全球激光雷达行业领导者禾赛科技近日成功入选摩根士丹利重磅发布的"Humanoid Tech 25（人形机器 人科技 25 强）"榜单。该榜单聚焦全球最具影响力的 25 家机器人及相关技术企业，禾赛凭借为机器人 在真实物理世界中规模化落地提供关键三维感知能力而获得高度认可，成为全球唯一入选的激光雷达公 司。与禾赛一同入选的还包括英伟达、超威半导体、索尼、三星、安森美、地平线机器人以及百度等多 家全球科技与机器人领域的标杆企业，充分彰显了禾赛在全球机器人产业链中的重要地位。（禾塞科 技） ...

Hesai Positioned to Lead the Robotics Lidar Industry PALO ALTO, Calif., Dec. 15, 2025 /PRNewswire/ -- Hesai Technology (NASDAQ: HSAI; HKEX: 2525), a global leader in lidar solutions, has been named to Morgan Stanley's "Humanoid Tech 25", an exclusive list of the world's 25 most influential robotics companies. Hesai is the only lidar company included on the shortlist, recognized for delivering critical 3D perception capabilities that enable real-world robotics applications. Other companies featured on the Hu ...

Summary of the Conference Call Industry Overview - **Industry**: Automotive Industry - **Date**: December 5, 2025 - **Rating**: Leading - **2026 Outlook**: New driving forces through cycles - smart driving commercial use, energy storage resonance, and mass production of robots [1] Key Points Automotive Market Trends - **Passenger Vehicles**: - After stimulus, the market is entering a high-level consolidation phase. - Expected retail sales for 2026 are projected to increase by 0.3% year-on-year to 24.45 million units, with a penetration rate of new energy vehicles (NEV) exceeding 60% [5][19]. - Growth is driven by product iterations and cost advantages from domestic brands in hybrid and pure electric technologies [5][20]. - **Exports**: - Total overseas sales are expected to reach 7.5-8 million units in 2026, with a shift towards localized manufacturing to address trade uncertainties [5][10]. - In the first ten months of 2025, cumulative exports reached 6.51 million units, a year-on-year increase of 23.3%, with NEVs accounting for nearly 40% of exports [10][36]. Heavy-Duty Trucks - **Market Growth**: - Anticipated sales for heavy-duty trucks in 2026 are around 1.1 million units, a 5% increase year-on-year, with better performance expected in the second half of the year [5][10]. - The market is benefiting from policy incentives and accelerated penetration of new energy vehicles [5][10]. Smart Driving - **L3 Commercialization**: - 2026 is expected to be the year of large-scale commercialization for L3 autonomous driving, with several manufacturers accelerating development [9][11]. - The penetration rate for L2 and above smart driving systems reached 87% in the first eight months of 2025 [9]. Robotics - **Market Development**: - The robotics sector is transitioning from "technological breakthroughs" to "commercial realization," with significant advancements expected in 2026 [13][14]. - The sector is entering a consolidation phase, focusing on actual delivery capabilities and performance realization [14]. Lithium Battery Sector - **Demand Growth**: - Global lithium battery demand is projected to grow by approximately 22% in 2026, with energy storage demand expected to grow faster than power batteries [15][16]. - The industry is experiencing a recovery in profitability, but caution is advised regarding the price of lithium carbonate and supply chain uncertainties [16][17]. Investment Recommendations - **Short-term (H1 2026)**: - Market adjustments may occur post-policy withdrawal, but structural opportunities will emerge, particularly in high-level smart driving [11]. - **Mid-term (H2 2026)**: - The entry of L3 into mass production will drive product iterations and new purchasing momentum [11]. - **Long-term (2027 and beyond)**: - Focus on the sustainability of embodied intelligence and the Robotaxi/AI ecosystem [11]. Additional Insights - **Market Dynamics**: - The automotive market is shifting from a growth-driven model to one focused on replacement demand, with significant implications for market structure and competition [19][20]. - **Technological Advancements**: - The integration of advanced technologies in vehicles is reshaping consumer preferences and driving demand for new energy vehicles [27][29]. This summary encapsulates the key insights and projections from the conference call, highlighting the automotive industry's evolving landscape and investment opportunities.

该公司公布的数据显示，目前激光雷达在中国新能源乘用车中的渗透率已达25%。禾赛已获得全球24家 主机厂超过120款车型的量产定点，计划在2026至2030年间交付。其中，ATX焕新版在手订单规模已超 过400万台，预计2026年4月开始量产交付。 在机器人领域，禾赛的激光雷达产品已被应用于割草机器人、智能伴随机器人及3D空间扫描设备。今 年11月，禾赛成为全球首家累计交付量突破200万台的激光雷达制造商。 凤凰网科技讯12月12日，禾赛科技官方宣布，将于2026年1月6日至9日参加在美国拉斯维加斯举办的国 际消费电子展(CES2026)。这将是该公司连续第八次参展。 据悉，禾赛将在展会上展示搭载新一代费米C500芯片的ATX激光雷达焕新版、面向L3级别的ET系列远 距激光雷达与FT系列短距补盲激光雷达，以及应用于机器人领域的JT系列迷你型3D激光雷达等产品。 ...

