Group 1 - Hesai Technology (02525) opened over 7% higher in early trading, with a current price increase of 7.19%, reaching HKD 214.60 and a trading volume of HKD 33.2041 million [1][5] - MSCI announced its quarterly index adjustments for February 2026, effective after market close on February 27, which includes the addition of Hesai among 37 new stocks and the removal of 16 stocks from the MSCI China Index [1][5] - According to a report from Citi, Hesai is projected to become the world's largest LiDAR supplier by revenue in 2024, with a monthly production and delivery capacity exceeding 200,000 units [1][5] Group 2 - The report highlights that LiDAR is increasingly becoming a standard safety feature in smart vehicles, with multi-LiDAR solutions gaining traction in the market for advanced driver assistance systems (ADAS) and autonomous driving [1][5] - Citi anticipates that Hesai will benefit significantly from the growing trend of LiDAR installations in vehicles due to its industry leadership and large-scale production capabilities [1][5]

Group 1 - Hesai Technology (禾赛科技) opened over 7% higher, currently up 7.49% at HKD 215.2, with a trading volume of HKD 8.0613 million [1] - MSCI announced its quarterly index adjustments for February 2026, effective after the market close on February 27, which includes the addition of Hesai among 37 new stocks and the removal of 16 stocks from the MSCI China Index [1] - According to a report from Citi, Hesai has become the world's largest lidar supplier by revenue for 2024, with a monthly production and delivery capacity exceeding 200,000 units [1] Group 2 - The adoption of lidar technology is becoming a standard safety feature in smart vehicles, with multi-lidar solutions becoming mainstream in advanced driver-assistance systems (ADAS) and autonomous driving markets [1] - Citi expects Hesai to benefit significantly from the increasing trend of lidar installations in vehicles due to its industry leadership and large-scale production capabilities [1]

Group 1 - The core viewpoint of the article highlights that Hesai Technology (禾赛-W, 02525) has seen a significant stock price increase of 7.49%, reaching HKD 215.2, following the announcement of its inclusion in the MSCI China Index [1][1][1] - MSCI announced its quarterly index adjustments, which will take effect after the market closes on February 27, 2026, adding 37 stocks and removing 16, with Hesai being one of the newly added stocks [1][1][1] - According to a report from Citi, Hesai Technology is projected to become the world's largest lidar supplier by 2024, with a monthly production and delivery capacity exceeding 200,000 units [1][1][1] Group 2 - The article notes that lidar technology is becoming a standard safety feature in smart vehicles, with multi-lidar solutions gaining traction in the market for advanced driver assistance systems (ADAS) and autonomous driving [1][1][1] - The expectation is that Hesai will benefit significantly from the increasing adoption of lidar in vehicles due to its industry leadership and large-scale production capabilities [1][1][1]

近期，富国银行、瑞银、标普全球等多家市场机构接连发出警告，指出由于DRAM（动态随机存取 存储器）的供应持续紧张，汽车行业2026年或面临这类存储芯片的严重成本压力与生产中断风险。 鉴于2020年底蔓延开来的芯片短缺危机曾给汽车产业带来阵痛，今年的这一供应链警报，不禁让汽 车行业神经紧绷。 今年存储芯片面临供应危机 高利润的AI业务正在系统性挤占车规级DRAM的产能与优先权。据了解，全球AI大模型爆发式增 长，正在创造对算力和高带宽内存（HBM）的海量需求。HBM是一种性能远超普通DRAM的高端内 存，其带宽可达后者的10倍以上，但成本和售价也极为高昂，为存储芯片巨头带来了丰厚的利润。 与之形成鲜明对比的是传统的车用DRAM业务。三星、SK海力士、美光科技这三家企业合计占据 全球DRAM市场超90%的份额，在车用DRAM市场的控制力也同样强大，但该业务对它们的营收贡献普 遍较低，且毛利率远低于HBM。有报道称，去年以来，三星、SK海力士、美光科技等存储巨头进行了 激进的产能战略调整。它们将最先进的制程和优质的晶圆资源优先用于生产HBM，并大幅增加相关投 资。同时，为将资源集中于HBM及高端DRAM，这些企业持 ...

