Group 1 - The stock of Xiaoma Zhixing (02026.HK) closed at HKD 80.25, down 3.021%, reaching an all-time low of HKD 79.00 during the day, and has dropped 42.27% since its listing [1] - Xiaoma Zhixing was listed on the Hong Kong Stock Exchange on November 6, 2025, opening at HKD 124.00, a decrease of 10.79%, and closing at HKD 126.10, down 9.28% [1] - The final offering price for the company's shares was HKD 139.00, raising a total of HKD 6.707 billion, with a net amount of HKD 6.454 billion [1] Group 2 - The total number of shares offered globally by Xiaoma Zhixing was 48,249,000, with 4,195,600 shares allocated for the Hong Kong offering and 44,053,400 shares for the international offering [1] - The cornerstone investors received the following allocations: Eastspring Investments (Singapore) Limited - 1,117,800 shares, Ghisallo Fund Master Ltd - 2,794,600 shares, Athos Capital Limited - 1,397,300 shares, Hel Ved Master Fund - 838,400 shares, and Ocean Arete Limited - 558,900 shares [2]

中国经济网北京3月20日讯 小马智行（02026.HK）港股今日收报82.75港元，跌幅3.667%，今日 盘中最低价81.90港元，创上市以来最低价。目前该股处于破发状态，上市以来累计跌幅40.47%。 小马智行2025年11月6日在港交所上市，开盘即破发，下跌10.79%报124.00港元。截至收盘，该 股报126.10港元，跌幅9.28%。 公司港股最终发售价为139.00港元，所得款项总额为67.07亿港元，所得款项净额64.54亿港元。 小马智行全球发售的发售股份数目为48,249,000股发售股份（经计及发售量调整权获悉数行使及 视乎超额配股权行使与否而定，其中香港发售股份数目为4,195,600股发售股份，国际发售股份数目为 44,053,400股发售股份（经计及发售量调整权获悉数行使及视乎超额配股权行使与否而定）。 公司的基石投资者Eastspring Investments (Singapore) Limited、Ghisallo Fund Master Ltd、 Athos Capital Limited、Hel Ved Master Fund、Ocean Arete Limited获分配 ...

（校对/黄仁贵） 如祺出行则深耕出行科技领域，业绩呈增长强劲、亏损收窄的良好态势，此次新车入列后，其在粤港澳大湾区运营的Robotaxi规模增至约600辆，稳居区 域自动驾驶出行服务首位。 此次合作延续了双方"技术+运营"的协同模式，小马智行聚焦"虚拟司机"核心技术研发与迭代，通过技术授权等模式实现变现，如祺出行则依托成熟的运 营体系，承担车队资产持有、调度运营、安全保障等职责。 3月19日，小马智行宣布正式向如祺出行交付超百辆搭载第七代自动驾驶系统的广汽埃安霸王龙Robotaxi，这批车辆已接入如祺出行平台并陆续开启运 营，双方也宣布进一步深化战略合作，携手打造更大规模的Robotaxi车队，开展更广范围的联合运营。 小马智行已实现港股、美股双重上市，其第七代Robotaxi凭借技术突破成为商业化核心支撑，该车型全系采用车规级零部件，设计寿命达60万公里，自动 驾驶套件成本较上一代下降70%，且已在广州、深圳实现单车运营盈利转正。 ...

此次交付，标志着Robotaxi规模市场化迈出关键一步，也为行业提供了"技术+运营"协同发展的可复制 范本。在新的合作框架下，小马智行聚焦自动驾驶核心技术"虚拟司机"的技术研发与迭代，通过虚拟司 机使用费模式实现可持续的技术变现；如祺出行则承担车队资产持有、安全保障、车辆调度和平台运营 等职责。双方优势互补，共同构建高效、安全的Robotaxi服务生态。 作为行业领先的自动驾驶解决方案，小马智行第七代Robotaxi在保障安全性能的同时，兼具了成本控 制、乘坐体验、用户付费意愿等多方面优势。该车型全面采用车规级零部件，设计寿命达60万公里，自 动驾驶套件总成本较上一代下降70%。在用户体验方面，车辆支持蓝牙解锁、车内语音交互、在线音乐 及行程前空调预调节等功能，显著提升了乘坐舒适度；优化的加减速控制有效减少行车过程中的颠簸 感，降低乘客晕车风险。目前，第七代Robotaxi已先后在广州、深圳两座一线城市实现单车运营盈利转 正，展现出良好的商业化前景。 此次合作升级不仅是双方战略关系的深化，更意味着自动驾驶行业正从技术验证阶段加速迈入规模化市 场运营的新阶段，充分展现了双方对自动驾驶未来发展的坚定信心与长期承诺 ...

