每经记者｜杨建 每经编辑｜彭水萍 ｜2025年12月16日 星期二｜ NO.1 商务部等6部门印发《促进服务外包高质量发展行动计划》加强领军企业培育 12月15日，商务部等6部门印发《促进服务外包高质量发展行动计划》，目标到2030年，培育一批具有 国际竞争力的服务外包龙头企业，建设一批创新能力强、特色优势产业明显的服务外包集聚区，服务外 包数字化、智能化、绿色化、融合化发展水平进一步提升，吸纳就业人数显著增长。服务外包成为创新 提升服务贸易、创新发展数字贸易的重要组成部分。培育一批具有较强国际竞争力的服务外包领军企业 和具有独特竞争优势的中小服务外包企业，引导企业在新兴领域布局产业生态，积极参与全球产业分工 合作。 NO.2 机构：居民资产配置切换迹象显现，资本市场有望迎万亿元潜在增量资金 中金公司研究部分析称，根据中金公司研究部数据，可以反映出居民资金入市的趋势。展望后市，随着 居民资产配置切换，理财产品能给股市带来多少增量资金？据中金公司研究部测算，受益于含权产品发 力，2026年理财机构有望提升权益资产仓位（股票+股混基金）0.8个百分点至2.3%；2027年伴随着理财 权益投研资源的持续投入，仓位有 ...

近日，工业和信息化部正式附条件许可两款L3自动驾驶车型产品。对此，中国汽车工业协会常务副会 长兼秘书长付炳锋表示，这标志着我国自动驾驶汽车产业正从"技术验证"加速迈向"量产应用"的新阶 段。 （文章来源：中国经营报） 在付炳锋看来，这背后不仅体现了技术的发展，更是国家统筹高质量发展与高水平安全，以包容审慎监 管护航前沿技术安全落地。 首先，制度先行，构筑安全发展的"防护栏"。此次正式许可自动驾驶车型产品，体现了政府支持创新探 索的治理智慧。智能网联汽车作为跨学科、跨领域的复杂系统，其成熟度不仅依靠技术突破，更需商业 闭环验证。工信部牵头，会同公安、交通、住建等部门构建"产品准入+上路通行"双轨机制，联合制定 规则、并行审查，为产业划定清晰的安全基线，为创新留足空间。本次发布让符合标准的产品接受市场 检验，释放出"有法可依、有路可跑"的量产应用红利，贯彻了"制度先行、试点破冰、梯次推广"的总体 思路。 其次，产业协同，激活全链条"共生生态"。对行业而言，许可自动驾驶车型产品不仅是对技术成熟度的 权威认可，更是对社会各界关于未来智慧出行深切期待的有力回应。L3级别自动驾驶的落地，是涵盖 整车、零部件、软件算法、通 ...

Domestic News - The China Securities Regulatory Commission (CSRC) is promoting the implementation of a long-term assessment mechanism for medium and long-term funds, aiming to develop equity public funds and promote high-quality development of index investment [1] - The Ministry of Industry and Information Technology has granted approval for the first batch of L3-level conditional autonomous driving vehicles, marking a significant step towards commercial application in designated areas of Beijing and Chongqing [1] Economic Data - In November, the total retail sales of consumer goods reached 43,898 billion yuan, showing a year-on-year increase of 1.3% but a month-on-month decrease of 0.42% [2] - From January to November, fixed asset investment (excluding rural households) totaled 444,035 billion yuan, down 2.6% year-on-year, while excluding real estate development investment, it grew by 0.8% [2] - The total import and export value in November was 38,987 billion yuan, with a year-on-year increase of 4.1%, accelerating by 4.0 percentage points compared to the previous month [2] Real Estate Market - In November, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline, with first-tier cities experiencing a 0.4% decrease in new residential prices and a 1.1% decrease in second-hand residential prices [2] - Year-on-year, new residential prices in first-tier cities fell by 1.2%, while second-hand residential prices dropped by 5.8%, with both declines widening compared to the previous month [2] Employment Data - The average urban survey unemployment rate from January to November was 5.2%, with November's rate at 5.1%, unchanged from the previous month [3] - The unemployment rate for local registered labor was 5.3%, while for migrant labor it was 4.7%, with agricultural migrant labor at 4.4% [3] Industry Standards - The China Gold Association has released a group standard for the "Gold Exchange for Old" business, marking a move towards a more standardized, professional, and transparent development phase [3] - The Shanghai Arbitration Commission is set to introduce new arbitration rules for securities and futures, with the official unveiling scheduled for December 26, 2024 [3]

