千方科技于2025年12月26日晚间公告，为把握AI与交通深度融合的战略机遇，公司拟将原项目"下一代 智慧交通系统产品与解决方案研发升级及产业化项目"后续资金约9.56亿元进行变更并集中投入于更具 前景的"物流无人化关键技术研发及产业化项目"，此举旨在全力发展干线物流自动驾驶业务，为行业提 供可规模化落地的无人化物流整体方案。 拓展新赛道，瞄准干线物流自动驾驶 千方科技表示，此次将干线物流自动驾驶确立为战略升级的关键新赛道，是公司整体战略升级的重要组 成部分。早在2023年，公司敏锐洞察到行业逻辑正从"大规模建设"向"精细化运营"深刻转变。顺应行业 深度数字化与全面绿色化发展趋势，公司自2024年起全面推动原有业务模式从项目集成向标准化技术产 品升级、从提供系统建设向运营服务升级，同时深化全球化市场布局，积极推动交通与AI、新能源的 深度融合。此次进军干线物流自动驾驶，正是"技术产品+生态运营"驱动模式的融合载体，也是基于公 司在智慧交通与AIoT领域，特别是在物联感知、公路信息化、车路协同等深厚积淀进行的战略延伸。 我国公路货运量占全国货运总量的74%，其中干线物流承载了公路货运的70%，是连接生产与消费的 ...

本报讯 （记者向炎涛）12月26日晚间，北京千方科技股份有限公司（以下简称"千方科技"）公告，为 把握AI与交通深度融合的战略机遇，公司拟将原项目"下一代智慧交通系统产品与解决方案研发升级及 产业化项目"后续资金约9.56亿元进行变更并集中投入于更具前景的"物流无人化关键技术研发及产业化 项目"，此举旨在全力发展干线物流自动驾驶业务，为行业提供可规模化落地的无人化物流整体方案。 千方科技作为国内车路协同自动驾驶技术路线发起者和践行者，自2016年起牵头成立了北京智能车联产 业创新中心，协助北京市制定了全国第一套自动驾驶上路测试政策、标准并建设了全国首个自动驾驶 T5级封闭测试场，通过助力北京市高级别自动驾驶示范区的建设，深度参与了车路云一体化进程。在 此过程中，公司构建了涵盖路侧智能感知、边缘计算、云控平台及车端V2X设备的完整技术产品体系。 自动驾驶方面，子公司千曙科技主要聚焦L4级自动驾驶重卡在高速公路复杂环境下的关键技术瓶颈， 研发包括车端多传感器感知模型、VLA大模型及云端世界模型在内的共性关键技术，提供干线物流无 人重卡解决方案、无人化物流管理与智能调度平台、无人化运输路网搭建等产品与服务，并联合主 ...

公告显示，该项目实施主体为千方科技控股子公司千曙科技，其核心盈利模式将聚焦于自动驾驶运输服 务、SaaS模式软件订阅等。千方科技在"车、路、云"一体化领域深厚的技术积累、路权与货源端的独特 生态资源以及经过验证的物流运营能力，业已形成"技术+场景+资源"的闭环优势，能够有效支持千曙 科技规避"有技术无场景、有车辆无订单、有试点难复制"的行业难题，助力实现关键技术研发突破与商 业化运营落地。 拓展新赛道，瞄准干线物流自动驾驶 千方科技表示，此次将干线物流自动驾驶确立为战略升级的关键新赛道，是公司整体战略升级的重要组 成部分。早在2023年，公司敏锐洞察到行业逻辑正从"大规模建设"向"精细化运营"深刻转变。顺应行业 深度数字化与全面绿色化发展趋势，公司自2024年起全面推动原有业务模式从项目集成向标准化技术产 品升级、从提供系统建设向运营服务升级，同时深化全球化市场布局，积极推动交通与AI、新能源的 深度融合。此次进军干线物流自动驾驶，正是"技术产品+生态运营"驱动模式的融合载体，也是基于公 司在智慧交通与AIoT领域，特别是在物联感知、公路信息化、车路协同等深厚积淀进行的战略延伸。 全栈技术：从车路协同到自动驾 ...

