Group 1 - The core point of the article highlights Hesai Technology's significant growth in lidar deliveries, with over 1.6 million units delivered in 2025, including approximately 1.4 million ADAS products and over 200,000 robot products [1] - The ATX product, a flagship offering, achieved over 1 million units in its first year of delivery, showcasing strong market demand [1] - Hesai's cumulative lidar delivery has surpassed 2.4 million units, with a projected delivery of 2 million units for 2024, indicating a continuous expansion in delivery scale [1] Group 2 - The company has established partnerships with over 24 global OEMs, securing more than 120 models for mass production, with deliveries planned from 2026 to 2030 [2] - Hesai has secured full model cooperation with the top two ADAS clients for 2026, achieving 100% standardization [2] - The order backlog for the updated ATX product exceeds 4 million units, with orders from several leading global OEMs, set to begin mass production in April 2026 [2]

（文章来源：每日经济新闻） 每经AI快讯，2026年1月1日，禾赛科技公布，禾赛激光雷达2025全年交付量超160万台，其中ADAS产 品全年交付量约140万台。 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The automotive intelligence sector is witnessing significant advancements, particularly in L3 autonomous driving technology, with multiple companies receiving regulatory approvals for their products [15][19]. - The penetration rates for advanced driver-assistance systems (ADAS) and various sensor technologies are on the rise, indicating a growing market for intelligent vehicles [3][2]. - Key companies in the sector, such as Xpeng Motors, Horizon Robotics, and WeRide, are highlighted for their potential growth and investment opportunities [5][3]. Summary by Sections Industry News - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercialization [15]. - Xpeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, while BYD has completed extensive road validation for L3 technology [18][17]. - WeRide's Robotaxi service has expanded to over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. High-Frequency Core Data Updates - By October 2025, the penetration rate of 800 million pixel cameras in passenger vehicles is expected to reach 49.7%, a year-on-year increase of 31% [2]. - The market share of lidar technology in passenger vehicles is projected to rise to 14.3%, with significant contributions from companies like Huawei and Hesai Technology [2]. - The penetration rate of L2 and above intelligent driving functions in passenger vehicles has increased to 33%, reflecting a 19% year-on-year growth [3]. Investment Recommendations - Recommended companies for investment include Xpeng Motors, Leap Motor, and Geely for complete vehicles, while WeRide and Horizon Robotics are suggested for L4 technology [3]. - For components, companies like SUTENG and Hesai Technology are recommended for data acquisition, while Horizon Robotics and Black Sesame Intelligence are highlighted for data processing [3].

汽车纵横全媒体 编者按 汽车行业在稳中求进、以进促稳导向中走过了不凡的2025年。一揽子积极政策，有效提振消费、挖掘增量潜能、增强内生增长动力、净化改善 竞争环境，让企业拥有获得感；行业上下携手"反内卷"，企业勇于破局，在竞合中有喜有忧。干字当头，生态共建，汽车行业整体在守正创 新、立破有序中实现精进式发展。 鉴往知今，驭势前行。《汽车纵横》重磅推出"封面故事"《精进2025——汽车行业10个十大年度盘点》大型专题报道。这是《汽车纵横》连续 第6年重磅推出汽车行业"10个十大"年度盘点。 本专题报道共10篇，分别为"十大年度热点""十大年度新政""十大年度人事变动""十大年度金句""十大年度品牌热点""十大年度融资热点""智能 网联新能源汽车十大年度事件""汽车供应链十大年度热点""中国汽车出海本地化十大年度事件""全球汽车行业十大年度事件"。 稳中求进、提质增效、向新向优成为2025年我国汽车产业发展的主旋律。同时，汽车行业竞合逻辑正在发生深刻转变，拼价值、拼创新、生态 共建成为企业发展的战略抉择。 2025年是"十四五"圆满收官之年。政策全面发力，企业全力以赴，市场不负众望。国内市场新能源汽车销量占比突破 ...

智通财经获悉，周二，禾赛(HSAI.US)涨逾3%，报23.21美元。 消息面上，近日，市调机构Counterpoint Research在报告中称，到2035年，全球高级驾驶辅助系统(ADAS)和自动驾驶(AD)传感器市场预计将达 到610亿美元。该机构预计，摄像头传感器仍将是销量最大的细分市场，到2035年市场规模将达到200亿 美元，这主要得益于其在制动系统、车道保持系统和驾驶员监控系统中的广泛应用。 本文源自：智通财经网 激光雷达和成像雷达预计仍将是价值增长最快的细分市场之一，到2035年，二者合计市场规模预计将达 到280亿美元，因为汽车制造商正在寻求更高分辨率的感知和冗余技术，以用于更高级的自动驾驶功 能。 ...

