开盘破发，自动驾驶双雄港股遇冷

Core Viewpoint - The Hong Kong Stock Exchange welcomed four new listings on November 6, including autonomous driving companies Pony.ai and WeRide, both of which experienced a decline in share price on their debut, reflecting a more rational attitude from the capital market towards the autonomous driving sector [1][5][6]. Company Performance - Pony.ai opened at HKD 124, down 10.8% from its IPO price of HKD 139, and closed at HKD 126.1, with a total market capitalization of HKD 53.876 billion [1][6]. - WeRide opened at HKD 23.98, down 7.8% from its IPO price of HKD 27.1, and closed at HKD 24.4, with a total market capitalization of HKD 25.049 billion [1][6]. - Both companies have seen significant media exposure since the end of October, indicating ongoing business developments despite their stock price declines [1]. Investment Trends - The autonomous driving industry is currently in a phase of differentiation, with some companies like Didi and Hello attracting investment, while others like Zhongzhi Hang have faced bankruptcy [1][8]. - Investment in the autonomous driving sector has reached CNY 22.848 billion from 2025 to date, accounting for 30% of the total investment in 2024, which was CNY 76.752 billion [1][8]. Market Sentiment - Analysts suggest that the current market sentiment reflects a shift from broad investment strategies to more focused approaches, emphasizing the importance of technology routes, business models, and data dispute resolutions [9]. - The competition between Pony.ai and WeRide is not only technological but also involves organizational capabilities and crisis management, which are becoming increasingly important as the industry matures [9][10]. Future Plans - WeRide plans to allocate 40% of its IPO proceeds to develop its autonomous driving technology stack and commercialize L4-level fleets, with a similar percentage for business expansion [10]. - Pony.ai aims to use 50% of its IPO proceeds for market entry strategies and 40% for ongoing investment in L4 autonomous driving technology and solutions [10]. Industry Comparison - The autonomous driving sector is compared to AI models, with the former still awaiting its "ChatGPT moment," while the latter has already established a clear commercial ecosystem and valuation logic [11].