Core Viewpoint - The stock of Tudatong (02665) has surged nearly 20%, reaching a new high of 17.85 HKD, reflecting strong market interest in the company as a leading provider of automotive-grade LiDAR solutions [1] Company Overview - Tudatong is recognized as one of the companies that design, develop, and produce automotive-grade LiDAR solutions [1] - The company is the first globally to achieve mass production of high-performance automotive-grade LiDAR solutions [1] Market Position - In 2024, Tudatong is expected to deliver approximately 230,000 units of automotive-grade LiDAR, ranking fourth globally in sales revenue for ADAS LiDAR solutions with a market share of 12.8% [1] - Tudatong is the first company to achieve large-scale production of 1550nm high-performance LiDAR technology and also has the capability for 905nm cost-effective solutions, creating a comprehensive product matrix from high-end to mass-market [1] Product Performance - The "Falcon" series based on the 1550nm platform has achieved over 600,000 units in large-scale deliveries, validating its high performance and reliability in real-world scenarios [1] - This strong performance establishes a first-mover advantage for the company in the large-scale deployment of Level 3 and above advanced intelligent driving solutions [1]

图达通(02665)再涨近20%，高见17.85港元继续刷新上市新高。截至发稿，涨15.43%，报17.21港元，成 交额1821.2万港元。 值得注意的是，图达通是全球第一家实现1550nm高性能路线规模化量产的企业，并且同时具备905nm 高性价比路线规模化量产能力，构建了覆盖从高端到大众市场的完整产品矩阵。其中，基于1550nm平 台的"猎鹰"系列，凭借超过60万台的大规模交付成绩，在实际场景中充分验证其高性能与可靠性，为L3 及以上级别高阶智能驾驶的规模化落地奠定了先发优势。 公开资料显示，图达通是设计、开发及生产车规级激光雷达解决方案的企业之一。根据灼识谘询的资 料，公司为全球首家实现量产的车规级高性能激光雷达解决方案供应商。根据同一资料来源，2024年， 公司交付总计约230,000台车规级激光雷达，按ADAS激光雷达解决方案销售收入计全球排名第四，市场 份额为12.8%。 ...

Summary of the Conference Call Industry Overview - **Industry**: Automotive Industry - **Date**: December 5, 2025 - **Rating**: Leading - **2026 Outlook**: New driving forces through cycles - smart driving commercial use, energy storage resonance, and mass production of robots [1] Key Points Automotive Market Trends - **Passenger Vehicles**: - After stimulus, the market is entering a high-level consolidation phase. - Expected retail sales for 2026 are projected to increase by 0.3% year-on-year to 24.45 million units, with a penetration rate of new energy vehicles (NEV) exceeding 60% [5][19]. - Growth is driven by product iterations and cost advantages from domestic brands in hybrid and pure electric technologies [5][20]. - **Exports**: - Total overseas sales are expected to reach 7.5-8 million units in 2026, with a shift towards localized manufacturing to address trade uncertainties [5][10]. - In the first ten months of 2025, cumulative exports reached 6.51 million units, a year-on-year increase of 23.3%, with NEVs accounting for nearly 40% of exports [10][36]. Heavy-Duty Trucks - **Market Growth**: - Anticipated sales for heavy-duty trucks in 2026 are around 1.1 million units, a 5% increase year-on-year, with better performance expected in the second half of the year [5][10]. - The market is benefiting from policy incentives and accelerated penetration of new energy vehicles [5][10]. Smart Driving - **L3 Commercialization**: - 2026 is expected to be the year of large-scale commercialization for L3 autonomous driving, with several manufacturers accelerating development [9][11]. - The penetration rate for L2 and above smart driving systems reached 87% in the first eight months of 2025 [9]. Robotics - **Market Development**: - The robotics sector is transitioning from "technological breakthroughs" to "commercial realization," with significant advancements expected in 2026 [13][14]. - The sector is entering a consolidation phase, focusing on actual delivery capabilities and performance realization [14]. Lithium Battery Sector - **Demand Growth**: - Global lithium battery demand is projected to grow by approximately 22% in 2026, with energy storage demand expected to grow faster than power batteries [15][16]. - The industry is experiencing a recovery in profitability, but caution is advised regarding the price of lithium carbonate and supply chain uncertainties [16][17]. Investment Recommendations - **Short-term (H1 2026)**: - Market adjustments may occur post-policy withdrawal, but structural opportunities will emerge, particularly in high-level smart driving [11]. - **Mid-term (H2 2026)**: - The entry of L3 into mass production will drive product iterations and new purchasing momentum [11]. - **Long-term (2027 and beyond)**: - Focus on the sustainability of embodied intelligence and the Robotaxi/AI ecosystem [11]. Additional Insights - **Market Dynamics**: - The automotive market is shifting from a growth-driven model to one focused on replacement demand, with significant implications for market structure and competition [19][20]. - **Technological Advancements**: - The integration of advanced technologies in vehicles is reshaping consumer preferences and driving demand for new energy vehicles [27][29]. This summary encapsulates the key insights and projections from the conference call, highlighting the automotive industry's evolving landscape and investment opportunities.

