察势者明，趋势者智，驭势者独步天下。封闭场景、商用车、全栈技术平台——吴甘沙这位前英特尔中国研究院院长正带领团队走一条"少有人走的路"。 上证报中国证券网讯（记者 于祥明）察势者明，趋势者智，驭势者独步天下。封闭场景、商用车、全栈技术平台——吴甘沙这位前英特尔中国研究院院长 正带领团队走一条"少有人走的路"。 "我们选择第二种。"他坦言，自动驾驶商业化有一条残酷的规则：99分等于0分。"你可以做99分的演示，但真正要在商业场景中实现规模化落地，必须是 100分。因为安全问题一旦发生，就是系统性风险。" "做自动驾驶就像解题。一种是做奥数题，最难，但不保证能拿100分；另一种是参加全科高考，争取最重要的几科先拿满分。"接受上海证券报记者独家专 访时，驭势科技创始人、董事长兼CEO吴甘沙先给记者作了这样一个比喻，解释公司为何选择从机场、厂区等封闭场景切入自动驾驶赛道。 成立于2016年的驭势科技，已悄然成为全球领先的无人驾驶解决方案提供商之一，服务香港国际机场、乌鲁木齐天山国际机场等全球20多个机场，并逐步将 业务拓展至物流、环卫等多个商用场景。 从"封闭场景"驶入 在自动驾驶行业普遍追逐城市开放道路、Robot ...

Group 1: Market Overview - The market has been reignited by technology stocks, with the Shanghai Composite Index rising by 1.19%, the Shenzhen Component Index by 2.4%, and the ChiNext Index by 3.39% [1] - There is a coexistence of weak index performance and strong structural excitement in the market, indicating a complex investment environment as the year-end approaches [1][6] Group 2: Tesla and SpaceX Developments - Tesla's stock price has rebounded significantly after a 36% drop in the first quarter, reaching a new closing high of $489.88, up 3.1% recently [3] - Elon Musk's wealth has surged, making him the first person in history to surpass $600 billion, currently at $684.2 billion, with projections for SpaceX to reach a valuation of $1.5 trillion upon its IPO [2][3] - The potential for Tesla's full self-driving technology to be commercialized could push its valuation towards $2 trillion, solidifying its position as a global tech leader [2] Group 3: Autonomous Driving Developments - The Chinese Ministry of Industry and Information Technology has issued the first batch of L3 autonomous driving licenses, marking a shift from "technical validation" to "commercial pilot" for autonomous driving in China [5][9] - Companies like Changan and BAIC Blue Valley have received L3-level licenses, indicating a significant advancement in the domestic autonomous driving sector [5][9] - Tesla's progress in Robotaxi technology is influencing the domestic industry, pushing for faster iterations and advancements in autonomous driving technology [9][10] Group 4: Investment Opportunities - The current market environment is characterized by a focus on sectors with "from 0 to 1" technological breakthroughs, particularly in L3 autonomous driving and commercial aerospace [6][8] - Companies like Zhejiang Shibao and BAIC Blue Valley are becoming focal points for investment due to their roles in the L3 project and potential for industry restructuring [10] - The commercial aerospace sector is also gaining attention, with a shift in focus from broad launch capabilities to more specific components that ensure performance and reliability [10]

Group 1 - Waymo plans to raise funds with a valuation of at least $100 billion, with the financing amount expected to be in the tens of billions, potentially exceeding $10 billion [2][5] - The previous funding round in October last year raised $5.6 billion at a valuation of $45 billion, indicating a potential doubling of valuation in the upcoming round [3][6] - Waymo has completed 14 million ride-hailing orders this year and aims to achieve 1 million autonomous ride-hailing services per week by the end of 2026 [3][6] Group 2 - The new funding round will support Waymo's expansion efforts across the U.S. and globally [3][6] - Despite starting to charge passengers for autonomous ride-hailing services, the business is currently estimated to be operating at a significant loss [3][6] - Competitors like Tesla and Amazon's Zoox are also intensifying their efforts to deploy autonomous vehicles in major U.S. cities [3][6]

