近日，曹操出行(02643.HK)与越疆科技(02432.HK)正式签署战略合作协议。双方将围绕Robotaxi运营场 景，共同探索机器人技术在车辆清洁、维护、补能等环节的创新应用，推动运维体系向自动化、智能化 升级，为Robotaxi规模化落地提供技术支撑与基础设施保障。12月3日，越疆具身智能人形机器人Atom 作为首批"智能员工"入驻"绿色智能通行岛"并达成多场景应用验证。 曹操出行作为吉利控股集团Robotaxi核心商业化载体，已构建"智能定制车+智能驾驶技术+智能运营"三 位一体的发展战略，是全球少数具备Robotaxi全链条能力的科技出行平台。越疆科技作为全球先进的智 能机器人研发制造商，产品已在全球汽车、3C电子等十五个行业实现规模化应用，全球部署量超过10 万台，积累了深厚的场景理解与技术创新经验，将为Robotaxi的智能化升级提供领先的机器人技术和产 品支撑。 根据战略合作协议，双方将共同拓展机器人场景应用与共创智慧运维行业方案，驱动运营效率跃升： 共同探索机器人技术在Robotaxi运维场景下的创新应用：围绕Robotaxi运维场景，双方将基于自身业务 优势，共同探索机器人技术在车辆清洁 ...

人民财讯12月3日电，近日，曹操出行(02643.HK)与越疆科技(02432.HK)正式签署战略合作协议。双方 将围绕Robotaxi运营场景，共同探索机器人技术在车辆清洁、维护、补能等环节的创新应用，推动运维 体系向自动化、智能化升级，为Robotaxi规模化落地提供技术支撑与基础设施保障。12月3日，越疆具 身智能人形机器人Atom作为首批"智能员工"入驻"绿色智能通行岛"并达成多场景应用验证。 ...

Auto Industry Trends - US economy strength is driving stronger than expected auto sales [2] - Pandemic resulted in a deficit of approximately 6 to 7 million vehicles not purchased [2] - Original Equipment Manufacturers (OEMs) are using pricing to offset some tariffs [4] - There's a shift back to hybrid vehicles and trucks, away from electric vehicles [5] - Pickups and larger SUVs are currently the strongest segment in the US auto industry [6] Market Forecast - Initial forecasts of a 15 million vehicle Seasonally Adjusted Annual Rate (SAAR) for 2025 are now expected to be 16 to 163 million [3] - US auto market is expected to be constructive, supported by low unemployment and potential rate cuts [4][5] Tesla Analysis - Analyst maintains an outperform rating on Tesla, not primarily due to its auto business [6][7] - Tesla's potential in robotaxi and humanoid markets is a significant opportunity, with an assumption of only 5% penetration in the humanoid market [8] - Humanoid market opportunity is large and not fully appreciated by investors [9] - Analyst believes it's too early to definitively say Tesla is overvalued, citing a lack of real-life data to disprove Tesla's potential in humanoids and robotaxis [12][13]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$41.40, representing a potential upside of 27% from the current price of HK$32.58 [1][7][10]. Core Insights - The company is expected to achieve profitability in Q4 2025, with significant sales growth anticipated in the following year. The revenue for Q3 2025 was reported at RMB 407 million, with a decline of 10.6% quarter-on-quarter [5][8]. - The EM platform has gained market recognition, and the potential for Robotaxi is substantial, with expectations of increased demand for lidar units [6][10]. - The report projects a significant increase in radar sales, with estimates of 2.3 million units in 2026 and 3.1 million units in 2027, driven by the growth in the robotics sector [7][9]. Financial Summary - Revenue projections for the company are as follows: RMB 2,204 million in 2025, RMB 3,126 million in 2026, and RMB 4,038 million in 2027, reflecting a year-on-year growth of 33.6% in 2025 and 41.8% in 2026 [8][9]. - The adjusted net profit is expected to improve significantly, with estimates of RMB -83 million in 2025, RMB 230 million in 2026, and RMB 533 million in 2027 [9][10]. - The company anticipates a gross margin of 27.3% in 2025, increasing to 30.2% in 2026 and 31.2% in 2027 [9][10].

