Group 1: Core Insights - The CES 2026 focuses on how energy can support an increasingly intelligent, electrified, and decentralized future, moving beyond just AI models and consumer hardware [1] - Chinese energy technology companies are showcasing system-level solutions and open ecosystem strategies, addressing the transition to smart energy from home autonomy to urban energy independence [1] Group 2: Company Highlights - Huabao New Energy launched the Explorer1500Ultra, enhancing portable power solutions into essential home backup systems with features like IP65 protection and seamless switching [3] - EcoFlow is transforming user interactions with electricity through a home energy operating system, integrating its storage systems with LG's Homey platform for unified energy management [3] - Huabao New Energy introduced the Jackery Solar Gazebo, converting traditional awnings into distributed photovoltaic power stations, and the Solar Mars Bot, a mobile charging robot designed for environments without fixed power sources [5] - Daotong Technology is presenting intelligent charging networks for autonomous vehicle fleets, showcasing smart charging robots capable of automated operations to support the scaling of autonomous driving [7][9]

Core Viewpoint - GAC Group is experiencing significant growth in sales and is actively transforming its operations and product offerings to adapt to the evolving automotive industry landscape [1][3][4]. Sales Performance - In December 2025, GAC Group's vehicle sales exceeded 187,400 units, representing a month-on-month increase of 4.3%. The total vehicle sales for the year reached 1.7215 million units, with terminal sales at 1.8135 million units [1]. - The total sales for the fourth quarter surpassed 537,800 units, marking a 25.56% increase compared to the third quarter, achieving positive growth for three consecutive quarters [1]. - GAC's overseas sales for its self-owned brands approached 130,000 units, reflecting a year-on-year growth of 47% [1]. Brand Performance - GAC Aion's December sales reached 42,000 units, with a month-on-month growth of 10%. GAC Trumpchi's annual sales of new energy vehicles surpassed 150,000 units [3]. - GAC Toyota's annual sales reached 756,000 units, a year-on-year increase of 2.4%. GAC Honda's December sales exceeded 50,000 units, with a month-on-month growth of 23.3% [3]. Organizational Transformation - GAC Group is implementing the "Panyu Action" integrated reform to enhance organizational efficiency and break traditional operational boundaries [4]. - The company has shifted to a user demand management approach, transforming its organizational structure to be more process-oriented and project-based [4]. - GAC has reduced the new vehicle development cycle to 18-21 months and lowered R&D costs by over 10%, improving overall business efficiency by approximately 50% [4]. Technological Advancements - GAC is focusing on core technologies and advanced applications, achieving breakthroughs in the fields of electrification and intelligent driving [8][10]. - The "Star Source Range Extender" technology was launched in 2025, achieving an oil-electric conversion rate of 3.73 kWh/L, and has been recognized as one of the world's top ten range extender systems [10]. - GAC's ADiGO GSD intelligent driving assistance system now covers 99.9% of road scenarios, and the new ADiGO intelligent cockpit has improved interaction response speed by three times [10]. International Expansion - GAC Group's "One GAC 2.0" strategy aims to accelerate global market, product, and capacity expansion, with plans to introduce five new models to overseas markets in 2025 [21][23]. - The company has established operations in 86 countries and regions, with over 630 outlets and five KD factories in Nigeria, Thailand, Malaysia, Indonesia, and Cambodia [25]. Ecosystem Development - GAC is actively building an industrial ecosystem and expanding strategic partnerships, including collaborations with Huawei and JD.com [27]. - The company has established the largest V2G microgrid in the country and has over 23,000 self-operated charging piles, enhancing its energy service capabilities [25][27].

中金发表报告指，1月6日，百度宣布旗下自动驾驶平台萝卜快跑正式获得迪拜道路与交通管理局颁发的 全无人驾驶测试许可，是迪拜首个且目前唯一获准开展全无人测试的平台。公司预计萝卜快跑迪拜地区 全无人驾驶车队规模将扩充至超1000辆。该行基本维持百度2025/2026年收入和非通用准则净利润预 测，新引入2027年收入和非通用准则净利润预测1350亿元和221亿元。该行维持对其"跑赢行业"评级， 上调美股/港股目标价8.5%及7%，各至205美元及196港元。 ...

