Group 1 - White Rhino, an L4 autonomous driving company, recently completed a new round of financing with investors including Jiukun Venture Capital and Qifu Capital, aimed at accelerating the mass production and market promotion of its autonomous vehicle platform [1][3] - The company was founded in April 2019 by former Baidu autonomous driving team members and focuses on developing full-stack autonomous delivery solutions [2] - By 2025, White Rhino has completed three rounds of financing, raising over $100 million, with significant business growth reflected in the increase of active autonomous vehicles from approximately 100 in December 2023 to over 2000 by the end of the year [3][8] Group 2 - The logistics sector targeted by White Rhino is at a critical point for large-scale implementation, with over 103 cities in China opening up road rights for autonomous delivery vehicles [4][8] - White Rhino's main product, the R5 series autonomous vehicle, has a cargo volume of 5.5m³ and can carry over 500 packages, serving major logistics companies and covering more than 170 cities [7] - The global market for autonomous logistics vehicles is projected to reach 3.6 trillion yuan by 2030, with China accounting for about 40% of this market [8] Group 3 - The industry is moving towards vehicle-grade standards, driven by customer demands for lower lifecycle costs and higher safety [9] - Challenges include the legal status of autonomous delivery vehicles and the need for stringent engineering standards to ensure reliability under extreme conditions [10] - White Rhino is developing a vehicle-grade autonomous vehicle platform that is expected to be the first in China capable of mass production and delivery of true vehicle-grade L4 autonomous logistics vehicles [10][13]

自动驾驶是汽车产业发展、国际科技竞争的重要方向。近日，我国两款L3级自动驾驶车型获附条件准入许可，引发广泛讨论。 随着L3大幕拉开，产业充满热情，社会充满期待。距离真正的大规模商业化落地还有多远？当前还有哪些问题需要厘清？记者18日采访了专家。 问题一：获得产品准入许可是否等于L3"量产在即"？ 不能画等号。 "根据工业和信息化部、公安部等四部门共同确定的方案，试点工作包括产品准入试点与上路通行试点两个阶段。"工业和信息化部装备工业发展 中心副主任刘法旺告诉记者，车辆获得准入许可，表明其在自愿申报、初步审核和择优遴选的基础上，已通过四部门联合组织开展的方案确认、 安全测评及专家评审等环节，具备一定的安全保障水平，可进入上路通行试点阶段，获得申领普通车辆号牌资格。 刘法旺强调，由于自动驾驶系统及其应用场景的复杂性，以及面临安全风险的复杂多变性，参考国际经验，为切实保障试点车辆驾乘人员及周边 交通参与者的安全，当前试点采取的是"小范围起步、附条件实施"的推进方式，获得准入许可并不意味着自动驾驶可以立即"全面推广"或"大规 模量产"。 "L3级自动驾驶的普及并非单一技术的突破，而是政策、技术、产业生态的系统性协同成 ...

消息面上，工信部12月15日正式公布我国首批L3级有条件自动驾驶车型准入许可，本次许可是继2023 年试点通知明确框架、2024年6月首批9家联合体遴选后的实质性落地，标志着国内L3从"试点申报与测 试评估"迈向"产品准入与上路通行试点"。 国泰海通证券发布研报称，本次工信部车辆许可标志着中国自动驾驶正式进入L3时代。华泰证券认 为，L3准入落地将加速智驾产业链价值重构，2026年智驾有望成为AI应用的重要方向，建议关注智能 整车、线控底盘、域控芯片、激光雷达等核心环节的投资机会。 智通财经APP获悉，智驾概念股继续走高，截至发稿，浙江世宝(01057)涨9.54%，报5.05港元；佑驾创 新(02431)涨6.24%，报11.91港元；知行科技(01274)涨3.61%，报5.74港元；小鹏汽车-W(09868)涨 3.58%，报73.75港元。 ...

