2025年的中国车市，变革从未如此真切。这已非单一维度的技术迭代或市场洗牌，而是一场在政策规 范、资本重构、技术突破与安全底线之间，同步上演的多维博弈。 从智驾宣传的"去虚向实"，到供应链账期的"生态重塑"；从新央企的横空出世，到L3商业化的破冰启 航，每一个关键节点都藏着产业重构和转型的机遇。2025年车圈十大热点事件沿时间轴次第铺展，既见 证了传统车企的"腾笼换鸟"与造车新势力的逆势突围，也揭开了质量管控、技术适配等行业深层命题。 1、监管亮剑，智驾宣传告别"L2.999级"文字游戏 2025年4月16日，工信部装备一司召开专题推进会，要求车企明确系统功能边界和安全响应，不得进行 夸大和虚假宣传，严格履行告知义务。这给虚火的智驾宣传泼了一盆"冷水"，此后车企纷纷将"自动驾 驶""智驾"等模糊名词表述为"（组合）辅助驾驶"，也不再使用L2++、L2.999级等话术。 在此之前，"L2.999级""准L3"等模糊概念在市场大行其道，让消费者眼花缭乱，但也埋下安全隐患。监 管的重拳出击，直接戳中了行业"炫技内卷"的沉疴。车企宣传迅速"降温"，销售门店不再夸大功能，而 是主动厘清"辅助驾驶≠自动驾驶"的边界与责任 ...

从智驾宣传的"去虚向实"，到供应链账期的"生态重塑"；从新央企的横空出世，到L3商业化的破冰启 航，每一个关键节点都藏着产业重构和转型的机遇。2025年车圈十大热点事件沿时间轴次第铺展，既见 证了传统车企的"腾笼换鸟"与造车新势力的逆势突围，也揭开了质量管控、技术适配等行业深层命题。 2025年的中国车市，变革从未如此真切。这已非单一维度的技术迭代或市场洗牌，而是一场在政策规 范、资本重构、技术突破与安全底线之间，同步上演的多维博弈。 1、监管亮剑，智驾宣传告别"L2.999级"文字游戏 2025年6月1日，《保障中小企业款项支付条例》的深化落实，让汽车行业的供应链生态迎来转折 ——"大型企业从中小企业采购应60日内付款"的规则落地，上汽、长安、吉利等17家主流车企集体响 应，部分企业甚至取消了商业承兑汇票，用真金白银兑现付款承诺。 在此之前，170-200天的平均账期是压在中小供应商身上的"大山"，现金流被长期占用。60天账期兑付 如同一场"及时雨"，中小企业终于得以将更多资源投入技术研发，让零部件质量与技术水平同步提升。 车企实现"双赢"——供应链稳定性增强，问题响应效率提速，最终转化为产品的核心竞争力。 ...

Core Viewpoint - The year 2025 marks a transformative period for Chinese business, driven by technological advancements and strategic market maneuvers, including DeepSeek's cost paradigm shift in AI, the establishment of a "stabilization fund" by state-owned enterprises, and fierce competition in various sectors like food delivery and consumer products [2][3][4]. Group 1: AI and Technology - DeepSeek's R1 model demonstrated a significant cost advantage, achieving comparable performance to OpenAI's models at a fraction of the cost, leading to a reevaluation of AI asset values globally [10]. - The Chinese stock market reacted positively to the implications of DeepSeek's success, with the Nasdaq China Golden Dragon Index rising over 4% shortly after [10]. - The launch of L3 autonomous driving vehicles in China signifies a major milestone in the commercialization of advanced driving technologies, with expectations of a market size exceeding 1 trillion yuan by 2030 [49][51]. Group 2: Market Stability Measures - In response to external economic pressures, the "national team" intervened in the stock market by establishing a "stabilization fund," which included significant investments from state-owned enterprises to restore market confidence [12][14][18]. - The People's Bank of China supported these efforts by promising sufficient liquidity to stabilize the market, reinforcing the government's commitment to maintaining financial security [14][18]. Group 3: Consumer and Service Sector Developments - JD.com entered the food delivery market, intensifying competition with Alibaba and Meituan, leading to aggressive pricing strategies and significant order volume growth [26][30]. - Pop Mart's Labubu character achieved global popularity, resulting in a revenue surge of 170%-175% in Q1 2025, with notable growth in international markets [20][22]. - The competition in the food delivery sector is characterized by substantial subsidies and promotional offers, indicating a shift towards efficiency and market share acquisition among major players [28][30]. Group 4: Capital Market Movements - The collective IPO efforts of China's "four little dragons" in the GPU sector highlight a significant moment for domestic chip manufacturers, with substantial market valuations and growth expectations [52][54]. - The stock prices of Pop Mart surged over 200% in the first half of 2025, reflecting strong market interest and future growth potential, despite a subsequent correction [22][25]. Group 5: Breakthroughs in Energy and Aerospace - China achieved significant milestones in nuclear fusion research, with advancements in plasma physics and the development of the next-generation fusion energy experimental device [58][59]. - The successful test flights of reusable rockets by both private and state-owned enterprises mark a new era in China's commercial space industry, aiming for cost reductions and increased launch frequency [60][63].

