Core Insights - The chairman of Lantu Automotive, Lu Fang, shared insights on the intelligent driving capabilities of the new Lantu Taishan Ultra, highlighting his personal experience driving the vehicle in various areas of Wuhan during the recent holiday [12][19]. Vehicle Features - The Lantu Taishan Ultra is equipped with a new high-resolution laser radar on the roof and high-precision solid-state laser blind-spot radars on the sides and rear, significantly enhancing its ability to recognize pedestrians and obstacles [3][15]. - The vehicle's intelligent driving system includes a tracking reverse function that assists in navigating narrow alleys and returning to the original path if a wrong turn is made [14][18]. - The car features a distributed 4D millimeter-wave radar system, which improves its perception capabilities in complex traffic situations, allowing it to respond effectively to sudden obstacles [18]. Market Positioning - The Lantu Taishan Ultra is positioned as China's first mass-produced L3 level SUV, featuring Huawei's Qian Kun ADS 4 four-laser solution, and is priced starting at 459,900 yuan [10][19]. - The vehicle is expected to begin deliveries in March 2026, with plans for four new models to be launched by Lantu Automotive by that year [19][21].

Core Viewpoint - Black Sesame Intelligence (000716) has achieved a significant milestone in its strategic partnership with Guoqi Zhikong, marking a key development in the smart driving solutions based on the Huashan A2000 chip [1] Group 1: Company Developments - Black Sesame Intelligence's stock opened over 2% higher, currently up 2.43% at HKD 19.78, with a trading volume of HKD 1.2541 million [1] - The partnership with Guoqi Zhikong has successfully secured a smart driving project with a leading domestic automaker, covering L2+ to L3 level full-scene intelligent driving functions [1] - This marks the first publicly announced mass production solution since the launch of the Huashan A2000 chip, indicating the platform's entry into the phase of large-scale implementation [1] Group 2: Future Outlook - The collaboration will focus on joint development and deep technical optimization of core functions such as highway navigation, urban navigation, and intelligent parking [1] - The first batch of mass production vehicles equipped with this solution is expected to be realized by 2026 [1]

Group 1 - The core incident involved a Wanjie M9 vehicle catching fire in Huizhou, Guangdong on February 21, 2026, with no casualties reported. Initial investigations indicated that the vehicle's three-electric system was functioning normally, suggesting the fire was not caused by the vehicle itself [2] - Wanjie Automotive is cooperating with relevant authorities for further investigations and is assisting users with subsequent matters related to the incident [2] - Huawei's Executive Director, Yu Chengdong, emphasized that their vehicles maintain a "zero spontaneous combustion" record, attributed to their self-developed Battery Management System (BMS) technology, which effectively prevents battery thermal runaway risks [2] Group 2 - The Wanjie M9, a flagship mid-to-large SUV under the AITO brand, was jointly designed by Seres Automotive and Huawei Hongmeng Intelligent Driving, and was launched on December 26, 2023 [4] - As of January 2026, cumulative deliveries of the Wanjie M9 exceeded 270,000 units, making it the annual sales champion in the luxury vehicle segment priced above 500,000 yuan in the Chinese market for 2025 [5] - The Wanjie M9 has maintained the top position in its market segment for 21 consecutive months, supported by advanced smart technology and high user recommendation rates (NPS) [5]

