Core Insights - The issuance of the first L3-level autonomous driving special license plates in China marks a significant milestone in the application of L3 autonomous driving technology [1][3] - The Chinese government is accelerating breakthroughs in advanced autonomous driving technologies as part of its national industrial strategy [1][3] Industry Developments - As of the first half of 2025, the installation rate of L2-level and above assisted driving functions in new energy passenger vehicles reached 82.6% [2] - The transition from L2 to L3/L4 autonomous driving is moving from technical demonstration to commercial pilot projects [3] - The Ministry of Industry and Information Technology (MIIT) has granted conditional licenses for L3 autonomous driving vehicles, indicating a shift towards limited commercial applications [3][4] Regulatory Framework - The issuance of L3 license plates in Chongqing and Beijing represents a historic step in regulatory advancement, although full-scale adoption is still a long way off [4] - There is a need for formal standards and regulations to address the challenges of high-level autonomous driving, including liability and safety concerns [4][5] - Recommendations for a management roadmap for autonomous driving levels and the revision of traffic safety laws have been proposed to support the industry [5] Market Projections - By 2030, the integration of advanced driving assistance and connected features is expected to create a trillion-yuan market increment, with urban NOA becoming a mainstream function [6] - The Shanghai action plan aims to establish a comprehensive testing area for autonomous vehicles by 2027, enhancing the region's competitive edge in the industry [7][8] Commercialization Challenges - The commercial viability of L3 autonomous driving remains limited, with significant hurdles in regulatory and technical aspects [9] - Companies like Mercedes-Benz are delaying the rollout of L3 systems due to cost and regulatory constraints, focusing instead on L2++ systems [9] - The Robotaxi sector is seen as the most promising area for early commercialization of autonomous driving technology [9][10] Company Initiatives - Baidu reported a significant increase in its fully autonomous driving service, with orders reaching 3.1 million in Q3 2025, reflecting a 212% year-on-year growth [10] - WeRide has entered the global commercial operation phase with its L4 Robotaxi, covering multiple international cities and approaching profitability in certain markets [10]

福特汽车(F.US)涨近3%，最高触及14.14美元，创接近一年半新高。消息面上，福特汽车计划在2028年 推出L3级自动驾驶技术，该技术将允许驾驶员在行驶过程中进行视频会议或娱乐活动，不排除进军无 人出租车业务；福特首席电动汽车官Doug Field表示，新版本L3自动驾驶技术将首先搭载在福特即将推 出的纯电小型皮卡平台上，起售价约3万美元。(格隆汇) ...

Core Viewpoint - The successful launch of L3-level autonomous driving vehicles by Deep Blue Automotive marks a significant milestone for the entire Chinese automotive industry in its journey towards intelligent transformation [2][5][18]. Group 1: Milestones and Achievements - On December 26, 2025, 46 vehicles from Deep Blue Automotive, equipped with China's first L3-level autonomous driving special license plates, officially entered urban traffic, signifying the practical application of L3-level autonomous driving technology [2][4]. - The rapid progression from regulatory approval to vehicle licensing and large-scale road operation within a short span of ten days demonstrates a mature balance between technological innovation and safety compliance by national authorities [5][9]. - Deep Blue Automotive is positioned as a core player in Changan Automobile's "Beidou Tianshu 2.0" intelligent strategy, with its L3-level technology driven by the "Tianshu Intelligent" system, which encompasses a comprehensive lifecycle management approach [7][13]. Group 2: Technological Framework and Capabilities - The "Tianshu Intelligent" system employs a seven-layer redundancy architecture and has established a scenario pool with over one million kilometers to define safety boundaries, ensuring robust safety performance [7][9]. - Deep Blue Automotive has completed over 5 million kilometers of road testing, with extreme scenarios accounting for 36%, showcasing its rigorous validation process [7][9]. - The company’s identity as a "new central enterprise" provides it with unique advantages in resource integration and policy support, enhancing its confidence and capabilities in the market [7][9]. Group 3: Financial Backing and Market Confidence - In December 2025, Deep Blue Automotive successfully raised 6.122 billion yuan, with investments from Chongqing Yufu Holdings, Changan Automobile, and China Merchants Bank Financial Asset Investment, indicating strong market confidence in its business model and long-term strategy [9][18]. - The funding is earmarked for new vehicle development and core technological innovations in intelligence and electrification, reflecting the capital market's recognition of Deep Blue's achievements [9][18]. Group 4: Industry Implications and Future Outlook - The large-scale deployment of L3-level autonomous driving vehicles is compared to the early promotion of electric vehicles, marking a transition from concept to practical application in the automotive industry [18]. - This development emphasizes the importance of safety over mere technological showcase, pushing the industry towards healthier and more responsible growth [18]. - Deep Blue Automotive's leadership in this sector not only sets a new standard for intelligent automotive experiences but also represents a significant step in China's ambition to lead in the intelligent mobility era [18].

