我们常说，喝酒不开车，开车不喝酒。每年元旦到春节前后这段时间，人们聚餐饮酒增多，往往也是酒驾违法行为的高发期。在交管部门近期组织的专项整 治行动中记者发现，一些驾驶人认为自己中午喝的酒，晚上开车没事；或者前一天喝了酒，第二天醒来开车没事，可还是被查出是酒驾。交警表示，酒精代 谢速度因人而异，受饮酒量、酒精度数、个人体质等因素影响，"人醒酒未醒"的情况普遍存在。先来看一起发生在广西的案例。 近日，广西钦州交警在开展夜查整治行动时，查获一名涉嫌酒驾的驾驶人，可驾驶人称自己只是吃了烧烤，并没有喝酒。随后经呼气式酒精测试仪检测，其 体内每百毫升血液酒精含量为49毫克，属饮酒驾驶机动车。 原来，这名驾驶人当晚确实没有喝酒，但他中午吃饭时喝了几杯高度米酒，自认为间隔几个小时酒精已经代谢完毕，便开车上路了。交警依法对驾驶人周某 饮酒后驾驶机动车的违法行为作出罚款1300元、驾驶证一次性扣12分、暂扣机动车驾驶证6个月的处罚，并现场对其进行交通安全普法教育。 有的驾驶人认为，头天晚上喝酒，第二天开车肯定就没问题了，其实这样做风险很大。前段时间，在江苏扬州高邮市卸甲镇的交叉路口，一辆轿车与一辆 SUV发生了碰撞，好在两车速度都 ...

地平线机器人-W(09660)涨近3%，截至发稿，涨2.14%，报9.56港元，成交额5.63亿港元。 据介绍，依托核心技术积淀，neueHCT已构建"繁星HCT Astra城区智能辅助驾驶+皓月HCT Luna高性能 ADAS方案"产品矩阵，其中新一代繁星HCT Astra一段式端到端系统，以类人驾驶体验适配复杂城区路 况，将好用的城区辅助驾驶普惠到10万元级乘用车。2025年，公司已斩获超10款车型定点合作，商业化 落地效率凸显。同时，公司业已在海外市场获得商业化突破，在多个国家和地区开展产品落地验证，推 动智能辅助驾驶技术的全球化和普惠化。 消息面上，2025年12月31日，智驾大陆neueHCT完成近2亿美元融资。本次融资由云锋基金、达晨(达晨 财智、国晨创投)、混沌投资、碧鸿投资、宁波通商基金(甬宁高芯基金)等领先产业资本及市场化基金联 合投资，战略股东欧摩威集团(前大陆集团汽车子集团)与地平线机器人-W继续追加投资。这是继2025年 年初高瓴投资、中金保时捷、浙江金控参投的首轮市场化融资后，公司再获投资机构密集认可，彰显公 司技术实力与商业化潜力。 ...

Core Insights - The article discusses the evolution and growth of the Chinese intelligent driving industry, highlighting key players and their advancements in technology and market presence [3][6][10]. Group 1: Industry Overview - By 2025, the Chinese intelligent driving industry is expected to enter a consolidation phase, with major suppliers transitioning from behind-the-scenes roles to more prominent positions [3]. - Huawei's "QianKun" intelligent driving brand has achieved a leading market share of 27.8% in urban navigation [3]. - The article emphasizes the importance of collaboration and competition among companies to drive technological advancements and establish a global leadership position in intelligent driving [6][10]. Group 2: Company Development - Zhuoyue Technology, founded from a DJI internal project, has developed a comprehensive self-research capability across software and hardware, enabling them to provide robust product delivery to automotive companies [6][8]. - The company has successfully covered nine major clients and 15 brands in the passenger vehicle sector, with annual shipments reaching hundreds of thousands of units and maintaining a 200% compound annual growth rate since 2022 [8][10]. Group 3: Technological Innovations - Zhuoyue made a significant strategic shift to an end-to-end technology route, abandoning traditional rule-based systems to overcome technical challenges in urban navigation [11][13]. - The company has achieved a breakthrough in fuel vehicle intelligence, successfully launching the first mass-produced intelligent fuel vehicle in Q2 2024 [15][17]. - Zhuoyue's innovative use of Qualcomm's SA8775P chip allows for a dual-system architecture that integrates intelligent cockpit and driving assistance, reducing space usage by 52% and overall vehicle costs by approximately 20% [19][20]. Group 4: Strategic Vision - Zhuoyue aims to expand its business beyond passenger vehicles to include commercial vehicles and logistics, addressing industry pain points related to safety and efficiency [24][26]. - The company has a clear strategic focus on core model and solution capabilities, opting not to produce chips, which reflects a deep understanding of the industry's dynamics [26].