Stock Performance - Avita Technology submitted its IPO application to the Hong Kong Stock Exchange on November 27, 2025, with Citic Securities and CICC as joint sponsors. The IPO aims to support funding for product development, technological investment, and global market expansion. The company plans to complete the listing by 2026, potentially becoming the first central enterprise new energy vehicle company listed in Hong Kong [1] Business Development - The company plans to launch four significant new models in 2026, including upgrades of existing models and second-generation products, to further cover the mainstream high-end and luxury markets. These models will integrate core technologies from Huawei, including the Qian Kun intelligent driving system, Harmony cockpit, and CATL supercharging batteries [2] Strategic Advancement - Avita's joint creation model plan with Huawei is set to increase from 1 model in 2026 to 4 models, expanding to 17 models by 2030. The company has completed a 10% equity investment in Huawei's subsidiary "Yinwang," with a total payment of 11.5 billion yuan, strengthening its deep integration in the intelligent driving field [3] Performance Goals - According to the company's plan, overseas sales are targeted to account for 10% of total sales by 2026, increasing to 30% by 2030, with coverage expanding to over 80 countries. Currently, its products have entered more than 30 countries, including Southeast Asia and the Middle East [4] Financial Performance - The prospectus shows significant revenue growth: revenue for 2024 is projected at 15.195 billion yuan (a year-on-year increase of 169.16%), and revenue for the first half of 2025 is projected at 12.208 billion yuan (a year-on-year increase of 98.52%). R&D investment for 2024 is expected to exceed 1.2 billion yuan, with a year-on-year increase of over 80%, and R&D personnel accounting for 57.1% of the workforce [5]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shanghai W-Ibeda High Tech. Group Co., Ltd. 上海華依科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求，僅為向香港公眾人士提供資料而刊發。 本申請版本為草擬本，當中所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、其獨家保薦人、獨家保薦人 – 整體協調人、整體 協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長 註冊前，不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀 請，有意投資者務請僅依據已向香港公司註冊處處長註冊的本公司招股章程作出投資決定， 招股章程的文本將於發售期 ...

Core Insights - The successful adaptation of SimOne 4.0 on the Moer Thread MTTS5000 GPU marks a significant advancement in the intelligent driving and robotics simulation platform, enabling comprehensive support for various intelligent driving technology routes and expanding into embodied intelligence training and upgrades [1][2] Company Overview - 51Sim is recognized as a leading synthetic data and simulation platform in China, with core products including SimOne (intelligent driving simulation platform) and DataOne (data closed-loop platform) [1] - SimOne significantly reduces testing and validation costs for intelligent driving systems, allowing for comprehensive testing in various complex scenarios, thus minimizing risks and costs associated with intelligent vehicle testing [1] Industry Context - The successful integration of SimOne 4.0 and the Moer Thread MTTS5000 GPU provides a complete domestic solution for the intelligent driving industry ecosystem, indicating that domestic GPUs have reached the stage of handling high-precision and high-load tasks in autonomous driving [2] - The updated 2026 requirements for vehicle production enterprise access review mandate that intelligent driving-related companies must possess simulation, closed-field, and actual road verification capabilities, along with safety assessment capabilities, making simulation testing a necessity before intelligent vehicles can be deployed on roads [2]

Group 1 - The core product SimOne 4.0 has successfully completed systematic adaptation and deep optimization on the Moer Thread MTTS5000 GPU, supporting multiple intelligent driving technology routes for mass production [1][2] - 51Sim is a leading synthetic data and simulation platform in China, significantly reducing testing and validation costs for intelligent driving systems across various complex scenarios [1] - The Moer Thread MTTS5000 GPU is designed for large model training and high-performance computing, achieving a maximum AI dense computing power of 1000 TFLOPS [1] Group 2 - The successful adaptation of SimOne 4.0 and Moer Thread MTTS5000 GPU provides a complete domestic solution for the intelligent driving industry ecosystem, indicating that domestic GPUs have entered the stage of high precision and high load tasks in autonomous driving [2] - The 2026 revised requirements for vehicle production enterprise access review mandate that intelligent driving-related companies must possess simulation, closed-field, and actual road verification capabilities, making simulation testing a necessity before intelligent vehicles can be deployed on the road [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Beijing 51WORLD Digital Twin Technology Co., Ltd. 北京五一視界數字孿生科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 自願性公告－業務發展最新情況 （股份代號：06651） 北京五一視界數字孿生科技股份有限公司（「本公司」）董事會（「董事會」）欣然宣 布，近日，51Sim下一代智能駕駛與機器人仿真平台SimOne4.0已成功完成在摩爾 線程MTT S5000 GPU上的系統性適配與深度優化，從大模型感知挖掘、4DGS模 型訓練到4DGS仿真推理和合成數據生成，全面支撐端到端、VLA和世界模型等 多條智駕技術路線的量產落地，進而擴展至機器人等具身智能領域的訓練和智能 升級，實現了物理AI高置信度閉環仿真與合成數據的全棧國產化。 51Sim作為本公司的三大業務之一，為中國領先的合成數據與仿真平台。其核心 產品包括SimOne（智駕仿真平台）、Da ...

