Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]

Core Viewpoint - Lingming Photon has filed a lawsuit against Suoteng Juchuang for alleged infringement of its invention patent rights related to the E1 series products, while Suoteng Juchuang has countered with its own lawsuit regarding the infringement of its technical secrets [2][3]. Group 1: Legal Disputes - Lingming Photon filed a lawsuit on December 17, claiming that Suoteng Juchuang's E1 series products infringe its invention patent rights [2]. - Suoteng Juchuang responded on December 18, stating it would counter the lawsuit through legal means, including a declaration of patent invalidity [2]. - Suoteng Juchuang had previously filed a lawsuit against Lingming Photon in November, accusing it of infringing on its self-developed SPAD chip's technical secrets [2][3]. Group 2: Company Background - Suoteng Juchuang, established in 2014 and headquartered in Shenzhen, holds the largest market share in the global lidar industry and has provided core components and solutions to over 3,400 clients in robotics and more than 350 automotive manufacturers [3]. - Lingming Photon, founded in 2018, specializes in chip design, with its SPAD dToF sensor chips considered essential for lidar technology [3]. Group 3: Evidence and Claims - Suoteng Juchuang claims to have established a complete chain of evidence regarding the alleged infringement of its core technology by Lingming Photon, including analysis of internal documents and technical comparisons [3]. - Lingming Photon previously stated it had not received any legal correspondence and reserved the right to pursue legal action against any actions that could harm its reputation [3]. Group 4: Ongoing Legal Proceedings - Suoteng Juchuang has confirmed that its lawsuits regarding technical secret infringement and invention patent infringement have been accepted by the court, with another patent infringement case currently under review [4]. - In response to Lingming Photon’s public statements and actions related to the lawsuits, Suoteng Juchuang has initiated a commercial defamation lawsuit and filed complaints with market supervision authorities [4].

Core Viewpoint - The domestic lidar industry is experiencing an escalation in patent disputes, with Shenzhen Lingming Photon Technology Co., Ltd. filing a countersuit against Suoteng Juchuang for patent infringement, marking a shift from one-sided accusations to mutual litigation [2][3][4]. Group 1: Legal Disputes - Lingming Photon has accused Suoteng Juchuang of infringing on its invention patents related to the E1 series products, including E1R and E1P [2][3]. - The legal battle is characterized as the "first case of SPAD chip" in the lidar industry, highlighting the intensifying competition and the importance of intellectual property rights [2][4]. - Suoteng Juchuang has responded by asserting that Lingming Photon has not provided substantial evidence regarding the core accusations of technology theft and has initiated its own lawsuits for alleged infringement of its technical secrets [4][5]. Group 2: Market Impact - The ongoing litigation has put pressure on Suoteng Juchuang's stock price, which closed at HKD 36.14 per share on December 18, with a total market capitalization of approximately HKD 17.07 billion [2]. - The disputes reflect a significant shift in the lidar industry from product integration to competition over foundational chip technologies, particularly SPAD (Single-Photon Avalanche Diode) technology [6][7]. Group 3: Company Backgrounds - Lingming Photon, established in 2018, focuses on the independent research and development of SPAD technology and has applied for over 260 patents, with more than 130 granted [6]. - Suoteng Juchuang is a leading player in the global lidar market, holding a 26% share of the automotive lidar market in 2024, and the E1 series is a strategic product in its transition to solid-state lidar technology [7].

国内激光雷达行业的"专利战"再升级。继本月初速腾聚创（02498.HK）起诉灵明光子窃取商业机密 后，12月17日，深圳市灵明光子科技有限公司（下称"灵明光子"）发起反诉，宣布正式向深圳市中级人 民法院起诉速腾聚创侵犯其发明专利权。 在声明中，灵明光子称速腾聚创公司（02498.HK）E1系列，包括但不限于E1R、E1P等产品涉嫌侵犯其 发明专利权。灵明光子表示公司尊重并致力于保护知识产权，此次行动旨在依法维护自身的创新成果与 合法权益。 这标志着这场被称为激光雷达行业"SPAD 芯片第一案"的纠纷，已从单向指控演变为双方互诉的胶着 战。受市场竞争加剧及诉讼消息影响，速腾聚创股价近期承压，12月17日，盘中最低跌至35.6港元/ 股。截至12月17日收盘，报36.16港元/股，微涨0.72%，总市值约170.7亿港元。 灵明光子消息人士：不排除追加起诉 事件的导火索可以追溯到本月初。12月1日，市场传出速腾聚创在11月以"涉嫌侵犯自研SPAD芯片相关 技术秘密"为由，向广东省深圳市中级人民法院提交了起诉灵明光子的立案申请，指控这家曾经的合作 伙伴在合作终止后迅速推出了技术路径相似的芯片产品，涉嫌不正当竞争。 ...

