Group 1 - The core viewpoint is that physical intelligence will be a key direction for the development of AI large model architecture, with computing power being the foundation for embodied intelligence [1] - The rapid development of embodied intelligent robots is closely linked to the rise of AI large models, with computing power as a critical support point for this development [1] - Nvidia's release of the Cosmos world model platform at CES 2025 aims to teach AI to understand the physical world, which is expected to revolutionize the $50 trillion manufacturing and logistics industries [1] Group 2 - There are currently two mainstream architectures for embodied large models: end-to-end embodied models and hierarchical decision models, with the latter being favored by most domestic startups due to cost and technical feasibility [2] - The end-to-end model integrates "brain" and "cerebellum," reducing error transmission but requiring massive data and resources [2] Group 3 - The global humanoid robot market is projected to grow from approximately $2.16 billion in 2023 to $32.4 billion by 2029 [3] - The humanoid robot market in China is expected to reach a scale of approximately 20 to 50 billion yuan by 2028, and could grow to 500 billion yuan by 2035 [3] - By 2045, the humanoid robot market could reach a scale of approximately 10 trillion yuan, with over 100 million humanoid robots in use across various industries [3]

Core Viewpoint - The automotive industry is transitioning from a "function era" to an "experience era" in assisted driving, with Horizon's HSD (Horizon SuperDrive™) representing a significant upgrade that enhances user experience through advanced technology [1][16]. Group 1: Technology and Architecture - Horizon's HSD introduces a one-stage end-to-end architecture combined with reinforcement learning, significantly improving the safety, efficiency, and comfort of assisted driving [4][6]. - The system achieves ultra-low latency and robust defensive driving capabilities, closely mimicking human driving behavior [2][4]. - The HSD upgrade is supported by the powerful 560 TOPS computing capability of the Journey 6P computing solution, enhancing overall system performance [6]. Group 2: User Experience and Testing - A recent experience event in Shanghai showcased HSD's capabilities, receiving positive feedback for its low latency, human-like defensive driving, and smooth control [7]. - The system demonstrates rapid response to unexpected situations, such as construction zones and sudden lane changes, ensuring a seamless driving experience [9][10]. Group 3: Safety and Certification - Horizon emphasizes a user-centric approach, backed by the largest active safety testing scenario database in the industry, covering over 30,000 scenario datasets and more than 10 million kilometers of testing [11]. - The company has received the world's first and only ISO 8800 certification for AI functionality in road vehicles, establishing a strong safety foundation for its products [11][16]. Group 4: Market Position and Future Plans - HSD is set to enter mass production, with the first deployment expected in the Chery Exeed Star Era E05 by the end of this year, and partnerships with nearly 10 global automotive brands are in progress [16]. - The shift in the smart driving industry from "function competition" to "experience upgrade" positions Horizon to enhance user experience and make assisted driving accessible to the general public [16].

Core Viewpoint - Baillie Gifford & Co increased its stake in Horizon Robotics by acquiring 24.7794 million H-shares at an average price of HKD 7.5603 per share, totaling approximately HKD 187 million, raising its ownership from 4.79% to 5.00% [2][3]. Group 1: Investment Activity - The acquisition by Baillie Gifford reflects renewed confidence from global capital in Horizon Robotics' position within the intelligent driving industry [2]. - Following the increase, Baillie Gifford's total holdings in Horizon Robotics reached 588.235 million shares, confirming institutional confidence in the company's strategic advantages [2][3]. Group 2: Company Performance and Market Position - Horizon Robotics has established a comprehensive hardware and software stack, with significant client coverage including major automotive companies like BYD and Li Auto [2]. - The company has shipped over 5 million units of its Zhengcheng chip, leading in both Robotaxi and L2+ market share [2]. - With the rollout of urban NOA (Navigation on Autopilot), the proportion of high-margin software licensing revenue is rapidly increasing, indicating a clear path to profitability [2]. Group 3: Future Outlook - As the wave of Chinese intelligent driving technology expands globally, Horizon Robotics is positioned to become a new standard for Tier 1 suppliers due to its engineering capabilities and cost advantages [2]. - Analysts suggest that Baillie Gifford's investment underscores international recognition of Horizon Robotics' technological strength and market position, reinforcing its leadership in the intelligent driving sector [2].

香港联交所最新资料显示，8月14日，Baillie Gifford&Co增持地平线机器人-W(09660)2477.94万股，每 股作价7.5603港元，总金额约为1.87亿港元。增持后最新持股数目约为5.88亿股，最新持股比例为5%。 ...

智通财经APP获悉，香港联交所最新资料显示，8月14日，Baillie Gifford & Co增持地平线机器人- W(09660)2477.94万股，每股作价7.5603港元，总金额约为1.87亿港元。增持后最新持股数目约为5.88亿 股，最新持股比例为5%。 ...

