智通财经APP获悉，地平线机器人-W(09660)再涨超4%，截至发稿，涨3.8%，报9.01港元，成交额5.47 亿港元。 消息面上，12月9日，北汽集团与地平线宣布达成深度合作，双方将基于两颗地平线征程6M芯片联合开 发全场景城市NOA系统，并整合北汽自研的"元境AI中枢大脑"技术，推动高阶智能驾驶解决方案的快 速落地。这一合作标志着北汽在智能化技术领域的又一次重要突破，同时也为自主品牌智能汽车的发展 注入了新的动能。 高盛发布研报称，地平线机器人旗下HSD解决方案已被奇瑞多款新车型采用，包括星途ET5、风云T9和 iCAR V27。高盛预计，2026年地平线机器人将有更多车型实现量产，同时获得更多新项目，这将推动 其出货量提升，并通过产品组合升级带来更高的综合平均售价。 ...

光大证券发布研报称，维持地平线机器人-W(09660)"买入"评级，大会上公司发布了多项重要进展，高 阶辅助驾驶系统"HSD"已实现量产，激活量两周突破1.2万辆，并有望将城区NOA功能下探至10万元级 车型市场。其海外市场拓展初见成效，中高阶产品出货量占比有望持续提升，J6P+HSD首发上车进一 步提升公司产品ASP与品牌力。 光大证券主要观点如下： 事件 公司于2025年12月8-9日，在深圳召开"2025地平线技术生态大会"(以下简称"大会")。大会以"向高同 行"为主题，主&分论坛主题涵盖全场景辅助驾驶、智能汽车开放协同、全域自动驾驶的规模化商用、 从智能汽车到机器人的技术跃迁等多个细分场景。 高阶辅助驾驶系统"HSD"量产，城区NOA有望下探至10万元级汽车市场 HSD量产上车交卷，激活量两周破万。2025年，奇瑞星途ET5首发搭载地平线560TOPS算力的J6P芯片 +HSD城区辅助驾驶系统，HSD采用一段式端到端+VLM架构，实现百毫秒级的时延和"类人思考"的防 御性驾驶。公司创始人兼CEO余凯在大会上宣布，搭载公司HSD辅助驾驶系统的深蓝L06和奇瑞星途 ET5在上市两周内，HSD激活量突破1 ...

智通财经APP获悉，光大证券发布研报称，维持地平线机器人-W(09660)"买入"评级，大会上公司发布 了多项重要进展，高阶辅助驾驶系统"HSD"已实现量产，激活量两周突破1.2万辆，并有望将城区NOA 功能下探至10万元级车型市场。其海外市场拓展初见成效，中高阶产品出货量占比有望持续提升， J6P+HSD首发上车进一步提升公司产品ASP与品牌力。 光大证券主要观点如下： 事件 不同于传统的"芯片+参考算法"的交付模式，HSDTogether将HSD作为一个经过验证的"样板间"向合作伙 伴开放(白盒&黑盒授权)，提供覆盖产品开发全周期的"算法服务"，包括数据服务与艾迪SaaS平台、专 业的算法适配工程与咨询服务，以及最核心的基座模型授权。合作伙伴可以聚焦于系统集成测试、车型 适配开发等自身优势，人力&算力&时间成本均得以大幅降低。J3/J5/J6芯片实现百万颗出货分别耗时 36/24/12个月，我们认为，伴随HSD算法赋能城区NOA下沉10万元车型市场，J6系列芯片出货有望进一 步提速。 发布全新"黎曼"BPU架构，J7目标对标特斯拉AI5芯片 "黎曼"架构相比上一代，关键算子性能提升10倍，高精度算子支持数 ...

高盛发布研报称，地平线机器人-W(09660)旗下HSD(Horizon SuperDrive)解决方案已被奇瑞(09973)多款 新车型采用，包括星途ET5、风云T9和iCAR V27。高盛预计，2026年地平线机器人将有更多车型实现 量产，同时获得更多新项目，这将推动其出货量提升，并通过产品组合升级带来更高的综合平均售价。 维持目标价15.3港元及"买入"评级。 ...

