Macro and Financial - Hainan Free Trade Port officially launched on December 18, with "zero tariff" items expanded to over 6,600 (accounting for 74% of all product categories), and processing value-added domestic sales exempt from tariffs [2] - Central Economic Work Conference emphasized stabilizing the real estate market from both supply and demand sides, encouraging the acquisition of existing housing for reasonable uses and promoting the transformation of real estate companies [3] - Private equity fund size reached a historical high of 22.09 trillion yuan by the end of November, growing from 19.91 trillion yuan at the beginning of the year, with an increase of over 2 trillion yuan [4] - Significant fluctuations in commodities: gold surpassed $4,310 per ounce, WTI crude oil fell to a low of $56.82 per barrel, and Bitcoin fluctuated between $86,000 and $88,000 [4] Capital Market - A-share listed companies' cash dividends reached 2.61 trillion yuan this year, surpassing the total for 2024 and setting a historical record [8] - Institutional research on North Exchange listed companies has significantly increased, with over 272 companies receiving various institutional surveys, covering more than 95% [8] - A-share market experienced a volume decline with all three major indices falling, while sectors like commercial aerospace and food and beverage saw gains [8] - Hong Kong stock market keywords for the year were "repair" and "differentiation," with liquidity recovery lifting market valuations and structural differentiation creating investment opportunities [9] Business Industry - The MUSA Developer Conference revealed key technological advancements in the domestic computing industry, including a new GPU architecture that enhances performance by 10 times [13] - The Ministry of Commerce announced anti-dumping duties on EU pork products starting December 17, 2025, for five years, prompting mixed reactions within the EU [13] - The first batch of L3-level conditional autonomous driving vehicles received approval for road testing in designated areas, indicating progress in the autonomous driving industry [13] - The retirement of 2G networks is causing functionality issues for early smart electric vehicles, affecting approximately 380 million electric bicycles in China [14]

Market Outlook - A classic "cross-year-spring" market is brewing, with signals indicating that it has already begun. Key factors include the expected acceleration of central budget investments and significant institutional investors increasing their holdings in A500 ETF, providing stable incremental funds to the market [2][36][38] - The main focus of the market is likely to be on blue-chip indices represented by the CSI 300 and SSE 50, with an emphasis on cyclical sectors such as industrial metals, non-bank financials, and hotel aviation [2][36][38] Economic Indicators - In November, the year-on-year growth rate of social retail sales narrowed, with a total of 456,067 billion yuan, a decrease of 0.3 percentage points to 4.0%. The retail sales excluding automobiles reached 411,637 billion yuan, growing by 4.6% [43][57] - Major enterprises in the machinery sector showed improvement in sales, with loader sales increasing by 32.1% year-on-year, and the sales of excavators and road rollers also showing significant growth [49][51] Investment Trends - The A500 ETF has seen substantial net subscriptions, with a single-day subscription amount reaching a historical high of 7.1 billion yuan, indicating that significant institutional investors are entering the capital market through this product [13][36] - The offshore RMB exchange rate has been strengthening, suggesting that overseas funds are beginning to flow into the domestic market, which is often associated with expectations of positive changes in domestic policies [15][16][36] Sector Performance - The retail sector has been supported by policies aimed at expanding domestic demand, with notable growth in the commercial retail sector driven by holiday consumption expectations [40] - The technology sector, particularly AI, remains a strong growth engine for the economy, with Hong Kong stocks showing high investment value in technology companies that are not present in A-shares [29][38] Market Dynamics - The A-share market has shown mixed performance, with large-cap value stocks outperforming small-cap stocks as investors become more conservative due to year-end performance assessments [31][39] - The upcoming earnings forecast disclosure period in January is expected to increase pressure on small-cap stocks, while large-cap blue-chip stocks are likely to attract more investment due to their stability [33][36]