Core Points - China's first batch of L3 conditional autonomous driving vehicles has received approval for road testing, marking a significant step towards commercial application in the country [1] - Two models, one from a southern manufacturer and the other from a northern manufacturer, will be tested in designated areas of Beijing and Chongqing [1] Summary by Sections - **Approval and Testing**: The Ministry of Industry and Information Technology has officially announced the approval of the first L3 level autonomous driving vehicles, which will begin road testing in specific areas of Beijing and Chongqing [1] - **Vehicle Specifications**: The electric vehicle from the Chongqing manufacturer can achieve autonomous driving at a maximum speed of 50 km/h in congested traffic conditions, while the vehicle from the Beijing manufacturer can reach up to 80 km/h on highways and urban expressways [1] - **Future Plans**: The two models will undergo road trials in their respective regions, with authorities enhancing vehicle operation monitoring and safety measures to support the high-quality development of the intelligent connected vehicle industry in China [1]

Group 1 - The Ministry of Industry and Information Technology of China has officially granted the first batch of L3-level conditional autonomous driving vehicle permits, marking a significant step towards the commercialization of autonomous driving technology in the country [1] - Two electric vehicle models from companies in Chongqing and Beijing have been approved for trial operations in designated areas, with specific design features for different driving scenarios [1] - The Chongqing model can achieve autonomous driving at a maximum speed of 50 km/h in congested traffic environments, while the Beijing model supports speeds up to 80 km/h on highways and urban expressways [1] Group 2 - Domestic autonomous driving services are advancing towards large-scale operations, with Geely's Cao Cao Mobility planning to establish five global operation centers over the next decade, aiming to promote Robotaxi services to 100 cities and achieve a total transaction value of 100 billion RMB [2] - Baidu's autonomous driving service platform "Luobo Kuaipao" has entered a phase of large-scale operations, with a reported 310 million fully autonomous driving orders by Q3 2025, representing a 212% year-on-year increase [2] - The development of autonomous driving in China is entering a new phase, starting with L3-level commercial trials and extending to the large-scale operation of Robotaxi services, accelerating the formation of a smart mobility industry ecosystem [2]

Group 1: Regulatory Developments - Shanghai Arbitration Commission is set to release the "Shanghai Arbitration Committee Securities and Futures Arbitration Rules" on December 26, 2024, marking a significant step in the establishment of a local arbitration framework for securities and futures [1] - The Ministry of Industry and Information Technology has granted conditional access for the first L3-level autonomous driving vehicles in China, allowing two models to conduct road trials in designated areas of Beijing and Chongqing [1] Group 2: Market Trends - Counterpoint Research reports a 10% year-on-year increase in global cellular IoT module shipments in Q3 2025, driven by strong demand in smart meters, asset tracking, routers/CPE, and automotive applications, with India showing a remarkable 40% growth [2] - McDonald's has raised prices on various menu items by 0.5 to 1 yuan, including popular items like the Big Mac and McNuggets, indicating a trend of price adjustments in the fast-food sector [3] Group 3: Corporate Actions - HashKey Holdings Ltd. has set its IPO price close to the upper limit of the range, aiming to raise 1.6 billion HKD (approximately 206 million USD) [7] - Gold Ham announced the resignation of its president, Guo Bo, who will continue to serve as vice chairman and a member of the board's strategic committee [8] - KWH Holdings plans to repurchase shares worth 20 to 40 million yuan, with a maximum price of 95 yuan per share, aimed at employee stock ownership plans or equity incentives [14] Group 4: Financial Performance - Air China reported a 10.1% year-on-year increase in passenger turnover for November 2025, with a 4.9% rise in passenger capacity and an average seat occupancy rate of 83.3%, up by 4 percentage points [15]