Group 1 - The core viewpoint is that the US economy is expected to maintain moderate growth next year, supported by factors such as Federal Reserve interest rate cuts and AI investments, while remaining strategically bullish on US stocks but cautious of structural differentiation and short-term risks in Q1 [1] - For the Hong Kong stock market outlook, it is anticipated that the market will shift from valuation-driven to profit growth-driven, with valuation expansion likely to weaken but liquidity remaining supportive [1] - The combination of profit-driven growth and liquidity support is expected to emerge by 2026, with new supply creating new demand as a new driving force for the Hong Kong stock market [1] Group 2 - The technology sector in the US stock market is expected to become more rational, with AI remaining a key driver, and the regulatory environment being favorable for mergers and acquisitions [1] - The AI advancements are projected to continue driving revenue and valuation recovery in the Chinese internet sector's cloud business [1] - The domestic pharmaceutical and innovative drug sectors are likely to benefit from a resurgence in mergers and acquisitions by large multinational pharmaceutical companies, as well as an increase in BD transactions [1] Group 3 - The automotive industry is expected to see flat or slightly declining sales next year, with current market sentiment being sufficiently pessimistic, presenting an opportunity to gradually accumulate stocks of companies with high earnings growth certainty [2] - The consumption sector's recovery remains uneven, suggesting a strategy of "anchoring on earnings while leveraging growth" for investment [2] - The education sector is viewed positively for its resilient growth and expansion opportunities [2] Group 4 - Recommended stocks for Q1 next year include: Alphabet (GOOGL.US), Meta (META.US), Netflix (NFLX.US), Tencent Holdings (00700), Alibaba (BABA.US), Bilibili (BILI.US), Hansoh Pharmaceutical (03692), CanSino Biologics-B (02162), Innovent Biologics (01801), and others [2]

Core Insights - The conference "Horizon Together 2025" focuses on the transition of smart driving from commercialization to widespread adoption, emphasizing collaboration among industry leaders [1][3] - Dr. Yu Kai, CEO of Horizon, highlighted the company's journey from "high aspirations" to "collaborative growth," aiming to democratize advanced technology for a broader audience [3][5] Group 1: Technological Advancements - Horizon has introduced three technological pillars: BPU®, compilers, and algorithms, which are essential for driving advancements in smart driving and robotics [3][10] - The newly released fourth-generation BPU architecture, named Riemann, boasts a tenfold increase in key operator computing power and supports full floating-point calculations, enhancing efficiency for large language models [14][16] - The compiler technology has evolved into an "AI-driven compilation" era, significantly improving compilation speed and model performance [14][16] Group 2: Market Strategy and Collaboration - Horizon is transitioning from a traditional model to an "HSD Together" algorithm service model, allowing partners to focus on their strengths while Horizon provides comprehensive algorithm services [20][21] - The company aims to reduce the time and costs associated with product development by 90% through this collaborative approach, enabling more companies to leverage advanced smart driving capabilities [20][21] - Horizon's products have achieved significant market penetration, with the latest series reaching over one million units shipped in just 12 months [20][29] Group 3: Industry Impact and Vision - Horizon positions itself as a foundational player in the robotics era, aspiring to be the "Wintel of the robotics age," focusing on ecosystem collaboration rather than competing as a vehicle or robot manufacturer [9][24] - The company has expanded its influence beyond automotive applications, becoming a leading platform for consumer robotics with over 100 products and extensive partnerships [24][25] - Horizon emphasizes the importance of making advanced technology accessible to the masses, aiming to transform high-end innovations into everyday solutions for consumers [28][29]

