为寻找第二增长曲线，黑芝麻先后跨界物流、电商、医疗、储能等，但都收效甚微。2025年5月，黑芝麻宣布将 专注主业，"2025年公司重点聚焦专注于健康食品产业经营，坚持以黑芝麻为主的黑色健康食品战略定位"。 知名战略定位专家、福建华策品牌定位咨询创始人詹军豪表示，黑芝麻当前面临核心产品老化、营收持续下 滑、跨界失败导致的战略摇摆等问题，需聚焦主业优化产品矩阵、提升渠道效率，国资的入主可带来资金支持 缓解融资压力，依托广西国资委背景优化治理结构，降低经营风险，且广旅大健康也可从多方面赋能黑芝麻的 健康食品主业。 随着股权转让事宜的推进，2025年12月17日，双方签署股份转让补充协议，将业绩承诺期从原本的2025—2027 年延至2026—2028年。调整后，黑五类集团承诺现有业务板块在2026—2028年分别实现合并报表净利润不低于 0.95亿元、1.05亿元和1.15亿元，三年累计承诺合并净利润不低于3.15亿元。 黑芝麻始创于1984年，旗下拥有黑芝麻糊中国第一品牌——"南方黑芝麻"，公司于1997年4月在深交所上市，产 业涵盖黑色健康食品、电子商务、大米加工、养老服务等。作为本次交易的受让方，广旅大健康隶 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.03% at 26,347.24 points and a total trading volume of HKD 283.46 billion [1] - The Hang Seng Tech Index rose by 0.09%, while the Hang Seng China Enterprises Index fell by 0.22% [1] Blue-Chip Stocks Performance - Kuaishou-W (01024) led blue-chip stocks, surging 11.09% to HKD 73.6, contributing 35.65 points to the Hang Seng Index [2] - Other notable performers included Innovent Biologics (01801) up 6.09% and Chow Tai Fook (01929) up 5.13% [2] - Conversely, China National Petroleum (00857) and Wharf Real Estate (01997) saw declines of 3.52% and 3.57%, respectively, negatively impacting the index [2] Sector Highlights Technology Sector - Major tech stocks mostly rose, with Kuaishou increasing by 11% and Alibaba by over 2% [3] - The brain-computer interface concept gained traction following Elon Musk's announcement of large-scale production plans for Neuralink in 2026 [4] Real Estate Sector - The real estate sector showed strong performance, with Greentown China (03900) rising 6.56% and Shimao Group (00813) up 5.76% [4] - An article in "Qiushi" magazine emphasized the importance of stabilizing market expectations in the real estate sector, suggesting proactive measures to shorten adjustment periods [4] Pharmaceutical Sector - Pharmaceutical stocks performed robustly, with Zhaoyan New Drug (06127) up 13.73% and Yimeng Biotech (09606) up 11.81% [5] - The National Medical Products Administration reported a record number of approved innovative drugs in 2025, significantly exceeding previous years [5] Insurance Sector - Insurance stocks collectively rose, with New China Life (01336) increasing by 5.34% and China Life (02628) by 3.4% [6] - The insurance industry reported a 7.6% year-on-year growth in premium income for the first 11 months of 2025 [6] Automotive Sector - Automotive stocks faced declines, with Great Wall Motors (02333) down 6.15% and XPeng Motors (09868) down 4.6% [6] - The 2026 vehicle trade-in subsidy policy will continue, with adjustments to subsidy amounts based on vehicle pricing [7] Oil Sector - Oil stocks were generally weak, with China National Petroleum (00857) down 3.52% [7] - The geopolitical situation in Venezuela may impact oil prices, with potential increases in production posing risks for future pricing [7] Notable Stock Movements - Woan Robotics (06600) reached a new high, closing up 19.57% at HKD 110, with plans to launch a humanoid home robot in January 2026 [8] - Black Sesame Technologies (02533) rose 11.21% after announcing its high-performance smart driving chip received approval for global sales [9]

Core Viewpoint - The report from GF Securities highlights the growth potential of the domestic intelligent driving chip industry, emphasizing that only a few OEMs are likely to achieve self-research capabilities in the short to medium term due to high costs and barriers associated with self-developed chips [2] Group 1: Industry Overview - The intelligent driving chip market is expected to grow rapidly, driven by increased penetration rates and future demand from robotics [2] - Most OEMs are anticipated to continue sourcing from neutral third-party intelligent driving chip platforms due to the high costs and challenges of self-development [2] - Geopolitical changes are expected to further boost the market share of domestic manufacturers [2] Group 2: Product Development - Black Sesame's hardware R&D capabilities are strong, with core employees having over 15-20 years of experience, contributing to high team stability [3] - The A1000 series has allowed the company to refine its mass production experience, while the new C1200 family aligns with automotive EE architecture trends and cost reduction needs [3] - The upcoming A2000 platform is designed to meet various scenario demands from NOA to Robotaxi, with mass production planned to start in 2026 [3] Group 3: Ecosystem and Collaboration - The company positions itself as a Tier 2 player, collaborating with leading Tier 1 suppliers and algorithm vendors to advance commercialization [4] - By adhering to traditional automotive industry value boundaries, the company creates significant value for partners and ample differentiation space for OEMs [4] Group 4: Growth Potential - The company aims to replicate its automotive-grade chip capabilities in the robotics sector, accelerating scale through external acquisitions and has launched the SesameX commercialization deployment platform [5] Group 5: Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 830 million, 1.38 billion, and 2.11 billion yuan, representing year-on-year growth rates of 75.8%, 65.5%, and 52.8% respectively [6] - A reasonable valuation multiple of 12x PS is assigned for 2026, corresponding to a target price of 28.46 HKD per share, maintaining a "buy" rating [6]

