1月20日，国务院新闻办公室在北京举行新闻发布会，国家发展改革委谈2026年经济工作。国家发 展改革委国民经济综合司司长周陈表示，展望2026年，消费与投资、科技与产业、城乡与区域都将释放 出巨大的发展潜能。从点上看，新技术新产品新场景蔚然成势。我国新能源、新材料、航空航天等新的 经济增长点正在蓄势待发；从线上看，创新链产业链人才链加速融合。我国有完整的产业体系和超大规 模市场，也有全球规模最宏大、门类最齐全的人才资源；从面上看，动力源地区创新引领作用持续增 强。创新集群发展，北京（京津冀）、上海（长三角）、粤港澳大湾区国际科技创新中心。全球科技创 新高地和新兴产业重要策源地正加快打造。 ◆抓住三大潜能实现三个转变 《中国汽车报》：三大潜能对 2026 经济发展将起到怎样的促进作用？又将怎样影响汽车产业发展？ 干春晖：2026年，消费与投资、科技与产业、城乡与区域这三大发展潜能协同发力，将为中国经济 注入持续动力，也给汽车产业带来从做大到做强的关键机遇。说到底，就是通过需求升级带动供给创 新、技术突破改变产业面貌、区域协调放大整体优势，让汽车这个既关系国计民生又代表制造业水平的 行业，在畅通国内循环、参与全球 ...

Core Viewpoint - Shanghai aims to accelerate the construction of a leading area for high-level autonomous driving by fostering industry-leading autonomous driving models and implementing the "Mosu Zhixing" action plan by 2027 [2][3] Group 1: Action Plan Overview - The action plan outlines the goal of achieving large-scale implementation of high-level autonomous driving applications by 2027, forming a competitive smart connected vehicle industry cluster [2] - The plan includes the exploration of innovative business models for L4-level autonomous driving technology in scenarios such as smart buses, taxis, and heavy trucks, with an open area of 2000 square kilometers and over 5000 kilometers of roads designated for autonomous driving [2][3] - The production ratio of new vehicles with combination driving assistance (L2) and conditional autonomous driving (L3) features is expected to exceed 90%, with L4 autonomous vehicles achieving mass production [2] Group 2: Infrastructure and Testing - Shanghai has opened 3173 testing roads with a total length of 5238.82 kilometers, covering about one-third of the city's area, with full-area openness in the Pudong New Area [3] - The city plans to gradually expand the autonomous driving open areas, focusing on key locations such as the Hongqiao hub, Pudong Airport, and Disneyland [2][3] Group 3: Data and Technology Development - The autonomous driving industry is currently in a "data-driven" phase, facing challenges such as high costs and difficulties in obtaining training data, insufficient scene distribution, and inadequate model testing [4] - Shanghai is promoting data sharing applications to support the training and iteration of benchmark intelligent driving models, including the deployment of data collection vehicles and the establishment of a secure data sharing mechanism [4] - A digital twin training ground for autonomous driving will be built, utilizing both real data collection and virtual generation to accumulate high-quality training datasets [4]

Core Insights - The inter-ministerial meeting on the development of energy-saving and new energy vehicles emphasized enhancing the self-controllable capabilities of the supply chain and accelerating breakthroughs in solid-state batteries and advanced autonomous driving technologies [1] - The "Mosu Zhixing" action plan in Shanghai aims to promote the innovation of autonomous driving technology and its transformation into industrial competitiveness through model-driven leadership and application demonstration [1] - The plan includes pilot projects for L3 autonomous passenger vehicles and large-scale applications of L4 autonomous driving technology in smart buses, taxis, and heavy trucks, with L4 vehicles expected to achieve mass production [1] Industry Trends - The sales of vehicles equipped with preliminary autonomous driving systems in mainland China have significantly increased, driven by consumer acceptance of new technologies [1] - Currently, most smart vehicles are at L2 level, with L3 requiring drivers to remain alert in certain situations, indicating a move towards broader deployment of autonomous driving technology [5] - The rapid growth in demand for autonomous driving technology suggests potential regulatory relaxations in the market [5]