Core Insights - Morgan Stanley predicts that 25 humanoid robot companies will dominate the industry, with 7 Chinese companies listed [2][3] - The Chinese companies include Baidu, Alibaba, Horizon Robotics, Junsheng Electronics, iFlytek, Desay SV, and Hesai Technology, focusing on various sectors such as AI, automotive, and electronic manufacturing [3][4] - The report emphasizes the importance of component and module suppliers over traditional humanoid robot manufacturers, highlighting the critical role of companies providing AI chips, visual sensors, precision actuators, and power management chips [3][4] Company and Industry Summary - The 7 Chinese companies identified are significant players in their respective fields, with a focus on AI, automotive intelligence, language recognition, and electronic manufacturing [3] - The absence of companies like Yushun and Zhiyuan in the report raised questions about its professionalism, but Morgan Stanley justified this by focusing on the foundational components essential for the humanoid robot industry [4] - The Chinese market has seen the emergence of nearly 150 humanoid robot startups, indicating a growing interest and investment in this sector, regardless of potential market bubbles [4]

Core Viewpoint - The article discusses a proposal by U.S. lawmakers to phase out Chinese-made sensors, particularly LiDAR technology, used in autonomous vehicles and critical infrastructure due to national security concerns, highlighting the dominance of Chinese companies in this market [1][2][3]. Group 1: Legislative Actions - U.S. Congressman Raja Krishnamoorthi introduced a bill to gradually eliminate the use of Chinese LiDAR sensors, with a ban on new purchases starting in three years, while allowing exemptions for scientific and cybersecurity research [2][3]. - The bill includes a five-year transition period for existing equipment used in critical infrastructure [2]. Group 2: Market Dominance - Chinese companies dominate the LiDAR market, holding 93% of the passenger vehicle market share and 89% of the overall LiDAR market, according to Yole Group [2][3]. - The report identifies four major Chinese LiDAR manufacturers—Hesai Technology, RoboSense, Huawei, and TuSimple—collectively referred to as the "Big Four," which control 88% of the market [3][6]. Group 3: National Security Concerns - National security organizations warn that Chinese LiDAR could pose hacking risks during conflicts, potentially disabling large areas of the U.S. infrastructure within seconds [3][9]. - The U.S. Department of Defense has listed major Chinese LiDAR manufacturers as entities that assist the Chinese military, indicating a strong governmental stance against these companies [3][8]. Group 4: Ongoing Investigations - In November 2023, a group of 20 U.S. lawmakers urged the Biden administration to investigate all Chinese LiDAR companies for potential sanctions [6]. - The Department of Defense updated its list of Chinese military-related companies, including Hesai Technology, further intensifying scrutiny on these firms [7][8].

Group 1 - The U.S. House of Representatives is targeting Chinese lidar sensors used in autonomous vehicles and critical infrastructure, proposing a bill to phase them out due to security concerns [1][3] - The bill mandates a ban on new procurement of Chinese lidar sensors after three years, with exemptions for research and cybersecurity, and a five-year transition period for existing equipment [1][3] - Chinese companies dominate the lidar market, holding 93% of the global passenger vehicle lidar market and 89% of the overall lidar market, according to Yole Group [1] Group 2 - The proposal is driven by fears that Chinese lidar technology could be exploited in conflicts, potentially leading to widespread system failures in the U.S. [3][4] - The U.S. Department of Defense has listed Hesai Technology, a major lidar manufacturer, on its military-related entity list, although the company denies any military sales [4] - The narrative of a "Chinese threat" has become a reflexive discourse in the West, reflecting an imbalance in the technological competition mindset [4][5]

Core Viewpoint - A U.S. lawmaker has proposed phasing out Chinese-made sensors used in autonomous vehicles and critical infrastructure due to concerns over potential hacking risks during conflicts, which could disable systems rapidly [2][3]. Group 1: Legislative Proposal - The proposed legislation aims to gradually eliminate Chinese-made lidar sensors, which are essential for autonomous vehicles to perceive their environment in 3D [2]. - The bill will prohibit the purchase of new Chinese lidar sensors three years after its enactment, with exemptions for scientific and cybersecurity research [2]. - Existing equipment in critical infrastructure will have a five-year transition period before being phased out [2]. Group 2: Market Dynamics - Despite efforts from U.S. companies like Ouster and Aeva Technologies to capture market share, Chinese companies currently dominate the lidar market, holding 93% of the passenger vehicle market and 89% of the overall lidar market as of June [2]. - The U.S. Department of Defense has listed Hesai Group, the largest global lidar sensor manufacturer, as an entity of concern, indicating heightened scrutiny on Chinese technology in critical sectors [3]. Group 3: National Security Concerns - National security organizations have warned that Chinese lidar devices could pose hacking risks to the U.S. during conflicts, with the capability to disable large areas of sensors via satellites in seconds [3]. - Experts emphasize the need for the U.S. and its allies to lead in lidar innovation to prevent foreign adversaries from gaining control over critical technologies [3].

Core Viewpoint - Hesai Technology announced the mass production of its long-range LiDAR ATX, which is now equipped in Geely's Galaxy V900 model, indicating a significant partnership and technological advancement in the automotive sector [1] Group 1 - The long-range LiDAR AT series has been designated for multiple models under the Geely Galaxy brand for the years 2025 and 2026, showcasing a commitment to future vehicle development [1] - The mass production and delivery of the AT series LiDAR will commence, reflecting the growing demand for advanced driver-assistance systems in the automotive industry [1]

Group 1 - The Nasdaq Golden Dragon China Index increased by 0.64% [1] - Popular Chinese concept stocks mostly rose, with Huya up over 6% [1] - Daqo New Energy, Hesai Technology, and Yum China each rose over 2% [1] Group 2 - Alibaba, Baidu, and iQIYI saw increases of over 1% [1] - Li Auto and Tiger Brokers experienced declines of over 1% [1]