资本正在用真金白银，为自动驾驶的商业化前景投下信任票。 据《每日经济新闻》记者不完全统计，近一个多月来，自动驾驶行业已密集发生11起融资事件，融资总 额超过100亿元人民币。截至2025年10月20日，该行业今年以来融资事件总数已达24起，融资总额突破 350亿元人民币，呈现出显著的"回暖"势头。 这一态势与过去三年的"资本寒冬"形成鲜明对比。回顾以往，根据IT桔子数据，2021年国内自动驾驶行 业共发生144起融资，总金额达932亿元，为历史高位。然而进入2022年，行业融资节奏明显放缓，全年 融资事件仅为92起，融资规模大幅回落至240亿元。到2023年，尽管融资事件数量仍接近140起，但披露 的总金额进一步收缩至约200亿元，反映出资本出手更为谨慎、单笔融资额度下降的整体趋势。 在此背景下，2025年以来自动驾驶行业的融资数据尤为引人关注——不仅在总额上已大幅超越2023年全 年，更释放出行业信心回升、优质标的重新获捧的积极信号。自动驾驶赛道，正在资本的有力托举下， 进入新一轮爆发周期。 24起融资涵盖四大方向 2025年至今，在资本市场上，自动驾驶行业极为活跃，24起融资事件涵盖了L2级辅助驾驶、L4 ...

资本正在用真金白银，为自动驾驶的商业化前景投下信任票。 从细分赛道来看，L2级辅助驾驶今年共有5起融资。其中，规模最大的一笔为地平线通过配售股份净筹集约63.4亿港元（约合人民币58.12亿元）；另一标志 性事件是四维图新18亿元战略投资鉴智机器人母公司（PhiGent Robotics Limited），以补足其高阶智驾技术版图，增强核心竞争力。 | | | | 2025年自动驾驶行业融资情况(截至10月20日) | | | --- | --- | --- | --- | --- | | 融资赛道 | 正亚名称 | 融资金额 | 融资类型 | 投资方 | | L2级辅助驾驶 | 轻舟智航 | 10亿元 | 1 | 奇瑞与立讯精密 至5位 | | | 卓驭科技 | 1 | 1 | 一汽并购 | | | 千望科技 | 13.39亿元 | 1 | | | | 地平线 | 63.4亿港元 | 股权配售 | 1 | | | 鉴智机器人 | 18亿元 | 现金增资+资产注入 | 四维图新 | | L4级:Robotaxi | 文远知行 | 1亿美元 | 追加投资 | Uber 中关村科学城科技成长基金、北京信息产业发展 ...

24起融资吸金超350亿元 据《每日经济新闻》记者不完全统计，近一个多月来，自动驾驶行业已密集发生11起融资事件，融资总额超过100亿元人民币。截至2025年10月20日，该行 业今年以来融资事件总数已达24起，融资总额突破350亿元人民币，呈现出显著的回暖势头。 这一态势与过去三年的"资本寒冬"形成鲜明对比。回顾以往，根据IT桔子数据，2021年国内自动驾驶行业共发生144起融资，总金额达932亿元，为历史高 位。然而进入2022年，行业融资节奏明显放缓，全年融资事件仅为92起，融资规模大幅回落至240亿元。到2023年，尽管融资事件数量仍接近140起，但披露 的总金额进一步收缩至约200亿元，反映出资本出手更为谨慎、单笔融资额度下降的整体趋势。 在此背景下，2025年以来自动驾驶行业的融资数据尤为引人关注——不仅在总额上已大幅超越2023年全年，更释放出行业信心回升、优质标的重新获捧的积 极信号。自动驾驶赛道，正在资本的有力托举下，进入新一轮爆发周期。 每经记者｜刘曦 每经编辑｜裴健如 资本正在用真金白银，为自动驾驶的商业化前景投下信任票。 2025年至今，资本市场自动驾驶行业极为活跃，24起融资事件涵盖 ...

自动驾驶的融资潮再次涌来。 车东西10月14日消息，近一个月，自动驾驶行业密集诞生11起融资，融资总额超过了292亿元，而今年以来，该行业融资事件总数已跃升至19起，融资总 额已经超过367亿元。 资本市场正用真金白银，为自动驾驶的商业化前景坚定地投下信任票，与前三年的资本寒冬形成鲜明对比，自动驾驶行业在2025年实现爆发。 | | | | | 2025年以来自动驾驶行业融资情况(车东西制图) | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 企业 | 融资赛道 | 融资类型 | 投资方 | 金额 | 时间 | | 1 | Wayve | Robotaxi | | 微软、软银(洽谈中) | 20亿美元 | 2025年10月14日 | | 2 | 九识智能 | L4级细分领域 | | 蚂蚁集团领投、新老股东跟投 | 数亿美元 | 2025年10月13日 | | 3 | 滴滴自动驾驶 | Robotaxi | D轮融资 | 中关村科学城科技成长基金、北京信息产业 发展投资基金、广汽集团、滴滴等 | 20亿元 | 2025年10月11日 | | 4 | ...