Core Insights - Zhao Fei's appointment as president of Changan Automobile symbolizes the company's transition from a traditional manufacturer to a technology-driven enterprise, focusing on navigating the profitability challenges in the electric vehicle (EV) sector [1] - Changan's strategy emphasizes leveraging ecological advantages and capital power, aiming for a more intelligent approach to operations [1] Group 1: Strategic Direction - Changan has undergone a comprehensive organizational restructuring, with a focus on stabilizing and advancing its operations in the EV market [2] - The company anticipates that the market share of EVs to fuel vehicles in China will reach 70:30 within the next two to three years, while globally, fuel vehicles will still account for 70% by 2030 [2] - Zhao Fei acknowledges the recent sales achievements of over 100,000 units for three consecutive months, attributing this to the company's commitment to mastering technology since its third entrepreneurial phase in 2017 [2] Group 2: Industry Challenges and Responses - Changan welcomes government efforts to address industry competition issues, having reduced supplier payment cycles to 53 days to build trust within the supply chain [3] - The company is committed to maintaining a research and development (R&D) investment of 6% of sales revenue, emphasizing the importance of innovation in transitioning to a technology company [3] - Changan's collaboration with Huawei is framed as a dual approach, balancing respect for partnerships with a commitment to technological independence and safety [3] Group 3: Technological Advancements - The company has recently achieved a significant milestone by becoming one of the first in China to utilize L3-level autonomous driving technology, focusing on safety through extensive testing and data collection [3][4] - Zhao Fei identifies data as the critical factor for advancing from L3 to L4 autonomous driving capabilities, highlighting the importance of a robust global R&D network [4] Group 4: Brand and Capital Strategy - Changan's three EV brands—Avita, Deep Blue, and Changan Origin—are strategically positioned to target different market segments, supported by a centralized management structure to minimize internal competition [5] - Capital operations are viewed as essential for enhancing the competitiveness of sub-brands, with Deep Blue achieving 700,000 cumulative deliveries and a strong likelihood of profitability in the coming year [6] - The company aims to expand its global presence, targeting 600,000 overseas sales by 2025, while acknowledging the need for improved efficiency and effectiveness in international markets [6] Group 5: Market Positioning and Future Outlook - Zhao Fei emphasizes that market valuation is a gradual process based on operational quality rather than speculation, aligning with Changan's focus on practical engineering and R&D [7] - The company is building a competitive edge through a combination of technological barriers, brand differentiation, and global production capabilities, marking a significant shift from scale competition to value competition in the automotive industry [7]

