Core Insights - Hezhima Intelligent and Yuanrong Qihang have reached a deep cooperation agreement to establish a dual linkage of capital and business [1] - The collaboration will leverage both companies' core advantages in chip technology and advanced driver-assistance systems (ADAS) models and algorithms [1] - They aim to jointly develop high-performance, cost-effective advanced driving assistance solutions based on Hezhima Intelligent's next-generation automotive-grade high-performance computing chip platform [1] - The partnership will focus on expanding industry application scenarios, promoting the large-scale implementation of technology, and exploring deployment scenarios in emerging fields such as Robotaxi [1]

It's been a very busy week for you. We've been Japan, Korea, Taiwan, Hong Kong. What's been the sort of standout so far, the key takeaways.Well, the key takeaways for us is growth. The APAC market and in particular the North Asia markets as well. They are huge growth markets for us.And if you look, for example, in the rideshare business, over 30% of our global first trips coming into the category come from the APAC region. The area is growing very quickly, including Taxi as well, which is actually one of ou ...

每经编辑｜程鹏 据第一财经报道，12月11日，有消息称，哈啰无人驾驶出租车暂停株洲运营服务。记者就此事致电哈啰无人驾驶出租车客服，对方表示，建议乘客考虑其 他出行方式。哈啰方面则是对记者表示，暂无相关信息可以同步。 据智通财经报道，12月6日，多段网传视频显示，在湖南省株洲市，一辆车身贴有"哈啰自动驾驶"字样的车辆停在斑马线附近，有行人被卷入车底，市民 与民警合力抬车救援。 值得注意的是，在此次伤人事故发生前一周，已有株洲市民在社交媒体平台反应乘坐哈啰自动驾驶出租车时发生碰撞事故。 该用户向记者透露，11月28日早晨，其乘坐的哈啰自动驾驶车辆在行程中与社会车辆发生碰撞，导致"车门撞瘪了"。据该用户描述，事故发生地距离目的 地不足200米，但涉事车辆在碰撞后并未紧急制动或停留，而是继续行驶直至终点。 事发后，该乘客通过哈啰城市运营群反馈情况。客服人员回应称，安全员在事故发生后已介入并接管车辆。然而，该乘客表示其在体感上"无法辨别"是否 有人工接管，并对处置流程的合规性有所疑问：依据交通法规，事故发生后应立即停车报警并保留现场；即便是为了乘客安全，在仅剩百余米的情况下， 让乘客下车步行显然是更合理的选择，而非由事 ...

Summary of Horizon Robotics Conference Call Company Overview - **Company**: Horizon Robotics (9660.HK) - **Industry**: Robotics and Autonomous Driving Technology Key Points Client Base and Partnerships - Horizon Robotics is expanding its client base and partnerships, particularly with the Journey 6P and HSD (Horizon Robotics SuperDrive) solutions [1][2] - The HSD solution is being adopted by Chery's new models, including EXCEED ET5, Fulwin T9, and iCAR V27, with expectations for mass production of additional models like FAW BESTUNE in 2026 [1][2] - The pricing for Chery EXCEED ET5 with J6P is below Rmb150k, indicating a positive outlook for the J6P/HSD solution across a wider pricing range [1] Revenue Expectations - Anticipated rising revenue contributions from the HSD solution in 2026 due to mass production and new design wins, particularly for models priced below Rmb150k [2] High-End Product Development - Horizon Robotics announced a partnership with Deeproute.AI to develop high-end ADAS/AD solutions based on the J6P platform, aiming for better experiences at lower costs [3] - The company is also collaborating with KARGBOT to develop L4 freight transportation solutions, focusing on AI models for specific scenarios [3] Financial Position and Use of Proceeds - The company completed a share placement and subscription, raising net proceeds of HK$6.4 billion, primarily for overseas expansion, intelligent driving technology development, and investments in emerging sectors [3] Industry Challenges and Solutions - Management highlighted industry challenges such as high computing costs for AI model training, talent shortages, and rapid iteration cycles [4] - Horizon Robotics launched "HSD together," an algorithm service to assist OEM and transportation clients, aiming to lower overall spending and entry barriers [7] Valuation and Price Target - The 12-month target price for Horizon Robotics is set at HK$15.30, based on an EV/EBITDA multiple of 28.0x, with a projected EBITDA growth correlation to peers [8] - Current market cap is HK$112.8 billion, with a price of HK$8.98, indicating a potential upside of 70.4% [10] Risks - Key downside risks include: 1. Increased competition or pricing pressure in the auto supply chain amid slow demand [9] 2. Slower-than-expected product mix upgrades towards autonomous driving [9] 3. Delays in customer base expansion [9] 4. Supply chain risks due to geopolitical tensions [9] Conclusion Horizon Robotics is positioned for growth through expanding partnerships and innovative solutions in the robotics and autonomous driving sectors. The company faces challenges but has strategies in place to mitigate risks and capitalize on market opportunities.

RT TesLatino (@TesLatino)I think a lot of people don't realize that from the current @Tesla_AI lineup, the @cybertruck will end up being the most epic application on the roads.It has the most space of all, utility and with steer by wire, can literally have no steering wheel/yoke like a Cybercab @robotaxi should be.What do you think @chazman , @DirtyTesLa, @DrKnowItAll16, @FutureAZA, @teslaownersSV, @herbertong?📸 by @mrkylefield ...