Group 1: Industry Overview - The computer industry has shown steady revenue growth and improved profit margins, with total revenue reaching 939.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.4% [11] - The software development sub-industry has seen significant profit improvements, while the computer equipment sub-industry remains relatively high in terms of market sentiment [11] - The industry has experienced a volatile upward trend since the beginning of 2025, with the computer industry index rising by 18.54% as of November 28, 2025, outperforming the CSI 300 index by 3.5 percentage points [18] Group 2: Algorithm and Applications - The global landscape of large models is rapidly evolving, with significant competition among closed-source models from companies like Google, Anthropic, and OpenAI, while domestic open-source models like Kimi K2 and MiniMax-M2 maintain a leading position [27][30] - The focus of large model applications is shifting towards programming, enterprise services, and office productivity tools, indicating a convergence in the market [42] - The integration of multi-modal capabilities and AI agents is becoming a competitive focal point in the large model market, expanding the boundaries of model tasks [32][34] Group 3: Computing Power - The AI computing power market is experiencing high demand, with the global AI server market projected to grow at a CAGR of 15.5% from 2024 to 2028, while China's market is expected to grow at a CAGR of 30.6% during the same period [10] - The domestic AI computing power chip industry is poised for growth due to strong policy support and increasing downstream demand, with a clear trend towards self-sufficiency [10][22] Group 4: Intelligent Driving - The penetration rate of Navigate on Autopilot (NOA) features is increasing, indicating a rapid commercialization of the intelligent driving industry in China, with the market size expected to exceed 300 billion yuan by 2030 [4] - Major players like Tesla and Xpeng are advancing their intelligent driving technologies, with significant updates and new model releases enhancing their market positions [4][5] Group 5: Investment Recommendations - The report maintains a "stronger than market" rating for the computer industry, highlighting investment opportunities in AI computing power, algorithms, and intelligent driving sectors [5] - Specific stock recommendations include companies like Zhongke Chuangda, Haiguang Information, and Industrial Fulian in the AI computing power segment, and companies like Daotong Technology and Kingsoft Office in the AI algorithm and application space [5][6]

12 月 12 日，中央经济工作会议指出苦练内功应对外部挑战，继续实施适度宽松货币政策，灵活高效运用降准降息等多 种政策工具，着力稳定房地产市场，积极有序化解地方政府债务风险，深入实施提振消费专项行动，清理消费领域不合 理限制措施。港股在美股提升下上升，周五恒生指数高开，最多曾升 475 点，最终上涨 446 点（1.8%），收报 25,976 点； 恒生科技指数升 103 点（1.9%），收盘报 5,638 点；全天大市成交额扩大至 2,427 亿元。但南向资金净流出 52.9 亿元。 盘面上，金价上升，紫金矿业（2899 HK）上升 3.6%；山东黄金（1787 HK）和招金矿业（1818 HK）涨 3.4%。中央经济 工作会议将"坚持内需主导"排在首位，消费股造好，蒙牛乳业（2319 HK）升 2.7%；农夫山泉（9633 HK）升 2.2%；海 底捞（6862 HK）升 2.9%。科技股上升，阿里巴巴（9988 HK）和腾讯（700 HK）涨 2.3%和 2.4%。 美股方面，虽然减息落地，但科技股继续下跌。周五纳斯达克指数跌幅加剧，收盘跌 245 点（0.5%），报 48,458 点；纳 斯达克指数 ...

