该行认为长期看仅头部车企会自研芯片，第三方芯片厂商下游市场空间或将超出预期 该行认为各企业从自研智驾算法到自研芯片最终到智驾软硬件生态"全栈自研"的冀望，本质上是在追求 智能化时代下对数据这个底层资产的极致处理效率，外在表现为芯片自主与供应链安全、智驾方案降 本、智驾产品差异性、提升软硬件协同效率等客观原因。对于新势力车企而言，全栈自研意义绝不仅限 于获得卖车时的溢价，而在于获得智能化下半场的门票和主动权，为开辟其他物理AI等新产品提供智 能化底座;而对于绝大部分传统车企而言，由于传统车企车型价格带往往相对较低、在有限的成本预算 内极致的性价比则为第一追求，因此随着行业中低端智驾的技术路径开始大幅收敛，更具备规模优势的 第三方方案或将成为主流。长期来看该行认为仅有头部个别新势力会持续向上追求智驾技术的领先，第 三方供应商的市场空间或将超出市场预期。决定不同等级智驾方案竞争终局核心要素或在于：1)低端智 驾方案或将成为各车型标配且免费，重点在于同质化方案下更低的供应成本;2)中端及少部分高端方案 或是第三方供应商竞争重点，比拼重点或为方案的性价比(不仅是成本、包括供应商的研发支持、响应 速度等);3)高端方案或 ...

Core Viewpoint - Huayuan Securities initiates coverage on Hezhima Intelligent (02533) with a "Buy" rating, projecting revenue growth from 850 million to 2.344 billion yuan from 2025 to 2027, with year-on-year growth rates of 79.23%, 90.12%, and 45.05% respectively [1] Group 1: Market Dynamics and Technology Trends - The year 2025 is anticipated to be a pivotal year for the mid-to-high-end intelligent driving SoC market, driven by the resonance of technology cycles and market demand [1] - The intelligent driving SoC chips are expected to significantly benefit from the growth in autonomous vehicle sales, with the ADAS SoC market projected to reach 49.6 billion yuan in China and 92.5 billion yuan globally by 2028, with compound annual growth rates of 28.6% and 27.5% from 2023 to 2028 respectively [1] Group 2: Competitive Landscape and Strategic Insights - Long-term, only leading automakers are expected to develop their own chips, while third-party chip manufacturers may see market opportunities exceed expectations [2] - The competition in different levels of intelligent driving solutions will be determined by factors such as cost efficiency, supplier support, and the strategic choices made by companies in their self-research paths [2] Group 3: Company Strengths and Growth Potential - Hezhima Intelligent has a robust hardware capability and is forming alliances with algorithm companies to enhance its competitive edge, despite being positioned lower in the SoC competitive ecosystem [3] - The management team is strategically focusing on cross-domain computing chips and robotics, which may become a second growth driver for the company [3] - As of the end of H1 2025, the company had a net cash position of 1.97 billion yuan, providing a solid foundation for ongoing product development and exploration of new business scenarios [3]

Core Points - Black Sesame Technologies (02533) announced the grant of a total of 659,000 share awards to 18 grantees under its post-IPO share scheme on October 21, 2025 [1] Summary by Category Company Actions - The company has issued a total of 659,000 share awards to 18 individuals as part of its incentive plan following its initial public offering [1]

Group 1 - The company, Hezhima (000716), announced the grant of a total of 659,000 stock options to 18 grantees as part of its post-IPO share scheme [1]

Core Viewpoint - Black Sesame Intelligence (02533.HK) announced the grant of a total of 660,000 share options to 18 grantees under its post-IPO share option scheme on October 21, 2025 [1] Company Summary - The company is engaging in a share option scheme as part of its employee incentive program [1] - The total number of share options granted is 660,000, indicating a significant commitment to incentivizing its workforce [1]

Core Viewpoint - Hong Kong stock of Black Sesame Intelligence (2533.HK) rose over 6%, reaching 21.96 HKD [2] Company Summary - Black Sesame Intelligence's stock performance indicates positive market sentiment, with a significant increase in share price [2]

