Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [4][6]. Core Insights - The company is positioned as a leading provider of domestic intelligent driving solutions, having undergone significant transformation over the past decade. It has established a comprehensive product portfolio that includes both automotive and non-automotive solutions, with a strong focus on intelligent driving technology [1][15]. - The intelligent driving industry is expected to accelerate its penetration into mainstream markets, with 2025 projected to be a pivotal year for "intelligent driving equality." Major automotive manufacturers are increasingly adopting intelligent driving strategies, which will create opportunities for leading suppliers [2][48]. - The company has built a robust ecosystem that empowers partners in the intelligent driving space, leveraging its complete technology stack that spans algorithms, specialized processing architectures, and development tools [3][4]. Summary by Sections Company Overview - The company has evolved into a key player in the intelligent driving sector, providing comprehensive advanced driver assistance systems (ADAS) and high-level autonomous driving (AD) solutions. It has a significant market share in the domestic market, exceeding 40% in the advanced driving assistance segment [15][18]. - The company has established a large and high-quality customer base, with over 310 models targeted for production by the end of 2024, reflecting its strong market presence [29][39]. Industry Insights - The intelligent driving market is witnessing a shift towards affordability, with traditional manufacturers like BYD and Geely launching strategies to democratize intelligent driving technology. This trend is expected to reshape the industry landscape [2][48]. - The report highlights the importance of third-party suppliers in the intelligent driving ecosystem, as they can provide scalable solutions to traditional manufacturers, thereby accelerating the adoption of advanced driving technologies [12][13]. Financial Performance - The company has experienced significant revenue growth, with a compound annual growth rate (CAGR) of 72.2% from 2021 to 2024, increasing from 467 million RMB to 2.384 billion RMB. The automotive solutions segment accounts for 97% of total revenue, with a strong contribution from licensing and service fees [39][46]. - The gross margin has remained stable, with an increase to 79% in 2024, driven by the higher proportion of high-margin licensing and service revenues [39][46]. Future Outlook - The company is expected to continue expanding its market share in the intelligent driving sector, with projected revenues of 3.603 billion RMB, 5.264 billion RMB, and 7.645 billion RMB for 2025, 2026, and 2027, respectively [4][5].

Core Viewpoint - The report from GF Securities highlights the significant stock price increase of Horizon Robotics (09660) by 11.4% after being included in the Hong Kong Stock Connect, suggesting a potential timing opportunity based on capital flow [1] Group 1: Market Behavior Post Inclusion - After being included in the Stock Connect, leading companies often experience immediate capital inflow, resulting in stock price increases, with the steepest inflow observed in the initial days [2] - However, the short-term price increase is not universally applicable to all companies, indicating that this is not a straightforward quantitative timing strategy [2] - This strategy is more effective for high-quality leading companies that have been thoroughly researched and recognized by active funds, which are likely to buy quickly after inclusion [2] Group 2: Future Inclusion Candidates - There are two fixed "inclusion" periods each year: the first week of March and September, with the next inclusion effective the following Monday, primarily based on the company's inclusion in the Hang Seng Composite Index [3] - Additionally, there are quarterly rapid inclusions for newly listed companies, which are subject to specific criteria such as average market capitalization [3][4] - Potential companies for future inclusion include: - June 6: Bruker, Mixue Group, and Gu Ming [5][6] - Late June: CATL and Hengrui Medicine [5][6] - September 5: Companies like Conant Optical and others [5][6]

港股芯片股部分走强，上海复旦(01385.HK)涨超6%，地平线机器人(09660.HK)涨超5%，华虹半导体 (01347.HK)涨超2%，中芯国际(00981.HK)涨超1%。 ...

Market Overview - On May 28, the Hang Seng Index fell by 0.53%, closing at 23,258.31 points, while the net inflow of southbound funds through the Stock Connect amounted to HKD 3.578 billion [1][4] - The total trading volume for the Stock Connect on the same day was HKD 75.205 billion, with a net buying of HKD 3.578 billion [1] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 49.972 billion with a net buying of HKD 3.924 billion, while in the Shenzhen Stock Connect, the trading volume was HKD 25.233 billion with a net selling of HKD 0.346 billion [1] - The most actively traded stock in the Shanghai Stock Connect was Xiaomi Group-W, with a trading volume of HKD 4.316 billion, followed by Pop Mart and Alibaba-W with trading volumes of HKD 2.529 billion and HKD 1.850 billion, respectively [1][3] - In terms of net buying, Meituan-W led with a net inflow of HKD 0.780 billion, despite its closing price dropping by 0.53%. Xiaomi Group-W had the highest net selling of HKD 0.716 billion, closing up by 0.39% [1][3] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Xiaomi Group-W also topped the trading volume with HKD 1.977 billion, followed by Alibaba-W and Pop Mart with HKD 1.163 billion and HKD 1.054 billion, respectively [2] - Meituan-W recorded the highest net buying in the Shenzhen market with HKD 0.295 billion, while Hang Seng China Enterprises had the largest net selling of HKD 0.430 billion, closing down by 0.32% [2]

