Core Viewpoint - The article discusses the recent stock price decline of Cao Cao Travel (2643.HK) following the announcement of its ambitious "Ten Years, One Hundred Cities, One Trillion" strategy for its Robotaxi business, highlighting the market's skepticism towards the company's growth prospects and the potential risks associated with the upcoming expiration of the lock-up period for institutional investors [2][4][6]. Group 1: Stock Performance and Market Reaction - Following the announcement of the strategic plan, Cao Cao Travel's stock price plummeted from HKD 52.3 to HKD 32.8, a decrease of 37%, resulting in a market capitalization loss of over HKD 10 billion [2]. - Despite the company's efforts to reassure investors about its operational stability and strategic direction, the stock continued to decline, prompting management to commit to not selling shares until June 24 of the following year [4][5]. - The stock price stabilized slightly after the management's announcement, rising 0.7% to close at HKD 33.04 [5]. Group 2: Lock-Up Period and Investor Concerns - The lock-up period for institutional and cornerstone investors, which began on June 25, will expire on December 24, raising concerns about potential sell-offs that could further depress the stock price [6][7]. - Institutional investors hold approximately 14.82% of the company's shares, while cornerstone investors hold about 4.16%, totaling over 100 million shares that could be sold post-lock-up [6][7]. Group 3: Financial Performance and Outlook - Cao Cao Travel has reported continuous losses, with a cumulative loss of HKD 5.2 billion from 2022 to 2024, and a loss of HKD 495 million in the first half of this year [9]. - The company's total liabilities reached HKD 10.12 billion, with a debt ratio of 125%, despite a reduction in liabilities due to fundraising from its IPO [9]. - Revenue for the first half of the year was HKD 9.46 billion, a year-on-year increase of 54%, but the gross margin remains low at 8.4%, with significant increases in sales and marketing expenses [9]. - The anticipated Robotaxi segment lacks specific financial data, indicating that substantial investments will be required without immediate returns, leading to a cautious outlook for long-term investors [9].

证券日报网讯12月25日，万马科技（300698）在互动平台回答投资者提问时表示，在无人驾驶领域，公 司已与百度阿波罗、哈啰、曹操出行、九识、智行者等多家厂商达成合作，今年以来公司在无人驾驶领 域的业务布局已初见成效，为公司后续业务发展打下了良好基础。二级市场股价运行受市场环境、投资 偏好等多重复杂因素影响，公司也将通过强化核心竞争力、优化业务布局、完善投资者关系管理等多方 面举措，系统性地推进市值管理工作，致力于实现公司内在价值与市场价值的动态平衡。敬请广大投资 者注意风险，理性投资。 ...

格隆汇12月25日丨万马科技(300698.SZ)在投资者互动平台表示，在无人驾驶领域，公司已与百度阿波 罗、哈啰、曹操出行、九识、智行者等多家厂商达成合作，今年以来公司在无人驾驶领域的业务布局已 初见成效，为公司后续业务发展打下了良好基础。二级市场股价运行受市场环境、投资偏好等多重复杂 因素影响，公司也将通过强化核心竞争力、优化业务布局、完善投资者关系管理等多方面举措，系统性 地推进市值管理工作，致力于实现公司内在价值与市场价值的动态平衡。 ...

