Core Insights - The core focus of major global chip companies, including NVIDIA, is accelerating their layout in the automotive intelligence and electrification sectors for the upcoming year and beyond [2] Group 1: Acquisition of AI21 Labs - NVIDIA is in advanced negotiations to acquire Israeli AI startup AI21 Labs for up to $3 billion, which was valued at $1.4 billion during a previous funding round in 2023 [2][3] - AI21 Labs has made significant advancements in natural language processing (NLP) and generative AI, particularly in multimodal interaction and efficient data processing [3] - The acquisition aims to leverage AI21 Labs' top-tier AI research team and their potential for future development, enhancing NVIDIA's capabilities in automotive AI model training and data processing [4] Group 2: Strategic Shift - NVIDIA is transitioning from being a hardware leader to becoming a leader in AI ecosystem construction, integrating AI innovations into its automotive business [5][6] - The company is expanding its automotive business, showcasing strong growth and aiming to provide comprehensive solutions beyond just high-performance computing chips [6][7] - NVIDIA's next-generation Thor platform will deliver 2000 TOPS of computing power, facilitating a shift from distributed to centralized electronic architectures in vehicles [7] Group 3: Competitive Landscape - The competition in the automotive chip market is intensifying, with NVIDIA's technology offering comprehensive environmental perception through data fusion from multiple sensors [7][8] - The acquisition signals a shift in the automotive industry towards a full-stack competition involving hardware, algorithms, data ecosystems, and service scenarios [8] - Despite NVIDIA's current leadership in automotive intelligence, emerging competitors like Tesla are posing significant challenges, necessitating continuous investment in R&D to maintain a competitive edge [8][9] Group 4: Future Industry Dynamics - The future of automotive intelligence will revolve around the balance between monopoly and innovation, as well as open versus closed competition [9] - Companies in the automotive and chip sectors must enhance their technical capabilities and innovation to navigate market changes and challenges effectively [9]

Core Insights - The automotive market in 2026 is expected to be influenced by the implementation of a half-reduction in the new energy vehicle purchase tax and the optimization of the "two new" subsidy policies, leading to a focus on rational competition rather than price wars [2][7] Group 1: Market Trends and Competition - The automotive market in 2025 is projected to see a year-on-year sales increase, with a shift from price competition to value competition, emphasizing product quality and consumer experience [3] - In November 2025, the retail penetration rate of new energy vehicles reached 59.3%, indicating a strong trend towards electric vehicles [3] - The domestic automotive market is expected to achieve approximately 24 million retail sales in 2026, with a 1% year-on-year growth, while new energy vehicle sales are projected to reach 14.6 million, growing by 13% [8] Group 2: Export Growth and Internationalization - During the "14th Five-Year Plan" period, China's automotive exports have seen explosive growth, increasing from 2.01 million units in 2021 to an expected 7 million units in 2024 [5] - The competitive advantage of Chinese automobiles is attributed to improved product quality and design, as well as advancements in technology, particularly in the new energy sector [6] - In 2026, automotive exports are anticipated to continue growing, although at a slower pace compared to 2025, with a focus on localizing production and enhancing brand presence in international markets [10][11] Group 3: Challenges and Future Directions - The automotive industry faces challenges such as internal competition and quality safety issues, necessitating a focus on sustainable development and regulatory compliance [4] - The industry is expected to undergo significant transformation driven by smart technology, with AI playing a crucial role in shaping the future landscape of the automotive sector [8] - Talent development is critical for the success of Chinese automotive companies in international markets, requiring individuals who understand local cultures and can lead operations effectively [11]

