【从汽车公司向全球化具身智能企业转型】 这次新品发布会虽然聚焦地面车型，但结合之前的战略规划就能发现，小鹏的雄心远不止于此。2026年 第二季度，飞行汽车"陆地航母"就要量产交付，目前已经收获了近4000台订单；人形机器人IRON也将 启动规模量产，60%的技术都复用自汽车业务。而海外市场方面，马来西亚本地化生产基地今年就要量 产，年产能5万辆，重点服务东盟右舵市场，欧洲还要再进入10个新国家，目标是2027年跻身全球新能 源出口前三。 说到底，何小鹏的赌局，赌的是小鹏的技术底气，更是2026年的发展成色。 从新品发布会的产品布局，到AI智驾的生死竞速，再到全球化和具身智能的多线布局，小鹏2026年的 路线已经非常清晰：以智驾技术为尖刀，以全价格带产品为载体，以全球化和具身智能为增量，最终实 现从"智能汽车制造商"到"全球AI汽车公司"的跨越。 距离赌约到期还有8个月，金门大桥会不会出现特 殊的"奔跑者"，硅谷能不能迎来中国风味食堂，其实都指向同一个问题——小鹏的技术路线能不能跑 通。 何小鹏敢把赌注压在刘先明身上，绝非盲目自信。要知道刘先明可是带着Cruise端到端研发经验加入小 鹏的，还主导了720亿参数 ...

Group 1 - XPeng Motors officially launched the 100,000th unit of the P7+ on January 9, and the first delivery ceremony for the 2026 model was held, marking the start of the "XPeng AI Technology Manufacturing Journey" project [2] - Tesla's Model 3 Standard version has been launched in the UK and the Middle East as of January 9 [2] - Zhao Changjiang, now the marketing general manager of the brand Zhijie under Chery and Huawei, predicts that the Zhijie V9 will have no competitors for at least three years [2] - General Motors announced an additional charge of approximately $6 billion due to adjustments in its electric vehicle business, following a broader reassessment of EV capacity and production layout [2]

平安证券指出，2026年智驾主旋律是：城区领航算法迭代以及基于量产车的Robotaxi业务推进，智驾迎 来商业闭环打通的关键机遇期，而AI智驾是迈向物理世界通用人工智能的必经之路。 科创100ETF华夏（588800）紧密跟踪的科创100指数，是科创板第一只，也是唯一一只中盘风格指数， 聚焦高成长科创黑马，重点覆盖半导体、医药、新能源三大行业。（场外联接A类：020291/C类： 020292)。 （文章来源：每日经济新闻） 流动性方面，科创100ETF华夏（588800）盘中换手14.41%，成交3.78亿元，市场交投活跃。拉长时间 看，截至12月15日，科创100ETF华夏（588800）近1周日均成交2.88亿元，领先同类。 截至2025年12月16日14:18，上证科创板100指数下跌1.38%。成分股方面涨跌互现，茂莱光学领涨 5.03%，芯源微上涨4.44%，中船特气上涨3.03%；金盘科技领跌5.83%，国盾量子下跌4.62%，铂力特下 跌4.61%。科创100ETF华夏（588800）下跌1.57%，最新报价1.25元。 规模方面，科创100ETF华夏（588800）近1周规模增长136.6万 ...

Investment Rating - The industry investment rating is "Outperform the Market" [8] Core Viewpoints - The approval of the first batch of L3 conditional autonomous driving vehicle licenses by the Ministry of Industry and Information Technology marks a significant step towards the commercialization of L3 autonomous driving in China [2][3] - The current L3 vehicles have operational limitations, with one model capable of operating at a maximum speed of 50 km/h in congested traffic and another at 80 km/h on highways, but both are restricted to specific areas [3] - The commercialization of intelligent driving is expected to accelerate by 2026, with various companies planning to launch autonomous driving models and services during that year [3] Summary by Sections Industry Overview - The report highlights the transition of L3 autonomous driving technology from testing to commercial application, as indicated by the recent approvals [2][3] Regulatory Developments - The Ministry of Industry and Information Technology's approval signifies a policy advancement that supports the production of L3 vehicles, laying the groundwork for future commercialization [3] Market Opportunities - The report anticipates a key opportunity period for intelligent driving in 2026, with advancements in algorithms and the rollout of Robotaxi services [3] Investment Recommendations - Recommended companies include Horizon Robotics, Seres (Huawei ADS-enabled vehicles), Li Auto, Great Wall Motors, and Xpeng Motors, as they are positioned to benefit from the upcoming developments in the autonomous driving sector [3]

