Core Insights - Pernas Research LLC's "Pernas Portfolio" achieved a return of 4.8% in Q4 2025, outperforming the S&P 500's return of 2.7% for the same period, and a total return of 54.3% for the entire year of 2025 [1] - The year 2025 was marked by volatility, starting with California fires and a significant market reaction to Trump's "Liberation Day" announcement, which initially caused a 22% decline in the portfolio [1] - The portfolio's strategy was adjusted in response to improving market conditions and growing AI momentum, leading to significant alpha from stock selection [1] Company Insights - Semrush Holdings, Inc. (NYSE:SEMR) is highlighted as a technology company with a market capitalization of $1.8 billion, developing an online visibility management software-as-a-service platform [2] - As of January 28, 2026, Semrush's stock closed at $11.91 per share, with a one-month return of 0.17% and a 52-week loss of 31.43% [2] - Pernas Research views Semrush as an AI winner, having invested in the company four months prior to its acquisition by Adobe at a 78% premium, which supports the belief in its potential despite market fears [3] Market Trends - The AI-driven capital expenditure cycle is expected to persist over the next 12-16 months, with a focus on identifying both AI winners and companies misclassified as AI losers [3] - Some SaaS companies may struggle in an AI-driven environment, while others are anticipated to emerge stronger [3] - Semrush is not among the 30 most popular stocks among hedge funds, with 22 hedge fund portfolios holding the stock at the end of Q3 2025, down from 25 in the previous quarter [4]

专题：为中国经济点赞——企业家之夜2025盛典 "为中国经济点赞——企业家之夜"于1月29日在北京举行。小马智行创始人、首席执行官彭军出席接受 致敬。洪泰基金创始人、董事长盛希泰与红杉中国合伙人周逵为其见证荣誉。 致敬词： 他被称为"全球自动驾驶革命的引领者"。从硅谷顶尖工程师到归国创业先锋，率先在中国街头测试L4级 自动驾驶。他以 "以事聚人，因人成事" 的理念，带领团队攻坚克难，终将理想变为现实，让自动驾驶 汽车穿梭于城市街巷。他以工程师的严谨打磨每一行代码，以企业家的远见布局每一条路线，让中国自 动驾驶系统在全球竞争中赢得话语权。 周逵谈到，小马智行十年坚持robotaxi模式，风险非常大，这反映一个创业者在新经济里起得早，而且 极其专注。 盛希泰表示，未来五年，自动驾驶一定会使汽车工业上一个新的台阶。小马智行在国内是最领先的一家 企业，会越做越好。 彭军发表感言时表示，小马智行十年前成立，十年磨一剑。在两年多前，在中国的四大一线城市，用户 已经可以开始做全无人的商业化运营。在他看来，小马智行之所以能发展到今天，一方面是得益于整个 团队十年来一起的努力与坚持，当然很重要的也是得益于现在的这个极其支持创新 ...

专题：为中国经济点赞——企业家之夜2025盛典 "为中国经济点赞——企业家之夜"于1月29日在北京举行。小马智行创始人、首席执行官彭军出席接受 致敬。洪泰基金创始人、董事长盛希泰与红杉中国合伙人周逵为其见证荣誉。 致敬词： 他被称为"全球自动驾驶革命的引领者"。从硅谷顶尖工程师到归国创业先锋，率先在中国街头测试L4级 自动驾驶。他以 "以事聚人，因人成事" 的理念，带领团队攻坚克难，终将理想变为现实，让自动驾驶 汽车穿梭于城市街巷。他以工程师的严谨打磨每一行代码，以企业家的远见布局每一条路线，让中国自 动驾驶系统在全球竞争中赢得话语权。 周逵谈到，小马智行十年坚持robotaxi模式，风险非常大，这反映一个创业者在新经济里起得早，而且 极其专注。 盛希泰表示，未来五年，自动驾驶一定会使汽车工业上一个新的台阶。小马智行在国内是最领先的一家 企业，会越做越好。 彭军发表感言时表示，小马智行十年前成立，十年磨一剑。在两年多前，在中国的四大一线城市，用户 已经可以开始做全无人的商业化运营。在他看来，小马智行之所以能发展到今天，一方面是得益于整个 团队十年来一起的努力与坚持，当然很重要的也是得益于现在的这个极其支持创新 ...

Core Viewpoint - The event "Praise for China's Economy - Entrepreneur Night" was held on January 29 in Beijing, emphasizing the importance of entrepreneurial spirit in driving innovation and social responsibility [1][2]. Group 1: Entrepreneurial Spirit - The CEO of Pony.ai, Peng Jun, highlighted three key aspects of entrepreneurial spirit: social responsibility, innovation, and resilience [1][2]. - The current global and Chinese landscape is viewed as the best time for innovation, particularly in the technology startup phase, suggesting unprecedented opportunities for entrepreneurs in China's history [1][2]. Group 2: Call to Action - Entrepreneurs are encouraged to take bold actions and engage actively in their ventures, reflecting a proactive approach to business development [1][2].

