（文章来源：每日经济新闻） 每经AI快讯，1月6日，港股禾赛-W涨超5%。 ...

Core Viewpoint - Hesai Technology has been selected by NVIDIA as a lidar partner for the "NVIDIA DRIVE AGX Hyperion 10 platform" [1] - The company announced an increase in planned annual production capacity from 2 million units in 2025 to 4 million units in 2026, indicating a doubling of production [1] Group 1 - Hesai Technology's stock surged over 4%, reaching a price of 190.3 HKD with a trading volume of 37.76 million HKD [1] - The announcement of the partnership with NVIDIA is expected to enhance Hesai's market position in the lidar industry [1] Group 2 - The increase in production capacity reflects the company's growth strategy and confidence in future demand for lidar technology [1] - The CES 2026 announcement highlights the company's commitment to scaling operations in response to market opportunities [1]

Group 1 - CITIC Securities maintains a "Buy" rating for Huahong Semiconductor (01347.HK) with a target price of HKD 100, highlighting its leading position in specialty process wafer foundry and strong growth potential from capacity expansion and acquisitions [1] - CITIC Securities also maintains a "Buy" rating for SiHuan Pharmaceutical (00460.HK) with a target price of HKD 1.6, noting rapid growth in its medical aesthetic products and strong sales performance of new regenerative products [1] - GF Securities maintains a "Buy" rating for Yum China (09987.HK) with a target price of HKD 453.62, citing improved same-store sales and growth driven by new product iterations and marketing strategies [1] Group 2 - GF Securities initiates coverage on Laoputang Gold (06181.HK) with a "Buy" rating and a target price of HKD 775.64, emphasizing its leading position in handcrafted gold jewelry and strong growth potential from store expansion [2] - GF Securities initiates coverage on Yue Yuen Industrial (00551.HK) with a "Buy" rating and a target price of HKD 19.99, highlighting its status as the largest athletic shoe manufacturer and expected performance recovery [3] Group 3 - Cinda International maintains a "Buy" rating for Hesai Technology (02525.HK), noting its leadership in the global LiDAR market and significant growth in production and market share [4] - Zhongtai Securities initiates coverage on China Resources Land (01109.HK) with an "Accumulate" rating, reporting strong revenue and profit growth along with a healthy financial structure [5] Group 4 - First Shanghai initiates coverage on Jaxin International Resources (03858.HK) with a "Buy" rating and a target price of HKD 82.4, highlighting its world-class tungsten resources and strong profit growth potential [6] - Kaiyuan Securities initiates coverage on Beautiful Pastoral Medical Health (02373.HK) with a "Buy" rating, emphasizing its differentiated business model and effective customer acquisition strategies [7] Group 5 - CICC maintains an "Outperform" rating for Standard Chartered Group (02888.HK), noting better-than-expected Q2 2025 performance driven by significant growth in non-interest income [8]

Core Viewpoint - The report from Cinda International highlights that Hesai Technology (02525) demonstrates superior profitability and cash flow compared to its peers, justifying a valuation premium with a maintained "Buy" rating and a target price of HKD 200 [1] Group 1: Financial Performance - The company is projected to achieve a compound annual growth rate (CAGR) of 41% in revenue and 321% in adjusted earnings from fiscal years 2024 to 2027 [1] - In Q3, the company reported a net income of RMB 795 million, a year-on-year increase of 47.5%, with a net profit of RMB 256 million, marking a record high compared to a loss of RMB 70.4 million in the same period last year [2] - Cumulative net profit for the first three quarters reached RMB 283 million, exceeding the annual profit target of RMB 200 million to RMB 350 million, leading to an upward revision of the full-year profit guidance to RMB 350 million to RMB 450 million [2] Group 2: Market Position and Product Development - Hesai is the global leader in the lidar market, with significant growth in shipments of advanced driver-assistance systems (ADAS) and robotic lidar, increasing by 190% and 131% year-on-year, respectively [2] - The company has secured over 120 mass production contracts for various vehicle models and has maintained a leading market share of 46% in the automotive lidar sector for seven consecutive months [4] - New products targeting L3-level autonomous driving are expected to be delivered in large quantities between 2025 and 2027, enhancing the company's competitive edge [4] Group 3: Industry Trends - The approval of the first batch of L3-level conditional autonomous driving models in mainland China indicates a clearer regulatory environment, which could boost the valuation of the autonomous driving industry [3] - The expected increase in the number of lidar devices per L3 vehicle (3-6 units) compared to L2 vehicles (1-2 units) suggests a growing demand for lidar technology [4] - The company's JT series lidar products are experiencing strong overseas demand, with total shipments expected to exceed 200,000 units for the year [5]

