Core Insights - The report emphasizes the significant potential for the revaluation of Chinese assets, indicating that the 2025 stock market performance reflects a process of asset revaluation in China [13] - It highlights the ongoing transformation of China's economy, with a shift from low-end manufacturing to high-value services, which is expected to enhance the profitability of Chinese assets [13] - The report suggests that the 2026 market will likely experience a transition from passive destocking to active restocking, providing support for both the economy and the stock market [16] Economic and Market Overview - The Chinese economy is entering a new phase of development with the "14th Five-Year Plan," which emphasizes technological innovation and the establishment of a modern industrial system [16] - The report notes that the liquidity environment is expected to remain relatively loose, which will facilitate the inflow of capital into the stock market [14] - It predicts that the A-share market will see a profit growth rate of around 12% in 2026, driven by improving economic fundamentals [17] Investment Opportunities - The report identifies key sectors for investment, including artificial intelligence, commercial aerospace, controlled nuclear fusion, and autonomous driving, which are expected to be at the forefront of technological advancement [17] - It also highlights the potential for overseas expansion of Chinese enterprises, particularly in sectors like photovoltaics, lithium batteries, new energy vehicles, and home appliances [18][19] - The report suggests that the insurance and brokerage sectors will see increased participation in the stock market, driven by policy reforms and a growing appetite for equity investments [14] Performance and Valuation - The report indicates that the A-share market is likely to enter a phase where both earnings and valuations will rise, providing further upward momentum for the slow bull market [15] - It notes that the overall return on equity (ROE) for A-shares has shown signs of bottoming out, with expectations for a rebound in 2026 [15] - The valuation of Chinese stocks is currently considered reasonable compared to U.S. stocks, with no significant bubble observed in the market [15]

会议要求，下一步，全国地理信息标委会一要紧密围绕自然资源"一张图"建设、国土空间大数据一体化 治理与应用、自然资源数据安全评估与保密数据鉴定等重点方向，以及测绘地理信息领域重点工作，加 快领域基础通用和关键亟需技术标准研制，确保重大业务推进到哪里，标准就同步覆盖到哪里；二要坚 持急用先行、精准聚焦，加强重点领域和新兴领域关键技术标准研制，为低空经济、自动驾驶、数字孪 生城市等新产业新业态落地提供即时可用的标准接口，着力提升标准有效供给；三要持续推进标准"走 出去"，巩固国际标准化工作成效，积极推动我国优势技术标准国际转化，扩大中国方案在全球地理信 息产业链中的话语权；四要加强国家标准和行业标准复审及实施成效评估结果运用，持续推进标准培训 与标准化宣传，持续扩大标准影响范围；五要加强自身能力建设，尽快组织完成标委会换届，落实标准 化专职人员配置，持续提升履职能力，把地理信息标委会建设成为运行有序、支撑有力的专业标准化技 术组织。（自然资源部） ...

2026年1月5日，波士顿咨询公司(Boston Consulting Group，BCG)发布了一项针对全球 Robotaxi 行业的 深度研究报告。该研究对中国和全球Robotaxi市场进行评估，预测了未来市场规模，并测算了国内和海 外主要市场的单车经济性模型；通过公开信息梳理、实地走访验证及大规模试乘调研，对主要 Robotaxi 企业的实际运营情况、商业化进展及乘坐体验进行了系统性对比分析。研究结果显示，文远知行 WeRide(WRD.US，0800.HK)在全球商业化落地进度、真实运营规模、安全性以及乘客实际体验等方 面，展现出显著的领先优势。 针对国内和海外市场的运营一致性方面，BCG 在2025年第四季度组织了覆盖国内外的 Robotaxi 试乘调 研，累计收集有效样本近500份。调研结果显示，文远知行在国内与海外市场的整体运行表现保持高度 一致，且在中东市场的平均运行效率进一步提升。 在海外实地验证环节，BCG 调研团队对阿布扎比、迪拜及利雅得等城市进行了走访，确认文远知行 Robotaxi 已在当地开展实际运营，相关服务并非试点展示或短期测试。相比之下，部分同行虽然对外宣 称进入海外市场，但 ...

