｜2026年1月15日星期四｜ NO.1 我国超60家机构向ITU申报卫星资料，行业覆盖范围广泛 1月14日，上海市经济和信息化委员会等联合印发《上海高级别自动驾驶引领区"模速智行"行动计 划》。其中提到，按照"模型驱动引领、应用示范带动、产业协同发展、政策举措支撑"的总体思路，推 动自动驾驶技术创新向产业竞争力加速转化。到2027年，高级别自动驾驶应用场景实现规模化落地，公 共服务平台有力支撑行业创新，关键技术和产业规模达到国际领先水平，形成具有国际竞争力和影响力 的智能网联汽车产业集群，基本建成全球领先的高级别自动驾驶引领区。 NO.5 科技部阴和俊：建立健全重点科技领域融资对接机制 科技部阴和俊近日在接受采访时表示，2026年，我们将与金融管理部门和金融机构紧密合作，持续加强 对国家重大科技任务和科技型中小企业的金融服务。在强化科金协同方面，发挥好科技金融统筹推进机 制作用。在完善科技金融政策举措方面，推动银行、保险公司和创投机构创新金融产品及服务模式，加 强对国家重大科技任务和重点科技领域的金融支持。 NO.6 三部门：延续实施支持居民换购住房有关个人所得税政策 1月14日，财政部、税务总局、住房城乡 ...

每经记者｜杨建 每经编辑｜彭水萍 ｜2026年1月15日 星期四｜ NO.1 我国超60家机构向ITU申报卫星资料，行业覆盖范围广泛 目前，中国星网、上海垣信、蓝箭鸿擎、无线电创新院向ITU（国际电信联盟）提交的星座规模均达到 10000颗以上。2023年以来，我国共有超过60家机构向ITU申报卫星资料，行业覆盖范围极其广泛，既 有中国星网、上海垣信、中国卫通等央国资背景企业，也有清华大学、北京大学、中科院、鹏城国家实 验室等科研力量，还有蓝箭鸿擎、银河航天、长光卫星、国星宇航等庞大的商业航天队伍。低轨卫星星 座已成为大国太空博弈的新赛道，在频轨资源争夺下，卫星产业市场空间剑指万亿，低轨卫星市场在未 来十年内或将展现出显著的增长潜力。 NO.2 上海组织开展车载操作系统等软硬件产品技术攻关 NO.6 三部门：延续实施支持居民换购住房有关个人所得税政策 1月14日，财政部、税务总局、住房城乡建设部公告，延续实施支持居民换购住房有关个人所得税政 策，自2026年1月1日至2027年12月31日，对出售自有住房并在现住房出售后1年内在市场重新购买住房 的纳税人，对其出售现住房已缴纳的个人所得税予以退税优惠。新购住房 ...

《计划》表示，支持建设智能网联汽车、交通安全重点实验室等测试验证平台，推进虚拟仿真、硬件在 环仿真等技术和验证工具的应用，加强自动驾驶系统验证及应用服务能力建设。 培育具有行业领先水平的自动驾驶大模型，具备组合驾驶辅助功能(L2级)和有条件自动驾驶功能(L3级) 汽车占新车生产比例超过90%，L4级自动驾驶汽车实现量产，关键技术实现自主可控，建立涵盖整车、 零部件、数据、地图、安全、服务的完整产业生态。 此外，有序组织智能出租示范运营，开展L3级自动驾驶乘用车的上路通行试点。探索开展面向个人及 单位用户出行场景的L3级自动驾驶汽车创新应用，逐步扩大L3级自动驾驶汽车规模化量产应用。 以城市巡检、物流配送、市政环卫等为切入口，打造一批创新性强、技术含量高、运营模式清晰、示范 应用效果好的无人驾驶装备应用场景，探索无人配送车、无人巡检车、自主泊车运营标准及模式。 在实施关键技术攻关工程方面，《计划》提出，组织开展车载大算力芯片、车载操作系统、智能计算平 台、线控执行系统等软硬件产品和技术解决方案研发攻关，培育一批单项冠军、专精特新"小巨人"、隐 形冠军等优质企业。推动高校院所、新型研发机构和重点企业加强智驾大模型 ...

上海明确新目标。 上海市经济和信息化委员会、上海市交通委员会、上海市公安局1月14日公开发布的《上海高级别自动 驾驶引领区 "模速智行"行动计划》（以下简称《行动计划》）提到，按照"模型驱动引领、应用示范带 动、产业协同发展、政策举措支撑"的总体思路，推动自动驾驶技术创新向产业竞争力加速转化。到 2027年，高级别自动驾驶应用场景实现规模化落地，公共服务平台有力支撑行业创新，关键技术和产业 规模达到国际领先水平，形成具有国际竞争力和影响力的智能网联汽车产业集群，基本建成全球领先的 高级别自动驾驶引领区。 同时，以城市巡检、物流配送、市政环卫等为切入口，打造一批创新性强、技术含量高、运营模式清 晰、示范应用效果好的无人驾驶装备应用场景，探索无人配送车、无人巡检车、自主泊车运营标准及模 式。 打造世界级汽车产业集群 其中明确，到2027年，在智能公交、智能重卡等场景规模化应用L4级自动驾驶技术，实现载客超600万 人次，载货运输超80万TEU；全市自动驾驶开放区域面积达2000平方公里，道路长度超5000公里；具备 组合驾驶辅助功能（L2级）和有条件自动驾驶功能（L3级）汽车占新车生产比例超过90%，L4级自动 ...

