智通财经APP获悉，部分智驾概念股走高，截至发稿，小马智行-W(02026)涨5.77%，报130.2港元；文 远知行-W(00800)涨5.71%，报24.08港元；浙江世宝(01057)涨5.55%，报6.09港元；曹操出行(02643)涨 3.67%，报34.5港元。 东吴证券指，全球Robotaxi商业化拐点将现，看好国内L4公司出海再扬帆。平安证券认为，尽管目前L3 车型的运行条件还存在诸多限制，但L3车型的准入获批意味着智驾在技术、政策端的进步，为后续智 驾的商业化进程奠定基础。2026年智能驾驶的商业闭环有望进一步打通。 消息面上，当地时间1月22日，马斯克罕见现身达沃斯论坛，他在谈话中表示，特斯拉的自动驾驶出租 车服务Robotaxi今年有望在美国大规模部署，"到今年年底，这项服务将在美国范围内非常非常普及"， 已经开始在得州奥斯汀提供没有设置车内安全监督员的Robotaxi服务。 ...

Group 1 - The Hang Seng Index opened up by 0.87%, and the Hang Seng Tech Index rose by 0.96%, with strong performance in the autonomous driving sector and active tech stocks like Alibaba and JD.com [1] - Dongwu Securities believes that the Hong Kong stock market is in a trend of oscillating upward, but faces short-term challenges due to differing views on overseas factors, particularly regarding the U.S. AI tech earnings reports [1] - Guolian Minsheng Securities is optimistic about the revaluation of China's AI sector, supported by a solid industrial catalyst timeline, with significant model releases expected in early 2026 from major companies like Google and Meta [1] Group 2 - Morgan Stanley anticipates that the upward momentum in A-shares and Hong Kong stocks will continue until the Lunar New Year, with Hong Kong stocks expected to outperform A-shares [2] - Guojin Securities notes that as the domestic economy recovers and major overseas economies shift to accommodative monetary policies, the valuation advantages of Hong Kong stocks will become more pronounced [2] - Guojin Securities also predicts significant improvements in liquidity for the Hong Kong market by 2026, suggesting that the valuation recovery trend is likely to continue [2]

Core Viewpoint - Pony.ai (PONY.US) is recognized as a leading global player in autonomous driving, having obtained autonomous driving licenses in eight countries, positioning itself to benefit from policy liberalization and technological advancements in the industry [1] Group 1: Company Performance - The stock price of Pony.ai increased by 2.3% to $15.64 in pre-market trading [1] - The company is projected to achieve total revenues of 5.55 billion, 9.45 billion, and 19.87 billion yuan for the years 2025, 2026, and 2027 respectively [1] - The current market capitalization corresponds to price-to-sales (PS) ratios of 43.0, 25.2, and 12.0 for the years 2025, 2026, and 2027 [1] Group 2: Industry Outlook - As a leader in Robotaxi technology, Pony.ai is expected to rapidly scale and turn profitable as unit economics improve [1] - The company is positioned to benefit from ongoing cost reductions across the industry supply chain [1]

Core Insights - In 2025, various segments of the cultural tourism industry successfully accessed capital markets, with 8 companies raising over 14 billion RMB, while 4 others are awaiting listings in Hong Kong [1] - The A-share market saw a breakthrough with Shaanxi Tourism becoming the only tourism company listed in the A-share market in the past five years [5] - The Hong Kong market remains a primary channel for companies to go public, with a trend towards multi-market listings becoming the norm [1] Group 1: Company Listings - Shaanxi Tourism's successful listing was supported by its core assets, including the performance of the "Chang Hen Ge" show and the Huashan West Peak cableway, contributing over 90% of its revenue [6] - Impression Dahongpao listed in Hong Kong, raising approximately 1.48 billion HKD, but faced a significant drop in share price on its first day, closing down 35.28% [7][8] - Meiya Technology became the first tourism company to pass the review at the Beijing Stock Exchange, aiming to raise 200 million RMB [11] Group 2: Market Trends and Challenges - Despite the influx of companies into the Hong Kong market, many smaller tourism stocks face liquidity issues and low valuations, with most trading in a "仙股化" state [2] - The listing of Impression Dahongpao and others highlights the challenges of maintaining value recognition and liquidity in the market, especially for companies pursuing H-share listings [2] - The automatic driving sector saw significant activity with companies like WeRide and Pony.ai listing in Hong Kong, although they also face substantial losses [19][20] Group 3: Financial Performance - Shaanxi Tourism reported revenues of 1.244 billion RMB and a net profit of 503 million RMB in 2024, with a significant portion of income derived from tourism performances and cableway operations [6] - Impression Dahongpao's revenue from its main performance exceeded 91% of total income from 2022 to 2024, indicating a strong reliance on its core product [7] - Meiya Technology's revenue fluctuated from 457 million RMB in 2022 to 401 million RMB in 2024, with a net profit of 78 million RMB in 2024, reflecting a stabilization in its business model [12]