风险因素 智驾技术发展不如预期，行业竞争加剧风险，存在政策变化风险。 在CES展会上，英伟达推出Alpamayo开源VLA人工智能算法，并规划于2027年推出L4级Robotaxi。特斯 拉已在2025 年下半年启动Robotaxi在奥斯汀等城市商业化运营，并计划在2026年量产Cybercab。小马智 行已部署超千辆Robotaxi车队，文远知行发力中东市场，并在阿布扎比逐步迈向单车盈亏平衡。随着海 外英伟达、特斯拉(TSLA.US)，国内小马智行-W(02026)、文远知行-W(00800)、小鹏汽车-W(09868)等 加速布局自动驾驶，全球智驾有望进一步打开成长空间。 国内高阶智驾已跨过渗透率拐点，看好国内智能驾驶各环节龙头领跑全球市场 中金认为，高阶智驾渗透率持续提升，推动智驾产业链发展，预计随着L3、L4级别智驾渗透率提升， 智驾软硬件单车配套价值量有望提升，叠加头部供应商加速切入海外市场，国内智能驾驶各环节龙头公 司有望迎来量价齐升周期。 智通财经APP获悉，中金发布研报称，在本周CES展会上，英伟达(NVDA.US)宣布全球DRIVE Hyperion 生态系统正在扩张，纳入了包括博世、禾赛- ...

Core Insights - NVIDIA's CEO Jensen Huang announced the launch of the Rubin platform, consisting of six new chips, and introduced the autonomous driving AI software "Alpamayo," referring to it as a "ChatGPT moment for robotics" [1][2] - Huang expressed optimism about the data center sales forecast, suggesting that recent developments could increase expectations for $500 billion in sales [1][3] - The company is focusing on the growing trend of open-source models, which now account for 25% of AITokens generated, indicating a significant shift in the AI landscape [1][3] Market Outlook - Huang emphasized a $10 trillion modernization of computing, with the labor market potentially reaching $100 trillion, highlighting the transformative impact of technology on the global economy [1][9] - The demand for NVIDIA's products is expected to increase, particularly with the anticipated return to the Chinese market and the contribution of the H200 chip [4][5] Competition and Strategy - Huang acknowledged the strength of Chinese competitors, stating that Chinese entrepreneurs and engineers are among the best globally, while also expressing confidence in NVIDIA's competitive edge [6][7] - The company plans to invest in its ecosystem, focusing on building technologies that do not currently exist and supporting its supply chain partners [11][14] Technological Innovations - The Rubin platform features innovations such as pluggable NVLink switches and power smoothing technology, which significantly reduce assembly time from two hours to five minutes [1][26] - Huang predicted that NVIDIA could become one of the largest CPU manufacturers and storage companies globally, driven by its extensive innovations across the computing stack [21][19] AI and Robotics - Huang stated that true human-level robots could be expected this year, emphasizing that robots will create job opportunities rather than replace human workers [2][40] - The autonomous driving technology, particularly the AlphaMayo system, is designed to operate safely without human intervention, aiming for Level 4 capabilities [27][29] Investment and Growth - NVIDIA is sitting on a substantial cash reserve and is considering various investment avenues, including acquisitions and partnerships to foster AI development [11][12] - The company is committed to maintaining its leadership in the AI industry by continuously innovating and collaborating with various sectors, including healthcare and manufacturing [9][16]

