Group 1 - The Hong Kong stock market has experienced a strong upward trend since the beginning of 2025, with the Hang Seng Index rising over 30% and trading volume significantly increasing [2] - A wave of equity placements has emerged alongside the market rally, with many listed companies announcing fundraising plans, including large-scale offerings exceeding 10 billion HKD [2] - In the first eight months of this year, the total refinancing amount in the Hong Kong stock market surpassed 230 billion HKD, representing a year-on-year increase of over 2.5 times, exceeding the IPO fundraising amount by nearly 100 billion HKD [2] Group 2 - Horizon Robotics announced a placement and subscription agreement to raise approximately 63.39 billion HKD by selling 639 million existing shares at a price of 9.99 HKD per share, a discount of about 5.75% from the previous closing price [3][5] - Following the announcement, Horizon Robotics' stock price fell by 8.49% on September 26, with a trading volume of 11.9 billion HKD, marking the largest single-day trading volume since its listing [5] Group 3 - This is not the first fundraising for Horizon Robotics this year; in June, the company raised approximately 46.74 billion HKD through a similar placement, selling 681 million shares at a price of 6.93 HKD per share, a discount of about 6.85% [7] - Overall, Horizon Robotics has raised over 110 billion HKD through two placements this year [9] Group 4 - The technology sector has seen significant placement fundraising, with over 284 billion HKD raised by Hong Kong-listed companies through placements by September 26, far exceeding the total for the entire year of 2024 [11] - The pharmaceutical and biotechnology sectors have seen over 50 placement cases this year, while real estate and software services have also seen significant activity [12] Group 5 - Many technology companies are in a rapid growth phase, requiring substantial investment for research and market capture, which has led to increased reliance on external financing [13] - Despite the strong stock performance, many of these companies, including Horizon Robotics, are facing significant losses, with adjusted net losses expanding in 2024 and the first half of 2025 [15] Group 6 - The long-term potential of the intelligent driving and robotics sectors is promising, supported by policy backing, technological breakthroughs, and ongoing capital investment [17] - The Hong Kong Stock Exchange is adapting to reflect new market dynamics, with the upcoming 12th Hong Kong Stock 100 ranking set to highlight emerging forces in the technology sector [17][18]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 10.541 billion HKD on September 26, 2023, indicating strong investor interest in specific stocks, particularly Alibaba, Horizon Robotics, and Tencent [1][5]. Group 1: Northbound Trading Activity - Northbound trading saw a net buy of 10.541 billion HKD, with 7.366 billion HKD from the Shanghai Stock Connect and 3.174 billion HKD from the Shenzhen Stock Connect [1]. - The most net bought stocks included Alibaba-W (09988), Horizon Robotics-W (09660), and Tencent (00700) [1][5]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a net buy of 57.20 billion HKD, with a total trading volume of 110.62 billion HKD, resulting in a net inflow of 3.77 billion HKD [2]. - Horizon Robotics-W (09660) received a net buy of 8.63 billion HKD, with plans to use the proceeds from a share placement to expand its overseas market and support advanced driver-assistance solutions [5]. - Tencent (00700) attracted a net buy of 7.92 billion HKD, supported by its global digital ecosystem conference focusing on AI and internationalization [6]. - Xiaomi Group-W (01810) saw a net buy of 6.05 billion HKD, despite a stock price drop following a product launch event [6]. Group 3: Market Trends and Insights - The cumulative net buy for Alibaba in the month exceeded 68.5 billion HKD, reflecting strong confidence in its future capital expenditure plans and AI-related growth [5]. - Semiconductor stocks like SMIC (00981) and Hua Hong Semiconductor (01347) faced net sells of 1.45 billion HKD and 2.12 billion HKD, respectively, due to regulatory pressures from the U.S. government [7]. - The third-party AI-driven drug development service provider, Crystal Tech Holdings (02228), received a net buy of 1.9 billion HKD, indicating a growing interest in independent platforms in the biotech sector [7].

