招商证券指出，小马智行-W属L4领域先行者，技术及商业化能力构筑护城河。公司依托于世界模型和 虚拟司机技术公司在L4领域深耕，更在商业化应用方面取得了实质性突破，尤其是去年第三季度在广 州实现的Robotaxi单车盈利转正，标志着其商业化迎来阶段性的里程碑式时刻。该行认为，小马智行凭 借先发优势和行业地位，在自动驾驶出行服务和自动驾驶货车领域占据重要的市场份额，随着第七代车 型的加速部署和车队规模扩大，强劲的增长势头有望延续。 智通财经获悉，小马智行-W(02026)高开逾6%，截至发稿，涨6.29%，报123.4港元，成交额76.51万港 元。 本文源自：智通财经网 消息面上，近期，小马智行联合创始人、CFO王皓俊在接受采访时透露，依托第七代Robotaxi的规模化 投放，公司已在广州实现单车盈利(UE 转正)，日均营收每车达299元，2025年底车队规模将突破1000 辆，2026年目标扩容至3000辆，远期计划2030年达成10万辆运营规模。此次在广州市场实现单车盈利的 核心支撑，来自第七代Robotaxi的技术突破与成本优化。 ...

（文章来源：每日经济新闻） 每经AI快讯，智驾概念股多数走高，截至发稿，黑芝麻智能(02533.HK)涨7.32%，报20.96港元；浙江世 宝(01057.HK)涨6.26%，报5.26港元；小马智行-W(02026.HK)涨6.29%，报123.4港元；文远知行- W(00800.HK)涨4.54%，报24.42港元。 ...

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards the industry [1] Group 1: Stock Performance - Black Sesame Intelligence (02533) increased by 7.32%, reaching HKD 20.96 [1] - Zhejiang Shibao (01057) rose by 6.26%, reaching HKD 5.26 [1] - Pony.ai-W (02026) saw a rise of 6.29%, reaching HKD 123.4 [1] - WeRide-W (00800) increased by 4.54%, reaching HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] - The journey included various driving conditions such as highways, city roads, nighttime driving, and multiple entries and exits at supercharging stations [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline for 2026 [1] - Orient Securities anticipates that with regulatory support and increasing market demand, the progress of L3 autonomous driving industrialization is expected to accelerate by 2026, benefiting related smart driving hardware and software suppliers [1]

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards related companies [1] Group 1: Stock Performance - Major smart driving stocks have risen, with Hezhima (000716) up 7.32% to HKD 20.96, Zhejiang Shibao (002703) up 6.26% to HKD 5.26, Pony.ai-W (02026) up 6.29% to HKD 123.4, and WeRide-W (00800) up 4.54% to HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline by 2026, while Dongfang Securities anticipates accelerated progress in L3 autonomous driving commercialization by 2026, driven by regulatory support and increasing market demand, benefiting related smart driving hardware and software suppliers [1]

每经AI快讯，小马智行-W(02026.HK)高开逾6%，截至发稿，涨6.29%，报123.4港元，成交额76.51万港 元。 ...

Core Viewpoint - The company, Pony.ai-W (02026), has achieved single-vehicle profitability in Guangzhou with its seventh-generation Robotaxi, marking a significant milestone in its commercialization efforts [1] Group 1: Financial Performance - The stock opened over 6% higher, currently up 6.29% at HKD 123.4, with a trading volume of HKD 765,100 [1] - Daily revenue per vehicle has reached CNY 299 [1] Group 2: Growth Projections - The company plans to expand its fleet to over 1,000 vehicles by the end of 2025 and aims for 3,000 vehicles by 2026, with a long-term goal of 100,000 vehicles by 2030 [1] Group 3: Technological Advancements - The profitability in Guangzhou is supported by technological breakthroughs and cost optimization from the seventh-generation Robotaxi [1] - The company is recognized as a pioneer in the Level 4 (L4) autonomous driving sector, leveraging world models and virtual driver technology [1] Group 4: Market Position - According to China Merchants Securities, Pony.ai-W has established a competitive moat through its technological and commercialization capabilities [1] - The company holds significant market share in both autonomous ride-hailing services and autonomous trucking, benefiting from its first-mover advantage and industry position [1]

