2026年1月28日，四维图新（股票代码：002405）在上海市合川路2555号上海科技绿洲3期五办公区3号 楼举办特定对象调研及现场参观活动，吸引了国泰财产保险有限责任公司、上海国有资本投资公司、美 国华美银行（中国）、Jefferies香港、华泰证券研究所等30家机构参与。公司IR总监韩旭及鉴智机器人 投融资副总裁张骑出席，就公司智驾业务布局、投资鉴智机器人进展、订单情况等核心问题与机构投资 者展开深入交流。 核心交易落地：15亿投资收益增厚业绩 交流中，四维图新详细介绍了投资鉴智机器人的关键交易。公司以2.5亿元人民币及所持图新智驾100% 股权，认购鉴智机器人发行的股份。交易完成后，四维图新合计持有鉴智机器人39.14%股份，成为其 第一大股东，重组后的"新鉴智"将作为公司旗下智驾业务的核心平台。 据披露，该交易按企业会计准则核算，将增加四维图新合并报表投资收益，经初步测算约为15亿元人民 币。目前，本次投资已于2025年12月10日顺利完成，为公司业绩带来显著增厚。 在技术能力方面，新鉴智展现出显著优势。公司拥有业内首发量产级BEV及OCC感知范式的原创能 力，并曾获nuScenes权威评测集排名第 ...

1 以千元级系统成本实现"行泊性价比方案样板"，同时满足车 企全方位的出海需求，目前已获国内外多个头部车企的量产 订单，将实现全球首批规模交付；基于征程®6E 的中阶高 速 NOA 方案 PhiGo Pro，已在多个车企、不同价格区间、 多种动力形式的车型上实现"规模放量"，并将逐步下探落地 至 10 万元以内车型；基于征程®6P 的端到端全域城区方案 PhiGo Max，已和战略伙伴深度共建合作，将于 2026 年正 式量产。 3. 新鉴智具有哪些技术能力 公司具有业内首发量产级 BEV 及 OCC 感知范式的原 创能力，并荣获 nuScenes 权威评测集排名第一。公司自主 研发的 OmniNWM 全知驾驶导航世界模型在视频生成质 量、控制精度、长时稳定性上达到 SOTA 行业领先，显著 提升在复杂驾驶场景下的鲁棒性和泛化能力。公司具有丰富 的算法落地经验，累计出货超 130 万套，算法工程化能力行 业领先，在硬件 BOM 成本和算法在不同芯片平台的迁移等 研发周期上具有行业优势。 4. 公司后续的智驾业务落地模式 北京四维图新科技股份有限公司 投资者关系活动记录表 编号：2026-01 | | √特定对 ...

Group 1 - The smart driving sector experienced a collective surge, with the smart car ETF (159888) rising by 3.59% and several stocks reaching their daily limit up [1] - NVIDIA launched the Alpamayo open-source AI for safe and inference-based autonomous vehicles at CES 2026, introducing a series of models, simulation tools, and datasets to accelerate development [1] - Ping An Securities indicated that the commercialization of smart driving is expected to accelerate by 2026, with recent approvals for L3 vehicle operation conditions marking progress in technology and policy [1] Group 2 - The automotive parts ETF (562700) tracks the CSI Automotive Parts Theme Index, covering various sectors including automotive systems, interiors, electronics, and tires, benefiting from the trends of electrification and intelligence in the automotive industry [2]

Core Viewpoint - The company, Four-dimensional Map (002405.SZ), is collaborating with autonomous logistics vehicle companies such as Jiushi Intelligent and New Stone Technology in areas of data compliance and vehicle-road cloud integration [1] Group 1 - The company is engaged in partnerships with multiple autonomous logistics vehicle firms [1] - Collaborations focus on data compliance and vehicle-road cloud technology [1]