Core Viewpoint - The article highlights the successful IPO of HiDi Intelligent Driving, marking it as the first public company in the commercial vehicle intelligent driving sector, with an issuance price of HKD 263 per share and a market capitalization of HKD 11.5 billion. This event underscores the fruitful collaboration between Lenovo Star and Professor Li Zexiang, who has been instrumental in the company's growth and development [2][5][9]. Investment Journey - Lenovo Star has supported multiple IPOs, totaling 10 across various technology and healthcare sectors, demonstrating its commitment to the industrialization of technological achievements since its inception [4][16]. - The collaboration between Lenovo Star and Professor Li Zexiang began in 2017 when he founded HiDi Intelligent Driving in Changsha, with Lenovo Star participating in early funding rounds [5][6]. - The investment strategy of Lenovo Star has focused on identifying and nurturing technology entrepreneurs, aligning with Professor Li's vision of fostering innovation through a "mentor-student" investment model [5][6]. HiDi Intelligent Driving's Development - HiDi Intelligent Driving specializes in autonomous driving technology for commercial vehicles, particularly in mining and logistics, and has developed a range of products including autonomous electric mining trucks and intelligent road solutions [7][8]. - The company has delivered 304 autonomous mining trucks and 110 independent autonomous driving systems as of June 30, 2025, ranking third in the Chinese market for autonomous mining solutions [8]. Investment Philosophy - Lenovo Star's investment approach is rooted in a long-term vision for the autonomous driving sector, recognizing it as a critical application of artificial intelligence technology [11][12]. - The firm has invested in various subfields of autonomous driving, including ADAS, millimeter-wave radar, and LiDAR, to capture cutting-edge technological advancements [11][12]. Future Outlook - Lenovo Star is poised for further growth, with expectations of 15 to 20 additional IPOs in the near future, reflecting a robust investment strategy and a favorable market environment for technology companies [16]. - The firm continues to explore new opportunities in AI and healthcare, with a focus on integrating advanced technologies into various sectors [14][15].

Macro Research - The growth rate of narrow public budget revenue in China has slowed down, with a year-on-year increase of only 0.8% from January to November 2025, and the growth rate in November was flat compared to the same period in 2024 [1] - Narrow public budget expenditure increased by 1.4% year-on-year from January to November 2025, with a decrease of 3.7% in November compared to the previous month, indicating a narrowing of the decline [2] - Government fund budget revenue decreased by 4.9% year-on-year from January to November 2025, with a significant drop of 15.8% in November, primarily due to the adjustment in the real estate market [3] Company Research: AVIC Avionics (中航机载) - AVIC Avionics plans to acquire a 59.1816% stake in Hangtou Yuhua for 202 million yuan, aiming to enhance its industrial chain layout and strengthen synergy [7] - The company reported a slight revenue increase of 1.25% to 16.774 billion yuan in the first three quarters of 2025, although net profit declined by 17.73% due to credit impairment losses [8] - The acquisition is expected to complement the industrial chain, with the five target companies each possessing unique technical expertise, which will help AVIC Avionics strengthen its collaborative capabilities and foster new growth points [7] Industry Research: Cultural Communication Industry - The IP food industry in China is rapidly growing, with the market size expected to increase from 18.1 billion yuan in 2020 to 35.4 billion yuan by 2024, representing a CAGR of 18.2% [10] - The IP fun food segment, which combines food with collectible items, is projected to grow from 5.6 billion yuan in 2020 to 11.5 billion yuan in 2024, with a CAGR of 19.6% [10] - The core competitiveness in the IP fun food market lies in supply chain management and IP operation, as the differentiation of snack products is low, making cost control crucial [11] Company Research: Three Gorges Tourism (三峡旅游) - Three Gorges Tourism is expected to benefit from the planned construction of four inter-provincial vacation cruise ships, which will enhance overall customer spending and profit levels [27] - The company reported a 20.2% year-on-year increase in comprehensive tourism business revenue to 286 million yuan in the first half of 2025, with a record high of 1.2525 million cruise passengers [28] - The inter-provincial cruise project is anticipated to provide a new growth driver, with the first two ships expected to be operational by June and December 2026 [29]

