12月15日，工业和信息化部正式公布我国首批L3级有条件自动驾驶车型准入许可，标志着我国L3级自 动驾驶从测试阶段迈入商业化应用的关键一步。 长城证券（002939）发布研报称，我国首批L3级有条件自动驾驶车型附条件准入许可正式公布。产业 端看，持续探索L3级别智驾，行业逐步迈向高阶智驾。从政策端来看，L3级别智能驾驶的试点以及后 续全面铺开需要监管政策的顶层指引。该行认为，海内外龙头厂商持续在智驾方面取得突破行业进入高 速发展期。伴随高阶智驾逐步下探至10-20万车型，智驾平权亦将逐步实现，该行持续看好智能驾驶产 业链投资机会。 长江证券表示，L3级自动驾驶获批上路，中国由此成为继德国之后第二个真正意义上为L3放行的国 家，而鉴于放行的两款车已经上市，也意味着中国将成为世界上首个成规模放行L3的国家。 长江证券认为，此次首批L3级车型获得准入许可，意味着我国智能网联汽车迈入量产应用新阶段。随 着试点工作的逐步推进，智能网联汽车产品准入管理和法规标准体系有望持续完善，进而加速自动驾驶 技术的规模化、商业化应用，进而惠及全产业链。建议关注： 1、智能驾驶算法提供商； 赛力斯（601127）（09927）：公司已 ...

12月15日，工业和信息化部正式公布我国首批L3级有条件自动驾驶车型准入许可，标志着我国L3级自 动驾驶从测试阶段迈入商业化应用的关键一步。 长城证券发布研报称，我国首批L3级有条件自动驾驶车型附条件准入许可正式公布。产业端看，持续 探索L3级别智驾，行业逐步迈向高阶智驾。从政策端来看，L3级别智能驾驶的试点以及后续全面铺开 需要监管政策的顶层指引。该行认为，海内外龙头厂商持续在智驾方面取得突破行业进入高速发展期。 伴随高阶智驾逐步下探至10-20万车型，智驾平权亦将逐步实现，该行持续看好智能驾驶产业链投资机 会。 赛力斯（09927）：公司已经成功推出问界M5、问界M7、问界M8和问界M9四款车型。通过差异化定 位实现市场覆盖，以精准价格梯度与场景化功能组合，全面抢占高端用户市场。 曹操出行（02643）：2025年2月，公司自动驾驶平台"曹操智行"正式上线，标志着Robotaxi业务进入实 质推进阶段；4月起开始部署新一代Robotaxi，该车型采用吉利最新冗余架构设计，深度融合曹操智行 的自动化调度派单、远端安全保障等能力，形成一体化自动驾驶运营平台。 零跑汽车(09863)：零跑Lafa5正式开启全国 ...

Core Viewpoint - The stock of Tudatong (02665) has surged nearly 20%, reaching a new high of 17.85 HKD, reflecting strong market interest in the company as a leading provider of automotive-grade LiDAR solutions [1] Company Overview - Tudatong is recognized as one of the companies that design, develop, and produce automotive-grade LiDAR solutions [1] - The company is the first globally to achieve mass production of high-performance automotive-grade LiDAR solutions [1] Market Position - In 2024, Tudatong is expected to deliver approximately 230,000 units of automotive-grade LiDAR, ranking fourth globally in sales revenue for ADAS LiDAR solutions with a market share of 12.8% [1] - Tudatong is the first company to achieve large-scale production of 1550nm high-performance LiDAR technology and also has the capability for 905nm cost-effective solutions, creating a comprehensive product matrix from high-end to mass-market [1] Product Performance - The "Falcon" series based on the 1550nm platform has achieved over 600,000 units in large-scale deliveries, validating its high performance and reliability in real-world scenarios [1] - This strong performance establishes a first-mover advantage for the company in the large-scale deployment of Level 3 and above advanced intelligent driving solutions [1]

