Core Viewpoint - Guangzhou aims to achieve a GDP of 3.1 trillion yuan in 2024, with an expected GDP increment of 700 billion yuan during the 14th Five-Year Plan period [1][2] Economic Growth - Guangzhou's industrial investment has increased from 103 billion yuan in 2020 to 171.1 billion yuan in 2024, marking a growth of 66% [2] - The city has six advanced manufacturing clusters with output exceeding 100 billion yuan and ten service sectors with added value over 100 billion yuan [2] - The added value of advanced manufacturing accounts for 60% of the industrial output, while the added value of productive services constitutes 59% of the service sector [2] Innovation and Technology - Guangzhou has become a hub for major scientific platforms, including national laboratories and international scientific programs, enhancing its innovation ecosystem [2] - Significant breakthroughs have been made in key technologies such as deep-sea submersibles and high-performance integrated electric drives, with local industries breaking foreign technology monopolies [2] - R&D expenditure has consistently remained above 100 billion yuan annually for the past two years, with 24 companies listed as global unicorns, tripling since 2020 [2] Infrastructure and Urban Development - The city has made progress in the Nansha Free Trade Zone, with 45 and 136 institutional innovations being promoted nationwide and provincially, respectively [4] - Guangzhou's business environment has improved significantly, with over 425,000 operating entities, a 58% increase since the end of 2020 [4] - The city has seen the establishment of over 30,000 new foreign enterprises and an increase in Fortune 500 companies to 368 [4] Social and Environmental Progress - Guangzhou has achieved a historic low in PM2.5 concentration, with all monitored water quality sites meeting excellent standards [5] - The city has added 163,400 jobs, leading the province, and has expanded public education and healthcare services significantly [5] - The urban village renovation plan has seen 52 projects included and all have commenced construction [5] Safety and Governance - Guangzhou has built over 30,000 emergency response units and has not experienced major accidents for 13 consecutive years, with a continuous decline in criminal cases [6] - The city has been recognized as a national model for social security and legal governance [6] Future Outlook - Guangzhou is committed to taking on a leading role in the upcoming 15th Five-Year Plan, aiming to create new advantages and breakthroughs for national and provincial development [6]

但此前得克萨斯州官员表示，自本学年开始以来，Waymo的Robotaxi至少19次非法驶过校车而非减速或 停车。对此，美国国家公路交通安全管理局（NHTSA）于10月对学区附近的Waymo车辆展开调查。 今年11月，NHTSA又发布消息称，得克萨斯州奥斯汀独立学区表示，在Waymo宣布通过软件更新以解 决该问题后，整个11月仍发生五起不停车事件。对此，学区方面要求Waymo在上学和放学期间停止在 学校周围运营，直到确保车辆不会再违反交规。 Waymo首席安全官毛里西奥·佩纳（Mauricio Pena）在一份声明中表示，Waymo决定向国家公路交通安 全管理局提交自愿软件召回，佩纳补充说，该公司认为，已经实施的软件更新显著提高了性能，以在经 过校车时适当减速和停车，并将继续根据需求跟踪并实施更多更新。 Waymo无人驾驶汽车 路透社 根据美国交通法规，只要校车亮起红色警示灯并伸出停车臂，所有车辆必须立即停车、禁止超车。这是 一条全国范围最严格、处罚最重的交通法规之一，目的是确保儿童在上下校车时的绝对安全。 【文/观察者网 潘昱辰 编辑/高莘】据路透社报道，自动驾驶服务供应商Waymo日前宣布，将召回其无 人驾 ...

