12月22日，中国无人驾驶领域再传捷报——百度旗下无人驾驶出行服务平台萝卜快跑携手全球领先出行平台，将率先于2026年在英国伦敦开启无人驾驶测 试及出行服务，助力伦敦构建更加数字化、绿色化的未来交通体系，这也是中国无人驾驶首次驶入英国伦敦，进入中国香港以外的右舵市场。 此次萝卜快跑成功落地伦敦、进军全球右舵市场，也绝非简单的市场地域扩展，而是中国技术标准与运营体系首次系统性对接全球主流的右舵交通环境， 证明了中国无人驾驶技术方案具备应对全球多样化交通环境的普适性与先进性。 更为重要的是，这不仅是中国无人驾驶技术上的"再下一城"，更是"全球标准"话语权上的一次关键进军。中国无人车进入右舵市场绝非技术模型的简单移 植，而是深度融入目标市场的交通生态、法规体系与文化环境，并深度参与当地无人驾驶安全标准的制定，这种"技术+本地化"的双重能力，正是当前无 人驾驶企业出海竞争的核心壁垒。 全球无人驾驶进入快车道，中国抢占科技制高点刻不容缓 当前，全球主要国家在人工智能领域持续强化战略布局，在这一轮人工智能发展浪潮中，无人驾驶已成为重要先行领域。 早在去年11月底，萝卜快跑就获批中国香港首个自动驾驶车辆先导牌照。一年多来， ...

Group 1 - The AI industry is expected to transition from early-stage layout to a critical construction phase by 2026, with technology stocks projected to rise over 20% overall [3] - Tesla aims to commercialize autonomous ride-hailing in over 30 cities by 2026, with a base target price of $600 and an optimistic scenario reaching $800 [3] - Apple and Google are set to establish an AI partnership around Gemini technology, which may integrate into Apple's ecosystem via subscription services, potentially driving its market value to $5 trillion [3] Group 2 - Nebius is identified as a highly attractive acquisition target in AI infrastructure, with potential buyers including Microsoft, Alphabet, and Amazon [3] - Cybersecurity is highlighted as a standout sub-industry within technology, with Crowdstrike and Palo Alto Networks being favored companies [3] - Oracle has completed its data center expansion and is effectively managing its substantial remaining performance obligations and AI-related orders, with a potential stock price challenge of $250 by 2026 [3] Group 3 - The Trump administration has begun equity investments in quantum-related companies, with IonQ and Rigetti Computing seen as key beneficiaries [4] - Microsoft is expected to enter a critical harvest period in 2026 as more companies accelerate AI adoption through Azure and Redmond [4] Group 4 - Nvidia maintains its leading position in the global AI chip industry, with an optimistic stock price target of $275 by 2026 [5] - Wedbush is optimistic about Palantir's long-term potential, projecting a valuation of $1 trillion within the next two to three years [5]

Market Overview - The A-share market experienced fluctuations, with the consumer sector showing strong performance, while the real estate sector rebounded from low levels. External factors, such as the Bank of Japan's interest rate hike, briefly boosted market sentiment, but the gains were not sustained, indicating that external factors can only cause short-term emotional fluctuations without altering the underlying market logic [1][4][14] - The recent market volatility is attributed to the uncertainty surrounding the strength of domestic economic recovery, the time required for policy effects to materialize, and seasonal liquidity pressures as the year-end approaches. Institutional rebalancing for annual performance also contributes to short-term disturbances [1][14] Sector Analysis Consumer Sector - The consumer sector has been active, with significant gains in retail, food and beverage, and other consumer stocks driven by favorable consumption policies. Recent government initiatives aim to stimulate consumption, indicating a structural rally in this sector [7][8][10] Real Estate Sector - The real estate sector has seen a rebound due to the implementation of supportive policies from both central and local governments. The focus on stabilizing the real estate market and addressing local debt risks is expected to improve the sector's fundamentals, providing short-term boosts to the market [10][11] Financial Sector - The financial sector, particularly insurance and brokerage stocks, has shown upward momentum. Recent regulatory adjustments have lowered risk factors for insurance companies, which is expected to enhance their performance. The overall market conditions, including liquidity and economic recovery, are favorable for the financial sector [11][12] Technology Sector - The technology sector, including semiconductor and AI-related industries, remains a focus for investment. The report suggests selecting stocks with strong earnings support while avoiding high-valuation stocks lacking performance backing [2][14] Automotive Sector - The autonomous driving sector has gained attention with the approval of L3 level autonomous driving vehicles for commercial use, marking a significant step towards commercialization in China. This development is expected to drive interest and investment in related stocks [12]