Core Viewpoint - Horizon Robotics has gained significant market attention and investor interest following its inclusion in the Hong Kong Stock Connect, leading to a substantial increase in its stock price and market capitalization [1][2]. Group 1: Market Performance - Following the adjustment of the Hong Kong Stock Connect on May 26, eligible mainland investors can directly trade Horizon Robotics' shares, resulting in an 11.39% stock price increase on May 27, with a market capitalization exceeding HKD 104.5 billion [1]. - The company has been recognized as the third-largest IPO and the largest technology IPO of the year after its listing in October 2024, with its stock price more than doubling since the initial offering [3]. Group 2: Business Growth and Financials - In the fiscal year 2024, Horizon Robotics achieved a revenue of CNY 2.384 billion, representing a year-on-year growth of 53.6%, and a gross profit of CNY 1.841 billion, up 68.3% [2]. - The adjusted operating loss narrowed from CNY 1.687 billion in 2023 to CNY 1.495 billion in 2024, indicating improved sustainable operating capabilities [2]. Group 3: Strategic Partnerships and Market Position - The company has initiated mass production of its high-performance chip, the Journey 6P, and launched the High-Performance Urban Driving System (HSD), establishing partnerships with major automotive manufacturers like Chery and Volkswagen [2]. - Horizon Robotics has formed strategic collaborations with global Tier 1 suppliers such as Bosch, Denso, and Continental, enhancing its competitive edge in the advanced driving assistance solutions market [2]. Group 4: Future Outlook - The company anticipates a pivotal turning point for smart driving by 2025, driven by technological breakthroughs, regulatory support, and increased consumer willingness [3]. - Horizon Robotics plans to continue investing in research and development to enhance its smart driving solutions and maintain its leading position in the industry [3].

Core Viewpoint - Horizon Robotics has gained significant attention in the market following its inclusion in the Hong Kong Stock Connect, indicating strong recognition of its integrated software and hardware technology path and positioning as a leading supplier of intelligent assisted driving solutions in China [1][7]. Group 1: Product Development and Market Position - The launch of the Horizon Journey series has opened up growth opportunities, with the company continuously delivering high-performance software and hardware products, leading to strong market demand [2]. - The Journey series has achieved significant milestones, with cumulative shipments expected to exceed 8 million units by Q1 2025, and the company holds over 40% market share in the Chinese OEM advanced assisted driving solutions market, ranking first [2][4]. - The recent introduction of the HSD urban assisted driving system marks a significant advancement, with partnerships established with major clients like Chery Group and Volkswagen, indicating strong market acceptance and potential for high-end market penetration [3][4]. Group 2: Financial Outlook and Growth Potential - The successful launch and mass production of new products like HSD are expected to enhance the company's revenue and profit, indicating a positive trajectory for overall performance [4]. - The automotive industry is moving towards a "universal intelligent assisted driving" era, with major players like BYD leading the charge, which is likely to benefit Horizon Robotics significantly [5]. - Analysts have expressed optimism regarding Horizon's long-term growth potential, with several brokerages issuing "buy" ratings and predicting a turnaround to profitability by 2027 [7]. Group 3: Technological Advancements - Horizon Robotics has developed a robust self-research BPU architecture, continuously iterating its Journey series, with the latest Journey 6 chip offering enhanced data processing capabilities for assisted driving systems [6]. - The Horizon Cell modular system allows for hardware plug-and-play and software upgrades, enhancing performance while reducing costs, positioning the company as a unique supplier in the market [6]. - The company has established partnerships with over 40 automotive brands, including the top ten Chinese automakers, with more than 800 million units shipped and over 200 models in mass production [6].

