Core Viewpoint - The company, Xidi Zhijia, is set to launch an IPO from December 11 to December 16, 2025, offering 5.408 million H-shares at a price of HKD 263 per share, with a significant portion allocated for international investors [1] Group 1: Company Overview - Xidi Zhijia is an innovative supplier in the field of intelligent driving products and solutions for commercial vehicles in China, focusing on autonomous trucks for mining and logistics, V2X technology, and intelligent perception solutions [1] - The company ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [2] - Xidi Zhijia has delivered 56 autonomous mining trucks in China, forming the world's largest mixed-operation mining vehicle fleet [2] Group 2: Financial Projections and Use of Proceeds - The company estimates a net amount of approximately HKD 1.309 billion from the global offering, assuming the over-allotment option is not exercised [3] - Approximately 55% of the net proceeds will be allocated to R&D over the next five years, with specific allocations for the development of a new generation intelligent driving platform and V2X technology [3] - The company anticipates a revenue increase from RMB 31.1 million in 2022 to RMB 410 million in 2024, reflecting a compound annual growth rate of 263.1% [4] Group 3: Financial Performance - Revenue for the six months ending June 30, 2025, is projected to reach RMB 408 million, a 57.9% increase from RMB 259 million for the same period in 2024 [4] - Gross profit is expected to rise from RMB 26.8 million in 2023 to RMB 101 million in 2024, with a gross profit of RMB 69.7 million for the six months ending June 30, 2025, representing a 57.1% increase from the previous year [4]

希迪智駕科技股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：3881 全球發售 聯席保薦人、整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 CiDi I n c. 希迪智駕科技股份有限公司 CiDi Inc. 希迪智駕科技股份有限公司 C M Y CM MY CY CMY K Project Nova Cover V14D_CHI_38mm_OP.pdf 1 9/12/2025 下午8:55 重要提示 閣下如對本招股章程任何內容有任何疑問，應諮詢獨立專業意見。 CiDi Inc. 希迪智駕科技股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 5,407,980股H股（視乎超額配股權行使與否而定） | | --- | --- | --- | | 香港發售股份數目 | ： | 270,400股H股（可予調整） | | 國際發售股份數目 | ： | 5,137,580股H股（可予調整及視乎超額配股權行使 | | | | 與否而定） | | 發售價 | ： | 每股H股263.00港元，另加1.0%經紀佣金、0.0027% ...

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 聂林浩）近日，在"看见・中欧基金2026年度投资策略会"上，中欧基金在 科技圆桌环节就2026年的科技投资进行了展望。 中欧基金基金经理代云锋认为，北美市场AI推理侧初步落地商业闭环，让科技投资在今年5月迎来高光 时刻，直接推动AI基建投资驱动力从训练需求转向推理需求。推理侧需求的释放，为行业景气度的长 期逻辑提供了有力支撑。 关于2026年的科技投资，代云锋看好AI应用侧突破。他认为，AI基础设施与智能硬件趋势清晰、可预 测性强，投资核心为跟踪进展并动态修正判断；而人形机器人、自动驾驶等高技术领域的关键性突破有 望催生重大投资机遇。 在他看来，AI应用可关注三大方向：一是消费娱乐领域，继游戏、电商等场景后，AI广告、AI教育等 新场景持续涌现；二是企业经营优化，AI赋能内部流程，降本提效；三是人形机器人、智能驾驶等新 范式、新场景。关于智能驾驶，代云锋关注三大方向：一是整车企业，弹性更大，有望诞生标杆企业； 二是零部件领域，聚焦智能车新增软硬件需求，筛选国内优势供应链企业；三是Robotaxi，其普及或将 催生新商业模式与收益分配机会。 中欧基金基金经 ...

