Core Viewpoint - Horizon Robotics-W (09660) saw a stock increase of over 6%, reaching HKD 8.76 with a trading volume of HKD 830 million, following the announcement of the 2025 Chery Global Innovation Conference where the star product, the ET5 equipped with Horizon's HSD and Journey 6P, was showcased for its advanced driver assistance features [1] Group 1: Company Developments - The 2025 Chery Global Innovation Conference, themed "Innovation. Leading the World," is taking place from October 18 to 21, highlighting Horizon Robotics' contributions to the automotive industry [1] - The ET5 model, featuring Horizon's HSD, offers a superior driver assistance experience due to its software-hardware synergy, significantly enhancing safety, efficiency, and comfort [1] - Horizon's HSD has already been selected by multiple automakers for over 10 vehicle models, with a target of achieving mass production of 10 million units in the next 3-5 years [1] Group 2: Industry Trends - Morgan Stanley notes that the acceleration of global autonomous driving is initiating a positive adoption cycle, with China aligning with this trend [1] - Global automakers are increasingly collaborating with local technology firms to expedite their autonomous driving strategies [1]

Core Viewpoint - Horizon Robotics-W (09660) experienced a rise of over 6%, currently trading at 8.76 HKD with a transaction volume of 830 million HKD, driven by the announcement of the 2025 Chery Global Innovation Conference showcasing the first public experience of the Xpeng ET5's advanced driving features powered by Horizon's HSD technology [1][1][1] Group 1: Company Developments - The 2025 Chery Global Innovation Conference, themed "Innovation · Leading the World," is taking place from October 18 to 21, highlighting the launch of the Xpeng ET5 equipped with Horizon's HSD and Journey® 6P for advanced driving capabilities [1][1][1] - The Xpeng ET5's advanced driving experience is attributed to the synergistic advantages of Horizon's HSD system, which utilizes a flagship Journey 6P base and a leading technology architecture that enhances safety, efficiency, and comfort in driving [1][1][1] Group 2: Industry Trends - Horizon's HSD has been selected by multiple automakers, with over 10 models currently in development, and the company aims for mass production of 10 million units within the next 3-5 years [1][1][1] - Morgan Stanley notes that the acceleration of global autonomous driving is initiating a positive adoption cycle, with Chinese manufacturers increasingly collaborating with local technology firms to expedite their autonomous driving strategies [1][1][1]

Core Viewpoint - The report from Dongwu Securities indicates that the market will refocus on investment opportunities in intelligence during Q4, with a preference for Hong Kong stocks over A-shares, software over hardware, and B-end over C-end investments [1] Group 1: Market Trends - Since the AI market began in 2023, each subsequent phase has seen a spread towards intelligence applications, which are viewed as significant applications of AI in the physical world, with expectations for over-performance in the next 3-5 years [1] - The report highlights that Q4 will see continuous catalysts for intelligence, including the release of Tesla's V14 version, Xiaopeng's technology day in October, and the introduction of new autonomous vehicles by various companies [1] Group 2: Comparison of Q4 Trends - The similarities between this year's Q4 and last year's Q4 lie in the diffusion of AI, but the differences are notable: last year's focus was on the resonance between automotive logic and AI logic, while this year emphasizes the evolution of AI logic [2] - The report suggests that all players have improved their capabilities over the past year, particularly the first-tier players moving towards L4 capabilities, indicating stronger industry realization [2] - This year is expected to focus more on software opportunities and breakthroughs in the B-end market, contrasting with last year's emphasis on hardware opportunities and C-end sales [2]

Group 1 - The core viewpoint of the report is that the market will refocus on intelligent investment opportunities in Q4, with a preference for Hong Kong stocks over A-shares, software over hardware, and B-end over C-end [1] - The report highlights that since the AI market began in 2023, each subsequent phase has seen a spread towards intelligence, which is viewed as a significant application of AI in the physical world, with expectations for over-performance in the next 3-5 years [1] - The report identifies key catalysts for intelligent development in Q4, including the release of Tesla's V14 version, Xiaopeng's technology day in October, and the introduction of new autonomous vehicles by various companies [1] Group 2 - The report notes similarities between Q4 this year and last year in terms of AI diffusion, but emphasizes a shift in focus from automotive and AI logic resonance to the evolution of AI logic this year [2] - It points out that all players have improved their capabilities over the past year, particularly the first-tier players moving towards L4, indicating stronger industry realization [2] - The report suggests a shift in focus from hardware opportunities and C-end sales last year to software opportunities and breakthroughs in the B-end this year [2]

Core Viewpoint - The Hong Kong stock market experienced a significant decline in technology stocks, with the Hang Seng Technology Index dropping over 2% [1] Group 1: Market Performance - BYD Electronics fell by over 5%, while other notable declines included ASMPT, JD Health, SMIC, SenseTime-W, Kingdee International, Baidu, which all dropped over 3% [1] - Other companies such as Sunny Optical, Kingsoft, Huahong Semiconductor, Alibaba Health, Tencent Music, Alibaba, and Meituan saw declines exceeding 2% [1] Group 2: Stock Performance Data - BYD Electronics: -5.50% YTD change, market cap of 87.469 billion [2] - Horizon Robotics-W: -4.57% YTD change, market cap of 122.49 billion [2] - ASMPT: -3.74% YTD change, market cap of 26.6656 billion [2] - JD Health: -3.66% YTD change, market cap of 198.171 billion [2] - SMIC: -3.59% YTD change, market cap of 570.005 billion [2] - SenseTime-W: -3.21% YTD change, market cap of 93.204 billion [2] - Kingdee International: -3.46% YTD change, market cap of 52.461 billion [2] - Sunny Optical: -2.74% YTD change, market cap of 85.559 billion [2] - Kingsoft: -2.71% YTD change, market cap of 45.206 billion [2] - Huahong Semiconductor: -2.27% YTD change, market cap of 138.142 billion [2] - Alibaba Health: -2.27% YTD change, market cap of 97.232 billion [2] - Tencent Music-SW: -2.25% YTD change, market cap of 269.509 billion [2] - Alibaba-W: -2.23% YTD change, market cap of 3,010 billion [2] - Meituan-W: -2.23% YTD change, market cap of 590.049 billion [2]