Core Viewpoint - A large-scale power outage in San Francisco affected nearly one-third of the city, disrupting holiday shopping and public transportation, with approximately 130,000 households and businesses impacted [1][2]. Group 1: Power Outage Details - The outage began in the western part of the city and spread throughout San Francisco, with a fire at a Pacific Gas and Electric (PG&E) substation being a contributing factor [2]. - PG&E stated that they were working with emergency personnel and city officials to restore power, with an initial estimate of restoring power later that evening, although confirmation was pending [1][2]. - By 9 PM, PG&E reported that power had been restored to 90,000 customers, with the remaining 42,000 expected to have power restored overnight [4]. Group 2: Impact on Transportation and Services - The outage caused significant disruptions to public transportation and traffic signals, leading to severe traffic interruptions across the city [2]. - Waymo, the autonomous vehicle company, suspended its services in San Francisco due to the inability to recognize traffic signals during the outage, prioritizing passenger safety [2][3]. - The city’s mayor urged residents to avoid unnecessary travel, highlighting the chaos caused by the outage [2]. Group 3: Business Impact - The power outage occurred during a peak holiday shopping period, forcing many businesses to close, including museums and libraries, leading to a quiet atmosphere in typically bustling commercial areas [4][5]. - Business owners expressed that the outage was a devastating blow, particularly for retail operations during the holiday season, with one manager noting the unexpected nature of the incident [5].

Core Insights - The article emphasizes the establishment of a comprehensive community for autonomous driving, aiming to provide a platform for knowledge sharing, technical discussions, and career opportunities in the field [21][25]. Group 1: Community and Learning Resources - The "Autonomous Driving Heart Knowledge Planet" has been created to facilitate discussions on academic and engineering issues related to autonomous driving, gathering members from renowned universities and leading companies in the industry [21][22]. - The community has compiled over 40 technical routes and resources, including open-source projects, datasets, and learning paths for various aspects of autonomous driving [22][40]. - Members can access exclusive learning videos and participate in discussions with industry experts, enhancing their understanding of the latest trends and technologies in autonomous driving [25][90]. Group 2: Technical Insights and Developments - Recent updates include insights from industry leaders on topics such as end-to-end autonomous driving, multi-modal large models, and the integration of various sensor technologies [6][10]. - The community has shared significant advancements in technologies like VLA (Vision Language Models), BEV (Bird's Eye View) perception, and 3D target detection, which are crucial for the development of autonomous systems [48][56]. - Discussions on practical applications and challenges in the industry, such as data processing, simulation frameworks, and real-world deployment strategies, are ongoing within the community [9][42]. Group 3: Career Development and Networking - The community offers job referral mechanisms and career advice, connecting members with potential employers in the autonomous driving sector [15][25]. - Regular interactions with industry veterans provide members with insights into job opportunities, skill requirements, and emerging trends in the autonomous driving landscape [10][95]. - The platform aims to grow its membership to nearly 10,000 within two years, fostering a vibrant network for both beginners and experienced professionals in the field [7][21].

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 今年整个自动驾驶行业融资已经超过300亿！其中L4相关公司的融资比较密集，柱哥周末盘了下部分公司的融资情况，分享给大家。据我 们了解，这其中很多公司也在抓紧落地端到端、VLA等核心技术， 明年将会是L4大爆发的一年。 新石器 新石器今年完成了C+轮和D轮两起融资，2025年2下旬的10亿C+轮融资，和10月23日的D轮超6亿美元融资。D轮融资由阿联酋磊石资本领 投，高成投资、信宸资本、鼎晖VGC等机构联合领投。 以金额计，该融资是迄今为止中国自动驾驶领域最大的一笔私募融资。 公司简介： 成立时间：2018 年 2 月，创始人余恩源 定位：全球领先的 L4 级无人城配 (RoboVan) 解决方案提供商，专注城市物流 "最后一公里" 技术：全栈自研 L4 级无图自动驾驶技术，已交付超 1 万台无人车，累计行驶里程超 5000 万公里 核心产品：RoboVan 系列无人配送车，覆盖快递、即时物流、零售等多场景 里程碑：2025 年累计融资超 62 亿元，产品已拓 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the sustained high demand in the storage sector, with expectations for H200 to be approved for export to China [3] - AI demand continues to validate and enhance computing power requirements, with significant growth in domestic AI chip production [5][8] - The approval of L3 level autonomous driving vehicles marks a critical step towards commercialization in China, with Robotaxi services expected to accelerate [6][30] Summary by Sections Internet - The daily usage of tokens for Doubao has surpassed 50 trillion, indicating deep penetration of large models [17] - The release of the "Internet Platform Pricing Behavior Rules" aims to regulate price competition and protect consumer rights, shifting focus from low prices to ensuring merchant profits and promoting consumption upgrades [20][21] - Recommended stocks include Alibaba-W, Pinduoduo, and Baidu Group-SW, with Tencent Holdings as a beneficiary [58] AI - Google TPU's commercial potential is further confirmed with Anthropic's significant orders, totaling $21 billion, indicating strong demand for AI products [21] - The launch of the Skill paradigm by Anthropic aims to enhance the capabilities of AI agents, facilitating easier development and deployment of complex AI applications [22][26] - The market for Agentic AI is projected to grow significantly, with a potential market size of 1.8 trillion yuan by 2030 [22] Intelligent Driving - The first L3 level autonomous driving models have received approval for trial operation, indicating a shift from testing to commercial application [30] - Robotaxi services are expected to accelerate due to technological advancements, cost reductions, and supportive policies [35] - Key players in the Robotaxi market include Baidu, Xiaopeng Motors, and WeRide, with ongoing trials and commercial operations in various cities [43][44]

