在二级市场的复杂博弈中，影响股价走势的因素既包括上市公司的基本面、未来的成长预期，也包括了短期的事件性影响或情绪波动。毋庸讳言，有时事件 扰动会引发市场噪音，甚至造成股价波动，但以长远眼光看市场的真正价值锚点始终深植于企业基本面与未来增长前景。因此，某一次"利空"所砸出来的股 价低点反而可能是"黄金坑"，此时正是战略性建仓的宝贵机会。 智通财经注意到，2025年12月29日，港股上市满一周年的佑驾创新（02431）迎来限售股解禁。在此之前，这家在智能驾驶领域取得了丰富实质性成果的高 成长性公司，其股价却因解禁预期而出现了非常规的波动。笔者认为，有鉴于佑驾创新是稀缺智驾潜力股，且公司多项业务恰值战略突破期，近期佑驾创新 的股价波动显然脱离了理性范畴。 不仅如此，消息面上佑驾创新重要股东四维图新（002405.SZ）向外界表示，作为佑驾创新的深度合作伙伴兼重要股东，看好其长期投资价值及发展潜力， 不急于减持股票。对此，四维图新高级副总裁、董事会秘书兼CMO孟庆昕称，"我们充分信赖佑驾创新扎实的基本面、以及持续增长的潜力。未来也将继续 与佑驾创新在前沿技术研发与全球市场拓展上深度合作，一同实现智驾赛道的长期价值。" ...

如果要用一句话总结2025年的汽车智能化，那大概是： 技术更聪明了，价格腰斩了，宣传更克制了，智能驾驶从城市走向更多元场景。 年初的时候，谁也没想到，这一年会成为汽车智能化的分水岭。开年两个月，比亚迪就把智驾塞进7万块小车，喊出"智驾平权"。几乎同时，DeepSeek、 华为盘古等大模型纷纷上车，座舱从语音控制升级为主动理解。 但技术狂奔很快遭遇现实拷问，小米SU7事故将整个行业拉回现实，安全成为更重要的关键词。 于是，2025年智驾圈就这样在狂奔与刹车之间呈现出前所未有的广度。 DeepSeek等AI大模型上车热潮 2025年，DeepSeek、华为盘古、阿里通义等通用大模型密集登车，车企纷纷推出具备语义理解、多轮对话、场景预判能力的新一代智能座舱。座舱交互 从指令响应迈向主动服务，用户一句模糊的"我有点累"，就能触发座椅按摩、氛围灯调节和导航就近推荐休息区。但热潮之下也暴露短板：部分车型的大 模型依赖云端算力，在弱网或离线状态下功能大幅缩水。大模型上车，真正考验的不是参数规模，而是端云协同的稳定性与本地化推理能力。 小米SU7事故，三条生命，换来史上最严L2+智驾新规 2025年4月，一辆开启NOA的小米 ...

如果说"规范"是2025年中国车市的发展底色，那么"创新"便是当之无愧的发展引擎。创新首先体现 在技术路线的普惠与产业边界的拓展上。一方面，年初高声量的"智驾平权"口号在车企、智驾企业的共 同努力下，终于逐渐成为现实。比亚迪全系车型标配领航辅助驾驶功能，零跑、长安等品牌等将激光雷 达搭载于10万~15万元级车型，地平线基于单征程6M的城市NOA下探到10万元级车型……数据显示， 今年前三季度，组合辅助驾驶乘用车在新车市场的渗透率已达64%。可见，这一功能不再只是少数人的 尝鲜，而是超过半数车型的标配。 2025年，得益于AI技术的广泛应用，汽车产业边界变得模糊，车企、供应链企业向人形机器人、 低空飞行器、智能穿戴设备等领域外溢的现象愈发普遍。这不仅是业务的跨界，更是技术基因的延伸与 进化，为整个产业开辟了长远发展的全新路线。 时序更迭，又到一年复盘时。若要用一个词定格2025年中国汽车产业，"反转"二字大概是许多人的 共同心声。五花八门的智驾"吹捧"逐渐回归理性，声势浩大的"价格战"正在偃旗息鼓，看似走到绝路的 传统燃油车迎来峰回路转，担忧处处受制的汽车出口一路高歌。一系列"反转"背后，两条发展脉络愈发 明晰 ...

