Investment Rating - The report rates the automotive industry as "Outperform" [2] Core Insights - The Ministry of Industry and Information Technology approved two models with L3 conditional autonomous driving capabilities, marking the transition of L3 autonomous driving from testing to commercial application in China [2] - The penetration rate of electric vehicles is expected to exceed 50%, with smart technology becoming a survival necessity for automakers. By 2030, smart vehicle sales in China are projected to exceed 30 million units [2][6] - The evolution of high-level autonomous driving technology is expected to accelerate, with significant breakthroughs anticipated in L4/L5 levels around 2027-2028 [2][13] Summary by Sections 1. Automotive Intelligence Transition - Automotive intelligence is moving from an introduction phase to a growth phase, transforming vehicles from traditional fuel-powered tools to AI-driven mobile terminals [6] - The penetration rate of electric vehicles in China is expected to rise from 50% to 80% between 2025 and 2030, with smart technology becoming essential for leading automakers [6] 2. High-Level Autonomous Driving as a Key Technology - High-level autonomous driving (L3-L5) is the main technological development line, with L2+ functionalities becoming widespread and L3 commercial trials beginning [7] - The report highlights the challenges faced in the development of high-level autonomous driving, including regulatory improvements and user acceptance [7] 3. Automotive Industry Chain Overview - The automotive industry chain consists of upstream suppliers providing core components, midstream solution providers integrating systems, and OEM manufacturers responsible for final vehicle performance [22] 4. Upstream Components: Computing Power as a Foundation - Domain controllers are crucial for the evolution of automotive electronic architectures, transitioning from distributed to centralized systems [30] - The demand for high computing power in autonomous driving and cockpit systems is increasing, with SoC chips becoming essential [51] 5. Midstream Vehicle Manufacturing: New Players Leading the Charge - New entrants in the automotive market are leveraging smart technology to gain competitive advantages, with a focus on high-end models priced above 200,000 yuan [2] 6. Downstream Operations: Emergence of New Business Models - The shift towards smart mobility is driving the development of new business models like Robotaxi, with expectations of over 30% penetration in the smart mobility market by 2030 [2][4] 7. Investment Recommendations - The report suggests focusing on leading automakers with full-stack self-research capabilities and component suppliers with technological advantages in high-growth segments [2]

今日，鸿蒙智行年度出行报告发布。根据报告，鸿蒙智行的2025全年辅助驾驶用户活跃率高达98%，全 年累计辅助驾驶里程43.6亿公里，截止目前历史累计避免可能的碰撞次数达300.3万次。这组数据均远超 行业平均水平，共同构筑了一道难以逾越的竞争壁垒。 2025年，在一系列社会事件、政策规范等作用下，整个社会对辅助驾驶的态度多了一些理性和审慎，辅 助驾驶上车并不直接等于实际使用。98%的活跃率代表在技术可靠与实践表现的基数之上，用户对辅助 驾驶的高度信任和依赖。从"尝鲜"到"依赖"，中间是全年累计43.6亿公里的真实数据沉淀，是累计超300 万次化险为夷的安全守护，也是数据推动下算法的快速迭代，是整个过程中用户体验指数级的进化。 （文章来源：第一财经） 2025年，鸿蒙智行的辅助驾驶已完成了用户认知从"可选"到"习惯"的实质性飞跃，成为用户好用、爱用 的出行好帮手。这正是智能汽车时代难以复制的软实力。 ...

01 合资模式中的股权陷阱 2025年的智能驾驶行业，两场标志性事件划破寒冬：毫末智行突然宣布全员停工放假，近300名员工被拦 在公司门外；成立仅两年多的大卓智能，被奇瑞整合解散，业务重新收回内部体系。 "智能化的灵魂不能掌握在别人手中"的论调，戳中了传统车企的焦虑。在"自研可控"的共识下，孵化独立 的智能化公司成为车企的主流选择。 这两家智驾明星公司的兴衰沉浮，很大程度上是车企孵化智能化公司的命运缩影：一是定位模糊，既要做 好内部供应商，又幻想对外输出技术；二是资源错配，母公司既要其降本，又要求效果对标新势力；三是 文化冲突，互联网人才与传统汽车工程师思维的先天性融合难题。 " 承载着车企智能化野心的公司，为何大多难逃「出生即高光，落 幕即仓促」的宿命？ " 作者丨李雨晨 编辑丨 林觉民 回顾近十年汽车产业智能化转型之路，从"灵魂论"之争到"全栈自研"的狂热，传统车企纷纷将智能化视为 破局关键，孵化独立的智能化公司成为潮流。 然而，热潮退去，幸存者寥寥。 这些承载着车企智能化野心的公司，为何大多难逃"出生即高光，落幕即仓促"的宿命？ 以毫末智行为例，股权结构显示，长城汽车直接持有毫末智行27.52%的股权， ...

