"L3级有条件自动驾驶，需要在设计运行条件内启动，这些条件一般从道路类型、天气环境、驾驶 员状态，车辆速度等维度去定义。"陈磊表示。 体验人员好奇的问题集中于L3级有条件自动驾驶与现在路上行驶的智能网联汽车L2级的区别，以 及出现交通事故时的责任划分。 "这个路段目前符合交通拥堵环境，车机上显示灰白色图标，这就代表系统处于可激活状态。驾驶 员下拨两次拨杆，就可以激活TJP（交通拥堵自动驾驶系统），图标会由灰白色变成绿色。"在重庆冬季 的早高峰，车潮涌动，智能网联汽车测试员陈磊在车上向中青报·中青网记者介绍时，汽车驾驶员启动 TJP、双手离开方向盘，汽车自动跟随车流移动。 这辆悬挂"渝AD0001Z"车牌的智能网联汽车，是2025年12月15日工业和信息化部公布的我国首批 L3级有条件自动驾驶车型准入许可的车型之一，搭载长安汽车自研的智能化系统"天枢智能"，可实现在 交通拥堵环境下单车道内的自动驾驶功能（最高车速50km/h），目前该功能仅在重庆市指定路段开 启。 除了这款长安牌纯电动轿车，此次公布的另一款准入车型是来自北汽蓝谷麦格纳汽车有限公司的一 款极狐牌纯电动轿车。目前搭载L3级系统的两款汽车都未正式上市 ...

"这个路段目前符合交通拥堵环境，车机上显示灰白色图标，这就代表系统处于可激活状态。驾驶员下 拨两次拨杆，就可以激活TJP（交通拥堵自动驾驶系统），图标会由灰白色变成绿色。"在重庆冬季的早 高峰，车潮涌动，智能网联汽车测试员陈磊在车上向中青报·中青网记者介绍时，汽车驾驶员启动TJP、 双手离开方向盘，汽车自动跟随车流移动。 这辆悬挂"渝AD0001Z"车牌的智能网联汽车，是2025年12月15日工业和信息化部公布的我国首批L3级 有条件自动驾驶车型准入许可的车型之一，搭载长安汽车自研的智能化系统"天枢智能"，可实现在交通 拥堵环境下单车道内的自动驾驶功能（最高车速50km/h），目前该功能仅在重庆市指定路段开启。 除了这款长安牌纯电动轿车，此次公布的另一款准入车型是来自北汽蓝谷麦格纳汽车有限公司的一款极 狐牌纯电动轿车。目前搭载L3级系统的两款汽车都未正式上市销售，分别在重庆、北京两座城市的指 定区域开展L3级有条件自动驾驶上路试点。准入试点是在前期大规模道路测试与示范应用的基础上， 推动自动驾驶从技术验证向量产应用过渡的关键环节，标志着我国L3级有条件自动驾驶距离迈入商业 化应用又近了一步。 中国汽车工业协会 ...

Core Viewpoint - The successful launch of L3-level autonomous driving vehicles by Deep Blue Automotive marks a significant milestone for the entire Chinese automotive industry in its journey towards intelligent transformation [2][5][18]. Group 1: Milestones and Achievements - On December 26, 2025, 46 vehicles from Deep Blue Automotive, equipped with China's first L3-level autonomous driving special license plates, officially entered urban traffic, signifying the practical application of L3-level autonomous driving technology [2][4]. - The rapid progression from regulatory approval to vehicle licensing and large-scale road operation within a short span of ten days demonstrates a mature balance between technological innovation and safety compliance by national authorities [5][9]. - Deep Blue Automotive is positioned as a core player in Changan Automobile's "Beidou Tianshu 2.0" intelligent strategy, with its L3-level technology driven by the "Tianshu Intelligent" system, which encompasses a comprehensive lifecycle management approach [7][13]. Group 2: Technological Framework and Capabilities - The "Tianshu Intelligent" system employs a seven-layer redundancy architecture and has established a scenario pool with over one million kilometers to define safety boundaries, ensuring robust safety performance [7][9]. - Deep Blue Automotive has completed over 5 million kilometers of road testing, with extreme scenarios accounting for 36%, showcasing its rigorous validation process [7][9]. - The company’s identity as a "new central enterprise" provides it with unique advantages in resource integration and policy support, enhancing its confidence and capabilities in the market [7][9]. Group 3: Financial Backing and Market Confidence - In December 2025, Deep Blue Automotive successfully raised 6.122 billion yuan, with investments from Chongqing Yufu Holdings, Changan Automobile, and China Merchants Bank Financial Asset Investment, indicating strong market confidence in its business model and long-term strategy [9][18]. - The funding is earmarked for new vehicle development and core technological innovations in intelligence and electrification, reflecting the capital market's recognition of Deep Blue's achievements [9][18]. Group 4: Industry Implications and Future Outlook - The large-scale deployment of L3-level autonomous driving vehicles is compared to the early promotion of electric vehicles, marking a transition from concept to practical application in the automotive industry [18]. - This development emphasizes the importance of safety over mere technological showcase, pushing the industry towards healthier and more responsible growth [18]. - Deep Blue Automotive's leadership in this sector not only sets a new standard for intelligent automotive experiences but also represents a significant step in China's ambition to lead in the intelligent mobility era [18].