Core Insights - The autonomous driving industry reached a significant milestone in 2025, transitioning from a conceptual phase to practical applications, with various companies achieving regulatory approvals and launching commercial operations [1][3][21] Industry Developments - In 2025, Chinese autonomous driving companies accelerated their global expansion, with notable projects such as MOGOX and BYD winning Singapore's first L4 autonomous bus pilot project, marking a significant entry into developed countries' public transport systems [3][5] - The successful implementation of L3 autonomous driving regulations in Beijing and Chongqing established a framework for commercial operations, with the first L3 vehicles receiving conditional approval for operation in specific areas [8][9][11] Technological Advancements - The industry saw a shift towards end-to-end architectures and localized adaptations, with companies like Huawei introducing advanced systems that significantly reduce latency and improve performance in complex driving scenarios [12] - The introduction of affordable high-level autonomous driving features in vehicles, such as the BYD Qin L DM-i, has increased market penetration, with the adoption rate for advanced driving features in vehicles under 150,000 yuan rising from 5% to 18% by the end of 2025 [13] Capital Market Activities - The dual listing of Pony.ai and WeRide on the Hong Kong Stock Exchange marked a significant event in the capital market, with both companies focusing their fundraising efforts on commercializing L4 technology [16][18] - Despite initial stock price declines post-listing, the dual listing is seen as a benchmark for the industry, providing a stable financing channel and highlighting the long-term value of autonomous driving technologies [19] Globalization and Market Expansion - The global rollout of Robotaxi services accelerated, with partnerships like WeRide and Uber launching operations in Dubai, while Tesla initiated limited testing in the U.S. [6][21] - The successful deployment of autonomous driving solutions in high-density urban environments, such as Singapore, enhances China's influence in global autonomous driving standards [6][21] Regulatory and Safety Considerations - The industry faced challenges related to safety and regulatory compliance, with incidents prompting a reevaluation of operational safety measures and the establishment of stricter regulatory frameworks [20][21] - The balance between innovation and regulation is crucial for the sustainable development of the autonomous driving sector, as evidenced by the regulatory responses to safety incidents [20][21]

Group 1 - The core viewpoint of the articles highlights the structural transformation of the Chinese automotive industry in 2025, driven by three significant changes that indicate new directions for future development [1] Group 2 - 2025 is anticipated to be the "Year of Universal Intelligent Driving," with automatic driving technology transitioning from luxury models to standard features in the mass market, making intelligent driving more accessible to ordinary consumers [2] - The penetration rate of passenger cars equipped with combined driving assistance functions reached 64% in the first three quarters of this year, with sales increasing by 21.2% year-on-year [2] Group 3 - New energy vehicles (NEVs) are becoming the dominant force in the market, with their sales surpassing 50% of total new car sales for the first time, reaching 51.6% in October [3] - The domestic sales of new energy passenger vehicles accounted for 53.6% of total passenger vehicle sales in the first 11 months of this year, indicating a shift from policy-driven to market-driven growth [3][4] Group 4 - The industry is maturing as internal driving forces are fully activated, with issues like range anxiety and charging convenience being largely resolved, making intelligent features and cost advantages key attractions for consumers [4] Group 5 - The competitive landscape is shifting from price wars to quality competition, with a significant reduction in harmful price-cutting practices and a focus on technological development and user service [5] - The supply chain ecosystem is undergoing systematic recovery, with mainstream automakers shortening supplier payment cycles to 60 days, improving the financial dynamics between automakers and suppliers [5]

中新社记者 刘文文 新能源汽车正以不可逆转的趋势，逐渐从市场新秀蜕变为主导力量。 2025年，中国汽车产业在"换挡提速"中迎来结构性重塑。其中，三个重要变革为行业写下鲜明注脚，也 指明了中国汽车未来发展的新方向。 北方工业大学汽车产业创新研究中心研究员张翔对中新社记者表示，这一转变无疑是今年汽车产业发展 的分水岭事件。中国汽车工业协会数据显示，10月新能源汽车新车销量占汽车新车总销量比重首超 50%，达51.6%，占有率首次过半。这不仅意味着燃油车主导时代的加速落幕，更表明新能源汽车的市 场认可度实现质的飞跃。 智驾"驶"入寻常百姓家 中新社北京12月29日电 题：中国经济这一年：汽车产业迎三大变革 2025年堪称"全民智驾元年"。罗兰贝格汽车行业首席研究员陈春栋受访时表示，这一年，自动驾驶技术 实现从高端车型"奢侈品"到大众市场"标配"的跨越，一场以智驾普惠化为核心的产业浪潮全面掀起。 今年以来，"智驾平权"趋势愈发明显。具备L2级组合驾驶辅助功能的车型价格已下探至10万元人民币区 间。如埃安i60等车型凭借"越级"智驾配置成为市场热门，打破了智驾与高端车的固有绑定，让更多普 通消费者体验到科技出行的便利。 ...

马斯克努力收起笑容，一本正经地回答： " 是的，我不认为他们的产品吸引人，没有好技术，比亚迪在中 国也面临相当严重的问题，他们现在的重点是确保不会倒闭。 " 彼时，特斯拉推出的全球首款锂电池轿车 Model S ，以独特的电动和新奇的外观设计刷新了人们对汽车 的想象，马斯克一跃成为全球耀眼的车圈明星人物；而大洋彼岸的中国对手们，产品看上去像上个世纪的 古董车，遑论电动与智能化。 " 过去十年，中国智驾产业完成从封闭链条，向普惠生态转折。 " 作者丨 林子川 编辑丨 李雨晨 2011 年的一档美国电视节目上，主持人向特斯拉 CEO 马斯克提起，一些竞争对手正在崛起，当听到比 亚迪后，马斯克乐不可支，笑声一度打断主持人的讲话。 主持人感到疑惑，询问马斯克： " 你不认为比亚迪是竞争对手吗？ " 十四年后的今天，被马斯克轻视的中国车企们凭借着在电动化的持续发力，销量已反超特斯拉，比亚迪、 吉利成为 2024 年全球十大车企。 然而，特斯拉之所以能被持续看好，背后的核心还有基于自研芯片的智能驾驶能力。每一次特斯拉 FSD 的更新，都如同投入智驾行业的一颗 " 石子 " ，迅速在国内智驾领域掀起跟进与研究的浪潮。 从 ...

