Core Insights - NVIDIA CEO Jensen Huang stated that model sizes are expected to grow tenfold each year, with the number of tokens generated through Test-Time Scaling increasing fivefold annually, and the cost per token decreasing by tenfold each year [1] Group 1: Autonomous Driving - Huang expressed strong confidence that a significant portion of vehicles worldwide will be either fully autonomous or highly automated within the next decade [1] - The company introduced the Alpamayo series of VLA open-source AI models and tools aimed at the development of autonomous vehicles [1]

专题：2026年度国际消费电子展(CES) Alpamayo系列引入了基于推理的思维链式视觉语言动作（VLA）模型，将类人思维引入自动驾驶汽车 的决策过程。这些系统能够逐步思考新颖或罕见的场景，从而提升驾驶能力和可解释性——这对于增强 智能汽车的信任度和安全性至关重要——并且由NVIDIA Halos安全系统提供支持。 "物理人工智能的ChatGPT时刻已经到来——机器开始理解、推理并在现实世界中行动，"英伟达创始人 兼首席执行官黄仁勋表示。"无人驾驶出租车是首批受益者之一。Alpamayo为自动驾驶汽车带来了推理 能力，使它们能够思考罕见场景，在复杂环境中安全驾驶并解释其驾驶决策——这是安全、可扩展自动 驾驶的基础。" 英伟达称，包括 Lucid、JLR、Uber 和 Berkeley DeepDrive，都对 Alpamayo 表现出兴趣，希望开发基于 推理的自动驾驶堆栈，以实现 L4 级自动驾驶。 责任编辑：李桐 新浪科技讯 英伟达在1月5日发布Alpamayo 系列开源 AI 模型和仿真工具和数据集，旨在加速下一代安 全、基于推理的自动驾驶汽车 （AV） 开发。 自动驾驶汽车必须在极其广泛的驾驶条件下 ...

Core Insights - Texas Instruments (TI) has launched new automotive semiconductors and development resources aimed at enhancing safety and autonomous driving capabilities across various vehicle models [2][3] - The TDA5 high-performance System on Chip (SoC) series offers optimized processing capabilities with power efficiency and safety features, supporting up to Level 3 autonomous driving as defined by automotive engineering standards [2][3] - TI's AWR2188 single-chip 4D imaging radar transmitter simplifies the design of high-resolution radar systems, contributing to the development of advanced driver-assistance systems (ADAS) and software-defined vehicles (SDV) [2][6] Group 1: TDA5 SoC Series - The TDA5 SoC series integrates proprietary Neural Processing Units (NPU) and chip-level packaging, providing up to 1200 TOPS of secure and efficient edge AI computing power, with a performance increase of up to 12 times compared to previous generations [3][4] - This series supports a wide range of applications, including ADAS, in-vehicle infotainment systems, and gateway systems, thereby reducing system complexity and costs [5] - The architecture meets automotive ASIL-D standards without relying on external components, further simplifying system design [5] Group 2: AWR2188 Radar Transmitter - The AWR2188 4D imaging radar transmitter features an integrated design with 8 transmitters and 8 receivers, streamlining the setup of high-resolution radar systems and reducing the number of required components [6] - It enhances detection capabilities, achieving a 30% performance improvement over existing solutions, and supports advanced radar applications such as detecting dropped cargo and identifying objects in high dynamic range scenarios [6] - The transmitter can accurately detect targets over distances greater than 350 meters, significantly improving driving safety and autonomous driving levels [6] Group 3: 10BASE-T1S Ethernet Technology - The DP83TD555J-Q1 10BASE-T1S Ethernet PHY extends Ethernet to vehicle edge nodes, facilitating a unified network architecture that supports real-time data collection and transmission across various automotive functional domains [7] - This technology reduces the complexity and cost of cable design while enhancing the overall safety and automation levels of vehicles [7] - TI's end-to-end system solutions enable manufacturers to develop systems suitable for different vehicle models, thereby improving safety and automation [7]

