来源：新浪港股 据央视财经报道，随着车辆自动驾驶能力不断演进，相关产业链近年来也持续保持较高增速。其中，用 于测距的激光雷达作为关键硬件之一，出货量不断走高。 据华创证券，展望未来，受益于L2+/L3/L4法规逐步落地，激光雷达渗透率有望持续提升；而价格端， 当前单颗激光雷达价格下行空间有限，叠加高性能、多颗的方案有望成为趋势，车载激光雷达市场规模 有望快速扩容。该行预计2030/2035年全球车载激光雷达市场规模有望达90/148亿美元。 禾赛-W（02525）早盘一度涨超7%，午后股价上涨5.64%，现报224.80港元，成交额1.88亿港元。 ...

Core Viewpoint - Caocao Travel (02643) has announced two strategic acquisitions, which are expected to enhance its service offerings and create business growth in the B2B travel sector [5]. Group 1: Company Developments - Caocao Travel's stock price increased by 10.38% to HKD 36.78, with a trading volume of HKD 267 million [5]. - The company plans to fully acquire Weixing Technology (Yaotong Travel) and Geely Business Travel, which will become wholly-owned subsidiaries upon completion of the transactions [5]. - CEO Gong Xin stated that the acquisitions will enable the company to integrate services from daily commuting to business reception and travel management, thereby enhancing its service chain [5]. Group 2: Analyst Insights - Guotai Junan Securities initiated coverage on Caocao Travel with a "Buy" rating, highlighting the company's focus on customized vehicle ecosystems and optimization of total cost of ownership (TCO) for profitability [5]. - The firm believes that the company's valuation has upside potential, particularly due to its reliance on Geely's background for autonomous driving initiatives [5]. - Based on the price-to-sales (PS) valuation method, the estimated market value of the company is RMB 22.455 billion, with a target price of HKD 44.16 per share [5].

大华继显发布研报称，基于更高的研发支出，下调小鹏汽车-W(09868)2026及2027年净利润预测39%及 6%。维持"买入"评级，目标价从145港元下调至125港元。 据报道小鹏汽车为2026年设定了55万至60万辆的交付目标(同比增长28-40%)，此目标基于强劲的产品阵 容及出口量翻倍，高于该行的预估。该行将2026年交付量预估上调7%至53万辆。由于先进驾驶辅助系 统、自动驾驶出租车及人形机器人等新项目投入，2026年研发支出可能增加至超过100亿元人民币。该 行维持小鹏2025年净亏损预测为14.81亿元人民币，这意味着2025年第四季净利润预测为4,200万元人民 币，而市场共识预测为1亿元人民币。 ...

Core Viewpoint - Caocao Travel (02643) has seen a nearly 10% increase in stock price following the announcement of two strategic acquisitions, which are expected to enhance its service offerings in the business travel sector [1] Group 1: Strategic Acquisitions - Caocao Travel plans to fully acquire Weixing Technology (Yaotong Travel) and Geely Business Travel, which will become wholly-owned subsidiaries upon completion of the transactions [1] - The CEO of Caocao Travel, Gong Xin, stated that the acquisitions will enable the company to create a comprehensive service chain for daily commuting, business reception, and travel management, thereby generating business growth in the B2B travel sector [1] Group 2: Market Position and Financial Performance - According to Guotai Junan Securities, Caocao Travel has established a leading capacity network and customized vehicle ecosystem in the Chinese travel market, currently holding the second-largest market share [1] - The company has been optimizing operational efficiency and the lifecycle costs of its vehicles, leading to a significant reduction in Non-GAAP net losses, indicating that a profitability turning point is approaching [1] - Caocao Travel is leveraging its relationship with Geely to actively invest in autonomous driving technology, positioning itself as a key player in the commercialization of this technology [1] - Overall, the company is entering a phase of reduced losses and increased efficiency alongside technological innovation, suggesting potential for upward valuation elasticity [1]

