据悉，地平线征程6B正加速渗透ADAS市场，博世、知行科技等基于该芯片开发的产品均已斩获车企定 点；与四维图新（002405）、大陆等头部tier1的合作也均获得车企定点，累计定点超10余家品牌，未来 头部优势还将进一步巩固。 消息面上，高工智能汽车研究院近期发布2025年智驾计算芯片榜单。数据显示，在ADAS前视一体机及 小域控计算芯片领域，地平线以47.66%的市占率独占近半壁江山，连续两年蝉联自主品牌ADAS市场份 额榜首。 地平线机器人-W(09660)午后涨超3%，截至发稿，涨2.51%，报8.16港元，成交额12.67亿港元。 ...

Core Viewpoint - Horizon Robotics-W (09660) has shown a significant increase in stock price, reflecting strong market performance and leadership in the ADAS sector [1] Group 1: Market Performance - Horizon Robotics-W's stock price rose over 3% in the afternoon session, currently trading at 8.16 HKD with a transaction volume of 12.67 billion HKD [1] Group 2: Industry Position - According to the latest report from the High-Technology Automotive Research Institute, Horizon Robotics holds a 47.66% market share in the ADAS front-view integrated machine and small domain control computing chip sectors, maintaining its position as the top domestic brand for two consecutive years [1] Group 3: Product Development and Partnerships - The Horizon Journey 6B chip is rapidly penetrating the ADAS market, with products developed by Bosch and Zhixing Technology based on this chip already securing contracts with automotive manufacturers [1] - Collaborations with leading Tier 1 suppliers such as NavInfo and Continental have also resulted in over 10 contracts with automotive brands, further solidifying Horizon Robotics' competitive advantage [1]

自2025年至2026年1月以来，港股机器人板块持续吸引市场关注，整体呈现高景气走势。在板块普涨态势中，全球智能机器人引领者 极智嘉（2590.HK）表现尤为突出，在上市半年即录得股价接近翻倍的强势行情。自16.80港元发行价起一路稳步上行，于 2025年10 月9日最高触及33.90港元，区间累计涨幅约101.79%，实现上市三个月股价翻番。横向对比来看，在2025年7月初至2026年1月末的统 计区间内，极智嘉的累计涨幅显著跑赢其他港股机器人公司，较第二名微创机器人仍高出约12个百分点，领跑港股机器人板块。 | 公司名称 | 股票代码 | 2025年7月9日收盘价 (港元) | 2026年1月23日收盘价 (港元) | 区间涨跌幅 | | --- | --- | --- | --- | --- | | 极智嘉-W | 2590.HK | 16.8 | 33.38 | 98.69% | | 微创机器人 -B | 2252.HK | 15.96 | 29.8 | 86.72% | | 优必选 | 9880.HK | 77.6 | 144 | 85.57% | | 地平线机器人-W | 9660.HK | 6. ...

Group 1 - The recent developments in the autonomous driving sector are favorable, with the Guangdong provincial government promoting the expansion of autonomous public transportation and smart connected vehicle testing [1] - The national standard for automotive driving automation categorizes levels from L0 to L5, with L3 representing "conditional automation," marking a significant threshold for autonomous driving [1] - Two models from Beijing and Chongqing received conditional approval for L3 autonomous driving trials, with the first dedicated L3 license plates issued in Beijing and Chongqing [1] Group 2 - Haitun International highlights that the ongoing rollout of Tesla's Robotaxi and the institutionalization of L3 models in China are accelerating the industry's turning point towards advanced autonomous driving [2] - Global regulatory bodies are increasingly supporting the commercialization of smart driving vehicles, with the EU and UAE also establishing frameworks to promote autonomous vehicle development [2] - The market for Robotaxi is projected to reach 270 billion yuan by 2030, while the logistics sector for autonomous vehicles is expected to grow to 594.8 billion yuan [2] Group 3 - Junsheng Electronics signed a strategic cooperation agreement with Sien Intelligent Driving to develop L4 autonomous driving solutions and a smart port digital management platform, which is already operational in Ningbo Port [3] - Caocao Mobility launched its autonomous driving platform "Caocao Zhixing," marking a significant step in the Robotaxi business, with plans to deploy a new generation of Robotaxi vehicles [3] Group 4 - Horizon Robotics and ZF Group announced a collaboration to develop an SAE Level 3 intelligent driving system for the Chinese market, with production expected to start in 2026 [4] - XPeng Motors outlined its "Physical AI" strategy and production plans for L4 capabilities, with Robotaxi operations set to begin in 2026 [4]