Group 1: Economic Outlook - The U.S. economy is expected to maintain moderate growth in the coming year, supported by factors such as Federal Reserve interest rate cuts and AI investments [1] - The Hong Kong stock market is anticipated to shift from valuation-driven to profit growth-driven, with a projected earnings growth rate of 6% to 10% for the Hang Seng Index [1] Group 2: Market Dynamics - The valuation expansion in the Hong Kong market may weaken, but liquidity will remain supportive, leading to a new supply creating new demand [1] - The dual liquidity easing in both China and the U.S. is expected to increase foreign and southbound capital supply, translating into new demand for Hong Kong stocks [1] Group 3: Sector Analysis - The U.S. tech sector is expected to become more rational, with AI continuing to be a key driver, while the regulatory environment will favor mergers and acquisitions [2] - The domestic pharmaceutical and innovative drug sectors are likely to benefit from a resurgence in M&A activity from large multinational companies [2] - The automotive sector is projected to see flat or slightly declining sales, presenting opportunities to gradually accumulate stocks of companies with high earnings growth certainty [2] Group 4: Recommended Stocks - Top stock picks for the first quarter of next year include Alphabet (GOOGL.US), Meta (META.US), Netflix (NFLX.US), Tencent Holdings (00700), Alibaba (BABA.US), and others [3]

地平线(09660)创始人兼CEO余凯博士以"向高同行"战略作答，指出破局的两大支柱：一是推动底层计算技术向更高性能演进，筑牢物理AI底座；二是携手 伙伴共建开放生态，将高阶智驾体验转化为规模化用户价值。目前，地平线HSD城区辅助驾驶系统已经实现规模化量产，基于征程6系列的商业生态成果也 在持续落地，意味着这一战略路径的价值正在加速兑现。 2025，智驾技术突破到普惠落地的分水岭 会上形成清晰共识：2025年是智能驾驶从技术突破迈向规模化普惠的分水岭。其中，"城区NOA的大规模普及"已成为智驾走向商业成功的决定性战场，其 成败系于体验、成本、安全与政策的复杂协同。 中国汽车工业协会常务副会长兼秘书长付炳锋 这一路径获得行业深刻共鸣。中国汽车工业协会常务副会长兼秘书长付炳锋在开场发言中表示："汽车产业的向上发展，不是单点突破的独行，而是价值共 享的同行。"要摒弃单点思维，迈向全链共进，让智能驾驶技术，最终转化为用户的安全与体验价值。 智通财经APP获悉，2025年12月8日，地平线首届技术生态大会(Horizon Together 2025)在深圳启幕。大会以"向高同行"为主题，首日汇聚全球汽车产业链头 部公司 ...

Group 1 - On December 10, 2025, Alibaba-W (09988), Tencent Holdings (00700), and Yangtze Optical Fibre and Cable (06869) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 2.987 billion, 2.301 billion, and 1.943 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) also ranked as the top three companies by trading volume, with trading amounts of 3.340 billion, 2.247 billion, and 1.303 billion respectively [1] Group 2 - In the Southbound Stock Connect, the top ten active trading companies included Alibaba-W (09988) with a net buy of 0.198 billion, Tencent Holdings (00700) with a net sell of 0.567 billion, and Yangtze Optical Fibre and Cable (06869) with a net buy of 0.161 billion [2] - In the Shenzhen-Hong Kong Stock Connect, the top ten active trading companies included Alibaba-W (09988) with a net buy of 0.144 billion, Tencent Holdings (00700) with a net sell of 0.038 billion, and Xiaomi Group-W (01810) with a net buy of 0.767 billion [2]

北水净买入最多的个股是小米集团-W(01810)、农业银行(01288)、阿里巴巴-W(09988)。北水净卖出最 多的个股是盈富基金(02800)、腾讯(00700)、中芯国际(00981)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | 15.93亿 | 13.94 乙 | 29.87亿 | | HK 09988 | | | +1.98亿 | | 腾讯控股 | 8.671Z | 14.34 Z | 23.01亿 | | HK 00700 | | | -5.67 Z | | 长飞光纤 ... | 10.52亿 | 8.91亿 | 19.43 亿 | | HK 09889 | | | +1.611Z | | 中芯国际 | 6.861乙 | 10.21 乙 | 17.07亿 | | HK 00981 | | | -3.36 Z | | 盈昌基金 | 181.46万 | 13.25 乙 | 13.27 亿 | | HK 02800 | | | -13.23 乙 | | 建设银行 | 5.64亿 | 6. ...