Core Viewpoint - Mainline Technology (Beijing) Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D capabilities, market expansion, and product brand ecosystem development, despite having accumulated losses exceeding 600 million yuan since 2022 [1][10]. Group 1: Company Overview - Mainline Technology, established in 2017, is a leading provider of L4 autonomous driving trucks and solutions in China, focusing on a "vehicle-terminal-cloud" integrated product ecosystem [2]. - The company has delivered a total of 830 AiTrucks and 349 AiBoxes, with additional orders for 821 AiTrucks and 920 AiBoxes [2]. Group 2: Financial Performance - In 2022, 2023, 2024, and the first half of 2025, the company reported revenues of 112.36 million yuan, 134.11 million yuan, 254.09 million yuan, and 98.93 million yuan, respectively [3]. - The net losses for the same periods were 278.17 million yuan, 212.63 million yuan, 187.18 million yuan, and 96.39 million yuan, totaling over 600 million yuan in losses since 2022 [4]. Group 3: Profitability and Margins - The gross margin improved from 3.7% in 2022 to 22.7% in 2024, with a further increase to 30.3% in the first half of 2025 [5]. Group 4: Customer Concentration - The company has a high customer concentration, with revenue from the top five customers accounting for 79.4%, 64.6%, 67.9%, and 73.7% during the specified periods [7]. Group 5: Funding and Investment - The IPO proceeds will be used for R&D enhancement, production and supply chain development for core components, market expansion, strategic investments, and general corporate purposes [10].

Core Viewpoint - The article emphasizes the importance of end-to-end production in autonomous driving technology, highlighting the need for practical experience in various algorithms and applications to address real-world challenges in the industry [2][7]. Course Overview - The course is designed to provide in-depth knowledge on end-to-end production techniques, focusing on key algorithms such as one-stage and two-stage frameworks, reinforcement learning, and trajectory optimization [2][4]. - It includes practical projects that cover the entire process from theory to application, ensuring participants gain hands-on experience [2][12]. Instructor Background - The instructor, Wang Lu, is a top-tier algorithm expert with a strong academic background and extensive experience in developing and implementing advanced algorithms for autonomous driving [3]. Course Structure - The course consists of eight chapters, each focusing on different aspects of end-to-end algorithms, including: 1. Overview of end-to-end tasks and integration of perception and control systems [7]. 2. Two-stage end-to-end algorithm frameworks and their advantages [8]. 3. One-stage end-to-end algorithms with a focus on performance [9]. 4. Application of navigation information in autonomous driving [10]. 5. Introduction to reinforcement learning algorithms and training strategies [11]. 6. Optimization of trajectory outputs using various algorithms [12]. 7. Post-processing strategies for ensuring reliable outputs [13]. 8. Sharing of production experiences and strategies for real-world applications [14]. Target Audience - The course is aimed at advanced learners with a foundational understanding of autonomous driving algorithms, including familiarity with reinforcement learning and diffusion models [15][17].

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 论文作者 | Ziyi Song等 编辑 | 自动驾驶之心 一、引言 传统的自动驾驶流水线具有模块化结构，面临着误差传递和泛化能力有限的问题。尽管端到端自动驾驶通过将原始传感器数据直接映射到最终控制指令提供了一种解 决方案，但这种 单体智能系统受限于传感器范围，并且在应对罕见极端事件和预测其他参与者意图方面显得力不从心 。因此，车联网（V2X）通信作为一种关键的 赋能技术，通过促进实时信息交换，有助于克服这些局限性。 本文介绍的 UniMM-V2X 框架， 首次在多智能体端到端系统中实现了感知与预测的多级协同 。它不仅打破了感知融合的局限，更引入了 MoE（混合专家模型） 架 构，为感知、预测和规划动态定制专属特征表征 。通过多级融合与 MoE 的深度协同，UniMM-V2X 在感知、预测和规划任务上均达到 SOTA 性能 ，为实现更安全、 更具可解释性的协同自动驾驶提供了全新方案。 核心特点与主要贡献： UniMM-V2X由三个主要部分组成：图像编码器、协 ...