速腾聚创 20260128 摘要 速腾聚创与滴滴、广汽等合作交付新型 Robotaxi 车型，每辆搭载 10 颗 速腾聚创激光雷达，标志着 Robotaxi 进入量产阶段，从试点验证走向 工程可复制和商业化对账。 2026 年，速腾聚创与滴滴已展开量产合作，并与小马智行、文远知行、 Momenta、百度萝卜快跑等企业有批量合作协议，海外市场与英伟达 及其生态客户深度合作。 Robotaxi 激光雷达技术升级方向是数字化，主雷达追求更远距离、更 高分辨率和点云密度，补盲雷达注重更大视场角，同时保持测距能力和 点云密度。 L4 级别自动驾驶需要高线数、高密度点云数据，数字化激光雷达通过 3D 堆叠芯片技术实现接收、捕获、传输和处理一体化，满足高精度感知 需求，500 线数字化激光雷达正迅速取代 128 线方案。 滴滴每辆车搭载 10 颗以上激光雷达，满足 L4 级别自动驾驶对环境感知 精度和可靠性的需求，高配备、多传感器组合成为行业新趋势。 Robot Taxi 市场激光雷达配置增配，标配基本是 8 台，追求超远距加零 盲区，确保绝对安全，主流项目采用双 Orin 架构，算力储备充足。 速腾聚创在 Robotax ...

汽车驾驶辅助系统领域首个强制性国家标准发布 据工业和信息化部，强制性国家标准《轻型汽车自动紧急制动系统技术要求及试验方法》（GB 39901 —2025），将于2028年1月1日正式实施。 岚图汽车以介绍方式在香港联合交易所上市获中国证监会备案 1月28日，中国证监会国际合作司发布关于岚图汽车科技股份有限公司境外发行上市备案通知书，公司 以介绍方式在香港联合交易所上市。 蔚来世界模型NWM新版本正式推送，新增城区领航换电功能 1月28日，蔚来宣布"蔚来世界模型NWM"新版本正式开启推送，首批将为超过46万辆"Banyan榕"车型推 送。新版本新增城区领航换电功能，可支持全国超过2000座二代及以上城区换电站。 雷军：小米SU7 Ultra将正式入驻GT7 1月28日，雷军发文称，北京时间1月29日14:00，小米SU7 Ultra将正式入驻《Gran Turismo 7/跑车浪漫旅 7》。这是首台在GT游戏里上线的中国品牌车型。 东风纳米06海外版车型在哥斯达黎加上市 1月28日，据东风汽车消息，东风VIGO（纳米06海外版）上市活动暨大客户签约仪式于近日在哥斯达黎 加首都圣何塞东风展厅举行，现场获270辆终 ...

Group 1: Industry Trends - During the "14th Five-Year Plan" period, the sales revenue of China's new energy vehicle manufacturing is expected to grow at an average annual rate of 49.5%, while clean energy power generation sales revenue is projected to grow at 13.9% annually [1] - By 2025, the new energy vehicle manufacturing is anticipated to see a year-on-year growth of 14.3%, and the clean energy power generation sector's sales revenue is expected to increase by 17.3%, accounting for 38.5% of total electricity production sales revenue, up 6.9 percentage points from 2021 [1] Group 2: Company Performance - Tesla's new car registration in Europe for 2025 is reported at 238,656 units, reflecting a year-on-year decline of 26.9%. In the EU, the registration volume dropped by 37.9%, with market share decreasing from 2.3% in 2024 to 1.4% [2] - Zontai Automobile forecasts a net profit loss of between 281 million to 417 million yuan for 2025, an improvement from a loss of 1 billion yuan in the previous year. The ongoing losses are attributed to historical issues leading to a halt in vehicle production, alongside fixed costs that the company must bear [4] Group 3: Strategic Partnerships - Pony.ai has announced a partnership with Aitboda to establish a fully autonomous driving service fleet, focusing on high-end travel needs in urban and airport scenarios. The collaboration aims to leverage L4-level autonomous technology to create a differentiated competitive edge in the high-end market [3]

