智通财经APP获悉，华创证券发布研报称，禾赛-W(02525)作为全球激光雷达行业龙头，受益于 L2+/L3/L4法规推进，有望持续抢占国内外市场份额，实现规模的快速扩张。同时机器人激光雷达行业 空间广阔，有望成为公司第二增长曲线。该行预计公司2025-27年：1)营业收入30.30、41.77、58.23亿 元，同比+46%、+38%、+39%;2)净利润3.58、4.88、8.87亿元，同比扭亏为盈、+36%、+82%;3)Non- GAAP净利润4.786.02、9.95亿元，同比+33.9倍、+26%、+65%;4)EPS2.29、3.13、5.68元采用PS估值 法，给予公司2026年8倍PS，对应目标市值334亿元、目标空间35%、目标价235.93港元，首次覆盖，给 予"强推"评级。 华创证券主要观点如下： 禾赛科技是全球领先的激光雷达研发与制造企业 公司2014年成立，2023年于纳斯达克上市，2025年9月于港交所上市，构建了 AT/ET/FT/Pandar/OT/XT/QT/JT8大产品系列，覆盖ADAS、自动驾驶及机器人市场。2020至2024年，公 司激光雷达交付量从0.4万台快速增长 ...

Group 1 - The automotive industry is expected to play a crucial role in global advancement and technological innovation by 2026, with smart driving becoming a core area of international technological competition [1] - Technologies such as lidar, semi-solid batteries, 5G, Beidou, smart driving chips, and multimodal large models are experiencing a surge in adoption within the automotive sector [1] - Smart driving is anticipated to significantly impact technology, industry, and society, driving advancements in chips and AI, and fostering trillion-dollar industries like autonomous taxis and logistics, while enhancing traffic safety and efficiency [1] Group 2 - From 2026 to 2030, the automotive supply chain and technology are expected to accelerate their influence on other industries, with breakthroughs in solid-state batteries, augmented reality, brain-computer interfaces, 6G, quantum computing, electric vertical takeoff and landing vehicles (eVTOL), and intelligent robotics [2] - By 2026, L2-level combined driving assistance features are projected to become mainstream, with a penetration rate exceeding 70%, becoming standard in economy electric vehicles priced around 100,000 yuan [2] - The regulatory framework for L3-level smart driving is expected to relax, expanding trial areas from limited zones to entire cities, thereby broadening road rights and application scenarios [2] Group 3 - The automotive market in China is entering a phase of high sales but low growth, with the dominance of new energy vehicles (NEVs) solidifying further [3] - Domestic automotive sales are projected to exceed 28.2 million units in 2026, reflecting a modest growth of 2%, while NEV sales (including exports) are expected to reach 20 million units, achieving a market penetration rate of 57% [3] - The total number of NEVs in the domestic market is anticipated to surpass 60 million units by 2026 [3]

来源：环球网 12月22日，由中央广播电视总台中国交通广播主办，行云数聚（北京）科技有限公司、北京速通科技有 限公司战略支持的"2025交通出行服务主题发布活动"在北京成功举行。本次活动以"焕新发展 智享出 行"为主题，来自交通运输部主管部门领导、专家学者、各省高速公路运营单位领导和宣传负责人等200 余人参会，共同探讨智慧交通发展趋势，分享创新服务成果，公布行业先进案例。 大会发布了"2025交通出行服务优秀案例"。本次案例征集共收到全国申报材料600余份，涵盖"卓越重大 工程""优秀服务区""优秀司机之家""高速公路科技创新""畅行高速公路"五大类别。经严格初审、公众投 交通运输部公路科学研究院副院长汪水银就公路数智化适配与智能驾驶发展主题展开演讲，他指出，中 国公路总里程长，但面临高成本、高能耗等"三高两低"问题，数智化转型成为破局关键。当前智能驾驶 乘用车渗透率已超68%，自动驾驶开放测试道路超2.8万公里。技术层面，VLA架构与世界模型路线正 推动自动驾驶向更高阶演进。未来，公路将向"安全、绿色、可靠通信"方向升级，支撑"无人驾驶+电动 重卡+公路港"的智慧物流新体系，助力实现"人享其行、物畅其流" ...

据交易所数据显示， 浙江世宝连续两个交易日涨停，晋级2连板。该股今日于9时31分封涨停，成交额 6.54亿元，换手率7.91%。金融界App AI线索挖掘：近期智能驾驶领域迎来重要进展，首批L3级有条件 自动驾驶车型准入许可公布，相关技术从测试阶段迈入商业化应用关键一步，带动板块关注度提升。浙 江世宝专注于汽车转向器及转向系统关键零部件的研发生产，业务覆盖 汽车零部件核心领域，同时与 智能驾驶产业链存在关联，在板块联动效应下受到市场关注。 风险提示：连板股波动剧烈，注意追高 风险，理性投资！（注：以上由AI基于交易所等公开数据生成，内容不构成投资建议。） ...