Domestic News - The Ministry of Transport and the Ministry of Emergency Management have jointly issued a regulation to ensure free passage for vehicles executing emergency rescue tasks, optimizing the process and enhancing information application levels [3] - Wuhan's 15th Five-Year Plan emphasizes the development of emerging industries, aiming to strengthen sectors like integrated circuits, new energy vehicles, and artificial intelligence, while establishing a world-class storage and computing industry base [4] - China FAW Group has signed a strategic cooperation agreement with the State Administration for Market Regulation to establish a new automotive chip certification and review system, promoting the modernization and internationalization of the automotive chip supply chain [5] - The first model of the new brand "Yijing," co-created by Dongfeng Motor and Huawei, is set to debut at the 2026 Beijing Auto Show, focusing on mid-to-high-end intelligent vehicles [6] - Changan Automobile has received the first official license plate for L3-level autonomous driving, marking the beginning of a new era in autonomous driving [7] - Xiaomi has obtained a road testing license for L3-level autonomous driving in Beijing, continuing regular testing on designated routes [8] - NIO's subsidiary, Ladao, announced a battery doubling plan, aiming to increase the number of new battery packs to over 8,000 by mid-January 2026, enhancing its battery swap network [9] - BYD's app has launched a home charging pile sharing service, facilitating charging assistance among BYD car owners in the same community [10] International News - Major AI companies, including Google and NVIDIA, have joined the U.S. government's "Genesis Project," aimed at promoting the application of emerging technologies in scientific exploration and energy projects [11] - Honda plans to launch an electric version of its popular N-Box microcar in Japan around the fiscal year 2027, which has seen sales exceed 200,000 units in 2024 [12] - Joby Aviation aims to double its air taxi production capacity by 2027, with plans to produce up to four aircraft per month at its California and Ohio facilities [13] - BMW has announced that the global production of the 3 Series has surpassed 18 million units, with the electric version set to begin production in late 2026 [14] Commercial Vehicles - The new Xiangling U series, including models U7 and U8, has been officially launched, featuring advanced technologies for enhanced space and fast charging capabilities [15] - Foton has officially launched the production version of the Kavan heavy truck, which includes groundbreaking hydrogen-powered models [16] - Foton has introduced a new refrigerated vehicle brand, "Tuyano Ice Cube," aimed at the green and intelligent transformation of the cold chain logistics industry [18] - Qingling Motors has delivered the first batch of 200 supercharged heavy trucks, marking a significant milestone in the electrification and green transformation of heavy-duty transportation in Chongqing [19]

Group 1 - The automotive industry chain is experiencing growth, with significant increases in automotive parts, services, dismantling, and autonomous driving sectors [1] - The Ministry of Industry and Information Technology has officially announced the first batch of L3 conditional autonomous driving vehicle permits in China, marking a key step towards commercial application [1] - The two approved models are the Changan SC7000AAARBEV electric sedan and the Arcfox BJ7001A61NBEV electric sedan, which will undergo road trials in designated areas of Beijing and Chongqing [1] Group 2 - Ping An Securities predicts that the commercialization of intelligent driving is expected to accelerate by 2026, with the approval of L3 models indicating progress in technology and policy [2] - Dongxing Securities states that the automotive intelligence has transitioned from quantitative to qualitative changes, with 2026 being a pivotal year for the shift from L2 to L3 intelligent driving [2] - The development of intelligent chassis systems is highlighted as a key area for ensuring the reliability of high-level autonomous driving, with the potential for large-scale component companies to emerge in China [2]

Core Insights - Xiaopeng Motors has obtained an L3 autonomous driving road test license in Guangzhou, allowing conditional autonomous driving tests on designated high-speed road sections [1] - The company has embedded hardware in its vehicles to support L3 autonomous driving by 2025, and it plans to release its second-generation VLA model in Q1 2026, which will enhance autonomous driving capabilities [1][3] Group 1 - Xiaopeng Motors' CEO He Xiaopeng emphasized that the new VLA model is crucial for achieving fully autonomous driving across various scenarios [3] - A bet was made by He Xiaopeng regarding the performance of Xiaopeng's VLA compared to Tesla's FSD V14.2 by August 30, 2026, highlighting the competitive landscape in autonomous driving technology [4] - Recent developments in L3 autonomous driving commercialization have been noted, with multiple domestic automakers receiving approvals for L3 capabilities, indicating a rapid acceleration in the deployment of advanced autonomous driving [4]

