格隆汇1月15日｜据蓝鲸新闻，目前，百度旗下萝卜快跑全国运营区域已低调落地约20城，仅广东省内 就已落地包括广州、佛山、东莞、深圳、江门市。在广东省投资项目在线审批监管平台上查询发现，去 年11月下旬以来，萝卜快跑通过多个备案项目，包括位于江门市、东莞市的智能网联汽车道路测试与示 范应用项目，项目总投资分别为5000万元、7000万元。其中，在江门，其计划投放不少于90台智能网联 汽车，开展智能网联汽车测试示范工作；在东莞，其计划采购1000台自动驾驶车辆在此投放，建立萝卜 快跑自动驾驶基地，包括智能网联监控指挥中心、大湾区"云车"中心等。此外，萝卜快跑华南运营总部 项目也已通过备案，项目所在地位于佛山市顺德，总投资预计1800万元。据悉，该项目计划建成依托智 能算法与车路协同技术的无人驾驶网约车示范项目总部，并规划了研学、展厅、5G云仓、办公区、运 维车间等。 ...

两周前，一位名叫David Moss的特斯拉车主，坐进自己的 Model 3里，从美国西海岸的旧金山一路开到 了东海岸的纽约。在全程4397公里的旅途中，车辆仅凭摄像头和神经网络，便在零接管的情况下完成了 这趟旅程，耗时近3天。 在更早之前的旧金山停电事件中，特斯拉能够正常运营，而谷歌旗下Waymo却因陷入混乱引发了全城 大拥堵。 这两起自动驾驶领域的标志性事件，既验证了特斯拉FSD在复杂路况下的稳定性，也意味着模型驱动的 端到端方案与规则驱动的多传感器融合方案，在旷日持久的技术路线之争中取得了阶段性胜利。 而在大洋彼岸的中国，随着技术路线收敛和商业落地加速，行业也正在经历剧烈洗牌：曾经估值百亿、 背靠长城汽车的独角兽毫末智行被曝陷入停摆；纵目科技、清研微视等中腰部玩家，也在这一轮洗牌中 因资金断裂或技术掉队而声量渐微。 除去亲自下场的车企，在供应商赛道上，牌桌上的玩家所剩无几：华为乾崑智驾、地平线、 Momenta、卓驭科技、元戎启行，以及刚在港股上市的文远知行等。 这几家公司，代表了中国智驾力量的最高水平，也将在2026年决出胜负。目前的行业共识是：竞争将在 2026年结束，最终只会有两到三个玩家胜出。 ...

Group 1 - The Shanghai government has launched the "Mosu Zhixing" action plan to establish a leading high-level autonomous driving zone, aiming for global leadership in this sector [1][3] - The plan includes expanding autonomous driving open areas, with a focus on key application scenarios such as Pudong Airport and Disney, and aims for large-scale implementation of L4 autonomous driving technology by 2027 [3][4] - The action plan encourages social capital investment in smart connected vehicles and key component startups, supporting quality enterprises to connect with multi-level capital markets [3][4] Group 2 - The national inter-ministerial meeting emphasized enhancing the self-controllability of the industrial supply chain and implementing high-quality development actions for key industries [4] - The commercial rollout of L3 autonomous driving models marks a significant shift from testing to large-scale application, with projections indicating that by 2030, L2 vehicles will have a 90% penetration rate and L3 and above will reach 3.4% [4] - The A-share market has seen a strong response, with 266 stocks related to autonomous driving, totaling a market capitalization of approximately 7.5 trillion yuan, and over 80% of these stocks have experienced price increases since 2026 [4] Group 3 - Companies with core technological capabilities are favored, such as Jingwei Hirain, which has developed L4 autonomous driving products and is well-positioned in the growing smart logistics market [5] - Juguang Technology, which has completed validation for its laser radar modules, is expected to benefit significantly from the industry's growth [5] - Analysts believe that the implementation of the "Mosu Zhixing" plan and ongoing national policies will facilitate the transition from demonstration operations to large-scale commercial applications in the autonomous driving industry [6]