Summary of Pony AI Inc. Conference Call Company Overview - **Company**: Pony AI Inc. (PONY) - **Industry**: Autonomous Vehicle Technology Key Points Fleet Expansion and Business Model - Pony AI is expanding its fleet size from 1,000 Robotaxis by the end of 2025 to 3,000 by the end of 2026 [1][2] - The company is implementing an asset-light business model by collaborating with local fleet operators, which is expected to enhance operational efficiency and fleet utilization [1][2] Cost Reduction and Unit Economics - Management highlighted a decrease in the Bill of Materials (BOM) cost for Pony AI's Gen 7 Robotaxi, primarily due to reductions in ADK costs, enabling the company to achieve unit economics break-even in Guangzhou [1][2] Market Expansion - Pony AI is focusing on international markets, particularly through partnerships with local operators to leverage their market knowledge [1][2] Safety and Operational Track Record - Management expressed confidence in their successful operating and safety records in major tier-1 cities in China, which aids in obtaining permits for new cities more rapidly [2] Financial Projections - **12-Month Price Target**: $31.30, representing a potential upside of 92% from the current price of $16.30 [3][8] - **Market Capitalization**: $5.7 billion [8] - **Revenue Projections**: Expected revenue growth from $75 million in 2024 to $173.5 million by 2027 [8] - **EBITDA Projections**: Expected EBITDA losses decreasing from $(277.2) million in 2024 to $(181.1) million in 2026 [8] Risks - Key downside risks identified include: 1. Regulatory challenges 2. Supply chain issues 3. Growth of the robotaxi market 4. Personal information security concerns 5. Infrastructure limitations 6. Pricing competition 7. Product liability [4] Conclusion - The overall sentiment towards Pony AI's commercialization path remains positive, driven by fleet expansion, cost reductions, and increasing consumer acceptance of driverless taxis [1][2]

Core Viewpoint - Pony.ai-W (02026) has entered a new phase of strategic cooperation with BAIC New Energy, focusing on the commercialization and global expansion of L4-level Robotaxi technology [1] Group 1: Strategic Cooperation - Pony.ai and BAIC New Energy have officially announced a comprehensive deepening of their strategic cooperation, marking the beginning of Cooperation 2.0 [1] - The partnership aims to expand the breadth and depth of collaboration based on the successful experience of L4-level Robotaxi mass production and operation [1] Group 2: Product Development - The collaboration will transition from a "single model" approach to a "full spectrum" strategy, leveraging the mass production experience of the Arcfox Alpha T5 Robotaxi [1] - The goal is to develop a richer product matrix of Robotaxi vehicles, focusing on L4-level autonomous driving models [1] Group 3: Market Expansion - The partnership will extend the validated product experiences and technical solutions to the passenger vehicle market, targeting high-end intelligent driving models [1] - The integration of strategic resources is emphasized to enhance the overall effectiveness of the collaboration [1]

Core Viewpoint - Pony.ai-W (02026) has seen a nearly 3% increase in stock price, currently trading at 128.1 HKD, with a transaction volume of 16.4085 million HKD. The company has announced a comprehensive strategic cooperation with BAIC New Energy, marking the beginning of Cooperation 2.0 phase, focusing on the mass production and commercialization of L4 level Robotaxi [1] Group 1: Strategic Cooperation - Pony.ai and BAIC New Energy have officially reached a "five-in-one" strategic cooperation agreement, expanding the breadth and depth of their collaboration [1] - The partnership aims to leverage successful experiences in L4 level Robotaxi mass production and operations to enhance the commercialization and globalization of autonomous driving [1] Group 2: Product Development - The collaboration will transition from a "single model" to a "full spectrum" approach in product co-creation, utilizing the mass production experience of the Arcfox Alpha T5 Robotaxi [1] - The companies plan to develop L4 level autonomous driving vehicles, creating a richer product matrix for Robotaxi [1] - Verified product experiences and technical solutions will be extended to high-end intelligent driving models in the passenger car market, adhering to "pre-installation mass production" standards [1]