Core Insights - The SOC (System on Chip) industry is experiencing significant growth due to its high integration, low power consumption, and enhanced performance, with the market size in China projected to increase from 221 billion yuan in 2020 to 341.2 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 11.5% [1][9]. SOC Chip Industry Overview - SOC chips integrate all components required for an electronic system into a single chip, including CPU, GPU, memory, and power management units, allowing for a complete microcomputer system [3]. - The applications of SOC chips span across various sectors, including consumer electronics, automotive electronics, IoT, and AI [3]. SOC Chip Industry Chain - The SOC chip industry chain consists of three segments: upstream (chip IP cores, EDA software, semiconductor materials), midstream (chip design, wafer manufacturing, packaging), and downstream (applications in consumer electronics, automotive electronics, IoT, and AI) [5]. SOC Chip Industry Competitive Landscape - The global SOC chip market is highly competitive, with major players like Tesla, NVIDIA, and Qualcomm leading in technology and market share. Domestic companies such as Unisoc, Horizon Robotics, and Huawei HiSilicon are also emerging as significant competitors [9]. SOC Chip Industry Development Trends - Continuous technological innovation is expected to enhance SOC chip performance, with increased R&D investments aimed at achieving higher computing power and lower power consumption [11]. - The trend of domestic substitution is strengthening, with local manufacturers gradually replacing foreign companies in the market, particularly in the smart cockpit SOC chip sector [12]. - The industry has substantial growth potential driven by global digital transformation, 5G proliferation, AI applications, and the rise of IoT devices [14].

Core Points - Horizon Robotics-W (09660) announced the grant of approximately 11.0994 million B-class ordinary shares to 133 grantees under its post-IPO share incentive plan, which will become effective upon acceptance by the grantees [1] Summary by Category - **Company Announcement** - The company has issued a total of 11.0994 million B-class ordinary shares as part of its share incentive plan [1] - The shares will be granted to 133 individuals, pending their acceptance [1] - **Incentive Plan Details** - The share incentive plan was established following the company's initial public offering [1] - The plan aims to motivate and retain key personnel within the company [1]

Core Viewpoint - Horizon Robotics-W (09660) announced the grant of approximately 11.0994 million B-class ordinary shares as part of its stock incentive plan to 133 grantees, pending acceptance by the grantees [1] Group 1 - The company has issued a total of 11.0994 million shares under the stock incentive plan [1] - The grants are directed towards 133 individuals who are designated as grantees [1] - The shares will only become effective upon acceptance by the grantees [1]

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。 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） 根據首次公開發售後股份激勵計劃授出獎勵 本公告乃本公司根據上市規則第17.06A、17.06B及17.06C條作出。董事會宣佈， 於2025年10月15日，本公司已根據首次公開發售後股份激勵計劃的條款向133名 承授人授出相當於11,099,400股相關B類普通股的獎勵，待承授人接納後方可作 實。 授出獎勵詳情 就獎勵項下股份 應付購買價： 接納授出時應付的對價： 於接納獲授的獎勵時，各承授人將支付1.00港元 獎勵的歸屬期： 授予承授人的獎勵的總歸屬期（即授出日期至最後歸屬 日期的期間）介乎約45個月至48個月，其中獎勵可分 批歸屬。 第一批授予僱員承授人的獎勵可於授出日期起12個月 內歸屬，總歸屬期超過12個月；第一批授予服務提供 商承授人的獎勵可於授出日期的第一個週年歸屬。 1 零 ...

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating which companies saw the largest increases and decreases in ownership percentages over recent trading days [1][2]. Summary by Category Recent Changes in Holdings - Xinyi Energy (03868) saw an increase of 0.07% in its Hong Kong Stock Connect holding percentage, bringing the total to 12.98% [2]. - The Yingfu Fund (02800) increased by 0.05%, now at 2.10% [2]. - Haier Smart Home (06690) increased by 0.02%, with a current holding of 16.62% [2]. - Horizon Robotics-W (09660) experienced the largest decrease, with a drop of 0.82%, now at 14.69% [2]. - Southern Hang Seng Technology (03033) decreased by 0.63%, now at 59.30% [2]. - WuXi AppTec (02359) saw a decrease of 0.56%, with a current holding of 15.03% [2]. Five-Day Changes - The largest increase over the last five trading days was for Da Zhong Public Utilities (01635), which rose by 3.98% to 67.37% [3]. - Zhong Chuang Innovation (03931) increased by 1.40%, now at 17.08% [3]. - Zhaoyan New Drug (06127) rose by 1.08%, with a holding of 50.59% [3]. - The largest decrease was for Southern Hang Seng Technology (03033), which fell by 2.01% to 59.30% [3]. - Haotian International Construction (01341) decreased by 1.58%, now at 58.50% [3]. Twenty-Day Changes - Da Zhong Public Utilities (01635) had the most significant increase over the past twenty days, rising by 34.46% to 67.37% [4]. - Canggang Railway (02169) increased by 31.45%, now at 43.11% [4]. - Shanga Holdings (00412) rose by 13.53%, with a current holding of 15.00% [4].