Core Viewpoint - The successful launch of China's first batch of L3-level autonomous driving vehicles marks a significant milestone in the country's automotive industry, showcasing the culmination of years of technological accumulation and regulatory validation [1][2]. Group 1: Regulatory and Technological Milestones - On December 15, 2025, the Ministry of Industry and Information Technology granted approval for the first batch of L3-level conditional autonomous driving models, with Changan Automobile being one of the first approved manufacturers [2]. - The first L3-level autonomous driving license plate "渝AD0001Z" was issued in Chongqing on December 20, 2025, and deep blue vehicles began operating on city roads on December 26, 2025, completing a rapid transition from regulatory approval to large-scale deployment [2][5]. - The "Tianshu Intelligent" technology, which underpins deep blue vehicles, is a comprehensive system that ensures safety through a closed-loop management process, including extensive road testing exceeding 5 million kilometers [3][9]. Group 2: Financial and Strategic Developments - Deep Blue Automotive successfully completed a financing round, raising 6.122 billion yuan, with investments from Chongqing Yufu Holdings, Changan Automobile, and other financial entities, indicating strong market confidence in its business model and long-term strategy [5][6]. - The company is positioned as a core pillar of high-quality development and technological breakthroughs within the new state-owned enterprise framework, enhancing its ability to attract top-tier resources and capital [3][9]. Group 3: Industry Implications and Future Outlook - The large-scale deployment of L3-level autonomous vehicles is seen as a transformative moment for the automotive industry, shifting the focus from mere technological novelty to practical applications and responsibilities [14]. - This development is expected to redefine the value metrics of vehicles, emphasizing their intelligence and adaptability, while also pushing the industry towards a more responsible and safety-oriented trajectory [14]. - The successful integration of L3 technology into consumer products, such as the upcoming Deep Blue L06 model, demonstrates the potential for advanced driving features to enhance mainstream vehicle standards [10][14].

Core Viewpoint - The successful launch of L3 autonomous driving vehicles by Deep Blue Automotive marks a significant milestone in China's autonomous driving technology, indicating a transition to large-scale road operation [2][3]. Group 1: L3 Autonomous Driving Milestone - Deep Blue Automotive's vehicles with "L3 Autonomous Driving" labels have begun operating on urban roads in Chongqing, following the acquisition of the first official L3 autonomous driving license in China [2]. - The company has a long history of research in L3 technology, with nearly 10 years of development leading to this achievement [2][3]. - The SL03 model, which received the L3 product approval, was developed five years ago, showcasing the company's early commitment to L3 technology [3]. Group 2: Financing and Future Plans - Deep Blue Automotive completed a C-round financing of 6.122 billion yuan, with investments from Changan Automobile, Chongqing Yufu Holdings, and other entities, aimed at supporting the next phase of development and commercialization of advanced autonomous driving [11][12]. - The financing will be directed towards new vehicle development, core technology innovation, and enhancing global brand presence [11][12]. - The company aims to achieve a balance between profitability and self-sustaining growth within the next 2 to 3 years, with a target of selling 2 million vehicles globally by 2030 [12]. Group 3: Technical and Operational Aspects - The L3 vehicles are currently limited to a maximum speed of 50 km/h to gather data in congested driving scenarios, emphasizing a cautious approach during the exploratory phase [7]. - Deep Blue Automotive's strategy includes both independent research and collaboration with partners like Huawei to enhance its autonomous driving capabilities [4]. - The company is preparing to develop L3 and L4 functionalities for its next generation of vehicles, indicating a commitment to advancing its technology offerings [10].

