December 15, 2025 10:52 PM GMT The automotive industry is at an AI-driven inflection point, and TSLA continues to expand its lead. Footage from Austin confirms Tesla is one step closer to scaling its vision-only robotaxi without a safety monitor, supporting our bullish view on Tesla Mobility ($125/share on 1mn units by 2035). Key Takeaways Over the weekend, Elon Musk confirmed videos on X, showing Tesla's robotaxi vehicles operating in Austin without a safety monitor, or any passengers in the vehicle. This ...

海通国际认为，随着特斯拉Robotaxi的持续放量验证，以及中国L3车型的制度化落地，高阶自动驾驶的 产业拐点正在加速到来，并将深刻影响整车估值体系与竞争格局。平安证券指出，L3级有条件自动驾 驶的技术原理离不开成熟可靠的行驶环境感知能力，因此需装备多种传感器，如摄像头、毫米波雷达、 激光雷达等，以实现多传感器融合模式下极端天气、复杂路况等环境精准感知能力。 消息面上，工业和信息化部12月15日正式公布了我国首批L3级有条件自动驾驶车型准入许可名单。长 安汽车与北汽极狐成为首批入围车企，其获批车型将分别在重庆指定拥堵路段和北京指定高速路段开展 上路试点。这意味着高阶智驾不再仅停留于技术展示，而是进入了按法规要求交付、运营并接受监管的 新阶段。值得一提的是，海外方面，美国奥斯汀街头出现运行Unsupervised FSD的特斯拉Model YRobotaxi。 智通财经APP获悉，部分智驾概念股高开，截至发稿，浙江世宝(01057)涨7.94%，报4.35港元；耐世特 (01316)涨3.64%，报6.26港元；佑驾创新(02431)涨2.99%，报10.32港元；禾赛-W(02525)涨2.9%，报 163. ...

Investment Rating - The report does not explicitly state an investment rating for the automotive industry or specific companies within it. Core Insights - The report highlights significant regulatory advancements in both China and the U.S. regarding Level 3 (L3) and Level 4 (L4) autonomous driving, indicating a shift towards commercialization and practical implementation of advanced intelligent driving technologies [1][7][10]. Summary by Sections China - The Ministry of Industry and Information Technology (MIIT) has granted conditional market access to China's first batch of L3 autonomous driving vehicles, marking a regulatory breakthrough and transitioning the sector from testing to compliant mass production [2][8]. - Approved models include the Changan Deepal SL03 and ARCFOX Alpha S, which can only activate L3 functions in designated areas, reflecting a cautious regulatory approach [2][9]. - The management framework for L3 vehicles includes "product access + operating entity + designated operating area," providing a clear template for future OEMs [2][9]. - The report anticipates that by 2026, L3 functionality could expand significantly in China, driven by accumulated pilot experience and regulatory improvements [2][9]. United States - Tesla has achieved a milestone with its Model Y Robotaxi operating fully driverless on public roads in Austin, Texas, utilizing Unsupervised FSD software, which confirms the feasibility of its autonomous technology in real-world environments [3][10]. - The U.S. is pursuing L4/Robotaxi commercialization despite an incomplete legal framework, while China is focusing on regulatory compliance for L3 vehicles, indicating parallel but distinct paths towards the same goal [3][11]. - The advancements in both countries are accelerating the transition of autonomous driving from an engineering challenge to a commercial opportunity, with significant implications for vehicle valuation and competitive dynamics [3][11].