Core Insights - Physical AI is emerging as a new benchmark for assessing the core competitiveness of global tech companies, marking a shift from digital algorithm competition to real-world interactions [2][4] - The competition in autonomous driving, a key battleground for AI and the physical world, is characterized by a bipolar development trend led by the US and China [4][20] Industry Developments - Xiaopeng Motors' CEO He Xiaopeng plans to retest Tesla's FSD V14 in the US in December 2025, highlighting a collaborative dialogue between leading tech firms [2][3] - The second-generation VLA model from Xiaopeng is set to enter mass production, transforming industry consensus into practical momentum for change [3][20] Competitive Landscape - The competition in the physical AI sector is defined by a consensus on technology routes, with Tesla focusing on a pure vision approach and Xiaopeng developing a full-stack self-research system [4][10] - Both companies are moving away from the contentious L3 transitional phase, aiming for L4 capabilities directly, which reflects a collective understanding of the limitations of L3 [13][20] Technological Innovations - Xiaopeng's second-generation VLA model eliminates the language translation step, allowing for direct generation of driving commands from visual signals, significantly enhancing response speed and decision-making accuracy [8][10] - The model's training data volume reaches 100 million clips, equivalent to 65,000 years of human driving experience, enabling it to handle complex scenarios effectively [17][18] Market Positioning - Xiaopeng's full-stack self-research system creates a competitive barrier, allowing for rapid iterations and deployment of advanced models, with a cloud-based model supporting 72 billion parameters [8][18] - The unique challenges of Chinese road conditions have become a strategic asset for local companies, enhancing their AI capabilities and providing a rich training environment [17][20] Future Outlook - 2026 is projected to be a pivotal year for Xiaopeng, with plans to launch L4-level vehicles and Robotaxis, positioning the company as a key player in defining the next generation of AI paradigms [20] - The collaboration and competition between Tesla and Xiaopeng are expected to drive innovation and set industry standards, with both companies aiming for a fair competitive landscape in the global market [9][20]

香港聯合交易所有限公司與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 性亦不發表任何意見，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。 Guangdong Asensing Technology Co., Ltd. 廣東導遠科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，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、本公司的聯席保薦人、整體協調人、顧問或包銷團成員 表示同意： 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與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內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件所載資料作出任何投資決定； (b) 在聯交所網站 ...

（原标题：港交所今日6锣同响，港股2025年IPO收官！） 12月30日，随着6锣同响，英矽智能、卧安机器人、林清轩、美联股份、迅策、五一视界这6家公司同日登陆港股市场，也代表着热闹纷繁的港股 2025年IPO正式收官。 值得注意的是，这一次6家公司同台，既是为2025年港股IPO划上圆满句号，也是5年来首次有6家公司同日上市。 有不少市场人士都戏称："港交所的锣又要不够用了"。据悉，港股市场上一次出现6家和7家公司同日上市，还是在2020年的7月15日和7月10日， 而港交所的巅峰是在2018年7月12日，当时有8家公司同日上市。 交易大堂都快挤不下了 12月30日一早，香港中环的天气格外好，证券时报记者在8时50分抵达港交所交易大堂时发现，现场早已是人潮汹涌，主要都是6家公司的员工以 及相关的中介机构、投资人等，面积巨大的交易大堂内更是快挤不下人了。 证券时报记者在现场看到，6面大锣依次摆放在大厅舞台之上，相比前1天只有1家公司上市时的"从容"，6家公司的集体上市令上市仪式的安排也 分外紧凑。6家公司负责人以及公司邀请嘉宾依次上台，并与港交所行政总裁?陈翊庭一同合影留念，而每家公司负责人的致辞时间也仅有数 ...

Core Viewpoint - The recent listings of three companies in Haidian District highlight the strong capabilities of its tech innovation enterprises, with a particular focus on the debut of the first physical AI company, Wuyi Vision, on the Hong Kong Stock Exchange [1][3]. Company Summaries - Wuyi Vision, specializing in digital twin technology, aims to anchor city-level digital twins and offers high-quality development and application services across various sectors, including urban planning, water management, and healthcare [3][5]. - On its listing day, Wuyi Vision's stock price surged by 14.75%, reaching HKD 35 per share, resulting in a market capitalization exceeding HKD 14 billion, reflecting strong investor interest and the potential of physical AI and digital twin technologies [3][5]. - The Haidian District has seen a total of nine companies successfully listed this year, leading the city with 37.5% of the total new listings, which include significant players in various sectors such as energy, AI, and e-commerce [5][6]. Industry Insights - Physical AI, defined as intelligent systems capable of understanding physical laws and interacting with the real world, is expected to be the next growth wave in the market, following the evolution from perceptual AI to generative AI and now to agent-based AI [5]. - The Haidian District's GDP reached CNY 1.02 trillion in the first three quarters of 2025, accounting for 1% of the national total, with a growth rate of 7.5%, indicating a robust economic environment for tech innovation [8]. - The district has established a comprehensive service system to support companies throughout the listing process, including a financing matching system and plans to reserve 100 potential listing companies by 2025 [8][10].