Core Viewpoint - The A-share market experienced a collective rebound on December 19, with strong performance in smart driving and vehicle-road-cloud concepts, leading to significant increases in related ETFs and stocks [1]. Group 1: Market Performance - The three major A-share indices rebounded collectively, with notable gains in smart driving and vehicle-road-cloud sectors [1]. - As of 13:32, the Hong Kong Stock Connect Automotive ETF (159323) rose by 2.75%, the Smart Vehicle ETF (159888) increased by 1.9%, and the Automotive Parts ETF (562700) gained 1.87% [1]. - Related concept stocks such as Zhejiang Shibao and Suoling Co. hit the daily limit, with Haon Automotive rising over 14%, Jingwei Hengrun-W increasing over 12%, and Yunyi Electric rising over 10% [1]. Group 2: Regulatory Developments - On December 15, the Ministry of Industry and Information Technology announced the first batch of L3-level conditional autonomous driving vehicle permits in China, marking a significant step from testing to commercial application [1]. - According to Xinda Securities, regulations are gradually improving, and L3 and advanced intelligent driving are progressively being implemented [1]. - The domestic regulatory environment for smart connected vehicles is becoming more standardized, while independent brands are accelerating the development of intelligent driving technology, leading to an increase in industry penetration rates [1].

Market Overview - On December 19, the A-share market experienced a rally, with major indices closing higher: Shanghai Composite Index up 0.59%, Shenzhen Component Index up 0.93%, and ChiNext Index up 0.99% [2] - The total trading volume reached 1.1 trillion yuan, with over 4,600 stocks rising [3] Sector Performance - The retail sector led the market, with significant gains in concepts such as cross-strait integration, duty-free shops, nuclear fusion, and vehicle-road collaboration [3] - Notable concept indices included: - Cross-strait integration up 4.83% - Duty-free shops up 3.51% - Nuclear fusion up 3.15% [4] Retail Sector Highlights - The retail stocks surged, with companies like Debi Group hitting a 20% limit up, and several others achieving consecutive gains [7] - Key performers included: - Debi Group up 19.99% to 22.51 yuan - Central Plaza up 10.04% to 5.15 yuan - Shanghai Jiubai up 10.02% to 11.09 yuan [8] Consumer Market Data - In November, the total retail sales of consumer goods reached 4.39 trillion yuan, a year-on-year increase of 1.3% - From January to November, total retail sales amounted to 45.6 trillion yuan, growing by 4.0%, which is 0.5 percentage points faster than the same period last year - Online retail sales grew by 9.1%, with physical goods online retail sales increasing by 5.7% [9] Automotive Sector Developments - The automotive sector showed strong activity, particularly in vehicle-road collaboration and smart driving, with multiple stocks hitting their daily limit [11] - Key stocks included: - Haon Automotive up 17.09% to 165.09 yuan - Zhengqiang Co. up 14.10% to 52.60 yuan [12] Policy and Regulatory Updates - The Ministry of Industry and Information Technology announced the first batch of L3-level conditional autonomous driving vehicle approvals, marking a significant step towards commercial application [13] - This approval is expected to facilitate the commercialization of smart driving technologies by 2026 [13] Cross-Strait Integration Index - The cross-strait integration index saw a significant rise on December 19, with stocks like Haixia Innovation and China Wuyi showing strong performance [16] - Key performers included: - Haixia Innovation up 9.63% to 17.98 yuan - China Wuyi up 7.87% to 4.25 yuan [17]

Market Overview - The A-share market experienced a collective rise with over 4,600 stocks increasing in value, leading to a positive performance across major indices. The Shanghai Composite Index rose by 0.59%, the Shenzhen Component Index by 0.93%, and the ChiNext Index by 0.99% [1][2]. Retail Sector - The retail sector led the market gains, with significant increases in stocks related to cross-strait integration, duty-free shops, and nuclear fusion concepts. The retail sector's performance was highlighted by a total trading volume of 1.1 trillion yuan in the morning session [2][6]. - Notable individual stock performances included Debi Group, which hit a 20% limit up, and several other retail stocks such as Central Plaza and Shanghai Jiubai, which also saw substantial gains [5][6]. Automotive Sector - The automotive sector showed strong activity, particularly in areas related to smart driving and vehicle-road collaboration. Stocks like Luochang Technology and Weidi Co. saw limit-up increases, while others like Aerospace Intelligence and Yunyi Electric rose by over 10% [7][8]. - The approval of L3-level conditional autonomous driving vehicles by the Ministry of Industry and Information Technology marks a significant step towards the commercialization of smart driving technology in China [9]. Real Estate Sector - The real estate sector also experienced gains, with stocks such as Sanxiang Impression and Hualian Holdings reaching their daily limit up. This reflects a positive sentiment in the real estate market amid ongoing developments [9][10]. Cross-Strait Integration - The cross-strait integration index saw a notable rise, with stocks like Haixia Innovation and China Wuyi experiencing significant increases in their share prices [10][11].