行业： 评级： 汽车 强于大市（维持） 2026年1月28日 证券研究报告 智能化+全球化驱动，把握结构性机会 2026年汽车行业投资策略 分析师：吴迪（汽车首席） SAC：S0820525010001 wudi@ajzq.com 联系人：徐姝婧 SAC：S0820124090004 xushujing@ajzq.com 0. 核心摘要 1. 复盘展望：总量承压，结构突围 2. 行业趋势：智能化+全球化驱动增长 3. 投资建议 目 录 2 0. 核心摘要 1. 复盘展望：总量承压，结构突围 2. 行业趋势：智能化+全球化驱动增长 3. 投资建议 4. 风险提示 4. 风险提示 目 录 3 0. 核心摘要 请务必阅读正文之后的信息披露和免责申明 4 n 复盘：受益于设备更新及消费品以旧换新的"两新"政策助力，以及企业新品密集上市，终端需求持续释放，全年汽车销 量实现较快增长。2025年申万汽车板块整体涨幅+24.3%，同期沪深300指数涨幅+17.7%。2025年中国汽车总销量达 3440万辆，同比+9.4%，其中乘用车销量3010万辆，同比+9.2%，商用车销量430万辆，同比+10.9%。 n 展望：202 ...

为"智能科技+豪华服务"带来了全新示范。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，小马智行与爱特博于1月28日达成业务合作，共建全无人驾驶出行服务车队，推 动自动驾驶技术在城市及航旅出行场景的应用。双方合作标志性地将"AI+出行"服务赛道拓展至高端 市场，以科技赋能品质出行，为旅客打造智慧、尊享的出行新体验。 小马智行创始人兼CEO彭军表示："此次合作是我们'轻资产+AI赋能'战略在多元出行场景下的关键 落地。我们不止于提供技术，更致力于与拥有卓越服务基因的伙伴一同，探索Robotaxi商业化变现 的高效路径。基于爱特博及星徽出行对高端商旅场景的深刻理解，双方合力携手，为全无人驾驶行业 开拓清晰的价值新版图。" 爱特博董事长邵立新表示："我们很高兴与小马智行携手，将我们在高端出行领域的深厚服务积淀， 与业界领先的全无人驾驶技术深度融合。此次合作旨在共同定义下一代智慧出行服务，为追求品质与 效率的高净值客群，提供真正私密、专属且充满科技感的Robotaxi体验，开拓高端自动驾驶出行的 全新市场。" 面向一线城市出行，共建Robotaxi车队 ...

Core Viewpoint - The article discusses the resurgence of the Hong Kong Stock Exchange (HKEX) as a leading platform for AI companies, highlighting a significant shift from traditional sectors to technology-driven firms, particularly in AI and semiconductor industries [6][9][12]. Group 1: IPO Trends and Market Dynamics - Wall Street's IPO market has seen a drastic decline from approximately 310 billion HKD in 2021 to just over 100 billion HKD in 2022, a drop of about 65% [6]. - In 2023, the HKEX recorded only 68 IPOs, raising around 46 billion HKD, marking the lowest level since 2013 [6]. - The first two weeks of 2026 witnessed an unprecedented AI IPO wave, with companies like Wallran Technology experiencing a 2348 times oversubscription and raising 130 billion HKD [9]. Group 2: Financial Performance of HKEX - The HKEX reported a 41% increase in major business revenue from 14,542 million HKD in 2024 to 20,438 million HKD in 2025 [10]. - The net profit attributable to shareholders rose by 45%, from 9,270 million HKD in 2024 to 13,419 million HKD in 2025 [10]. - The EBITDA for the first three quarters of 2025 reached 17,164 million HKD, a 48% increase compared to the previous year [10]. Group 3: AI Companies and Their Financial Needs - AI companies often have R&D expenditures that are several times their revenue, with companies like Zhipu spending over eight times their revenue on R&D in the first half of 2025 [11]. - Wallran Technology's revenue surged from less than 500,000 HKD in 2022 to over 300 million HKD in 2024, but its R&D expenses reached 830 million HKD, indicating a cash burn situation [11]. - The need for continuous funding is critical for AI companies, as they require a sustainable capital pool to support ongoing operations and development [12]. Group 4: Advantages of HKEX for AI Companies - The HKEX has adapted its listing rules to accommodate frontier technology companies, allowing unprofitable firms to list if they have technological barriers and top-tier capital backing [13][14]. - The minimum market capitalization requirements for companies have been lowered, benefiting many AI firms [13]. - The HKEX's approval process has been streamlined, reducing the time from 8-12 months to 4-6 months, enhancing its attractiveness for tech firms [14]. Group 5: Future Outlook and Market Sentiment - The article suggests that the HKEX will continue to attract more technology-focused companies, with several AI and semiconductor firms already in the pipeline for IPOs [16]. - The success of AI companies is paradoxical; as they succeed, they require more capital, which may lead to prolonged periods of unprofitability [17]. - Investors are betting on the potential of AI companies, despite uncertainties regarding their profitability and market sustainability [18].