Core Viewpoint - The performance of three newly listed stocks in the Hong Kong market on December 22 showed significant divergence, closely related to their respective industry trends, with notable gains for AI-focused companies and a lackluster performance for an innovative drug company [2][3]. Group 1: Stock Performance - Nobikang, focused on AI industrial applications, saw a dramatic increase of 275.75%, closing at HKD 300.60 per share, with a total transaction volume of HKD 65.22 million [3]. - Qingsong Health, operating in the "AI + health" sector, rose by 127.95% to HKD 51.70 per share, benefiting from a large user base of 168 million registered users and over 1000 times subscription during the public offering [4]. - Hansai Aitai-B, in the innovative drug sector, only increased by 2.06%, closing at HKD 32.66 per share, despite a subscription rate of approximately 2600 times during the public offering [4]. Group 2: Market Outlook - The Hong Kong IPO market is expected to recover significantly in 2025, with around 100 companies projected to raise over HKD 250 billion, and predictions for 2026 suggest 150-200 new listings with fundraising potentially exceeding HKD 300 billion [5]. - The success rate and apparent return of new stocks have improved, with nearly 70% of new stocks achieving gains on their first day, and 16 stocks showing cumulative increases of over 100% throughout the year [5][6]. - The importance of selecting quality stocks is emphasized, as recent data indicates that the majority of returns from IPOs are generated by a small number of high-performing stocks [6].

Core Viewpoint - Qianfang Technology reported a significant increase in revenue and net profit for the first three quarters of 2025, driven by a shift towards technology product-driven business models and the integration of AI technologies in various applications [1] Financial Performance - Total revenue for the first three quarters reached 5.256 billion yuan, with a net profit attributable to shareholders of 189 million yuan, reflecting a year-on-year growth of 1098.97% [1] Business Strategy - The company is accelerating its integration of transportation and energy sectors, transitioning from a project-driven model to a technology product-driven approach [1] - Qianfang Technology is leveraging breakthroughs in AI large model technology to deepen the application of business scenarios [1] Product Development - The company has entered the new energy charging sector early, offering a range of charging products from 7kW slow charging to 120kW fast charging and megawatt-level liquid-cooled ultra-fast charging [1] - A recent project in Ningxia integrates photovoltaic power generation, smart energy storage, smart ultra-fast charging, and V2G technology to optimize energy usage [1] Partnerships and Collaborations - Qianfang Technology is advancing a joint venture with China Power Construction Group Shandong Electric Power Construction Co., Ltd., focusing on integrated investment, construction, and operation in the energy market [1] - The newly established joint venture, China Power Construction Qianfang Smart Energy (Beijing) Co., Ltd., aims to provide integrated solutions for new energy infrastructure [1] AI Technology Applications - The company is applying AI technologies across various sectors, including road traffic, traffic management, and transportation [2] - An AI assessment system for road structures has been launched, enhancing the safety evaluation of bridges and other infrastructure [2] - A city traffic optimization platform driven by domestic large models has been developed to provide comprehensive traffic management solutions [2] Industry Impact - Qianfang Technology has released three AI assistants for transportation, with initial applications in cities like Wuhan and Weiyuan [3] - The company has upgraded its multi-modal large model, enhancing its capabilities across various industries, including urban management and energy [3] - In the sports sector, the company is providing customized smart sports solutions, collaborating with local football leagues and schools nationwide [3]