Key Points Summary of the Conference Call Company Overview - The company discussed is **Nexteer Automotive**, focusing on its **Robotaxi** project and steering systems. Industry Insights - The **Robotaxi** line control steering system is expected to ship tens of thousands of units by **2025**, priced between **3,000-4,000 RMB**. This system utilizes a dual actuator solution, offering better cost performance [2][5] - The production capacity is initially planned for tens of thousands of units, with potential adjustments to over **100,000** based on Full Self-Driving (FSD) commercialization and regulatory conditions [2][3] - The line control steering standard will take effect on **July 1, 2025**, accelerating technology promotion [9] Core Business Developments - In **2026**, Nexteer is collaborating closely with companies like **Li Auto**, **Geely (ZEEKR)**, and **Xiaomi** on line control steering projects, with more orders expected to be secured by the end of **2025** [2][7] - The domestic market's growth rate is slowing, which may impact performance, but a diversified customer base is expected to mitigate risks [2][13] Financial Performance and Projections - The company anticipates continued price pressure in **2025**, but expects to maintain growth due to strong clients like **BYD** and **Xiaomi**, with Xiaomi's revenue contribution nearing that of BYD [2][13] - The North American market is recovering slowly, with profit margins in the mid-single digits, affected by tariffs, inflation, and supply chain issues, but a target profit margin of over **10%** is set for the future [3][14][15] - The effective tax rate is expected to decrease from **40%** in the first half of **2025** to around **30%**, with a long-term goal of below **20%** [15][27] Market Dynamics - The overseas market is progressing slowly, with only **T Company** making significant advancements in line control steering technology [11] - The domestic market is advancing faster than overseas, with integrated solutions priced similarly in both markets [12] Challenges and Risks - The potential increase in tariffs from **Mexico** could impact costs, but the direct effect on the company is limited as only a small percentage of revenue is affected [28][30] - The company aims to pass on increased costs to customers, with about **3%** of revenue impacted by tariffs [29] Future Outlook - The company is optimistic about the future of line control steering systems, especially with the rise of autonomous vehicles and partnerships with key players in the market [8] - The timeline from order acquisition to commercial production is expected to shorten significantly, with some projects potentially launching within a year [9] Additional Notes - The impact of **Beijing Yizhuang's** share reduction on the company's long-term investment logic is acknowledged, but short-term stock price volatility is expected [16][17] - The company is actively working on the **EMB (Electric Brake)** and **ENB (Electric Brake)** systems, with expectations for commercial production by **2027** [23][25]

Group 1 - The core point of the news is that Youjia Innovation (02431.HK) has announced voluntary extensions of the lock-up period for major shareholders and a share purchase by Chairman Liu Guoqing, reflecting confidence in the company's business prospects [1] - Major shareholders, including four executive directors, will extend their lock-up period until December 27, 2026, while individual shareholders Yan Shengye and Wu Jianxin will extend theirs until June 27, 2026 [1] - Liu Guoqing purchased a total of 50,000 H-shares at an average price of approximately HKD 12.60 per share on January 5, 2026, signaling strong support from the leadership [1] Group 2 - Youjia Innovation has achieved significant growth in its L2 pre-installation business, delivering to 42 automakers and expanding its customer base, including top domestic and luxury brands [3] - The company has entered the commercialization phase for its L4 autonomous driving business, with successful deployments in multiple cities and high-profile scenarios, validating its technology and operational capabilities [3] - The introduction of the new unmanned vehicle, Xiaozhu, aims to penetrate the billion-level unmanned logistics market, with over a thousand bulk orders already secured [3] Group 3 - The opening of L3 autonomous driving in China accelerates industry upgrades, creating opportunities for high-level intelligent driving and L4 mass production [5] - Youjia Innovation has established a comprehensive competitive advantage through its full-dimensional technology layout and strong engineering capabilities [5] - The company's inclusion in the Hang Seng Hong Kong Stock Connect electronic theme index reflects market recognition of its industry position and growth potential [5]

过去几个月没发声的知名小说家紫金陈，近日晒出了自己的账户收益，面对2025年超30%的收益，紫金 陈直言，"收益不好，感觉太菜了"。 面对紫金陈的自谦，多位网友表示，"紫老师在凡尔赛"。 如果将紫金陈的2025年收益率和公募基金相比，紫金陈处于中等水平。据统计，衡量公募基金投资能力 的主动偏股型基金，2025年度平均收益率为32%。其中，年度收益率超过50%的基金约为800只，年度 净值翻倍的基金超过70只。 有意思的是，2024年12月27日，紫金陈也曾晒出炒股成绩单，彼时其年内收益率约为30%。虽然与2025 年收益率相仿，但是市场已发生明显变化，紫金陈的心境出现明显不同，对自己的评价从"还行"变 成"太菜了"。 知名投资人反思 除紫金陈外，近期，多位知名投资人也在复盘2025年操作得失，并展望2026年投资机遇。 紫金陈称自己"太菜了" 从紫金陈晒出的账户情况看，2025年收益率为31.17%，超过同期上证指数涨幅12.74个百分点。虽然该 收益击败了81%的股民，但紫金陈坦言，2025年收益不好，感觉太菜了，所以很少说话。 谈及2025年的操作，紫金陈表示："年初重仓港股联通，很高兴地卖掉后半个月又涨 ...