Core Insights - The 15th China Intelligent Vehicle Future Challenge was held in Changshu, Jiangsu, featuring 14 teams from universities and research institutions across the country competing in real-world open road conditions [1] - The theme of this year's event was "Advanced Autonomous Driving and Multi-Agent Embodied Interaction," focusing on the embodied interaction capabilities of human-machine behavior [1] - The competition tested the intelligent driving capabilities of smart vehicles alongside humanoid robots and quadruped robots in complex environments, integrating cutting-edge AI technologies such as large language models, visual large models, and low-altitude drone mapping [1] - The first prize was awarded to the "Wukong" team from the Hong Kong University of Science and Technology (Guangzhou) after intense competition [1] Industry Implications - The event emphasizes the importance of human-machine interaction in the development of autonomous driving technologies, indicating a shift towards more integrated and interactive systems in the automotive industry [1] - The incorporation of advanced AI technologies suggests a trend towards enhancing the capabilities of smart vehicles, which may lead to increased adoption and application in new transportation environments [1] - The competition serves as a platform for innovation and collaboration among academic and research institutions, potentially accelerating advancements in the field of intelligent transportation [1]

Economic Growth Forecasts - The International Monetary Fund (IMF) raised China's GDP growth forecast for 2025 by 0.2 percentage points to 5%, attributing this adjustment to macroeconomic policy measures [2] - The World Bank increased its 2025 growth prediction for China by 0.4 percentage points to 4.9%, citing supportive fiscal and monetary policies as well as diversified export markets [2] - Goldman Sachs revised its GDP growth forecast for China in 2025 from 4.9% to 5.0% and also raised projections for 2026 and 2027 [3] - Deutsche Bank adjusted its 2025 economic growth forecast for China to 5.0% [4] - Standard Chartered Bank increased its 2026 GDP growth forecast for China from 4.3% to 4.6% [5] Resilience and Structural Changes - China's economic resilience is recognized, with significant contributions from technology innovation and integration of tech policies with industrial development [5] - The Chinese economy is expected to rely more on domestic demand in the coming years, supported by structural reforms in the social security system [2][6] - There is a notable increase in overseas investment interest in Chinese assets, with institutional investors and retail investors showing signs of increased market participation [7] Investment Opportunities - The Asian markets, including China, are expected to provide attractive diversification and rebalancing investment opportunities in 2026, supported by policy benefits and improving fundamentals [8] - The upcoming "15th Five-Year Plan" is anticipated to focus on high-quality growth and a shift towards a consumption-driven economic model [9] - The financial system in China, particularly non-bank financial institutions, is expected to play a larger role in promoting consumer spending [9] Future Economic Outlook - The Chinese economy is projected to maintain steady growth, with internal demand expected to increase further and external demand remaining robust due to a stable US economy and AI investments [10] - Key areas for infrastructure investment are expected to include underground utilities, green transition projects, and AI computing centers [10]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly on the mid-to-high-end market and the used car market, indicating a favorable investment environment [2]. Core Views - The industry is experiencing substantial progress in countering "involution," with the State Administration for Market Regulation's pricing management measures reflecting a strong commitment to control [2]. - A three-year price increase cycle is anticipated, with effective demand release in the mid-to-high-end market and companies with overseas expansion strategies mitigating domestic pressures [2]. - The report recommends focusing on companies such as BAIC, JAC, Xiaopeng, and NIO, as well as used car enterprises like Uxin, which are expected to benefit from the price increase cycle [2]. Industry Situation Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the first week of December were 42,000 units, a year-on-year decrease of 32% and a month-on-month decrease of 8% [2]. - Recent weeks have seen a decline in traditional and new energy raw material price indices, with traditional car raw material prices down by 1.8% week-on-week and 0.6% month-on-month, while new energy raw material prices decreased by 1.2% week-on-week but increased by 0.9% month-on-month [2]. - The total transaction value in the automotive industry for the week was 469.021 billion yuan, reflecting a week-on-week increase of 11.32% [2]. Market Situation Update - The automotive industry index closed at 7662.00 points, with a weekly increase of 0.16%, outperforming the Shanghai and Shenzhen 300 index, which fell by 0.08% [2]. - A total of 90 stocks in the industry rose, while 180 fell, with the largest gainers being Chaojie Co., Huamao Technology, and Yueling Co., which increased by 39.0%, 28.5%, and 21.9% respectively [2]. Important Events - The continuation of national subsidy policies is expected to provide stable support for consumption and industrial upgrades [3]. - The focus on countering "involution" has been elevated to a key reform task, indicating a shift towards regulating market competition and improving profitability structures [5]. - The smart driving sector is transitioning into a phase of large-scale commercialization, with ecosystem collaboration becoming crucial for development [14]. Investment Analysis Recommendations - The report suggests focusing on domestic leading manufacturers such as NIO, Xiaomi, Xiaopeng, and Li Auto, as well as companies involved in smart technology like Jianghuai Automobile and Seres [2]. - It highlights the importance of state-owned enterprise reforms and recommends attention to SAIC Motor and Dongfeng Motor [2]. - Companies with strong performance growth and overseas expansion capabilities in the parts sector, such as Xingyu, Fuyao Glass, and Newquay, are also recommended [2].