来源：凤凰网财经《公司研究院》 从濒临破产的摩托车企，重整变身为AI智驾新贵，千里科技打算去港股找钱。 在外界耳中，千里科技的名字还算不上耳熟能详，公司背后的资本图景却引人瞩目。第一大股东吉利控 股集团，贡献了其近三成营业收入；奔驰斥资13.38亿元入股3%，带来关键技术验证资源。管理层阵容 豪华，旷视科技创始人印奇执掌，前华为智能汽车解决方案事业部总裁王军领衔。 产业资本、国际背书、技术精英傍身，却难保公司冲刺港股前途畅通。一面是上半年扣非归母净利亏损 1.3亿元，下降幅度超过900%。一面是重度依赖吉利，外部拓客能力受到质疑。 更关键的是，由于转型时间过短，公司尚未从智能驾驶、智能座舱和Robotaxi等技术解决方案业务中获 得收入。千里科技闯关港股，会顺利吗？ 01 不讲情怀，只看账本 起步于1992年，千里科技的前身力帆科技以摩托车发动机生产起家，旗下力帆摩托曾家喻户晓。但因产 业结构转型、市场竞争加剧以及内部管理问题，逐步陷入经营困境。 最终，这家曾经的行业标杆企业于五年前走向破产重整。吉利汽车实控人李书福旗下的吉利系及旷视科 技创始人印奇双双出手。 智能驾驶的升阶之路，往往伴随"烧钱"二字。某种程 ...

Group 1 - Company A is facing operational stagnation due to internal conflicts in the perception department, with significant issues traced back to perception algorithms rather than chip shortages [2] - The perception department has experienced multiple leadership changes without improvement, leading to wasted resources on data collection efforts [2] - A new leader has optimized workflows by fostering collaboration between technical staff and data collectors, but internal factionalism remains a challenge [2] Group 2 - Dealers of Company B are experiencing a paradox where higher sales lead to greater financial strain due to increased inventory pressure and sales targets [3] - The low profit margins on entry-level models force dealers to rely on volume sales, creating a cycle of losses as they struggle to meet heightened expectations [3] - The stringent assessment mechanisms imposed by the manufacturer exacerbate the financial challenges faced by dealers [3] Group 3 - Company C's autonomous driving department has seen a significant turnover, with about ten team leaders leaving, linked to flaws in the internal R&D structure [4] - The lack of communication and collaboration among different teams has resulted in a fragmented approach to technology development, hindering project progress [4] - The competitive landscape in the automotive industry is intensifying, raising questions about Company C's ability to navigate these challenges [4] Group 4 - Company D, transitioning into an AI-driven autonomous vehicle company, has not produced significant outputs despite substantial support from automotive giant E Group [5] - Initial expectations for D Company to fill gaps in the overseas market have not materialized, leading to internal skepticism about its future [5] Group 5 - Company F is focusing on solid-state battery research and plans to increase recruitment to enhance its technological capabilities [6] - The company is not yet planning to build a separate production line for solid-state batteries, opting instead to share facilities with existing liquid battery production to manage costs [6] - Current market dynamics indicate a shift in consumer focus from battery range to autonomous driving and pricing, suggesting that solid-state battery commercialization will take time [6] Group 6 - Company G, a luxury sports car brand, is undergoing significant layoffs and halting factory construction due to persistent low sales and financial losses [7][8] - The brand's monthly sales have plummeted to around 20-30 units, leading to a drastic drop in stock price [8] Group 7 - Company H, a leading player in the autonomous vehicle sector, has leveraged technology from Company I, which initially struggled with a previous model [9] - The foundational technology from Company I has enabled Company H to advance its autonomous vehicle development [9] Group 8 - Company J has successfully shifted its focus from L4 to L2 level autonomous driving, improving its operational outcomes by adjusting its decision-making processes [10] - The CEO has limited his decision-making power to a veto role, enhancing the quality of organizational decisions [10] Group 9 - Company K is aggressively expanding its workforce and investing heavily in production capacity to support its upcoming flight vehicle launch, aiming for a separate IPO [11] - The company has recruited high-profile personnel from regulatory bodies and invested 1 billion yuan to establish a factory with a capacity of 5,000 units [11] Group 10 - Company L has positioned itself as an AI-focused entity, implementing a rapid iteration mechanism for its technology development, with updates occurring at least weekly [12] - The company views its automotive business as a means to support its AI ambitions, emphasizing the importance of maintaining cash flow and data scale for future growth [12]

汽车比较研究深度《AI 智驾 2.0，迈向智能涌 现》20251128 摘要 特斯拉宏图计划第四篇章聚焦 FSD 和人形机器人规模化，截至 2025 年 第三季度，FSD 累计行驶里程达 60 亿英里，并通过 Robotaxi 项目探 索商业模式，预计在无安全员情况下累计行驶超 25 万英里，同时规划 2026 年推出 AI 5 和 AI 6 芯片，提升算力与能耗比。 中国高级智驾发展经历了规则驱动、混合系统和纯数据驱动三个阶段， 特斯拉 FSD V14 版本代表了纯数据驱动的技术领先性，而理想汽车和 元戎启行则通过端到端加 WLM 方法向 VOA 模型进化，旨在提升智驾系 统的泛化能力和思维链推理能力。 VOA 模型通过具备沟通、思考和预判能力，以及强大的防御性驾驶行为， 显著改善智驾体验，尤其在遮挡路况、异形障碍物识别和复杂道路施工 区域应对方面表现突出，并提升了对交通环境文字路牌的识别能力和语 音交互体验。 华为 ADS 4.0 强调世界模型 VEVA，从数据驱动转向场景驱动，通过云 端世界引擎积累真实路测数据并生成高难度仿真题库，训练系统应对罕 见场景，车端世界行为模型则具备强大的泛化能力和预见性，强 ...