Core Viewpoint - The article discusses the competitive landscape of the autonomous driving industry, focusing on the significant developments from Waymo and Tesla, highlighting their strategies, advancements, and the challenges they face in achieving fully autonomous driving [4][5]. Group 1: Waymo's Developments - Waymo is in talks for a new funding round led by its parent company, Alphabet, aiming to raise between $15 billion to $20 billion, which would increase its valuation to over $100 billion, doubling from $45 billion in October 2024 [8]. - Waymo has expanded its service area significantly, covering approximately 260 square miles in Silicon Valley and becoming the first company to offer paid autonomous driving services on highways without a driver [16][21]. - The company has completed 127 million miles of fully autonomous passenger miles, achieving a 90% reduction in severe accidents and a 92% reduction in pedestrian injuries compared to human drivers [19][21]. Group 2: Tesla's Strategy - Tesla is attempting to leverage its unique vision-based Full Self-Driving (FSD) system and extensive data from mass-produced vehicles to catch up with Waymo [22]. - The company has launched a taxi network in Austin, where vehicles are monitored by a safety operator, marking a significant step towards fully autonomous operations [22][30]. - As of October 2025, over 2 million Tesla vehicles are equipped with the FSD beta, generating vast amounts of road scene data daily [28]. Group 3: Challenges Faced - Both Waymo and Tesla face ongoing challenges related to technology maturity, safety performance, and regulatory compliance [32]. - Waymo has encountered operational difficulties, such as traffic congestion caused by its vehicles in San Francisco, highlighting the complexities of real-world scenarios [33][37]. - Tesla's FSD software has faced scrutiny due to incidents of traffic violations and accidents, with seven collisions reported in Austin as of mid-October 2025, despite the presence of human safety operators [40][41]. Group 4: Regulatory Environment - Tesla is under strict scrutiny from state and federal regulators, which poses risks to its business model, especially as it aims to launch fully autonomous taxi services [44]. - The California DMV has mandated Tesla to change the name of its "Autopilot" system to clarify its nature as an advanced driver assistance system, with a deadline for compliance [44]. Group 5: Future Outlook - The future of autonomous driving may hinge on the safety data generated by Tesla's autonomous taxi operations, suggesting that superior safety metrics could determine market leadership [45].

新华社记者唐诗凝 新华社北京12月18日电 题：部分车型获准入许可 L3级自动驾驶大规模落地还有多远？ 随着L3大幕拉开，产业充满热情，社会充满期待。距离真正的大规模商业化落地还有多远？当前 还有哪些问题需要厘清？记者18日采访了专家。 两者在定位与目标上存在较大差异。 自动驾驶是汽车产业发展、国际科技竞争的重要方向。近日，我国两款L3级自动驾驶车型获附条 件准入许可，引发广泛讨论。 近些年，很多地方都在积极推动智能网联汽车道路测试与示范应用工作，不少车企也都拿到了L3 级自动驾驶"路测牌照"。这和近日工业和信息化部许可的两款产品准入申请有何区别？ 刘法旺说，道路测试与示范应用的主体较为多元，既可以是汽车生产企业，也包括科研院所、科技 企业、零部件公司等相关单位，车辆使用测试牌照，核心目标是"以测促研"，推动相关功能与性能的持 续完善，属于研发测试阶段。 问题一：获得产品准入许可是否等于L3"量产在即"？ 不能画等号。 "根据工业和信息化部、公安部等四部门共同确定的方案，试点工作包括产品准入试点与上路通行 试点两个阶段。"工业和信息化部装备工业发展中心副主任刘法旺告诉记者，车辆获得准入许可，表明 其在自愿申报 ...