责任编辑：何俊熹 责任编辑：何俊熹 ...

Core Insights - The report emphasizes the importance of overseas expansion and AI applications in the automotive industry, particularly for vehicle manufacturers and parts suppliers, as a means to achieve growth and value reassessment by 2026 [2][9][14]. Group 1: Automotive Industry Overview - In 2025, the domestic automotive market experienced significant growth due to policies promoting vehicle replacement and increasing exports, with a notable rise in sales of new energy vehicles (NEVs) [14][19]. - The outlook for 2026 indicates potential growth pressures in the domestic market due to tightening policies and the phasing out of tax exemptions for NEVs, while exports are expected to remain a key growth driver [15][20]. Group 2: Vehicle Segment Analysis - The report forecasts that the domestic passenger vehicle market will see stable sales, with an estimated total of 30.37 million units in 2026, reflecting a 1.1% year-on-year increase, driven by export growth [29][39]. - The export volume of passenger vehicles is projected to reach approximately 6.56 million units in 2026, representing a 14% year-on-year increase, as domestic brands enhance their overseas presence [39][40]. Group 3: New Energy Vehicles (NEVs) - The penetration rate of NEVs is expected to continue rising, with sales projected at around 17.41 million units in 2026, marking a 12% year-on-year increase [9][30]. - The report highlights a shift from a "price war" to a "value war" among NEV manufacturers, indicating a competitive landscape focused on quality and technology [9][16]. Group 4: Auto Parts Industry - The report identifies overseas business as a crucial growth point for auto parts companies, with expectations of improved profitability from international operations as companies expand their global footprint [9][16]. - AI applications in areas such as humanoid robots, AI liquid cooling, and intelligent driving are anticipated to create new growth opportunities for parts suppliers, with significant advancements expected in 2026 [9][16][19]. Group 5: Investment Recommendations - The report recommends focusing on mid-cap blue-chip companies in the auto parts sector, as their overseas business is expected to contribute significantly to profitability in the coming years [3][9]. - Key investment targets include companies like Yinchuan, New Spring, Top Group, and others that are well-positioned to benefit from the trends in overseas expansion and AI integration [3].