火爆，实在火爆。 反映的是Robotaxi整个赛道的火爆，利好的也是全球所有Robotaxi玩家。 Waymo最新估值，都冲上1000亿美元了。 时隔17个月，Waymo被曝再次融资，估值超千亿美元，融资规模超百亿美元，与历史融资总额持平，一举刷新自动驾驶赛道融资和估值纪录。 首个1000亿美元Robotaxi超级独角兽就此诞生，这是第一个，但是不是唯一一个嘛…… Robotaxi赛道确实热辣滚烫，也确实竞争激烈，强如Waymo，50亿美元也不过花了一年半不到。 这也印证了此前从业者的猜想，Waymo的成本确实高，中国玩家在这方面有极大优势。 一个问题随之出现： Robotaxi全球逐鹿，不过才拉开序幕。站在同一起跑线上，具备成本优势的中国Robotaxi玩家，是不是也该被重估了？ Waymo估值冲上1000亿美元 据多家媒体报道，因为Robotaxi竞争激烈，Waymo正在以超1000亿美元估值开展新一轮融资，母公司谷歌将领投。1000亿美元，也就人民币7049亿元吧。 这一轮融资规模也同步暴涨，不过目前存在100亿美元(约合人民币704亿元)和150亿美元(约合人民币1056亿元)两种说法，至少将是上一轮 ...

Core Insights - The announcement of the first batch of conditional L3 autonomous vehicle permits by the Ministry of Industry and Information Technology marks a clearer path for autonomous driving commercialization, particularly in the Robotaxi sector, which is entering a competitive phase [1] Group 1: Company Developments - Xiaoma Zhixing has achieved single-vehicle profitability with its seventh-generation Robotaxi, aiming for breakeven by 2030 [1][2] - The company plans to operate fully autonomous Robotaxi services in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, covering over 2000 square kilometers [2] - Xiaoma Zhixing's Robotaxi fleet has grown from over 680 vehicles to more than 961, with a target of exceeding 1000 vehicles by the end of 2025 and expanding to over 3000 by the end of 2026 [2] Group 2: Financial Performance - In Q3 2025, Xiaoma Zhixing reported total revenue of $25.4 million (approximately 181 million RMB), a 72% increase from $14.8 million in Q3 2024, driven by strong demand for autonomous driving services and technology licensing [3] - The gross margin improved to 18.4% in Q3 2025, up from 9.2% in the same period in 2024, attributed to a higher contribution from high-margin autonomous driving services [3] - Revenue from autonomous driving services grew by 89.5% year-on-year, with passenger fare income surging over 200% [3] Group 3: Autonomous Trucking Initiatives - Xiaoma Zhixing's autonomous truck business has accelerated, with a fleet of approximately 200 trucks and a cargo transport volume exceeding 10 billion ton-kilometers [3][4] - The company has partnered with SANY Heavy Truck and Dongfeng Liuzhou Motor to develop a fourth-generation autonomous truck family, with plans for mass production of two models based on advanced electric platforms by 2026 [4] - The current scale of 200 autonomous trucks is strategically significant for meeting data needs for technology iteration, with plans for commercial scaling after 2-3 years of technology validation [4]