Core Viewpoint - The individual investor adopts a contrarian investment style, focusing on deep value opportunities, particularly in stocks that have recently experienced sell-offs due to non-recurrent events, while also considering insider buying as a positive signal [1] Investment Strategy - The investment portfolio is split approximately 50%-50% between shares and call options, indicating a balanced approach to risk and return [1] - The investor's timeframe for holding positions typically ranges from 3 to 24 months, suggesting a medium-term investment horizon [1] - Fundamental analysis is employed to assess the health of companies, including their leverage and financial ratios compared to sector and industry averages [1] - Technical analysis is utilized to optimize entry and exit points, with a focus on support and resistance levels on weekly charts [1] Stock Selection Criteria - Preference is given to stocks that have undergone a recent sell-off, particularly when there is insider buying at the new lower price, indicating potential recovery [1] - The investor screens through thousands of stocks, primarily in the US, but is open to owning shares in less stable markets, referred to as "banana republics" [1] - Professional background checks are conducted on insiders who purchase shares post-sell-off, adding an additional layer of due diligence [1]

China’s robotaxi industry is “on the cusp of commercial breakout”, one bank reckons. By some measures it is already pulling ahead of America https://t.co/tIfGKlMxtP ...

The number of American cities on the robotaxi roadmap is rising fast. But many people still have concerns about the technology https://t.co/ZboxxQ6T4l ...

Core Insights - The new energy vehicle (NEV) market is experiencing significant shifts, with XPeng surpassing NIO and Li Auto to become the largest NEV company by market capitalization as of Q3 2025, valued at 160.2 billion yuan [2] - Li Auto, which previously achieved profitability through its "range extender + family" strategy, is losing its competitive edge as other companies enter the range extender market [2] - NIO, once the highest valued NEV company, is now focusing on core automotive products due to financial burdens from its expansive business model [2] - XPeng's recovery from internal management issues and high supply chain costs has led to a resurgence in sales and a renewed focus on advanced technologies like autonomous driving and robotics [3][4] Company Performance - XPeng's Q3 report shows a gross margin exceeding 20% for the first time, with a year-on-year revenue growth of 100% [3] - The company has launched popular models such as the XPeng P7+ and Mona M03, contributing to its improved performance [2] - XPeng's strategic partnerships, particularly with Volkswagen for autonomous driving technology, are expected to enhance its market position [4] Technological Ambitions - XPeng is focusing on autonomous driving, Robotaxi services, and humanoid robots, with plans to launch three Robotaxi models by 2026 [4] - The company aims to start mass production of advanced humanoid robots by the end of 2026, targeting various service applications [4] - XPeng's self-developed Turing chip has received procurement certification from Volkswagen, marking a significant milestone in its technology development [4] Competitive Landscape - The NEV sector is entering a new phase of competition centered around AI technologies, with Li Auto and NIO also announcing their AI commercialization strategies [4] - Li Auto plans to launch its first AI glasses in December, while NIO's self-developed Dimensity chip will open for external collaboration in Q4 [4] - XPeng's technological focus positions it favorably in the ongoing AI competition, although it faces challenges in commercializing its Robotaxi and humanoid robot initiatives [5] Strategic Direction - XPeng's management emphasizes a strategy of "steady progress" to ensure long-term success, indicating that strong vehicle sales will support its technological explorations [6]

There are several reasons to believe China may win the race to build a robotaxi industry at scale. One is strong state backing. Another is that its self-driving cars are surprisingly cheap https://t.co/eYlcsEX9EA ...

還記得 Cybercab 剛發布時 全網是怎麼 嘲笑馬斯克的嗎？ 只有兩個座位？ 這種不實用 的大玩具 有什麼用呢？ 結果今天 一份來自競爭對手 Waymo的 洩密數據 直接給了 所有質疑者 一記鐵拳！ 數據顯示 Waymo 絕大多數的訂單 只有 1 到 2 名乘客 高達90%的時間 那些昂貴的 五人座休旅車 都在運送空氣！ 你用一台 兩噸重的 SUV 裝滿昂貴 的感測器 就為了送一個人 去買咖啡？ 這在物理學 和經濟學上 就是極致的愚蠢！ 現在你看懂 馬斯克的 可怕之處了嗎？ 他不是在造車 他是在解題！ 既然 90%的需求 只要兩個座位 那就砍掉 多餘的空間 拿掉方向盤 把成本壓到極致 當對手還在 燒錢運送空氣時 特斯拉已經 用消費電子 產品的邏輯 對傳統車企 發起了降維打擊 這就是為什麼 你永遠不要輕易 做空馬斯克 因為他看到的未來 往往就 是終極答案. ...