Market Overview - A-shares experienced a collective rise with over 4,600 stocks increasing in value, leading to a market turnover of 1.1 trillion yuan by midday [3][4] - Major indices showed positive performance, with the Shanghai Composite Index up by 0.59%, the Shenzhen Component Index up by 0.93%, and the ChiNext Index up by 0.99% [2] Retail Sector - The retail sector led the market gains, with significant increases in stocks related to cross-border e-commerce, duty-free shops, and new economic initiatives [4][8] - Notable individual stock performances included Debi Group reaching a 20% limit up, and several other retail stocks like Central Plaza and Shanghai Jiubai also showing strong gains [10][12] Automotive Sector - The automotive sector was notably active, with stocks related to smart driving and vehicle connectivity seeing substantial increases [14][19] - Key performers included Haoen Automotive and Weidi Co., both achieving over 10% gains, while Zhejiang Shibao experienced a four-day consecutive rise [16][17] Real Estate Sector - The real estate sector showed signs of recovery, with several stocks such as Sanxiang Impression and Hualian Holdings hitting their daily limit up [19][20] Cross-Strait Integration - The Cross-Strait Integration Index saw a significant midday surge, with stocks like Haixia Innovation and China Wuyi leading the charge [21][22]

Market Overview - The A-share market experienced a general decline today, with the Shanghai Composite Index falling by 1.11% to close at 3824.81 points, the Shenzhen Component Index down by 1.51% at 12914.67 points, and the ChiNext Index decreasing by 2.10% to 3071.76 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 172.42 billion yuan, a decrease of 49.3 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, only the retail, beauty care, and social services sectors saw gains, with increases of 1.32%, 0.66%, and 0.13% respectively [1] - The telecommunications, non-ferrous metals, comprehensive, power equipment, media, and machinery equipment sectors experienced significant declines, with losses of 2.95%, 2.81%, 2.81%, 2.66%, 2.41%, and 2.24% respectively [1] Concept Sector Performance - The leading concept sectors in terms of gains today included stablecoins, cryptocurrencies, duty-free shops, vehicle-road cloud, intelligent driving, intelligent transportation, cross-border payments, selected food processing, vehicle networking, selected air transport, selected animal health, initial economy, financial technology, tax digitalization, and outbound tax refunds [2] - Conversely, sectors such as cross-strait integration, cultivated diamonds, photovoltaic glass, photolithography factories, solar thermal power, and Moore threads experienced pullbacks [2]

Core Viewpoint - The report from Guosheng Securities highlights Deep City Transportation as a leading player in Shenzhen's state-owned transportation planning, emphasizing its ongoing transformation into a smart transportation comprehensive service provider [1] Company Overview - Deep City Transportation has maintained its position as the leading transportation planning and design firm in Shenzhen, benefiting from the empowerment of its controlling shareholder [1] - The company is actively involved in key municipal projects, including Shenzhen's comprehensive transportation "14th Five-Year Plan" and the planning for the fifth phase of the rail transit construction [1] Business Transformation - The company is expanding into emerging fields such as low-altitude economy, vehicle-road-cloud integration, and transportation-energy convergence [1] - In 2024, the company's new quality business orders are expected to increase by 138% year-on-year, with the revenue share from smart transportation rising from 7% in 2017 to 56% [1] - The compound annual growth rate (CAGR) for the smart transportation segment is reported at 61% [1] Strategic Initiatives - Deep City Transportation is deeply involved in the construction of Shenzhen's low-altitude infrastructure, establishing a full industry chain for low-altitude "investment-construction-operation" [1] - The vehicle-road-cloud initiative is entering a rapid development phase, indicating promising growth prospects for the business [1] Investment Rating - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth trajectory and strategic direction [1]