开栏语 2025年，是全球经济在复苏与重构中寻找新平衡的一年，也是中国产业在经历了数年技术积淀、市场激荡与模式探索后，进入深度分化与价值重塑的关键节 点。我们不再仅仅追逐风口，而是更冷静地审视风口之下正在发生的改变：存储芯片"超级周期"搅动市场，国产正凭借成熟的性能、稳定的供应突围；新能 源汽车穿越价格战，驶向全球化的深海；金价暴涨，点燃一场现代淘金热；AI大模型卸下炫技光环，沉入产业毛细血管；短剧现象则掀开了内容消费的底 层革命。 这一年的核心叙事是分化与沉淀，当所有行业都在接受价值的重新丈量，真正的机遇只属于那些穿透周期噪音、构筑内生力量的建设者。我们在此记录这场 静默而深刻的重塑——潮水退去时，留在岸上的才是这个时代真正的重量。 p, 81 17 13 a support of the success of the support of and and and the many of the many of the may be and 图/IC "账期真的短了。" 一位总部在长三角的汽车供应链企业负责人在电话里向新京报贝壳财经记者感叹。他清晰地记得，就在去年，一笔货款拖上180天仍是常态，收到的常常是 ...

张永伟表示，进入2026年，汽车产业将加速探索高盈利、高科技、高价值的新发展模式。 据统计，全国共有超80家车企、230多家旗下工厂，但2024年汽车制造业产能利用率仅有72.2%。此 外，中国汽车制造业利润曲线自2017年以来持续走低：今年前三季度，汽车行业汽车制造业整体利润率 仅为4.5%，明显低于历史平均水平。 张永伟认为，随着国内汽车市场进入高销量低增长周期，未来，汽车行业将探索高科技与汽车深度融合 的驱动模式：融合高科技的汽车行业盈利水平将更为合理，反向也能支撑产品迭代所需的高投入，并获 得资本市场的认可，从而跑通新模式，实现良性循环。 在电动化科技方面，张永伟认为，明年起新一代电池技术将进入兑现应用期，其中全固态电池有望在未 来2年完成小批量上车，到2030年实现初步规模化应用，到2035年实现大规模量产应用；钠离子电池从 材料、制造到应用的上下游体系也正逐步完善，2030年出货量有望突破100GWh。 【文/观察者网 潘昱辰 编辑/高莘】12月16日，中国电动汽车百人会论坛（2026）媒体沟通会在北京举 行。此次沟通会对2026年中国汽车产业即将迎来的重大变化进行了洞察与研判，并对明年论坛的设计 ...

证券日报网讯12月15日，华安鑫创（300928）在互动平台回答投资者提问时表示，公司经营正常，公司 核心业务聚焦智能座舱领域，核心产品包括智能座舱显示系统及域控系统、全液晶仪表、抬头显示、电 子后视镜、车载卫星通信模块及智能辅助驾驶系统等，凭借过硬的产品实力公司已与国内多家主流自主 品牌、新兴车企客户建立了良好的合作，客户覆盖乘用车、商用车、两轮车及低空飞行器等领域。 ...

Investment Rating - The report suggests a focus on opportunities arising from the themes of international expansion and smart technology, particularly in the automotive sector [1]. Core Insights - Short-term domestic demand is low, with retail sales of passenger vehicles declining year-on-year. However, exports of passenger vehicles have shown strong growth, indicating that international markets will be a long-term focus for the industry [1][12]. - The smart technology and robotics sectors are accelerating, with significant advancements in intelligent driving and AI integration in vehicles [15][18]. - The report recommends investing in companies like BYD, Geely, and Li Auto for international expansion, and companies like Horizon Robotics and Top Group for smart technology and robotics [1][18]. Summary by Sections Weekly Perspective - Domestic demand is weak, with November retail sales of passenger vehicles down 15.8% year-on-year. The report notes that the expected policy incentives have not yet materialized, contributing to this decline [11]. - Passenger vehicle exports reached 594,000 units in November, a 50% increase year-on-year, indicating a robust international market [12]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.08%, while the automotive index increased by 0.16% this week. Notable stock performances included Superjet Co. (+39.0%) and Huamao Technology (+28.5%) [2][19]. - In November, wholesale passenger vehicle sales were 2.991 million units, a 1.7% increase year-on-year, while new energy vehicle sales were 1.694 million units, up 17.6% [4][34]. Industry Dynamics - The report highlights the rapid development of smart technology in vehicles, with over 60% penetration of L2 and above driving assistance systems in the market. The trend towards AI-driven smart cockpits is also noted [15]. - Robotics technology is advancing, with new products being launched by domestic manufacturers, indicating a shift towards commercialization in this sector [16][18].

