特斯拉选择“端到端框架”的核心原因：模块化框架难以编码人类价值观、感知与预测规划之间的接口定义会带来信息传递损失、端到端能应对现实世界的长尾问题/同构计算带来的确定性延迟，端到端也能更好地契合AI领域的Scaling-law。

政策持续发力，销量连续三个季度同比两位数增长。3Q25 乘用车销量 769 万辆、同比+15%、环比+8%；商用车 99 万辆、同比+20%、环比-7%。乘用车以旧换新在 1 月初便确认延续，虽时有波折，但仍然带来销量增长的延续性；24 年政策 3Q 加码基数较高，因而 3Q25 零售增速降至个位数，但受益于出口，批发仍保持两位数增长；新能源乘用车 396 万辆、同环比+23%/+10%，渗透率超 52%。商用车 3Q 为传统淡季，环比个位数下滑符合预期，去年同期景气度为近 2 年最低，其余单季批发在 100 万辆上下，3Q25 也符合该表现。

10月出口重点关注集成电路与汽车

Pickup trucks are light-duty trucks with open cargo beds at the rear. They are mainly used for the transportation of goods but are also used for personal purposes, construction, agriculture, and other commercial applications. The global pickup truck market is a global industry that includes the manufacturing, marketing, and sales of pickup trucks. It includes different types of pickup truck models, sizes, and configurations offered by different manufacturers in different regions to meet the various needs and preferences of consumers across the world. Economic growth, urbanization, infrastructure development, and changing consumer lifestyles all play a significant role in the global pickup truck demand and dynamics.

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汽车行业：智驾已是“必答题_，低阶配置平权与高阶功能落地共振－智能驾驶专题

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摩托车行业：中大排出海提速，自主高端化突围－系列点评二十一

动力锂电行业：电动重卡市场驶入增长快车道