2025年12月26日，在山城重庆的道路上，迎来了颇具未来感的一幕，46辆悬挂着特殊号牌的深蓝汽车有序汇入车流。这批以"渝AD0001Z"打头的号牌，并非 普通车牌，而是中国首批L3级自动驾驶专用正式号牌。这批车辆的上路，标志着一个酝酿多年的产业构想终于照进现实——L3级自动驾驶技术的合规落地 与真实应用。 从"路测"到"上路"，一字之差，背后是中国汽车产业数年的技术积累、法规与安全验证。这不仅是深蓝汽车一家企业的高光时刻，更是整个中国汽车工业在 智能化长征中的一个重要里程碑。 中国首批大规模L3级自动驾驶车辆上路通行 深蓝汽车是如何做到的？ 2025年12月15日，工信部公布我国首批L3级有条件自动驾驶车型准入许可，长安汽车（000625）成为首批获准的车企。12月20日，全国首块L3级自动驾驶 专用正式号牌"渝AD0001Z"在重庆诞生，并安装于深蓝汽车的车型上。紧接着，12月26日，获颁正式号牌的深蓝汽车驶入城市道路，完成中国首批大规模 L3级自动驾驶车辆正式上路通行。 短短十余天，完成了从法规许可到上牌再到大规模上路的"三级跳"，这一系列动作的紧密衔接，体现了国家主管部门在推动技术创新与安全合规之间找 ...

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新 能源圈大事小事 ，看我们就够啦～ 今日新闻要点： 1、 电车新规要求不起火、不爆炸； 首批L3级自动驾驶车辆正式上路； 近期相关部门确认了多个关于电动汽车的新规，包括隐藏式门把手、能耗等，对新能源汽车行业的正向发 展起到重要作用。这些新规都在促进车企进行技术升级，同时给用户提供更好更安全的汽车产品。 2、 首批L3级自动驾驶车辆正式上路 12月26日， 46辆L3级自动驾驶深蓝汽车，在重庆正式上牌并上路运营。 这次深蓝SL03获得国家首块L3自动驾驶正式牌照，不仅标志着L3级自动驾驶技术落地，更是推动智能驾 驶发展的关键一步。这不仅是深蓝汽车智能化发展的一大步，也是中国智能网联汽车发展的一大步。 电车新规要求不起火、不爆炸 12月27日， 由七部门联合印发的《以标准提升牵引设备更新和消费品以旧换新行动方案》标准研制任务 发布，电动汽车动力电池安全有了新标准，首次将"不起火、不爆炸"列为强制性要求，推动车企优化电池 结构和热管理系统，显著提升新能源汽车安全水平。 ...

我国L3级自动驾驶从测试阶段迈入商业化应用的关键一步。 一是长安牌SC7000AAARBEV型纯电动轿车，可以实现在交通拥堵环境下高速公路和城市快速路单车 道内的自动驾驶功能（最高车速50km/h），目前该功能仅限在重庆市内环快速路、新内环快速路（高 滩岩立交—赖家桥立交）及渝都大道（人和立交—机场立交）等路段开启。 12月15日，工业和信息化部正式公布我国首批L3级有条件自动驾驶车型准入许可，两款分别适配城市 拥堵、高速路段的车型将在北京、重庆指定区域开展上路试点。这次公布的两款车型，来自一南一北两 个汽车生产厂家。 近期，重庆长安汽车股份有限公司和北汽蓝谷麦格纳汽车有限公司两家汽车企业向工业和信息化部提交 了搭载L3级有条件自动驾驶功能的智能网联汽车产品准入申请。 根据《道路机动车辆生产企业及产品准入管理办法》等有关规定，经受理、审查、公示等程序，工业和 信息化部于第401批《公告》附条件许可了相关产品。 二是极狐牌BJ7001A61NBEV型纯电动轿车，可以实现高速公路和城市快速路单车道内的自动驾驶功能 （最高车速80km/h），目前该功能仅限在北京市京台高速（大兴区旧宫新桥—机场北线高速）、机场 北线 ...