智通财经获悉，据港交所1月1日披露，深圳市景旺电子股份有限公司(简称：景旺电子)向港交所主板递 交上市申请，中信证券、美银证券、国联证券国际为其联席保荐人。 公司简介 招股书显示，景旺电子(603228.SH)是以技术创新为驱动、以产品布局全面为特色的PCB产品制造商。 公司的PCB产品为汽车电子、通信与数据基础设施、智能终端、工业控制等领域的全球客户提供智能互 联基础。 公司在汽车电子PCB领域占据领先地位，并战略性重点佈局AI计算领域，形成了「1+1+N」的业务模 式，即1个支柱型业务(汽车电子)(「1」)、 1个重点发展业务(通信与数据基础设施)(「1」)和 N个高潜力 业务组合(涵盖智能终端、工业控制等)(「 N」)。 汽车电子是公司的支柱型业务领域，公司的汽车电子PCB产品广泛应用于ADAS、信息娱乐系统、车身 电子系统、电池管理系统、照明系统及充电配电系统等领域。 根据灼识咨询的资料，以2024年度收入计算，公司是全球第一大汽车电子PCB供应商，全球前十大Tier 1汽车供应商中有七家是公司的客户，公司的PCB产品已广泛应用于全球前十大汽车集团的汽车产品 中。 公司的PCB产品深度赋能汽车智能化和 ...

智通财经APP获悉，据港交所1月1日披露，深圳市景旺电子股份有限公司(简称：景旺电子)向港交所主板递交上市申 请，中信证券、美银证券、国联证券国际为其联席保荐人。 公司简介 招股书显示，景旺电子(603228.SH)是以技术创新为驱动、以产品布局全面为特色的PCB产品制造商。公司的PCB产品为 汽车电子、通信与数据基础设施、智能终端、工业控制等领域的全球客户提供智能互联基础。 公司在汽车电子PCB领域占据领先地位，并战略性重点佈局AI计算领域，形成了「1+1+N」的业务模式，即1个支柱型业 务(汽车电子)(「1」)、 1个重点发展业务(通信与数据基础设施)(「1」)和 N个高潜力业务组合(涵盖智能终端、工业控制 等)(「 N」)。 汽车电子是公司的支柱型业务领域，公司的汽车电子PCB产品广泛应用于ADAS、信息娱乐系统、车身电子系统、电池 管理系统、照明系统及充电配电系统等领域。 根据灼识咨询的资料，以2024年度收入计算，公司是全球第一大汽车电子PCB供应商，全球前十大Tier 1汽车供应商中有 七家是公司的客户，公司的PCB产品已广泛应用于全球前十大汽车集团的汽车产品中。 公司的PCB产品深度赋能汽车智能 ...

Core Insights - The automotive semiconductor market is expected to grow significantly, with a projected increase from approximately $67.7 billion in 2024 to nearly $96.9 billion by 2029, reflecting a compound annual growth rate (CAGR) of 7.4% during this period [1] Group 1: Market Trends - The automotive electronics industry is shifting focus towards high-performance computing, connectivity, and artificial intelligence chips, impacting product roadmaps and competitive landscapes for suppliers and OEMs in Europe [1] - The penetration rate of electric vehicles (including BEVs, PHEVs, fuel cell vehicles, and HEVs) is expected to reach 29.5% of new car sales, indicating a rapid acceleration in electrification [2] Group 2: E/E Architecture Transformation - The vehicle electrical/electronic (E/E) architecture is transitioning from distributed systems to centralized designs, driven by increasing sensor data and complex AI models, leading to a surge in demand for automotive computing power [3] - The commercialization of integrated cockpit-ADAS SoCs is expected to begin in 2025, marking a significant step in the integration of various functionalities [3] Group 3: Competitive Landscape - Competition in the semiconductor market is intensifying, with companies like NVIDIA and Qualcomm leveraging high-performance processors and extensive software-hardware ecosystems to penetrate the automotive intelligence sector [4] - Chinese suppliers, such as Horizon Robotics, are rapidly emerging due to technological advantages and local policies, increasing pressure on traditional automotive semiconductor suppliers [4]