下一步，两款车型将由重庆长安车联科技有限公司、北京出行汽车服务有限公司两家使用主体在上述区 域内开展上路通行试点。工信部将联合有关部门及地方主管部门加强车辆运行监测和安全保障，及时总 结经验，不断健全智能网联汽车准入管理和标准法规体系，推动我国智能网联新能源汽车产业高质量发 展。 L3级自动驾驶商业化进程倒计时 2026年会是关键时间节点吗？ 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、高速路段的纯电动车型将在北京、重庆指定区域开展上路试点，标志着我国L3级自动驾驶从测 试阶段迈入商业化应用的关键一步。 这次公布的两款车型，来自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。 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。 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 ...

外媒眼中的中国经济关键词 新华社北京12月13日电 中央经济工作会议12月10日至11日在北京举行。这是党的二十届四中全会后党中央召开的一次十分重要的会议。 新华社通过大数据工具抓取四中全会以来1169家海外主流媒体有关报道发现，"发展""增长""稳定性""贸易""投资""合作""市场""科技""人工 智能""创新"等成为海外聚焦中国经济的高频词。 "看好中国"是不少外媒的共识。它们关注中国这个全球第二大消费市场、第一大网络零售市场和第二大进口市场，关注外资企业持续加码投 资中国市场，更期待中国与各国拓展合作空间。美国《华尔街日报》网站文章说，在华西方企业正在"将中国市场视为一个创新试验场"。德国之 声电台网站说，中国显然是德国产业难以割舍的合作伙伴，而且德国企业有充分的理由这样做。西班牙《经济学家报》网站说，中国不仅向欧盟 大量出口产品和服务，而且欧盟也正成为中国企业直接投资的优先目的地。 谈及外媒关注的这些中国经济高频词，北京外国语大学国际商学院金融系主任、教授任康钰对记者说："可以看到，这些词确实是中国经济热 点问题。虽然面临诸多挑战，但中国经济在国际市场上继续保持强劲的竞争力。中国通过贸易、投资为世界 ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 12 日 汽车 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 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 《车企年销量目标完成度分化——智能汽车数 据销量跟踪（二）》2025-12-03 《蔚来业绩创历史新高，25Q4 有望实现盈利 ——智能汽车系列报告（五）》2025-12-03 《理想召回事件短期扰动业绩，静待 2026 年 产品升级——智能汽车系列报告（六）》 2025-12-01 《小鹏 25Q3 亏损收窄，盈利拐点在望——智 能汽车系列报告（四）》2025-11-19 《零跑 25Q3 盈利持续改善，技术普惠驱动销 量高增——智能汽车系列报告（三）》 2025-11-18 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 联系人 行业及产业 奔驰 Robotaxi 于阿布扎比开启路测 ——Robotaxi 系列报告（一） 强于大市 事件概要：12 月 9 日，梅赛德斯-奔驰 ...

英国发布自动驾驶汽车监管框架意见征询 在车辆上路前相关规范方面，意见征询将明确车辆型式认证标准，确保车辆投入市场前符合技术安全要 求；设立自动驾驶车辆上路授权流程，明确系统启动时法律责任向授权主体的转移规则；界定"车内负 责人"的职责边界，即自动驾驶功能关闭时为驾驶员，启动后转为负责人且无需对车辆行驶行为负责； 同时规范控制权交接要求、无驾驶员车辆的运营商许可标准，以及适配自动驾驶的保险机制——保险公 司需通过车辆时间戳数据判定事故责任。 编辑：张嘉怡 中新网伦敦12月4日电 (欧阳开宇 刘施岑)英国运输部4日向议会提交书面声明，宣布启动一项关于自动 驾驶汽车监管框架的意见征询，旨在落实《自动驾驶汽车法案》，为自动驾驶技术发展筑牢安全基础， 同时推动相关产业经济增长。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 车辆上路后监管环节则包括持续监测车辆是否符合自动驾驶测试要求、合规执行授权与运营许可规定； 设立民事与监管制 ...