近期无人驾驶领域利好不断。广东省人民政府办公厅印发《广东省加快数字社会高质量建设实施意 见》，其中提到，拓展无人驾驶公共交通运营区域，扩大智能网联汽车道路测试与示范应用范围，鼓励 导航、网约车、智慧停车等数字交通服务平台提供智慧融合交通服务。 根据国家市场监督管理总局、国家标准化管理委员会批准发布的《汽车驾驶自动化分级》国家推荐标 准，汽车驾驶自动化共分为L0至L5六个等级。其中，L3级对应的是"有条件自动驾驶"阶段。相比L0- L2，L3级已触及自动驾驶的门槛。 2025年12月15日，工信部官网公布，两款来自北京和重庆的指定车型获得工信部正式的附条件许可，获 准开展L3级自动驾驶上路试点；12月20日，国内首块L3级自动驾驶专用正式号牌在重庆诞生；12月23 日，北京发放首批L3级高速公路自动驾驶车辆专用号牌。 此外，据媒体报道，两辆特斯拉ModelY无人驾驶汽车被发现在美国德克萨斯州奥斯汀的公共道路上行 驶。特斯拉CEO马斯克证实表示，公司目前正在测试不配备人类安全员的无人驾驶出租车。 均胜电子(00699)：2025年12月19日，均胜电子旗下均联智行与斯年智驾正式签署战略合作协议。双方 将依托各自领 ...

Group 1 - The core viewpoint of the article emphasizes that regardless of the technical routes such as World Model, VLA, or VA, they fundamentally do not differ, as all technologies must be built on a solid end-to-end foundation [2] - The Vice President of Horizon Robotics, Lv Peng, asserts that the essence of these technologies lies in their end-to-end architecture, and the introduction of new modalities depends on the robustness of this foundation [2] - Horizon Robotics believes that if the end-to-end system is not sufficiently solid and the performance is inadequate, it will be challenging to incorporate new elements to address existing issues [2]

Market Overview - The Hang Seng Index showed minor fluctuations, closing up by 0.05%, but structural issues in the market are prominent [1] - The U.S. Navy has increased its military presence in the southern waters of Iran, with around 32 vessels reported as of February 3 [1] - Gold stocks, such as WanGuo Gold International, saw a rise of over 7% [1] Trade Agreements - The U.S. has reduced tariffs on Indian imports from 50% to 18%, but details of the trade agreement remain unclear [1] - India is shifting towards a more pragmatic approach in its economic development, moving away from previous over-optimism [1] Technology Sector - The technology sector is facing challenges, particularly in AI and gaming, with significant stock declines in companies like TIS and Trend Micro [3] - Samsung Electronics' market value surpassed 1 trillion Korean won (approximately 68.8 billion USD) due to strong demand for storage chips [2] - Chinese companies in the semiconductor space, such as Zhongji Xuchuang and Han's Laser, are experiencing stock declines [2] Energy Sector - Hydrogen energy is gaining traction, with the Ministry of Industry and Information Technology planning to increase green hydrogen production to 250,000 tons per year by 2025 [3] - Companies like Guofu Hydrogen Energy and Zhongshun Energy have seen stock increases of over 18% and 12%, respectively [3] Coal Industry - Indonesia's government has announced significant coal production cuts, impacting China's coal supply by 5.3% [4] - Major coal companies like Yanzhou Coal and China Coal Energy have seen stock increases of over 8% due to these developments [4] Aerospace and Technology - SpaceX announced the acquisition of xAI, aiming to integrate AI with space technology, which could lead to significant advancements in energy production and storage [5] - Companies in the solar energy sector, such as GCL-Poly and Xinyi Solar, are also performing well, with stock increases of over 2% [6] Real Estate Market - China Construction Bank is supporting the acquisition of second-hand housing for rental projects in Shanghai, which is expected to improve inventory turnover in major cities [6] - Real estate companies like Yuexiu Property and China Resources Land have seen stock increases of over 5% [6] Aviation Sector - The Spring Festival travel season has begun, with a 5.3% year-on-year increase in passenger volume on the first day [7] - Major airlines like China Eastern and China Southern have reported significant stock increases of over 5% due to improved performance and cost management [7] Digital Economy - The Guangdong government is promoting digital consumption and smart services, focusing on areas like autonomous driving and smart tourism [8] - Companies involved in autonomous driving, such as Youjia Innovation and Horizon Robotics, are expected to benefit from these initiatives [8] Company-Specific Developments - China Shipbuilding Defense announced a new contract for the construction of 16 container ships, valued between 736 million to 896 million USD, which is expected to positively impact cash flow and future performance [9] - The company anticipates a significant increase in net profit for 2025, with projections of 9.4 to 11.2 billion CNY, reflecting a year-on-year growth of 149.61% to 196.88% [9]

策略研究 证 券 研 究 报 告 【华创证券人工智能研究中心】 公募增配光通信、半导体设备、封测，减配芯片设 计、游戏、广告——多行业联合人工智能 2 月报 策略月报 2026 年 02 月 04 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：耿琛 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：张程航 2026-01-26 《【华创策略】再通胀主线：五朵金花——策略周 聚焦》 2026-01-25 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@ ...