Core Viewpoint - The company TuDatong (02665.HK), a provider of automotive-grade LiDAR solutions, successfully went public on the Hong Kong Stock Exchange through a SPAC merger with TechStar (07855.HK) on December 10, 2025 [2][12]. Group 1: Company Overview - TuDatong was established in 2016 and is recognized as a global leader in designing, developing, and producing automotive-grade LiDAR solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Driving Systems (ADS) [4][12]. - In 2024, TuDatong is projected to deliver over 230,000 automotive-grade LiDAR units, ranking fourth globally in sales revenue from ADAS LiDAR solutions with a market share of 12.8% [4][12]. Group 2: Financial Details - The company raised approximately HKD 5.513 billion from three PIPE investors, including Nio Nextev Limited, which agreed to subscribe for about 28.67 million shares [2][12]. - The total amount raised from the public offering was approximately HKD 3.71 billion, with a net amount of about HKD 3.61 billion after expenses [3][13]. Group 3: Market Performance - On the first day of trading, TuDatong's shares closed at HKD 13.30, reflecting a 33% increase, with a total market capitalization of approximately HKD 17.274 billion [5][15]. - The shares were initially offered at HKD 10 each, with a total issuance of approximately 370.82 million shares [3][13]. Group 4: Shareholder Structure - Post-merger, existing shareholders of the target company hold 90.08% of the shares, while PIPE investors hold 4.24% [4][14]. - Nio Nextev Limited holds 2.21% of the shares, and other approved equity financing recipients hold 0.65% [4][14].

Core Viewpoint - The listing of the lidar manufacturer Tudatong on the Hong Kong Stock Exchange marks a significant milestone as the first hard-tech company from mainland China to adopt the De-SPAC model, highlighting its pioneering significance in the capital market [1] Group 1: Company Overview - Tudatong is a provider of automotive-grade lidar solutions with notable technological barriers and market advantages [3] - The company's core products cover cutting-edge industries such as autonomous driving, smart transportation, and service robots [3] - Tudatong possesses dual technology routes of 1550nm and 905nm and has the capability for large-scale production of lidar [3] Group 2: Investment and Strategic Implications - Huangshan's state-owned investment platform, Huangshan Jiantou Group, invested nearly 370 million yuan in Tudatong, marking a significant step in Huangshan's international industrial investment [1] - This investment aligns with Anhui Province's strategy for technological innovation and the overall layout of the new energy vehicle industry [5] - The project is expected to generate strong industrial clustering effects, injecting core momentum into Huangshan's new energy vehicle industry and filling gaps in the local high-end intelligent equipment manufacturing sector [5]

来源：市场资讯 图达通在产品的设计、开发及商业化方面取得了巨大成功。根据灼识咨询的资料，图达通是首批在汽车 及非汽车解决方案方面都拥有商业化记录的厂商之一。利用中国的供应链，公司创建了一个供货商生态 系统，赋能及为激光雷达解决方案的量产提供支持。图达通在中国苏州、德清及平湖建立了量产设施， 并利用在中国成熟的供应链、生产及商业化经验，保持对关键生产及采购流程的有效控制。 （来源：中信建投证券投行委） 2025年12月10日，特殊目的收购公司(SPAC)TechStar Acquisition Corporation正式完成对Seyond Holdings Ltd.的并购交易，继承公司Seyond Holdings Ltd.（"图达通"/"公司"，股票代码：2665，权证代码： 2673）成功于香港联交所主板上市。中信建投（国际）担任此次交易及目标集团上市的联席保荐人、整 体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人。 2022年联交所推出《上市规则》18B章后，TechStar是第五家在港上市的SPAC公司，此次TechStar并购 图达通交易是港股第三宗DE-SPAC交易。中信建投（国际）作为S ...