上海明确新目标。 上海市经济和信息化委员会、上海市交通委员会、上海市公安局1月14日公开发布的《上海高级别自动驾驶引领区"模速智行"行动计划》(以下简称《行动 计划》)提到，按照"模型驱动引领、应用示范带动、产业协同发展、政策举措支撑"的总体思路，推动自动驾驶技术创新向产业竞争力加速转化。到2027 年，高级别自动驾驶应用场景实现规模化落地，公共服务平台有力支撑行业创新，关键技术和产业规模达到国际领先水平，形成具有国际竞争力和影响力 的智能网联汽车产业集群，基本建成全球领先的高级别自动驾驶引领区。 其中明确，到2027年，在智能公交、智能重卡等场景规模化应用L4级自动驾驶技术，实现载客超600万人次，载货运输超80万TEU；全市自动驾驶开放区 域面积达2000平方公里，道路长度超5000公里；具备组合驾驶辅助功能(L2级)和有条件自动驾驶功能(L3级)汽车占新车生产比例超过90%，L4级自动驾驶 汽车实现量产。 实现浦东新区全域开放 《行动计划》明确，有序扩大自动驾驶开放区域。立足特大城市级全域场景优势，逐步拓展自动驾驶开放区域。实现浦东新区全域开放，同步推动奉贤、 闵行等区域开放，重点打通虹桥枢纽、浦东机场 ...

上海明确新目标。 上海市经济和信息化委员会、上海市交通委员会、上海市公安局1月14日公开发布的《上海高级 别自动驾驶引领区 "模速智行"行动计划》（以下简称《行动计划》）提到，按照"模型驱动引 领、应用示范带动、产业协同发展、政策举措支撑"的总体思路，推动自动驾驶技术创新向产业 竞争力加速转化。到2027年，高级别自动驾驶应用场景实现规模化落地，公共服务平台有力支撑 行业创新，关键技术和产业规模达到国际领先水平，形成具有国际竞争力和影响力的智能网联汽 车产业集群，基本建成全球领先的高级别自动驾驶引领区。 其中明确，到2027年，在智能公交、智能重卡等场景规模化应用L4级自动驾驶技术，实现载客超 600万人次，载货运输超80万TEU；全市自动驾驶开放区域面积达2000平方公里，道路长度超 5000公里；具备组合驾驶辅助功能（L2级）和有条件自动驾驶功能（L3级）汽车占新车生产比例 超过90%，L4级自动驾驶汽车实现量产。 去年12月，上海宣布浦东新区、闵行区及虹桥枢纽新增开放自动驾驶测试道路，使上海累计开放 测试道路覆盖全市约三分之一的市域面积。国内首个特大城市全域交通信号灯数据开放与应用管 理服务平台也同时发 ...

★ 宏观动态 ★ 三部门：延续实施支持居民换购住房有关个人所得税政策 财政部、税务总局、住房城乡建设部公告，延续实施支持居民换购住房有关个人所得税政策，自2026年1月1日 至2027年12月31日，对出售自有住房并在现住房出售后1年内在市场重新购买住房的纳税人，对其出售现住房 已缴纳的个人所得税予以退税优惠。其中，新购住房金额大于或等于现住房转让金额的，全部退还已缴纳的个 人所得税；新购住房金额小于现住房转让金额的，按新购住房金额占现住房转让金额的比例退还出售现住房已 缴纳的个人所得税。本公告所称现住房转让金额为该房屋转让的市场成交价格。新购住房为新房的，购房金额 为纳税人在住房城乡建设部门网签备案的购房合同中注明的成交价格；新购住房为二手房的，购房金额为房屋 的成交价格。 高市正式传达解散众议院意向 乘联分会：1月1—11日全国乘用车新能源市场零售11.7万辆，同比下降38% 据中国汽车流通协会乘用车市场信息联席分会数据显示，1月1—11日，全国乘用车新能源市场零售11.7万辆， 同比去年1月同期下降38%，较上月同期下降67%，今年以来累计零售11.7万辆，同比下降38%；1月1—11日， 全国乘用车厂 ...