一、行情表现 1月15日，无人驾驶板块逆势走强。威帝股份、索菱股份（炸）、锦江在线（炸）、浙江世宝（炸）等涨停，恒帅股份、 亚太股份、高新兴、万集科技等早盘集体走强。 从行业发展看，预计2030年L2级自动驾驶渗透率达90%，L3级达3.4%，智能底盘市场规模将达1078.6亿元，2024-2030年 复合增速24.5%。产业链方面，感知层的激光雷达、毫米波雷达，决策层的智驾芯片，执行层的线控转向、线控制动等 环节将充分受益，相关企业订单与业绩有望持续释放（国泰海通证券）。 2）智能驾驶产业链已形成"感知-计算-执行-整车-运营"闭环协同，技术路线向多传感器融合与软件驱动迭代。随着政策 开放与技术成熟，自动驾驶渗透率将快速提升，带动单车价值量与关键零部件市场扩容。 全球ADAS市场规模预计从2024年346.5亿美元增长至2030年665.6亿美元，年化增长率12.2%；汽车传感器市场将从2023 年308亿美元增长至2028年622亿美元。国内供应链在感知硬件、域控平台等领域快速补齐，与国际Tier1形成竞争，相关 企业有望借助国产化替代与规模化效应实现业绩增长（德邦证券）。 | 股票名称 | 最新价专 | ...

Market Overview - The technology sector in the US stock market has experienced a sell-off, leading to two consecutive days of decline [1] - Silver prices have dropped below $93, while crude oil has seen a significant decline [1] Hong Kong Stock Market - The three major indices in Hong Kong opened lower, with the Hang Seng Index down by 0.1%, the National Index down by 0.11%, and the Hang Seng Technology Index down by 0.55% [1] - Major technology stocks showed minor fluctuations, with Baidu, Meituan, and JD.com each rising by less than 1%, while Tencent and Alibaba experienced declines [1] Sector Performance - AI application stocks, which had shown strong performance previously, mostly declined, and wind power stocks continued to fall due to ongoing investigations [1] - Ctrip's stock fell nearly 3% [1] - Positive policy developments in the industry have led to increased activity in the autonomous driving sector, with stocks like Youjia Innovation and Zhejiang Shibao (002703) seeing significant gains [1] - AI healthcare stocks remain active in the market [1] Index Performance - Hang Seng Technology Index: -0.55%, latest price at 5875.78, year-to-date change of 6.52% [1] - National Index: -0.11%, latest price at 9305.13, year-to-date change of 4.39% [1] - Hang Seng Index: -0.10%, latest price at 26972.36, year-to-date change of 5.24% [1]

科技股抛售美股两连阴，白银破93美元原油高台跳水。港股三大指数今日低开，恒指跌0.1%，国指跌 0.11%，恒生科技指数跌0.55%。权重科技股波动较小，百度、美团、京东涨幅在1%以内，腾讯、阿里 巴巴飘绿；昨日再度强势的AI应用概念股多数走低，风电股继续下跌，被立案调查，携程跌近3%。另 外，行业再出利好政策，自动驾驶概念股活跃，佑驾创新、浙江世宝涨幅居前，AI医疗继续活跃。(格 隆汇) ...

Company and Industry Highlights - Easy Point World announced a stock trading suspension starting January 15, 2026, due to significant price fluctuations, with a stock price increase exceeding 100% over the past nine trading days [8] - Sunflower received a notice from the China Securities Regulatory Commission regarding an investigation into information disclosure violations, but stated that normal operations would not be significantly affected [8] - Five Minerals Development plans a major asset swap and cash purchase of assets from Five Minerals Holdings, with the transaction expected to constitute a significant asset restructuring [8] - Unigroup Guowei intends to acquire 100% equity of Ruineng Semiconductor through a share issuance and cash payment, while also raising supporting funds from specific investors [9] - International Medicine announced that its controlling shareholder pledged 75 million shares for financing, representing 12.17% of the shares held by the shareholder and 3.35% of the total share capital [9] - WuXi AppTec proposed a conditional cash acquisition offer for Dongyao Pharmaceutical at a price of HKD 4.00 per share, representing a premium of approximately 114.67% over the average closing price [10] - Ctrip Group is under investigation by the State Administration for Market Regulation for suspected monopolistic behavior, and the company has stated it will cooperate with the investigation [10] - Alibaba is set to hold a product launch event for its Qianwen APP on January 15, 2026, showcasing new AI capabilities [11]