Group 1 - The smart driving concept stocks mostly rose, indicating positive market sentiment in this sector [1] - Black Sesame Intelligence (02533.HK) increased by 7.32%, reaching HKD 20.96 [1] - Zhejiang Shibao (01057.HK) rose by 6.26%, reaching HKD 5.26 [1] - Pony.ai-W (02026.HK) saw a rise of 6.29%, reaching HKD 123.4 [1] - WeRide-W (00800.HK) increased by 4.54%, reaching HKD 24.42 [1]

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards the industry [1] Group 1: Stock Performance - Black Sesame Intelligence (02533) increased by 7.32%, reaching HKD 20.96 [1] - Zhejiang Shibao (01057) rose by 6.26%, reaching HKD 5.26 [1] - Pony.ai-W (02026) saw a rise of 6.29%, reaching HKD 123.4 [1] - WeRide-W (00800) increased by 4.54%, reaching HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] - The journey included various driving conditions such as highways, city roads, nighttime driving, and multiple entries and exits at supercharging stations [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline for 2026 [1] - Orient Securities anticipates that with regulatory support and increasing market demand, the progress of L3 autonomous driving industrialization is expected to accelerate by 2026, benefiting related smart driving hardware and software suppliers [1]

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards related companies [1] Group 1: Stock Performance - Major smart driving stocks have risen, with Hezhima (000716) up 7.32% to HKD 20.96, Zhejiang Shibao (002703) up 6.26% to HKD 5.26, Pony.ai-W (02026) up 6.29% to HKD 123.4, and WeRide-W (00800) up 4.54% to HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline by 2026, while Dongfang Securities anticipates accelerated progress in L3 autonomous driving commercialization by 2026, driven by regulatory support and increasing market demand, benefiting related smart driving hardware and software suppliers [1]

Group 1 - The stock of Hezhizhen Intelligent (02533.HK) opened over 5% higher and is currently up 5.58%, trading at HKD 20.62 [2] - The trading volume reached HKD 4.724 million [2]

此前，黑芝麻智能发布公告称，其附属公司SPV(黑芝麻智能武汉就股权转让事宜及增资事项设立的特 殊目的公司)通过股权转让及增资，收购目标公司珠海亿智电子科技有限公司(亿智电子)合共60%股权， 总现金代价4.578亿人民币，拟以内部资源及/或银行融资拨付。据悉，目标公司专注于高性价比、低功 耗人工智能(AI)系统芯片(SoC)及解决方案的开发与销售。 消息面上，1月4日，黑芝麻智能宣布，其高性能全场景智能驾驶芯片——华山A2000，已顺利通过美国 商务部和国防部的相关审查，获准在全球范围内销售与应用。此举标志着A2000芯片正式进入规模化应 用阶段，将为高阶智能驾驶的商业化落地提供核心算力支持。据悉，华山A2000芯片基于7nm先进工艺 打造，集成高性能CPU、GPU、NPU及多种专用计算单元，实测性能媲美当前全球顶尖的智驾芯片。 黑芝麻（000716）智能(02533)高开逾5%，截至发稿，涨5.58%，报20.62港元，成交额472.4万港元。 ...

Core Viewpoint - Black Sesame Intelligence (02533) has successfully passed the relevant reviews by the U.S. Department of Commerce and the Department of Defense for its high-performance all-scenario intelligent driving chip, the Huashan A2000, allowing for global sales and application, marking its entry into the large-scale application phase [1] Group 1: Company Developments - The Huashan A2000 chip is built on a 7nm advanced process and integrates high-performance CPU, GPU, NPU, and various dedicated computing units, with performance comparable to the world's leading intelligent driving chips [1] - Black Sesame Intelligence's subsidiary SPV has acquired a total of 60% equity in Zhuhai Yizhi Electronic Technology Co., Ltd. for a total cash consideration of 457.8 million RMB, focusing on the development and sales of cost-effective, low-power AI system chips (SoC) and solutions [1] Group 2: Market Reaction - Following the announcement, Black Sesame Intelligence's stock opened over 5% higher and was up 5.58% at HKD 20.62, with a trading volume of HKD 4.724 million [1]

资料显示，华山A2000芯片基于7nm先进工艺打造，集成高性能CPU、GPU、NPU及多种专用计算单 元，实测性能媲美当前全球顶尖的智驾芯片。该芯片支持全FP16/FP8浮点及INT4/INT8/INT16等多种精 度计算，并搭配成熟的AI工具链BaRT，可实现从模型训练到部署的全流程高效开发。A2000芯片于 2025年1月流片成功，因其超高性能而受到美方审查。经过近一年的技术澄清与沟通，最终成功通过审 批，黑芝麻智能也成为国内唯一通过此类审查的企业。 北京商报讯（记者 陶凤 王天逸）1月4日，黑芝麻智能宣布，其高性能全场景智能驾驶芯片——华山 A2000，已顺利通过美国商务部和国防部的相关审查，获准在全球范围内销售与应用。此举标志着 A2000芯片正式进入规模化应用阶段，将为高阶智能驾驶的商业化落地提供核心算力支持。 ...