华源晨会精粹20260108-20260108

Automotive Industry - The year 2026 is expected to witness the operational launch of Tesla's Robotaxi without safety drivers and the rollout of the FSD unsupervised version, with accelerated commercialization in regions like Europe and Southeast Asia [2][6] - A key focus for Tesla's Robotaxi is the expansion of its fleet size; achieving a rapid increase to over 1,000 vehicles could indicate a feasible path from L2 to L4 autonomy [2][6] - The importance of the foundational model in the VLA framework is anticipated to continue rising, with stronger computing power supporting larger parameter models and higher frame rates [2][6][8] - The integration of line-controlled chassis is expected to reduce execution control latency, with "computing power expansion + chassis line control" becoming a hardware foundation for advancements in autonomous driving capabilities [2][6] M&A Activity in North Exchange - In 2025, the North Exchange saw a total of 58 equity transactions, with a total transaction value of 2.7 billion yuan, indicating a trend of "reduced quantity but improved quality" in equity trading [11][12] - The majority of transactions were concentrated in the technology manufacturing sectors, particularly in machinery and electronics, while the number of mergers in the new energy sector decreased significantly [11][12] - Notable large-scale acquisitions included a 890 million yuan private placement acquisition by Chuangyuan Xinke, marking a record for the year [11][12] New Consumption Sector - The company Mao Ge Ping (01318.HK) announced a voluntary share reduction plan, with major shareholders planning to reduce their holdings by up to 3.51% of the total issued shares within six months [14][15] - The proceeds from the share reduction will be used for investments in the beauty industry and personal improvements, with the company's major shareholders expressing confidence in its development [14][15] - A strategic cooperation framework agreement was signed with L Catterton Asia Advisors to establish a private equity fund focused on the global high-end beauty sector [14][15] Chemical Industry - Jinhua New Material - Jinhua New Material (920015.BJ) focuses on the ketoxime series of fine chemicals and has established a unique "oxime-oxime silane-hydroxylamine salt" industrial chain [18][19] - The company has achieved a compound annual growth rate of 28% in revenue from 2018 to 2024, with projected revenue of approximately 1.24 billion yuan in 2024 [18][19] - Hydroxylamine solution is a key product for entering the semiconductor chemicals market, with significant potential for domestic substitution [20][21]