企查查APP显示，近日，广东小鹏汽车科技集团有限公司成功注册一枚"铁人"商标，国际分类为9类 科 学仪器，已申请商品/服务包括：科学研究用具有人工智能的拟人机器人；科学研究用具有人工智能的 人形机器人；实验室机器人等。此前，小鹏发布IRON人形机器人，引发热议。 ...

Group 1 - China successfully launched the Tianhui-7 satellite on December 30, 2025, using the Long March 4B rocket, marking the 622nd flight of the Long March series [1] - The Tianhui-7 satellite is primarily used for geographic information surveying, land resource census, and scientific research [1] Group 2 - The Ministry of Education aims to build a self-controlled AI model for education during the 14th Five-Year Plan period, focusing on platform, data, AI tools, and policy consistency [2] - Key initiatives include advancing integrated data support systems, promoting AI in education, enhancing digital literacy among teachers and students, and contributing to global digital education governance [2] Group 3 - Huawei reported that over 36 million devices are using HarmonyOS 5.0 and above, and the Kunpeng ecosystem has developed 3.8 million developers [3] - The company has supported 60 million users with 5G-A networks and has over 1.6 million installations of the openEuler operating system [3] Group 4 - The National Development and Reform Commission and the Ministry of Finance announced continued support for the renewal of new energy city buses and power batteries in 2026 [4] - The subsidy standards will follow the guidelines established in the 2025 implementation details for new energy city buses [4] Group 5 - Qianzhao Optoelectronics announced breakthroughs in radiation resistance for its flexible space solar cell products, enhancing satellite stability in space [5] - The lightweight nature of these solar cells helps reduce satellite weight and launch costs, with a focus on expanding international market presence [5] Group 6 - XPeng Motors' CEO stated that true fully autonomous driving will arrive in 2026, skipping L3 and moving directly from L2 to L4 [6] - The Ultra version of XPeng's vehicles will achieve next-generation autonomous driving capabilities, similar to the transition seen in smartphones with the introduction of the iPhone [6] Group 7 - Four departments, including the Ministry of Industry and Information Technology, released a plan to accelerate AI applications in the automotive industry, focusing on key manufacturing processes [7][8] - The initiative aims to integrate AI in research, production, and management, and to create intelligent demonstration production lines in the automotive sector [7][8] Group 8 - The Ministry of Industry and Information Technology issued guidelines to promote the deployment of cutting-edge technologies like AI and 400G/800G optical transmission in internet exchange centers [9] - The focus is on enhancing network efficiency and smart operations while supporting the development of key technologies through collaboration among industry, academia, and research [9] Group 9 - The National Energy Administration held a meeting to discuss the construction of high-quality charging infrastructure for electric vehicles, aiming for a three-year doubling of service capacity [10] - The plan includes improving coverage in residential and rural areas and enhancing safety management in the charging infrastructure sector [10] Group 10 - The first fire power holding-type real estate ABS in China was listed on the Shanghai Stock Exchange, led by GCL Group, with a project scale of 5.46 billion yuan [11] - The funds raised will be directed towards clean energy technology research and will help optimize financial structures and support major strategic projects [11]

Core Viewpoint - Huawei's 2026 New Year address by rotating chairman Meng Wanzhou emphasizes the company's strategic focus on vertical industry operations, open-source ecosystems, and the development of its HarmonyOS and Kunpeng Ascend ecosystems for the upcoming year [1][6]. Group 1: Achievements in 2025 - Huawei has made significant technological breakthroughs and applications, including assisting operators in building 5G-A networks for 60 million users and equipping over 1.4 million vehicles with smart driving capabilities [2]. - The company has developed over 6,800 partners and 3.8 million developers for its Kunpeng ecosystem, with the openEuler operating system installed on over 16 million devices [2]. - Huawei's smartphone market share reached 27.81% and 22.89% in the last two weeks of November 2025, making it the top player in China's smartphone market, surpassing competitors like Apple [2][3]. Group 2: Future Strategic Directions - In 2026, Huawei will focus on seven key areas: enhancing vertical industry operations, building an open-source Kunpeng Ascend ecosystem, promoting the HarmonyOS ecosystem, and integrating AI into communication networks [6][7]. - The company aims to leverage its strengths in AI and smart technology to transform various industries, emphasizing the importance of intelligent connectivity and energy infrastructure [5][7]. - Huawei's strategy reflects a shift from broad technological exploration to focused value creation in the era of intelligence, balancing self-research in core technologies with open ecosystems [7]. Group 3: Financial Performance - Huawei's half-year report for 2025 indicated a revenue of 427.04 billion yuan, a year-on-year increase of 3.95%, with a net profit of 37.20 billion yuan and R&D investment of 96.95 billion yuan, accounting for 22.7% of revenue [3].

