华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 美联储宣布年内第三次降息，同时宣布将购买短债，被市场解读为"不是QE的QE"，美联储主席鲍威尔讲话比预期略偏鸽派。 美股三大指数收涨，小盘股领涨股市。甲骨文绩后重挫超10%，拖累英伟达盘后跌超1%。 美债收益率普跌，对利率敏感的两年期美债收益率跌超7.6个基点。 美元跌近0.6%，创10月29日来最低水平。比特币一度涨至昨日高点，随后下挫超2.2%。以太坊冲高回落，日内涨1.2%。 贵金属普涨，黄金宽幅震荡，较昨日尾盘涨0.53%。白银则在消化美联储降息决策后再度创新高，日内涨超2%。原油深V反转，美油较日低涨逾2.2%。 亚洲时段，A股探底回升，房地产掀涨停潮，万科股债齐升，零售股全天强势，摩尔线程涨超15%，港股收涨，有色大涨。 特朗普搅局华纳"世纪收购"！派拉蒙抛出千亿现金方案"截胡"，奈飞想赢"得加钱"。 要闻 中国11月CPI同比上涨0.7%，创2024年3月来最高，PPI同比降幅略有扩大。 房地产板块午盘大涨，万科展期债券讨论与市场对"房贷贴息"政策预期成为情绪核心驱动。 美联储如期再降息25基点，但三票委反对，仍预 ...

本报讯 （记者梁傲男）12月7日至12月9日，沙特利雅得CoMotionGLOBAL未来城市出行与创新峰会汇 聚全球产业领袖。轻舟智航在现场展区展现了公司领先的L2+与L4技术产品，公司董事长兼CEO于骞受 邀出席"自动驾驶的未来"主题讨论，与Lucid、Uber、IATR等国际机构代表同台，分享技术路径与全球 布局。 于骞在对话中谈到，轻舟智航的核心优势在于构建了AI驱动的通用自动驾驶平台，以同一技术底座高 效支持从L2+到L4的全场景产品应用。基于此平台，公司已实现近百万台乘用车辅助驾驶搭载量，并在 近30个城市成功开展L4自动驾驶小巴（Robobus）的商业化运营，形成了覆盖"出行+物流"领域的多元 化产品矩阵与可持续商业闭环，成为业内少有的同时实现L2+辅助驾驶与L4级自动驾驶规模化落地的头 部企业。 于骞表示，随着中国智能汽车出海浪潮，轻舟智航正积极推进L2+与L4业务进入欧洲、东南亚、中东等 市场。轻舟智航将携手当地合作伙伴，通过提供L2+辅助驾驶解决方案、Robobus、Robovan等多样化产 品，积极参与各地智能交通体系建设，推动自动驾驶技术融入日常出行与物流服务。 轻舟智航期待与产业界携手 ...

Market Overview - Despite external uncertainties, the market is expected to rebound, with Hong Kong stocks showing a stronger performance, closing up 0.42% [1] Federal Reserve and Precious Metals - The Federal Reserve is anticipated to lower interest rates by 25 basis points, which has led to a surge in precious metals prices. Silver's industrial demand is projected to rise significantly due to growth in solar energy, electric vehicles, and data centers, with a forecasted annual increase of 3.4% in silver demand from the automotive sector between 2025 and 2031 [2] Company Developments - Lingbao Gold Group has conditionally agreed to acquire a 50%+1 stake in St Barbara Mining Pty Ltd for AUD 370 million (approximately RMB 1.735 billion), focusing on gold mining projects in Papua New Guinea [3] - Vanke Enterprises experienced a significant stock increase of over 13% amid rumors of a potential 400 billion yuan interest subsidy policy for the real estate sector [4] - Longfly Optical Fiber and Cable announced a share placement at a discount of approximately 14.93%, raising about HKD 22.29 billion, with funds primarily allocated for overseas business development [6] - Horizon Robotics has entered a commercial partnership with Karl Power for autonomous freight solutions, resulting in a stock increase of over 3% [7] Real Estate Sector Insights - The Hong Kong real estate market is showing signs of recovery, with a projected 15% increase in property prices next year and a record number of residential transactions in 2023 [5] - The agricultural sector is also gaining attention, with significant stock increases for companies like First Tractor Co., driven by government initiatives to enhance agricultural production capabilities [5] Industry Focus - The Hainan Free Trade Port is set to officially launch operations on December 18, 2025, transitioning from a "test zone" to a "operational zone," which will enhance trade liberalization policies [8] Company Performance - SANY International reported steady domestic excavator sales and significant growth in overseas business, with a 14.7% year-on-year revenue increase in Q3 2025 [9] - The company is expected to continue its overseas expansion, with a clear strategic plan and strong product competitiveness [10]

