Group 1 - The "Annual Growth Value Award" recognizes companies with significant growth potential in the capital market, emphasizing the importance of continuous growth for sustainable development [1][2] - The award selection process involves quantitative data analysis and expert review to identify companies that are proactive and committed to expansion [1] - The event highlighted ten companies that received the "Annual Growth Value Award," including 比优集团 (Biyou Group), 地平线机器人-W (Horizon Robotics-W), and others, listed in alphabetical order [1] Group 2 - The "Golden Grid Award" aims to create a valuable reference list of listed companies and unicorns, covering all companies listed on major exchanges such as the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, and others [2] - The initiative reflects a global perspective with a focus on investment opportunities in China [2]

Group 1 - Hong Kong chip stocks are leading in gains, with InnoCare Pharma (02577.HK) and SMIC (00981.HK) both rising over 4% [1] - Other stocks such as Hua Hong Semiconductor (01347.HK), Horizon Robotics (09660.HK), Jingmen Semiconductor (02878.HK), and ZTE Corporation (00763.HK) also experienced upward movement [1]

Core Viewpoint - The report from China Merchants Securities indicates that the high-level autonomous driving sector in China and the U.S. is advancing simultaneously, suggesting that the autonomous driving segment is expected to break out of its recent downturn [1] Group 1: Industry Developments - China's L3 production access has achieved institutional implementation, with a cautious and orderly pace of commercialization [1] - Tesla's Robotaxi testing without safety drivers is progressing, indicating rapid evolution in autonomous driving technology [1] Group 2: Investment Recommendations - The report recommends the following companies for investment: Xpeng Motors-W (09868) and Tesla (TSLA.US) for complete vehicles [1] - For components, the report suggests Horizon Robotics-W (09660) and Hesai Technology-W (02525) [1] - For Robotaxi operations, the recommendation is for Pony.ai-W (02026) [1]

Group 1 - Hong Kong chip stocks saw significant gains, with InnoCare Pharma (02577.HK) and SMIC (00981.HK) both rising over 4% [1] - Other stocks that followed the upward trend include Hua Hong Semiconductor (01347.HK), Horizon Robotics (09660.HK), Jingmen Semiconductor (02878.HK), and ZTE Corporation (00763.HK) [1]

Core Viewpoint - The smart driving sector is experiencing significant growth, with stocks rising sharply due to recent advancements in autonomous driving technology and regulatory approvals [1][3]. Group 1: Stock Performance - Smart driving concept stocks saw substantial gains, with increases of over 9%, 8%, 3%, and 2% in early trading [1]. - Notable stock performances include: - Xiaoma Zhixing-W (02026) at +9.29% with a trading volume of 23.74 million [2]. - Zhejiang Shibao (01057) at +8.25% with a trading volume of 124 million [2]. - FIT HON TENG (06088) at +5.00% with a trading volume of 45.88 million [2]. - SenseTime-W (00020) at +4.79% with a trading volume of 265 million [2]. Group 2: Industry Developments - The Ministry of Industry and Information Technology (MIIT) has issued the first batch of L3-level conditional autonomous driving vehicle licenses, with Changan Deep Blue SL03 and BAIC Arcfox Alpha S6 among the first approved models [3]. - Noteworthy advancements include the issuance of the first L3-level autonomous driving dedicated license plate "渝AD0001Z" in Chongqing, marking the start of the L3 autonomous driving era for Changan Automobile [3]. - Internationally, Tesla has commenced full autonomous Robotaxi testing in Austin, Texas, without safety supervisors or passengers in the vehicle [3]. Group 3: Market Outlook - Dongfang Securities anticipates that with regulatory support and increasing market demand, the industrialization of L3-level autonomous driving is expected to accelerate by 2026, benefiting related hardware and software suppliers [3]. - Changcheng Securities highlights that leading companies are making continuous breakthroughs in smart driving, indicating that the industry is entering a high-speed development phase [3]. - The gradual reduction of high-level autonomous driving technology to vehicles priced between 100,000 to 200,000 will promote equity in smart driving technology, leading to positive investment opportunities in the smart driving supply chain [3].

大和发布研报称，地平线机器人-W(09660)计划自明年起为大众市场车款配备城市领航辅助驾驶 (NOA)，并发布第四代BPU架构;且业务拓展至人形机器人。该行重申予该股"买入"评级，目标价由原先 10.5港元上调至11.8港元;又相信公司已建立良好的产品组合，能进一步拓展中国城市NOA市场。 大和表示，地平线致力于推动智能汽车技术普及化，使城市NOA功能惠及大众市场车辆;预计到2025年 底，中国乘用车L2+、L2++级ADAS渗透率将达到20%，2026年进一步提升至28%，而L3级自动驾驶预 计将从2026年起主要于高端车型中出现。 ...