证券研究报告 行业研究 / 行业点评 2025 年 12 月 12 日 汽车 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《车企年销量目标完成度分化——智能汽车数 据销量跟踪（二）》2025-12-03 《蔚来业绩创历史新高，25Q4 有望实现盈利 ——智能汽车系列报告（五）》2025-12-03 《理想召回事件短期扰动业绩，静待 2026 年 产品升级——智能汽车系列报告（六）》 2025-12-01 《小鹏 25Q3 亏损收窄，盈利拐点在望——智 能汽车系列报告（四）》2025-11-19 《零跑 25Q3 盈利持续改善，技术普惠驱动销 量高增——智能汽车系列报告（三）》 2025-11-18 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 联系人 行业及产业 奔驰 Robotaxi 于阿布扎比开启路测 ——Robotaxi 系列报告（一） 强于大市 事件概要：12 月 9 日，梅赛德斯-奔驰 ...

新华社阿布扎比12月9日电（记者温新年 赵丹亮）德国车企梅赛德斯-奔驰、中国科技企业北京初 速度科技有限公司、阿联酋出行运营商卢莫公司日前在阿联酋首都阿布扎比共同宣布，三方合作的豪华 自动驾驶出租车项目将于2026年在当地投入商业运营，并将逐步拓展至全球更多市场。 据悉，该自动驾驶出租车基于新一代奔驰S级轿车量产平台打造，将奔驰车的豪华舒适与初速度研 发的自动驾驶技术深度融合，再结合卢莫公司本地化运营体系，旨在为全球自动驾驶出行树立新标杆。 北京初速度科技有限公司首席执行官曹旭东指出，三方合作将奔驰的工程经验、初速度的人工智能 技术与卢莫公司的运营能力相融合，将为用户带来兼具安全与豪华的全新出行体验。 据介绍，奔驰与北京初速度科技有限公司自2017年起开展合作，双方共同开发的智能辅助驾驶系统 已搭载于今年11月上市的奔驰全新纯电CLA车型，未来将覆盖更多奔驰车型。 【纠错】 【责任编辑:焦鹏】 阿联酋总统战略研究与先进技术事务顾问、先进技术研究委员会秘书长费萨尔·阿卜杜勒阿齐兹·班 奈表示，此次合作体现了自动驾驶领域的国际水准，阿联酋拥有清晰的战略愿景和良好的创新环境，为 未来出行方式提供了理想的试验场。 梅 ...

Core Viewpoint - The article highlights the growing concerns regarding the misuse of intelligent driving assistance systems, particularly in light of recent incidents involving dangerous driving behaviors and the legal implications associated with them [1][3][4]. Group 1: Incidents and Public Concerns - A notable incident in Hangzhou involved a driver, Wang, who was found sleeping in the passenger seat while the car drove itself for 20 minutes, raising public alarm about the misuse of intelligent driving technology [1][3]. - Wang was later sentenced to 45 days in detention and fined 4,000 yuan for dangerous driving, with his blood alcohol content measured at 114.5 mg/100ml, indicating drunk driving [3][4]. - Reports indicate a rise in dangerous driving behaviors associated with intelligent driving systems, including drivers sleeping while the vehicle is in motion and using the system while distracted by mobile devices [3][4]. Group 2: Legal Responsibility and Misconceptions - Many drivers mistakenly equate advanced driver-assistance systems with fully autonomous driving, leading to a lack of awareness regarding their legal responsibilities [4][5]. - Judicial authorities have clarified that the driver remains the primary responsible party in the event of an accident, regardless of the technology used [5][6]. - The legal principle of "responsibility for one's actions" is emphasized, indicating that drivers cannot shift blame to the technology for their negligence [5][6]. Group 3: Regulatory and Safety Recommendations - Experts suggest that there is an urgent need for stricter regulation of intelligent driving technologies and the sale of related devices that enable misuse [6][7]. - It is recommended that companies enhance user education regarding the limitations and risks associated with intelligent driving systems to promote safer usage [6][7]. - The fundamental safety principle of keeping hands on the wheel and eyes on the road remains crucial, even as technology evolves [7].