禾赛-W(02525)涨超7%，截至发稿，涨7.42%，报228.6港元，成交额1.64亿港元。 消息面上，据央视财经报道，随着车辆自动驾驶能力不断演进，相关产业链近年来也持续保持较高增 速。其中，用于测距的激光雷达作为关键硬件之一，出货量不断走高。据华创证券，展望未来，受益于 L2+/L3/L4法规逐步落地，激光雷达渗透率有望持续提升；而价格端，当前单颗激光雷达价格下行空间 有限，叠加高性能、多颗的方案有望成为趋势，车载激光雷达市场规模有望快速扩容。该行预计 2030/2035年全球车载激光雷达市场规模有望达90/148亿美元。 值得关注的是，近期在美国拉斯维加斯国际消费类电子产品展CES2026上，禾赛宣布，为满足ADAS及 机器人领域日益增长的激光雷达需求，公司规划年产能将由2025年的200万台提升至2026年的400万台， 实现翻倍增长。另外，禾赛此前宣布，已被英伟达选定为"NVIDIA DRIVE AGX Hyperion10平台"的激 光雷达合作伙伴。 ...

值得关注的是，近期在美国拉斯维加斯国际消费类电子产品展CES 2026上，禾赛宣布，为满足ADAS及 机器人领域日益增长的激光雷达需求，公司规划年产能将由2025年的200万台提升至2026年的400万台， 实现翻倍增长。另外，禾赛此前宣布，已被英伟达选定为"NVIDIA DRIVE AGX Hyperion 10平台"的激 光雷达合作伙伴。 智通财经APP获悉，禾赛-W(02525)涨超7%，截至发稿，涨7.42%，报228.6港元，成交额1.64亿港元。 消息面上，据央视财经报道，随着车辆自动驾驶能力不断演进，相关产业链近年来也持续保持较高增 速。其中，用于测距的激光雷达作为关键硬件之一，出货量不断走高。据华创证券，展望未来，受益于 L2+/L3/L4法规逐步落地，激光雷达渗透率有望持续提升；而价格端，当前单颗激光雷达价格下行空间 有限，叠加高性能、多颗的方案有望成为趋势，车载激光雷达市场规模有望快速扩容。该行预计 2030/2035年全球车载激光雷达市场规模有望达90/148亿美元。 ...

人民日报记者 王政 核心阅读 深耕电动化，多技术路线融合创新 2025年12月23日上午，漠河，气温零下28摄氏度。吉利汽车研究院系统控制开发工程师张鲁超打开 静置一夜的银河星舰7，开启了交通高峰期10公里测试。"今天测试的是吉利星睿AI云动力智慧能量管理 系统。"张鲁超介绍，AI算法可自主学习用户使用习惯，根据用车时间、车内外温度、天气、电池剩余 电量等参数，智能选择是否对电池包进行加热，热管理功耗最高可降低30%。 2025年，我国纯电动乘用车整车平均续驶里程接近500公里，800伏高压碳化硅平台、15分钟充电 80%的快充技术批量应用；全固态电池进入小批量试制阶段，正向2027年量产目标全速冲刺；电动化与 高效内燃机、氢燃料、合成燃料等多技术路线融合创新，我国独创的可油、可电、可混动、可增程 的"超级电混技术"全面普及，并成为向跨国车企反向技术输出的成功范例。 电动化技术持续进阶，消费者补能焦虑大幅缓解，让新能源汽车对传统燃油车替代进程持续推进。 2025年，我国新能源汽车产销分别完成1662.6万辆和1649万辆，同比分别增长29%和28.2%，新能源汽 车新车销量达到汽车新车总销量的47.9%。 安 ...