Core Viewpoint - Mobileye Global has secured an order from a major U.S. automaker to supply next-generation chips, enhancing the company's production outlook and indicating a significant expansion in the deployment of its autonomous driving technology across millions of vehicles [1] Group 1: Company Developments - Mobileye's stock rose over 8% to $12.14 following the announcement of the new order [1] - The agreement involves a top ten U.S. automaker incorporating Mobileye's systems into both mainstream and premium vehicle models [1] Group 2: Production Outlook - The deal is expected to significantly boost Mobileye's production capacity, with projected deliveries of over 19 million units of the EyeQ6H chip-based Surround Advanced Driver Assistance Systems (ADAS) [1] - Approximately 9 million units of the projected deliveries are associated with the newly announced order, while the remaining units stem from an existing collaboration with Volkswagen Group established in March of the previous year [1]

Core Viewpoint - Mobileye Global has secured an order from a major U.S. automaker to supply next-generation chips for autonomous driving technology, significantly enhancing the company's production outlook [1] Group 1: Company Developments - Mobileye's stock rose over 8% to $12.14 following the announcement of the new order [1] - The unnamed U.S. automaker, which is among the top ten in the country, will integrate Mobileye's systems into both its mass-market and premium vehicle models [1] Group 2: Production Outlook - The agreement is expected to boost Mobileye's production capacity, with anticipated deliveries of over 19 million units of the EyeQ6H chip-based Surround Advanced Driver Assistance Systems (ADAS) [1] - Approximately 9 million of these units are related to the newly announced order, while the remaining units stem from an existing collaboration with Volkswagen Group established in March of the previous year [1]

Core Insights - The Pudong New Area aims to develop ten major industrial clusters during the 14th Five-Year Plan, focusing on nurturing new productive forces and establishing a modern industrial system led by three pioneering industries [1][2] Group 1: Industrial Clusters - Pudong plans to elevate four industrial clusters—integrated circuits, biomedicine, intelligent connected vehicles, and software information services—to a scale of 500 billion yuan [1] - Artificial intelligence and smart terminal clusters are targeting a scale of 200 billion yuan, while civil aviation, shipbuilding, embodied intelligence, and new energy clusters aim for 100 billion yuan [1] - Each industrial cluster will focus on core areas to enhance quality and efficiency, such as integrated circuits emphasizing "design leadership and full-chain layout" [1] Group 2: Economic Environment and Policies - Pudong is accelerating the release of five major dividends: reform, openness, ecological, talent, and market dividends [2] - The area will enhance its business environment through a comprehensive action plan that includes 52 concrete measures across five key areas: government services, market competition, industrial ecology, legal protection, and social governance [2] - A new policy package was introduced to shift from "blood transfusion" support to "blood production" ecological cultivation, covering technology innovation, small and micro enterprises, industrial upgrades, financial support, and talent attraction [2] Group 3: Investment and Projects - The recent conference resulted in the signing of 50 key projects with a total investment exceeding 70 billion yuan, spanning various sectors including finance, technology, trade, tourism, and talent [3]

2026 年 01 月 05 日 两新补贴正式落地符合预期，看好 预期修复下的交易机会 看好 ——2025/12/29-2026/1/4 汽车周报 《补贴落地践行渐进，看好预期修复下的 交易机会——2025/12/22-2025/12/28 汽车周报》 2025/12/29 《L3 智驾车型许可发放，继续看好智能 化、中高端和二手车市场—— 2025/12/15-2025/12/19 汽车周报》 2025/12/22 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 A0230524080008 zhufz@swsresearch.com 行 业 及 产 业 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 本期投资提示： 1.1 新势力月度销量更新 究 / 行 点 业 评 汽车 ⚫ 观点：两新补贴正式落地，计算方式由定额制转向按车价比例计算，结构导向更加清 晰，此前对行业 26 年总量的担心有望得到修复。看好中低端需求为主的比亚迪、吉 利，以及基本面α弹性显著的北汽、江淮 ...