证券研究报告 | 2025年12月31日 汽车智能化月报系列（三十一） 优于大市 工信部许可两款 L3 级自动驾驶车型产品，希迪智驾、图达通港交所上市 行业新闻：1）工信部许可两款 L3 级自动驾驶车型产品；2）特斯拉 FSD 国内有望明年初全面获批；3）小鹏汽车已在广州市获得 L3 级自动驾驶 道路测试牌照；4）文远知行 Robotaxi 全球 10+城市点亮，文远知行 Robotaxi；5）希迪智驾、图达通港交所上市；6）华阳集团 HUD 累计出 货 350 万套稳坐全球头部；7）速腾聚创获东风日产多款车型定点；8） 禾赛获美团无人机定点；9）地平线首批单征程 6M 方案进入量产期。 高频核心数据更新：1）800 万像素摄像头占比持续提升。2025 年 10 月， 乘用车前视摄像头渗透率 66.1%，同比+7pct，环比+2pct，其中 800 万 像素摄像头占比 49.7%，同比+31pct，环比+3pct；2）英伟达芯片占比 提升。2025 年 10 月，乘用车驾驶域控渗透率 32.6%，同比+17pct，环 比-2pct，其中 mobileye、TI、地平线、英伟达、特斯拉 FSD、华为芯 片占比 ...

证券研究报告 | 2025年12月25日 | 晨会纪要 | | --- | | 数据日期:2025-12-24 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3940.94 | 13486.41 | 4634.05 | 14415.35 | 3911.33 | 1352.12 | | 涨跌幅度（%） | 0.53 | 0.87 | 0.28 | 1.15 | 1.21 | 0.90 | | 成交金额（亿元） | 7739.28 | 11063.39 | 4063.75 | 3992.53 | 5025.69 | 510.88 | 【常规内容】 宏观与策略 策略快评:国信资配体系概览-低利率时代资产配置攻略 行业与公司 电子行业周报：电子上游通胀趋势延续，业绩预告期继续推荐存力+算力 农业行业快评:牧业大周期更新点评-重视牧业大周期反转，肉奶联动有 望打开成长空间 滔搏(06110.HK) 海外公司快评:三季度流水下滑高单位数，折扣同比加 深幅度 ...

Group 1: Consumer Sector Insights - The central economic work conference prioritizes expanding domestic demand, with "reward economy" expected to drive consumption growth, reshaping consumer behavior and enhancing supply-side requirements [2][6] - The "reward economy" is projected to boost the emotional economy market in China, with a forecasted market size of 23,077.67 billion yuan in 2024, potentially exceeding 45,000 billion yuan by 2029 [6] - The report identifies key consumer companies listed on the Beijing Stock Exchange, including those in cultural IP, pet food, cosmetics, and food and beverage sectors, which are expected to thrive under favorable policies [6][7] Group 2: Intelligent Driving Industry - The Ministry of Industry and Information Technology has conditionally approved two L3 autonomous driving models, marking a transition from technology validation to mass production in China's autonomous vehicle industry [11] - The autonomous driving market in China reached a scale of 330.1 billion yuan in 2023, with a projected growth to nearly 450 billion yuan by 2025 [11] - Eleven companies in the intelligent driving supply chain are identified, including Audiwei and Kaiter, which are positioned to benefit from this market expansion [11][12] Group 3: Construction Materials and Fireworks - The upcoming Spring Festival has led to renewed interest in investment opportunities related to fireworks, as policies shift from prohibition to restrictions, enhancing market attention [16] - The report highlights the potential for investment in companies like Guotai Group, which may benefit from these regulatory changes [16] - The IPO market is heating up, with companies like Yuxin Semiconductor receiving approval, indicating a positive trend for the construction materials sector [17] Group 4: Logistics and Transportation - The express delivery industry saw a 5% year-on-year increase in package volume in November, with significant performance variations among major players [21] - The report notes that the average price per package for major express companies has improved, indicating a recovery in profitability within the logistics sector [21][32] - The report emphasizes the resilience of the e-commerce logistics sector, with companies like YTO Express and Shentong Express expected to benefit from ongoing demand and operational improvements [32] Group 5: Shipping and Port Operations - The report discusses the impact of U.S. sanctions on oil tankers, suggesting that compliant oil transport markets may benefit from these geopolitical developments [27] - The Shanghai export container freight index has shown an increase, indicating a positive trend in shipping rates [28] - The report highlights the potential for recovery in the shipping market, driven by OPEC+ production increases and a favorable economic environment [33]

Core Insights - The report highlights the approval of China's first batch of L3 autonomous driving vehicles, marking a significant step towards commercial application in limited scenarios [3][15] - Multiple companies have successfully commercialized L4 level autonomous taxis overseas, indicating a growing trend in the global autonomous driving market [3][17] - Google has launched Gemini 3 Flash, which innovatively breaks the "speed-quality-cost" trade-off, positioning itself as a leading model in the AI landscape [3][36] Industry Trends - China's first L3 autonomous driving vehicles, including Changan's SC7000AAARBEV and Arcfox's BJ7001A61NBEV, have received approval for limited road testing in Beijing and Chongqing, with specific operational speed limits of 50 km/h and 80 km/h respectively [15][18] - The domestic autonomous driving sector is expanding internationally, with companies like Momenta partnering with Grab in Singapore and launching Robotaxi services in Abu Dhabi and Dubai [17][19] - The report notes that the global autonomous driving market is on the verge of rapid expansion, with L3/4/5 penetration rates expected to rise significantly by 2030, driven by increasing demand and technological advancements [27][31] Investment Recommendations - The report suggests focusing on five key sectors with marginal improvements: AI hardware, commercial aerospace, AI applications, non-ferrous metals, and innovative pharmaceuticals, as they present potential investment opportunities [4][56] - In the AI hardware sector, the report anticipates continued performance from leading companies like NVIDIA, which has exceeded earnings expectations, and highlights the acceleration of global AI infrastructure development [56][58] - The commercial aerospace sector is expected to benefit from government policies encouraging expansion and investment, indicating a favorable environment for growth [56][59] Global Market Performance - The report notes mixed performance in global stock markets, with financial, consumer staples, and materials sectors showing strength, while other sectors performed moderately [60]