在极豆科技的实践中，自研"沧海大模型"正将这一愿景变为现实。它实时融合处理来自摄像头、麦克风、生物传感器的多模态数据流，情感引擎解析情绪细 微变化，场景引擎预测潜在需求。"我们不再满足于让座舱'听懂指令'，而是要让其'理解人心'，"极豆科技CEO汪奕菲解释道，"当系统感知到驾驶疲劳时， 它会联动灯光、音响、空调、导航系统，主动调亮氛围色调、空调香氛开启、播放提神旋律、建议最近休息区，提供一套有温度的关怀方案，而非机械的功 能响应。" ThinkPad助力极豆科技， 以自研AI大模型重新定义人车关系。 过去十年，汽车座舱虽从物理按键进化到触摸屏，交互逻辑却陷入"指令迷宫"，功能割裂，数据孤立，体验拼凑。更深层的是，系统缺乏对人的场景化理 解：能执行"调低温度"的命令，却读不懂阳光透过车窗的真实体感。 变革始于认知重构。当座舱从"功能容器"转向"数字神经网络"，技术全面升级驱动着质的跨越：多模态感知让座舱能"看见"表情、"听见"情绪；情感计算捕 捉状态变化；场景引擎理解出行情境；而大模型，最终赋予系统理解复杂意图的认知能力。 从车迷到产业破局者 汪奕菲的办公桌上，至今还保留着2014年创业初期使用的那台Think ...

【重点关注】 •中央农村工作会议在京召开 •李强签署国务院令 公布《中华人民共和国增值税法实施条例》 •2025年全国各类企业累计收购粮食达到8300亿斤 连续三年稳定在8000亿斤以上 【国内要闻】 •中央农村工作会议29日至30日在北京召开。会议强调，农业农村现代化关系中国式现代化全局和成色，必须加快建设农业强国。要稳定粮油生产，加力实 施新一轮千亿斤粮食产能提升行动，推动粮食品种培优和品质提升。加强水利基础设施建设，强化气象监测预报预警，增强农业防灾减灾能力。促进"菜篮 子"产业提质增效，提升多元化食物供给能力。 •国务院总理李强日前签署国务院令，公布《中华人民共和国增值税法实施条例》，自2026年1月1日起施行。《条例》明确税率适用。进一步明确适用零税 率的出口货物范围，以及跨境销售服务、无形资产适用零税率的具体情形；明确一项应税交易涉及两个以上税率、征收率时适用税率和征收率的原则。 【国内外市场一览】 •据证券时报，监管部门指导中国信托业协会制定《中国信托业高质量发展规划（2025—2035）（征求意见稿）》，已向信托公司征求意见。《规划》明确 了未来十年信托业发展的目标、重点任务和相关措施。根据意 ...

小米创办人、董事长兼CEO雷军宣布， 将于12月31日晚8点做一场跨年直播。 雷军今日午间在其个人微博表示，"前几天我在网上看过一个拆SU7视频，很多人建议拆拆YU7。这次直播，我请工程师现场拆车，一边拆 车一边聊。" 2026年1月1日起，你的房贷可能下调！ 里程碑！人形机器人与具身智能标委会成立，王兴兴彭志辉发言 来源：财联社 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 ...

证券研究报告 行业研究 / 行业深度 2025 年 12 月 30 日 联系人 汽车 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《首批 L3 级自动驾驶车型获准入——智能汽车 系列报告（七）》2025-12-23 《高阶智驾准入，Robotaxi 商业化提速—— Robotaxi 产业深度报告》2025-12-23 《特斯拉 Robotaxi 取消安全员，纯视觉方案商 业化提速——Robotaxi 系列报告（三）》 2025-12-12 《曹操出行提"十年百城千亿"战略目标—— Robotaxi 系列报告（二）》2025-12-12 《奔驰自动驾驶出租车于阿布扎比开启路测— —Robotaxi 系列报告（一）》2025-12-12 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 L3 准入落地，华为系景气度提升 ——智能汽车系列报告（八） 强于大市 投资要点： L3 准入落地，华为汽 ...