[Table_Title] 整车管家系列：如何展望 2026 乘用车需求 行业研究丨深度报告丨汽车与汽车零部件 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 展望 2026 年乘用车市场需求，总量或将由于高基数、政策退坡等影响承压下滑。复盘来看销 量承压时期中低端价格带先行受损，高端市场受影响相对最小。 2026-2027 年新能源汽车购置 税减免力度下滑，从 2024-2025 年的免征转为减半征收，新能源渗透率或仍小幅增长。海外市 场供需两旺，中国产品出海仍处于加速拓展期，新能源出海仍具有高增潜力。未来汽车行业的 发展，可以关注新能源出海机会，以及受β影响相对较小的高端及豪华市场、智能驾驶及 Robotaxi。 分析师及联系人 [Table_Author] 高伊楠 麦贻智 SAC：S0490517060001 SFC：BUW101 请阅读最后评级说明和重要声明 2 / 25 %% %% %% %% research.95579.com 2 汽车与汽车零部件 cjzqdt11111 [Table_Title2] 整车管家系列：如 ...

对行业而言,这一步意味着四维图新不再仅仅是传统地图与软件供应商,而是着力构建"从高精地图、车联 网到中高阶自动驾驶软件+硬件+系统集成"的全链条能力—在智能驾驶产业加速整合、对整车厂要求降 低供应链复杂度的背景下,这样的整合与重构,有望提高其在未来自动驾驶市场的竞争力与议价能力。 简而言之,这笔战略投资为四维图新带来了"短期利润修复 + 长期战略转型双重利好",如果鉴智平台后续 顺利交付双方已获得的超过500万套新增量产定点合同,加之整合效果兑现,预计四维图新有望在未来掀开 新一轮估值与业务增长周期。 从财务角度来看,资产注入与股权置换将令公司合并报表范围发生变化,预计处置图新智驾股权产生的投 资收益约为15亿元人民币,为公司盈利与现金流带来即时改善。 2025年12月10日晚间,四维图新(SZ002405)发布公告称,通过"2.5亿元现金增资+ 15.5 亿元资产注入"的方 式,已获得鉴智开曼公司39.14%股份,并成为其第一大股东(但不构成控股)。此次资产注入为其全资子公 司 四维图新智驾(北京)科技有限公司(图新智驾)100%股权。 根据公告内容,可以推导出此次交易标志着鉴智开曼将成为四维图新旗下的的核 ...

Core Insights - Nullmax, an AI technology company, has completed its C1 round of financing with a strategic investment of tens of millions of dollars from a leading automotive-grade chip company, indicating strong market recognition of its technology and commercial potential [1][5] - The company focuses on core technology development for intelligent driving and aims to lead the transformation in the mobility sector [3] Group 1: Company Overview - Founded in 2016 in Silicon Valley, Nullmax specializes in intelligent driving technology and applications for fully autonomous driving [3] - The core team includes Dr. Xu Lei, a former key member of Tesla's Autopilot team, and co-founder Song Xinyu, who also has a background at Tesla, contributing to the development of Autopilot systems [3] Group 2: Technology Development - Nullmax has developed a comprehensive technology stack for assisted driving, known as MAX, which includes upper-layer applications, middleware, and cloud data systems [4] - The MaxDrive platform offers a vision-based, multi-sensor fusion perception solution that is adaptable to various chip platforms and sensor configurations, emphasizing scalability and cost-effectiveness [4] Group 3: Product Matrix and Market Position - The company has created a diverse product matrix that includes front-view integrated machines, parking control systems, and end-to-end multimodal models, all designed for various driving scenarios [4] - Nullmax is actively pursuing L4-level autonomous driving business, aiming for commercial deployment of fully autonomous driving solutions [4] Group 4: Financing and Strategic Goals - Since 2019, Nullmax has completed four rounds of financing, with a pre-financing valuation of $425 million (approximately 3 billion RMB) [5] - The company plans to leverage strategic investments to deepen ecosystem cooperation and enhance the integration of AI algorithms with intelligent driving chips, aiming for scalable and cost-effective solutions [5]