Market Overview - The Hong Kong stock market is currently digesting negative factors, including the U.S. non-farm payroll data and Japan's central bank raising its benchmark interest rate from 0.50% to 0.75%, the highest in 30 years, leading to a rebound in the market [1] - The upcoming Western Christmas holiday is expected to limit negative market disturbances, while the selection of the Federal Reserve Chairman may provide a positive boost to the market [1] Investment Opportunities - China Shenhua is planning to acquire assets from the State Energy Group and its wholly-owned subsidiary, Western Energy, for a transaction price of 133.598 billion [1] - The acquisition will involve issuing shares to raise funds, which may exert pressure on market liquidity and dilute equity [1] Industry Trends - The market is witnessing a diversification of hot topics, indicating a warming sentiment [2] - The Ministry of Commerce is focusing on boosting consumption and encouraging cultural enterprises to expand globally, particularly in sectors like animation and online gaming [2] - SpaceX is in talks with banks regarding an IPO, with Morgan Stanley as a leading candidate, highlighting the growing interest in commercial space travel [2] - The introduction of L3-level autonomous driving in China is marked by the issuance of the first dedicated license plate for such vehicles, indicating a significant advancement in the automotive industry [5] Company Developments - Minhua Holdings announced the acquisition of the U.S. brand and manufacturer Gainline for $32 million, which is expected to enhance its global supply chain and competitiveness [3] - The acquired company has a projected revenue of $188 million for FY25, despite a net loss of $9.6867 million, indicating potential for future profitability through cost synergies [3] - Minhua's dividend payout ratio remains at 50%, with a dividend yield of 6.2%, providing a solid margin of safety [4] Autonomous Driving and Technology - The automotive industry is set to grow significantly, with a target of 32.3 million vehicle sales in 2025, including 15.5 million electric vehicles, reflecting a 20% year-on-year increase [6] - The penetration rate of L2-level and above autonomous driving features in passenger vehicles is expected to rise from 51% at the end of 2024 to 59% in the first half of 2025 [6] - Companies involved in autonomous driving technology, such as Horizon Robotics and Black Sesame Intelligence, are expected to benefit from the increasing demand for smart driving solutions [7] Market Sentiment - The Hang Seng Index is currently positioned at 25,691 points, with a bullish sentiment expected despite concerns over potential financial crises due to rising interest rates in Japan and the U.S. [8] - Historical data shows an 80% probability of the Hang Seng Index rising during the Christmas to Spring Festival period, with a median increase of 4.7% [9]

Core Viewpoint - The Ministry of Industry and Information Technology of China has officially announced the first batch of L3 autonomous driving vehicle permits, marking a significant step towards the commercialization of L3 autonomous driving in the country [1] Group 1: Industry Developments - The first two models to receive permits are Changan Automobile's Deep Blue SL03 and BAIC's Arcfox Alpha S6, which will conduct pilot tests in designated areas of Beijing and Chongqing [1] - This approval follows the framework established in November 2023, which outlined the pilot program for L3/L4 vehicles, with 29 consortiums participating in the application process [2] - The selection of Changan and BAIC was based on comprehensive assessments of their R&D, testing, and emergency response capabilities, as well as third-party evaluations of safety and network security risks [2] Group 2: Vehicle Specifications - The Deep Blue SL03 utilizes Changan's self-developed "Tianshu Intelligent" technology, while the Arcfox Alpha S6 is equipped with Huawei's Qiankun driving system [3] - Both models have undergone extensive real-world testing and are classified as sedans, which offer better stability and precision in maneuvering compared to SUVs [3] - The permitted models can only operate under specific conditions: the Deep Blue SL03 is limited to a maximum speed of 50 km/h in congested traffic environments, while the Arcfox Alpha S6 can reach up to 80 km/h on highways and urban expressways [3] Group 3: Future Outlook - The approval of these two vehicles is expected to lead to a gradual expansion of L3 vehicle permits, rather than a blanket release, with further approvals anticipated as the regulatory framework develops [3] - Currently, the permitted vehicles are restricted to operation by ride-hailing service companies, indicating a focus on professional operation and strong monitoring rather than immediate consumer access [3]