值得一提的是，英伟达CEO黄仁勋在CES2026发布自动驾驶的开源VLA(视觉-语言-动作)大模型平台 Alpamayo。东方证券认为，随着英伟达自动驾驶生态持续拓展、高级别自动驾驶及Robotaxi渗透率逐步 提升，预计智驾芯片、激光雷达、域控制器、线控制动/转向等高级别自动驾驶相关零部件需求将迎来 快速增长，自动驾驶软硬件供应商将持续迎来发展机遇。 禾赛-W(02525)涨超3%，截至发稿，涨2.88%，报214.6港元，成交额5883.81万港元。 消息面上，中金研报指出，禾赛-W本月在CES2026上展示最新激光雷达技术成果，并更新交付量、产 能规划、战略合作等经营情况。量产交付能力领先行业；国内外产能稳步推进。L3车型获工信部准入 许可，激光雷达单车数量有望提升。Robotaxi、机械人等下一代物理AI浪潮袭来，激光雷达成关键引 擎。 ...

Core Viewpoint - Hesai-W (02525) has shown a significant increase in stock price, rising over 3% and reaching 214.6 HKD, with a trading volume of 58.83 million HKD, indicating positive market sentiment towards the company following its recent developments at CES 2026 [1] Group 1: Company Developments - Hesai-W showcased its latest lidar technology achievements at CES 2026, highlighting its leading mass production and delivery capabilities in the industry [1] - The company is steadily advancing its domestic and international production capacity, with L3 vehicle models receiving approval from the Ministry of Industry and Information Technology, which is expected to increase the number of lidar units per vehicle [1] Group 2: Industry Trends - The emergence of next-generation physical AI applications, such as Robotaxi and robotics, positions lidar as a critical driving force in the industry [1] - Nvidia's CEO unveiled the open-source VLA (Vision-Language-Action) model platform, which is expected to enhance the ecosystem for autonomous driving [1] - With the continuous expansion of Nvidia's autonomous driving ecosystem and the gradual increase in penetration rates for high-level autonomous driving and Robotaxi, there is an anticipated rapid growth in demand for advanced driving-related components, including smart driving chips, lidar, domain controllers, and line control braking/steering systems [1]

Core Viewpoint - Under the backdrop of policy adjustments, the new energy vehicle industry is accelerating the iteration of AI and autonomous driving technologies, updating models to reshape the competitive landscape [1][3]. Group 1: Policy Changes and Industry Response - Starting January 1, 2026, the purchase tax for new energy vehicles will change from "fully exempt" to "50% reduction," with a maximum tax reduction of 15,000 yuan per vehicle [3]. - In response to policy changes, multiple new energy vehicle companies are actively adapting. For instance, Xiaopeng Motors launched a purchase tax "safety net" or equivalent subsidy plan in October last year to capture part of the market early [3]. Group 2: Technological Innovations - Xiaopeng Motors introduced the second-generation VLA (Visual Language Action) physical world model, which aims to achieve L4 initial capabilities by innovatively omitting the intermediate steps of "visual signal-language translation-action instruction," allowing for direct generation from visual perception to action execution [3][4]. - This architectural innovation significantly enhances system reasoning efficiency, enabling vehicles to perceive and understand the real world more accurately, with the system set to begin initial rollouts in March 2026 [4]. Group 3: Product Launches - Xiaopeng Motors unveiled four new models at its global product launch: the 2026 Xiaopeng P7+, Xiaopeng G7 Super Range Extender, 2026 Xiaopeng G6, and 2026 Xiaopeng G9 [1]. - The 2026 Xiaopeng P7+ features the longest pure electric range among range-extended sedans, with an official starting price of 186,800 yuan. The range-extended version has a CLTC comprehensive range of 1,550 kilometers and a pure electric range of 430 kilometers [4]. - The G7 range-extended version, as Xiaopeng's first range-extended SUV, offers four versions with an official starting price of 195,800 yuan, featuring a CLTC comprehensive range of 1,704 kilometers and a pure electric range of 430 kilometers [5].

然而，大摩重申，在自动驾驶方面，特斯拉仍领先竞争对手数年，并点出其垂直整合能力、庞大的数据 优势、规模效应与成本优势。报告强调，英伟达的技术进展并未实质改变该行对特斯拉的基本看法，该 行的基准情境假设是未来十年整个产业将广泛采用相当于特斯拉L2 级以上FSD(全自动辅助驾驶)的技 术。尽管英伟达为车厂提供了一条资本效率较高、迈向先进自动驾驶的入口，但要真正开发并整合完整 的自驾技术堆叠，仍是以年为单位，而非以月计算。 摩根士丹利研报指出，英伟达近期大力推进实体AI布局，正引发市场对传统车厂能否以及多快能缩小 与特斯拉在自动驾驶上的差距提出新疑问。英伟达在消费性电子展(CES)的主题演讲将自动驾驶车与人 形机器人推向舞台中央，其中全新的Alpamayo系统成为最大焦点之一。大摩指出，这套技术堆叠的目 标在于加速原始设备制造商(OEM)迈向可规模化、具推理能力的自动驾驶，有潜力重塑驾驶辅助与自驾 系统的竞争格局。 ...