Core Viewpoint - Tudatong (02665) successfully went public through a reverse merger with TechStar, experiencing a significant stock price increase of over 70% during trading, closing at 16.43 HKD with a market capitalization exceeding 22 billion HKD [1] Company Overview - Tudatong specializes in the design, development, and production of automotive-grade LiDAR solutions, being the first globally to achieve mass production of high-performance automotive-grade LiDAR solutions [1] - The company is projected to deliver approximately 230,000 automotive-grade LiDAR units in 2024, ranking fourth globally in sales revenue for ADAS LiDAR solutions with a market share of 12.8% [1] Strategic Partnerships - The company has strengthened its collaboration with NIO while also securing contracts with three state-owned automotive manufacturers and a leading joint venture, which are expected to contribute to sales revenue starting from the end of 2025 [1] - Tudatong's product applications have expanded beyond passenger vehicles to include commercial vehicles and robotics, having secured mass production orders from industry leaders such as DeepWay, Shaanxi Heavy Duty Automobile, Wincher Technology, and Jiushi Intelligent [1]

Core Viewpoint - Tuda Technology (02665) has seen a significant increase in its stock price on its first day of trading, with a peak rise of over 70%, leading to a market capitalization exceeding HKD 22 billion [1] Company Overview - Tuda Technology specializes in designing, developing, and producing automotive-grade LiDAR solutions, being the first globally to achieve mass production of high-performance automotive-grade LiDAR solutions [1] - The company is projected to deliver approximately 230,000 automotive-grade LiDAR units in 2024, ranking fourth globally in sales revenue for ADAS LiDAR solutions with a market share of 12.8% [1] Strategic Partnerships - Tuda Technology has strengthened its collaboration with NIO while also securing partnerships with three state-owned automotive manufacturers and a leading joint venture, which are expected to contribute to sales revenue starting from the end of 2025 [1] - The company's product applications have expanded beyond passenger vehicles to include commercial vehicles and robotics, with mass production orders received from industry leaders such as DeepWay, Shaanxi Heavy Duty Automobile, Wincher Technology, and Jiushi Intelligent [1]

Core Viewpoint - Tudatong (02665) successfully listed through a reverse merger with TechStar, experiencing a significant stock price increase of over 70% during trading, closing at HKD 16.43, with a market capitalization exceeding HKD 22 billion [1] Company Overview - Tudatong specializes in designing, developing, and producing automotive-grade LiDAR solutions, being the first globally to achieve mass production of high-performance automotive-grade LiDAR solutions [1] - The company is projected to deliver approximately 230,000 automotive-grade LiDAR units in 2024, ranking fourth globally in sales revenue for ADAS LiDAR solutions with a market share of 12.8% [1] Strategic Partnerships - The company has strengthened its collaboration with NIO while also securing partnerships with three state-owned automotive manufacturers and a leading joint venture, which are expected to contribute to sales revenue starting from the end of 2025 [1] - Tudatong's product applications have expanded beyond passenger vehicles to include commercial vehicles and robotics, indicating a broader market reach [1] Orders and Market Position - The company has received mass production orders from industry leaders such as DeepWay, Shaanxi Heavy Duty Automobile, Wincher Technology, and Jiushi Intelligent, further solidifying its market position [1]

Core Viewpoint - Tudatong (02665) successfully went public through a reverse merger with TechStar, experiencing a significant stock price increase of over 70% during trading, with a current price of 16.43 HKD and a market capitalization exceeding 22 billion HKD [1] Company Overview - Tudatong specializes in the design, development, and production of automotive-grade lidar solutions, being the first global supplier to achieve mass production of high-performance automotive-grade lidar solutions [1] - The company is projected to deliver approximately 230,000 units of automotive-grade lidar in 2024, ranking fourth globally in sales revenue for ADAS lidar solutions with a market share of 12.8% [1] Business Development - The company has strengthened its collaboration with NIO while adding three state-owned automotive manufacturers and a leading joint venture as new clients, expected to contribute to sales revenue starting from the end of 2025 [1] - Tudatong's product applications have expanded beyond passenger vehicles to include commercial vehicles and robotics, securing mass production orders from industry leaders such as DeepWay, Shaanxi Heavy Duty Automobile, Wincher Technology, and Jiushi Intelligent [1]