Market Performance - The automotive sector outperformed the market this week, with A-share automotive index rising by 1.35%, ranking 12th among Shenwan sub-industries, compared to the CSI 300's increase of 0.04 percentage points [3][38]. - Within sub-sectors, commercial trucks, motorcycles and others, automotive parts, and automotive services saw increases of 4.56%, 1.92%, 1.68%, and 1.32% respectively, while passenger cars and commercial passenger vehicles experienced declines of 0.32% and 0.10% [3][38]. Investment Recommendations - The core investment focus for the month includes companies such as Geely Automobile, Xpeng Motors, BYD, Bertley, Top Group, New Spring, Chuanfeng Power, Weichai Power, China National Heavy Duty Truck Group, and Kingood [4][9]. - For passenger vehicles, the recommendation is to pay attention to the bottom opportunities in demand, particularly for Geely, Xpeng, and BYD, with a suggestion to also consider Jianghuai Automobile [7][18]. - In the parts sector, recommendations include intelligent driving companies like Bertley, Horizon Robotics, and Kobot, as well as new force industry chains such as Xingyu and Huguang [7][22]. Policy and Demand Outlook - Various regions have begun implementing the 2026 vehicle replacement subsidy, which, combined with the upcoming auto shows post-Spring Festival, is expected to stabilize and increase automotive sales [6][10]. - The National Development and Reform Commission and the Ministry of Finance have allocated 62.5 billion yuan for 2026 national subsidies, which will support consumer demand for vehicle purchases [11][50]. - The January wholesale volume of passenger vehicles was 1.973 million units, a year-on-year decrease of 6.2%, with new energy vehicles accounting for 864,000 units, down 3.3% year-on-year [6][10]. Robotics Sector - Four domestic humanoid robot companies showcased their technologies during the 2026 CCTV Spring Festival Gala, with Yushutech's "Wu BOT" performance being particularly impressive, creating a breakout effect [5][9]. - The mid-term outlook for the robotics sector is optimistic, with Tesla's mass production and technological iterations expected to be a core driving force [5][9]. Motorcycle Market - The motorcycle market is experiencing growth, with sales of 250cc and above motorcycles reaching 69,000 units in December 2025, a year-on-year increase of 1.8% [28]. - The domestic sales of 250cc+ motorcycles in December were 28,000 units, up 32.8% year-on-year, while exports were 41,000 units, down 12.1% year-on-year [29][30]. - The recommendation for the motorcycle sector includes leading companies such as Chuanfeng Power and Longxin General [32]. Heavy Truck Market - The heavy truck market saw sales of approximately 105,000 units in January 2026, a year-on-year increase of about 46% [33]. - The expansion of the vehicle replacement subsidy policy is expected to stimulate demand for heavy trucks, particularly with the focus on replacing older vehicles [34][35].

Core Viewpoint - The new mandatory national standard GB 11557-202X, effective from January 1, 2027, signifies a shift in China's automotive safety regulations, moving from passive measures to proactive rule-making, particularly targeting the elimination of unsafe designs like the half-width steering wheel [2][12]. Group 1: Regulatory Changes - The new standard aligns with international safety norms, reducing the human body module test limit to 11110N and eliminating exemptions for impact tests, addressing previous safety loopholes [4]. - The half-width steering wheel fails to meet the new requirements, lacking the necessary physical structure to pass the mandated 10 head impact test points, thus rendering it non-compliant [4]. Group 2: Design and Practicality Issues - The half-width steering wheel, initially marketed as a feature inspired by F1 racing, is impractical for everyday use, leading to user complaints about its functionality during common driving maneuvers [6]. - The design prioritizes aesthetics over usability, which has become a liability as safety and user experience are increasingly scrutinized [6]. Group 3: Industry Trends and Future Directions - The simultaneous emergence of Tesla's Cybercab, which lacks a steering wheel, highlights two distinct paths in the industry: one focused on gimmicky designs and the other on genuine technological advancements in autonomous driving [8]. - Current regulations still mandate human control interfaces for autonomous vehicles, indicating that while innovation is encouraged, it must adhere to safety principles [10]. Group 4: Industry Implications - The regulatory approach of banning unsafe designs while facilitating advanced technology development sends a clear message: automotive innovation must be grounded in safety compliance [12]. - The phase-out of the half-width steering wheel serves as a correction to the industry's trend of prioritizing aesthetics, emphasizing the need for a solid safety foundation before advancing to more radical innovations like steering-less vehicles [14].