Core Viewpoint - The report from Citi highlights Hesai Technology's position as the world's largest lidar supplier by revenue in 2024, with monthly production and delivery exceeding 200,000 units [1] Group 1: Company Performance - Hesai Technology has achieved a significant milestone by becoming the leading lidar supplier globally, indicating strong market demand and operational efficiency [1] - The company is expected to benefit from the increasing adoption of lidar as a standard safety feature in smart vehicles, with multi-lidar solutions becoming mainstream [1] Group 2: Market Expansion - In January 2026, Hesai was selected as a lidar partner for NVIDIA's Hyperion 10 platform, which is expected to enhance its market presence [1] - The company has entered the C-sample stage with European automakers, indicating progress in international market expansion, which is anticipated to be a key growth driver this year [1]

Investment Highlights - The smart car index decreased by 3.3%, while the index excluding Tesla increased by 0.2%, and the index excluding complete vehicles decreased by 0.1% [4][11] - As of February 6, 2026, the smart car index PS (TTM) is 14.5x, placing it in the 98th percentile since the beginning of 2023; the index excluding Tesla is 5.7x, in the 81st percentile; and the index excluding complete vehicles is 9.7x, in the 79th percentile [4][20] - The top five gainers in the smart car index include Hesai, Li Auto, Xingyu, Kaile, and Pony.ai [4][11] Industry Core Changes - The Ministry of Industry and Information Technology and seven other departments issued the "Automobile Data Export Security Guidelines (2026 Edition)," requiring data processors to declare data export security assessments through domestic legal entities [5][11] - Uber announced plans to launch Robotaxi autonomous taxi services in Hong Kong within this year, partnering with Baidu and WeRide [5][11] - WeRide and Uber plan to deploy at least 1,200 Robotaxis in the Middle East by 2027, covering major markets such as Abu Dhabi, Dubai, and Riyadh [5][11] Current Investment Recommendations - The company maintains a strong outlook for the 2026 L4 RoboX main line, favoring B-end software stocks over C-end hardware stocks [6][11] - Preferred H-shares include Xpeng Motors, Horizon Robotics, Pony.ai/WeRide, Cao Cao Mobility, and Black Sesame Intelligence; preferred A-shares include Qianli Technology, Desay SV, and Jingwei Hirain [6][11] - Relevant stocks from the downstream application perspective include: - Robotaxi perspective: Integrated models (Tesla/Xpeng Motors), technology providers with revenue-sharing models (Horizon/Baidu/Pony.ai/WeRide/Qianli Technology), and the transformation of ride-hailing/taxi services (Didi/Cao Cao Mobility/Ruqi Mobility/Public Transport/Jinjiang Online) [6][11] - Robovan perspective: Desay SV and Jiushi Intelligent/New Stone Technology [6][11] - Other autonomous vehicle perspectives: Mining trucks (Hesai Intelligent Driving), ports (Jingwei Hirain), sanitation vehicles (Yingfeng Environment), and buses (WeRide) [6][11] Upstream Supply Chain Relevant Stocks - B-end autonomous vehicle OEMs include BAIC BluePark, GAC Group, Jiangling Motors, and Tongli Co [7][11] - Key upstream suppliers include testing services (China Automotive Research/China Automotive Technology), chips (Horizon Robotics/Black Sesame Intelligence), domain controllers (Desay SV/Jingwei Hirain/Junsheng Electronics/Huayang Group/Koboda), sensors (Hesai/Suteng Juchuang), steer-by-wire chassis (Bertley/Nexteer/Zhejiang Shibao), lights (Xingyu), and glass (Fuyao Glass) [7][11]

Core Viewpoint - The article discusses the GDP target adjustments of 31 provinces in China for the year 2026, highlighting a trend of downward adjustments and the implications for economic growth [4][6]. Summary by Sections GDP Target Adjustments - 16 provinces have lowered their GDP targets by 0.5 percentage points, while 12 provinces have kept their targets largely unchanged [6]. - The weighted average GDP target for 2026 across the 31 provinces is set at 5.27%, which is 0.27 percentage points higher than the national target of 5.0% for this year [6]. Specific Provincial Targets - Guangdong and Zhejiang are among 7 provinces that have set range targets, with Guangdong's target set between 4.5% and 5.5% [6]. - Historical context shows that only in 2016 and 2019 did major provinces set range targets, coinciding with significant economic events [6]. Economic Performance Indicators - In 2025, the GDP growth was reported at 5.5%, with fixed asset investment declining by 9.2%, and retail sales increasing by 4.2% [11]. - The expected GDP growth for 2026 is projected to be between 5% and 5.5%, with a focus on achieving better results in practice [12]. Investment and Consumption Goals - The investment target for 2026 includes starting over 2000 key projects, while the retail sales target is set to grow by approximately 4% [12][14]. - The focus on consumption includes expanding cultural industries and enhancing the quality of goods and services available [17]. Employment and Income - The target for urban employment in 2026 is to create around 680,000 new jobs, with an urban unemployment rate aimed at approximately 5.5% [12][18]. - The plan includes measures to increase disposable income for both urban and rural residents, aiming for growth rates above the national average [12][18]. Technological and Industrial Development - The emphasis on technological innovation includes establishing influential centers for smart automotive technology and quantum information [17]. - The strategy involves enhancing the capabilities of emerging industries and fostering a conducive environment for innovation [17].