Core Viewpoint - Company Hesai Technology (禾赛-W) demonstrates superior profitability and cash flow compared to peers, supporting a valuation premium with a maintained "Buy" rating and a target price of HKD 200 [1] Group 1: Financial Performance - Hesai achieved a net income of RMB 795 million in Q3, a year-on-year increase of 47.5%, with a net profit of RMB 256 million, marking a record high compared to a loss of RMB 70.4 million in the same period last year [2] - Cumulative net profit for the first three quarters reached RMB 283 million, exceeding the annual target of RMB 200 million to RMB 350 million, prompting an upward revision of the full-year net profit guidance to RMB 350 million to RMB 450 million [2] Group 2: Market Position and Product Development - Hesai remains the industry leader in the automotive lidar sector, with a market share of 46% in August, and has secured over 120 models for mass production [4] - The company is set to deliver new products for L3-level autonomous driving from 2025 to 2027, with expectations that each L3 vehicle will require 3-6 lidar units, an increase from 1-2 units for L2 vehicles [4] Group 3: Industry Trends and Regulatory Environment - The approval of the first batch of L3-level conditional autonomous driving models in mainland China indicates a clearer regulatory environment, which could enhance the valuation of the autonomous driving industry [3] - Major players like Xiaomi and XPeng have also received L3-level autonomous driving road testing licenses, reflecting a shift towards commercialization in the industry [3] Group 4: Growth in Robotics Sector - Hesai's JT series lidar products are experiencing strong overseas demand, with cumulative shipments exceeding 100,000 units by the end of May, and expectations to surpass 200,000 units for the year [5]

Core Viewpoint - The report from CMB International indicates that the mainland market is entering a phase of policy validation and profit recovery as the "14th Five-Year Plan" begins. The evolution of pricing power structure is attracting long-term capital back to new core assets [1] Group 1: Key Variables for January - Three major variables to focus on in January include: 1) the first batch of major projects and revenue-increasing policy details under the "14th Five-Year Plan" [1] 2) overseas liquidity [1] 3) consumer data and seasonal liquidity before the Spring Festival holiday [1] Group 2: Investment Strategy - The company suggests focusing on "domestic demand reconstruction" and "resilience in overseas markets," balancing offensive and defensive strategies [1] - Selected stocks for January include: 1) Prosperity Industrial Trust (00778) [1] 2) NVIDIA (NVDA.US) [1] 3) Hesai Technology (02525) [1] 4) Sangfor Technologies (01530) [1] 5) Yili Group (600887.SH) [1] 6) GCL-Poly Energy (03800) [1]

Core Viewpoint - Hesai Technology (02525) announced the resignation of Dr. Chen Jie as an independent non-executive director and member of the audit committee, remuneration committee, and nomination and corporate governance committee, effective December 24, 2025. Dr. Wang Hui has been appointed as an independent non-executive director and member of the same committees [1] Group 1 - Dr. Chen Jie will resign from his positions effective December 24, 2025 [1] - Dr. Wang Hui has been appointed to the board and committees [1]

格隆汇12月24日丨禾赛-W(02525.HK)布，自2025年12月24日起：(1) 陈劼已辞任独立非执行董事以及审 计委员会、薪酬委员会及提名及企业管治委员会各自的成员；及(2) 王慧已获委任为独立非执行董事以 及审计委员会、薪酬委员会及提名及企业管治委员会各自的成员。继相关董事辞任及委任后，自2025年 12月24日起，董事委员会的组成经已变动。 ...

Core Viewpoint - Heisai-W (02525) announced the resignation of Dr. Chen Jie as an independent non-executive director and member of the audit committee, remuneration committee, and nomination and corporate governance committee, effective December 24, 2025. Dr. Wang Hui has been appointed as an independent non-executive director and member of the same committees [1] Group 1 - Dr. Chen Jie will resign from his positions effective December 24, 2025 [1] - Dr. Wang Hui has been appointed to fill the role of independent non-executive director and committee member [1] - The changes involve the audit committee, remuneration committee, and nomination and corporate governance committee [1]

Hesai Group 禾賽科技 * （「本公司」） （於開曼群島註冊成立以不同投票權控制的有限責任公司） （港交所股份代號：2525） （納斯達克股票代碼：HSAI） 董事名單及其角色與職能 獨立非執行董事 張懌女士 王慧博士 任佳先生 董事會已設立三個委員會，並訂明章程。該等委員會的成員資料載列如下： 審計委員會 張懌女士 （主席） 任佳先生 王慧博士 薪酬委員會 張懌女士 （主席） 王慧博士 提名及企業管治委員會 禾賽科技（「本公司」）董事（「董事」）會（「董事會」）成員載列如下： 執行董事 李一帆博士 孫愷博士 向少卿先生 楊彩蓮女士 張懌女士 （主席） 任佳先生 王慧博士 香港，2025年12月24日 * 僅供識別 本文件的中英文版本如有歧義，概以英文版本為準。 ...