据盖世汽车，随"智驾平权趋势发展，激光雷达2025年国内装机量有望冲击250万颗、渗透率达9.0%， 价格也下探至近1450元。展望未来，受益于L2+/L3/L4法规逐步落地，激光雷达渗透率有望持续提升;而 价格端，当前单颗激光雷达价格下行空间有限，叠加高性能、多颗的方案有望成为趋势，车载激光雷达 市场规模有望快速扩容。该行预计2030/2035年全球车载激光雷达市场规模有望达90/148亿美元。 作为全球领先的激光雷达企业，公司中长期的竞争壁垒与投资价值突出 禾赛科技是全球领先的激光雷达研发与制造企业 公司2014年成立，2023年于纳斯达克上市，2025年9月于港交所上市，构建了 AT/ET/FT/Pandar/OT/XT/QT/JT8大产品系列，覆盖ADAS、自动驾驶及机器人市场。2020至2024年，公 司激光雷达交付量从0.4万台快速增长至50.2万台，预计2025年有望交付超150万台。2024年公司首次达 成全年Non-GAAP盈利，也实现了全年经营和净现金流为正。25Q3公司实现净利润2.6亿元、创历史新 高，全年净利润指引上调至3.5-4.5亿元，呈现持续高速增长趋势。 随智驾市场演进，激光 ...

Core Insights - The announcement of the first batch of L3-level conditional autonomous driving vehicle permits by the Ministry of Industry and Information Technology (MIIT) marks a significant step towards the commercialization of L3 autonomous driving in China [1][5] - The intelligent driving sector is experiencing a surge in interest, with companies like Zhejiang Shibao, Hongmeng Zhixing, Xiaopeng, and BYD announcing advancements in L3 autonomous driving technology [1][6] - The year 2025 is characterized as the "Year of High-Level Intelligent Driving," with a shift from marketing hype to stringent regulations in the industry [2][3] Industry Developments - The penetration rate of L2-level assisted driving vehicles reached 64% in the first three quarters of 2025, up from 48% in 2024, indicating a rapid adoption of advanced driving assistance systems [2] - Following incidents like the Xiaomi SU7 accident, the industry is facing increased scrutiny and regulatory measures to ensure safety and prevent misleading marketing practices [2][3] - The MIIT has mandated that companies must not exaggerate their autonomous driving capabilities and must not use consumers as test subjects [3] Regulatory Changes - A new stringent standard for L2 autonomous driving, expected to be implemented by 2027, will raise the bar for safety and operational requirements, potentially leading to a consolidation in the industry [4] - The L3 commercial pilot program is seen as a transition from technology validation to mass application, with significant implications for the future of intelligent driving [5][6] Market Outlook - The intelligent driving market is projected to see a further increase in L2 penetration to 70% by 2026, with L3 and above expected to reach a 10% penetration rate by 2030 [6] - The transition to L3 autonomous driving is complex, requiring a multi-sensor approach for safety, including the use of LiDAR and radar systems [7] - Challenges remain in the implementation of L3 systems, including liability issues, regulatory pressures, and the need for comprehensive insurance solutions [7]

尤记得几年前，在智驾"灵魂论"的热烈讨论中，传统车企把目光纷纷转向孵化独立的第三方智驾公司， 虽然当时争议不断，但依然没有挡住车企的脚步。几年过去，"传统车企能否成功孵化独立智驾企业"的质疑 声已经被淹没在产业发展的洪流中，但今年以来这一话题又被推至舆论的旋涡中。先是零束科技回归上汽研 究院、奇瑞汽车解散大卓智能，紧接着，毫末智行全员停工的消息曝出，让这一话题彻底成为舆论的焦点。 从在争议中诞生，到如今走上末路，传统车企孵化的独立智驾企业缘何纷纷停摆？ 从独立到整合，回归母体是最终归宿 事实上，在传统车企孵化的独立智驾企业中，毫末智行并不是第一个走向终结的。早在今年上半年，大卓智 能科技就被解散了。5月7日，奇瑞决定，5月30日解散大卓智能科技（简称"大卓智能"），大卓智能首席执行 官谷俊丽出局。大卓智能这一奇瑞占股80％、谷俊丽通过上海骏名科技持股20％的智驾公司最终走到尽头。 分析称，大卓智能的失败源于技术路线的失衡、组织管理的混乱以及与母公司文化的深层碰撞。大卓智能选 择的"L2＋与L4双线并行"的技术路线，导致L4研发吸走大量算力资源，而L2＋研发进度滞后且难以看到盈利 希望的战略失误让其最终陷入困境 ...