accelerating their technological catch-up, but there remains a generational gap in data loop capabilities, algorithm integration depth, and engineering efficiency [3] - Major Chinese automakers like Huawei, Xpeng, and NIO have established supercomputing centers with approximately 10 EFLOPS to support scenario data training and model upgrades [3] Group 4 - The commercialization process of L3 intelligent driving is accelerating, driven by regional pilot programs and favorable policies [4] - In 2024, only 5% of vehicles priced between 100,000 to 200,000 yuan will be equipped with high-speed NOA and urban NOA, indicating a significant opportunity for "intelligent driving democratization" [4] - The Robotaxi market is expected to reach several hundred billion yuan by 2030, with commercial operations potentially scaling up in 2026 [4] Group 5 - Desay SV is a leader in the intelligent cockpit domain with a market share of 38%, achieving over 8 billion yuan in revenue from intelligent driving business in 2023 [5] - Wanji Technology, a leader in the vehicle-mounted lidar sector, achieved a 300% year-on-year increase in shipment volume in Q1 2024 [6] - Lichuang Electronics, a core supplier for Tesla's pure vision solution, expects Tesla's business to account for over 30% of its revenue [7] - BYD sold over 1.5 million L2 vehicles in 2023 and plans to launch L3 models by 2025 [8]

Core Insights - The development of intelligent driving technology is transitioning from a technical highlight to a crucial factor for product differentiation among automakers and a key support for the commercialization of mobility services [1] - The reliability and maturity of intelligent driving technology are approaching Level 3 (L3) standards, with expectations for significant advancements in technology validation following mass production [1] - The trend of "intelligent driving equality" is establishing, allowing high-level intelligent driving features to penetrate lower price segments, which is expected to drive structural sales growth in intelligent driving vehicles [1] Industry Trends - The competition landscape is being reshaped by large models and cloud-vehicle collaborative computing, with the deployment of large language models (VLA) enhancing decision-making capabilities and scene generalization [2] - The race for cloud-vehicle collaborative computing is intensifying, requiring significant upgrades in vehicle chip computing power and achieving millisecond-level data interaction between vehicles and the cloud [2] Market Development - The commercialization process of L3 intelligent driving is accelerating, driven by regional pilot programs and favorable policies, with a focus on reliability and safety [3] - The market for Robotaxi is projected to begin large-scale commercialization around 2026, with significant potential for growth, potentially reaching several hundred billion by 2030 [3] Company Recommendations - Companies with full-stack self-research capabilities recommended include Li Auto (W) [4], XPeng Motors (W) [4], and Xiaomi Group (W) [4] - Companies with self-research and third-party collaborations to watch include BYD [4], Geely [4], Great Wall Motors [4], and Changan Automobile [4]

Core Insights - The article highlights the strategic partnership between Youjia Innovation and Chongqing Recycled Resources Group, focusing on deploying new energy heavy-duty trucks and promoting autonomous driving technology in complex mining scenarios [2] - The mining sector is identified as a key area for technological transformation due to its high energy consumption and emissions, necessitated by global carbon reduction goals and rising labor costs [3] - The market for autonomous mining solutions in China is projected to reach 2 billion yuan by 2024, with a compound annual growth rate of 204.7% from 2021 to 2024, indicating significant growth potential [4] Industry Dynamics - The mining industry is under pressure to adopt intelligent technologies, with government policies mandating a minimum of 60% intelligent capacity in coal mines by 2026 and a 30% replacement rate for dangerous jobs by robots [3] - The competitive landscape is intensifying, with multiple players like Yushi Technology, Xidi Zhijia, and Yikong Zhijia entering the market, indicating a race for market share in the autonomous mining sector [8] - The capital market is responding to the growing demand for intelligent mining solutions, with companies like Youjia Innovation and Momenta positioning themselves strategically to capture new opportunities [6][10] Strategic Moves - Youjia Innovation is enhancing its focus on L4 technology applications in various autonomous vehicle sectors while collaborating with Chongqing Recycled Resources Group to address mining logistics challenges [6] - Momenta is adopting a dual strategy to leverage data from L2 vehicles to improve L4 technology, aiming to integrate with vehicle manufacturing capabilities [7] - Both companies are targeting the mining sector due to its controlled environment and repetitive tasks, which facilitate the testing and scaling of autonomous driving technologies [6] Market Outlook - The autonomous mining vehicle penetration rate in China is expected to exceed 50% by 2030, with global revenues surpassing 8 billion USD [4] - The intelligent driving market in China is projected to approach 1 trillion yuan by 2025, highlighting the immense growth potential despite the high initial investment required [9] - Companies that can demonstrate commercial viability and stable revenue growth are likely to attract more capital investment, as evidenced by Youjia Innovation's successful IPO and project acquisitions [11]