智通财经APP讯，佑驾创新(02431)公布，该集团近日再次获得某国内知名汽车企业头部自主品牌定点， 将为其若干主力车型提供辅助驾驶域控制器iPilot 4 Plus及智能座舱驾驶员监测系统、乘客检测系统产 品，本次定点的产品将搭载于该等车型的国内及海外版本。相关方案项目计划于2026年下半年开始量 产。 该集团与该头部自主品牌已建立长期深度合作关系，本次合作是双方合作的进一步深化与拓展，集团将 以更完整的驾舱产品矩阵，持续为其新车型提供行业领先的解决方案，全面升级用户驾乘体验。同时， 集团拥有完善的海外法规合规与产品认证体系，可为品牌车型出海提供一站式、高可靠的全球合规解决 方案。本项目的落地将助力集团进一步推进全球化战略布局，依托成熟的合规解决方案与产品交付能 力，持续拓展海外市场业务，强化集团在国际智能汽车配套领域的市场布局，推动集团出海业务的稳步 发展。 ...

我国新能源汽车产业历经10余年跨越式发展，已形成全球规模最大、技术领先的产业链体系，随着 新能源汽车渗透率突破50％，产业竞争正式迈入以智能化为核心的新阶段——城市NOA（导航辅助驾 驶）渗透率快速提升、L3级自动驾驶蓄势待发、Robotaxi（无人驾驶出租车）商业化加速。提升智能驾 驶能力需要大量的训练数据，建设动态更新的智能驾驶高质量数据集，将成为突破算法泛化能力、缩短 研发周期的核心支撑，推动中国智能汽车产业在全球竞争中实现从"跟跑"到"领跑"的跨越。 一、范式变革与路径收敛：汽车产业智能化发展新征程 汽车产业正经历从传统制造到"AI驱动"的产业范式跃迁。过去一个多世纪，汽车产业的竞争核心一直是 制造业的竞争。随着制造业水平的普遍提升以及人工智能的快速发展，全球汽车产业竞争维度已由发动 机、底盘等机械性能指标全面转向算力、算法与数据深度融合的智能化指标。在"AI定义汽车"的新赛道 上，汽车不再是单纯的物理运输工具，而是具备持续进化能力的移动智能终端，其核心价值正加速从底 层的硬件制造向高阶的智能化决策软件迁移。作为全球产业博弈的战略制高点，智能驾驶技术的成熟度 将直接决定未来智能汽车市场份额和出行市场的 ...

证券研究报告 智能汽车主线周报： 《汽车数据出境安全指引(2026版)》印发，看好智能化 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年2月8日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2026.2.2-2026.2.8 2 ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数-3.3%，智能汽车指数（除特斯拉）+0.2%，智能汽车指 数（除整车）-0.1%。截至2026年2月6日，智能汽车指数PS(TTM）为14.5x，该估值位于2023年初以来 98%分位数；智能汽车指数（除特斯拉）PS(TTM）为5.7x，该估值位于2023年初以来81%分位数；智能 汽车指数（除整车）PS(TTM）为9.7x，该估值位于2023年初以来79%分位数。智能汽车指数标的禾赛、理 想汽车、星宇股份、开勒股份、小马智行涨幅前五。 （ ◼ 本周行业核心变化：1）工信部等八部门印发《汽车数据出境安全指引(2026版)》，要求汽车数据处理者应当 通过境内法人主体申报数据出境安全评估；2）Uber公布计划今年内在香港推出Ro ...