记者丨吴斌 金珊 编辑丨包芳鸣 11月21日，美股开盘上涨，截至北京时间23:40，道指涨0.38%，标普500指数转跌0.08%，纳指转跌 0.56%。科技股涨跌不一，谷歌涨超2%，英伟达跌超4%，甲骨文跌超7%。费城半导体指数跌近3%， ARM跌超5%，AMD跌超4%。纳斯达克中国金龙指数跌0.29%，唯品会涨超4%，乐信、霸王茶姬涨超 3%，小马智行跌超5%，阿里巴巴跌超2%。 现货黄金短线拉升后继续下跌，最新报4065美元/盎司，现货白银跌近2%，报49.6美元/盎司。 加密货币方面，主要币种集体下挫，比特币从8.06万美元回升至8.3万美元，日内跌幅收窄至7%。过去 24小时，全市场超40万人被爆仓。 | 排名 | 而种 | 价格 | 价格(24h%) | | --- | --- | --- | --- | | 1 | B BTC | $83835 | -7.39% | | 2 | ETH | $2729.49 | -8.30% | | 3 | SOL | $126.74 | -9.11% | | 4 | XRP | $1.9276 | -8.32% | | 5 | HYPE | $33.067 | ...

中国经济网北京11月21日讯小马智行(02026.HK)港股今日收报87.10港元，跌幅7.09%，今日盘中最低价 85.60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37.34%。 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获分配的发售股份数分别为1,117,800股、2,794,600 股、1,397,300股、838,400股、558,900股。 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 ...

Group 1 - The Goldman Sachs Group, Inc. increased its stake in 小马智行-W (02026.HK) by purchasing 1,182,800 shares at an average price of HKD 96.5407 per share, totaling approximately HKD 114 million [1] - Following this transaction, The Goldman Sachs Group, Inc.'s total holdings in 小马智行-W rose to 25,090,336 shares, increasing its ownership percentage from 6.78% to 7.12% [1]

Core Viewpoint - Pony.ai (PONY.US) has formed partnerships with SANY Heavy Truck and Dongfeng Liuzhou Motor to jointly develop a fourth-generation autonomous truck family, which is expected to significantly advance the technology and application of autonomous trucks in the industry [1] Group 1: Company Developments - Pony.ai's stock rose over 3% to $12.3 ahead of market opening [1] - The first two models will be based on the latest pure electric platforms from SANY Heavy Truck and Dongfeng Liuzhou Motor, targeting a production scale of around 1,000 units [1] - The series of models is planned to begin operations in 2026, marking a significant step towards large-scale unmanned commercial operations [1] Group 2: Industry Impact - The collaboration aims to drive the development and application of autonomous truck technology, facilitating a leap towards large-scale unmanned commercial operations in the industry [1]

Core Viewpoint - Pony.ai (PONY.US) has seen a pre-market increase of over 3%, reaching $12.3, following the announcement of a partnership with SANY Heavy Truck and Dongfeng Liuzhou Motor to develop a fourth-generation autonomous truck family [1] Group 1: Partnership and Collaboration - The collaboration involves the joint development of autonomous trucks based on SANY Heavy Truck and Dongfeng Liuzhou Motor's advanced pure electric platform models [1] - The first two models will be produced for a scale of approximately one thousand units, indicating a significant commitment to mass production [1] Group 2: Future Plans and Market Impact - The planned operational launch for the first batch of these autonomous trucks is set for 2026, marking a strategic timeline for the project [1] - This series of models aims to advance the development and application of autonomous truck technology, facilitating a leap towards large-scale unmanned commercial operations in the industry [1]

Core Insights - The collaboration between Xiaoma Zhixing, SANY Heavy Truck, and Dongfeng Liuzhou Motor aims to develop a fourth-generation autonomous truck family, enhancing the adaptability of vehicle models through a platform-based design [1][2] - The first two models will be based on advanced pure electric platforms, targeting mass production of around a thousand units, with operations expected to commence next year [1][2] - The new autonomous truck suite will utilize 100% automotive-grade components, significantly reducing the bill of materials (BOM) cost by approximately 70% compared to the previous generation [1][2] Cost and Efficiency Improvements - The "1+4" platooning autonomous driving scheme is projected to reduce freight costs by 29% per kilometer compared to traditional freight, while increasing freight profits by 195% [1][2] - The annual carbon emissions per vehicle are expected to decrease by about 60 tons, aligning with national goals for green and low-carbon logistics [1][2] Safety and Reliability Enhancements - The fourth-generation autonomous trucks will feature a fully redundant design for critical systems, enhancing safety and reliability for freight logistics [2] - The system is designed for a lifespan of 20,000 hours and can support up to 1 million kilometers of freight operations, ensuring robust performance in various conditions [2] Market Position and Strategic Alignment - China is the largest long-haul truck freight market globally, and the push for intelligent logistics transformation is accelerating [2] - Since 2018, Xiaoma Zhixing has been developing autonomous truck technology, currently operating around 200 autonomous trucks with a freight volume exceeding 10 billion ton-kilometers [2] - The launch of the fourth-generation autonomous trucks aligns with multiple strategic opportunities, including the promotion of new energy heavy trucks and the maturation of autonomous driving technology [2][3]