Core Insights - The year 2025 is marked as a transformative year in business, driven by significant advancements in AI and technology, particularly highlighted by DeepSeek's cost-effective AI model that challenges existing market paradigms [1][3][4]. Group 1: AI and Technology Developments - DeepSeek's R1 model, launched on January 20, 2025, achieved performance comparable to OpenAI's models at a fraction of the cost, using only 2,000 GPUs and approximately $600,000 in training expenses, less than one-tenth of OpenAI's costs [5][8]. - The market reacted dramatically to DeepSeek's success, leading to a significant drop in Nvidia's stock, with a loss of nearly $600 billion in market value, marking a historic event in the stock market [10][12]. - The Chinese tech sector saw a resurgence, with the Nasdaq China Golden Dragon Index rising over 4% shortly after DeepSeek's impact, indicating a shift in investor focus towards Chinese tech companies [11][12]. Group 2: Market Dynamics and Competition - The entry of JD.com into the food delivery market initiated a fierce competition with Alibaba and Meituan, leading to aggressive subsidy wars and a new competitive landscape in the industry [24][27]. - The battle for market share in food delivery is characterized by significant discounts and promotional offers, with Meituan experiencing record order volumes amid the competition [29]. Group 3: Innovations in Consumer Products - Pop Mart's Labubu character gained global popularity, leading to a 170%-175% year-on-year revenue increase in Q1 2025, with significant growth in international markets [20][23]. - The stock price of Pop Mart surged over 200% in the first half of 2025, reflecting strong market interest and investment confidence in the brand's potential [20][23]. Group 4: Regulatory and Economic Responses - In response to external economic pressures, the Chinese government implemented a "stabilization fund" strategy to support the capital market, demonstrating a proactive approach to maintain market confidence [15][17]. - The People's Bank of China provided liquidity support to stabilize the market, showcasing a coordinated effort to mitigate the impact of geopolitical tensions on the economy [15][17]. Group 5: Advancements in Autonomous Driving and GPU Technology - China officially approved L3 autonomous driving vehicles for commercial use, marking a significant milestone in the automotive industry and setting the stage for a market expected to exceed 1.2 trillion yuan by 2030 [40][41]. - The emergence of domestic GPU manufacturers, referred to as the "Four Little Dragons," is reshaping the semiconductor landscape, with significant IPO activity and competitive differentiation among companies [42][44].

（1）本周沪深300指数跌幅0.28%，其中汽车板块涨幅0.13%，涨跌幅位居A股一级行业第19位。（2） 本周乘用车Ⅱ指数跌幅1.64%，北汽蓝谷、小鹏汽车-W领涨。（3）本周商用车指数跌幅0.43%，曙光股 份、福田汽车领涨。（4）本周汽车零部件Ⅱ指数涨幅1.12%，浙江世宝、豪恩汽电领涨。其中电控系 统涨跌幅6.86%，德赛西威、伯特利领涨；电机涨跌幅-2.00%，恒帅股份、云意电气领涨；减速机/齿轮 类涨跌幅-2.00%，易实精密、双环传动领涨；轴承涨跌幅-2.20%，冠盛股份领涨；轻量化&结构件涨跌 幅-1.46%，华达科技、天龙股份领涨；直线传动部件涨跌幅-2.98%，贝斯特跌幅较小；传感器涨跌幅 0.75%，华培动力、日盈电子领涨；Tier1涨跌幅0.64%，均胜电子、神通科技领涨。 以下为研究报告摘要： 行业重点新闻 （1）我国首批L3级自动驾驶车型获准入许可：深蓝SL03、极狐阿尔法S将在北京重庆试点；（2）中国 长安新能源汽车年销量破百万，2030年剑指500万辆产销目标；（3）岚图汽车和宁德时代签署十年深化 合作协议，优先搭载更领先的电池技术；（4）"全球首款豪华城市SUV"：奔驰VLE ...