Core Insights - WeRide (文远知行) is a leading autonomous driving technology company, established in 2017, with operations in 30 cities across 7 countries, and has been operational for over 1,600 days [1][2] - The company reported a total revenue of 200 million RMB for the fiscal year ending June 30, 2025, representing a year-on-year growth of 32.81%, while the net profit attributable to shareholders was -792 million RMB, showing a 10.23% increase year-on-year [1] - WeRide has developed a product matrix that includes Robotaxi, Robobus, Robovan, Robosweeper, and Advanced Driving Solutions, positioning itself as a leader in the commercialization of autonomous driving [2] Financial Performance - As of December 17, WeRide's stock price increased by 2.01% to $8.61 per share, with a total market capitalization of $2.946 billion [1] - The company’s revenue growth of 32.81% indicates strong market demand and operational efficiency [1] Strategic Partnerships - WeRide has established strategic partnerships with several top global manufacturers and suppliers, including the Renault-Nissan-Mitsubishi Alliance, Yutong Group, GAC Group, and Bosch, enhancing its technological and operational capabilities [2] Industry Recognition - In 2023, WeRide was ranked eighth on Fortune's list of companies changing the world, making it the only Chinese company to enter the top ten [2]

两说 Business Insights 继2024年在纳斯达克上市后，小马智行近日在港交所上市，成为首批实现"美股+港股"双重上市的自动 驾驶科技公司。如今已率先在北上广深四大一线城市提供全无人自动驾驶出租车服务。无人驾驶安全 吗？公众的接受度如何？创业公司在商业生态上如何谋势布局，站在"十五五"开局元年即将到来之时， 本期节目探讨如何在自动驾驶领域推动中国式创新，发展新质生产力？破茧成蝶的路上，中国企业家如 何面对不确定性？需要有怎样的精神内驱特质？ 本期嘉宾 彭军 小马智行创始人、首席执行官 秦朔 人文财经观察家 更多精彩内容，敬请关注12月17日周三晚22:30 东方卫视《两说》节目，第一财经 12月20日周六晚 22:00 播出。 ...

Core Viewpoint - Mainline Technology has submitted an IPO application to the Hong Kong Stock Exchange, facing significant financial challenges including high debt levels and ongoing losses since its establishment in 2017 [1][2][10]. Financial Performance - Since its inception, Mainline Technology has completed 8 rounds of financing, raising over 900 million yuan, but has accumulated over 1 billion yuan in redeemable liabilities, leading to an asset-liability ratio of 580.2% as of June 30 this year [1][9][22]. - The company reported a cumulative net loss of 774 million yuan, with adjusted net losses exceeding 500 million yuan, indicating a lack of operational cash flow and "blood-making" ability [1][5][19]. - Revenue for 2022, 2023, and 2024 is projected to be 112 million yuan, 134 million yuan, and 254 million yuan respectively, with a compound annual growth rate of 50.38% [4][19]. - Despite revenue growth, the company has recorded net losses of 278 million yuan, 213 million yuan, and 187 million yuan for the same years, with total losses exceeding revenue by 35.44% [5][19]. Debt and Cash Flow - As of June 30, the company had cash and cash equivalents of only 67.7 million yuan, a decrease of 51.72% from the end of 2022, while bank loans surged to 119 million yuan, a 138.43% increase [8][22]. - The redeemable liabilities reached 1.063 billion yuan, representing 4.7 times the total assets, indicating a severe financial risk [9][22]. - Operating cash flow has consistently been negative, with cumulative outflows of 469 million yuan [20]. R&D and Competitive Landscape - Mainline Technology has been reducing its R&D team and expenditures, with R&D expenses decreasing from 147 million yuan in 2022 to 115 million yuan in 2024, and the R&D expense ratio dropping significantly [13][25]. - The company has outsourced a portion of its R&D activities, with outsourcing accounting for 35.5% and 44.0% of total R&D expenditures in 2024 and the first half of 2025 respectively [16][26]. - The competitive landscape includes other autonomous driving solution providers, with significant competition from companies like Pony.ai and TuSimple, as well as traditional automotive manufacturers entering the autonomous driving market [11][23].

