行业周报：英伟达开源Alpamayo，禾赛加入“朋友圈”-20260111

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights significant advancements in the automotive and autonomous driving sectors, particularly with NVIDIA's release of the Alpamayo model and its strategic shift towards becoming a full-stack autonomous driving ecosystem leader [5][18] - The semiconductor industry is witnessing consolidation, with Huahong Semiconductor planning to acquire a majority stake in Huali Micro, which is expected to enhance long-term capacity and technology collaboration [6][24] Automotive & Autonomous Driving - NVIDIA has introduced the Alpamayo model, a reasoning-capable end-to-end autonomous driving AI, which utilizes the Cosmos world model for training and simulation, addressing the scarcity of real-world data [14][21] - The company is implementing a global deployment plan with Mercedes-Benz as a key partner, aiming to create an inclusive open business ecosystem [21] - Hesai Technology plans to double its production capacity for lidar sensors from 2 million units in 2025 to 4 million units in 2026, with a new factory in Bangkok expected to start production in early 2027 [21][22] Electronics - Huahong Semiconductor's acquisition of a 97.4988% stake in Huali Micro for a total consideration of 8.27 billion yuan is aimed at expanding production capacity, adding 38,000 wafers per month in 65/55nm and 40nm processes [6][26] - The acquisition is part of a broader strategy to enhance technology and production capabilities in the semiconductor sector [24][27] Weekly Data Update - The Hang Seng Technology Index and the Hang Seng Index experienced slight declines of 0.9% and 0.4% respectively, while the electronics index rose by 4.0% [6][28] - The report notes a significant increase in net buying through the Hong Kong Stock Connect, amounting to 29.32 billion yuan, indicating strong investor interest [28][37] Investment Recommendations - In the automotive and autonomous driving sector, companies such as Pony.ai, Horizon Robotics, and XPeng Motors are recommended as beneficiaries of the advancements in AI and autonomous driving technologies [7][36] - For the electronics sector, the report suggests focusing on companies like Samsung, SK Hynix, and Micron, which are expected to benefit from rising NAND and DRAM prices [7][39]