吹响 L3 的号角，迎来 L4 的曙光 20151223 摘要 当前我国在 L3 自动驾驶领域的进展如何？ 上周工信部发布了我国首批 L3 有条件自动驾驶的准入许可，包括长安深蓝 SL03 和极狐阿尔法 SL3 两款车型进入试验目录。其他公司也逐步获得相关许 可。目前市场关注点从 L2 逐步转向 L3 的可靠性验证。尽管上半年（2025 年）由于偶发事件影响，L3 推进速度低于预期，但此次事件表明市场对 L3 期 待已走上确定性日程，预计随着测试覆盖各种应用场景，逐步实现落地。 L2 与 L3 自动驾驶技术有哪些主要区别？ L2 与 L3 的主要区别在于脱手驾驶能力。L2 不允许长期脱手智能驾驶，而现阶 段市面上的所有 L2 车型都设置了脱手时间限制，一旦超时系统会提示接管。而 符合 L3 标准的车型在特定路段，如高速公路，可以实现完全脱手智能驾驶。此 矿山无人运输系统解决招工难和劳动力短缺问题，技术壁垒在于系统化 工程。中国每年新增约 3 万台矿用卡车，预计到 2030 年，中国矿山无 人车辆市场空间可达 300 亿元。 易控智驾和西迪智驾是矿山赛道中的重点公司。易控智驾提供祝山矿区 无人驾驶解决方案，营收 ...

证券研究报告 行业研究 / 行业专题 2025 年 12 月 23 日 相关研究 《特斯拉 Robotaxi 取消安全员，纯视觉方案商 业化提速——Robotaxi 系列报告（三）》 2025-12-12 《曹操出行提"十年百城千亿"战略目标—— Robotaxi 系列报告（二）》2025-12-12 《奔驰自动驾驶出租车于阿布扎比开启路测— —Robotaxi 系列报告（一）》2025-12-12 《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 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 汽车 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 联系人 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 首批 L3 级自动驾驶车型获准入 ——智能汽车系列报告（七） 风险提示：高阶智驾技术发展不及预期；政策法规配套推进不及预期。 强于大市 投资要点： 事件概要：12 月 ...

港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 上周五港股三大指数集体上涨。收盘恒生指数涨 0.75%，报 25690.53 点， 恒生科技指数 涨 1.12%，国企指数涨 0.68%。盘面上，科网股涨多 跌少，网易、百度、腾讯、快手、美团涨超 1%， 联想跌超 1%；锂电池板块走强，宁德时代涨超 2%。生物医药股普涨，药明生物涨超 4%。北京时 间 12 月 18 日凌晨，美国参议院官网显示，搭载 修订版《生物安全法案》的美国 2026 财年国防授 权法案（2026NDAA）获通过。新版本生物安全法 未具体点名任何一家公司。 美股市场 1. 上周五美股三大指数集体收涨，道指涨 ...

Core Insights - The report highlights the synchronized advancement of high-level autonomous driving in China and the US, indicating that the autonomous driving sector is poised to break out of its recent downturn [1][3] - The approval of L3 level autonomous driving vehicles in China marks a significant step towards commercialization, with a cautious and orderly rollout [1] - Tesla's Robotaxi testing without safety drivers reflects rapid evolution in autonomous driving technology, with plans to expand to 8-10 cities by year-end [2] Summary by Sections Autonomous Driving in China - The Ministry of Industry and Information Technology granted conditional mass production approval for L3 autonomous vehicles on December 15, with the first approved models being Changan Deep Blue SL03 and Arcfox Alpha S [1] - This approval signifies a critical advancement in China's autonomous driving commercialization, establishing a closed loop of risk control, testing technology, responsibility, and business models [1] - Regulatory frameworks and the maturity of the industry chain are laying the groundwork for large-scale commercialization, with future expansions in functionality, regions, and vehicle types anticipated [1] Tesla's Robotaxi Initiative - Tesla has initiated Robotaxi testing in Austin without safety drivers, showcasing a more aggressive evolution path compared to previous plans that included safety drivers [2] - The transition from in-person safety monitoring to remote monitoring is expected to significantly reduce driver costs and enhance the profitability visibility of future fleets [2] Investment Strategy in Autonomous Driving Sector - The report suggests that the L3 rollout will drive the entire industry chain from electrification to intelligent competition, benefiting leading automotive companies [3] - Recommended stocks include: - **Xpeng Motors**: Leading in intelligence among manufacturers, recently obtained L3 license in Guangzhou, with clear Robotaxi product plans and significant valuation upside [3] - **Tesla**: Short-term benefits from Robotaxi and potential SpaceX listing, while facing pressure on core vehicle sales [3] - **Horizon Robotics**: Leading in autonomous driving SoC, with strong growth potential driven by mid-to-high level autonomous driving chip deployment [3] - **Hesai Technology**: Leading in lidar technology with significant growth opportunities in automotive and robotics sectors [3] - **Pony.ai**: Long-term focus on Robotaxi leadership, with validated single-vehicle economic model in Guangzhou [3]

Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic move for economic stability and security, highlighting the need for policies that support consumption growth [10] - Recent economic data indicates a mixed performance, with industrial output and service sector growth showing positive trends, while fixed asset investment has declined [10] - The report outlines the challenges in the real estate sector, with significant declines in investment and housing prices, indicating a need for policy intervention [10] Macro Insights - The National Bureau of Statistics reported a year-on-year increase of 4.8% in industrial added value and a 4.2% increase in the service production index for November [10] - Fixed asset investment decreased by 2.6% year-on-year, with manufacturing investment growing by 1.9% and real estate development investment dropping by 15.9% [10] - The urban unemployment rate remained stable at 5.1% in November, reflecting ongoing labor market challenges [10] Energy Sector - The report highlights the goal of adding over 200 million kilowatts of wind and solar power capacity in 2026, indicating a strong push towards renewable energy [11] - The energy sector is expected to see record high oil and gas production in 2025, with a 14% increase in total power generation capacity [11] Commodity Market Trends - The report notes a bearish trend in various commodities, including cotton and sugar, while some agricultural products like soybeans and eggs show bullish tendencies [3][5] - Steel prices are expected to remain weak due to high inventory levels and low demand, with a significant drop in new housing starts impacting construction materials [17][18] - The report indicates that the coal and coke market may experience fluctuations due to production constraints and seasonal demand changes [20][21] Agricultural Products - Cotton prices are projected to rebound due to supply constraints and high production costs, despite a mixed outlook from the USDA on global cotton production [32][33] - Sugar prices are under pressure from new supply entering the market, with expectations of a global surplus in sugar production [34][35] - The egg market is facing challenges with high inventory levels and limited price increases, although seasonal demand may provide some support [37][38] Metals and Materials - Zinc inventories have decreased, but prices are expected to face downward pressure due to weak downstream demand [25][26] - The report suggests that the aluminum market may remain under pressure due to high production costs and fluctuating demand [27] - Lithium carbonate prices are expected to stabilize despite some signs of weakening demand, with strong long-term growth prospects in the lithium market [28][29] Overall Market Sentiment - The report indicates a cautious market sentiment, with mixed signals from economic data and commodity prices, suggesting a potential for volatility in the near term [14][15] - Investors are advised to monitor macroeconomic indicators closely, as they may influence market trends and investment strategies moving forward [15][16]