统计指标：授权有效专利 （原标题：中汽中心发布《激光雷达芯片授权专利》自主创新榜单，速腾聚创居榜首） 在全球自动驾驶与智能感知产业加速迭代的进程中，激光雷达作为核心传感设备，其性能突破的关键已 从传统光学与机械结构转向半导体芯片层面。行业实践表明，激光雷达的终局竞争本质是芯片的竞争， 集成电路作为激光雷达芯片的核心技术载体，直接决定了设备的探测精度、响应速度、功耗与成本控制 能力，是推动激光雷达从机械式向固态化、规模化量产演进的核心驱动力。中国作为全球激光雷达产业 的重要阵地，在集成电路设计、制造与封装测试等环节持续突破，推动国产激光雷达实现从"替 代"到"引领"的进阶。 本榜单依托中汽信科自主开发的全球汽车专利大数据平台(简称AutoPat，网址为www.autopat.cn)，对创 新主体在激光雷达技术集成电路领域的授权有效专利进行统计分析，旨在通过专利数据的深度挖掘，全 面呈现中国该领域的创新实力分布与竞争格局，为行业把握技术发展趋势、优化创新资源配置提供专业 的决策参考。 ? 统计领域： 激光雷达技术集成电路领域 ? 统计维度： 时间范围：公开日截至2025年12月17日 专利类型：发明专利、实用新型 ...

Core Viewpoint - The legal battle over intellectual property rights in the lidar semiconductor industry has escalated, with both companies filing lawsuits against each other regarding patent and trade secret infringements [1][2]. Group 1: Legal Actions - In November, Company A (速腾聚创) filed a lawsuit against Company B (灵明光子) for "infringement of trade secrets" [1]. - On December 17, Company B announced it had filed a lawsuit against Company A for patent infringement concerning its E1 series products [1]. - Company A responded by stating it has initiated multiple lawsuits against Company B for trade secret infringement and accused Company B of evading core issues [1][2]. Group 2: Company Statements - Company B emphasized its commitment to protecting intellectual property and stated that its legal action aims to safeguard its innovations and rights [1]. - Company A criticized Company B for not addressing the core allegations of trade secret infringement and for diverting focus by filing a separate patent lawsuit [2]. - Company A has conducted a thorough investigation and claims to have established a complete evidence chain regarding the alleged infringement [2]. Group 3: Industry Context - Legal experts noted that in the manufacturing sector, intellectual property disputes often resolve through mutual licensing agreements rather than escalating into prolonged legal battles [5].

Core Viewpoint - The core dispute between SUTENG JUCHUANG and Lingming Photon Technology revolves around allegations of technology secret infringement, with SUTENG JUCHUANG denying any patent infringement claims made by Lingming Photon and asserting its own legal actions against Lingming for alleged misuse of its technology secrets [1][2]. Group 1: Legal Actions and Allegations - Lingming Photon has filed a lawsuit against SUTENG JUCHUANG, claiming that the E1 series products infringe on its invention patent rights [1]. - SUTENG JUCHUANG has initiated multiple lawsuits against Lingming Photon for allegedly infringing on its technology secrets, emphasizing the seriousness of such allegations which could lead to criminal liability [1][2]. - SUTENG JUCHUANG has completed an in-depth investigation and has established a complete evidence chain regarding the alleged misuse of its technology secrets by Lingming Photon [2]. Group 2: Company Position and Strategy - SUTENG JUCHUANG asserts that the nature of patent infringement and technology secret infringement lawsuits is fundamentally different, with the latter being more severe due to its implications of improper acquisition and use of confidential information [2]. - The company emphasizes its commitment to maintaining a fair and transparent business environment, having invested hundreds of millions in the development of its core chip technology [2]. - SUTENG JUCHUANG has filed two lawsuits regarding technology secret and patent infringement, with another patent infringement lawsuit currently in the process of being filed [3]. Group 3: Response to Lingming Photon - In response to Lingming Photon’s public statements and actions following the lawsuit filings, SUTENG JUCHUANG has initiated a commercial defamation lawsuit and has reported the matter to market supervision authorities [3]. - The company is prepared to respond to Lingming Photon’s patent lawsuit through legal means, including filing for patent invalidation [3]. - SUTENG JUCHUANG calls for all parties to address the core issue of technology secret infringement seriously and professionally, warning that any attempts to divert attention from the main dispute could lead to further legal and market risks [3].