Group 1 - The core idea of the plan is to accelerate the transformation of autonomous driving technology innovation into industrial competitiveness, aiming to establish a leading area for high-level autonomous driving by 2027 [1] - The plan targets the large-scale application of L4-level autonomous driving technology in smart public transport, smart taxis, and smart heavy trucks, with a goal of serving over 6 million passengers and transporting over 800,000 TEUs [1] - A public service platform will be established, including a digital twin training ground for autonomous driving, with an open area of 2,000 square kilometers and over 5,000 kilometers of roads for diverse scenarios [1] Group 2 - The plan aims for over 90% of new car production to feature L2 and L3 level autonomous driving capabilities, with L4 level vehicles entering mass production and key technologies being independently controllable [2] - It emphasizes the organization of smart taxi demonstration operations and the exploration of innovative applications for L3 level autonomous vehicles in personal and unit user travel scenarios [2] - The plan includes the development of key technologies such as onboard high-performance chips and intelligent computing platforms, fostering a complete industrial ecosystem [2] Group 3 - The focus areas for developing intelligent connected vehicles and key component industries include Pudong, Jiading, and Lingang, promoting collaboration and unique characteristics in these regions [3] - The plan supports the establishment of testing and verification platforms for intelligent connected vehicles and traffic safety, enhancing the capabilities for system validation and application services [3]

Investment Rating - The report indicates a positive outlook for the Chinese vehicle industry, particularly in the areas of new energy vehicles (NEVs) and smart driving technologies, suggesting a strong investment opportunity in these sectors [2]. Core Insights - The Chinese automotive industry is rapidly transitioning towards new energy and smart technologies, with significant growth in market penetration for NEVs and advancements in intelligent features becoming central to brand competition [2]. - By 2025, the market share of domestic brands is expected to reach 69.1%, with NEV penetration projected to exceed 52.5%, highlighting a shift in competitive dynamics within the industry [3][24]. - The report emphasizes the importance of government policies, technological innovations, and consumer demand in driving the transformation of the automotive sector [19]. Summary by Sections Market Overview - The average monthly sales of passenger vehicles in China are projected to stabilize above 2 million units from 2024 to 2025, with NEV penetration reaching 52.5% [3]. - The market is witnessing a significant increase in the share of domestic brands, which rose from 45.9% in early 2022 to 69.0% by May 2025 [22][24]. NEV Market Dynamics - The NEV market is expected to see a substantial increase in sales, with monthly sales rising from 393,000 units in 2023 to over 900,000 units by 2025, reflecting a penetration rate increase from 26.7% to 52.5% [17][19]. - Government incentives, including tax exemptions and subsidies for vehicle replacements, are anticipated to further stimulate market demand [4][6]. Competitive Landscape - The competitive landscape is evolving, with Tesla maintaining a leading position, while domestic brands like BYD are experiencing rapid growth, and new entrants like Xiaomi are making significant inroads [3][36]. - The report notes a bifurcation in profitability, where leading companies like BYD are achieving high margins, while traditional automakers face pressure [31][33]. Export Trends - China's passenger vehicle exports are projected to grow significantly, with monthly exports expected to reach between 430,000 and 470,000 units by 2025, showcasing enhanced international competitiveness [26][28]. - The share of NEVs in exports is also increasing, indicating a strong global demand for Chinese automotive products [45]. Future Projections - By 2030, the total automotive market in China is expected to grow to 36.39 million units, with NEVs projected to account for 87.4% of passenger vehicle sales [49].

Core Insights - The Yangtze River Delta (YRD) region's new energy vehicle (NEV) industry achieved significant production in Q1 2025, with over 840,000 vehicles produced, accounting for nearly 30% of the national total, continuing its status as a production hub [1] - The region is transitioning from the "first half of electrification" to the "second half of intelligence," driven by leading companies like CATL, NIO, and Tesla, but faces challenges such as overcapacity, declining penetration rates, and regional collaboration barriers [1][5] Industry Structure and Collaboration - The YRD NEV industry is moving from "local breakthroughs" to a "system layout," with clear functional positioning among Jiangsu, Shanghai, Zhejiang, and Anhui, forming a complete industrial chain from vehicles to batteries, chips, and components [2] - Shanghai is building a head ecosystem around vehicle manufacturing and intelligent driving, with Tesla's Shanghai Gigafactory expected to deliver 910,000 vehicles in 2024, representing nearly half of global capacity [2] - Jiangsu focuses on power batteries, housing over 190 key enterprises, including CATL and BYD, establishing a leading lithium battery production base [2] - Zhejiang's NEV industry cluster is projected to exceed 1 trillion yuan in revenue by 2024, growing by 19.5%, but faces challenges due to reliance on small private enterprises and limited financing [3] - Anhui's NEV production is expected to reach 1.684 million units in 2024, a 94.5% increase, with policies driving growth and establishing a "vehicle-software-testing" ecosystem [3] Challenges in Collaboration and Financial Support - The YRD NEV industry faces collaboration obstacles, including inconsistent data standards and unreasonable capital allocation, hindering cross-regional operations and testing [3][4] - Local industrial funds prioritize local projects, limiting support for cross-regional enterprises, exemplified by Hefei's targeted support for NIO, which has not significantly impacted other cities [4] Transition to Intelligent Systems - The global NEV market is experiencing a slowdown, with penetration rates dropping from 53.2% to 41.5% between September 2024 and January 2025, indicating a need for a shift from manufacturing to intelligent systems [5] - The YRD region has a solid foundation for intelligent transformation, with Shanghai leading in high-end electronic architecture and autonomous driving testing platforms [5][6] - However, the software ecosystem remains fragmented, with strong vehicle and chip companies but weak middleware, limiting the formation of a complete ecosystem [6][7] - To advance the NEV industry into the "second growth curve," the YRD must enhance software collaboration and public support capabilities [7]