Guotai Haitong: Embodied intelligence enters the commercial validation stage, accelerating progress in domestic commercial aerospace industry.

Guotai Haitong released a research report stating that Tesla, Inc. CEO Musk confirmed that the company has begun testing autonomous driving taxis without safety officers, accelerating breakthroughs in intelligent technology. In November 2025, the intelligent technology and Siasun Robot&Automation related industrial chain's top-level enterprises reached 35 financing agreements. The primary focus was on the core intelligent technology and components enterprises. The primary market still values investment in the intelligent technology field, with investment focusing on leading enterprises and the weaknesses in the industrial chain. On December 12th, the domestic Long March 12 rocket successfully launched at the Hainan Commercial Space Launch Center, accelerating the progress of commercial space development in China. In November, excavator, loader, and truck crane sales all saw year-on-year growth, with major domestic engineering machinery products achieving high export growth, indicating a positive outlook for the overseas expansion of engineering machinery enterprises. Key points from Guotai Haitong: Tesla, Inc.'s Robotaxi achieves true driverless operation and the intelligent technology sector in China reached 35 financing agreements in November. 1) Tesla, Inc. CEO Musk confirmed that the company has started testing autonomous driving taxis without safety officers, accelerating breakthroughs in intelligent technology. 2) According to Geshi Intelligent Technology official account statistics, in November 2025, the top-level enterprises in the intelligent technology and Siasun Robot&Automation related industrial chain reached 35 financing agreements. Companies such as Xingdong Era, Stardust Intelligence, Accelerated Evolution, Lingxin Qiaoshou, Songyan Power, and Aoyi Technology received significant financing, focusing on the core intelligent technology and components enterprises. With the intelligent technology industry transitioning from technological breakthroughs to commercial validation, investment is becoming more targeted towards leading enterprises and closing gaps in the industrial chain. Trump signed an executive order related to space policy, and the domestic Long March 12 rocket successfully launched at the Hainan Commercial Space Launch Center. 1) According to media reports, on December 18th, Trump signed an executive order outlining a vision for a "United States first" space policy to ensure American leadership in space exploration, security, and commerce. The order calls for Americans to return to the moon by 2028 and establish an initial facility for a permanent moon outpost by 2030, instructing the deployment of nuclear reactors on the moon and in orbit. By upgrading launch infrastructure and developing commercial approaches, the order aims to replace the International Space Station by 2030, stimulating innovation and investment in the private sector. 2) At 7 am on December 12th, the Long March 12 carrier rocket successfully launched from the Hainan Commercial Space Launch Center, placing 16 groups of low-orbit satellite internet satellites into the designated orbit. The launch mission was a complete success, with the rocket fully refueled and launched just 3 days after being transferred to the launch pad, setting a record for the shortest turnaround time at the launch site. This launch accelerated the progress of commercial space development in China. October saw a continuous increase in the export volume of engineering machinery, with high export sales of major engineering machinery products in November. According to statistics from the Engineering Machinery Association and customs data, in October 2025, China's engineering machinery import and export trade volume was $48.44 billion, a year-on-year increase of 0.07%, with exports reaching $46.68 billion, a year-on-year increase of 1.29%. From January to October 2025, the total import and export trade volume of engineering machinery amounted to $50.718 billion, a year-on-year increase of 11.5%, with exports reaching $48.526 billion, a year-on-year increase of 12%. According to the Engineering Machinery Association, in November, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with exports of 10,185 units, a year-on-year increase of 18.8%; loader sales reached 11,419 units, a year-on-year increase of 32.1%, with exports of 5,748 units, a year-on-year increase of 34.8%; truck crane sales reached 1,536 units, a year-on-year increase of 16.6%, with exports of 756 units, a year-on-year increase of 8.46%. Major domestic engineering machinery products have maintained high export growth, indicating a positive outlook for the overseas expansion of engineering machinery enterprises. Risk warning: Unexpected delays in new technology development, changes in industrial policies, intensified market competition, etc.