Core Viewpoint - Pony.ai-W (02026) has entered a comprehensive strategic cooperation with BAIC New Energy, marking the beginning of Cooperation 2.0, focusing on the mass production and commercialization of L4-level Robotaxi [1] Group 1: Strategic Cooperation - The partnership aims to expand the breadth and depth of collaboration based on successful experiences in L4-level Robotaxi mass production and operation [1] - The cooperation will extend the validated successful model in the L4-level Robotaxi field to multiple dimensions including products, technology, and market [1] Group 2: Product Development - The collaboration will transition from a "single model" to a "full spectrum" in product co-creation, leveraging the mass production experience of the Arcfox Alpha T5 Robotaxi [1] - The goal is to develop L4-level autonomous driving vehicles and create a richer product matrix for Robotaxi [1] - The partnership will standardize the validated product experiences and technical solutions to be "pre-installed and mass-producible," extending to high-end intelligent driving models in the passenger car market [1]

Summary of Pony AI (PONY.O/2026.HK) Conference Call Company Overview - **Company Name**: Pony AI Inc. - **Founded**: 2016 - **Industry**: Autonomous Mobility - **Key Operations**: Operates robotaxi services in four tier-1 cities in China (Beijing, Shanghai, Guangzhou, Shenzhen) leveraging vehicle-agnostic Virtual Driver technology and full-stack autonomous driving technology [13][18] Key Events and Catalysts 1. **4Q25 Results**: Expected to be decent with a one-off gain from Moore Threads investment, estimated at a ~100x return, which will be reflected in the 4Q25 P&L [2][11] 2. **Waymo Financing Round**: Waymo is reportedly valued at 280x 2025 P/S, which may lead to a re-rating of Pony AI's valuation currently at 87x 2025 P/S. This financing round could occur in 1Q26 [3][11] 3. **Southbound Stock Connect Entry**: Anticipated entry into Southbound stock connect around June 5, 2026, which may improve investor sentiment. Feedback indicates a potential shift in fund flow towards undervalued tech-AI names [4][11] 4. **US-China Competition**: Increased competition may prompt China to adopt a more aggressive policy on ADAS/Robotaxi, potentially increasing domestic development spending [7][8][11] 5. **New Generation Robotaxi**: Expected to reduce Autonomous Driving Kit (ADK) costs by 20% starting April 2026, with current BOM costs estimated at Rmb130k [9][11] 6. **Asset-Light Business Model**: Development is progressing well, with a target to exceed 3,000 Robotaxi units by the end of 2026, up from 1,159 units at the end of 2025 [10][11] Financial Metrics - **Current Price**: US$16.09 (Market Cap: US$5.636 billion) [11] - **Target Price**: US$24.50 (derived from DCF with a 17.1% WACC) [15][20] - **Valuation Multiples**: Target price translates to 2030E P/S and P/E multiples of 2.9x and 28.0x [15][20] Investment Strategy - **Rating**: Buy/High Risk - **Advantages**: - Regulatory advantages as an early mover in the domestic market - Focus on L4 advanced autonomous driving technology - Cost advantages with a vehicle cost of US$38k, significantly lower than competitors [14][19] Risks - **High Risk Rating**: Due to loss-making status and uncertainties in robotaxi development - **Key Risks**: - Technological and commercialization challenges - Business model uncertainties - Safety and reliability concerns - Intense competition and regulatory risks [16][21] Additional Insights - **Investor Sentiment**: Positive sentiment is building around Pony AI's potential market entry and upcoming financial results, which could drive stock performance in the near term [4][11] - **Market Dynamics**: The evolving landscape of US-China tech competition may create opportunities for accelerated growth in the autonomous vehicle sector [7][8][11]

Group 1 - The majority of popular Chinese concept stocks experienced declines on January 13, with Xiaoma Zhixing falling over 6% [1] - Pinduoduo saw a drop of more than 5% [1] - Kingsoft Cloud and Baidu both decreased by 4% [1] - NIO and Li Auto each fell by over 2% [1]