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]

Core Insights - The article discusses the latest developments in the automotive intelligence sector, highlighting advancements in L3 autonomous driving technology and the increasing penetration rates of various intelligent features in vehicles. Group 1: L3 Autonomous Driving Developments - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercial application in China [10]. - Tesla's Full Self-Driving (FSD) technology is expected to receive full approval in China by early 2026, indicating progress in regulatory acceptance [11]. - Xiaopeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, furthering its testing capabilities [12]. Group 2: Market Penetration Rates - As of October 2025, the penetration rate of passenger vehicles with L2 and above features reached 33%, a year-on-year increase of 19 percentage points [8]. - The penetration rates for advanced driver-assistance systems (ADAS) such as highway NOA and urban NOA are 33.8% and 16.2%, respectively, with year-on-year increases of 21 and 8 percentage points [8]. - The penetration of 800 million pixel cameras in passenger vehicles has reached 49.7%, up 31% year-on-year [6]. Group 3: Industry Collaborations and Innovations - WeRide's Robotaxi service has successfully launched in over 10 cities globally, demonstrating the commercial viability of autonomous driving technology [13]. - Hiydi Zhijia has become the first company focused on commercial vehicle intelligent driving to be listed on the Hong Kong Stock Exchange, raising approximately 1.422 billion HKD [15]. - RoboSense has secured a contract with Dongfeng Nissan for nearly one million units of digital lidar products, set to begin mass production in 2026 [17]. Group 4: Sensor and Technology Advancements - The penetration rate of laser radar in passenger vehicles has reached 14.3%, with a year-on-year increase of 7.9 percentage points [6]. - The market share of NVIDIA chips in passenger vehicle driving domain controllers has increased to 58%, reflecting a 22.2% year-on-year growth [6]. - The cumulative shipment of Huayang Group's HUD products has surpassed 3.5 million units, solidifying its position as a leading supplier in the global market [16].

（於開曼群島註冊成立的有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券之邀請或要約。 Seyond Holdings Ltd. 圖達通* （股份代號：2665） （權證代號：2673） 繼承公司上市權證的行使期開始 茲提述(i)致TechStar Acquisition Corporation（「本公司」，更名為Seyond Holdings Ltd.，其作為特殊目的收購公司併購交易的繼承公司，自2025年12月10日上午九 時正起生效）股東日期為2025年12月10日的經重新刊發通函（「通函」）；及(ii)本公 司日期為2025年12月10日內容有關（其中包括）特殊目的收購公司併購交易完成 的公告。除本公告界定或文義另有規定者外，本公告所用詞彙與通函所界定者具 有相同涵義。 繼承公司上市權證已根據及受益於繼承公司上市權證文據（「文據」）以平邊契據形 式發行。繼承公司上市權證已根據文據以證 ...

致：香港交易及結算所有限公司 公司名稱: Seyond Holdings Ltd. 呈交日期: 2026年1月7日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02665 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.001 | USD | | 2,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000 | USD | | 0.001 | USD | | 2,000,0 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercial application in China [15]. - Tesla's Full Self-Driving (FSD) technology is expected to receive full approval in China by early 2026 [16]. - XPeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, indicating progress in the sector [18]. - WeRide's Robotaxi service has successfully launched in over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. - Xidi Intelligent Driving has officially listed on the Hong Kong Stock Exchange, becoming the first public company focused on commercial vehicle intelligent driving [22]. Summary by Sections Industry News - The report highlights significant developments in the L3 autonomous driving sector, including approvals and testing licenses for various companies [15][18][19]. - The report notes the increasing penetration of high-resolution cameras and advanced chips in passenger vehicles, with 800 million pixel cameras reaching a penetration rate of 49.7% by October 2025, up 31% year-on-year [2]. - The market for lidar technology is also expanding, with a penetration rate of 14.3% for passenger vehicles by October 2025, reflecting a 7.9% increase year-on-year [2]. Intelligent Driving - The penetration rate of passenger vehicles equipped with L2 and above functions reached 33% by October 2025, a 19% increase year-on-year [3]. - The report emphasizes the growth in sensor technology, with front-view cameras and radar systems seeing significant adoption [3]. Investment Recommendations - The report recommends investing in companies such as XPeng Motors, Leap Motor, and Geely for complete vehicles, while suggesting L4 companies like Pony.ai and WeRide for autonomous driving technology [3]. - For components, it recommends companies like SUTENG, Hesai Technology, and Horizon Robotics for data acquisition, transmission, processing, and application [3].