Core Insights - The Hong Kong stock market saw a net inflow of 10.541 billion HKD from Northbound trading on September 26, with the Shanghai Stock Connect contributing 7.366 billion HKD and the Shenzhen Stock Connect contributing 3.174 billion HKD [1] Group 1: Stock Performance - Alibaba-W (09988) received the highest net inflow of 5.720 billion HKD, with total trading volume of 11.062 billion HKD, reflecting a net increase of 3.77 billion HKD [2] - Horizon Robotics-W (09660) attracted a net inflow of 8.63 billion HKD, with plans to use proceeds from a share placement to expand overseas market operations and invest in emerging fields [5] - Tencent (00700) saw a net inflow of 7.92 billion HKD, supported by its global digital ecosystem conference focusing on AI and internationalization [5] - Xiaomi Group-W (01810) recorded a net inflow of 6.05 billion HKD, despite a stock price drop following a product launch event [5] Group 2: Market Trends - Northbound trading has shown a strong interest in technology and AI-related stocks, with significant inflows into companies like Alibaba and Horizon Robotics, indicating a growing demand for digital transformation and AI solutions [4][5] - The semiconductor sector faced selling pressure, with SMIC (00981) and Hua Hong Semiconductor (01347) experiencing net outflows of 1.45 billion HKD and 2.12 billion HKD respectively, amid concerns over U.S. government regulations on semiconductor production [6]

Core Viewpoint - Horizon Robotics plans to raise approximately HKD 63.39 billion through a share placement at HKD 9.99 per share, which represents a discount of about 5.75% [1][2] Group 1: Fundraising and Use of Proceeds - The share placement will account for approximately 4.6% of the company's existing issued share capital and about 1.9% of the voting rights at the shareholders' meeting [1] - The net proceeds from the placement will be used to expand overseas market operations, support the scaling of advanced driver assistance solutions, and invest in emerging fields such as Robotaxi-related initiatives [2] Group 2: Market Performance and Financials - On the secondary market, Horizon Robotics opened down over 5% on September 26, and by the time of reporting, the stock had dropped over 6% to HKD 9.92 per share [5] - The company reported a revenue of approximately CNY 15.67 billion for the first half of the year, marking a year-on-year increase of 67.6%, while losses widened from CNY 50.98 billion to CNY 52.33 billion [8] - The increase in sales costs and R&D expenses has been identified as the primary reason for the widening losses [8] Group 3: Customer Base and Market Position - Horizon Robotics is a leading supplier of intelligent driving assistance solutions for passenger vehicles, with significant revenue contributions from its top five customers, which accounted for 52.48% of total revenue in the first half of the year [8] - The revenue from the top five customers has shown a trend of increasing diversification, with the largest customer contributing 19.7% of total revenue [8]

智通财经APP获悉，财通证券发布研报称，预计地平线机器人-W(09660)2025-2027年营业收入同比各增 53%、70%和54%，分别为36亿元、62亿元和96亿元，当前股价对应2025~2027年PS分别为 36X/21X/14X。综合考虑公司在国产智能驾驶芯片领域的龙头地位及稀缺性，维持"增持"评级。 该行测算智能驾驶芯片SoC 2025~2030年市场规模CAGR达29%。从量来看，智能驾驶渗透率提升的底 层逻辑是技术平权。2024年中国乘用车销量约2300万辆，智驾渗透率55%(约1250万辆)，主要由 ADAS(L1/L2，约1000万辆)构成。基于盖世数据该行预测，2030年智能化渗透率近100%，其中AD渗透 率达96%(约2300万辆)。价格维度，当前智驾芯片定价与算力呈现显著正相关，主流高阶方案双 OrinX(508TOPS)算力已难支撑端到端+VLA模型部署，小鹏于6M2025CVPR的演讲验证了在自动驾驶 VLA模型的scaling持续生效，并提出本地部署VLA+VLM模型需有效算力大于2000TOPS，印证行业亟 需高算力芯片。该行认为大算力方案占比将逐步提升，从而支撑整体ASP ...

财通证券（601108）发布研报称，预计地平线机器人-W(09660)2025-2027年营业收入同比各增53%、 70%和54%，分别为36亿元、62亿元和96亿元，当前股价对应2025~2027年PS分别为36X/21X/14X。综 合考虑公司在国产智能驾驶芯片领域的龙头地位及稀缺性，维持"增持"评级。 报告中称，芯片行业格局多呈现寡头化，能够长期存活并实现良性发展的厂商或不超过2–3家。复盘手 机芯片行业演进和梳理竞对后的结论：1)整车厂自研：理想、小鹏、小米等均有可能自研成功。2)第三 方：核心竞争将收敛至与英伟达的对垒，其他厂商均有一定短板。公司和英伟达的竞争主要是技术范式 的不同，ASIC区别于GPU，针对特定任务定制，只保留最必要的数据通路和计算单元，算力利用率 高，具体体现在低成本。且考虑供应链安全，公司是智驾芯片算力国产化的首要受益标的。 该行测算智能驾驶芯片SoC2025~2030年市场规模CAGR达29%。从量来看，智能驾驶渗透率提升的底层 逻辑是技术平权。2024年中国乘用车销量约2300万辆，智驾渗透率55%(约1250万辆)，主要由 ADAS(L1/L2，约1000万辆)构成。基于 ...