Core Viewpoint - Horizon Robotics has officially entered the Hong Kong Stock Connect list, indicating strong market recognition of its integrated software and hardware technology path and signaling an acceleration in value discovery and re-evaluation as a leading provider of intelligent assisted driving solutions in China [1] Group 1: Market Performance and Recognition - Since its listing in late October 2024, Horizon Robotics has been a focal point in the industry, with its stock showing high activity and receiving positive coverage from major domestic and international brokerages [1] - The successful inclusion in the Hong Kong Stock Connect reflects the high popularity of Horizon Robotics in the capital market [1] Group 2: Product Development and Market Position - Horizon Robotics has consistently attracted investor interest due to its strong performance in the intelligent assisted driving sector, with significant product launches like the Journey series, which has gained trust from major clients like BYD [2] - The Journey family is expected to exceed 8 million units shipped by Q1 2025, showcasing robust market growth, with a market share of over 40% in China's OEM advanced assisted driving solutions [2] - The recent launch of the L2 urban assisted driving system HSD has garnered significant attention, with partnerships established with major automotive manufacturers like Chery and Volkswagen for mass production [3][4] Group 3: Technological Advancements and Competitive Edge - The HSD system features the advanced Journey 6P computing solution, which allows for hardware modularity and software upgrades, catering to diverse customer needs [4] - Horizon Robotics has developed a strong technological foundation with its self-developed BPU architecture and has established a deep "moat" in the market, collaborating with over 40 automotive brands and achieving over 8 million units in front-end production [6] Group 4: Future Growth Potential - The automotive industry is moving towards a "universal intelligent assisted driving" era, with BYD leading the charge, which is expected to benefit Horizon Robotics significantly as other manufacturers follow suit [5] - The company's comprehensive solutions and full-stack delivery capabilities position it to capitalize on the industry's growth, enhancing its visibility and potential for future expansion [5] - Analysts have expressed optimism about Horizon Robotics' long-term growth, with several brokerages issuing "buy" ratings and projecting profitability by 2027 [7]

成交活跃股方面，沪市港股通前十大成交活跃股中，小米集团-W成交额为33.14亿港元，成交金额居 首；其次是美团-W、阿里巴巴-W，成交金额分别为31.69亿港元、27.24亿港元。以净买卖金额统计， 美团-W净买入额为17.80亿港元，净买入金额居首，该股收盘股价下跌5.48%。净卖出金额最多的是盈 富基金，净卖出14.66亿港元，收盘股价下跌1.26%。 深市港股通前十大成交活跃股中，成交额居首的是小米集团-W，成交金额23.12亿港元；其次是美团- W、腾讯控股，成交金额分别为22.17亿港元、17.29亿港元。以净买卖金额统计，有2只股为净买入，净 买入金额最多的是地平线机器人-W，净买入7.30亿港元，该股收盘下跌6.45%。净卖出金额最多的是腾 讯控股，净卖出11.46亿港元，收盘股价下跌1.54%。（数据宝） 5月26日恒生指数下跌1.35%，报收23282.33点，全天南向资金通过港股通渠道合计净卖出15.07亿港 元。 证券时报·数据宝统计，5月26日港股通全天合计成交金额为996.72亿港元，成交净卖出15.07亿港元。 具 体来看，沪市港股通成交金额639.69亿港元，成交净买入18.56 ...

智通财经APP获悉，5月26日港股市场，北水成交净卖出15.07亿港元，其中港股通(沪)成交净买入18.56 亿港元，港股通(深)成交净卖出33.63亿港元。 北水净买入最多的个股是美团-W(03690)、中国移动(00941)、地平线机器人-W(09660)。北水净卖出最 多的个股是腾讯(00700)、阿里巴巴-W(09988)、盈富基金(02800)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 16.57 乙 | 16.57 亿 | 33.14 乙 | | HK 01810 | | | -13.02万 | | 美团-W | 24.74 Z | 6.95亿 | 31.69 亿 | | HK 03890 | | | +17.80 乙 | | 阿里巴巴-W | 8.39亿 | 18.85 乙 | 27.24亿 | | HK 09988 | | | -10.46 Z | | 腾讯控股 | 7.79亿 | 17.25亿 | 25.04亿 | | HK 00700 | | | -9.45 Z | | 比 ...

Group 1 - Horizon Robotics has been included in the Hong Kong Stock Connect list, effective from May 26, which is expected to enhance its market position and attract more mainland investors [1] - The inclusion in the Stock Connect is seen as a recognition of Horizon Robotics' market status, likely increasing stock liquidity and supporting long-term development [1] Group 2 - Hong Kong Exchanges and Clearing Limited announced an increase in the position limits for Hang Seng Index derivatives, effective July 2, aiming to enhance market liquidity and solidify Hong Kong's status as a global risk management center [2] - This adjustment reflects the exchange's ongoing commitment to developing the derivatives market and is expected to attract more international investors [2] Group 3 - Haitian Flavor Industry has passed the Hong Kong Stock Exchange hearing and plans to achieve A+H listing, with significant revenue figures of approximately 25.6 billion yuan, 24.6 billion yuan, and 26.9 billion yuan for 2022, 2023, and 2024 respectively [3] - The A+H listing is anticipated to broaden Haitian's financing channels and enhance its competitiveness in the international market [3] Group 4 - Zhu Jiangtao has resigned as an executive director of China Merchants Bank due to work reasons, with Wang Xiaoqing nominated as the new executive director [4] - This management change may impact the bank's strategic direction and internal management dynamics, warranting investor attention on the new director's background and vision [4] Group 5 - On May 23, the Hang Seng Index rose by 0.24% to 23601.26, while the Hang Seng Tech Index decreased by 0.09% to 5246.87, and the Hang Seng Composite Index increased by 0.31% to 8583.86 [5]