1. 美国三大股指期货小幅下跌，纳指期货跌0.22%，标普500指数期货跌0.12%，道指期货跌0.08%。 2. 欧股主要指数涨跌不一，德国DAX指数跌0.41%，英国富时100指数涨0.27%，法国CAC指数跌 0.24%，欧洲斯托克50指数跌0.14%。 3. 美联储将于北京时间次日凌晨3:00公布利率决议和经济预期摘要，随后鲍威尔将召开货币政策新闻发 布会。 16. 阿里千问公测23天月活突破3000万，开放四项新功能。 4. 特朗普据称将启动美联储主席终极面试，白宫经济顾问哈塞特将与其他三位候选人角逐这一职位。 5. 比尔·盖茨警告AI估值泡沫：高竞争将淘汰部分公司，但技术将深刻造福社会。 6. 橡树资本联席创办人马克斯：AI技术需求增长不可预测，投资者行为具投机性质。 18. GE Vernova对明年营收增长乐观，上调股票回购授权额度至100亿美元。 (格隆汇) 7. SpaceX据报计划明年IPO，募资远超300亿美元，估值或达1.5万亿美元。 8. 英伟达获准对华出口后，中国据报将限制使用英伟达H200芯片。 9. 英伟达据报开发定位验证软件，将率先应用于Blackwell芯片。 10. 亚 ...

L4级别自动驾驶直接上路进入到真实的交运领域，这种对创新的包容，存在着明显的自由悖逆风险。 最近，一辆自动驾驶出租车在湖南株洲发生伤人事故。相关视频显示，标识为"哈啰自动驾驶"的事故车 辆，将伤者卷入车底，市民和民警尝试抬车救人。这可能是国内自动驾驶出租车首次出现的伤人事故。 近年来自动驾驶技术取得突出进展，国外的Waymo、FSD和Cruise，及国内的萝卜快跑、哈啰，都将自 动驾驶技术应用到了出租车领域。自动驾驶也是目前几乎所有车企都已或想要涉足的领域，因为这种移 动堡垒给企业带来的场景应用和数据是海量级的，其增值业务和衍生业务的可拓展空间是看得见的商业 应许之地。 同时，作为网联车，哈啰自动驾驶的一次交通事故，可能并非单纯的单列事件，而是一种系统缺陷暴 露，因为基于目前的自动驾驶技术，即便是端到端技术架构，其系统对环境的感知—应对，依然做不到 如人一样思考和变通，人可以在单列事件中迅速学到经验，避免再犯，但目前自动驾驶技术对此并不容 易做到，或者即便技术上可以做到，但若算力等配置不足，也很难做到即时响应和即时学习，这就是为 何不论是Waymo、FSD，还是百度的萝卜快跑等，其Robotaxi开始投入市场 ...

Core Viewpoint - The head of autonomous driving at the company believes that the VLA (Vision-Language-Action) model is the best solution for autonomous driving after practical experience, countering skepticism from industry peers [1] Group 1: Response to Industry Concerns - The founder of Yushu Technology expressed doubts about the VLA model, describing it as a "relatively simplistic architecture" and maintaining a skeptical attitude [1] - The company emphasizes that discussing model architecture without real data is ineffective, highlighting their extensive data collection from millions of vehicles to support the VLA model [1] Group 2: Future of Robotics - The CEO of the company predicts that in the next five to ten years, there will be two main forms of embodied robots: automotive and humanoid [1] - The VLA model is designed not only for current automotive products but also for future automotive embodied robots [1]

未来市场将由Waymo和特斯拉主导，合计占据2032年美国自动驾驶里程约70%。两者竞争焦点在于安全与成本的终极博弈：Waymo凭借NHTSA数 据估算的36万英里平均无事故里程，建立7倍安全壁垒；特斯拉Robotaxi当前仅5万英里，但每英里成本仅0.81美元，较Waymo第5代车型的1.36- 1.43美元低40%-43%。Waymo第6代车型预计2027年规模化后成本降至0.99-1.08美元，接近私人拥车成本0.70美元/英里。谁先补齐短板，谁将锁定 胜局。特斯拉CEO埃隆·马斯克近期表示："FSD安全里程将很快追平Waymo，我们的成本优势无人能及。"传统网约车平台优步和Lyft面临"蚕 食"危机。目前Uber占网约车市场70%，Lyft为30%，但到2032年，在Waymo自营APP与特斯拉不合作假设下，二者仅捕获自动驾驶行程的22%和 7%。 格隆汇12月10日｜摩根士丹利最新研报勾勒出2026年自动驾驶33城落地的爆发图景，预计美国将有33个城市推出商业化服务，并将2026年定位为 自动驾驶行业的"奇点"时刻。这标志着从概念炒作向商业落地的残酷转变，投资者需警惕估值逻辑的重塑。报告强调，这一拐 ...