Group 1 - The smart driving sector is experiencing active performance driven by favorable policies, technology advancements, and industry progress, with the smart driving ETF (516520) seeing a cumulative net inflow of 528 million yuan since 2026 and an average daily trading volume increasing by 657% to 227 million yuan compared to 2025 [1] - The Shanghai Municipal Government has issued the "High-Level Autonomous Driving Leading Area 'Mosu Zhixing' Action Plan," aiming for large-scale implementation of high-level autonomous driving scenarios by 2027, which is expected to accelerate the conversion of autonomous driving technology into industrial competitiveness and further stimulate market investment enthusiasm [1] - NVIDIA has made significant breakthroughs by releasing and open-sourcing the Alpamayo autonomous driving model and related toolchains, which lowers development barriers and aids in the popularization of L2++ to L4 level autonomous driving technology [1] Group 2 - According to CICC, the global smart driving sector is accelerating, with NVIDIA's DRIVE Hyperion platform expanding its cooperative ecosystem to include several leading domestic suppliers, promoting the internationalization of China's smart driving industry chain [2] - The penetration rate of high-level autonomous driving may have crossed a turning point, with the mass production process of L3/L4 technologies speeding up and the commercialization of Robotaxi accelerating, which enhances the value of core components such as vehicle SoC, sensors, and domain controllers [2] - The smart driving ETF (516520) closely tracks the CSI Smart Vehicle Theme Index, which reflects the overall performance of companies in the smart vehicle industry, with the top five sub-industries being automotive parts (24.0%), semiconductors (19.6%), passenger vehicles (14.4%), software development (11.3%), and communication equipment (7.1%) [2] Group 3 - The fund manager of the smart driving ETF (516520), Huatai-PB Fund, is one of the first ETF managers in China, having created the largest ETF in the A-share market, the Huatai-PB CSI 300 ETF (510300), which has a current scale of 410.4 billion yuan and high market activity [3] - The Huatai-PB CSI 300 ETF (510300) will implement a cash dividend of 1.23 yuan per 10 fund shares, with the total dividend amount expected to approach 11 billion yuan, potentially setting a new record for single cash dividends in domestic ETFs [3]

Core Viewpoint - Cathay Securities initiates coverage on Cao Cao Mobility (02643) with a "Buy" rating, highlighting its profitability through Total Cost of Ownership (TCO) optimization and potential for valuation increase due to its autonomous driving strategy backed by Geely [1] Group 1: Market Position and Financial Performance - Cao Cao Mobility holds the second-largest market share in China's ride-hailing market, with shares of 8.8% and 8.5% in core first and second-tier cities respectively [1] - The company is projected to achieve revenues of 14.657 billion RMB in 2024, with a year-on-year growth rate exceeding 35% for the past two years [1] - The gross margin has seen a "three-year consecutive jump," with profitability expected to reach 809 million RMB in 2024, and the company is anticipated to enter a phase of synchronized expansion in profitability and business scale by 2026 [1] Group 2: Cost Reduction and Differentiated Growth - The company has established a commercial moat centered around a "customized vehicle strategy," reducing TCO to approximately 0.5 RMB per kilometer [2] - As a part of Geely's ecosystem, the company benefits from stable low-cost production capacity and a high-density battery swap network, while also leveraging vast real-world data to enhance smart driving algorithms [2] - This "manufacturing + platform + data" internal closed-loop model provides significant advantages in operational efficiency, vehicle durability, and compliance risk management compared to traditional light-asset models [2] Group 3: Strategic Upgrades and Future Goals - The company is transitioning from the "N-cube" to the "F-cube" strategy, focusing on fully intelligent customized vehicles, autonomous driving, and automated operational systems [3] - With the technological support from Geely's "Thousand-Mile Smart Driving," the company plans to launch L4-level Robotaxi customized models by 2026 [3] - The company has set a global strategic goal of "Ten Years, Hundred Cities, Thousand Billion," indicating its ambition to reshape the industry's profitability ceiling through Robotaxi [3]

Core Viewpoint - Cathay Securities initiates coverage on Cao Cao Mobility (02643) with a "Buy" rating, highlighting its strong market position and growth potential driven by customized vehicle strategies and cost optimization [1] Group 1: Market Position and Financial Performance - Cao Cao Mobility holds the second-largest market share in China's ride-hailing sector, with shares of 8.8% and 8.5% in core first- and second-tier cities respectively [1] - The company is projected to achieve revenues of 14.657 billion RMB in 2024, with a year-on-year growth rate exceeding 35% for the past two years [1] - The gross margin has improved significantly, achieving a three-year consecutive increase, with profitability expected to reach 809 million RMB in 2024 [1] Group 2: Cost Optimization and Business Model - The company has established a competitive moat centered around a "customized vehicle strategy," reducing total cost of ownership (TCO) to approximately 0.5 RMB per kilometer [2] - As part of the Geely ecosystem, the company benefits from stable low-cost production capacity and a high-density battery swap network, enhancing operational efficiency and risk resilience [2] Group 3: Strategic Upgrades and Future Plans - The company is transitioning from the "N-cube" to the "F-cube" strategy, focusing on fully intelligent customized vehicles, autonomous driving, and automated operations [3] - Plans are in place to launch L4-level Robotaxi customized models by 2026, with a global strategic goal of "100 cities in 10 years, 100 billion" [3]