Core Viewpoint - The "Mosu Zhixing" Action Plan aims to establish Shanghai as a leading area for high-level autonomous driving by 2027, focusing on technology innovation, application demonstration, and industry collaboration [2]. Group 1: Development Goals - The plan outlines a vision for large-scale implementation of Level 4 autonomous driving applications, targeting over 6 million passenger trips and 80,000 TEU in cargo transport by 2027 [2]. - It aims to create a comprehensive ecosystem for smart connected vehicles, achieving international competitiveness in key technologies and industry scale [2]. Group 2: Key Tasks - **Diverse Application Scenarios**: - Expand passenger vehicle applications through organized smart taxi operations and pilot projects for Level 3 autonomous vehicles [3]. - Enhance commercial vehicle applications in key locations like airports and train stations, transitioning to fully unmanned operations [3]. - Promote the deployment of autonomous equipment in urban inspection, logistics, and municipal services [3]. - **High-Energy Innovation Elements**: - Establish a digital twin training ground for autonomous driving, accumulating extensive data for model training [4]. - Develop a unified data monitoring platform for smart connected vehicles to ensure real-time operational oversight [4]. - Gradually expand open areas for autonomous driving, focusing on major urban zones and transport hubs [4]. - **Innovative Industry Ecosystem**: - Implement key technology research initiatives for advanced hardware and software solutions in autonomous driving [6]. - Build a world-class automotive industry cluster in regions like Pudong and Jiading, focusing on smart connected vehicles and key components [6]. - Strengthen testing and validation capabilities for autonomous systems through dedicated laboratories and simulation technologies [6]. Group 3: Support Measures - **Policy Support**: - Enhance data management mechanisms and establish a comprehensive safety assurance system for autonomous driving [7]. - **Financial Support**: - Encourage investment in startups focused on smart connected vehicles and support established companies in accessing diverse financing channels [7]. - **Talent Development**: - Promote talent acquisition in the smart connected vehicle sector and foster collaboration between enterprises and educational institutions [7]. Group 4: Regional Collaboration - Streamline testing and application management across the city, ensuring data sharing and coordinated operations [8]. - Foster collaboration within the Yangtze River Delta region to enhance testing capabilities and facilitate large-scale applications [8].

