Group 1 - The core viewpoint of the report is that Horizon Robotics (09660) is experiencing robust chip delivery momentum in China, with a breakthrough in global orders [1] - Daiwa has reiterated a "Buy" rating for Horizon Robotics, raising the target price from HKD 9.6 to HKD 10.5, and increasing revenue forecasts for the next two years by 3% to 6% to reflect expected growth in chip delivery volumes [1] - In the first half of the year, the company delivered 1.98 million ADAS chips, representing a year-on-year increase of 106%, with the average price of chips rising by 70% due to changes in the product mix [1] Group 2 - Daiwa has adjusted its full-year chip delivery forecast for Horizon Robotics to 4.5 million chips, considering potential growth in deliveries in the second half of the year [1] - The company is expected to prioritize revenue growth over net profit in the short term, with R&D expenditure in the first half of the year increasing to RMB 2.3 billion, and investment in cloud computing business growing more than threefold year-on-year [1]