| PONY 小马智行 | | | | --- | --- | --- | | 14.200 4 -0.020 -0.14% | | 收盘价 12/09 16:00 美东 | | 14.420 + 0.220 +1.55% | | 盘前价 12/10 04:25 美东 | | 一 7 24 4 5 8 8 日 0 品 | | ● 快捷交易 | | 最高价 14.215 | 开盘价 13.830 | 成交量 317.86万 | | 最低价 13.770 | 昨收价 14.220 | 成交额 4449.71万 | | 平均价 13.999 | 市盈率TM 亏损 | 总市值 61.56亿 (…) | | 振 幅 3.13% | 市盈率(静) 亏损 | 总股本 4.34亿 | | 换手率 1.13% | 市净率 7.683 | 流通值 39.79亿 | | 52周最高 24,920 | 委 比 99.01% | 流通股 2.8亿 | | 52周最低 4.110 | 量 比 0.92 | 每 手 1股 | | 历史最高 24.920 | 股息TTM -- | 换股比率 1.00 | | 历史最低 4.110 | 股息率 ...

Group 1 - The core viewpoint of the article highlights that Pony.ai (PONY.US) has seen a pre-market increase of 1.55%, reaching a price of $14.42, due to the nearing production readiness of the fourth-generation autonomous heavy truck developed in collaboration with SANY Heavy Truck, with the first batch set for commercial operation next year [1]. Group 2 - The closing price of Pony.ai on December 9 was $14.20, with a slight decrease of 0.14% [1]. - The pre-market price on December 10 was $14.42, reflecting an increase of $0.22 [1]. - The stock's highest price during the trading session was $14.215, while the opening price was $13.830 [1]. - The trading volume was approximately 3.1786 million shares, with a total transaction value of about $44.4971 million [1]. - The company's total market capitalization stands at $6.156 billion, with a total share count of 434 million [1]. - The stock has a 52-week high of $24.92 and a low of $4.11, indicating significant volatility [1].

Core Insights - The current ride-hailing services account for only 1% of the annual driving mileage in the U.S., which is approximately 3 trillion miles, highlighting a significant growth opportunity for tech giants like Tesla, Google, and Amazon in the autonomous vehicle market [1][5][18] - If autonomous driving technology can reduce the cost per mile to $1.5-$2.0, the market size could reach $0.9-$1.2 trillion within 15 years, assuming a 20% penetration rate [1][8] - The cost per mile for current ride-hailing services is around $2.5-$3.0, while private car ownership costs range from $0.70 to $1.06, indicating a substantial price gap that limits the adoption of ride-hailing services [1][6][7] Market Potential - The U.S. total driving mileage is projected to be about 3.3 trillion miles by July 2025, with passenger vehicles accounting for approximately 3 trillion miles after excluding large trucks [2] - In 2024, ride-hailing mileage is expected to remain at only 1% of the total, based on assumptions regarding Uber and Lyft's order distribution and average trip length [5][6] Cost Structure and Profitability - The average cost per mile for private car ownership is significantly lower than that of ride-hailing services, which creates a barrier for consumer adoption [6][7] - A critical threshold for the widespread adoption of autonomous ride-hailing is achieving a cost per mile below $2.00 [7][8] - The report analyzes three business models: ownership, leasing, and agency, detailing the break-even points for each model under various cost scenarios [11][13][15][16] Business Model Analysis - In the ownership model, a cost of $1.95 per mile is needed to maintain a 10% profit margin, assuming a vehicle cost of $75,000 [13] - The leasing model requires a pricing of $2.08 per mile to achieve the same profit margin, with a baseline leasing fee of $0.54 per mile [15] - The agency model necessitates a price of $2.15 per mile to sustain profitability, with a payout to vehicle owners of $1.5 per mile [16] Competitive Landscape - Uber currently holds a market share of 70%-80% in the U.S. ride-hailing market, with projections indicating that even if its share drops to 50%, its order volume could still grow to $589 billion by 2040 [18][21] - The entry of well-funded competitors like Waymo, Tesla, and Zoox poses a risk of market share erosion for Uber [18][27] - The report highlights the potential for a price war among major players, as they may leverage aggressive pricing strategies to capture market share [27] Future Outlook - The report suggests that despite competitive pressures, the ride-hailing industry benefits from significant network effects, which may limit the number of viable competitors and support sustainable profit margins [25] - Early data from California indicates that the presence of autonomous vehicles may expand the overall market rather than cannibalize existing services, as seen with Waymo's growth [26]