Core Insights - The competition in the Robotaxi sector is shifting towards commercial ecosystems and profitability as the technology matures, with companies focusing on rapid fundraising for innovation and market expansion [1] - As of December 25, 2025, at least nine companies in the Robotaxi industry chain have completed IPOs in Hong Kong, raising over 20 billion HKD in total [1] - The trend of companies going public in Hong Kong is driven by the need for funding to enhance R&D and to connect with global capital markets [5][6] IPO Overview - Companies that have completed IPOs include: - Cao Cao Mobility: June 25, 2025, raised 1.853 billion HKD [2] - Hesai Technology: September 16, 2025, raised 4.16 billion HKD [2] - Baidu's Apollo: November 6, 2025, raised 2.39 billion HKD [2] - Pony.ai: November 6, 2025, raised 7.7 billion HKD [2] - Others include Junsheng Electronics, Naxin Micro, and others with varying amounts [2] - Companies currently in the IPO pipeline include DeepWay, Mainline Technology, and others, indicating a robust interest in the sector [4] Industry Dynamics - The Robotaxi sector is experiencing a surge in interest due to supportive policies in China, indicating a potential turning point for market growth [5] - Cost remains a critical factor for the commercial viability of Robotaxi services, with significant financing from IPOs providing short-term relief for cash flow pressures [6] - Predictions suggest that advancements in technology will lead to a tenfold increase in computing power for autonomous driving products, facilitating rapid regional expansion [6] International Expansion - Companies like WeRide and Uber are collaborating to launch Robotaxi services in Dubai, highlighting the international competitive landscape [7] - The global competition in smart driving technology is intensifying, with expectations that the period from 2026 to 2030 will see significant advancements and competition in the Robotaxi market [7]

（记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：关注到企业产品与智驾相互匹配，甚至是必备产品， 但为何市场在给智驾企业提升估值的时候，公司依然不受市场追捧？ 万马科技（300698.SZ）12月25日在投资者互动平台表示，在无人驾驶领域，公司已与百度阿波罗、哈 啰、曹操出行、九识、智行者等多家厂商达成合作，今年以来公司在无人驾驶领域的业务布局已初见成 效，为公司后续业务发展打下了良好基础。二级市场股价运行受市场环境、投资偏好等多重复杂因素影 响，公司也将通过强化核心竞争力、优化业务布局、完善投资者关系管理等多方面举措，系统性地推进 市值管理工作，致力于实现公司内在价值与市场价值的动态平衡。敬请广大投资者注意风险，理性投 资。 ...

Core Viewpoint - The article highlights the increasing interest of Chinese companies in the Middle East, particularly in sectors like digital economy, artificial intelligence, and tourism, driven by long-term strategic plans from Gulf countries such as Saudi Arabia and the UAE [2][11]. Group 1: Investment Opportunities - Dubai is emerging as a key destination for Chinese entrepreneurs and companies looking to expand internationally, with a focus on long-term investments rather than short-term gains [4][5]. - The establishment of joint ventures, such as AutoLogiX by 9Sight Intelligent and 7X Group, indicates a trend towards collaboration in logistics and urban delivery services [5]. - The UAE's logistics market is projected to exceed $20 billion, driven by e-commerce and last-mile delivery, making it an attractive market for Chinese companies [10]. Group 2: Market Dynamics - A significant percentage of Chinese enterprises are operating in the Middle East, with 84% in Saudi Arabia and 79% in the UAE, indicating strong market penetration [9]. - The UAE is recognized as a preferred regional headquarters for many companies, with Dubai being the most concentrated city for these headquarters [9]. - The local market is characterized by a high penetration of delivery services, with companies like Meituan Keeta rapidly expanding their operations in the region [10]. Group 3: Technological Integration - The UAE is actively seeking to transition from an oil-based economy to one focused on AI and digital technologies, presenting opportunities for Chinese tech firms [15][16]. - The local government is open to innovative technologies, such as drones and autonomous vehicles, which are gaining popularity in commercial applications [16]. - The AI market in the UAE is expected to reach $46 billion by 2030, with a significant portion of local businesses maintaining or increasing their AI investments [15]. Group 4: Challenges and Considerations - The article notes that many Chinese companies are still in the early stages of entering the AI sector in the Middle East, with a focus on pilot projects and collaborations rather than large-scale implementations [13][12]. - There is a cautionary note regarding the mindset of companies entering the market, emphasizing the need for patience and long-term strategies to navigate potential challenges [15].