Core Viewpoint - The recent approval of L3-level conditional autonomous driving vehicles by the Ministry of Industry and Information Technology (MIIT) marks a significant step towards the commercialization of advanced autonomous driving technology in China [2][5]. Group 1: L3 Autonomous Driving Approval - Changan Automobile and BAIC BluePark Magna Automotive have submitted applications for L3-level conditional autonomous driving vehicles, which have been approved by MIIT in the 401st batch of announcements [2][3]. - L3 autonomous driving allows for conditional self-driving within a limited operational range, differing fundamentally from L2 assistance systems [2][3]. Group 2: Impact on Intelligent Chassis - The approved vehicles include Changan's Deep Blue product and BAIC's Arcfox Alpha S (L3 version), which features a high-performance redundant sensor system with 34 sensors, including three LiDARs [3][4]. - The commercialization of L3 is expected to accelerate the application of intelligent chassis technologies, such as active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [3][4]. Group 3: Investment Strategy - The approval of L3 vehicles provides policy support for the popularization of high-level autonomous driving, benefiting companies actively engaged in this sector [5]. - Key investment areas include vehicle application, where leading companies are establishing advantages in training data and smart driving ecosystems, and the intelligent chassis sector, which is expected to see rapid mass application by 2026 [5].

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [3][19]. Core Insights - The commercial application of L3 level conditional autonomous driving is expected to accelerate, with more vehicles equipped with L3 features likely to receive regulatory approval in the future [1][2]. - The introduction of L3 systems is anticipated to drive the mass application of intelligent chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems, which are crucial for higher levels of autonomous driving [2][9]. - The report highlights the significant advancements in hardware and software for automotive intelligence, suggesting a robust growth trajectory for companies involved in these technologies [2][9]. Summary by Sections Industry Overview - The automotive industry consists of 232 listed companies, with a total market capitalization of approximately 46,540.79 billion and a circulating market value of about 36,782.9 billion [4]. - The average price-to-earnings ratio for the industry stands at 31.78 [4]. Key Developments - The report notes that the recent approval of L3 autonomous vehicles by the Ministry of Industry and Information Technology marks a significant step towards the commercialization of advanced driving technologies in China [1][2]. - The intelligent chassis is seen as the final piece in the puzzle for L3 and higher-level autonomous driving, with a focus on the upcoming mass production of active suspension, EMB, and SBW systems [2][9]. Investment Strategy - The report suggests focusing on two main areas for investment: the complete vehicle application sector, where leading companies are establishing advantages in training data and ecosystems, and the intelligent chassis sector, which is poised for rapid growth due to regulatory support and technological advancements [2][9].

Core Viewpoint - China Changan Automobile has achieved a historic milestone by producing its 30 millionth vehicle, marking a significant acceleration in the development of Chinese automotive brands and reflecting a shift from scale to quality in the industry [1] Group 1: Achievements and Milestones - The production of the 30 millionth vehicle took 40 years, with the last 10 million achieved in just 4.5 years, showcasing the rapid growth of China Changan Automobile [1] - The company has established itself as the fastest Chinese brand to reach this milestone, indicating a strong market presence and consumer trust [1] Group 2: Innovation and R&D - China Changan Automobile invests 5% of its annual revenue in R&D, significantly higher than the industry average, and has built a global R&D network with over 24,000 technical personnel [2] - The company has applied for over 14,000 patents in the last three years, averaging 19 new patents daily, demonstrating a commitment to long-term innovation [2] Group 3: Safety and Brand Development - The company has integrated safety into its brand DNA, launching the "Tianshu Intelligent" brand, which includes advanced safety technologies that enhance overall travel safety [3] - China Changan's diverse brand matrix caters to various market segments, with brands like Avita focusing on high-end electric vehicles and Deep Blue leading in the new energy vehicle sector [3][4] Group 4: Strategic Collaborations and Ecosystem - China Changan has formed strategic partnerships with over 50 global companies and 40 universities, creating a robust industrial ecosystem that enhances competitive advantage [4] - The company’s collaborative approach aims to redefine industry boundaries and foster value creation through complementary strengths [4] Group 5: Strategic Vision and Globalization - The company’s strategic framework includes three key plans: "Shangri-La" for brand development, "Beidou Tianshu" for smart technology, and "Haina Baichuan" for global expansion [6] - By 2030, China Changan aims to produce and sell 5 million vehicles, with over 60% being new energy vehicles and over 30% in overseas markets, reflecting a clear strategic direction [6] Group 6: Standards and Industry Leadership - China Changan actively participates in setting national and international standards, establishing itself as a leader in the automotive industry [8] - The company has created over 200 laboratories, including the only national key laboratory for intelligent vehicle safety technology, to drive innovation and standardization [8] Group 7: Historical Context and Future Goals - The journey of China Changan from its first entrepreneurial phase in 1984 to its current status reflects the evolution of the Chinese automotive industry [9] - As a new central enterprise, China Changan is committed to enhancing its core technologies and global presence, aiming to elevate national automotive brands on the global stage [9]