Group 1 - TechStar Acquisition Corporation completed the acquisition of Seyond Holdings Ltd. on December 10, 2025, marking the company's successful listing on the Hong Kong Stock Exchange [3] - This transaction is the third DE-SPAC deal in the Hong Kong market and TechStar is the fifth SPAC to list in Hong Kong since the introduction of Chapter 18B of the Listing Rules in 2022 [3] - CITIC Securities (International) acted as the joint sponsor and coordinator for the transaction, showcasing its professional capabilities in SPAC transactions [3][9] Group 2 - Seyond Holdings Ltd. is a leading provider of automotive-grade LiDAR solutions, delivering approximately 230,000 units in 2024, ranking fourth globally with a market share of 12.8% in ADAS LiDAR sales [5] - The company has established a supplier ecosystem in China, leveraging local supply chains to support the mass production of LiDAR solutions [7] - Seyond has secured design wins with fourteen OEMs and ADAS/ADS companies, integrating its LiDAR solutions into various vehicle applications, including passenger cars and commercial vehicles [7] Group 3 - The transaction involved investments from three PIPE investors totaling approximately HKD 550 million, along with a PEF financing of about HKD 370 million [3] - CITIC Securities (International) played a crucial role in coordinating the entire process from preparation to completion, ensuring compliance with regulatory requirements [9] - The successful completion of this transaction represents a milestone for CITIC Securities (International) in the LiDAR and intelligent driving sectors, reinforcing its commitment to supporting quality enterprises [9]

Core Insights - The focus for technology investment in 2026 is on breakthroughs in AI applications, with a clear trend in AI infrastructure and smart hardware, emphasizing the need to track progress and dynamically adjust judgments [1][2] - Key investment opportunities are expected in high-tech fields such as humanoid robots and autonomous driving, which may lead to significant breakthroughs [1][2] AI Application Focus - Three main directions for AI applications include: 1. Consumer entertainment sector, with emerging scenarios in AI advertising and AI education following gaming and e-commerce [1][2] 2. Optimization of enterprise operations, where AI enhances internal processes to reduce costs and improve efficiency [1][2] 3. New paradigms and scenarios in humanoid robots and smart driving [1][2] Autonomous Driving Insights - Three key areas of focus in autonomous driving include: 1. Flexibility of complete vehicle manufacturers, which may lead to the emergence of benchmark companies [1][2] 2. The components sector, which should focus on the new hardware and software demands of intelligent vehicles, identifying domestic supply chain advantages [1][2] 3. The proliferation of Robotaxi services, which could create new business models and revenue-sharing opportunities [1][2]

Core Viewpoint - Hesai Technology's stock (02525) has seen a price increase of 2.57%, reaching HKD 159.90, with a trading volume of HKD 31.1976 million, following the unveiling of the Geely Galaxy V900 at the 23rd Guangzhou Auto Show, which features advanced AI technology and enhanced driving assistance capabilities [5]. Group 1: Company Developments - The Geely Galaxy V900 is the flagship MPV that incorporates the new generation of super AI range extension technology [5]. - The vehicle is equipped with the Qianli Haohan H5 driving assistance system, which includes 27 perception units, such as Hesai's long-range high-precision lidar, enabling 360-degree situational awareness [5]. - The V900 features an industry-leading end-to-end no-map NOA function, supporting navigation in various driving conditions, including highways and urban environments, and can perform complex maneuvers like voice lane changes and U-turns [5]. Group 2: Future Outlook - The launch of the Geely Galaxy V900 marks a new journey for the Geely Galaxy brand towards upward positioning [5]. - Hesai Technology plans to deepen its collaboration with Geely Galaxy in the future [5].

Core Viewpoint - Hesai Technology's stock (02525) rose over 3%, currently at 14.74 HKD, with a trading volume of 84.35 million HKD, following the launch of Geely Galaxy's flagship MPV, the Galaxy V900, at the 13th Guangzhou Auto Show [1] Group 1: Company Developments - The Galaxy V900 features the new generation of super AI range extension technology, marking a significant product launch for Geely Galaxy [1] - The vehicle is equipped with the Qianli Haohan H5 driver assistance system, which includes 27 perception units, such as Hesai's long-range high-precision LiDAR, enabling 360-degree situational awareness [1] - The Galaxy V900 supports advanced driving assistance capabilities, including voice lane changes and complex maneuvers, achieving luxury-level intelligent driving assistance [1] Group 2: Industry Implications - The launch of the Galaxy V900 signifies a new upward trajectory for the Geely Galaxy brand, indicating a shift towards more advanced automotive technologies in the industry [1] - Hesai Technology plans to deepen its collaboration with Geely Galaxy, suggesting potential future growth opportunities within the automotive technology sector [1]