Core Viewpoint - Pony.ai has achieved single-vehicle profitability in Guangzhou with its seventh-generation Robotaxi, indicating a significant milestone in its journey towards commercializing autonomous driving [1] Financial Performance - As of the latest report, Pony.ai's stock price increased by over 10%, currently trading at 125.1 HKD with a transaction volume of 53.67 million HKD [1] - Daily revenue per vehicle has reached 299 RMB, showcasing the financial viability of its operations [1] Operational Expansion - The company plans to scale its fleet to over 1,000 vehicles by the end of 2025 and aims to expand to 3,000 vehicles by 2026, with a long-term goal of operating 100,000 vehicles by 2030 [1] - Pony.ai has initiated a light-asset cooperation model to accelerate the commercialization of autonomous driving, partnering with global entities [1] Technological Advancements - The profitability in Guangzhou is supported by technological breakthroughs and cost optimizations in the seventh-generation Robotaxi, which will be unveiled at the 2025 Shanghai Auto Show [1] - The cost of the autonomous driving kit has decreased by over 70% compared to the previous generation, achieved through deep collaborations with major manufacturers [1] - Three models of the seventh-generation vehicle have been produced, sharing a unified autonomous driving kit that includes the same radar, cameras, and L4-level software system to ensure consistent driving capabilities [1]

Core Viewpoint - The report from China Merchants Securities indicates that the high-level autonomous driving sector in China and the U.S. is advancing simultaneously, suggesting that the autonomous driving segment is expected to break out of its recent downturn [1] Group 1: Industry Developments - China's L3 production access has achieved institutional implementation, with a cautious and orderly pace of commercialization [1] - Tesla's Robotaxi testing without safety drivers is progressing, indicating rapid evolution in autonomous driving technology [1] Group 2: Investment Recommendations - The report recommends the following companies for investment: Xpeng Motors-W (09868) and Tesla (TSLA.US) for complete vehicles [1] - For components, the report suggests Horizon Robotics-W (09660) and Hesai Technology-W (02525) [1] - For Robotaxi operations, the recommendation is for Pony.ai-W (02026) [1]

Group 1: Industry Developments - A Starlink satellite from SpaceX experienced an anomaly, losing contact with the ground and producing debris, which poses a potential threat to other satellites in orbit [2] - The first L3-level autonomous driving license in China was issued to Changan Automobile, marking a significant step towards commercial application of L3 autonomous driving technology [3] - Beijing's humanoid robotics center has open-sourced the XR-1 model, which is the first to pass national standards for embodied intelligence, advancing the domestic embodied intelligence industry [4] - Turing Quantum and Moore Threads have signed a strategic cooperation agreement to develop a hybrid computing architecture that integrates GPU and quantum processors [5] - Chinese robot "Deep Sea Giant Shark 3" won a combat robot competition in Abu Dhabi, showcasing advanced design and capabilities [6] - Researchers at Shanghai Jiao Tong University achieved a breakthrough in optical computing chips, supporting large-scale semantic media generation models [7] Group 2: Corporate News - Xiaomi's president confirmed that the price of the upcoming Xiaomi 17 Ultra smartphone will increase due to rising memory costs, which are expected to continue increasing in the coming years [2] - New Unisplendour Group signed a strategic cooperation agreement with Shanghai Yidian to collaborate on artificial intelligence and intelligent computing [10] - Wallen Technology plans to acquire at least 60% of Liao Jing Electronics, which operates in integrated circuits and electronic components [14] - Tianpu Co. announced the expiration of a tender offer from Zhonghao Xinying for 33.52 million shares, representing 25% of the company's total equity [15] - Lianchuang Electronics is planning a change in control due to a potential transfer of shares by its major shareholder [16] - *ST Dongyi's restructuring plan was approved by the court, allowing the company to focus on its main business while leveraging resources in the computing industry [17]