Core Insights - The travel market experienced significant growth during the New Year holiday, with a total of 595 million cross-regional trips made from January 1 to January 3, 2026, representing a 19.62% increase compared to the same period last year [1] Group 1: Transportation Statistics - Railway passenger volume reached 48.09 million during the New Year holiday, with a daily average of 16.03 million, marking a year-on-year increase of 52.66% [2] - Self-driving remains the dominant mode of travel, with non-commercial small passenger vehicles accounting for 442 million trips, averaging 147 million trips per day, a 14.6% increase year-on-year [2] - Waterway passenger volume was 2.25 million, with a daily average of 749,300, reflecting a 32.9% year-on-year growth [2] - Civil aviation passenger volume reached 5.88 million, averaging 1.96 million per day, up 10.4% year-on-year [2] Group 2: Travel Trends and Innovations - The launch of the "China Snow Capital: My Altay" ice-themed train service aims to enhance the ice and snow tourism experience, reducing travel time by up to 4 hours [3] - The rental car market saw a surge, with Didi's rental bookings increasing by 243% during the holiday, with about half of users planning 2 to 4-day self-driving trips [2][5] - The development of autonomous driving technology is enhancing the self-driving experience, with L4 autonomous vehicles being piloted in Hainan, providing a unique travel experience [6] Group 3: Future Outlook - The integration of travel and tourism is expected to create new consumption scenarios, with the number of tourist trains increasing by 33.6% in 2025 [3] - The cruise and yacht sectors are anticipated to become significant growth points in transportation consumption [4]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Insights - The automotive industry is expected to see stable growth in consumer demand due to supportive policies and increasing sales of new energy vehicles [17]. - The report highlights the performance of major automakers, with BYD, Geely, and FAW-Volkswagen leading in retail sales for November 2025 [2]. - The report notes a significant increase in the market share of new energy vehicles, reaching approximately 53.2% in November 2025 [2][51]. Market Review - The automotive sector experienced a decline of 0.27% from December 8 to December 12, 2025, outperforming the overall A-share market [19]. - Among sub-sectors, motorcycles and others saw the highest increase of 1.62%, while automotive services faced the largest decline of 4.58% during the same period [22]. Industry Data Tracking - In November 2025, total automotive sales were approximately 3.429 million units, reflecting a month-on-month increase of 3.2% and a year-on-year increase of 3.4% [39]. - Retail sales of passenger vehicles for the first week of December 2025 were about 297,000 units, showing a year-on-year decline of 32% [53]. - The report indicates that the price competition in the new energy vehicle market has cooled, with a rational return to pricing strategies [18]. Industry Dynamics - The report discusses significant developments, including the launch of new models by Hongmeng Zhixing and the collaboration between Volkswagen and Xiaopeng [3][59]. - It mentions that Hongmeng Zhixing plans to introduce multiple new vehicles in 2026, while Li Auto aims to launch its first L4 autonomous driving model within three years [3][59]. Investment Recommendations - The report suggests focusing on leading automakers in smart technology and those benefiting from the convergence of technology cycles and model cycles, such as SAIC Motor, Xiaopeng Motors, Xiaomi Group, and Leap Motor [4][17]. - It also recommends looking at the electric and intelligent components sector, particularly companies involved in the AIDC liquid cooling supply chain, such as Huguang Co., Chuanhuan Technology, Yinlun Co., and Horizon Robotics [4][17].

Core Insights - The report from Guosen Securities indicates that the L4 autonomous driving market is expected to reach a significant milestone in 2026, driven by policy support, technological advancements, and decreasing costs of related components [1][2]. Market Space - By 2030, the global L4 market is projected to exceed one trillion, with the domestic ride-hailing and taxi market estimated at 236 billion annually. By 2025, Robotaxi is expected to account for 0.6% of the shared mobility sector [1][2]. - The potential market for Robovan in China is estimated at 164.5 billion, with a 2% share in logistics delivery vehicles by 2025. The Robotruck market is projected to reach 1.5 billion in 2024 and 90 billion by 2030, assuming sales of 0.1 and 6 million units respectively [2]. - The annual market for Robobus in China is estimated between 15 to 35 billion, with a share of less than 2% in public transport. The Robosweeper market is projected to be between 11.3 to 22.5 billion, with a 4.7% share in sanitation vehicles by 2025 [2]. Competitive Landscape - In the Robotaxi sector, companies like WeRide, Pony.ai, and Loongson are accelerating commercialization. For Robovan, key players include Jiusi Intelligent, New Stone Technology, and others. The Robotruck segment features companies like Xidi Zhijia and Yikong Zhijia, while Robobus includes WeRide and Qingsong Intelligent. Robosweeper is represented by companies like Xiantu Intelligent and DeepBlue Technology [3]. Recommended Companies - For Robo-X vehicle sales and operations, recommended companies include Pony.ai (02026), WeRide (00800), and XPeng Motors (09868), with a suggestion to pay attention to Youjia Innovation (02431) [4]. - In the components sector, recommendations based on data flow include Hesai Technology (02525) and Sutech (02498), with attention to Tudatong (02665). For data transmission, Hu Guang Co. (605333) is recommended, while data processing recommendations include Kobot (603786), Huayang Group (002906), and others. For data application, recommended companies include Baolong Technology (603197) and Bertley (603596) [4].