Core Insights - Tencent Holdings (00700), Alibaba-W (09988), and Hong Kong Exchanges (00388) led the market in net inflows, with amounts of 1.115 billion, 1.055 billion, and 309 million respectively [1] - China Mobile (00941), Luoyang Molybdenum (03993), and CICC (03908) experienced the highest net outflows, with amounts of -1.053 billion, -184 million, and -181 million respectively [1] - In terms of net inflow ratios, China Telecom Services (00552), Yihua Tong (02402), and Sunshine Insurance (06963) topped the list with ratios of 167.31%, 126.18%, and 118.17% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.115 billion, representing a 13.09% increase, closing at 614.500 [2] - Alibaba-W (09988) saw a net inflow of 1.055 billion, with a 12.23% increase, closing at 146.400 [2] - Hong Kong Exchanges (00388) recorded a net inflow of 309 million, with a 24.77% increase, closing at 407.000 [2] Net Outflow Rankings - China Mobile (00941) faced a net outflow of -1.053 billion, a decrease of -54.21%, closing at 83.700 [2] - Luoyang Molybdenum (03993) had a net outflow of -184 million, down by -29.82%, closing at 19.100 [2] - CICC (03908) experienced a net outflow of -181 million, a decrease of -30.22%, closing at 20.540 [2] Net Inflow Ratio Rankings - China Telecom Services (00552) achieved a net inflow ratio of 167.31%, with a net inflow of 26.5926 million, closing at 4.520 [3] - Yihua Tong (02402) had a net inflow ratio of 126.18%, with a net inflow of 26.5481 million, closing at 23.980 [3] - Sunshine Insurance (06963) recorded a net inflow ratio of 118.17%, with a net inflow of 31.5558 million, closing at 3.940 [3]

Group 1 - The core viewpoint of the article highlights the recognition of Cao Cao Mobility (2643.HK) as the "Annual Outstanding Investment Value IPO" at the "Technology Empowerment · Capital Breakthrough" sharing session held by Gelonghui on December 22 [1] - The "Annual Outstanding Investment Value IPO" award aims to honor newly listed companies that excel in core business, performance growth, and shareholder value creation, indicating significant growth potential and competitive advantages in their respective industries [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 临近岁末，港股多只次新股集中迎来限售股解禁，考验市场流动性。 12月23日，多只次新股因限售股解禁股价走低，药捷安康-B、周六福单日跌幅高达18.08%、17.05%， 越疆、佑驾创新、三花智控等6只次新股单日跌幅超过5%。 Wind数据统计显示，12月23日至12月31日，合计有13只次新股面临限售股解禁压力，以12月22日收盘 价计，解禁总市值高达674亿港元。业内人士认为，次新股解禁可能会阶段性冲击市场流动性，但个股 的长期表现取决于公司质地。 4只次新股超半数股份解禁 12月23日，越疆开盘后大幅下挫，早盘股价一度重挫超15%。此后跌幅虽有所收窄，但全天仍未能扭转 跌势，最终收跌8.08%，报收29港元/股。 越疆在港股上市刚满一年。按照此前公告安排，越疆大股东、股权激励平台、领航资深独立投资者等投 资者遵守禁售承诺至2025年12月22日，这意味着越疆在今年6月份基石投资者持股解禁后，再迎新一批 限售股解禁。此次解禁的限售股数量约3.14亿股，占流通股的比例为79.7%。 同日，还有药捷安康-B、三花智控面临限售股解禁。Win ...

证券研究报告 行业研究 / 行业深度 2025 年 12 月 23 日 资料来源：聚源数据，爱建证券研究所 相关研究 《特斯拉 Robotaxi 取消安全员，纯视觉方案商 业化提速——Robotaxi 系列报告（三）》 2025-12-12 《曹操出行提"十年百城千亿"战略目标—— Robotaxi 系列报告（二）》2025-12-12 《奔驰自动驾驶出租车于阿布扎比开启路测— —Robotaxi 系列报告（一）》2025-12-12 《车企年销量目标完成度分化——智能汽车数 据销量跟踪（二）》2025-12-03 《蔚来业绩创历史新高，25Q4 有望实现盈利 ——智能汽车系列报告（五）》2025-12-03 证券分析师 汽车 一年内行业指数与沪深 300 指数对比走势： 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 联系人 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 高阶智驾准入，Robotaxi 商业化提速 ——Robotaxi 产业深度报告 强于大市 投资要点： 规模 ...