Core Insights - The event "2025 Traffic Travel Service Theme Release" was successfully held in Beijing, focusing on the theme "Renewed Development for Smart Travel" with over 200 participants from various sectors discussing smart transportation trends and sharing innovative service outcomes [1][3] Group 1: Event Overview - The event was organized by China Traffic Broadcasting and aimed to gather insights on the development of smart transportation and to showcase advanced industry cases [1] - A total of over 600 submissions were received for the "2025 Traffic Travel Service Excellent Cases," covering five categories including "Outstanding Major Projects" and "Excellent Service Areas" [3] Group 2: Key Presentations - The Deputy Director of the Policy Research Office of the Ministry of Transport emphasized the importance of promoting a positive industry image and collaborating with media to highlight exemplary experiences and innovations [3] - The Deputy Director of the Highway Science Research Institute discussed the challenges of high costs and energy consumption in China's extensive road network, advocating for digital transformation as a solution [5] - The former Deputy Director of the Policy and Regulations Department of the State Post Bureau highlighted the rapid growth of express delivery volumes and the scaling application of unmanned vehicles, with over 30,000 L4 unmanned vehicles expected to be procured by 2025 [5]

本报讯(记者桂小笋)12月22日，《证券日报》记者获悉，希迪智驾科技股份有限公司(以下简称"希迪智 驾")赋能中越智慧口岸实现无人化升级。据悉，希迪智驾深度参与项目建设，依托多年深耕智能驾驶领 域的技术积淀，将多传感器融合感知、车路协同、全局规划等前沿技术深度集成，打造了适配跨境口岸 复杂场景的全流程无人通关解决方案。 未来，希迪智驾将持续深化在智能驾驶领域的技术创新与场景应用，以更先进的解决方案完善口岸智慧 运营体系。公司将积极响应国家高水平对外开放战略，为构建更具竞争力的沿边开放新高地、打造高效 畅通的中国—东盟贸易通道贡献更多技术力量，让智能驾驶技术成为连接中外、赋能贸易的坚实桥梁。 在技术研发与实践应用中，希迪智驾始终聚焦跨境物流的核心痛点。针对口岸通关效率与安全管控的双 重需求，公司构建了"感知、决策、执行"全链条智能调度体系，通过AI算法的持续优化，让无人集卡具 备复杂路径规划、动态障碍物避让、紧急制动等核心能力，确保每一次跨境运输都安全、高效、可控。 ...

Macroeconomic Insights - The US inflation rate for November was 2.7%, down 0.3 percentage points from September, significantly below the market expectation of 3.1%[11] - The unemployment rate in the US has unexpectedly risen, indicating a slowdown in the job market[7] - The European Central Bank has maintained interest rates for the fourth consecutive meeting, suggesting the end of the rate-cutting cycle is near[7] Market Performance - Emerging market stocks underperformed compared to developed markets, with the Nikkei 225 down 2.6% and the Hang Seng Index down 1.1%[6] - The 10-year US Treasury yield fell by 3 basis points to 4.16%, while the domestic 10Y government bond futures price decreased by 0.1%[6] Commodity and Currency Trends - COMEX silver prices increased by 9.4% in the week, with a year-to-date increase exceeding 120%[13] - The US dollar index rose by 0.3%, while the Japanese yen depreciated by 1.2% against the dollar[17] Investment Strategies - The report suggests a focus on AI applications and commercial aerospace as key investment themes, with significant growth expected in these sectors[19][21] - The domestic consumption sector is anticipated to benefit from government policies aimed at boosting consumer spending, with new consumption scenarios emerging[23] Industry-Specific Insights - In the automotive sector, Tesla's Robotaxi has begun unmanned testing, indicating potential growth in the autonomous driving supply chain[34] - The steel industry is facing a demand decline, with iron ore inventories reaching a four-year high, while production rates are expected to stabilize[39][41]

东风商用车总经理刘利成 回望来路，以信任为基，再携手中聚力前行。 洞察当下，以趋势为鉴，在变革中锚定赛道。 同心共济，以共赢为纲，在协同中凝聚合力。 跃新征程，以行动为要，在实干中书写篇章。 12 月 11 日，以 "定赛道 聚合力 携手跃新程" 为主题的东风商用车有限公司 2026 合作伙 伴大会在重庆隆重举行。大会现场，东风商用车正式披露 2025 年亮眼战绩与 2026 年战 略规划，凭借全品类新品布局、核心技术突破与全球化视野，向 17.6 万台年销目标发起冲 击，为 "十五五" 开局奠定坚实基础。 ▎2025 年逆势增长破 13 万 2026 年剑指 17.6 万台新目标 2025 年，商用车行业在新能源转型加速、政策驱动复苏与市场竞争加剧的多重背景下，东 风商用车逆势跑出加速度：全年完成销量 13.1 万台，同比增长 24%，在行业内卷中实现 规模与效益双提升。 作为 "十五五" 开局之年，东风商用车锚定更高发展目标，将 2026 年年度销量目标设定为 17.6 万台。东风商用车总经理刘利成在大会上表示，这一目标的设定，既基于对行业趋势 的精准判断，更源于企业在产品、技术、供应链等领域的深厚积淀。 ...