周二，禾赛(HSAI.US)涨逾3%，报23.21美元。 消息面上，近日，市调机构Counterpoint Research在报告 中称，到2035年，全球高级驾驶辅助系统(ADAS)和自动驾驶(AD)传感器市场预计将达到610亿美元。该 机构预计，摄像头传感器仍将是销量最大的细分市场，到2035年市场规模将达到200亿美元，这主要得 益于其在制动系统、车道保持系统和驾驶员监控系统中的广泛应用。 激光雷达和成像雷达预计仍将是价值增长最快的细分市场之一，到2035年，二者合计市场规模预计将达 到280亿美元，因为汽车制造商正在寻求更高分辨率的感知和冗余技术，以用于更高级的自动驾驶功 能。 ...

激光雷达和成像雷达预计仍将是价值增长最快的细分市场之一，到2035年，二者合计市场规模预计将达 到280亿美元，因为汽车制造商正在寻求更高分辨率的感知和冗余技术，以用于更高级的自动驾驶功 能。 智通财经APP获悉，周二，禾赛(HSAI.US)涨逾3%，报23.21美元。 消息面上，近日，市调机构 Counterpoint Research在报告中称，到2035年，全球高级驾驶辅助系统(ADAS)和自动驾驶(AD)传感器市 场预计将达到610亿美元。该机构预计，摄像头传感器仍将是销量最大的细分市场，到2035年市场规模 将达到200亿美元，这主要得益于其在制动系统、车道保持系统和驾驶员监控系统中的广泛应用。 ...

责任编辑：山上 禾赛(HSAI.US)盘前涨1.06%，报22.82美元。消息面上，近日，禾赛科技宣布与美团无人机达成战略合 作，禾赛第二代纯固态感知定位激光雷达FTX正式获得美团无人机量产定点。华创证券发研报称，禾赛 作为全球激光雷达行业龙头，受益于L2+/L3/L4法规推进，有望持续抢占国内外市场份额，实现规模的 快速扩张。同时机器人激光雷达行业空间广阔，有望成为公司第二增长曲线。 美股频道更多独家策划、专家专栏，免费查阅>> ...

| HSAI 未赛 | | | | --- | --- | --- | | 22.580 4 -0.170 -0.75% | | 收盘价 12/23 16:00 美东 | | 22.820 + 0.240 +1.06% | | 盘前价 12/24 04:27 美东 | | 一 52 24 4 5 8 9 日 | | ● 快捷交易 | | 最高价 22.650 | 开盘价 22.560 | 成交量 139.14万 | | 最低价 21.900 | 昨收价 22.750 | 成交额 3120.08万 | | 平均价 22.424 | 市福率 50.18 | 总市值 35.26亿 (--) | | 振 幅 3.30% | 市盈率(静) 亏损 | 总股本 1.56亿 | | 换手率 1.11% | 市净率 2.802 | 流通值 28.44亿 | | 52周最高 30.850 | 委 比 29.93% | 流通股 1.26亿 | | 52周最低 10.410 | 量 比 0.61 | 色 手 1股 | | 历史景高 30.850 | 股息ITM -- | 换股比率 1.00 | | 历史最低 3.280 | 股息率I ...

Core Insights - Hesai Technology has formed a strategic partnership with Keeta Drone, a sub-brand of Meituan, to enhance the commercialization of the low-altitude economy through the supply of its second-generation solid-state lidar FTX for Keeta Drone's next-generation drones [1][2] Company Developments - Keeta Drone has established itself as a pioneer in low-altitude logistics, operating an integrated air-ground delivery network with 65 delivery drone routes across cities such as Beijing, Shenzhen, Shanghai, Guangzhou, Hong Kong, and Dubai, completing over 740,000 deliveries [3] - The company has launched its fourth-generation long-range drone, the M-Drone 4L, which is the first commercial delivery drone to standardize lidar as a component, enhancing its operational capabilities through multi-modal sensor fusion [4] Technology Advancements - The FTX lidar from Hesai provides advanced 3D perception capabilities, ensuring safe and reliable drone operations in complex urban environments, with features such as an ultra-wide field of view for precise obstacle detection [4][6] - The FTX lidar has achieved a twofold increase in resolution, a 66% reduction in weight, and an optimized form factor compared to its predecessor, which will facilitate easier integration and lower manufacturing costs for delivery drones [6] Future Outlook - Hesai and Keeta Drone plan to collaborate closely to develop a robust, all-weather, high-density urban low-altitude logistics network that supports a variety of real-world delivery scenarios [7]