Group 1 - The annual report of public funds for 2025 shows significant performance, with the top fund, Yongying Technology Smart A, achieving a return of 233.29% and a scale of 11.52 billion [1][9] - The second and third positions are held by Zhonghang Opportunity Leading A with a return of 168.92% and Hongtu Innovation Emerging Industry A with a return of 148.64%, with scales of 13.23 billion and 14.86 billion respectively [1][9] - The total scale of public funds reached 35.89 trillion, an increase of 3.65 trillion from the beginning of the year, with a total of 13,610 funds [5][13] Group 2 - Looking ahead to 2026, the core theme of market opportunities is expected to be driven by AI-induced industrial transformation, with a focus on fundamental verification rather than liquidity-driven optimism [2][10] - The cloud computing sector is anticipated to see sustained growth in demand due to the acceleration of AI applications, alongside stable competition in core areas like optical communication and PCB [2][10] - The investment focus is shifting from AI hardware to application sectors, particularly in smart driving, AI hardware (such as AI phones and AR glasses), and humanoid robots [3][11] Group 3 - The performance of funds over the past three years shows Dongwu New Trend Value Line leading with a cumulative return of 273.85%, followed by Dongwu Mobile Internet A at 262.23% and Huaxia North Exchange Innovation Small and Medium Enterprises Selection at 260.42% [3][11] - The bottom performers include Huafu Medical Innovation A with a return of -26.15% and CITIC Construction Low Carbon Growth A with a return of -51.87% over three years [4][12] - The public fund market has experienced sharp performance differentiation amid macro narrative changes, highlighting the potential for high-quality growth in the coming years [8][15]

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercial application in China [15]. - Tesla's Full Self-Driving (FSD) technology is expected to receive full approval in China by early 2026 [16]. - XPeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, indicating progress in the sector [18]. - WeRide's Robotaxi service has successfully launched in over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. - Xidi Intelligent Driving has officially listed on the Hong Kong Stock Exchange, becoming the first public company focused on commercial vehicle intelligent driving [22]. Summary by Sections Industry News - The report highlights significant developments in the L3 autonomous driving sector, including approvals and testing licenses for various companies [15][18][19]. - The report notes the increasing penetration of high-resolution cameras and advanced chips in passenger vehicles, with 800 million pixel cameras reaching a penetration rate of 49.7% by October 2025, up 31% year-on-year [2]. - The market for lidar technology is also expanding, with a penetration rate of 14.3% for passenger vehicles by October 2025, reflecting a 7.9% increase year-on-year [2]. Intelligent Driving - The penetration rate of passenger vehicles equipped with L2 and above functions reached 33% by October 2025, a 19% increase year-on-year [3]. - The report emphasizes the growth in sensor technology, with front-view cameras and radar systems seeing significant adoption [3]. Investment Recommendations - The report recommends investing in companies such as XPeng Motors, Leap Motor, and Geely for complete vehicles, while suggesting L4 companies like Pony.ai and WeRide for autonomous driving technology [3]. - For components, it recommends companies like SUTENG, Hesai Technology, and Horizon Robotics for data acquisition, transmission, processing, and application [3].

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The automotive intelligence sector is witnessing significant advancements, particularly in L3 autonomous driving technology, with multiple companies receiving regulatory approvals for their products [15][19]. - The penetration rates for advanced driver-assistance systems (ADAS) and various sensor technologies are on the rise, indicating a growing market for intelligent vehicles [3][2]. - Key companies in the sector, such as Xpeng Motors, Horizon Robotics, and WeRide, are highlighted for their potential growth and investment opportunities [5][3]. Summary by Sections Industry News - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercialization [15]. - Xpeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, while BYD has completed extensive road validation for L3 technology [18][17]. - WeRide's Robotaxi service has expanded to over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. High-Frequency Core Data Updates - By October 2025, the penetration rate of 800 million pixel cameras in passenger vehicles is expected to reach 49.7%, a year-on-year increase of 31% [2]. - The market share of lidar technology in passenger vehicles is projected to rise to 14.3%, with significant contributions from companies like Huawei and Hesai Technology [2]. - The penetration rate of L2 and above intelligent driving functions in passenger vehicles has increased to 33%, reflecting a 19% year-on-year growth [3]. Investment Recommendations - Recommended companies for investment include Xpeng Motors, Leap Motor, and Geely for complete vehicles, while WeRide and Horizon Robotics are suggested for L4 technology [3]. - For components, companies like SUTENG and Hesai Technology are recommended for data acquisition, while Horizon Robotics and Black Sesame Intelligence are highlighted for data processing [3].