Domestic Macro Policy - The central government emphasizes a stable and progressive economic work approach for 2026, focusing on quality improvement and efficiency enhancement, with a projected GDP of approximately 140 trillion yuan for this year[3][10]. - The government plans to implement more proactive fiscal policies and moderately loose monetary policies, enhancing the effectiveness of macroeconomic governance through integrated stock and incremental policies[3][10]. - The focus on expanding domestic demand is prioritized as a key task for next year, aiming to boost consumption from both supply and demand sides[5][17]. Infrastructure and Industry Policy - Recent policies include the release of the first batch of L3 conditional autonomous driving vehicle permits and the introduction of antitrust compliance guidelines for internet platforms[13][14]. - The 2026 national energy work conference has set key tasks, emphasizing the transition to green and low-carbon energy sources, with an expected addition of over 200 million kilowatts of wind and solar power capacity[14]. Real Estate Policy - Shandong Province has introduced guidelines for a "housing old-for-new" program, proposing three models to encourage housing upgrades[15][16]. - The total urban housing demand during the "14th Five-Year Plan" period is estimated to be around 4.98 billion square meters[16]. Financial Regulation - The central financial committee stresses the importance of effectively managing financial risks related to local small and medium financial institutions and real estate enterprises, while also addressing local government financing platform debts[19][20]. - The merger plan for China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities has been announced, marking a significant consolidation in the financial sector[20]. Overseas Macro Policy - The Federal Reserve has lowered the federal funds rate target range to 3.50%–3.75%, with a voting outcome of 9 in favor and 3 against, indicating a cautious approach to future rate changes[24]. - The European Central Bank has maintained its benchmark interest rate at 2%, aligning with market expectations, while the Bank of Japan has raised its rate by 25 basis points to 0.75% to combat persistent inflation[24][25].

Core Viewpoint - The A-share market experienced a rebound after a period of decline, driven by mysterious funds that alleviated market concerns, particularly in the AI hardware sector, which is seen as a key driver of the current bull market [1][2]. Market Performance - The market showed a "strong at both ends, weak in the middle" trend, with the micro-cap index and the Shanghai 50 index performing the best, while the ChiNext and Sci-Tech 50 indices saw declines exceeding 2% [1]. - The mysterious funds' intervention on Wednesday reversed market sentiment, leading to a three-day rebound [1][4]. Influencing Factors - The market's recent weakness is attributed to several factors, including a policy and earnings vacuum at year-end, the realization of major macroeconomic events, and negative sentiment from certain U.S. tech stocks [2]. - The Bank of Japan's recent interest rate hike of 25 basis points and the rebound of U.S. AI stocks, particularly Oracle and Broadcom, contributed positively to the A-share market's recovery [2]. Future Market Outlook - Two key points to watch for the upcoming week: potential support at the half-point level since the December 16 low of 3815, and resistance at the December 8 high of 3936 [4]. - The market is expected to remain volatile, with a focus on the AI hardware and commercial aerospace sectors for potential investment opportunities [5][9]. Sector Focus - The AI hardware sector remains a primary focus, with strong performances from leading companies like "Yizhongtian," which are seen as indicators for the sector's direction [6]. - The commercial aerospace sector is also highlighted as a consistent theme, with ongoing developments and potential for growth despite recent fluctuations [6]. - The autonomous driving sector has shown strength, particularly with recent regulatory approvals for companies like Changan Automobile and Xiaomi [6][7]. Investment Strategy - The recommendation is to focus on mid-term potential directions, employing a strategy of buying on dips while continuously lowering costs [5][9].