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The automotive intelligence sector is witnessing significant advancements, particularly in L3 autonomous driving technology, with multiple companies receiving regulatory approvals for their products [15][19]. - The penetration rates for advanced driver-assistance systems (ADAS) and various sensor technologies are on the rise, indicating a growing market for intelligent vehicles [3][2]. - Key companies in the sector, such as Xpeng Motors, Horizon Robotics, and WeRide, are highlighted for their potential growth and investment opportunities [5][3]. Summary by Sections Industry News - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercialization [15]. - Xpeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, while BYD has completed extensive road validation for L3 technology [18][17]. - WeRide's Robotaxi service has expanded to over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. High-Frequency Core Data Updates - By October 2025, the penetration rate of 800 million pixel cameras in passenger vehicles is expected to reach 49.7%, a year-on-year increase of 31% [2]. - The market share of lidar technology in passenger vehicles is projected to rise to 14.3%, with significant contributions from companies like Huawei and Hesai Technology [2]. - The penetration rate of L2 and above intelligent driving functions in passenger vehicles has increased to 33%, reflecting a 19% year-on-year growth [3]. Investment Recommendations - Recommended companies for investment include Xpeng Motors, Leap Motor, and Geely for complete vehicles, while WeRide and Horizon Robotics are suggested for L4 technology [3]. - For components, companies like SUTENG and Hesai Technology are recommended for data acquisition, while Horizon Robotics and Black Sesame Intelligence are highlighted for data processing [3].

Core Insights - Seyond has entered a strategic partnership with Aventi Sweden, securing a project order valued at nearly $2.6 million for smart transportation solutions [1] - The integration of Seyond's Smart Transportation Management Platform (SIMPL) into Aventi Sweden's infrastructure products will be deployed at key traffic intersections in Sweden [1] - The SIMPL platform utilizes high-performance image-level LiDAR technology and AI algorithms for reliable, efficient, and precise real-time traffic data collection and analysis [1] Company Developments - The partnership marks a significant step for Seyond in deepening its presence in the European smart transportation market, contributing to the global scaling and promotion of its smart transportation systems [1] - Seyond's advanced perception technology enhances Aventi Sweden's existing product offerings, providing a competitive edge and enabling upgrades [2] - The technology's cross-platform compatibility and adaptability open up extensive opportunities for future market expansion within various smart transportation ecosystems in Europe [1] Industry Trends - The European market is experiencing an accelerated adoption of LiDAR technology, with local municipalities and operators recognizing the importance of precise data acquisition for solving complex traffic issues [2] - The collaboration is seen as a breakthrough in regional cooperation, reflecting Seyond's accurate insights into global smart transportation industry trends [2] - Aventi Sweden aims to leverage Seyond's high-performance LiDAR data to enhance its capabilities in providing high-precision solutions for future traffic analysis and road safety upgrades [2]

Core Viewpoint - The smart driving concept stocks have seen a significant rise, driven by the introduction of L3-level autonomous driving vehicles in Chongqing, marking a milestone in the development of intelligent connected vehicles in China [1]. Group 1: Stock Performance - Youjia Innovation (02431) increased by 8.89%, reaching HKD 13.6 [1] - Zhejiang Shibao (01057) rose by 6.97%, trading at HKD 5.22 [1] - Tudatong (02665) saw a gain of 1.98%, priced at HKD 10.82 [1] Group 2: Industry Developments - On December 26, the first batch of 46 L3-level autonomous driving vehicles, equipped with the L3 autonomous driving system from Changan Deep Blue, was officially launched for road use in Chongqing [1] - The approved routes for these vehicles include major roads such as the inner ring expressway and Yudu Avenue in Chongqing [1] Group 3: Regulatory and Market Insights - According to Xinda Securities, the regulatory framework for intelligent connected vehicles in China is continuously improving, leading to a more standardized industry development environment [1] - Domestic brands are accelerating the research and development of smart driving technologies, with the penetration rate of L2-level and above advanced driving assistance systems increasing rapidly [1] - The market for Robotaxi is projected to reach a scale of RMB 270 billion by 2030 [1]