12月20日，美国旧金山市遭遇大范围停电，该市至少三分之一区域陷入黑暗。20日下午，太平洋天然气 和电力公司的一处变电站内部发生火灾，引发部分停电。约13万用户受到影响，导致交通拥堵。由于停 电导致交通信号灯失灵，无人驾驶出租车Waymo在十字路口"迷路"。报道称停电期间，至少有一人被困 在Waymo汽车内。20日晚，9.5万户居民恢复了供电，但许多居民不得不点蜡烛吃饭。 ...

Core Viewpoints - The market is expected to restart a volatile upward trend, with a favorable layout for mid-cap blue chips and strong thematic directions [9][13][14]. Market Analysis - The market is likely to experience a rebound after a period of hesitation, with the recent interest rate hike in Japan further reducing uncertainty. This sets the stage for a potential upward movement in the market [3][14]. Industry Comparison - From March 2023 to the present, the market has seen a consensus expectation for technology and dividend stocks. The report suggests that the trend of risk styles is nearing its end, with investment opportunities shifting towards mid-cap blue chips, which are expected to rise again after four years of dormancy [4][15]. Industry Allocation - Investment opportunities are identified in medium-risk stocks, focusing on three main lines to capitalize on mid-cap blue chips: 1. **Cyclical Sector**: Technology empowerment combined with supply constraints is leading to a re-evaluation of pricing. Attention is drawn to new materials, chemicals, and metals with improved supply-demand dynamics, as well as agricultural products [4][16]. 2. **Consumer Sector**: After years of stagnation, the consumer sector is at a turning point, with generally undervalued stocks and supply contraction suggesting potential price increases. Focus areas include technology-related consumption, new consumption trends, and traditional pharmaceutical consumption [4][16]. 3. **Manufacturing Sector**: The focus is shifting from mere "story speculation" to validating "orders and revenues." Key areas of interest include telecommunications, electronics, power equipment, and machinery with expected performance validation [4][16]. Thematic Investments - The report highlights several thematic investment areas to watch: - **Aerospace and Satellites**: The sector is expected to maintain strength, with potential catalysts from reusable rockets and accelerated IPO progress in satellite networks and commercial rockets [4][17]. - **Artificial Intelligence**: The AI theme is currently influenced by U.S. market narratives and may see short-term performance improvements following recent developments [5][17]. - **Service Consumption**: With significant recent gains, policies aimed at improving demand are expected to become a main theme by 2026, making service consumption a key area of focus [5][17]. - **Autonomous Driving**: Developments in domestic L3 licensing and profitability milestones for companies like Pony.ai, along with international validation phases for robotaxis, suggest a renewed focus on this sector [5][17]. - **Nuclear Fusion**: The nuclear fusion sector is anticipated to experience a series of industrial catalysts, transitioning from theoretical research to practical engineering, which is expected to generate substantial investment demand [5][18]. - **Semiconductor Expansion and Domestic Substitution**: Expectations for domestic wafer fabs to expand production next year, along with the capitalization of major domestic memory chip manufacturers, highlight opportunities in domestic chip manufacturing and related materials [5][19]. - **Upstream Price Increases**: The report notes a continuing trend of price increases in the short term, driven by supply constraints and structural demand growth, particularly in non-ferrous metals and the new energy sector [6][19].