Core Insights - Six companies, including Yingxi Intelligent, Woan Robotics, Linqingxuan, Meilian Holdings, Xunce, and Wuyi Vision, simultaneously listed on the Hong Kong Stock Exchange on December 30, marking the end of the 2025 IPO season and the first time in five years that six companies have listed on the same day [1][10] Group 1: Market Activity - The Hong Kong IPO market saw a significant increase in activity in 2025, with a total of 117 companies listed and a total fundraising amount of 285.7 billion HKD, making it the highest globally [14] - The average daily trading volume reached a historical high, indicating a robust market environment [14] - The successful listing of six companies on the same day is expected to lead to continued strong IPO activity in 2026, with predictions of around 160 new listings and total fundraising of at least 300 billion HKD [15] Group 2: Company Performances - All six companies listed on December 30 performed well, with no company experiencing a drop below the issue price on the first day of trading [10] - Wuyi Vision and Yingxi Intelligent had the highest first-day gains, with increases of 29.90% and 24.66%, respectively [10] - Yingxi Intelligent's public offering saw a subscription rate of 1427.37 times, indicating strong investor interest [10] Group 3: Company Highlights - Woan Robotics, a leader in AI-driven household robotics, emphasized its commitment to innovation and responsibility in the AI industrial revolution during its listing speech [8] - Linqingxuan, a domestic skincare brand, announced plans for global expansion and increased investment in research and development following its listing [9] - Xunce, a provider of real-time data infrastructure, expressed its belief in data intelligence as a core driver of high-quality industrial development [9] Group 4: Investment Insights - High-profile investors, such as Hillhouse Capital, backed both Yingxi Intelligent and Woan Robotics, highlighting a trend of AI applications in complex industrial scenarios [13] - Wuyi Vision is noted as the first Physical AI company to list in China, showcasing its unique capabilities in connecting the digital and physical worlds [13]

随着AI大模型快速发展，从基础设施到上层应用的演进正成为新一轮科技竞争的关键。 一种行业观点认为，基座大模型的数量未来将持续收敛至个位数左右，但围绕千行百业将衍生出诸多更 为丰富的垂域模型与应用，那也将是本轮AI浪潮真正引发技术变革的关键所在。 其中，物理AI成为一种重要关注窗口，正加速推进具身智能、自动驾驶等领域演进，有望深刻改变未 来社会的运行方式。但技术路线仍存分歧，法律、合规与伦理等软性基础尚在夯实。而进入"Agent元 年"，让AI技术真正触及实体经济的"深水区"，仍有挑战需要克服。 中兴通讯首席发展官崔丽接受21世纪经济报道记者专访时，深入分析了物理AI的技术路线走向。据她 观察，一些具体行业已经在真正借力AI，率先完成价值闭环。 物理AI之辩 2025年初，Sora的横空出世因其高度还原物理世界的视频生成能力，引发关于"世界模型"的广泛讨论， 也让物理AI的两条核心路线——世界模型与 VLA（视觉语言模型）的竞争浮出水面。 崔丽对记者分析道，Sora等模型的爆发，标志着AI正从单纯的"预测者"向"模拟者"进化，是从"数据驱 动"到"模型仿真驱动"到"物理对齐"到"通用模拟"的范式转移，也是AI落 ...

Group 1: IPO Overview - Six companies, including Yingxi Intelligent, Woan Robotics, Linqingxuan, Meilian Holdings, Xunce, and Wuyi Vision, simultaneously listed on the Hong Kong stock market on December 30, marking the end of the 2025 IPO season and the first time in five years that six companies have listed on the same day [1][2] - The last occurrence of six or seven companies listing on the same day was in July 2020, with the peak being eight companies on July 12, 2018 [1] Group 2: Market Reception - All six companies performed well on their first day, with no company experiencing a drop below the issue price. Wuyi Vision and Yingxi Intelligent had the highest gains, at 29.90% and 24.66% respectively [4] - Yingxi Intelligent's public offering saw a subscription rate of 1427.37 times, indicating strong market interest [4] Group 3: Company Highlights - Woan Robotics is a leading provider of AI-enabled home robotics, focusing on AI machine vision and control technologies, and aims to lead the industrial revolution in AI [3][6] - Linqingxuan, a domestic cosmetics brand, plans to enhance its global presence and invest in R&D for skincare technology following its listing [3] - Xunce, a provider of real-time data infrastructure, emphasizes the importance of data intelligence in driving high-quality industrial development [3] Group 4: Market Trends - The Hong Kong IPO market saw a significant increase in financing, with a total of 117 companies listed in 2025, raising 285.7 billion HKD, making it the top global market for IPO financing [7][8] - The interest in IPOs is expected to continue into 2026, with predictions of around 160 new listings and total financing exceeding 300 billion HKD [8]