Market Overview - On Monday, the three major US stock indices showed mixed results, while the Hang Seng Index ADR declined, closing at 25,129.61 points, down by 47.24 points or 0.19% compared to the Hong Kong closing [1]. Company Performance - Most large-cap blue-chip stocks experienced declines, with HSBC Holdings closing at HKD 99.979, up by 1.55% compared to the Hong Kong closing; Tencent Holdings closed at HKD 586.613, down by 0.07% [3]. - Notable stock movements include Alibaba W, which closed at HKD 118.600, up by 0.500 or 0.42%; and Xiaomi Group-W, which closed at HKD 53.050, up by 0.200 or 0.38% [4]. - Other significant performers include AIA Group, which closed at HKD 74.600, down by 0.350 or 0.47%; and JD Group-SW, which closed at HKD 124.000, up by 3.200 or 2.65% [4].

相关事件 格隆汇8月15日丨地平线机器人-W(09660.HK)宣布将于2025年8月27日(星期三)举行董事会会议，藉以考 虑及批准(其中包括)集团截至2025年6月30日止六个月的中期业绩公告及其发布，以及考虑派发中期股 息(如有)。 公司的管理层将於北京╱香港时间2025年8月27日(星期三)下午七时正举行业绩电话会议。有意参加电 话会议的参与者请在会议计划开始时间前使用下文提供的链接完成在线登记。于登记后，参与者将收到 连入电话会议的拨号信息及独立辨识码(个人进入码)以及一封载有详细信息的确认邮件。 地平线机器人-W(09660.HK)8月27日举行董事会会议考虑及批准中期业绩 地平线机器人-W(9660.HK)： 规模化量产构建起完整的智能普惠生态 ...

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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 參與者在線直播登記： https://www.netroadshow.com/events/login/LE9zwo4C1sRrAQ2ApIlttQ3X7W2nFFZ32iA Horizon Robotics 地平線* （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：9660） 董事會會議召開日期 地平線（「本公司」，連同其附屬公司，統稱「本集團」）董事會（「董事會」）謹此宣 佈將於2025年8月27日（星期三）舉行董事會會議，藉以考慮及批准（其中包括）本 集團截至2025年6月30日止六個月的中期業績公告及其發佈，以及考慮派發中期 股息（如有）。 本公司的管理層將於北京╱香港時間2025年8月27日（星期三）下午七時正舉行業 績電話會議。有意參加電話會議的參與者請在會議計劃開始時間前使用下文提供 的鏈接完成在線登記。於登記後，參與者將收到連入電話會議的撥號信息及獨立 辨識碼（個人進入碼） ...

Core Viewpoint - Horizon Robotics-W (09660) has seen a stock price increase of over 3% in the afternoon trading session, currently trading at 7.54 HKD with a transaction volume of 2.619 billion HKD, following a strategic partnership announcement with Obsidian Optoelectronics [1] Group 1: Partnership Details - On August 11, Obsidian Optoelectronics signed a cooperation agreement with Horizon Robotics and its subsidiary, Digua Robotics, to collaborate in the field of robotic intelligence [1] - The partnership aims to leverage each company's technological and product strengths to drive innovation and application in the robotics industry [1] Group 2: Strategic Goals - Digua Robotics CEO Wang Cong emphasized that the intelligent upgrade of robots is fundamentally about the synergy of the "perception-decision-execution" chain [1] - The collaboration is intended to enhance the efficiency of "eye-brain coordination" and facilitate smoother technology implementation [1] - The companies aim to accelerate the integration of 3D vision and computing platforms, unlocking significant potential for future applications [1] Group 3: Industry Impact - The partnership is positioned to help China's robotics industry transition from scale leadership to technological leadership [1]

Core Viewpoint - Horizon Robotics-W (09660) has seen a stock price increase of over 3% in the late trading session, currently up 2.44% at HKD 7.54, with a trading volume of HKD 26.19 billion [1] Group 1: Company Collaboration - On August 11, a cooperation agreement was signed between Obit Optical and Horizon Robotics along with its subsidiary, Diguo Robotics, to deepen collaboration in the field of robotic intelligence [1] - The CEO of Diguo Robotics, Wang Cong, emphasized that the intelligent upgrade of robots is fundamentally about the synergy of the "perception-decision-execution" chain [1] - The collaboration aims to enhance the efficiency of "eye-brain coordination" and facilitate smoother technology implementation, showcasing the potential of integrating 3D vision with robotic computing platforms [1] Group 2: Industry Impact - The partnership is expected to accelerate innovation in the integration of 3D vision and computing platforms, enabling more scenarios to achieve "more accurate perception and smarter decision-making" [1] - This strategic collaboration marks a transition from initial exploration in 2022 to a focused partnership, aiming to lead the Chinese robotics industry from scale to technological leadership [1]