First L3 autonomous-driving models approved; retail sales growth retests the lows | Daily News Recap

1215 ｜Dolphin Research Focus:

🐬 Macro / Sector

1. Today, China’s MIIT granted the first L3 autonomous-driving permits to two models: Changan Deepal SL03 and Arcfox Alpha S6. Pilots will run in designated areas of Beijing and Chongqing, covering urban congestion and highways. This marks a shift from pure tech trials to commercial pilots for L3 in China.

2. According to the NBS, Nov. total retail sales reached RMB 4.3898 tn, up 1.3% YoY, the lowest single-month growth since 2023. The slowdown was mainly due to Double 11 promotions being pulled forward and a high base. For details, see Dolphin Research’s analysis: Nov. Retail Sales: YoY growth below 2%, a post-Covid low — what's behind the slowdown?

🐬 Stocks

1.$Circle(CRCL.US)

USDC issuer Circle received conditional approval from the OCC to establish a national trust bank dedicated to custoding USDC reserves. The reserves must be held segregated, cannot be lent, and may only be invested in short-term U.S. Treasuries. The move enhances reserve safety under federal oversight, enabling bankruptcy remoteness and strengthening confidence in stablecoins. It also helps bridge crypto and TradFi, paving the way for USDC to access Fed payment rails and expand cross-border use cases. That said, the approval is conditional, further regulatory requirements must be met, and the broader crypto regulatory framework is still evolving.

2.$Rivian Automotive(RIVN.US)

EV maker Rivian unveiled its in-house AI chip RAP1, a third-gen in-vehicle compute platform, and an AI driving model. RAP1 offers 205GB/s bandwidth, and the dual-chip platform delivers 4x the pixel-processing capacity of the current Nvidia-based system. The platform is slated to debut on the R2 in 2026, alongside an Autonomy+ subscription, with a target of achieving L4 autonomy by 2027. The news drove a sharp intraday rally in RIVN.

🐬 Top Gainers

A-shares: Precious metals & minerals, forest products. Food retailers.

HK: Leisure facilities such as stadiums, agricultural products. Footwear.

US: Auto manufacturers, drug retailers. Industrial gases.

🐬 Watch Tomorrow

1. U.S. retail sales MoM, nonfarm payrolls (SA), unemployment rate. S&P Global Mfg PMI (flash), S&P Global Services PMI (flash).

Risk disclosure and statement. See: Dolphin Research Disclaimer and General Disclosure