Summary of Key Points from Conference Call Records Industry Overview - The L3 level autonomous driving is approaching commercialization, with significant progress expected by 2026 as more regulations and policies are implemented to drive industry development [1][3] - The autonomous driving industry chain includes vehicle manufacturers (e.g., XPeng, Li Auto, Huawei, Xiaomi), Robotaxi companies (e.g., Pony.ai, WeRide), chip manufacturers (e.g., Horizon Robotics), domain control systems, steer-by-wire and braking systems, LiDAR, and testing segments [1][5] Core Insights and Arguments - The recent surge in the autonomous driving sector was triggered by the Ministry of Industry and Information Technology approving two L3 products from Arcfox and Changan Deep Blue, marking a transition from early testing to formal assessment [2] - More L3 regulations are anticipated to be established in 2026, further propelling industry growth [3] - Tesla's Robotaxi-specific model is set to be delivered in Q2 of next year, alongside advancements in humanoid robots, indicating 2026 will be a pivotal year for Tesla [4][3] Company-Specific Highlights XPeng Motors - XPeng plans to launch six new models in the first half of 2026, including three range-extended models, which are expected to boost sales [1][6] - The company is also making strides in its Model series and flying car initiatives, positioning itself as a benchmark in the smart driving market despite facing recent sales pressures [6] Pony.ai and WeRide - Pony.ai is focusing on the domestic Robotaxi market, planning to deploy 3,000 vehicles by the end of next year, which gives it a competitive edge [1][7] - WeRide is targeting overseas markets and has demonstrated economic benefits in the Middle East [1][7] Horizon Robotics - Horizon Robotics is a leading domestic chip supplier, providing cost-effective products and developing advanced intelligent driving solutions that integrate algorithms with chips, giving it a competitive advantage in the high-end autonomous driving market [1][8][9] Continental AG - Continental AG is a key player in steer-by-wire technology, which is increasingly being applied in Robotaxi vehicles, benefiting from the growth of L3 autonomous driving and the Robotaxi industry [11] Kaizhong Co., Ltd. - Kaizhong has invested in Suzhou Jiuli, focusing on electronic mechanical brake (EMB) products, and has secured orders from leading new car manufacturers for 2026 [12] - The recent acquisition of Anhui Tuosheng is expected to enhance net profit and strengthen the company's safety margin, with a strong market presence in high-performance polyurethane materials [13][14] Additional Important Insights - The integration of high-performance chips in robots is crucial for achieving large-scale commercialization, with Horizon Robotics positioned to play a significant role in this evolution [9][10] - The steer-by-wire technology is essential for the future of autonomous vehicles, with companies like Continental AG leading the way [11] - The competitive landscape in the autonomous driving sector is evolving, with various companies focusing on different aspects of the technology and market opportunities [5][7]

东方证券认为，在法规政策支持、市场需求提升的驱动下，预计2026年L3级自动驾驶产业化进展有望 持续加速，相关智驾硬件及软件供应商有望受益。长城证券表示，海内外龙头厂商持续在智驾方面取得 突破行业进入高速发展期。伴随高阶智驾逐步下探至10-20万车型，智驾平权亦将逐步实现，该行持续 看好智能驾驶产业链投资机会。 智通财经APP获悉，智驾概念股早盘走高，截至发稿，浙江世宝(01057)涨10.02%，报5.6港元；小马智 行-W(02026)涨8.26%，报124.6港元；佑驾创新(02431)涨6.25%，报15.63港元；禾赛-W(02525)涨4%， 报182.1港元。 消息面上，近期，海内外智能驾驶领域均迎来重大突破。12月15日，工信部正式公布首批L3级有条件 自动驾驶车型准入许可，首批获准车型为长安深蓝SL03和北汽极狐阿尔法S6，随后比亚迪、鸿蒙智行 等多家品牌也宣布获得L3级自动驾驶路测牌照并启动内测。值得关注的是，12月20日，首块L3级自动 驾驶专用正式号牌"渝AD0001Z"在重庆诞生，标志着长安汽车开启L3级自动驾驶时代。海外方面，马 斯克此前表示特斯拉正式在奥斯汀启动全无人驾驶Robo ...

Group 1 - The potential announcement of the new Federal Reserve chair could lead to a more accommodative monetary policy, increasing the likelihood of interest rate cuts next year, which may attract more foreign capital into the A-share market and enhance overall market valuations [1] - The robotics industry gained significant attention over the weekend, highlighted by a performance at a concert where a robot executed a difficult flip, and a Chinese robot winning a global combat robotics competition, indicating China's leading position in the robotics sector [1] - The commercialization of Level 3 autonomous driving is accelerating, with the first official license plate for Level 3 autonomous driving being issued, marking a significant step beyond testing to actual commercial application [1] Group 2 - SpaceX's IPO process is being led by Morgan Stanley, representing a major development; however, a rare incident involving Starlink satellites has created volatility in market expectations for SpaceX [1] - Regulatory scrutiny in the brokerage sector is increasing, with 326 penalties issued against 73 brokerage firms in 2025, which may be seen as a positive development for retail investors as it suggests a healthier market environment [1]