Core Viewpoint - Nvidia's latest advancements in autonomous driving technology and AI platforms are reshaping the competitive landscape of the autonomous driving industry, drawing attention from various automotive manufacturers [1][2]. Group 1: Nvidia's Developments - Nvidia unveiled its new autonomous driving AI model, Alpamayo, and related hardware at CES 2026, marking a significant advancement in decision-making capabilities for autonomous driving [1]. - The new platform utilizes advanced AI reasoning to handle complex driving scenarios, enabling traditional automakers and emerging electric vehicle companies to enhance their autonomous driving capabilities rapidly [1]. - Nvidia adopts an open platform model for its autonomous driving technology, allowing partners to integrate it according to their product strategies, which has attracted interest from multiple car manufacturers, including Mercedes-Benz [1]. Group 2: Market Reactions - Following Nvidia's announcement, Tesla's stock price fell over 4%, while Nvidia's stock experienced a slight decline [1]. - Market analysts believe Nvidia's progress may intensify competition in the autonomous taxi and advanced driver-assistance systems sectors, putting pressure on Tesla's market expectations in the short term [2]. - Tesla's recent slowdown in sales growth and uncertainty regarding its autonomous driving technology have affected investor sentiment, reflecting in stock price volatility [3]. Group 3: Tesla's Response and Strategy - Tesla's CEO Elon Musk publicly responded to concerns about increased competition, expressing confidence in Tesla's advantages in data accumulation, algorithm training, and large-scale fleet operations [2]. - Musk emphasized that the challenges of achieving fully autonomous driving are significant and that Tesla has years of experience in overcoming these hurdles, maintaining confidence in the company's long-term strategy [2]. - Tesla's autonomous driving technology is closely linked to its Robotaxi service, which is currently in limited operation but aims for broader deployment by 2026, despite facing regulatory and technical challenges [2]. Group 4: Industry Outlook - The industry is closely monitoring variables such as the commercial rollout speed of Nvidia's autonomous driving platform, the performance of partner vehicles in real-world conditions, and the reliability and safety of Tesla's proprietary technology in complex scenarios [3]. - The regulatory environment will also play a crucial role in determining the future competitive landscape of the autonomous driving industry [3]. - Key indicators for observing industry trends will include the release of more demonstration data from Nvidia's partner vehicles and the expansion of Tesla's Robotaxi deployment [3].

智通财经APP获悉，中金发布研报称，维持禾赛-W(02525)"跑赢行业"评级，近期禾赛在CES 2026上展 示了最新激光雷达技术,2025年公司交付量超160万台，产能计划在2026年翻倍至400万台/年，并已获超 120个车型定点。随着国内L3试点开放，单车激光雷达数量有望提升，禾赛相关解决方案已获首个乘用 车定点。公司还积极拓展Robotaxi、机器人等新兴市场，并与英伟达等行业伙伴合作。 中金主要观点如下： Robotaxi、机器人等下一代物理AI浪潮袭来，激光雷达成关键引擎 全球多家企业正加速L4级自动驾驶车队的规模化部署，公司已与Motional、百度、滴滴、文远、小马等 头部企业合作，并被英伟达选定为"NVIDIA DRIVE AGX Hyperion 10 平台"的激光雷达合作伙伴。此 外，禾赛JT系列激光雷达广泛应用于机器人与工业市场、累计出货量超20万台，包括MOVA(割草机器 人)、维他动力(智能伴随机器人)、如视(3D空间数字化设备)等。 风险提示 技术迭代风险，订单不及预期，行业竞争加剧与客户降价压力。 量产交付能力领先行业，国内外产能稳步推进 公司2025年全年交付量超160万台 ...

· 2026 年 1 月 7 日 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 49462.08 | 0.99 | | 标普 500 指数 | 6944.82 | 0.62 | | 纳斯达克综合指数 | 23547.17 | 0.65 | | 英国富时 100 指数 | 10122.73 | 1.18 | | 德国 DAX 指数 | 24892.2 | 0.09 | | 日经 225 指数 | 52518.08 | 1.32 | | 台湾加权指数 | 30576.3 | 1.57 | | 内地股市 | | | | 上证指数 | 4083.67 | 1.50 | | 深证成指 | 14022.55 | 1.40 | | 香港股市 | | | | 恒生指数 | 26710.45 | 1.38 | | 国企指数 | 9244.24 | 1.05 | | 红筹指数 | 4140.89 | 1.33 | | 恒生科技指数 | 5825.26 | 1.46 | | AH 股溢价指数 | 122.86 | -0.27 | | 恒生期货 (1 ...