Core Insights - The collaboration between Xiaoma Zhixing, SANY Heavy Truck, and Dongfeng Liuzhou Motor aims to develop a fourth-generation autonomous truck family, enhancing the adaptability of vehicle models through a platform-based design [1][2] - The first two models will be based on advanced pure electric platforms, targeting mass production of around a thousand units, with operations expected to commence next year [1][2] - The new autonomous truck suite will utilize 100% automotive-grade components, significantly reducing the BOM cost by approximately 70% compared to the previous generation [1][2] Cost and Efficiency Improvements - The "1+4" platooning autonomous driving scheme is projected to reduce freight costs by 29% per kilometer compared to traditional freight, while increasing freight profit by 195% [1][2] - The annual carbon emissions per vehicle are expected to decrease by about 60 tons, aligning with national goals for green and low-carbon logistics [1][2] Safety and Reliability Enhancements - The fourth-generation autonomous trucks will feature a fully redundant design for critical systems, ensuring safety and reliability in various operational conditions [2] - The system is designed for a lifespan of 20,000 hours and can support up to 1 million kilometers of freight operations [2] Market Position and Strategic Alignment - China is the largest long-haul truck freight market, and the push for intelligent logistics transformation is accelerating [2] - Since 2018, Xiaoma Zhixing has been developing autonomous truck technology, currently operating around 200 autonomous trucks with a freight volume exceeding 10 billion ton-kilometers [2] - The launch of the fourth-generation trucks aligns with multiple strategic opportunities, including the promotion of new energy heavy trucks and the maturation of autonomous driving technology [2][3] Industry Impact - As a leader in autonomous freight logistics, the company aims to address long-standing industry challenges such as safety risks, labor shortages, and inefficient management [3] - The initiative supports the construction of a green, low-carbon, and intelligent logistics system, enhancing the overall safety, efficiency, and sustainability of logistics operations [3]

Major Events - CICC (03908), Dongxing Securities (601198.SH), and Xinda Securities (601059.SH) plan to merge through absorption and share exchange [1] - Ruian Real Estate (00272) has reached a joint venture arrangement to develop a renewal project in Pudong New District, Shanghai [1] - Baijin Life Sciences (01466) subsidiary intends to invest in Youhuan Bio to create a leading global circRNA technology R&D platform [1] - Code-B (02487) has its new drug application for CU-40105 (self-developed topical finasteride spray) accepted by the National Medical Products Administration [1] - Pony.ai-W (02026) collaborates with SANY Heavy Truck and Dongfeng Liuzhou Motor to jointly develop a fourth-generation autonomous truck family [1] - Qiming Medical-B (02500) announces mid-term clinical results of its innovative transcatheter valve replacement system Cardiovalve from the TARGET study [1] - Wuling Motors (00305) establishes a subsidiary focused on low-speed intelligent driving systems and solutions [1] - Neusoft Ruixin Group (09616) signs a general contracting construction contract with Guangdong College, Chengdu College, and Dalian College [1] - Baiyunshan (00874) receives a drug registration certificate for An Gong Niu Huang Wan from the Vietnam Ministry of Health [1] - Dongfang Electric (01072) and Anhui Energy plan to jointly establish a joint venture to advance the 1 million kilowatt technological innovation experimental wind farm project [1] Operating Performance - Mifus (02556) reports a 45% year-on-year increase in AI+SaaS business revenue for the third quarter [2] - GDS Holdings (09698) reports third-quarter net revenue of 2.887 billion yuan, a year-on-year increase of 10.2% [2] - SF Holding (06936) reports total revenue of 26.454 billion yuan from express logistics, supply chain, and international business in October, a year-on-year increase of 9.79% [2] - Kingsoft Cloud (03896) achieves adjusted net profit of 28.7 million yuan for the first time in the third quarter [2] - Guofu Quantum (00290) issues a positive profit alert, expecting mid-term net profit attributable to shareholders to be approximately 200 to 210 million HKD, turning from loss to profit year-on-year [2] - Kingsoft Software (03888) reports third-quarter profit attributable to shareholders of approximately 213 million yuan, a year-on-year decrease of 48% [2] - Kuaishou-W (01024) reports operating profit of 5.299 billion yuan in the third quarter, a year-on-year increase of 69.9% [2]

Group 1 - The core announcement is that Xiaoma Zhixing has partnered with SANY Heavy Truck and Dongfeng Liuzhou Motor to develop a fourth-generation autonomous driving truck family, aiming for mass production based on advanced electric platforms by 2026 [1] - This collaboration is expected to enhance the adaptability of vehicle models through platform design and promote the development and application of autonomous truck technology, facilitating a leap towards large-scale unmanned commercial operations in the industry [1] - Huatai Securities reports that a new wave of AI technology is reshaping the paradigm of autonomous driving, with accelerated iterations in technology architecture, marking a critical turning point from technical validation to large-scale implementation [1] Group 2 - Zhongke Chuangda focuses on the development of intelligent driving software platforms, toolchains, and services, positioning itself as a core technology provider and solution supplier in the intelligent driving sector [2] - Desay SV is deeply engaged in the full-stack integration of intelligent cockpits, intelligent driving, and connected services, continuously developing intelligent hardware and software algorithms [2]

Core Viewpoint - Pony.ai has announced a collaboration with SANY Heavy Truck and Dongfeng Liuzhou Motor to jointly develop a fourth-generation autonomous truck family, indicating a significant advancement in the autonomous driving sector [1] Company Developments - Pony.ai's stock rose by 3.04% as of the report date, reflecting positive market sentiment towards the company's recent announcements [1] - The collaboration aims to produce two models based on SANY and Dongfeng's pure electric platforms, targeting a production scale of around 1,000 units [1] Industry Insights - The fourth-generation autonomous truck system features a platform-based design, which is expected to enhance production efficiency and scalability in the autonomous vehicle market [1] - The system is designed for a lifespan of 20,000 hours and can support freight operations for up to 1 million kilometers, showcasing its durability and potential for long-term use in logistics [1]