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 消息面上，英伟达在CES 2026展会上推出名为Alpamayo的开源自动驾驶AI模型，黄仁勋称其为"世界上首款能思考、能推理 的自动驾驶汽车AI"。黄仁勋表示，首款搭载英伟达技术的汽车将于第一季度在美国上路，第二季度在欧洲上路，下半年在 亚洲上路。 另外还值得注意的是，美国自动驾驶将迎重大推进：国会即将讨论立法简化监管。美东时间1月13日，美国众议院的一个委 员会将举行听证会，讨论旨在简化无人驾驶车辆部署流程的相关立法。据悉，美国众议院能源与商务委员会下属小组委员 会计划举行听证会，并将审议多项提案草案，其中包括一项旨在将每年投入使用的自动驾驶汽车数量上限提高至90000辆的 提案，以及其他旨在解决汽车制造商对机器人出租车部署障碍的投诉的提案。 1月9日，港股智能驾驶概念股知行科技(1274.HK)盘中拉升涨超5%至7.1港元，为连续第五日上涨。 ...

Core Insights - The CES 2023 highlights a shift in the automotive industry, with a focus on autonomous driving technology rather than new electric vehicle (EV) models, indicating a significant trend towards automation in the next decade [1][2] - Chinese companies, particularly Baidu's "Luobo Kuaipao," are emerging as strong competitors in the autonomous driving sector, showcasing advanced capabilities compared to their U.S. counterparts [2][3] Group 1: Autonomous Driving Technology - NVIDIA's CEO predicts that autonomous driving will be one of the fastest-growing technology industries in the next ten years, emphasizing its importance in the automotive sector [2] - The comparison between Chinese and U.S. autonomous driving services reveals that Chinese solutions, like "Luobo Kuaipao," are currently operational and effective in complex environments, while U.S. services like Waymo are still in testing phases [2][3] - The Middle East is becoming a key market for autonomous driving, with Chinese companies obtaining licenses for commercial operations, indicating a strategic expansion into regions with favorable regulatory environments [3][4] Group 2: Market Dynamics and Future Trends - The rapid advancements in autonomous driving technology are occurring at an unprecedented pace, with expectations for widespread commercial deployment by 2030 [5] - The future of automotive design may shift towards user-defined customization, leveraging AI to create tailored vehicles, which could redefine the automotive value proposition [6] - The global landscape of autonomous driving is characterized by two main technological routes: L4-level services like "Luobo Kuaipao" and general autonomous driving technologies promoted by companies like Tesla [7] - Despite leading in battery technology, Chinese automakers face challenges in the smart driving domain, which could impact their market valuation compared to companies like Tesla [7]

Group 1: Battery Industry - A joint meeting was held by four government departments to discuss the regulation of the power and energy storage battery industry, involving 16 companies including major players like CATL and BYD [2] Group 2: Automotive Industry - The Ministry of Industry and Information Technology is soliciting public opinions on seven proposed mandatory national standards for intelligent connected vehicles, including safety requirements for automatic parking systems [3] - Geely has obtained a Level 3 autonomous driving road test license for its Zeekr 9X model in Hangzhou [9] - Xpeng Motors' CEO predicts that 2026 will mark the true beginning of autonomous driving in China and the U.S., with the company's second-generation VLA achieving Level 4 autonomous driving capabilities [11] - Dongfeng Motor is in discussions to produce passenger vehicles in Turkey, with plans to start production within the year [12] Group 3: Strategic Partnerships and Investments - GAC International has formed a strategic partnership with Grab to collaborate on delivering 20,000 high-performance electric vehicles in Southeast Asia over the next two years [10] - Intramco, a company under Xincheng Capital, has partnered with Leap Motor to supply charging products for its future electric vehicles produced in Europe [14] - Faraday Future aims to achieve positive cash flow and a gross margin of 20% within three years, as announced during its shareholder day event [15] Group 4: Technology and Innovation - Hyundai's stock price surged following the announcement of increased investments in robotics and artificial intelligence, alongside a meeting between its chairman and NVIDIA's CEO [6] - Elon Musk's AI startup xAI completed a $20 billion funding round, exceeding its initial target of $15 billion, with investors including NVIDIA and Cisco [7] Group 5: Economic Cooperation - The Ministry of Commerce is accelerating negotiations for the second phase of the China-South Korea Free Trade Agreement, focusing on enhancing economic cooperation and exploring new areas such as high-end manufacturing and green industries [4] - Guangzhou's government has released a plan to cultivate strategic industries, including artificial intelligence and new energy storage, as part of its advanced manufacturing strategy [5]