Core Viewpoint - A hearing will be held by a subcommittee of the U.S. House Energy and Commerce Committee on January 13 to discuss legislation aimed at simplifying the deployment process for autonomous vehicles [1] Group 1 - The proposed legislation includes a plan to increase the annual cap on the number of autonomous vehicles deployed to 90,000 units [1] - Additional proposals will address complaints from automakers regarding obstacles to the deployment of robotic taxis [1]

Summary of the Conference Call for Xiaoma Zhixing Company Overview - **Company**: Xiaoma Zhixing (Pony.ai) - **Industry**: Autonomous Driving and Ride-Hailing Services Key Points and Arguments Vehicle Deployment and Market Strategy - Xiaoma Zhixing plans to add 3,000 vehicles by 2025, focusing on Beijing, Guangzhou, and Shenzhen, with Guangzhou having the highest allocation, followed by Shenzhen and Beijing [2][5] - The company currently has limited vehicle numbers in Shanghai due to government regulations requiring new vehicles to be produced by specific manufacturers, which Xiaoma's partners do not meet [2][4] Business Model and Financials - Operating under a light-asset model, Xiaoma Zhixing compensates partners based on their responsibilities and costs, adding approximately 10% gross profit [2][6] - The average daily net income per autonomous ride-hailing vehicle is 299 RMB, with annual operating costs estimated at 90,000 to 100,000 RMB, indicating a break-even point at around 100,000 RMB in revenue [2][8] - The company anticipates potential profit margins of 80,000 to 90,000 RMB per vehicle if annual revenues reach 180,000 RMB, which is the minimum required for traditional human-driven ride-hailing services in first-tier cities [2][8] Operational Efficiency - The ratio of remote support personnel to vehicles is currently 1:30, with plans to increase this to 1:50 by 2026, although the marginal cost reduction will be less significant than previous improvements [2][11][12] - The company aims to enhance service quality and reduce passenger wait times to increase vehicle utilization and revenue [2][13][15] Regulatory and Licensing - Xiaoma Zhixing has obtained L4 autonomous driving licenses in major cities and plans to conduct small-scale tests in second-tier cities like Hangzhou or Wuhan starting in 2025 [2][24] - The licensing process for autonomous vehicles involves obtaining individual permits for each vehicle, with the company responsible for ensuring compliance with safety and performance standards [2][16] Future Developments - The next-generation Room Type vehicle is expected to be introduced between 2027 and 2028, with cost reductions of at least 20% anticipated through minor updates to the current seventh-generation model [2][18] - The company is exploring international expansion, with plans to operate in several countries, although vehicle numbers will be limited due to varying regulatory environments [2][17] Cost Structure and Insurance - Vehicle depreciation accounts for approximately 45% of total costs, while insurance costs for Xiaoma's vehicles are around 5,000 RMB per year, significantly lower than traditional ride-hailing vehicles [2][20][22] - Charging costs are managed through partnerships for discounted electricity rates, averaging around 0.4 RMB per kWh, leading to annual charging expenses of approximately 10,000 to 11,000 RMB per vehicle [2][21] Industry Impact - The release of NVIDIA's open-source Volta model is seen as a positive development for the autonomous driving sector, potentially attracting more investment, although its practical application may be limited [2][19] Additional Important Information - The company is focused on increasing vehicle numbers and improving service quality to enhance profitability and competitiveness against traditional ride-hailing services [2][15] - The regulatory landscape in major cities is evolving, with increasing support for autonomous driving initiatives from the central government [2][24]