【主编观市】 上周港股市场持续消化一些利空因素，如美国非农数据、日本央行将基准利率从0.50%上调25个基点至 0.75%，创下30年来的新高，后面在中金复牌对此之下呈现探底回升的态势。 本周后半段进入西方圣诞节假期休市，因此整体不太会有偏空的扰动。相反美联储主席遴选或在本周有 眉目，大多偏鸽对市场会正面提振。注意中国神华：拟购买国家能源集团及其全资子公司西部能源相关 资产，交易价格1335.98亿。因为要发行股份募集资金，这对市场资金面构成抽血压力，同时稀释股 权。 目前市场比较好的是热点终于呈现多元化态势，意味着情绪在开始回暖。 热点方向，商务部党组扩大会议：大力提振消费，扩大优质商品和服务供给，释放服务消费潜力，鼓励 更多文化企业和动漫、演艺、网文、网剧、网游等领域优秀文化产品走向世界。消费这块要结合海南自 贸封关题材，活跃度会更高一下。 SpaceX正就IPO与银行接洽，摩根士丹利是热门候选。长征12甲发射时间大概率本周会有定论。商业航 天是中美最新博弈方向，相关个股值得留意。 12月18日，王力宏成都演唱会引入6台宇树科技G1人形机器人伴舞《火力全开》，打造全球首个演唱会 机器人舞台，机器人精准卡点 ...

市场沸腾之际，投资者发现高盛、摩根士丹利、瑞银等外资巨头早已潜伏其中——今年三季度，这些机构精准布局了7只无人驾驶概念股，今日3只涨停的股 票均在其列。 2025年12月19日，A股无人驾驶板块掀起涨停潮。 雷尔伟暴涨12.97%，万隆科技拉升11.82%，浙江世宝封死10%涨停板。 | 2025-12-03 | | | 2024-12-31 | | | --- | --- | --- | --- | --- | | 前十大流通股东累计持有:1119.45万股,累计占流通股比:15.01%,较上期增加217.83万股 | | | | | | 机构或基金名称 | 持有数量(股) | 持股变化(股) | 占流通股比例 | 变动比 | | 许泉海 | 345.17万 | 不变 | 4.63% | 不变 | | 张建飞 | 157.20万 | 新进 | 2.11% | 新进 | | 陈海华 | 137.73万 | 新进 | 1.85% | 新进 | | 高盛国际-自有资金 | 109.78万 | 新进 | 1.47% | 新讲 | | 张广东 | 90.58万 | 不变 | 1.21% | 不要 | | 金益红 | ...

交巡警总队授牌 12月20日，一张印有"渝AD0001Z"字样的号牌在重庆正式发出。 这张由重庆市公安局交通管理总队授予长安汽车的号牌的意义远超出了行政许可本身。它是首块L3级 自动驾驶专用正式号牌，也意味着，中国智能网联汽车正在剥离模糊的营销话术，正式迈入权责分明的 合规商用时代。 长期以来，自动驾驶行业在L2与L3的界限上始终处于一种微妙的试探期。此次长安汽车获得正式号 牌，并在深蓝汽车上率先落地，实质上是撕开了L3级自动驾驶从技术验证向规模化量产突围的口子。 直到2025 年底，工信部在 12 月 15 日正式对外公布首批 L3 级有条件自动驾驶车型准入许可，长安深蓝 SL03 和北汽极狐阿尔法 S等车型都拿到了正式的入场券。 长安这块"渝AD0001Z"，本质上是把纸面上的准入许可继续向前推进了一步，从工信部的产品准入，走 到了公安交管部门颁发的正式号牌。这意味着：监管链条从工信部扩展到公安、交通等多部门协同，对 车企来说，这也是从迈进"规则游戏"的新起点。 为何是长安？为什么落在重庆？ 那么这块号牌为什么落在重庆、落在长安？ 一头是有"8D 魔幻立体交通"的山城，一头是深耕重庆多年的老牌主机厂。双方 ...