Core Insights - The article discusses the rapid growth and trends in the new energy commercial vehicle market, particularly focusing on electric trucks and the impact of government policies on this sector [4][21]. Policy and Regulations - The Ministry of Transport and six other departments have jointly issued implementation opinions on "AI + Transportation," aiming for widespread application of AI in the transportation sector by 2027 and deep integration by 2030 [6][8]. - The National Development and Reform Commission has announced measures to regulate price competition, urging operators to adhere to pricing guidelines to maintain market order [9][11]. Market Insights - From January to August 2025, sales of new energy tractors increased by 243.5% year-on-year, reaching 85,100 units, with a penetration rate of 31.9% [21][25]. - The mainstream products in the market are those with battery capacities between 301-430 kWh, while products with capacities of 500-600 kWh are rapidly gaining traction [25][31]. - Traditional heavy truck manufacturers are accelerating their entry into the new energy vehicle market, intensifying competition [25][32]. - Future demand is expected to shift from short-distance transport to long-haul transportation scenarios [33][35]. Company Monitoring - Changan Automobile has launched new models, including the "Xingta" and "Kua Yue Xingguang," focusing on user experience and comfort [38][40]. - Zhongtong Bus has introduced the H12E-Plus and N12D electric buses, specifically designed for the European market [42][48]. - Supao Technology has partnered with Alltrucks to provide comprehensive service support for its electric truck customers across Europe [46][50].

Core Insights - The transportation industry serves as a clear window into the progress of urban intelligence, with China's urban passenger volume reaching 1,067.97 billion trips by the end of 2024 [1] - The demand for smarter and more efficient solutions is driven by persistent issues such as congestion and safety hazards, prompting urban managers to seek advanced technologies [1] - JiaDu Technology Group Co., Ltd. has established itself as a leader in AI-driven transportation solutions, focusing on "smart rail transit + smart urban transportation" [1][3] Industry Overview - The Chinese urban transportation system is entering a new phase of digital intelligence upgrade, with "smart rail transit and smart urban transportation" at its core [2] - National policies, such as the "14th Five-Year Plan" and the "Guidelines for the Development of Smart Urban Rail Transit," support the acceleration of smart rail transit system construction [2] - The market for smart urban transportation systems has grown from 62.8 billion yuan in 2020 to an estimated 83.6 billion yuan in 2024, with projections to reach 147.1 billion yuan by 2029 [2] Company Positioning - JiaDu Technology has over 30 years of experience in the smart transportation sector, leveraging proprietary AI models and industrial control technologies [3] - The company has developed a comprehensive product ecosystem covering the entire lifecycle of rail transit systems, including core products like AFC, PSD, ISCS, and communication systems [4] - JiaDu Technology's solutions have been implemented in 45 cities, covering over 110 metro lines and more than 2,200 stations, accounting for one-third of the total metro mileage in China [5] Technological Advancements - The company has created the world's first AI smart station in collaboration with Guangzhou Metro, enhancing operational efficiency and passenger experience [4] - JiaDu Technology's IDPS urban traffic brain solution integrates AI, digital twins, and big data, providing comprehensive governance capabilities across major urban areas [5] - The company's revenue from smart urban transportation solutions reached 2.321 billion yuan by the end of 2024, reflecting a year-on-year growth of 16.75% [6] Competitive Edge - JiaDu Technology's dual-core technology system includes the "Traffic JiaHong" operating system and the "JiaDu ZhiXing" large model, addressing industry challenges such as data silos and operational inefficiencies [7] - The company has a robust R&D team exceeding 2,700 personnel and has filed over 2,000 patents, establishing a strong technological barrier [7] - JiaDu Technology has been recognized in the "2024 Hurun China AI Top 50" and won a silver medal at the 50th Geneva International Exhibition of Inventions, highlighting its innovative capabilities [8] Future Outlook - The company aims to solidify its leading position in the smart transportation industry through its differentiated strategic positioning and advanced technological strength, especially following its anticipated listing on the Hong Kong Stock Exchange [9]