Group 1 - The A-share autonomous driving sector experienced a surge, with stocks like Railway Wei rising by 12.97%, Wanlong Technology by 11.82%, and Zhejiang Shibao hitting the 10% limit up [1] - Major foreign institutions such as Goldman Sachs, Morgan Stanley, and UBS have strategically invested in seven autonomous driving concept stocks, with three of them hitting the limit up today [1] - The foreign investment strategy focuses on companies with established technology and performance growth, avoiding pure concept stocks [8] Group 2 - The Ministry of Industry and Information Technology announced that China has granted road permits for the first batch of L3 conditional autonomous driving vehicles, marking a significant policy shift [3] - Goldman Sachs predicts that the U.S. Robotaxi market will reach $7 billion by 2030, with China having even greater potential due to its low-cost supply chain and rapid policy implementation [5] - The competition in the autonomous driving industry has shifted from whether technology can be realized to how quickly it can be commercialized [9] Group 3 - Companies like StarNet Yuda and Haowei Group have significant market shares in their respective fields, with StarNet Yuda holding over 60% in high-precision inertial navigation products and Haowei Group having a 32.9% market share in vehicle-mounted CIS sensors [4] - The cost of autonomous driving technology is decreasing, with some laser radar systems now available for under 100,000 yuan, making large-scale application more feasible [6] - The focus on customer resources, mass production capabilities, and cost advantages will determine which companies benefit most from the industry boom [10]

Group 1 - The article highlights significant announcements in the stock market, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events, providing ample time for analysis and selection of suitable listed companies [1] Group 2 - The company is involved in commercial aerospace, storage chips, autonomous driving, third-generation semiconductors, and CPO, with its chip products already applied in low-orbit satellite constellations [1] - Another company focuses on controllable nuclear fusion, commercial aerospace, satellite navigation, military industry, and nuclear power, with successful applications in manned space engineering (Tianhe core module of the space station) and orders in the nuclear fission power plant sector [1] - The company is also engaged in autonomous driving and drones, supplying humanoid robot joint modules [1]

2025 年 12 月 21 日 主题活跃成交回升,关注? III -北交所策略周报（20251215-20251221） 本周策略观点: 本周市场行情: 北交所新股: 新三板动态: 目靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 A0230124070002 lvjh@swsresearch.com 本周新挂牌 2 家，摘牌 3 家，周新增计划融资 0.52 亿元，完成融资 3.14 亿元。 风险提示: 个股业绩李度波动过大风险，宏观经济下行的风险。 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 请务必仔细阅读正文之后的各项信息披露与声明 品 相关研究 本周北证 50 指数小幅下跌 0.13%,但成交量环比上升 16%。本周市场活跃度明显上升, ○ 强 ...

新 三 板 研 究 2025 年 12 月 21 日 主题活跃成交回升，关注蘅东光申 购 ——北交所策略周报（20251215-20251221） 本周策略观点： 北交所新股： 本周市场行情： ⚫ 本周新挂牌 2 家，摘牌 3 家，周新增计划融资 0.52 亿元，完成融资 3.14 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 新三板动态： 吕靖华 A0230124070002 lvjh@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 专 题 研 ...

文/陈妙盈 在无人驾驶货运领域，单纯的技术堆叠已不再是壁垒，真正的竞争在于数据闭环与场景适配。菜鸟拟入 股九识智能，从技术层面看，是一次极具想象力的"优势互补"。 双方在技术栈上呈现出高度的互补性： 1，九识的"硬核"底座： 九识智能拥有L4级自动驾驶的全栈自研技术，特别是在感知决策算法、多传感 器融合以及VLA大模型研发上具备先发优势。其积累的数千万公里真实道路数据，是算法迭代的宝贵 资产。 2，菜鸟的"AI"赋能： 菜鸟背靠阿里巴巴，在人工智能、机器视觉以及物流调度算法方面积淀深厚。其 自研的菜鸟GT系列无人车已在公开道路大规模运营，具备了极强的场景理解能力。 此次整合后，九识的"车辆端"能力与菜鸟的"云端"AI调度能力将实现深度融合。双方的智驾端到端模型 有望进行数据互通，这将极大加速"车路云一体化"的落地进程。例如，菜鸟的物流调度系统可以更精准 地指挥九识的无人车矩阵，实现快递、商超、冷链等多场景的灵活切换。这种技术共振，将把无人货运 的运营效率推向一个新的高度，构建起难以被单一创业公司复制的竞争壁垒。 ...