3月19日，小马智行向如祺出行正式交付搭载小马智行第七代自动驾驶系统的全新广汽埃安霸王龙 Robotaxi，首批交付超百辆，这批车辆已接入如祺出行平台并陆续开启运营。与此同时，如祺出行与小 马智行将进一步深化战略合作，共同打造更具规模的Robotaxi车队，并高效协同开展更大范围的运营。 ...

早在2025年4月，小马智行便与腾讯云签署战略合作协议，此次Robotaxi接入腾讯出行服务，是双方合 作的进一步深化。 用户操作便捷性上，无需额外下载应用，只需在微信搜索"腾讯出行服务"，或通过微信内"出行服务"入 口进入，当行程起终点周边设有小马智行停靠点时，勾选自动驾驶选项，即可完成呼叫，享受标准化的 自动驾驶出行服务。 3月13日，小马智行宣布，其自动驾驶出行服务（Robotaxi）已接入"腾讯出行服务"小程序，广州运营 区域内的用户即日起可通过该渠道一键呼叫自动驾驶车辆，体验智能出行服务，该功能也即将登陆腾讯 地图App。 此次腾讯云开放微信、腾讯地图的核心入口资源，依托平台海量月活用户，为小马智行打通了触达普通 消费者的重要通道，双方的合作将大幅提升自动驾驶服务的用户触达效率，为行业规模化运营筑牢基 础。 此次合作是小马智行在L4级自动驾驶规模化商业落地的又一重要动作，也意味着自动驾驶技术与互联 网平台生态流量实现深度融合。 据了解，未来小马智行与腾讯云的合作还将向云服务、地图数据、信息安全、智能座舱生态等领域延 伸。同时，小马智行还将持续携手产业生态伙伴、主机厂及出行平台，打造开放协同的自动驾驶 ...

Group 1 - The Hong Kong stock technology sector has experienced a decline, with the Hang Seng Technology ETF Tianhong (520920) index dropping by 0.20% during trading, with a transaction volume of 124 million yuan and a turnover rate of 0.83% [1] - The Hang Seng Technology ETF Tianhong (520920) has seen a net inflow of 3.941 billion yuan over the last 30 trading days, bringing its total size to 14.984 billion yuan as of March 12, 2026 [1] - The Hong Kong stock technology ETF Tianhong (159128) has also recorded a net inflow of 794 million yuan over the last 30 trading days, with its latest size reaching 2.285 billion yuan, marking a year-to-date growth of 573 million yuan, the highest among similar funds [1] Group 2 - The Hong Kong stock technology ETF Tianhong (159128) tracks the Guozhen Hong Kong Stock Connect Technology Index, focusing on 30 representative technology leaders across high-growth sectors such as the internet, electronics, communication, biotechnology, and smart vehicles, characterized by high R&D investment and revenue growth [2] - A strategic partnership has been deepened between Wenyan Zhixing and Tencent Cloud, allowing users to access Robotaxi services through the "Tencent Travel Service" mini-program without switching apps, with plans to expand to more cities in the future [2] - Zhongtai Securities suggests that the Hang Seng Technology Index will maintain volatility in the short term, but current valuations present high cost-effectiveness, with long-term investment value becoming apparent [2]