消息面上，9月17日，工业和信息化部公开对《智能网联汽车组合驾驶辅助系统安全要求》强制性国家 标准公开征求意见。数据显示，新能源汽车组合驾驶辅助技术(L2级)搭载率超过50%，且预计组合驾驶 辅助系统的装配率仍将持续提升。工信部装备工业一司相关负责人介绍，这一标准填补了我国组合驾驶 辅助系统产品安全基线空白，将为行业准入、质量监督和事后追溯提供关键技术依据，有助于全面提升 产品安全水平。 智通财经APP获悉，智驾概念股走高，截至发稿，黑芝麻智能(02533)涨9.04%，报20.86港元；地平线机 器人-W(09660)涨7.18%，报11.19港元；速腾聚创(02498)涨6.33%，报45.26港元；佑驾创新(02431)涨 5.9%，报27.64港元。 中信证券此前指，在行业监管逐步完善的趋势下，汽车智能化产业链有望受益。推荐以下几条投资主 线：1）智能驾驶研发进展领先的主机厂；2）激光雷达头部供应商；3）智能网联汽车检测与仿真测试 服务头部公司；4）其他智能驾驶头部零部件供应商。爱建证券认为，预计当前至明年是汽车高阶智驾 技术成熟度、政策法规、用户接受度与商业模式共同突破的窗口，建议重视汽车智能化。 ...

Core Insights - The average contribution rate of final consumption to China's economic growth over the past four years reached 56.2%, an increase of 8.6 percentage points compared to the "13th Five-Year Plan" period [1] - The automotive industry is experiencing significant changes, particularly in the field of intelligent vehicles, with L3 autonomous driving and Robotaxi entering a commercialization phase [1][4] - The intelligent driving industry has surpassed a scale of one trillion yuan, improving traffic efficiency by 15% to 30% and contributing 2.4% to 4.8% to GDP growth [4] Group 1: Economic Contribution and Growth - Final consumption's contribution to economic growth has increased significantly, indicating a shift towards consumer-driven growth [1] - The "three new" economy (new industries, new business models, and new forms of consumption) is projected to exceed 24 trillion yuan in added value by 2024, equivalent to the combined GDP of Beijing, Shanghai, and Guangdong [2] Group 2: Intelligent Vehicle Development - The penetration rate of L2-level assisted driving new cars in China is expected to approach 70% by the end of this year, up from just 3.3% in 2019 [4][5] - The market penetration rate for intelligent cockpits in passenger cars is projected to exceed 70% in 2024, indicating a shift towards widespread adoption of intelligent features [5] Group 3: Industry Trends and Future Outlook - The automotive industry is transitioning from the "early stage" of technological experimentation to the "second half" of industrial development, focusing on high-quality growth [6][8] - The competition in the intelligent vehicle sector will increasingly focus on high-level autonomous driving, operating systems, high-performance chips, data security, and cost management [6][8] - The intelligent vehicle is seen as the next large-scale mobile smart terminal after smartphones, with a growing emphasis on enhancing safety, comfort, and reliability [8]

Group 1 - The automotive industry is experiencing a rapid increase in the penetration rate of L2-level assisted driving and the scaling of L4-level autonomous driving, driven by the integration of new energy and intelligent technologies [1] - By mid-2025, the penetration rate of assisted driving in domestic brands rose from 51% at the end of 2024 to 59%, with mid-to-high-level assisted driving functions increasing from 20% to 32% [2] - Companies like Horizon Robotics and Hesai Technology reported significant revenue growth, with Horizon's revenue increasing by 67.6% to 1.567 billion yuan and Hesai's revenue exceeding 710 million yuan, up over 50% year-on-year [2] Group 2 - L4-level autonomous driving companies are advancing towards large-scale and normalized operations, with companies like Pony.ai and WeRide reporting revenue growth of 75.9% and 60.8% respectively [4] - The Robotaxi business is gaining traction, with platforms like Cao Cao Mobility and Ruqi Mobility operating over 300 Robotaxi vehicles and completing significant autonomous driving test mileage [4] - The economic model for autonomous driving is approaching profitability, with estimates suggesting that a fleet of 1,000 Robotaxi vehicles is needed to reach the breakeven point in first-tier cities [4][5]