Core Insights - The RoboX industry is approaching a commercialization inflection point, driven by strong policy support, increasing demand for cost-effective and safe autonomous driving solutions, and significant reductions in core component costs [2][6][11]. Group 1: RoboX Overview - RoboX encompasses various forms of autonomous driving applications, including Robotaxi, Robovan, and Robotruck, designed to adapt to different transportation scenarios through modular design [8]. - The industry is experiencing rapid advancements in technology, with the penetration rate of L2 and above autonomous features in passenger vehicles expected to exceed 90% by 2030, significantly driving down costs for key components like LiDAR and computing chips [9][11]. Group 2: Robotaxi Insights - Robotaxi is projected to achieve an operational cost of $0.2 per kilometer by 2027, a 50% reduction compared to traditional ride-sharing platforms, primarily due to the remote safety operator model and economies of scale [3][17]. - The global Robotaxi market is expected to reach a valuation of $352.6 billion by 2035, with the Chinese market anticipated to grow from $200 million in 2025 to $179.4 billion by 2035, indicating strong growth potential [23][28]. Group 3: Robovan Insights - The demand for Robovan is driven by labor shortages and high costs in last-mile delivery, with its capabilities making it a key solution across e-commerce, retail, and food delivery sectors [4]. - The cost of Robovan is expected to drop significantly, from 500,000-600,000 yuan to around 20,000 yuan, due to economies of scale and increased penetration of L2 and above features in passenger vehicles [4][11]. Group 4: Robotruck Insights - Robotruck applications are expanding from closed environments to long-haul logistics, with a market potential reaching hundreds of billions, focusing on stable freight demand and high operational value [5]. - The adoption of "virtual drivers" in Robotrucks is expected to significantly reduce the operating costs of electric trucks, enhancing their commercial viability [5]. Group 5: Policy Support - Since 2020, the Chinese government has implemented numerous policies to support the development of intelligent connected vehicles, establishing a robust regulatory framework for the industry [11][13]. - By 2025, 17 national-level testing demonstration zones have been established, with over 32,000 kilometers of testing roads opened, facilitating the transition from technology validation to commercial operation [11][13]. Group 6: Investment Recommendations - Companies involved in autonomous driving solutions and operations are expected to benefit directly from the commercialization of RoboX, with a projected rapid increase in penetration rates between 2026 and 2027, unlocking a market potential of hundreds of billions [6][28]. - Recommended companies include WeRide, Cao Cao Mobility, and XPeng Motors, with a focus on intelligent component manufacturers like Horizon Robotics and Bertelson [6].

以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 格隆汇交易学苑 . 以基本面为基础，专注于趋势交易 入选核心资产的逻辑： 智能驾驶走向规模化落地，算法与芯片协同构筑长期确定性 。 在新一轮科技产业周期中，智能驾驶正逐步从 "技术前沿展示"阶段，过渡至以规模化落地为核心特征的产业化阶 段。随着行业关注点由算力参数、模型指标，转向量产能力、工程稳定性与交付可靠性，企业间的竞争维度正在发 生实质性变化，具备工程体系与持续交付能力的厂商开始显现相对优势。 这一演进路径，在一定程度上可类比 2025年AI产业链中中际旭创、新易盛与天孚通信的市场表现。上述公司并非 算力或模型叙事中的核心主体，但凭借在光模块及关键器件领域的工程能力与规模化交付经验，在AI需求放量阶段 获得了更高的业绩确定性，其角色更接近于产业链中的"基础设施型环节"。 对应至智能驾驶产业链，地平线机器人正在逐步体现出类似的结构性特征。其价值并不主要体现在单一芯片算力指 标或前沿算法突破，而在于 围绕 "算法+芯片+工程平台"所构建的系统级能力， 能够在成本、功耗、稳定性与长 期供货之间实现相对均衡。随着智能驾驶功能由高端车型向主流车型渗透，该类能力正在转 ...