Investment Rating - The report assigns a "Strong Buy" rating to Hesai Technology (02525.HK) with a target price of HKD 235.93, indicating a potential upside of 35% from the current price of HKD 175.10 [3][9]. Core Insights - Hesai Technology is a leading global developer and manufacturer of LiDAR technology, with a comprehensive product matrix covering ADAS, autonomous driving, and robotics markets. The company has achieved significant milestones, including being the first to deliver over 10,000 units of LiDAR in a month and achieving Non-GAAP profitability in 2024 [6][14]. - The report highlights the expected rapid growth in the LiDAR market, driven by the increasing adoption of L2+/L3/L4 regulations, with projections indicating that the global automotive LiDAR market could reach USD 9 billion by 2030 and USD 14.8 billion by 2035 [7][8]. Summary by Sections Company Overview - Hesai Technology was founded in 2014 and has established itself as a leader in the LiDAR industry, focusing on high-performance products. The company has developed eight major product series, including AT, ET, FT, Pandar, OT, XT, QT, and JT, catering to various applications in the automotive and robotics sectors [6][21]. - The company has a strong financial outlook, with projected revenues of CNY 2.08 billion in 2024, growing to CNY 5.82 billion by 2027, representing a compound annual growth rate (CAGR) of 39.4% [2][9]. LiDAR Industry - The LiDAR market is expected to expand rapidly, with the domestic installation of LiDAR units projected to reach 2.5 million by 2025, achieving a penetration rate of 9.0%. The report notes that the price of LiDAR units is expected to decrease to around CNY 1,450, which will further drive market growth [6][7]. - The report identifies key technological advancements in LiDAR, including the transition to mixed solid-state and full solid-state technologies, which are anticipated to enhance performance and reduce costs [7][8]. Investment Highlights - The report emphasizes Hesai's competitive advantages, including strong R&D capabilities, a leading manufacturing system, and a diverse customer base that includes major players in the ADAS and robotics sectors. The company has secured significant contracts with top automotive manufacturers and is recognized as a preferred supplier for leading Robotaxi companies [6][8][9]. - The expected growth in the robotics LiDAR market is highlighted, with projections indicating that the market for robotic LiDAR solutions could grow from USD 600 million in 2024 to USD 5.1 billion by 2029, representing a CAGR of 56% [8][9]. Profit Forecast and Valuation - The report forecasts that Hesai's net profit will turn positive in 2025, reaching CNY 358 million, and is expected to grow to CNY 887 million by 2027. Non-GAAP net profit is projected to increase significantly, from CNY 478 million in 2025 to CNY 995 million in 2027 [2][9]. - The valuation is based on a price-to-sales (P/S) ratio of 8x for 2026, leading to a target market capitalization of CNY 33.4 billion [9].

Group 1 - The 2025 China International Tourism Trade Fair has opened in Hainan, marking the first national-level international exhibition after the full closure of the Hainan Free Trade Port, attracting representatives from over 100 countries and regions [1] - The event features a 12,000 square meter "Sunshine Hainan Exhibition Area," showcasing Hainan's tourism resources and signaling its development as a "more open, convenient, and attractive world-class tourist destination" [1] - Shenzhou Car Rental launched an autonomous driving tourism ecosystem solution during the fair, highlighting its L4-level autonomous driving service on the Hainan Ring Road as a key innovation in smart tourism [1] Group 2 - Shenzhou Car Rental has created the world's first L4-level autonomous driving tourism road service along the 400-kilometer Hainan Ring Road East Line, connecting popular tourist spots [2] - The autonomous driving tourism ecosystem is designed to enhance the travel experience by allowing tourists to rent autonomous vehicles that provide smart features like customized routes and intelligent guides, transforming travel time into immersive experiences [2] - The company is also launching the "SPACE Z Shenzhou Station" initiative to enhance its service ecosystem, with the first station operational in Hainan, offering AI interactive games and fast charging services [3] Group 3 - The smart driving tourism ecosystem redefines the relationship between people, vehicles, and scenery, turning travel into an integral part of the destination experience and expanding the tourism consumer base [3] - The launch of the smart driving tourism ecosystem coincides with the ongoing release of policy dividends from the Hainan Free Trade Port, representing an innovative example of the integration of technology and tourism [3]