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].

资讯日报：阿里巴巴发布最新人工智能推理模型 股票市场概览 港股市场表现 美股市场表现 ⚫ 周一（1月26日），美股三大指数高开高收，集体上涨。受 地缘政治与财政风险攀升影响，避险情绪推动贵金属价格显 2026 年 1 月 27 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常跌 | 間微跌 | 年初至今 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 湖铁 | | | | | | (%) | | 恒生指数 | 26.766 | 0.06 | 0.06 | 4.43 | | 恒生科技 | 5,726 | (1.24) | (1.24) | 3.81 | | 恒生国企 | 9.147 | (0.15) | (0.15) | 2.62 | | ┣证指数 | 4.133 | (0.09) | (0.09) | 4.13 | | 日经225 | 53.847 | (1.79) | (1.79) | 5.06 | | 新加坡海峡 | 4.891 | (0.62) | (0.62) | 0.00 | | 标普500 | 6,950 | 0.50 ...

本文源自：金融界AI电报 港股AI应概念股盘初走强，金山云(03896.HK)涨近4%，心动公司(02400.HK)涨2%，小马智行- W(02026.HK)、出门问问(02438.HK)涨幅居前。 ...

Investment Rating - The report maintains an "Overweight" rating for the autonomous driving industry [3]. Core Insights - The autonomous driving industry is experiencing significant advancements, with the official launch of L3 level autonomous driving pilot programs in China, accelerated commercialization of Robotaxi services, and decreasing core hardware costs. This transition marks a critical phase from technology validation to large-scale implementation, driven by policy encouragement, technological breakthroughs, and commercial trials [3]. Summary by Relevant Sections Industry Developments - The first batch of L3 level autonomous driving vehicle permits was announced by the Ministry of Industry and Information Technology by the end of 2025. In January 2026, models such as the BAIC Arcfox Alpha S (L3 version) and Deep Blue L3 vehicles began pilot testing in designated areas of Beijing and Chongqing, with the Deep Blue L3 vehicle accumulating over 70,000 kilometers of autonomous driving in 19 days, covering complex urban scenarios [6]. - The Robotaxi operations are expanding, with Pony.ai's fleet exceeding 1,159 vehicles, aiming to grow to 3,000 by 2026, transitioning from trial to regular commercial operations [6]. - The AI industry's growth is enhancing autonomous driving capabilities through improved computing power and algorithms, with end-to-end architecture becoming mainstream. For instance, Huawei's ADS 4.0 system reduces latency by 50% and increases traffic efficiency by 20% [6]. Cost Reduction and Accessibility - BYD announced that all its models will feature advanced intelligent driving systems priced below 100,000 yuan, marking the beginning of an era of "universal intelligent driving." This is supported by technological upgrades and supply chain enhancements, leading to a decrease in the overall cost of high-level intelligent driving systems [7]. Policy and Market Dynamics - China is establishing a policy framework that prioritizes pilot programs followed by standardization. Local regulations have been introduced in cities like Beijing and Chongqing, with expectations for expansion to major cities like Shanghai and Shenzhen [7]. - The implementation of L3/L4 technologies is expected to drive demand for high-performance chips, domain controllers, and LiDAR systems, with the value share of decision-making components rising to 25-30% [7]. Key Focus Areas for Industry Monitoring - The report suggests monitoring six dimensions: core technology barriers, mass production progress, market competition positioning, growth and certainty of performance, domestic substitution potential, and key event catalysts [7].

Group 1 - Kingsoft Cloud surged by 11% [1] - Bilibili and Hesai both increased by over 3% [1] - Alibaba and Pony.ai rose nearly 2% [1] Group 2 - FTSE China ETF-Direxion gained over 3.5% [1]

深网腾讯新闻 . 腾讯新闻出品栏目，关注科技和TMT领域公司、事件和人物中的故事，探究背后的深层逻辑。 以下文章来源于深网腾讯新闻 ，作者饶富英 编辑丨 叶锦言 图源丨Midjourney 2025 年末，希迪智驾在港交所敲响的钟声，为这一年智能驾驶产业的"上市潮" 落下了句点。这已是 年内第 9 家登陆港股的产业链公司，从方案商到芯片商，超百亿港元的融资汇聚成一股资本浪潮。 然而，钟声余韵未散，一个更严峻的考题已转向 2026 年：上市募得的"弹药"，能否助企业穿越商业 化的深水区？当财务报表再无遮蔽，那些巨额的研发投入与难以规模化的盈利现实，将赤裸地置于市 场审视之下。 展望 2026 年，产业的狂欢将沉淀为理性的分化。资本市场的焦点，正从追逐"上市故事"转向拷 问"上市后表现"。 资金必将更苛刻地流向那些已初步证明商业化能力的公司。商业的主旋律，则从"技术演示"切换 至"规模化落地"，在港口、矿山、干线物流等特定场景中，寻找切实的盈利突破口。 随之而来的，将是一场不可避免的行业洗牌，"百家争鸣"的草莽时代临近尾声，"整合与淘汰"的进程 将急剧加速。 上市从来不是终点。 2026 年，一场关于技术、盈利与 ...