Core Insights - Tesla is poised for a strong performance in 2026 due to three main catalysts: the advancement of unsupervised Full Self-Driving (FSD), recovery of brand reputation, and improved demand in China [1][6][11] Group 1: Unsupervised FSD Development - Tesla's robotaxi program has launched in two cities, Austin and San Francisco, and is expected to catch up to Waymo due to its scalability and lower costs [2] - There is a 77% probability that Tesla will launch unsupervised FSD before 2026, according to betting market data [3] - Elon Musk has expressed confidence in Tesla's robotaxi future, stating that unsupervised FSD is "pretty much solved" [5] Group 2: Brand Reputation Recovery - Following a turbulent period in early 2025, Tesla's brand sentiment has significantly improved, with net purchase intent and brand trust fully recovering [6][7] - The recovery is attributed to the passage of time since the brand's challenges, allowing for a rebound in consumer confidence [7] Group 3: Demand in China - Tesla has seen a turnaround in its Chinese market, with the Model Y becoming the top-selling vehicle in the country [8][10] - The Model S is completely sold out in China, indicating strong demand despite competition from local automakers [10]

Core Viewpoint - Xiaopeng Motors is expected to report significant growth in Q4 2025, with revenue forecasts ranging from 21.734 to 34.034 billion RMB, representing a year-on-year increase of 35.0% to 111.3% [1][7]. Financial Performance Expectations - Q4 revenue is projected between 21.734 billion and 34.034 billion RMB, with a year-on-year growth of 35.0% to 111.3% [1][7]. - Net profit is anticipated to range from -0.62 billion to 1.643 billion RMB, showing a year-on-year increase of 95.3% to 223.5% [1][7]. - Adjusted net profit is expected to be 0.94 billion RMB, reflecting a year-on-year change of 106.8% [1][7]. Analyst Predictions - The average revenue forecast is 25.236 billion RMB, indicating a 56.7% year-on-year growth [3][8]. - The median revenue forecast stands at 23.659 billion RMB, with a year-on-year increase of 46.9% [3][8]. - Various securities firms have provided differing estimates, with Dongwu Securities predicting 24.034 billion RMB in revenue and a net profit of 1.23 billion RMB [3][8]. Business Strategy and Developments - Xiaopeng Motors plans to launch seven new models in 2026, covering both pure electric and extended-range vehicles, marking a new phase in the C-end smart vehicle sector [5][10]. - The Robotaxi project is expected to commence trial operations in late 2026, potentially transforming the trillion-yuan mobility market [12][10]. - A deepened collaboration with Volkswagen is anticipated, with plans to jointly launch two full-size electric models in 2026 [13][10]. - The IRON robot is set to enter mass production and will be piloted in commercial service scenarios, showcasing the company's capabilities in the smart robotics field [13][10]. - The A868 flying car has entered the testing phase, with global deliveries planned for the second half of 2026 [14][10]. Recent Performance Highlights - In Q3 2025, Xiaopeng Motors achieved a revenue of 20.38 billion RMB, a year-on-year increase of 101.8%, with a gross margin of 20.1% [6][14]. - The company expects to achieve profitability in Q4, with an adjusted net loss reduced to 1.5 billion RMB [6][14]. - The automotive segment reported a revenue of 18.05 billion RMB, with a record delivery of 116,000 units [6][14]. - Overseas deliveries increased by 125%, with local production capabilities established in Austria and Indonesia [6][14].

[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 ...

華爾街的分析師 要心臟驟停了！ 馬斯克這次 沒開玩笑 他剛剛洩漏了 特斯拉未來十年 的最大底牌 FSD 已經解決了！ 你沒聽錯 不是明年 不是畫大餅 馬斯克在最新的 黑客松上 直接放話： 只要 3週！ 就在德州奧斯汀 沒有安全員 完全無人駕駛的 Robotaxi 將正式上路！ 這意味著什麼？ 我們喊了五六年 的「狼來了」 這次狼真的 站在門口了！ 你以為他在吹牛？ 華爾街頂級投行 Piper Sandler 剛剛挖到了 後台數據 特斯拉最新的 FSD 版本 關鍵接管里程 直接暴漲了 20倍！ 這是四年來 最恐怖的 數據飛躍 一旦 3週後 奧斯汀街頭 出現無人車 今天的股價 回頭看 可能就是 絕對的地板價 這場秀 才剛開始 你準備好 上車了嗎？. ...

大家好我是大鱼 马斯克竟然 亲口承认 如果能重来 我绝不碰政治 在最新专访中 他罕见流露 对DOGE的悔意 直言这场 冒险代价惨重 甚至导致了 不必要的牺牲 当钢铁侠意识到 政治泥潭 深不见底 这是否意味着 他将把精力 从政坛收回 重新全职 聚焦特斯拉？ 这对焦虑的 投资者 意味着什么？ 今天将带你 读懂这场 信息量爆炸的 真心话大冒险 大家不要错过 今天的精彩内容 OK let's go 特斯拉的股票 周二收盘是 445.26% 全天上涨了 5.68%美元 涨幅是1.29% 成交量是 6086万股 第一部分 马斯克后悔搞政治 如果你手上 有Tesla 股票 或者你一直 在担心老马 被政治 这一 摊烂事拖垮 那今天这支 影片你非看不可 就在刚才 Katie Miller 放出了对马斯克 的最新专访 信息量大到爆炸！ 老马竟然 亲口承认 如果能重来 他可能根本不会 去搞什么 DOGE （政府效率部） 因为代价 实在太大了！ 这是不是意味着 那个「全职」的 马斯克要回来了？ 我们赶紧来 拆解一下 第一点： 关于DOGE 的 真心话大冒险 大家都知道 年初那段时间 马斯克为了那个 DOGE （政府效率部） 忙得不可 ...