Core Viewpoint - Pony.ai has achieved single-vehicle profitability in Guangzhou with its seventh-generation Robotaxi, marking a significant milestone in its commercialization efforts [1] Group 1: Financial Performance - The company reported an average daily revenue of 299 yuan per vehicle [1] - The stock price increased by 6.29%, reaching 123.4 HKD, with a trading volume of 765,100 HKD [1] Group 2: Growth Plans - By the end of 2025, the fleet size is expected to exceed 1,000 vehicles, with a target of expanding to 3,000 vehicles by 2026 [1] - The long-term goal is to achieve an operational scale of 100,000 vehicles by 2030 [1] Group 3: Technological Advancements - The profitability in Guangzhou is supported by technological breakthroughs and cost optimization from the seventh-generation Robotaxi [1] - The company is recognized as a pioneer in the L4 autonomous driving sector, leveraging world models and virtual driver technology [1] Group 4: Market Position - According to招商证券, Pony.ai's early mover advantage and industry position allow it to capture significant market share in autonomous ride-hailing and freight services [1] - The acceleration of the deployment of the seventh-generation vehicles is expected to sustain strong growth momentum [1]

Group 1 - Citigroup reports that China's new vehicle replacement subsidy policy for 2023 maintains the subsidy cap from last year but changes the calculation method to a percentage of vehicle price instead of a fixed amount [1] - Only new energy vehicles priced above 166,700 RMB and fuel vehicles above 150,000 RMB qualify for the maximum subsidy under the scrappage policy; under the replacement policy, new energy vehicles priced above 187,500 RMB and fuel vehicles above 216,700 RMB qualify [1] - The new subsidy policy may accelerate market consolidation for entry-level models (average price below 160,000 RMB), benefiting companies like BYD, Geely, and Great Wall Motors due to their cost control and export profit leverage [1] Group 2 - Citigroup predicts that China's passenger car retail sales in Q4 last year may deviate from normal seasonal fluctuations by approximately 700,000 to 800,000 units; even if this sales volume is fully added back in Q1 this year, wholesale sales are expected to decline by 33% quarter-on-quarter (8% year-on-year) [2] - Citigroup also anticipates that Pony.ai-W's H-shares will enter the Hong Kong Stock Connect around mid-2026 [2]

Core Viewpoint - The article discusses the economic outlook for 2026 and the strategic initiatives that companies, particularly in the autonomous driving sector, are planning to implement in response to the central economic work conference's emphasis on expanding domestic demand and optimizing supply [1][2]. Company Initiatives - Pony.ai, led by CEO Peng Jun, is positioned as a key player in the autonomous driving industry, which integrates multiple sectors such as automotive, transportation, energy, and artificial intelligence [9]. - The company aims to convert national macroeconomic guidelines into specific industry development actions, leveraging its world model™ (PonyWorld) to create a virtual driver™ that has achieved 500,000 hours of fully autonomous operation, demonstrating a safety performance ten times better than human drivers [9][10]. - Pony.ai has successfully launched autonomous driving services in major Chinese cities, including Beijing, Shanghai, Guangzhou, and Shenzhen, achieving regular operations without human intervention [9]. Strategic Development Goals - For 2026 and beyond, Pony.ai plans to adopt a "T" shaped strategic layout, focusing on deepening its presence in existing markets while exploring new opportunities [11]. - The company has reached a milestone with its seventh-generation vehicle achieving profitability in Guangzhou, validating its business model and enhancing confidence in expanding operations in first-tier cities [11]. - Future growth will be driven by expanding into more domestic cities and international markets, with strategies involving collaboration with local partners and government agencies to establish market presence [11].

Group 1 - The core viewpoint of the article is that Pony.ai has exceeded its target for autonomous taxi deployment by announcing a fleet of over 1,159 Robotaxis by December 31, 2025, surpassing the goal of 1,000 vehicles [1] Group 2 - On Wednesday, Pony.ai's stock rose by 1.5%, reaching a price of $14.86 [1] - The announcement indicates strong progress in the company's autonomous vehicle strategy and operational capabilities [1]