Group 1 - The global market has entered a "Christmas mode" this week, with Hong Kong's three major indices opening higher: Hang Seng Index up 0.41%, National Index up 0.49%, and Hang Seng Tech Index up 0.61% [1] - Major technology stocks mostly showed an upward trend, with Meituan rising by 1.46%. The first batch of L3 autonomous driving vehicles received approval, leading to a surge in autonomous driving concept stocks, with Pony.ai leading the charge, rising over 6% [1] - Duty-free leader China Duty Free Group increased by 3.68%, while airline, shipping, and gaming stocks mostly declined [1]

Core Viewpoint - The article discusses the advancements in 3D Gaussian Splatting (3DGS) technology in the autonomous driving sector, highlighting the introduction of feed-forward GS algorithms and the need for effective learning pathways for newcomers in the field [2][4]. Group 1: Course Overview - A new course titled "3DGS Theory and Algorithm Practical Tutorial" has been developed to provide a comprehensive learning roadmap for 3DGS technology, covering both theoretical and practical aspects [4]. - The course is designed to help participants understand point cloud processing, deep learning theories, real-time rendering, and coding practices [4]. Group 2: Course Structure - The course consists of six chapters, starting with foundational knowledge in computer graphics and moving through the principles and algorithms of 3DGS, including dynamic and surface reconstruction [8][9]. - The third chapter focuses on the application of 3DGS in autonomous driving simulation, providing insights into key works and tools used in the industry [10]. - Subsequent chapters explore important research directions in 3DGS, including COLMAP extensions and depth estimation, as well as the emerging feed-forward 3DGS techniques [11][12]. Group 3: Target Audience and Requirements - The course is aimed at individuals with a background in computer graphics, visual reconstruction, and programming, specifically those familiar with Python and PyTorch [17]. - Participants are expected to have access to a GPU with a recommended capability of 4090 or higher to effectively engage with the course content [17].

深蓝AI . 专注于人工智能、机器人与自动驾驶的学习平台。 来源 | 深蓝AI 原文链接： 纯视觉方案！中山大学&港科大新作：基于3DGS实现高精度轨迹视频生成 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近30个 方向 学习 路线 >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 本文只做学术分享，如有侵权，联系删文 「 不修图、不依赖 LiDAR 」 以下文章来源于深蓝AI ，作者深蓝学院 在自动驾驶领域， 多轨迹、多视角的视频数据 几乎是刚需。 它不仅决定了 3D 重建的完整性，也直接影响世界模型和规划系统的泛化能力。但现实很骨感： 真实世界里，想采集同一条道路、不同横向位置、严格同步的多条驾驶视频，成本极高。要么多车协同，要么反复跑同一路段，还会带来时间、动态目 标不一致的问题。于是，研究者开始尝试： 能不能只用一条真实驾驶视频，自动"生成"另一条相邻轨迹的视频？ 看似简单，实际却踩了两个大坑： 中山大学与香港科技大学提出了ReCamDriving，一个完全基于视觉、却能精确控制相机轨迹的新轨迹视频生成方法。 不修补、不靠 LiDAR，直接换一种相机控制思路。 标题： ...

Group 1: Industry Developments - Major breakthrough in optical computing chip field with the introduction of LightGen, a full optical computing chip supporting large-scale semantic media generation models, providing hardware acceleration for AI and energy-sensitive scenarios [1] - The Ministry of Commerce emphasizes the need to boost consumption, particularly in the service sector, and aims to remove unreasonable restrictions in the consumption field to release service consumption demand [2] - The National Development and Reform Commission and other departments have released rules to regulate pricing behavior on internet platforms, aiming for healthier and more sustainable development of the platform economy [4] Group 2: Regulatory Actions - The National Internet Information Office and the China Securities Regulatory Commission are intensifying efforts to combat rumors in the capital market, addressing accounts that spread false information and disrupt market stability [3] Group 3: Market Insights - Citic Securities notes increasing factors supporting the appreciation of the RMB, suggesting a focus on aviation, upstream resource products, and domestic consumer goods [6] - Citic Jinshi predicts that A-shares may resonate upward with global markets, recommending investments in dividend value, cyclical sectors, and thematic hotspots [7] - Zhao Securities anticipates a cross-year market rally in A-shares, suggesting a focus on cyclical-related products [8] Group 4: Technological Advancements - The first L3-level autonomous driving license has been issued, marking a significant step towards the commercialization of intelligent driving, with expectations for acceleration by 2026 [9] - The commercialization of humanoid robots is progressing, with leading domestic manufacturers advancing capital processes and exploring investment opportunities in AI and robotics [10] - The National Medical Insurance Administration has included AI-assisted diagnosis in pathology billing, indicating a critical phase for the commercialization of AI in healthcare [11]