Core Viewpoint - Jiadu Technology Group Co., Ltd. has submitted an H-share prospectus to the Hong Kong Stock Exchange, aiming to establish itself as a leading AI-driven smart city transportation solution provider in China [1][2] Group 1: Company Overview - Jiadu Technology focuses on two main business systems: smart rail transit and smart city transportation, leveraging its strong technological foundation to support digital transformation across various industries [1] - The company emphasizes an "AI + Vertical Transportation" core strategy, utilizing self-developed AI models, industrial control, and big data technologies to promote the industrialization of "AI + rail transit" and "AI + urban transportation" [1] - Jiadu Technology aims to create a global leading digital infrastructure for urban transportation, integrating both above-ground and underground systems, showcasing its commitment to the smart transportation niche [1] Group 2: Market Position and Achievements - As of June 30, Jiadu Technology has achieved an 85% coverage rate in China's rail transit cities, indicating a strong market presence [1] - The company ranks first in the market for urban station operation management systems in China for 2024 and is among the top fifteen in the urban smart transportation systems sector [1] - Jiadu Technology has made several industry firsts, including the launch of the world's first large model in the transportation vertical and the first open-source operating system for the transportation industry [1] Group 3: Future Prospects - Following a successful H-share listing, Jiadu Technology is expected to become the first AI transportation A+H stock, potentially achieving a valuation premium in the Hong Kong capital market due to its differentiated positioning and technological strength [2]

Group 1 - Nvidia has signed a letter of intent to invest up to $500 million in Wayve, marking a significant move in the autonomous driving sector [2][3] - Wayve, founded in 2017 and based in London, is recognized as one of Europe's leading autonomous driving technology companies, focusing on "end-to-end deep learning" rather than traditional methods [2] - If the investment materializes, it will be one of Wayve's largest funding rounds, with a projected valuation exceeding $7 billion [2] Group 2 - Wayve has previously secured investments from major firms like Microsoft and Meta, and Nvidia's involvement will enhance its capabilities in AI chips and computational infrastructure [3] - The investment aligns with Nvidia's "AI + transportation" strategy, as companies with strong AI and data capabilities are expected to dominate the next phase of autonomous driving competition [3] - Wayve is currently conducting autonomous driving tests in cities like London and San Francisco, with plans to expand into more international markets in the next two years [4] Group 3 - Following the completion of this funding round, Wayve aims to accelerate the commercialization of its AI driving system and explore deep collaborations with automotive manufacturers, logistics platforms, and urban traffic managers [4]

Core Viewpoint - Nobikang, a company founded by Liao Yu, has rapidly developed its business in "AI + Transportation" after meeting a key investor, Zheng Sanzhong, despite facing significant challenges such as high customer concentration and cash flow issues [1][2]. Company Overview - Nobikang's core business focuses on "AI + Transportation," "AI + Energy," and "AI + Urban Governance," with revenue contributions in 2024 being 52%, 43.3%, and 4.7% respectively [15]. - The company achieved revenues of 253 million RMB, 364 million RMB, and 403 million RMB from 2022 to 2024, with net profits of 63.16 million RMB, 88.57 million RMB, and 115 million RMB respectively [2][15]. Financial Performance - Nobikang's gross margin peaked at 92.5% in 2023, with an overall gross margin of 58.9% projected for 2024 [16][17]. - The company has faced cash flow challenges, with operating cash flow being negative despite increasing revenues, leading to accounts receivable reaching 475 million RMB in 2024, which is 118% of that year's revenue [20][21]. Customer Concentration and Risks - The company has a high customer concentration, with sales to the top five customers accounting for 61.1%, 85.9%, and 66.6% of total revenue from 2022 to 2024 [18]. - A significant drop in revenue from the AI + Urban Governance segment, which fell 83% in 2024, highlights the volatility of project-based business models [19]. Shareholder Structure and Incentives - Nobikang's shareholder structure includes several external advisors and independent third parties, with a unique equity incentive platform primarily benefiting these external parties rather than employees [3][8]. - The company has undergone multiple rounds of financing, with a valuation of 2.13 billion RMB before its IPO [12][10].