Group 1 - The first batch of L3 level autonomous driving vehicle access permits has been approved in China, marking a significant step towards commercial application in the industry. Two models will be tested in designated areas in Beijing and Chongqing, with specific speed capabilities of 50 km/h and 80 km/h respectively [11][12][18]. - There are 31 automotive-related companies listed on the North Exchange, with a total market value of 81.626 billion yuan as of December 19, 2025. Key companies include Aodiwei, Huanxin Technology, and others [18][20]. - Aodiwei has developed a new generation of AKII vehicle-mounted ultrasonic sensors, which have been delivered in bulk to both joint venture and domestic brands. The company reported a revenue of 502 million yuan for the first three quarters of 2025, with a year-on-year growth of 12.31% [25][27]. Group 2 - The five major industries on the North Exchange, including high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology, all experienced average gains in the week of December 15 to December 19, 2025, with consumer services leading at +4.75% [2][33]. - The average price-to-earnings (PE) ratio for the high-end equipment industry rose to 36.9X, while the information technology sector reached 68.6X, indicating a positive trend in investor sentiment [2][35]. - The technology sector, comprising 154 companies, saw a median price increase of 1.61% during the same period, with notable performers including Tianli Composite and Huanxin Technology, which rose by 41.42% and 40.59% respectively [3][46]. Group 3 - The median PE ratio for the electronic industry increased to 48.6X, while the automotive sector's median PE ratio rose to 34.2X, reflecting a growing valuation in these sectors [3][63][66]. - Huanxin Technology, a provider of integrated solutions for smart cities, has signed a cooperation agreement with Huawei for comprehensive collaboration in smart connected vehicles and V2X infrastructure [28][30]. - The total market value of companies in the smart city and smart transportation sectors reached 21.592 billion yuan, with eight companies listed in this category [24].

Core Viewpoint - The approval of L3 autonomous driving vehicles in China marks a significant step towards the commercialization of intelligent connected vehicles, with Longan Automobile leading the way in this new era [4][8]. Group 1: L3 Autonomous Driving Milestones - The first L3 autonomous driving dedicated license plate "渝AD0001Z" was issued to Longan Automobile in Chongqing, indicating the start of L3 autonomous driving in China [4][3]. - The Ministry of Industry and Information Technology (MIIT) announced the first batch of L3 autonomous vehicle approvals, allowing Longan Deep Blue SL03 and Arcfox Alpha S6 to conduct pilot tests in designated areas [5][8]. - Longan Automobile has conducted over 5 million kilometers of testing on its L3 autonomous driving system in complex environments [4][6]. Group 2: Market Reactions and Stock Performance - On December 19, stocks related to autonomous driving surged, with over ten companies, including Zhejiang Shibao and Luochang Technology, experiencing significant gains [2]. - Analysts suggest that the approval of L3 vehicles will accelerate the restructuring of the intelligent driving industry and create investment opportunities in key areas such as intelligent vehicles and control systems [8][9]. Group 3: Future Outlook and Industry Implications - Longan Automobile plans to begin pilot applications with its L3 vehicles in early 2026, targeting both B-end and C-end users as regulations evolve [6][9]. - The approval process for L3 vehicles involves strict safety requirements, which may lead to a gradual expansion of L3 autonomous driving across more cities and vehicle models [9]. - The development of L3 autonomous driving is expected to drive demand for new components and technologies, benefiting various segments of the automotive supply chain [9].