消息面上，马斯克在达沃斯世界经济论坛上表示，特斯拉需驾驶员监督的FSD最快或在下个月获得欧洲和中国监管机构 批准。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 01057 | 浙江世宗 | (0) | 11.44% | 6.430 | 52.9亿 | 30.96% | | 02665 | 图伏通 | | 8.46% | 10.900 | 141.57亿 | 7.07% | | 02026 | 小马智行-W | | 6.58% | 131.200 | 568.81 亿 | 11.85% | | 00800 | 文远知行-W | | 5.53% | 24.040 | 246.97亿 | 4.52% | | 02431 | 佑驾创新 | | 4.39% | 16.880 | 70.52亿 | 19.97% | | 09927 | 塞力斯 | | 3.51% | 106.100 | 1848.25亿 | -0.93% | | 01810 | 小米集团-W | | 2.33% | 36. ...

Core Viewpoint - The Hong Kong stock market is experiencing significant gains in the smart driving concept sector, with multiple companies showing substantial increases in their stock prices [1] Group 1: Company Performance - Zhejiang Shibao (01057.HK) has seen a stock price increase of 12.13%, reaching 6.47 HKD [1] - TuSimple (02665.HK) has risen by 7.46%, with its stock priced at 10.8 HKD [1] - Pony.ai (02026.HK) has gained 6.5%, now trading at 131.6 HKD [1] - Joyson Electronics (00699.HK) has increased by 4.56%, with a stock price of 19.02 HKD [1] - Cao Cao Travel (02643.HK) has risen by 3.67%, reaching 34.5 HKD [1]

Group 1 - The concept stocks related to intelligent driving have seen significant gains, with Zhejiang Shibao rising by 12.13% to HKD 6.47, and other companies like TuDatong and Xiaoma Zhixing also experiencing notable increases [1] - Elon Musk announced at the World Economic Forum that Tesla's Full Self-Driving (FSD) system is expected to be approved in China as early as next month, aligning closely with its approval timeline in Europe [1] - Tesla's representative in China stated that there are no new updates regarding the FSD system's progress in the Chinese market, despite ongoing efforts [1] Group 2 - Musk indicated that Tesla's Robotaxi service is expected to be widely deployed in the U.S. by the end of this year, with initial services already operating in Austin, Texas, without in-car safety supervisors [2] - According to Dongfang Securities, Level 3 autonomous driving is anticipated to commercialize starting in 2026, with further acceleration in the commercialization of Level 4 Robo-X services, presenting growth opportunities for companies involved in intelligent driving and related components [2]

Group 1 - The smart driving concept stocks saw significant gains, with Zhejiang Shibao rising by 12.13% to HKD 6.47, Tuya Technology up by 7.46% to HKD 10.8, Pony.ai increasing by 6.5% to HKD 131.6, and others also showing positive movement [1] - Elon Musk announced at the World Economic Forum that Tesla's Full Self-Driving (FSD) system is expected to be approved in China as early as next month, potentially aligning with its approval timeline in Europe [1] - Tesla's representative in China stated that there are no new updates regarding the FSD system's progress in the Chinese market [1] Group 2 - Musk indicated that Tesla's Robotaxi service is expected to be widely deployed in the U.S. this year, with initial services already operating in Austin, Texas without in-car safety supervisors [2] - According to Dongfang Securities, Level 3 autonomous driving is anticipated to commercialize starting in 2026, with further acceleration in the commercialization of Level 4 Robo-X services such as Robotaxi, Robovan, and Robotruck [2] - The smart driving sector, including related vehicle and component companies, is expected to experience growth opportunities as these technologies advance [2]

每经AI快讯，部分智驾概念股走高。截至发稿，小马智行-W(02026.HK)涨5.77%，报130.2港元；文远 知行-W(00800.HK)涨5.71%，报24.08港元；浙江世宝(01057.HK)涨5.55%，报6.09港元；曹操出行 (02643.HK)涨3.67%，报34.5港元。 ...

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。 ...

东吴证券认为，港股仍在震荡向上的大趋势中，但短期市场仍面临考验。展望后市，市场对国内基本面 共识强烈，但对海外因素分歧较多。一方面，海外投资者对美股AI科技财报仍持观察态度，选择在美 股防御和顺周期方向做轮动。如果美股AI科技回调，港股AI科技股也会受到影响。此外，海外市场普 遍下调了美联储降息预期，而今年留给美联储降息的窗口并不多，宏观宽松的脉冲效应还在路上。 1月23日，恒生指数高开0.87%，恒生科技指数涨0.96%。盘面上，自动驾驶板块强势，文远知行、小马 智行涨超3%；科网股活跃，阿里巴巴涨逾3%，京东集团涨逾2%。 关于港股后市 国联民生证券认为，坚定看好中国AI的价值重估。这不仅是基于情绪，更是基于扎实的产业催化时间 表。国内方面，DeepSeek V4 有望在二月份春节期间发布，这将直接复刻去年的"春节攻势"。海外方 面，国联民生证券预测 2026 年上半年将迎来模型发布的密集期，谷歌、Meta、xAI 均有望在一、二季 度发布新一代大模型及多模态视频模型。在这种全球共振的背景下，硬件基础设施将率先受益。 本文转载自"腾讯自选股"，智通财经编辑：冯秋怡。 摩根大通认为，随着投资者在轮动中继续偏 ...

全球自动驾驶领军企业小马智行(PONY.US)美股盘前涨2.3%，报15.64美元。消息上，东吴证券最新报 告指出，公司是全球唯一在8个国家获得自动驾驶许可的企业。作为Robotaxi技术领跑者，有望充分受 益于政策逐步开放、自动驾驶技术持续突破、产业链降本，单位经济模型转正后有望快速规模化实现扭 亏。公司2025-2027年营业总收入分别为5.55/9.45/19.87亿元，当前市值对应PS分别为43.0/25.2/12.0倍， 首次覆盖，给予"买入"评级。 | PONY 小马智行 | | | | --- | --- | --- | | 15 290 J -1.010 -6.20% | | 收盘价 01/20 16:00 美东 | | 15.640 ↑ 0.350 +2.29% | | 盘前价 01/21 04:29 美东 | | 三 7 24 华 S 9 日 ♥ 白 ♥ 白 ♥ 白 ♥ 白 ♥ 白 | | ● 快捷交易 | | 最高价 15.895 | 开盘价 15.640 | 成交量 430.86万 | | 最低价 15.170 | 昨收价 16.300 | 成交额 6658.2万 | | 平均价 15 ...

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]