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercial application in China [15]. - Tesla's Full Self-Driving (FSD) technology is expected to receive full approval in China by early 2026 [16]. - XPeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, indicating progress in the industry [18]. - WeRide's Robotaxi service has successfully launched in over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. - Xidi Intelligent Driving has officially listed on the Hong Kong Stock Exchange, becoming the first public company focused on commercial vehicle intelligent driving [22]. Summary by Sections Industry News - The approval of L3 autonomous driving models by the Ministry of Industry and Information Technology [15]. - Tesla's FSD technology is on track for full approval in China [16]. - XPeng Motors and Xiaomi have both received L3 road testing licenses [18][19]. - WeRide's Robotaxi service has expanded to multiple cities worldwide [20]. - Xidi Intelligent Driving has successfully listed on the Hong Kong Stock Exchange [22]. High-Frequency Core Data Updates - The penetration rate of 8 million pixel cameras in passenger vehicles is projected to reach 66.1% by October 2025, with a year-on-year increase of 7 percentage points [2]. - The market share of LiDAR in passenger vehicles is expected to rise to 14.3% by October 2025, reflecting a year-on-year increase of 7.9 percentage points [2]. Intelligent Driving - The penetration rate of passenger vehicles with L2 and above functions has increased by 19 percentage points year-on-year, reaching 33% by October 2025 [3]. - The penetration rates for various sensors, including front-view cameras and LiDAR, have shown significant growth [3]. Investment Recommendations - Recommended companies for investment include XPeng Motors, Leap Motor, and Geely for complete vehicles, while L4 recommendations include Pony.ai and WeRide [3]. - For components, recommended companies include SUTENG for data acquisition and Horizon Robotics for data processing [3].

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on globalization, intelligence, and high-end market opportunities [5]. Core Insights - The automotive industry is experiencing intensified competition in the domestic market while witnessing significant growth in new energy vehicle (NEV) exports [2][3]. - The overall vehicle sales are projected to remain stable in 2026, with a notable increase in NEV sales driven by favorable policies and consumer demand [4][5]. - The report emphasizes the importance of high-end vehicles and intelligent driving technologies as key growth areas for automotive companies [5][14]. Summary by Sections 1. 2025 Review: Intensified Domestic Competition, High Growth in NEV Exports - Total vehicle sales in China for January to November 2025 reached 20.45 million units, a year-on-year increase of 2.0% in retail and 11.2% in wholesale [2]. - Domestic sales showed slight growth, heavily influenced by policy changes, while exports surged, particularly in the NEV segment, which saw a 19% increase year-on-year [2][19]. - The NEV penetration rate reached 40.8% in exports, with significant contributions from plug-in hybrid vehicles [19]. 2. 2026 Outlook: Stability Expected, Acceleration in Globalization and Intelligence - Retail sales of passenger vehicles are expected to reach 22.03 million units in 2026, with NEVs projected to grow by 12% year-on-year [3][4]. - The high-end vehicle segment is anticipated to perform better due to a shift in consumer preferences and the increasing market share of domestic brands [4]. - NEV exports are expected to reach 6.73 million units, with a 34% increase in NEV exports alone, driven by improved product quality and market maturity [4]. 3. Investment Strategy: Favorable Opportunities in Globalization, Intelligence, and High-End Markets - The report highlights the potential for automotive companies that excel in international markets, high-end product offerings, and advanced intelligent driving technologies [5][13]. - Companies like BYD, Geely, and Li Auto are identified as key players likely to benefit from these trends due to their strong export capabilities and innovative products [5][13]. - The report also emphasizes the importance of the AI driving sector, predicting that leading companies will leverage their technological advancements to gain competitive advantages [14][15].