Core Viewpoint - Daiwa has released a report indicating that Horizon Robotics (09660) plans to equip mass-market vehicles with City Navigation Assistance (NOA) starting next year and has launched its fourth-generation BPU architecture, while also expanding into humanoid robots. The firm maintains a "Buy" rating on the stock, raising the target price from HKD 10.5 to HKD 11.8, believing the company has established a strong product portfolio to further penetrate the Chinese urban NOA market [1] Group 1 - Horizon Robotics is committed to promoting the popularization of smart automotive technology, making urban NOA features accessible to mass-market vehicles [1] - It is expected that by the end of 2025, the penetration rate of L2+ and L2++ level ADAS in China's passenger cars will reach 20%, increasing to 28% in 2026 [1] - L3 level autonomous driving is anticipated to primarily appear in high-end models starting from 2026 [1]

Group 1 - The Ministry of Industry and Information Technology has officially granted conditional approval for the first batch of L3-level autonomous driving vehicles, marking a significant step towards commercial application in China [1] - Two models, from Changan and Arcfox, will be tested in designated areas in Beijing and Chongqing, indicating a shift from technology validation to mass production application in the autonomous vehicle industry [1] - The approval reflects the government's support for innovation and the industry's readiness for a commercial rollout, with L3-level autonomous driving requiring collaboration across multiple sectors including hardware, software, and data services [1] Group 2 - The approval of L3 vehicles was anticipated, as the Ministry of Industry and Information Technology had previously emphasized the importance of advancing intelligent connected vehicle regulations [2] - Major cities are actively promoting L3 autonomous driving, with designated testing roads established in areas like Shanghai and Beijing, indicating a growing infrastructure for autonomous vehicles [2] - Industry experts predict that the demand for intelligent mobility will surge by 2025, driven by policy implementation, technological breakthroughs, and increased market demand [2] Group 3 - Horizon Robotics is a leading player in the advanced driver assistance systems market, providing both chips and algorithms, and has established a strong presence in the domestic market [3] - Black Sesame Intelligence has developed high-performance computing solutions for autonomous driving and has partnered with major automotive OEMs, enhancing its product offerings [4] - RoboSense has achieved significant market leadership in the global automotive lidar market, indicating strong competitive positioning in the autonomous driving technology sector [4] Group 4 - Youjia Innovation has successfully secured contracts in the intelligent driving sector and is investing in both mid-to-high level assistance and L4 autonomous driving solutions, showcasing its growth potential [5]

与此同时，以主机厂为代表的汽车产业链开始"摩拳擦掌"。目前已公布L3规模上车、内部测试进展的主 机厂还包括广汽、华为、长安汽车、智己、岚图、小鹏汽车、一汽-大众等。 在长安汽车相关研发负责人看来，2025年作为智驾普惠化关键节点，用户对智能出行需求全面爆 发。"随着政策深入落地、技术突破周期缩短、市场需求大幅提升三重驱动下，预计城区L3、L4将分别 于明年和2030年落地。" 国海证券称，随着组合辅助驾驶功能进入规范化发展新阶段，相关政策标准正稳步推进落地进程， 2025-2027年将形成清晰的"标准制定-过渡实施-全面生效"三阶段路径，这一进程将为L3级自动驾驶准入 奠定制度基础，该机构判断L3正式准入节点有望在2026年后到来，当前正处于产业链布局关键窗口 期。从投资视角来看，当前应重点关注两大方向： 智通财经APP获悉，12月15日，工业和信息化部正式公布我国首批L3级有条件自动驾驶车型准入许可， 两款分别适配城市拥堵、高速路段的车型将在北京、重庆指定区域开展上路试点，标志着我国L3级自 动驾驶从测试阶段迈入商业化应用的关键一步。 "工业和信息化部正式附条件许可了长安牌和极狐牌两款L3自动驾驶车型产品， ...

地平线机器人-W(09660.HK)发布公告，于2025年12月12日，公司与借款人(余凯博士，公司的创始人、 执行董事、董事会主席、首席执行官及控股股东)订立贷款协议，据此，公司同意向借款人提供本金额 为人民币6402.64万元的贷款。 本文源自：金融界AI电报 ...