Group 1 - Nvidia has received approval from the US government to sell its H200 AI chips to China, which is seen as a positive move for the company [4] - JD.com acknowledged a temporary system failure in its "随心囤" service and stated it would bear all losses incurred by merchants due to this issue [4] - Sam's Club responded to a report of a live mouse found in a product, stating that the issue was due to external factors and they would enhance their packaging and delivery services [4][6] Group 2 - Canon's factory in Zhongshan has halted production, with compensation for employees reportedly exceeding legal standards, with an average payout around 2.3N [6] - Ideal Auto plans to launch its first L4 autonomous vehicle within three years, indicating a strong belief in the future of driverless cars [8] - Xiaomi is set to close underperforming stores as part of a strategic shift towards quality improvement, incurring a one-time loss of approximately 27.26 million yuan [8] Group 3 - Huawei's Yu Chengdong announced the launch of the first MPV named "智界 V9" under the HarmonyOS, emphasizing its technological innovations [8] - Tencent has rebranded its large model from "混元" to "Tencent HY" for better market alignment [8] - Anker Innovations stated its commitment to responsible product recalls, implementing measures to enhance product reliability [8] Group 4 - PepsiCo plans to cut 20% of its US product line and implement layoffs as part of a cost-reduction strategy following pressure from activist investors [13] - Blue Current, a solid-state battery company, has raised over $80 million in funding led by Amazon, aimed at accelerating commercialization [13] - MetaComp, a cross-border payment service provider, completed a multi-million dollar Pre-A round of financing to enhance its technology and market reach [14] Group 5 - IDC predicts a significant growth in the foldable smartphone market by 2026, driven by new product launches from major brands [18][20] - Morgan Stanley forecasts that humanoid robots will lead a surge in tech stocks, with the market potentially exceeding $5 trillion by 2050 [21]

Core Viewpoint - The company plans to launch its first L4 autonomous vehicle by around 2028, demonstrating confidence in the future of driverless cars [1] Group 1: Company Plans - The company has a clear roadmap for introducing L4 level autonomous driving vehicles within three years [1] - The CEO expressed optimism about the potential for a supercar powered by artificial intelligence to be launched by 2030, estimating a 50% chance of its realization [1] Group 2: Industry Impact - The realization of L4 autonomous driving is anticipated to be a transformative moment for the automotive industry, akin to the "iPhone 4 moment" [1] - The company believes that this technological advancement will trigger a significant industrial revolution [1]

Core Viewpoint - The development of autonomous driving is gaining momentum globally, with the UK planning to launch commercial pilot programs for Level 4 autonomous vehicles by spring 2026, marking a significant step towards the commercialization of this technology [3][4]. Industry Developments - The UK is accelerating its efforts in autonomous driving to keep pace with advancements in Europe, North America, and Asia, recognizing the potential for new investments, industries, and job opportunities [5][6]. - Wayve, a UK-based company, is collaborating with Uber to develop and test Level 4 autonomous vehicles in London, which will operate without safety drivers, a first for Uber [6]. Regulatory Framework - The UK government has been proactive in establishing a regulatory framework for autonomous driving since 2015, with various policies and guidelines to support the industry's growth [7][8]. - The recently passed Autonomous Vehicles Bill focuses on road safety and establishes a new regulatory framework for deploying autonomous vehicles, ensuring they meet safety standards comparable to human drivers [9]. Economic Impact - By 2035, the UK’s autonomous driving and smart connected vehicle export market is projected to reach £15 billion, contributing approximately £62 billion annually to the economy and creating over 420,000 new jobs [12]. - The UK aims to enhance its autonomous driving technology through increased investment in AI, communication technologies, and advanced algorithms, which will improve vehicle performance and safety [12]. Future Outlook - The gradual integration of autonomous vehicles into daily life is expected to transform transportation, improve traffic efficiency, and alleviate urban congestion [12][13]. - The UK is focusing on practical applications of autonomous driving in logistics, public transport, and other sectors to enhance operational efficiency and reduce costs [12].