Group 1 - Century United Holdings (01959) resumed trading with an initial increase of over 33%, currently up 4.24%. The company announced a cash deal of approximately HKD 153 million for the acquisition of about 377 million shares, representing 71.12% of the total issued share capital, at HKD 0.405 per share [1] - Changfei Optical Fiber (06869) rose over 10% following a report from Huatai Securities indicating that the company's optical fiber and cable business is benefiting from AI computing demand, leading to continuous product structure optimization [1] - Kangnait Optical (02276) increased by over 5% after the launch of Quark AI glasses, marking Alibaba's entry into the AI glasses market [1] - Tanwan, a subsidiary of Tanwan (09890), signed a cooperation agreement with COEXIST Group for artist work development, contributing to a monthly increase of over 30% in stock price, currently up 4.34% [1] Group 2 - Yaojie Ankang-B (02617) surged nearly 14%, currently up 18.57%. The company announced that its core product, Tiengotine, has published exploratory Phase II clinical results for cholangiocarcinoma in a high-impact journal [2] - China Silver Group (00815) rose over 7% as spot silver prices exceeded USD 65 per ounce, marking one of the strongest rebounds in commodities for 2025 [2] - Yidu International (00259) fell over 12%, currently down 12.67%, as Muxi shares debuted on the STAR Market with a 568% opening increase, reaching a market cap of CNY 280 billion [2] - Gaoya Optical (00907) experienced a significant drop of 40%, currently down 34.67%, after receiving a notice from the stock exchange regarding insufficient operational levels to maintain listing [2] Group 3 - Zhaoyan New Drug (06127) increased by over 10% as the market focused on the rising prices of preclinical evaluation test assets, with experimental monkeys priced at approximately CNY 140,000 each [3] Group 4 - Airline stocks saw gains, with Eastern Airlines (00670) up 5.66%, Air China (00753) up 5.56%, and Southern Airlines (01055) up 7.22%. Recent operational data showed strong passenger load factors for November, with Eastern Airlines at 87.37%, Southern Airlines at 86.29%, and Air China at 83.3% [4] Group 5 - Pfizer (PFE.US) fell 3.41% as the company predicts minimal sales growth next year due to costly acquisitions aimed at refreshing its drug portfolio [5] - Quantum computing stocks saw collective gains, with IonQ Inc (IONQ.US) up 7.81%, D-Wave Quantum (QBTS.US) up 7.5%, and others showing similar increases [5] - Hesai Technology (HSAI.US) rose 3.64% as the company announced its participation in CES 2026 in Las Vegas [5] - Pony.ai (PONY.US) increased by 7.28% following the announcement of the first batch of L3 autonomous driving vehicle approvals in China [5] Group 6 - Lemonade (LMND.US) rose 8.38% after Morgan Stanley upgraded the stock to hold and raised the target price from USD 53 to USD 85 [6] - Seagate Technology (STX.US) increased by 0.89% as Morgan Stanley reiterated its "overweight" rating, expecting continued demand for hard disk drives until 2027 [6] - Bitcoin-related stocks rebounded strongly, with Strategy (MSTR.US) up 3.34%, Circle (CRCL.US) up 9.99%, and Coinbase (COIN.US) up 0.87%, as Bitcoin prices returned above USD 87,000 [6] - UBS (UBS.US) rose 4.94%, reaching its highest price since 2008, following a proposed compromise on new capital rules by Swiss lawmakers [6]

报告表示，工信部发布《汽车行业稳增长工作方案(2025–2026年)》，提出"推进智能网联汽车车路云一 体化试点，有条件批准L3级自动驾驶准入"。因此，大和预计2026年将有更多L3级车型获许可，2026年 中国乘用车市场L3级功能渗透率约1%，对应销量约25.7万辆。 智通财经APP获悉，大和发布研报称，近日，中国工信部向长安汽车及北汽蓝谷首批L3级自动驾驶车型 产品批出准入许可，标志着乘用车L3级自动驾驶商业化迈出关键一步。该行认为，此举意味着L3级自 动驾驶开始在中国乘用车市场落地。随着L3级自动驾驶在乘用车市场逐步渗透，该行认为地平线机器 人-W(09660)、禾赛-W(02525)以及速腾聚创(02498)将直接受益。 ...