Market Overview - The Hang Seng Index and the Hang Seng China Enterprises Index closed at 26,085 points and 9,198 points respectively, with weekly increases of 0.9% and 0.8% [1] - Total trading volume in Hong Kong stocks was HKD 933.2 billion, a decrease of 14.5% from the previous week [1] - The materials, industrials, and energy indices rose by 10.0%, 3.4%, and 3.1% respectively, while healthcare, real estate, and consumer staples indices fell by 0.8%, 0.2%, and 0.2% [1] - Major blue-chip stocks like Zijin Mining (2899 HK) and China Hongqiao (1378 HK) led the gains, rising by 12.1% and 9.3% respectively, while Shenzhou International (2313 HK) and Meituan (3690 HK) saw declines of 6.9% and 3.4% [1] Industry Dynamics - The performance of non-ferrous metals and gold stocks was strong, driven by expectations of tight copper supply and rising copper prices reaching USD 11,620, a recent high [2] - The semiconductor and AI sectors are gaining market attention, with energy demand expected to rise in the medium to long term, benefiting uranium and power equipment sectors [2] - The autonomous driving sector remains vibrant, with companies like WeRide (800 HK) and Pony.ai (2026 HK) seeing stock increases of 4%-5% [4] - The healthcare sector saw a slight decline, with the Hang Seng Healthcare Index dropping 0.7%, but companies like Kelun Biotech (6990 HK) showed resilience, rising 2.5% after announcing strategic partnerships [5] Specific Company Developments - Kelun Biotech announced a strategic partnership with Crescent Biopharma, involving exclusive rights for research and commercialization of antibody-drug conjugates and bispecific antibodies, with potential milestone payments totaling up to USD 1.25 billion [5] - In the uranium and power equipment sectors, companies like CGN Mining (1164 HK) and Harbin Electric (1133 HK) saw significant stock increases of 7.3% and 6.9% respectively, driven by positive market sentiment regarding AI's impact on energy demand [6]

Group 1: Macro and Strategy Insights - The report highlights three key drivers for unlocking service sector growth in China: overseas "input demand," domestic "time-scarce" potential demand, and "innovation demand" arising from industrial upgrades [8][9] - The macroeconomic environment is characterized by a classic cycle dilemma in the service sector, where boosting service demand is seen as dependent on increasing resident income, creating a paradox [8][9] - The report discusses the evolution of anti-involution policies, emphasizing the need for industry self-discipline and administrative guidance to address overcapacity issues in various sectors [9] Group 2: Banking Industry Outlook - The banking industry is projected to experience a decline in net interest margins, with the bottom line estimated at around 1.2% to 1.3% [22][23] - A potential decrease in the Loan Prime Rate (LPR) by 10 basis points could lead to a year-on-year decline in net interest margins by approximately 5 to 8 basis points [23][24] - The report suggests that 2026 will likely mark the end of the current cycle of declining net interest margins, with a focus on quality stocks that are expected to see margin improvements [25] Group 3: Wealth Management and Asset Allocation - The report indicates that the scale of bank wealth management products reached a historical high of nearly 34 trillion yuan in November, with expectations to stabilize around 33 trillion yuan by year-end [26][27] - A shift towards multi-asset strategies is seen as essential for wealth management firms to adapt to declining returns from traditional fixed-income products [27][28] - The report emphasizes the importance of matching the risk-return profile of wealth management funds with investor preferences to successfully implement multi-asset strategies [28][30] Group 4: REITs Market Insights - The report notes a decline in the REITs index by 1.0% for the week ending December 5, 2025, with a year-to-date increase of 1.5% [12][13] - The first city renewal REIT was successfully issued in Beijing, signaling new opportunities in the REITs market [14] - The report highlights the need for regulatory support to enhance the potential for REITs to attract more investment [14][30] Group 5: Overseas Market Overview - The U.S. stock market is showing a concentration in technology, with the S&P 500 and Nasdaq experiencing slight increases [34] - The report indicates a mixed performance across sectors, with notable gains in automotive and semiconductor industries, while utilities and consumer staples faced declines [34][35] - The earnings expectations for the S&P 500 components have been slightly revised upward, reflecting a stable outlook for most industries [35]