Core Viewpoint - Black Sesame Intelligence (2533.HK) experienced a rise of over 6%, reaching a peak of 21.96 HKD, driven by optimistic market expectations regarding L3 autonomous driving technology and the company's plans to expand into robotics [1] Company Summary - The Chief Marketing Officer of Black Sesame Intelligence, Yang Yuxin, indicated that the market for cross-domain integration is expected to reach a tipping point in the next three to five years, with L3 autonomous driving technology maturing [1] - The company plans to launch a robotics product line, leveraging its accumulated technology and successful experiences from the automotive sector to enter new markets [1] Industry Summary - Recent policy initiatives from seven government departments, including the Ministry of Transport and the National Development and Reform Commission, aim to accelerate innovation in smart products, particularly in the realm of "Artificial Intelligence + Transportation" [1] - The policy recommendations emphasize the rapid development of intelligent driving systems and remote driving cockpits, highlighting a growing focus on smart technology within the transportation industry [1] - Research reports suggest that attention should be directed towards component companies that have established a foothold in the smart technology sector, possessing market, technical, and customer advantages [1]

Core Viewpoint - The announcement details the pledge of shares by the controlling shareholders of Southern Black Sesame Group Co., Ltd., indicating a significant portion of their holdings is pledged, which may raise concerns for investors [2][3]. Summary by Sections Share Pledge Basic Information - The controlling shareholders, Mr. Li Hanrong and Mr. Li Yuqi, have pledged their shares, with the total pledged shares accounting for 74.52% of their holdings [2]. Cumulative Pledge Situation - As of the announcement date, the cumulative number of pledged shares by the controlling shareholders and their concerted actors is 209,083,334 shares, with a corresponding financing balance of 25.48 million [3]. - Within the next six months, 44,000,000 shares are set to mature, representing 15.68% of their total holdings and 5.84% of the company's total share capital, with a financing balance of 6.8 million [3]. - For the next year, 64,500,000 shares will mature, accounting for 22.99% of their total holdings and 8.56% of the company's total share capital, with a financing balance of 11.8 million [3]. Risk Management - The company asserts that the pledge risk is within a controllable range, with no current debt repayment risks or forced liquidation risks for the pledged shares [3]. - The repayment sources for the pledged shares include self-funds and self-raised funds [3]. Impact on Company Operations - The share pledge does not affect the company's production, operations, or governance [4].

Core Points - Black Sesame announced that its shareholders and actual controllers, Mr. Li Hanrong and Mr. Li Yuqi, have pledged a total of 20,500,000 shares of the company [2] Summary by Category Company Actions - The company has received notification regarding the pledge of shares by its shareholders [2] - The total number of shares pledged is 20,500,000 [2] Shareholder Information - The actual controllers involved in the pledge are Mr. Li Hanrong and Mr. Li Yuqi [2]

南方黑芝麻集团股份有限公司 关于公司股东股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 证券代码：000716 证券简称：黑芝麻 公告编号：2025-058 截至本公告披露日，控股股东及其一致行动人质押股份数量（含本次）占其所 持公司股份数量比例已超过 50%但未达到 80%，其他相关情况说明如下： 1、上述股东本次质押融资不是用于满足上市公司生产经营。 特别风险提示： 公司控股股东及其一致行动人质押股份数量（含本次）占其所持公司股份数量 比例为 74.52%，请投资者注意相关风险。 南方黑芝麻集团股份有限公司（以下简称"公司"）近日接到公司股东、实际 控制人李汉荣先生、李玉琦先生的通知，其将所持有公司的股份办理了质押，现将 具体情况公告如下： 股东 名称 是否为控 股股东或 第一大股 东及其一 致行动人 本次质押 数量（股） 占其所 持股份 比例 占公 司总 股本 比例 是否 为限 售股 是否 为补 充质 押 质押 起始 日 质押 到期日 质权 人 质押用 途 李汉荣 是 10,500,000 100% 1.39% 否 否 2025 -10- ...