Group 1 - The core point of the article is the announcement of Pony.ai's integration with Tencent's transportation service mini-program, allowing users in Guangzhou to call autonomous vehicles for safe and convenient travel experiences [1] - This collaboration marks a significant step for Pony.ai in advancing the commercialization of Level 4 autonomous driving since the strategic partnership with Tencent Cloud was established in April 2025 [1] - Users can access the service through the "Tencent Transportation Service" or the "Transportation Service" entry within the WeChat app, enhancing user accessibility [1] Group 2 - Since its launch in Guangzhou in 2017, Pony.ai has become a key promoter of autonomous driving services, being the first to initiate such services in the Nansha District [2] - Pony.ai has expanded its operations to major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, with over a thousand autonomous vehicles in its fleet and partnerships with various domestic and international companies [2] - Future plans include deepening collaboration with Tencent Cloud in areas such as cloud services, map data, information security, and smart cabin ecosystems, while also expanding the autonomous driving service to more cities and scenarios [2]

Investment Rating - The report assigns an "Outperform" rating for the industry, with specific stock recommendations including "Buy" for Zhongke Chuangda, Desay SV, Xiaoma Zhixing, and others, and "Hold" for Siwei Tuxin [2]. Core Insights - The report highlights that high-level intelligent driving (AD) is expected to create an independent growth track in 2026, unaffected by the pressures on the automotive industry's sales. The technology is entering a stable mass production phase, supported by favorable policies, leading to a gradual improvement in the industry chain [3][6]. - The penetration rate of high-level intelligent driving is expected to increase significantly, with L2+ level solutions projected to reach a market size of over 150 billion yuan by 2029, growing at a CAGR of 33.7% from 2024 to 2029 [6][8]. - The report emphasizes the emergence of a "driving equality" era, where third-party intelligent driving system companies and those focusing on cost-effective solutions are likely to benefit [3][6]. Summary by Sections Industry Overview - The automotive industry is expected to face challenges in 2026, with a weak outlook due to reduced subsidies, increased competition, and rising costs. However, high-level intelligent driving is becoming a crucial growth point, transitioning from an "add-on" to a "must-have" feature [6][25]. - The penetration rate of L2 level driving assistance features is projected to exceed 70% in 2026, with the first licenses for L3 level vehicles issued, paving the way for further advancements [26]. Market Dynamics - The report notes that the intelligent driving market is evolving independently from traditional vehicle sales, with significant growth in commercial vehicles and specialized scenarios such as logistics and delivery [30][33]. - The global market for autonomous trucks is expected to grow from approximately 39.46 billion USD in 2024 to 86.78 billion USD by 2032, with a CAGR of 10.6% [32][35]. Technological Advancements - High-level intelligent driving is driving demand for core hardware, including lidar and high-performance chips, leading to a positive cycle of cost reduction and increased demand [38]. - The software monetization model for intelligent driving is evolving, allowing for ongoing revenue generation beyond initial vehicle sales, enhancing resilience against industry cycles [38]. Investment Recommendations - The report suggests that companies focusing on third-party intelligent driving solutions and those offering cost-effective strategies for mainstream vehicles are well-positioned to benefit from the ongoing trends in the industry [3][6].

近一周（2026年03月04日至03月11日），小马智行-W(02026.HK)股价区间波动显著，区间涨跌幅 为-6.26%，振幅达16.47%。最高价出现在03月05日（109.60港元），最低价出现在03月09日（91.70港 元）。03月11日最新收盘价为101.90港元，单日涨幅0.30%，成交额约72.52万港元。同期，美股小马智 行(PONY.OQ)区间涨跌幅为-0.08%，最新报12.90美元（03月11日数据）。 机构观点 2026年03月06日，国海证券发布Robotaxi专题报告，指出小马智行作为国内主流玩家，在一线城市运营 区域有望进一步放开，政策环境支持L4级自动驾驶商业化落地。报告强调，中美在Robotaxi领域的竞争 升级，中国通过试点扩张和模式创新加速规模化，小马智行在技术积累和城市覆盖方面具有先发优势。 2026年03月10日，小马智行获得天津市交通运输委、天津市工业和信息化局和天津市公安局联合认定， 成为首家获得跨省自动驾驶重卡示范应用许可的企业。小马智行将携手中国外运在京津塘高速北京段和 天津段提供自动驾驶高速货运服务，测试路段总长超过100公里，最高测试速度达90公里/小 ...