图源：长安汽车微信公众号 导语：L3自动驾驶持证上路，芯片与感知硬件产业链集体受益。 如果说过去几年，国内自动驾驶更像是一场在封闭测试场和示范道路里的 " 耐力赛 " ，那么 L3 级自动驾驶的正式准入，意味着这项技术第一次 真正走到了公共道路与现实规则之中。 12月15日，工信部对 长安和极狐 两款 L3自动驾驶 车型的附条件许可，不只是给个别车企发了一张 " 通行证 " ，更重要的是，给整个行业划定 了一条可以被复制、被放大的路径。 极狐牌 BJ7001A61NBEV 型纯电动轿车，则可在高速公路和城市快速路单车道内实现最高 80 公里时速的 L3 自动驾驶，但适用范围同样被严 格限定在北京市京台高速、机场北线高速及大兴机场高速的部分区间。 这种 " 限定城市 + 限定道路 + 限定速度 " 的 ODD 设计，清晰体现了 L3 级 " 有条件自动驾驶 " 的监管逻辑：系统在特定场景下接管驾驶任 务，但驾驶员仍需具备随时接管能力，责任边界必须清晰可控。 在运营层面，两款车型也没有直接面向私人用户开放，而是由车企关联的出行服务公司负责运行。长安车型由重庆长安车联科技有限公司运营， 极狐车型则由北京出行汽车服务 ...

2025 年 12 月 16 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观及行业展望 全球市场观察 宏观经济 中国经济 – 经济动能减弱 1 11 月房地产市场、耐用品消费和家庭部门新增贷款的全面下滑显示终端需求 走弱，预示 2026 年第一季度经济增长势头疲软。GDP 增速连续多个季度低 于5%可能触发新一轮政策宽松。展望未来，我们预计2026年第一季度RRR 将下调 50 个基点，LPR 将下调 10 个基点，第三季度 LPR 将再次下调 10 个 基点，而 2026 年广义财政赤字预计将维持在 8.5%的水平。我们预计 2026 年全年 GDP 增速可能从 2025 年的 5%下降至 4.8%。（链接） 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 ...

Core Viewpoint - The recent announcement by two national departments in China regarding nine key industries is seen as a roadmap for stable growth, indicating a clear direction for investment opportunities in the coming years [2][4][6]. Group 1: Policy and Industry Direction - The nine industries are part of a long-term strategy, marking the transition from the 14th Five-Year Plan to the 15th, outlining where resources should be allocated in the next five years [6][7]. - China's policy continuity is emphasized as a significant certainty, contrasting with other markets where policies frequently change [7][9]. - The focus is on long-term logic rather than short-term numerical fluctuations, with funding expected to follow established policy directions [9]. Group 2: Key Themes in the Nine Industries - The first theme is "high-quality development," which prioritizes stability over rapid growth in certain sectors, such as construction materials and light industry, to protect supply chains and employment [11][13]. - The second theme is "domestic discourse power," promoting self-sufficiency in technology, particularly in AI servers, allowing for a 20% price premium for domestic products [13][15]. - The third theme is "green transformation," which aims to upgrade industries through low-carbon processes, emphasizing environmental standards as a competitive advantage [15][17]. - The fourth theme is "anti-involution," which seeks to control new capacity in industries like photovoltaics and lithium batteries, shifting the focus from scale to technology [17]. Group 3: Structural Opportunities in Specific Industries - The electronic information manufacturing sector is highlighted as a key beneficiary, with a projected growth rate of 7% and a target for AI server industry scale exceeding 400 billion [19][21]. - The automotive industry is transitioning to a focus on new energy and smart technologies, with a projected 20% growth in electric vehicles, indicating a shift from price competition to technological advancement [21][22]. - The non-ferrous metals sector is encouraged to focus on high-value-added products rather than raw material extraction, signaling a shift towards processing and innovation [24][26]. Group 4: Investment Logic for the Future - The investment logic for the next five years emphasizes policy benefits, industry characteristics, and technological capabilities rather than chasing new concepts or hot trends [26].