Core Insights - ROBO+ is identified as the strongest industrial trend in the automotive sector, with advanced driving and humanoid robots being the two most important directions for embodied intelligence [1] - The penetration rate of advanced driving is expected to enter a rapid growth phase by 2025, driving significant growth in high-performance chips, lidar, optical devices, and sensor cleaning systems [1] - The cost of lidar is decreasing significantly, making it possible for models priced over 200,000 yuan to be equipped as standard, thereby boosting demand across the industry chain [1] - The reduction in costs for driving systems will accelerate the increase in penetration rates, further enhancing the competitiveness of automakers [1] - The Robotaxi industry is approaching a commercialization inflection point, with ongoing development and scaling of L4 autonomous driving technology [1] - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in smart driving and vehicle networking technology applications from the A-share market, covering core aspects of hardware development and software systems [1]

Group 1 - The core viewpoint is that the automotive industry is experiencing a shift with initial gains followed by declines in whole vehicle stocks, while investment in auto parts is becoming more active, particularly in AI-driven driving opportunities [1] - The report highlights optimism for companies with high ownership of advanced intelligent driving vehicles, suggesting that their valuations are likely to increase [1] - Key suppliers of intelligent driving technology and companies with global competitiveness in the auto parts sector are identified as worthy of attention [1] Group 2 - The acceleration of AI intelligent driving technology is noted, with L3 commercial deployment expected to begin, supported by clear policy approvals for L3 vehicle production [1] - Huawei's release of a high-speed L3 commercial solution is anticipated to enable L3 commercial use by 2025, which could reshape vehicle valuations significantly [1] - Companies and tech firms with closed-loop intelligent driving capabilities are expected to have greater potential for business model transformation [1] Group 3 - The Hong Kong Automotive ETF (520720) tracks the Hong Kong Stock Connect Automotive Index (931239), which includes listed companies involved in vehicle manufacturing, parts, and intelligent driving [1] - This index reflects the overall performance of automotive-related listed companies and is characterized by high R&D investment and growth potential, with over 60% weight in the whole vehicle sector [1] - The Hong Kong Automotive ETF (520720) can be traded directly through A-share accounts, addressing the investment tool accessibility issue for ordinary investors [1]

Group 1: Baidu Group and AI Chip Market - Baidu Group's AI chip subsidiary, Kunlun Chip, is expected to see significant revenue growth, with projections of reaching 5 billion yuan in 2025 and 10 billion yuan in 2026, with Baidu holding a 59% stake [1] - Kunlun Chip's third-generation P800 has an FP16 computing power of 345 TFLOPS, surpassing A800, and is expected to support large-scale deployments [1] - The demand for domestic AI chips is anticipated to increase, with external clients including China Mobile, Southern Power Grid, and BYD, alongside potential partnerships with other internet companies like Tencent [1] Group 2: Baidu AI Cloud Revenue Growth - Baidu AI Cloud reported a revenue of 6.5 billion yuan in Q2 2025, a year-on-year increase of 27%, with full-year revenue expected to reach 27.4 billion yuan in 2025 and 35 billion yuan in 2026 [1] - The domestic cloud business is projected to accelerate growth from over 10% to over 20% year-on-year, driven by AI demand [1] - Major domestic cloud providers are expected to see a capital expenditure (Capex) growth of over 40% in 2024, with a further increase to over 50% in 2025 [1] Group 3: Apollo Go and Robotaxi Market - Apollo Go is projected to exceed 10 million orders in 2025, having provided over 2.2 million rides in Q2 2025, a 148% year-on-year increase [2] - The cumulative service count for Apollo Go has surpassed 14 million, with profitable models established in cities like Wuhan [2] - Despite the large market potential for Baidu's robotaxi services, commercial viability is still in the investment phase, leading to limited short-term profit contributions [2] Group 4: Sustainable Aviation Fuel (SAF) Market - The price of high-end SAF in China has risen to 2,480 USD/ton as of September 17, 2023, a 55% increase from 1,800 USD/ton at the beginning of the year [3] - The European SAF market is facing a supply-demand gap, with consumption expected to reach 1.9 million tons this year against a production capacity of only 1 million tons [2][3] - China's SAF production capacity is projected to exceed 1 million tons by the end of 2024, with current and planned HVO/SAF capacity exceeding 10 million tons per year [2]