Core Insights - The global competition in smart technology has intensified, with China's L2-level assisted driving penetration exceeding 50%, the highest globally [1] - In the first half of this year, domestic automobile production and sales surpassed 15 million units, marking a year-on-year growth of 12.5% and 11.4% respectively, with new energy vehicles (NEVs) achieving a remarkable 40.3% year-on-year increase in sales [2] - The automotive industry is transitioning from "technology validation" to "scene implementation" in autonomous driving, with a critical window for L3 and L4 level applications expected in the next few years [3] Industry Trends - The integration of AI technology into the automotive sector is accelerating, with companies like DeepSeek driving the democratization of technology and reshaping core competitiveness [2] - The automotive industry is facing challenges in advancing from L3 to L4 and L5 autonomous driving levels, with safety being a paramount concern [3][6] - The shift from traditional supply relationships to deep collaborative partnerships between tech companies and automakers is transforming the industry landscape [7] Market Opportunities - The Chinese automotive industry is proactively innovating and breaking through smart NEV technologies, positioning itself to lead the global automotive transformation [7] - The transition from "parameter competition" to "value creation" is essential for high-quality development in the Chinese automotive sector [9] - The current period is seen as a critical window for Chinese automotive companies to enhance their global competitiveness through smart technology exports [9][10]

Core Viewpoint - The introduction of a mandatory national standard for L2-level advanced driver assistance systems (ADAS) in China is aimed at enhancing safety and regulating the industry, addressing existing issues related to misleading marketing and safety concerns [1][2][5]. Group 1: Regulatory Developments - A mandatory national standard for L2-level ADAS is being proposed, which will include general technical requirements and safety measures for vehicles equipped with such systems [2]. - The project is initiated by the Ministry of Industry and Information Technology (MIIT) and is expected to be completed by March 2024, with public consultation from June to July 2025 [2]. - The standard aims to improve product safety, reduce accidents caused by performance defects, and support industry management [2]. Group 2: Industry Context - As of the first half of 2023, 42.4% of new passenger cars in China were equipped with L2-level ADAS, with the proportion rising to 55.3% in the new energy vehicle segment for the entire year [5]. - The rapid increase in ADAS penetration has led to safety concerns, particularly due to misleading advertising practices by some manufacturers [5][6]. - Recent incidents, such as a fatal collision involving Xiaomi's vehicle, have heightened public scrutiny and prompted regulatory actions to curb exaggerated claims about ADAS capabilities [5]. Group 3: Industry Response - The MIIT has initiated measures to regulate the marketing of intelligent driving technologies, emphasizing the need for accurate representation of system capabilities [5][6]. - A joint initiative by several automotive companies has been launched to promote responsible marketing practices and to participate in the development of industry standards [6]. - The implementation of the mandatory standard is expected to drive the industry towards a dual focus on technology and compliance, potentially accelerating discussions around the legislative process for L3-level autonomous driving [6].

Core Viewpoint - The Chinese automotive industry is at a crossroads, facing both significant opportunities for growth and challenges such as price wars and market disruptions, necessitating a collective effort to maintain fair competition and sustainable development [1][3]. Group 1: Industry Opportunities - The automotive industry is experiencing a "fourfold leap" characterized by energy transition, intelligent transition, globalization, and full-chain transition, which are crucial for the industry's development [1][2]. - The transition towards new energy vehicles has crossed a critical point, with production and sales expected to exceed 10 million units in 2024, establishing new energy as a hallmark of Chinese automotive brands [1][2]. - The penetration rate of L2-level assisted driving has surpassed 50%, nearing 60%, indicating significant progress in intelligent driving technology [2]. - China's automotive exports are projected to grow by 19.3% in 2024, reaching 5.859 million units, solidifying its position as the world's largest automotive exporter [2]. Group 2: Industry Challenges - Price wars are a primary concern, with the automotive industry's profit margin expected to be only 4.3% in 2024, significantly lower than that of downstream industrial enterprises [3]. - Some companies engage in attention-seeking behaviors that harm the industry's reputation and consumer trust, affecting the overall competitive environment [3]. - There are issues with misleading advertising in the intelligent driving sector, particularly regarding L2 and L3 levels, which pose safety risks [3]. - The transition to next-generation technologies like solid-state batteries faces challenges in maturity, cost control, and scalability [3]. Group 3: Strategic Consensus for Development - Companies need to develop a consensus on four key aspects: awareness of industry transitions, opportunity recognition, ecological development, and modern market understanding to capitalize on historical growth opportunities [4]. - Focusing on innovation, industry upgrades, and global market expansion is essential for creating new value and avoiding detrimental "involution" competition [4][5]. - The automotive industry should enhance four strengths: internal technological innovation, strategic competitiveness, quality and safety, and collaborative industry development to ensure long-term stability and growth [5].