Core Insights - Shanghai has launched the "Mosu Zhixing" action plan to promote high-level autonomous driving, focusing on technology innovation and industrial competitiveness [1][2] - The plan aims to establish public service platforms, including a digital twin training ground for autonomous driving, and expand the open area for autonomous driving to 2,000 square kilometers [1] - The initiative is expected to facilitate the demonstration of L3-level autonomous vehicles and promote their commercial application [2] Industry Development - Shanghai has been proactive in advancing the autonomous driving industry, with previous initiatives such as the 2022 implementation plan for smart connected vehicles and the issuance of road testing licenses for driverless vehicles in 2023 [2] - The action plan includes organized trials for L3-level autonomous taxis and aims to gradually scale up the production and application of L3 vehicles [2] - The demand for advanced autonomous driving components, such as chips and lidar, is anticipated to grow rapidly as the ecosystem expands [3] Company Progress - Several domestic companies, including Changan, BYD, and GAC, have made significant advancements in L3-level autonomous driving, with multiple models receiving road testing permits [4] - Companies like Huawei and GAC have developed solutions and vehicles capable of L3-level autonomous driving, indicating a shift in consumer preferences towards vehicles with advanced driving assistance features [4] - The formal implementation of L3-level autonomous driving regulations is expected to be a key catalyst for industry growth by 2026 [4] Market Opportunities - Companies such as Junsheng Electronics and Seres are actively engaging in strategic partnerships and product launches to enhance their positions in the autonomous driving market [5][6] - The introduction of new Robotaxi services by companies like Cao Cao Mobility marks a significant step towards the commercialization of autonomous driving solutions [6] - The collaboration between ZF and Horizon Robotics to develop L3-level systems is expected to lead to mass production by 2026, highlighting ongoing innovation in the sector [7]

从 CES 2026 看自动驾驶最新变化 20260114 摘要 TI 推出低功耗芯片和新一代成像毫米波雷达，集成化设计降低成本并提 升性能约 30%，旨在提高自动驾驶系统的效率和经济性。 Mobileye 发布 IQ 7 系列芯片，在视觉 Transformer 和剪辑神经网络 模型延迟方面优于 Orin X，但面对浮点算力和内存带宽需求，与 NVIDIA 等顶级产品相比仍显不足。 高通展示双系统 VRA，主模型采用传统 BEV 加 Occupancy 决策规划， 辅以大语言模型处理复杂场景，强调确定性，并推出 8,797 系列座舱平 台，理想汽车首发，定价约七八百美元。 特斯拉 FSD 转向订阅制降低用户门槛，增加收入来源，上海推动 L3/L4 自动驾驶政策加速技术落地，为企业带来发展机遇，预计 Robotaxi 运 营规范等政策将陆续出台。 2026 年被视为 L3/L4 量产元年，传统自主品牌预计春节前后推出多款 高阶智能驾驶车型，通过价格下沉策略吸引消费者，推动技术普及。 NVIDIA 开源 AlphaMile 模型，证明 VLA 架构可实现 L2 到 L4 跨越，降 低二三线车企和传统车企进入高级 ...

前言 最近，特斯拉 的股价出现了一轮明显回调。表面原因很简单：第四季度交付量不及市场预期。 很多人看到下跌会下意识产生两个反应：一种是失望，觉得"逻辑是不是变了"；另一种是兴奋，觉得"是不是机会来了"。 但真正有价值的问题其实只有一个：这次下跌，属于趋势的结束，还是一次可预期的波动？ 如果你把时间线、信息和逻辑拆开来看，答案并不模糊。 回到时间线 这次下跌 并不是突然发生的 我们先回顾一下关键节点。 10 月 23 日：三季度财报引发恐慌 在 10 月 23 日，特斯拉公布了三季度财报。当时市场的第一反应是明显的恐慌情绪，股价波动很大。 但如果你仔细去听那场电话会，你会发现一个事实：基本面并没有市场想象中那么差。当时我给出的判断是：这不是一份"漂亮"的财报，但也绝不是"坏 到失去趋势"的财报。更重要的是，它并没有改变一个核心判断：2026 年，依然是特斯拉的大年。 必然会来的坎 这个坎是什么？答案很简单：第四季度销量。 为什么四季度销量一定会承压？原因并不复杂，而是一个典型的"政策透支效应"。9 月 30 日，美国新能源购车补贴到期。这会直接导致一个结果：大量 消费者提前在三季度集中购车、三季度销量被"拉高" ...