Company Analysis - Hesai Technology (HSAI US) reported a robust performance in Q3 2025 with total revenue reaching 795.4 million RMB, a year-on-year increase of 47%, exceeding Bloomberg consensus by 1.4% [2] - The non-GAAP net profit was 288 million RMB, while the adjusted net profit, excluding one-time gains from an early-stage tech investment, was 140 million RMB [2] - The management raised the 2025 GAAP net profit guidance to 350-450 million RMB from the previous 200-350 million RMB, reflecting optimism about business growth [5] Market Performance - The Hang Seng Index closed at 26,696, up 0.18% for the day and 33.08% year-to-date [2] - The Shanghai Composite Index fell by 0.39% to 4,003, with the Shenzhen Composite Index down 0.47% to 2,518 [2] - Southbound capital inflow into Hong Kong stocks was 4.467 billion HKD, with notable net purchases in Xiaomi Group, China Mobile, and CNOOC [4] Economic Outlook - The People's Bank of China indicated a commitment to a moderately loose monetary policy, with expectations of a 50 basis point reserve requirement ratio cut in December and two interest rate cuts totaling 20 basis points next year [4] - In the U.S., the Dow Jones Industrial Average reached a historical high, driven by the Senate's approval of a budget bill to end the government shutdown, which is expected to reduce policy uncertainty [4] - U.S. economic data showed a decline in private sector employment by 45,000, marking the largest drop in two and a half years, contributing to a decrease in the dollar index [4] Industry Insights - China Hongqiao (1378 HK) is expected to see further valuation uplift due to nearly full capacity utilization of its aluminum production and stable raw material costs, prompting an upward revision of profit forecasts by 4-5% for 2025-2027 [5] - Hongteng Precision (6088 HK) reported a 13% year-on-year revenue growth in Q3 2025, driven by strong demand for AI products and automotive business, leading to a record gross margin of 23.5% [5] - The target price for Hesai Technology has been set at 26.7 USD, based on a 5.3x sales multiple for 2026, reflecting a 10% premium over industry peers due to its competitive advantages and strong revenue growth prospects [5]

Group 1 - The automotive industry is facing challenges in monetizing software subscription models, with many companies unable to provide a clear timeline for profitability through this approach [1][2][3] - The emergence of a "free alliance" among domestic automakers, offering advanced driver assistance systems (ADAS) as standard features, has raised concerns about the sustainability of the software subscription model [1][8] - Bosch's call for not promoting high-level intelligent driving systems for free highlights the potential risks to the future profitability of the automotive sector [1][7] Group 2 - Global automakers initially viewed software subscriptions as a key revenue model, but the trend towards free offerings in China has led to a reevaluation of this strategy [2][5] - Companies like Tesla and Huawei remain committed to charging for software, with Tesla's Full Self-Driving (FSD) priced at 64,000 yuan, indicating a willingness to pay for advanced technology [2][13] - The competitive landscape has shifted, with many Chinese automakers adopting a model of embedding hardware and offering software for free, aiming to increase usage and data collection [9][10] Group 3 - The feasibility of subscription models is questioned due to consumer expectations for free access to intelligent driving features, making it difficult for companies to charge for software [3][12] - The hardware subscription model has seen limited success, with luxury brands experimenting but facing backlash from consumers who feel they should not pay extra for features already included in the vehicle [4][5] - The potential for a successful subscription model may depend on the development of higher-level autonomous driving technologies, which could change consumer willingness to pay [12][13] Group 4 - The automotive industry is experiencing a shift towards standardizing high-level intelligent driving systems, with many new models offering these features at no additional cost [8][9] - Companies are exploring various pricing strategies, including limited-time free access and one-time buyouts, to encourage adoption of intelligent driving technologies [9][10] - The long-term viability of subscription models remains uncertain, with industry experts suggesting that only a few companies may successfully implement them due to ongoing price competition [12][14]

Group 1 - The core viewpoint of the articles highlights the concern that free promotion of advanced driving assistance systems (ADAS) could undermine the profitability of the automotive industry, as emphasized by Bosch's president in China, Wu Yongqiao [2][7] - The trend of "free high-level intelligent driving" is gaining traction among domestic automakers, with companies like Chery, Leap Motor, BYD, and Xpeng announcing that their entire model ranges will be equipped with advanced ADAS, leading to over a hundred models being offered [2][8] - The expectation of profitability through software subscription models has become uncertain, with industry insiders stating that discussions on software subscription profitability are currently not feasible [2][5] Group 2 - International automakers are prioritizing "sustainable revenue" and have begun charging subscription fees for embedded hardware features, although this approach has faced backlash from domestic consumers [3][5] - Tesla and Huawei are strong proponents of software charging, with Tesla's Full Self-Driving (FSD) priced at 64,000 yuan, while Huawei has increased the price of its Qian Kun intelligent driving system by 2,000 yuan [3][12] - The consensus among industry experts is that the realization of a paid subscription model is more challenging than anticipated due to intense price competition and consumer expectations for free features [3][11] Group 3 - The feasibility of hardware subscription models has diminished significantly, with luxury brands still experimenting with them despite low consumer uptake [4][5] - BMW and Mercedes-Benz have faced criticism for charging fees for features that are standard in many domestic vehicles, leading to adjustments in their subscription strategies [4][5] - The trend of free high-level intelligent driving features is seen as a way to build consumer habits and dependencies, but there is skepticism about the potential for high subscription rates post-free periods [9][10] Group 4 - The articles suggest that the subscription model for software may be collapsing, with experts indicating that a successful implementation would require overcoming fierce competition and establishing significant technological barriers [11][12] - The potential for consumers to pay for advanced driving technologies may increase with the advent of Level 3 autonomous driving, but achieving a consensus among automakers on subscription models remains challenging [11][12] - The automotive industry is experiencing a shift where hardware upgrades are seen as the foundation for profitability, with companies like Horizon predicting a profitability turning point by 2027 [12][13]