Core Viewpoint - The Hong Kong stock market is experiencing a downward trend, with the Hang Seng Index and Hang Seng Tech Index both opening lower, indicating a bearish sentiment in the market [1][6]. Company Summary - The company plans to issue shares at HKD 9.99 each, representing a discount of approximately 5.75%, aiming to raise a net amount of about HKD 6.339 billion. The new shares will account for approximately 4.6% of the existing issued share capital and about 1.9% of the voting rights at the shareholders' meeting. The proceeds will be used to expand overseas market operations, support the scaling of advanced driver assistance solutions, and invest in emerging fields such as Robotaxi-related initiatives [2]. - Horizon Robotics is showing rapid revenue growth year-on-year for the first half of 2025, despite strategic losses. The company's automotive product solutions are experiencing both volume and price increases, with high-level intelligent driving (HSD) production imminent and initial success in overseas expansion. The average selling price (ASP) of automotive product solutions is expected to rise, and new products are anticipated to drive an increase in the number of licensing and service contracts. Significant growth in overseas licensing and service contracts is expected by 2026 [4]. - Horizon Robotics opened over 5% lower following the announcement of its plan to raise over HKD 6.3 billion through share placement [6]. Industry Summary - CITIC Securities has released a report indicating that the advantages of the Hong Kong stock market are becoming more apparent, with increasing attention from both domestic and foreign capital. The overall market is entering a bullish phase. Although there may be short-term fluctuations due to technical adjustments, the market is expected to experience a slow bull trend in the medium to long term, supported by improved liquidity, valuation recovery potential, and corporate profit rebounds [5].

Core Viewpoint - Horizon Robotics-W (09660) announced a placement and subscription agreement, with existing shareholders agreeing to sell shares at a price of HKD 9.99 per share, representing a discount of approximately 5.75% from the last closing price of HKD 10.60 [1] Group 1 - The company plans to raise an estimated net amount of approximately HKD 6.339 billion to optimize its capital structure and support healthy and sustainable development [1]

Core Viewpoint - Horizon Robotics-W (09660) has announced a placement and subscription agreement aimed at optimizing its capital structure and supporting sustainable development, with a net estimated proceeds of approximately HKD 6.339 billion [1] Group 1: Placement and Subscription Agreement - The company and existing shareholders have entered into an agreement where existing shareholders agree to sell shares at a placement price of HKD 9.99 per share [1] - The placement price represents a discount of approximately 5.75% compared to the last closing price of HKD 10.60 per share on the Stock Exchange [1] - Existing shareholders conditionally agree to subscribe for shares at the same placement price of HKD 9.99 per share [1] Group 2: Use of Proceeds - The estimated net proceeds of approximately HKD 6.339 billion will be used to optimize the company's capital structure [1] - The funds are intended to support the company's health and sustainable development initiatives [1]

不得在美國分發 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並非在美國或任何其他司法權區出售或收購證券的邀請或要約或招攬購買證 券的要約，未根據任何該等司法權區的證券法登記或獲批准而於上述司法權區進行的相關邀 請、要約、收購、招攬或出售均屬違法。 本公告及其內容並非任何合約或承諾的根據。本公告及其任何副本不得帶入美國或在美國傳 閱。本公告所述證券並無亦不會根據1933年美國證券法（經修訂）或向美國任何州或其他司法權 區的任何證券監管機構登記，且不會在美國提呈發售或出售，惟獲得1933年美國證券法（經修 訂）及相關州或地方證券法登記規定的適用豁免，或屬不受1933年美國證券法（經修訂）及相關 州或地方證券法登記規定約束的交易則除外。於美國公開發售的任何證券將以招股章程形式進 行，有關招股章程可向本公司索取，並將載有關於本公司及管理層的詳細資料以及財務報表。 本公司不會在美國公開發售證券。 Horizon Robotics 地平線* （ ...