Core Viewpoint - Shenzhen Lingming Photon Technology Co., Ltd. has filed a lawsuit against Sutech Juchuang Company (02498.HK) for alleged infringement of its invention patent rights related to the E1 series products, including but not limited to E1R and E1P [1] Group 1 - Lingming Photon emphasizes its commitment to protecting intellectual property rights and aims to safeguard its innovative achievements and legal interests through this legal action [1]

Core Viewpoint - Guosheng Securities expresses optimism about SUTENG JUCHUANG's (02498) laser radar product order demand and commercialization potential, projecting total revenue of 2.3/3.5/4.4 billion from 2025 to 2027, with year-on-year growth rates of 37%/56%/24% [1] Group 1: Financial Performance - SUTENG JUCHUANG reported Q3 2025 shipment of 186,000 laser radars, a year-on-year increase of 34.0%, with ADAS laser radar shipments at approximately 150,000 units, up 14.3%, and robot laser radar shipments at about 36,000 units, up 393.1% [1] - The company's Q3 2025 revenue reached 410 million, with product/solution/service and other revenues at 390/10/8 million respectively, and a gross margin of approximately 23.9% [1] Group 2: ADAS Laser Radar Developments - In the domestic market, the EM platform set to launch in 2025 has secured orders from 13 automakers for a total of 56 models, with EMX receiving orders for 49 models expected to enter mass production in 2026 [2] - The EM4 model has been integrated into several vehicles from leading new energy automakers and is becoming a core component for L3 autonomous driving, with new model orders from major clients enhancing the customer and model diversity [2] Group 3: Robotics and Other Laser Radar Products - In the robotic lawnmower sector, the company introduced E1R and Airy products to address complex boundary recognition needs [3] - In urban delivery, the company has established partnerships with 90% of leading global clients using core products EMX, E1R, and Fairy, while also collaborating with Didi on a new generation of Robotaxi models [3] Group 4: Long-term Growth Potential - The company unveiled the Active Camera2 at the IROS conference, which is the industry's first integrated sensor system combining dTOF, RGB stereo, and IMU for enhanced 3D spatial perception and motion information, recognized by Yole Group as a representative case for humanoid robot perception solutions [4]

Core Viewpoint - Guosheng Securities is optimistic about the order demand and commercialization potential of SUTENG JUCHUANG's (02498) LiDAR products, forecasting total revenue of 2.3 billion, 3.5 billion, and 4.4 billion RMB for 2025-2027, representing year-on-year growth of 37%, 56%, and 24% respectively, with a non-GAAP net profit of -172 million, 163 million, and 366 million RMB [1] Group 1: Financial Performance - In Q3 2025, SUTENG JUCHUANG shipped 186,000 LiDAR units, a year-on-year increase of 34% [2] - The revenue for Q3 2025 reached 410 million RMB, with product, solution, and service revenues contributing 390 million, 10 million, and 8 million RMB respectively [2] - The gross margin for the company's products was approximately 23.9%, with automotive and robotics sectors having gross margins of about 18.1% and 37.2% respectively [2] Group 2: ADAS LiDAR Developments - In the domestic market, the EM platform set to launch in 2025 has secured orders from 13 automakers for a total of 56 models, with EMX receiving orders for 49 models expected to enter mass production in 2026 [3] - The EM4 model has been adopted in several vehicles from leading new energy car manufacturers and is becoming a core component for L3 autonomous driving [3] - Internationally, collaborations with automakers in Asia-Pacific, Europe, and North America are progressing, with revenue expected to be confirmed in the next 1-3 years, enhancing the overseas revenue share [3] Group 3: Robotics and Other LiDAR Products - The company has launched two new products, E1R and Airy, in the lawn mowing robot sector to address complex boundary recognition needs [4] - In urban delivery, the company has established partnerships with 90% of leading global clients using core products EMX, E1R, and Fairy [4] - For Robotaxi, SUTENG JUCHUANG has partnered with Didi for a new generation of Robotaxi models, utilizing a solution with 10 digital LiDAR units per vehicle [4] Group 4: Long-term Growth Potential - At the IROS conference in October, the company introduced Active Camera2, the industry's first integrated sensor system combining dTOF, RGB stereo, and IMU, recognized by Yole Group as a representative case for humanoid robot perception solutions [5]