Group 1 - XPeng Motors has obtained an L3 autonomous driving road test license in Guangzhou, initiating regular L3 road tests on high-speed roads for conditional autonomous driving [2] - Li Auto's subsidiary, Beijing Rockville Technology Co., Ltd., has reduced its registered capital by 89.5%, from 1 billion RMB to 105 million RMB, with changes in executive leadership [2] - Ford Motor Company announced a new battery storage system business, planning to invest nearly $2 billion over the next two years to meet the growing demand for battery storage in data centers and grid infrastructure [2] - China FAW Group revealed plans to mass-produce solid-state batteries by the end of 2027, with prototypes already developed and intended for use in high-end Hongqi models [2] - The Land Transport Authority of Singapore awarded contracts for 660 new electric buses, with Chinese companies BYD and Yutong among the successful bidders, set to replace aging diesel buses starting in late 2026 [2]

Core Insights - The article highlights a significant breakthrough in the commercialization of L3-level autonomous driving in China, with the Ministry of Industry and Information Technology officially granting the first batch of conditional licenses for L3 vehicles, marking a transition from testing to commercial application [1][3]. Group 1: Market Activity - The autonomous driving concept stocks experienced a collective surge, with companies like Hanxin Technology and Wanjie Technology hitting the daily limit up, indicating strong market enthusiasm [1]. - The approval of L3-level vehicles is expected to catalyze further investment and interest in the sector, particularly as major automakers set 2025-2026 as critical timelines for mass production [3][4]. Group 2: Regulatory Developments - The L3-level autonomous driving vehicles are permitted to operate under specific conditions, allowing the vehicle system to take over driving tasks while requiring the driver to remain alert and ready to take control [2]. - The recent policy developments, including the "Automobile Industry Stabilization Growth Work Plan (2025-2026)," aim to clear regulatory hurdles for L3 vehicle production, facilitating urban pilot expansions in cities like Shanghai and Beijing [3]. Group 3: Industry Competition - Major automotive companies are actively competing to establish their L3 production timelines, with several brands, including GAC Group and Huawei, announcing their plans for L3-level technology testing and commercialization [3]. - The article notes that the formalization of L3-level regulations is anticipated to be a key catalyst for industry growth in 2026, making it essential for stakeholders to monitor developments closely [4]. Group 4: Investment Opportunities - A list of relevant stocks in the intelligent driving sector is provided, showcasing companies with varying market capitalizations and performance metrics, indicating potential investment opportunities [4].

Core Viewpoint - The release of the "Automobile Industry Stabilization and Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments marks a significant step towards the commercialization of L3 level autonomous driving, indicating a shift from the technology reserve phase to practical implementation in the intelligent driving industry [1] Group 1: Policy and Market Dynamics - The approval of L3 level vehicle production access is a crucial regulatory milestone that accelerates the development of the intelligent driving industry [1] - The intelligent driving industry is transitioning from a technology reserve phase to a practical implementation phase, driven by policy support [1] Group 2: Chip Technology and Market Players - L3 autonomous driving technology requires high-performance, low-power AI chips to process vast amounts of sensor data and run complex algorithms [3] - Major players in the autonomous driving SoC market include both domestic companies like Black Sesame Technology and Horizon Robotics, and international firms such as NVIDIA and Mobileye [3] - Black Sesame Technology reported a revenue of 253 million yuan in the first half of 2025, a year-on-year increase of 40.4%, with R&D expenses reaching 618 million yuan, resulting in an R&D expense ratio of 244% [3] Group 3: Product Development and Innovation - In 2025, Black Sesame Technology is expected to achieve significant breakthroughs in chip technology, with the launch of the new "Hua Shan" and "Wu Dang" chip families [5] - The new Hua Shan A2000 family chip has achieved a 367% increase in computing power compared to the previous generation, supporting advanced driving scenarios [6] - The Wu Dang C1200 family chip integrates multiple systems, reducing complexity and cost, and is set to be used in various new models by Dongfeng [8] Group 4: Market Expansion and Applications - Black Sesame Technology has expanded into new markets, including robotics and overseas markets, achieving significant milestones [9] - The company has partnered with Intel to enter the European and American markets, leveraging Intel's global resources [11] - The deployment of low-latency perception solutions in cities has improved traffic efficiency and reduced accident rates, contributing to national standards [12] Group 5: Conclusion and Future Outlook - The domestic automotive chip industry is undergoing a transformation similar to that of mobile chips, moving from reliance on foreign technology to achieving breakthroughs and market success [13]