Investment Rating - The report indicates a positive outlook for Amazon and a cautious stance on Meta, with a focus on potential growth in the AI sector and consumer behavior impacting various companies [1][4][15]. Core Insights - Alphabet has shown strong market performance due to advancements in AI applications and growth in cloud business, while Meta has struggled with lower-than-expected ad revenue and internal challenges [1][3]. - Consumer behavior is increasingly volatile, particularly among lower-income groups, affecting growth expectations for companies like Uber, DoorDash, Roblox, and Upwork [1][3]. - Amazon's AWS has regained investor confidence with revenue growth projected to exceed 20%, and a Q4 revenue guidance of $26 billion indicates stable profit margins [1][8]. - Meta faces significant challenges in AI, with internal turmoil and underperformance of its Llama model, leading to a strategic shift towards a superintelligence lab [1][9][10]. - The travel industry is experiencing caution due to the introduction of Google's Gemini product, which may disrupt existing players like Expedia and Booking [3][14]. Summary by Sections Alphabet - Alphabet's stock has risen 90% since May, driven by AI advancements and a strong cloud business, with an 80% year-over-year increase in cloud backlog [6]. - The launch of Gemini 3 has exceeded expectations, enhancing Alphabet's valuation, although concerns remain about the sustainability of its advertising revenue [6][7]. Amazon - Amazon's AWS has overcome obstacles, leading to improved investor sentiment, with a projected revenue growth of over 20% and a Q4 revenue guidance of $26 billion [8]. - The company is expected to achieve earnings per share of $11 or higher, with potential for further revisions in AWS estimates [8]. Meta - Meta is facing internal challenges and delivery issues in AI, with a disappointing performance from its Llama model prompting a strategic overhaul [9][10]. - The company is investing heavily in a superintelligence lab, but significant results are not expected until 2026 [9][10][11]. Uber and DoorDash - Uber's stock has fluctuated due to concerns over its autonomous driving technology, while DoorDash has received an upgrade in ratings, indicating a more favorable outlook [4][13][15]. - Both companies are seen as having potential for growth, although Uber's recent performance has led to a slight downgrade in priority [15]. Travel Industry - The introduction of Google's Gemini product has raised concerns about its impact on the travel industry, with a cautious outlook on long-term growth for companies like Expedia and Booking [14].

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 DGGT详解 DGGT 的核心思想是 ：一次前向就预测出"完整的4D场景状态"，并把相机位姿从前提变成结果。这使得系统无需外参标定即可从稀疏、未标定图像里恢复动态场 景，而且能自然跨数据集部署。图1展示了DGGT 的整体能力与速度-精度位置：在 0.4 秒 量级完成重建的同时，DGGT 在重建质量上超越一系列前向与优化方法，并 将 相机姿态、深度、动态分割、3D Gaussian、追踪 等输出一并给出，便于后续 实例级场景编辑 。 >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 论文作者 | Xiaoxue Chen等 编辑 | 自动驾驶之心 清华大学与小米汽车联合推出 DGGT（Driving Gaussian Grounded Transformer）：一个pose-free、feed-forward的4D动态驾驶场景重建框架。 DGGT 只需未标定的稀疏图像，单次前向即可同时输出相机位姿、深度、动态实例与基于 3D Gaussian 的可编辑场景表示。模型在 Waymo 上训练，却能在 nuScen ...

Core Viewpoint - The article introduces the "Black Warrior 001," a cost-effective and user-friendly autonomous driving educational vehicle designed for research and teaching purposes, priced at 36,999 yuan, which includes various advanced features and training courses [2][4]. Group 1: Product Overview - The Black Warrior 001 is a lightweight solution that supports multiple functionalities such as perception, localization, fusion, navigation, and planning, built on an Ackermann chassis [4]. - It is suitable for various educational levels, including undergraduate learning, graduate research, and training in vocational schools [4]. Group 2: Performance Demonstration - The vehicle has been tested in various environments, including indoor, outdoor, and parking garage scenarios, showcasing its capabilities in perception, localization, fusion, navigation, and planning [6]. Group 3: Hardware Specifications - Key sensors include: - 3D LiDAR: Mid 360 - 2D LiDAR: Lidar from LidarGod - Depth Camera: Orbbec with IMU - Main Control Chip: Nvidia Orin NX 16G - Display: 1080p [22][23]. - The vehicle weighs 30 kg, has a battery power of 50W, operates at 24V, and has a maximum speed of 2 m/s [25][26]. Group 4: Software and Functionality - The software framework includes ROS, C++, and Python, with one-click startup and a provided development environment [28]. - Functional capabilities include various SLAM techniques, vehicle navigation, and obstacle avoidance [29]. Group 5: After-Sales and Support - The company offers one year of after-sales support for non-human damage, with free repairs for damages caused by user errors during the warranty period [52].