Core Viewpoint - The article highlights the successful simultaneous listing of six companies on the Hong Kong Stock Exchange (HKEX) on December 30, 2025, marking a significant event in the IPO landscape and indicating a vibrant market for new listings in the upcoming year [1][2][16]. Group 1: IPO Event Details - Six companies, including Yingxi Intelligent, Woan Robotics, Linqingxuan, Meilian Co., Xunce, and Wuyi Vision, made their debut on the HKEX, representing the first time in five years that six companies have listed on the same day [1][2]. - The last occurrence of six or seven companies listing simultaneously was in July 2020, with the peak being eight companies on July 12, 2018 [2]. - The trading hall was crowded with employees, intermediaries, and investors, indicating strong interest and participation in the event [5][7]. Group 2: Company Highlights and Performances - Woan Robotics' founder, Li Zhichen, emphasized the company's journey from a laboratory to a global leader in AI-driven household robotics, expressing commitment to innovation and performance [9]. - Linqingxuan's founder, Sun Laichun, announced the brand's ambition for global expansion and increased investment in research and development post-IPO [10]. - Xunce's executive director, Geng Dawei, highlighted the company's focus on data intelligence as a core driver for high-quality industrial development [10]. - All six companies experienced positive market performance on their first day, with Wuyi Vision and Yingxi Intelligent seeing the highest gains of 29.90% and 24.66%, respectively [11]. Group 3: Market Context and Future Outlook - The IPO market in Hong Kong saw a significant increase in activity in 2025, with a total of 117 companies listed and a total fundraising amount of 285.7 billion HKD, marking a notable rise from the previous year [17]. - The interest in IPOs is expected to continue into 2026, with predictions of around 160 new listings and total fundraising of at least 300 billion HKD, supported by over 300 pending applications [18].

Core Viewpoint - Beijing Wuyi Vision Digital Twin Technology Co., Ltd. (stock code 06651.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first physical AI company in China to enter the capital market, marking a significant milestone for the company and its ambitious vision of "cloning the Earth" [1][3][22]. Group 1: Company Overview - The company’s stock price rose by 14.75% on its debut, reaching HKD 35 per share, with a total market capitalization exceeding HKD 14 billion, reflecting strong investor confidence in its technological capabilities and business model [3]. - The concept of "cloning the Earth" is the ultimate vision of digital twin technology, which involves creating high-precision, interactive digital replicas of real-world objects using 3D modeling, IoT, simulation, and AI [5][6]. - Founded by Li Yi, the company initially focused on VR real estate but shifted towards a broader goal of city-level digital twins after recognizing the limitations of visual representation [8][10]. Group 2: Technological Vision - The "cloning the Earth" initiative is structured into five progressive phases: static world, dynamic world, semi-simulated world, fully simulated world, and digital twin world [12][14]. - The current phase is the fully simulated world, where the company has developed the capability to generate a city in one day, laying the technical foundation for its grand narrative [15]. - The ultimate goal is to achieve a global-scale, physically accurate digital twin that interacts and simulates all elements, creating a parallel virtual planet [14]. Group 3: Business Model - The company’s revenue primarily comes from three core business platforms: 51Aes, 51Sim, and 51Earth, which support the "cloning the Earth" vision [17][19]. - The 51Aes platform accounts for approximately 80% of revenue, providing high-quality digital twin development and application services across over ten industries [19]. - The 51Sim platform offers simulation software products and solutions for intelligent driving and AI training, while the 51Earth platform aims to create an accessible digital twin world for both enterprises and consumers [19]. Group 4: Market Position and Future Plans - As the largest digital twin solution provider in China, the company is positioned to capitalize on the emerging trend of physical AI, which is expected to be a new growth point in the market over the next decade [21]. - The company plans to allocate approximately 80% of the funds raised from its IPO to ongoing R&D, including enhancing core platforms and developing generative AI tools [22]. - The strategic partnerships with notable investors, including SenseTime and Moore Threads, provide not only financial support but also critical capabilities in AI vision and graphics computing [22].

Core Insights - 51WORLD, known as the "first stock of Physical AI," debuted on the Hong Kong Stock Exchange on December 30, with its share price surging over 30% to reach 39.8 HKD, resulting in a market capitalization exceeding 16 billion HKD [1] Company Overview - Founded in February 2015, 51WORLD is a technology company focused on cloning Earth's 5.1 million square kilometers [1] - The company has made significant investments in three main technology areas: 3D graphics, simulation, and artificial intelligence, developing core competencies in these fields [1] Business Segments - 51WORLD has launched three core business platforms: - 51Aes (Digital Twin Platform) - 51Sim (Intelligent Driving Simulation Platform) - 51Earth (Digital Earth Platform) - These products are widely used by over a thousand large and medium-sized enterprises globally, covering 19 countries and regions [1] Technological Advancements - After ten years of technological accumulation, 51WORLD has established a complete closed-loop ecosystem for Physical AI, consisting of synthetic data, spatial intelligent models, and simulation training platforms [1] - The company is among the few globally that possess all three essential elements of Physical AI and has implemented benchmark cases in intelligent driving, transportation hubs, smart factories, and smart energy sectors [1]