Economic Indicators - In November, the industrial added value of large-scale enterprises increased by 4.8% year-on-year, slightly down by 0.1 percentage points from October, marking the lowest since September 2024 [2] - The total retail sales of consumer goods grew by 1.3% year-on-year, a decline of 1.6 percentage points, continuing a six-month slowdown [2] - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year in the first eleven months, with the decline expanding by 0.9 percentage points from the previous month, marking eight consecutive months of decline [2] High-tech Manufacturing - High-tech manufacturing added value increased by 8.4% year-on-year in November, surpassing the overall industrial added value by 3.6 percentage points [2] - Cumulatively, from January to November, high-tech manufacturing added value rose by 9.2%, with smart consumer equipment manufacturing increasing by 7.6% [2] - Investment in the automotive manufacturing sector grew by 15.3%, while investment in rail, shipbuilding, aerospace, and other transportation equipment manufacturing increased by 22.4% [2] Fiscal Revenue and Expenditure - From January to November, the general public budget revenue reached approximately 20.1 trillion yuan, a year-on-year increase of 0.8%, consistent with the growth rate of the previous ten months [4] - General public budget expenditure was about 24.9 trillion yuan, up 1.4% year-on-year, with social security and employment expenditure, health expenditure, and education expenditure growing by 8.1%, 4.7%, and 4.4% respectively, all exceeding the average expenditure growth rate [4] - The central economic work conference indicated a continuation of a more proactive fiscal policy next year, emphasizing the need for necessary fiscal deficits and total expenditure [4] Hainan Free Trade Port - Hainan Free Trade Port officially launched its full island closure on December 18, with eight open ports and ten "second-line ports" now operational [5] - The proportion of "zero tariff" goods will increase from 21% to 74%, covering 6,600 tax items, which is expected to save about 20% in tax costs for importing equipment enterprises [5] - The first day of closure is expected to see significant imports of "zero tariff" goods, with a total value exceeding 500 million yuan [5] Autonomous Driving - The Ministry of Industry and Information Technology approved the first two L3-level conditional autonomous driving models, marking a significant step towards mass application [7] - The approved models include the Deep Blue SL03 and the Arcfox Alpha S, with specific operational scenarios and speed limits [7] - This approval indicates a shift from "technical verification" to "mass production application" in China's autonomous driving sector [7] Monetary Policy - The People's Bank of China resumed 14-day reverse repos on December 18, injecting liquidity into the market to maintain a stable financial environment [8] - The central bank's actions aim to counter potential tightening risks and stabilize market expectations [9] - Analysts expect continued reverse repo operations to meet year-end funding demands while preventing excessive liquidity accumulation [9] Stock Market Performance - Mu Xi Co., a leading domestic GPU company, saw its stock price surge by 568.83% on its debut, setting a record for single-day profits for investors [10] - The stock closed at 829.90 yuan, with a total market value reaching 332 billion yuan, ranking fifth among companies listed on the Sci-Tech Innovation Board [10] - The high valuation of Mu Xi Co. reflects market confidence in China's technological upgrade path, particularly in the GPU sector [11]

其他热点还有：海南正式启动全岛封关，首批两款L3级自动驾驶车型获批 11月主要经济指标波动，新动能表现强劲 国家统计局12月15日发布的数据显示，11月规模以上工业增加值同比增长4.8%，较10月小幅回落0.1个 百分点，为2024年9月以来新低；社会消费品零售总额同比增长1.3%，回落1.6个百分点，连续6个月放 缓。前11个月，全国固定资产投资（不含农户）同比下降2.6%，降幅比上月扩大0.9个百分点，增速连 续8个月回落。 高技术制造业生产和投资增速继续保持领先。11月份高技术制造业增加值同比增长8.4%，高于整体工 业增加值3.6个百分点。1～11月累计，高技术制造业增加值同比增长9.2%，智能消费设备制造业增加值 增长7.6%。投资方面，1～11月份，汽车制造业、铁路船舶航空航天和其他运输设备制造业投资分别增 长15.3%和22.4%。 国家统计局新闻发言人付凌晖表示，从全年情况看，尽管有困难有压力，但我国经济韧性强，宏观政策 支持有力，新动能稳步成长，实现全年预期目标有较好条件。 【点评】受上年同期高基数等影响，11月主要宏观经济指标出现波动下行，但高技术制造业生产和投资 增速继续保持领先，新动能 ...