Core Insights - The article discusses the evolving recruitment landscape in the autonomous driving industry, highlighting a shift in demand from perception roles to end-to-end, VLA, and world model positions [2] - A new course titled "End-to-End Practical Class for Mass Production" has been designed to address the skills gap in the industry, focusing on practical applications and mass production experiences [2][4] Course Overview - The course aims to cover core algorithms such as one-stage and two-stage end-to-end methods, navigation information applications, reinforcement learning, and trajectory optimization [2] - It is structured into eight chapters, each focusing on different aspects of end-to-end autonomous driving systems, including task overview, algorithm frameworks, navigation applications, and production experiences [5][7][8][9][10][11][12][13][14] Target Audience - The course is designed for advanced learners with a background in autonomous driving perception, reinforcement learning, and programming languages like Python and PyTorch [15][16] - It emphasizes practical skills and aims to prepare participants for real-world applications in the autonomous driving sector [2][15] Course Schedule - The course will commence on November 30, with a duration of approximately three months, featuring offline video lectures and online Q&A sessions [15][17]

新汽车生态合作，报名中国版CES！ " 把算法、软件和硬件打通是需要花很长时间的，它是一个慢活，但是打通以后进行算法迭代是快的 。 " 12 月 5 日 ， 在 WNAT-CES 2025 新汽车技术合作生态交流会 的 组合辅驾与具身智能论坛上，知行科技创始人兼 CEO 宋阳的这句 话 ，精准概括 了他 在自动驾驶领域 深耕九年的核心感悟。 在人工智能与汽车产业加速融合的当下 ， "快"成为行业常态——技术迭代快、资本入局快、产品推出快。 但宋阳却格外强调 "慢"的价值。在他看来，真正的"快"恰恰源于扎实的"慢功夫"。知行科技专注于自动驾驶控制器这一件事，耐心补齐技术栈、 反复打磨工程化能力，为未来的"快突破"奠定坚实基础。 在自动驾驶领域，从 CNN 到 BEV 、再到端到端的技术演进，每一步都需要在控制器层面进行深度的适配与优化。 宋阳 将 这个过程 形象地比喻成 " 在核桃仁上雕花 " ，需要极大的耐心与精细的工程能力。但一旦打通，算法迭代的速度就会大幅提升。 正是这份对 "慢功夫"的坚守，结出了扎实的果实。 宋阳坦言： " 成立九年以来，量产了几个 "一百"，首先是超过一百个国家都能看到知行科技的 控 ...

Investment Rating - The report maintains an "Outperform" rating for the company [6][54]. Core Insights - The company achieved revenue of $25.44 million in Q3 2025, representing a year-on-year growth of 72% and a quarter-on-quarter increase of 18.6% [1][7]. - The Robotaxi service revenue reached $6.7 million in Q3 2025, with a year-on-year growth of 89.5%, driven by a significant increase in passenger fare revenue [1][8]. - The company is expanding its Robotaxi fleet, with 961 operational vehicles, including 667 of the seventh-generation model, aiming to exceed 1,000 vehicles by year-end and 3,000 by the end of 2026 [3][23]. - The company has formed strategic partnerships to enhance its global presence, including collaborations in Qatar, Singapore, and with major ride-hailing platforms like Uber and Bolt [3][37]. Financial Performance - The gross margin for Q3 2025 was 18.4%, an increase of 9.1 percentage points year-on-year, attributed to an improved revenue mix with higher contributions from Robotaxi services [2][15]. - The company reported a net loss of $61.32 million in Q3 2025, compared to a loss of $41.89 million in Q3 2024 [1][7]. - The adjusted net loss for Q3 2025 was $54.72 million, reflecting ongoing investments in technology and fleet expansion [1][7]. Business Segments - Robotruck service revenue was $10.2 million in Q3 2025, showing an 8.7% year-on-year increase, supported by a 70% reduction in the BOM cost of the fourth-generation Robotruck [1][8]. - Revenue from licensing and applications surged to $8.6 million in Q3 2025, a significant increase of 354.6%, driven by rising demand for autonomous driving domain controllers [1][8]. Future Outlook - The company projects revenues of $80 million, $93 million, and $195 million for 2025, 2026, and 2027, respectively, with expected growth rates of 7.0%, 15.4%, and 110.3% [4][54]. - The company anticipates continued expansion in the Robotaxi and Robotruck sectors, leveraging its strategic partnerships and technological advancements to enhance operational efficiency and market reach [4][54].